REG - SolGold PLC - Tandayama-América

SolGoldAnnouncement

Wed 11:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251126:nRSZ1134Ja&default-theme=true

RNS Number : 1134J  SolGold PLC  26 November 2025

 

26 November 2025

 

SolGold plc

("SolGold" or the "Company")

Announces High-Confidence Potential 60.2 Mt Near-Surface Starter Pit at

Tandayama-América Strengthens the Cascabel Development Strategy

 

SolGold plc (LSE: SOLG) is pleased to announce significant progress in
evaluating a potential near-surface starter-pit opportunity at the
Tandayama-América ("Tandayama") deposit (Figure 1) and an update regarding
the Mineral Resource Estimate ("MRE")(Table 2). Recent internal studies
completed with Mining Plus Pty Ltd have defined a 60.2 Mt potential open-pit
at a grade of 0.43% CuEq, demonstrating strong potential to support the early
development sequence at Cascabel ("Cascabel" or the "Project").

The potential 60.2 Mt resource shell is characterised by shallow porphyry
copper-gold mineralisation, a very low strip ratio, and a high proportion of
Measured resource, designed to provide a high-confidence source of early mill
feed. This scenario is a compelling option that complements the planned
longer-term ramp-up of the Alpala underground mine by providing earlier
production and cash flow, thereby enhancing the Project's overall development.

CEO Dan Vujcic commented:

"A Tandayama starter operation would provide SolGold a tangible opportunity to
accelerate the Cascabel Project. The near-surface nature of the deposit's
strong grade profile, combined with the high proportion of Measured material
in the 60.2 Mt case, provides an attractive early-mining option that fits well
into the development pathway. Optimising the overall Cascabel plan ensures
smoother permitting and infrastructure decisions to accommodate the full range
of potential outcomes, creating near-term returns for our shareholders while
significantly de-risking potential sub-level cave and block cave operations at
Alpala in the future."

60.2 Mt Potential Starter Pit: A High-Confidence Early Phase

The optimised 60.2 Mt case contains material grading 0.43% CuEq at a 0.16%
CuEq cut-off, supported by extensive drilling and robust geological
continuity, and a low waste-to-ore stripping ratio of 0.63:1 (Figure 2).
Approximately 45 Mt of 0.46% CuEq is classified as Measured, representing 75%
of the shell, with the remaining tonnage in the Indicated category (Figures 3
-6). The contained metal totals 259 Kt CuEq, including 138 Kt of copper and
0.44 Moz of gold (Table 1).

Next Steps

There remains significant potential to expand the size and grade of the
potential 60 Mt starter-pit.  Next steps include:

·      Process and integrate outstanding drilling data and assays,
including over 1,400 metres of recently completed drilling.

·      Mobilise two additional drill rigs to strengthen and expand the
Tandayama drilling program.

·      Continue geotechnical and metallurgical sampling to support
future scenario refinement and early-stage engineering inputs.

·      Incorporate revised drilling and modelling outputs into broader
infrastructure, permitting, and mine-plan development work.

·      Update timeline and provide initial view of standalone project
economics of the potential Tandayama open pit, including detailed design and
mine sequencing.

Integration Within Larger Open-Pit Planning Envelope

In parallel with the potential starter-pit assessment, the Company has
continued to evaluate larger staged pit shells (20 Mt, 60 Mt, 220 Mt, and the
full 576 Mt Reasonable Prospects for Economic Extraction ("RPEEE") envelope to
ensure that infrastructure layouts and permitting considerations accommodate
the full range of potential long-term development options (Figures 3-6). These
scenarios are planning tools only and do not represent updated Mineral
Resource Estimates, but they provide essential context for mine-design
optimisation and sequencing.

Cross-Section and Geological Context

Cross-sectional analysis (Figure 7) highlights the continuity of
mineralisation captured within the 60 Mt shell and its favorable geometry
relative to the larger RPEEE limit. The shallow depth and concentration of the
classified material support the potential for an efficient, scalable starter
mining phase within the broader Cascabel development framework.

