REG - SolGold PLC - Strong Drilling Results at Tandayama-América

SolGoldAnnouncement

10/11/2025 07:00

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RNS Number : 8428G  SolGold PLC  10 November 2025

 10 November 2025

 

SolGold plc

("SolGold" or the "Company")

Reports Strong, Near-Surface Drilling Results at Tandayama-América, Cascabel-

160.5 m of 0.77% CuEq from 11.5m in depth at TAD-25-074

 

Results further confirm open-pit potential and strengthen early-mining

development financing optionality within the Cascabel Project area

 

SolGold plc (LSE: SOLG) is pleased to report additional strong assay results
from diamond drilling at the Tandayama-América ("Tandayama") deposit, located
3 km north of the Alpala resource and reserves ("Alpala") on the Company's
100% owned Cascabel porphyry copper-gold project ("Cascabel" or the "Project")
in northern Ecuador. (Figure 1)

Tandayama-América plays a significant role in the Company's revised strategy,
implemented earlier this year, focusing on an accelerated, smoother production
profile at Cascabel, which, in turn, will assist in unlocking critical
financing. The Company, with the assistance of leading independent technical
expert, Mining Plus, aims to release an indication of the initial resource
endowment at Tandayama in the coming weeks. As part of this mineral resource
estimate, the work will also include conceptual pit definition and initial
project parameters. Further optimisation work will soon follow, providing the
Company with a clear plan for execution.

Highlights

·    Hole 74 intersected:

o 160.50 m @ 0.77% CuEq (0.38% Cu, 0.46 g/t Au) from 11.5 m, containing

o 92 m @ 0.93% CuEq (0.40% Cu, 0.52 g/t Au) from 11.5 m, including

o 14 m @ 1.58% CuEq (0.71% Cu, 1.02 g/t Au) from 42m, and

o 17.82 m @ 1.22% CuEq (0.43% Cu, 0.92 g/t Au) from 70m.

·    Hole 73 intersected:

o 130.00 m @ 0.54% CuEq (0.31% Cu, 0.27 g/t Au) from 16 m, containing

o 42.00 m @ 0.78% CuEq (0.40% Cu, 0.44 g/t Au) from 52 m.

·    Hole 72 intersected:

o 151.37 m @ 0.42% CuEq (0.19% Cu, 0.27 g/t Au) from 18.63 m, containing

o 83.37 m @ 0.55% CuEq (0.25% Cu, 0.35 g/t Au) from 18.63 m.

The results from holes 72, 73, and 74 continue to demonstrate broad,
near-surface copper-gold mineralisation at near true widths within intrusive
breccia units that extend across the planned Pit 1 and 2 footprints and remain
open in several directions. The results further confirm Tandayama-América as
an increasingly important component of the larger Cascabel copper-gold
project.

CEO Dan Vujcic commented,

"Tandayama-América continues to deliver consistent near-surface copper-gold
grades over substantial intervals. These results strengthen our confidence
that Tandayama will soon be validated to have sufficient mineral resources to
support open pit mine development, enabling production within two to three
years of receiving approvals.

Tandayama gives us not only real optionality, but also significantly
accelerates and de-risks our Cascabel project with two sources of ore in the
critical early years. The ability to develop the two operations allows SolGold
to create value faster, with less risk and, most importantly, earlier with
reduced start-up capital. It is the kind of plan that makes Cascabel unique
amongst development-stage copper-gold projects not only in Ecuador but
globally. The approach is a key driver of shareholder value and will create
jobs and opportunities for local communities while putting Northern Ecuador at
the forefront as the next major copper- gold mining province for generations
to come."

Figure 1. Project Location and Cascabel Tenement

 

Figure 2. Au soil anomaly map of the Tandayama América deposit showing the
preliminary designed Pits 1 and 2, the holes drilled to date, holes underway,
and planned/proposed holes for the Phase 2 drilling program. The map indicates
where high gold anomalies coincide with Pits 1 and 2 and highlights additional
resource extension targets to the NW of Pit 2, and to the W of Pits 1 and 2
(Tandayama-Central and Tandayama-West).

 

Figure 3. Reduced to pole magnetic map of the Tandayama América deposit
showing the preliminary designed Pits 1 and 2, the holes drilled to date,
holes underway, and planned or proposed holes of the Phase 2 drilling program.
The map indicates high magnetic anomalies coinciding with Pits 1 and 2, as
well as another similar high magnetic anomaly towards the west of Pits 1 and
2, named Tandayama-West. This anomaly shows porphyry-style mineralization at
the surface in the rock channel samples, as previously reported. These
anomalies will be tested during the Phase 2 drilling program.