Table 1. 60 Mt Resource Optimisation

 Cut-off Grade (CuEq%)  Resource Category     Tonnage (MT)  Grade                     Contained Metal
                        CuEq (%)                            Cu (%)        Au  (g/t)   CuEq (Kt)  Cu (Kt)  Au (Moz)
 0.16                   Measured              45.2          0.46    0.24  0.25        206.5      109.2    0.36
                        Indicated             15.1          0.35    0.19  0.18        52.5       29.2     0.09
                        Measured + Indicated  60.2          0.43    0.23  0.23        259        138.4    0.44

 

Various optimized shells within the optimized resource reviewed with Mining
Plus help refine the range of potential open-pittable resources and are being
used to inform potential sequencing options, mill-feed planning, and
integration with underground development.

Current analysis indicates that several areas of the deposit are more
favorable, exhibiting near-surface copper-equivalent grades that support the
potential for early, lower-strip-ratio open-pit mining. Optimisation shells
(Figure 4) identify how resource development could be sequenced depending on
tonnage requirements. These shells also demonstrate that Tandayama could
potentially be developed in successive stages, ranging from smaller pits
targeting the highest-value material first, expanding to larger, long-term
footprints, providing flexibility aligned with economic and operational goals.

 

Figure 1. Site plan showing Project Location, and the porphyry deposits at the
Cascabel Project, defined at the 0.1% CuEq level (blue). Section A-A'
(referred to herein) is shown at the Tandayama-America deposit.

Table 2. Mineral Resource Statement: Effective date 26 November 2025

 

 

The Open-Pit Mineral Resource at the Tandayama deposit is updated to 535Mt @
0.38% CuEq for 1.12Mt Cu, and 3.3Moz Au in the Measured plus Indicated
categories, with an additional 41Mt @ 0.32% CuEq in the Inferred category
(Table 1).

 

Figure 2. Section A-A', looking west, showing Tandayama Open Pit RPEEE
("Reasonable Prospects for Eventual Economic Extraction") footprint used to
define the maximum potential mining envelope for mineral resources extractable
by open-pit mining methods.

Figure 3. Tandayama Resource Classification Map. 3-D view map showing the
distribution of Measured (orange), Indicated (green), and Inferred (blue)
classification over the conceptual RPEEE open-pit footprint. The figure
illustrates the clustering of higher-confidence material toward the central
and western portions of the deposit, highlighting potential early extraction
areas and demonstrating how near-surface classified zones may support early
open-pit development scenarios.

 

Figure 4. Section A-A', looking west, showing Tandayama near-surface resource
shells (20 Mt, 60 Mt, 220 Mt) looking NW. These cases highlight the
optionality for potential early development, the presence of near-surface
material, and the potential for lower strip ratios in the initial stages.
Three resource scenarios were identified as optimal within the RPEEE area at a
0.16% CuEq Cut-Off.

Figure 5. Section A-A', looking west, showing Tandayama Grade Distribution Map
- block model CuEq% grades. Near-surface copper, gold, and copper-equivalent
grades inform potential starter-pit and sequencing options.

 

 

Figure 6. Conceptual Nested Resource Shells at Tandayama (20 Mt, 60 Mt, 220
Mt).

Plan-view map illustrating preliminary staged open-pit development scenarios
within the broader RPEEE planning shell. The shaded blue tonnage envelopes (20
Mt, 60 Mt, and 220 Mt) highlight potential resource shells targeting potential
higher-value, near-surface material in early phases, followed by larger mining
stages as development progresses. These scenarios demonstrate the flexibility
available for sequencing options and the potential for Tandayama to provide
early mill feed during the Alpala Block Cave ramp-up period.

Figure 7. Section A-A', looking west, showing the 60 Mt resource shell
relative to the 576 Mt RPEEE envelope and other nested optimization cases (20
Mt and 220 Mt optimisation cases). The coloured blocks represent CuEq% block
model grades included in the 60 Mt scenario, illustrating the continuity and
depth extent of mineralized volumes considered for early production
sequencing. This resource shell is largely measured and indicated, and is near
surface, presenting an early development option at very low strip ratios.