Strategic Significance

Tandayama-América is becoming a key element of SolGold's district-scale
Cascabel Project, which also hosts the world-class Alpala underground deposit
located just 3 km to the south and is emerging as one of the most significant
undeveloped copper-gold districts globally.

While Alpala represents a large-scale, long-life underground operation,
Tandayama provides the potential for a low-strip-ratio, lower-capex,
near-surface open pit capable of supplying early-stage mill feed and cash flow
to support Cascabel's broader development and future for underground resource
potential. The combination of both deposits provides SolGold with strategic
flexibility - enabling phased development, accelerated value realization, and
enhanced overall project economics.

Recent drilling success at Tandayama continues to reinforce this strategy,
demonstrating that Cascabel could ultimately host multiple mining centres
within a single, integrated infrastructure complex.

District Context

The Cascabel concession, covering over 50 square kilometres (see Figure 1),
lies in Ecuador's highly prospective Imbabura province, an emerging
copper-gold region in which SolGold holds a substantial interest of 85-100% in
five other highly prospective large copper-gold porphyry targets, underpinned
by strong municipal and federal government support for responsible mining.

SolGold's ongoing work at Tandayama complements the Company's feasibility
study and execution plan. Together, these initiatives advance SolGold's vision
for an intergenerational mine-life over a multi-source copper-gold operation
aligned with the world's growing demand for critical energy-transition metals.

The consistency of recent Tandayama drill results highlights the district's
geological strength, the scale of its mineral systems, and Cascabel as a Tier
1 copper-gold asset of global significance.

Exploration Update

The Phase 2 drill program has now completed over 2,400 metres across 8 holes.
Assays from holes TAD-25-071 and TAD-25-075 are pending, and drilling is
ongoing in holes TAD-25-076 and TAD-25-077, with results expected later in
November. Holes 75 and 76 aim to identify potential extensions between the two
pits. Hole 77 at Tandayama West, above a modelled magnetic intrusive source,
is showing promising to strong visual mineralisation. (Figure 3)

 

Figure 4. Preliminary pit design outlines (Pits 1 and 2), including all
completed drill holes with CuEq (%) grade intervals displayed along the
traces. Drill holes with pending assay results are highlighted in magenta, and
ongoing drilling is indicated in red.

Table 1. Assay Results Summary

 

Figure 5.

A)  Magmatic Intrusive Matrix Breccia (IBX), hosting magnetite, chalcopyrite
and pyrite bearing-B1 vein (0.53 % Cu, 0.73 g/t Au).

B)   Magmatic Intrusive Matrix Breccia (IBX), hosting pyrite and
chalcopyrite-bearing B2 vein (0.53 % Cu, 0.87 g/t Au).

C)  Magmatic Intrusive Matrix Breccia (IBX), hosting chalcopyrite and
pyrite-bearing - B2 veins overprinted by chalcopyrite veins (0.14 % Cu, 0.31
g/t Au).

D)  Magmatic Intrusive Matrix Breccia (IBX), hosting chalcopyrite and
pyrite-bearing B2 veins reopened by carbonate vein (0.25 % Cu, 0.27 g/t Au).

E)  Magmatic Intrusive Matrix Breccia (IBX), hosting magnetite, chalcopyrite
and pyrite bearing-B1 vein (0.52 % Cu, 0.43 g/t Au).

F)  Magmatic Intrusive Matrix Breccia (IBX), hosting magnetite, chalcopyrite
and pyrite-bearing B1 veins cut by chalcopyrite veins (0.57 % Cu, 0.91 g/t
Au).

G)  Magmatic Intrusive Matrix Breccia (IBX), hosting chalcopyrite and
pyrite-bearing B2 veins reopened by chalcopyrite vein (0.84 % Cu, 0.90 g/t
Au).

H)  Magmatic Intrusive Matrix Breccia (IBX), hosting chalcopyrite and
pyrite-bearing B2 veins overprinted by chalcopyrite vein (0.65 % Cu, 0.68 g/t
Au).

 

Figure 6.

A)  Magmatic Intrusive Matrix Breccia (IBX), hosting malachite in fractures
(1.26 % Cu, 3.98 g/t Au).

B)   Magmatic Intrusive Matrix Breccia (IBX), hosting neotocite and malachite
in fractures (0.38 % Cu, 0.85 g/t Au).

C)   Magmatic Intrusive Matrix Breccia (IBX), hosting pyrite and
chalcopyrite-bearing B2 veins (0.29 % Cu, 0.36 g/t Au).

D)  Magmatic Intrusive Matrix Breccia (IBX), hosting chalcopyrite and
pyrite-bearing B2 vein reopened by chalcopyrite C vein 1.31 % Cu, 0.85 g/t
Au).

Figure 7. Quartz diorite (QD15) hosting secondary copper mineral in fractures
(0.22% Cu, 0.46 g/t Au) from hole TAD-72.

Figure 8. Magmatic Intrusive Matrix Breccia (IBX) hosting chalcopite and
bornite threads, 20x zoom (0.23 % Cu, 0.36 g/t Au) from hole TAD-74

Copper Equivalent Calculation

Copper equivalent (CuEq) values have been calculated using the following
formula:

CuEq (%) = Cu (%) + [Au (g/t) × 0.858]

Copper equivalent (CuEq) values are calculated using a gold price of
US$2,500/oz and a copper price of US$4.25/lb, and do not account for
metallurgical recoveries. Recoveries will be updated as metallurgical test
work advances.

CONTACTS

 Dan Vujcic

 Chief Executive Officer           Tel: +44 (0) 20 3807 6996

 Canaccord Genuity Limited

 James Asensio / Charlie Hammond   Tel: +44 (0) 20 7523 8000

 Broker

ABOUT SOLGOLD

SolGold is a leading resources company focused on the discovery, definition,
and development of world-class copper and gold deposits, and continues to
strive to deliver objectives efficiently in the interests of its shareholders.

The Company operates with transparency and in accordance with international
best practices. SolGold is committed to delivering value to its shareholders
while simultaneously providing economic and social benefits to impacted
communities, fostering a healthy and safe workplace, and minimizing
environmental impact.

SolGold is listed on the London Stock Exchange (LSE: SOLG).

See www.solgold.com (http://www.solgold.com) for more information. Follow us
on X @SolGold_plc.

 

QUALIFIED PERSON

 

The scientific and technical disclosure included in this news release has been
reviewed and approved by Mr. Santiago Vaca (M.Sc. P.Geo.), a Qualified Person
as defined under National Instrument 43-101 - Standards of Disclosure for
Mineral Projects.

 

CAUTIONARY NOTICE

News releases, presentations and public commentary made by SolGold plc (the
"Company") and its Officers may contain certain statements and expressions of
belief, expectation or opinion which are forward looking statements, and which
relate, inter alia, to interpretations of exploration results to date and the
Company's proposed strategy, plans and objectives or to the expectations or
intentions of the Company's Directors, including the plan for developing the
Project currently being studied as well as the expectations of the Company as
to the forward price of copper. Such forward-looking and interpretative
statements involve known and unknown risks, uncertainties, and other important
factors beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially different from
such interpretations and forward-looking statements.

Accordingly, the reader should not rely on any interpretations or
forward-looking statements, and save as required by the exchange rules of the
TSX and LSE or by applicable laws, the Company does not accept any obligation
to disseminate any updates or revisions to such interpretations or
forward-looking statements. The Company may reinterpret results to date as the
status of its assets and projects changes with time, expenditure, metals
prices, and other affecting circumstances.

This release may contain "forward-looking information". Forward-looking
information includes, but is not limited to, statements regarding the
Company's plans for developing its properties. Generally, forward looking
information can be identified by the use of forward-looking terminology such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
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that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".

Forward looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially
different from those expressed or implied by such forward looking information,
including but not limited to: transaction risks; general business, economic,
competitive, political and social uncertainties; future prices of mineral
prices; accidents, labour disputes and shortages and other risks of the mining
industry. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended.  There can be no assurance that
such information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.
Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, risks relating to
the ability of exploration activities (including assay results) to accurately
predict mineralization; errors in management's geological modelling and/or
mine development plan; capital and operating costs varying significantly from
estimates; the preliminary nature of visual assessments; delays in obtaining
or failures to obtain required governmental, environmental or other required
approvals; uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets; inflation; the global
economic climate; fluctuations in commodity prices; the ability of the Company
to complete further exploration activities, including drilling; delays in the
development of projects; environmental risks; community and non-governmental
actions; other risks involved in the mineral exploration and development
industry; the ability of the Company to retain its key management employees
and skilled and experienced personnel; and those risks set out in the
Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly,
readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except
in accordance with applicable securities laws.

The Company and its officers do not endorse, or reject or otherwise comment on
the conclusions, interpretations or views expressed in press articles or
third-party analysis.

 

 

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