The Company has compared the previously reported 2023 open-pit Mineral
Resource Estimate for Tandayama (MRE#3, November 11, 2023)(1) with the
November 2025 conceptual planning resource prepared by Mining Plus. The new
modelling introduces a Measured category for the first time, adds 43 Mt to the
combined Measured and Indicated tonnage, and increases contained CuEq metal by
approximately 20%. These changes reflect updated drilling, refined geological
modelling, and revised economic parameters. Minor decreases in Indicated and
Inferred tonnage largely reflect reclassification into Measured.

CONTACTS

 Dan Vujcic

 Chief Executive Officer             Tel: +41 (0) 41 710 04 28

 Canaccord Genuity Limited (Broker)

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

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.

 

NOTES TO EDITORS

Mineral Resource Estimate

The TAM Mineral Resource Estimate Update (TAM MRE#4) dataset comprised
44.799.5m of diamond drilling from holes 1-77, as well as 476.4m of surface
rock-saw channel sampling from 73 outcrops.  The estimate utilized 43.462.4m
of assay data available, with 1496.4m of assays pending at the time of the
data cut-off.  This equates to an additional 8,623.5m of drilling used to
inform geology models, and an additional 6,838m of assays used to inform the
estimation, from the previously announced TAM open-pit resource.

The estimation process followed the Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves
Best Practice Guidelines" ("CIM, 2019"). The Mineral Resource Estimate is
stated in accordance with CIM Definition Standards ("CIM, 2014").

Ordinary Kriging ("OK") was run in three search passes and with soft
boundaries using Leapfrog Edge software. The estimation of Cu and Au was
confined within 3D estimation domains, which were based on the combination of
two 3D wireframe interpretations:

Model validation tests have not exhibited any material bias between the input
composite grades and the block model estimates.

The TAM deposit shares the same geological and structural setting as the
Alpala deposit. Mineralisation is hosted within a complex of middle to
late-Eocene (Bartonian) hornblende-bearing diorites, quartz diorites and
intrusive breccias that intrude volcanic host rocks to form a complex of
stocks, dykes, and breccia pipes.

The trend of mineralisation throughout the TAM deposit is defined by a
northwest trending intrusive complex inclined steeply towards the northeast.
Surface mapping data was supported by structural measurements taken from
orientated drill core provided data from intrusive contacts and B-type quartz
veins.

Copper and gold mineralisation is intimately associated with porphyry style
B-type quartz-chalcopyrite veins and stockworks, centred upon an early-mineral
causal quartz-diorite intrusion (QD10), and cut by a series of intra-mineral,
late-mineral and post-mineral stocks dykes and breccias of diorite, hornblende
diorite, and quartz diorite.

Intrusions have emplaced episodically such that each subsequent intrusion has
introduced mineralising fluids (and subsequent arrays of mineralised veins)
into the TAM system, and/or remobilising and enriching existing mineralisation
or contributed to localised overprinting of pre-existing mineralisation.

The geological character of the porphyry stocks / dykes encountered through
drilling to date indicate a well-preserved porphyry system with significant
potential for greater depth extent. Individual mineralised porphyry dykes are
observed to have emplaced within a vertical column of over 1,000m.

The full size and tenor of the TAM system has not yet been tested.
Mineralisation remains open to the south and east and at depth.

Reasonable Prospects for Eventual Economic Extraction

The cut-off grades used for reporting have been based on up to date third
party metal price research, forecasting of Cu and Au prices, and a cost
structure from mining studies currently being reviewed. Costs include mining,
processing and general and administration ("G&A"). Net Smelter Return
("NSR") includes metallurgical recoveries and off-site realisation ("TC/RC")
including royalties and utilising consensus metal prices.

Cut-off grades have been developed independently for open pit mining methods
and underground bulk mining methods. The cut-off grade for potentially open
pittable material has been calculated at 0.16% CuEq using a copper equivalency
factor of 0.879.

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
anticipate", or "believes", or variations of such words and phrases or state
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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLPPGUWGUPAGGQ



            Copyright 2019 Regulatory News Service, all rights reserved