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SOLGOLD PLC ORD (SLGGF) is a leading resources company dedicated to the discovery, definition, and development of world-class copper and gold deposits. The company focuses on the efficient delivery of shareholder objectives, along with value creation and economic benefits for impacted communities. SolGold is committed to operating transparently and in line with international best practices while ensuring shareholder value and promoting social and environmental responsibility.
Recently, SolGold made significant progress with the signing of the Complementary Investment Protection Agreement for the Cascabel Project in Ecuador, representing the largest mining investment in the country's history. The agreement includes a commitment to invest $3.2 billion over subsequent years, highlighting the Company's dedication to the project and its partnership with the Ecuadorian government.
The signing of the Exploitation Contract for the Cascabel Project further solidifies SolGold's position, setting legal and financial terms for the project's development. This milestone underscores the company's commitment to sustainable growth, shared prosperity, and responsible mining in Ecuador. SolGold's extensive exploration efforts have led to the discovery of one of the world's largest copper-gold porphyry deposits, showcasing the project's potential to boost the Ecuadorian economy and drive regional development.
SolGold has signed a preliminary commitment declaration for an Exploration Investment Protection Agreement (IPA) related to its Cascabel project in Ecuador. This agreement, aimed at securing approximately US$430 million in investments over 10 years, includes both past and future funding. It was agreed upon by Ecuador's President and SolGold representatives, providing legal security and tax stability for 15 years. The IPA is crucial for enhancing investor confidence and aims to generate job opportunities while ensuring protections against confiscation and discrimination.
SolGold announced a delay in the release of the Pre-Feasibility Study (PFS) for its Cascabel project in Ecuador, following the appointment of new CEO Darryl Cuzzubbo, effective December 1, 2021. The delay will allow for the evaluation of various assumptions affecting the PFS, including potential upside options such as earlier underground access and mine optimizations. The company expects the well-advanced PFS to reinforce its expectations of a robust project value. Further updates on the PFS completion will be shared at the upcoming AGM on December 15, 2021.
SolGold will hold its Annual General Meeting (AGM) on December 15, 2021, at 9:00 PM Brisbane time (11:00 AM London time, 6:00 AM Toronto time) at HopgoodGanim Lawyers in Brisbane, Australia. Shareholders can attend virtually via an online terminal. Relevant documents, including the AGM notice and 2021 Annual Report, are available on SEDAR and the SolGold website. The company remains committed to exploring and developing world-class copper and gold deposits in Ecuador, focusing on sustainability and community engagement.
SolGold has appointed Darryl Cuzzubbo as the new CEO and Managing Director, effective December 1, 2021, following an extensive search. Cuzzubbo brings significant experience from his previous roles at Orica and BHP, where he led operations across 30 countries. The Chairman, Liam Twigger, expressed confidence in Cuzzubbo's ability to lead the company amid increasing copper demand for net-zero transitions. The company aims to unlock its significant potential at the Cascabel deposit in Ecuador, while also thanking Keith Marshall for his interim leadership.
SolGold PLC has appointed PricewaterhouseCoopers LLP as its new auditor, effective November 11, 2021, after a tender process aligned with UK corporate governance. The company expressed gratitude to BDO LLP, its auditor since 2013, for their services. This change signifies the company's commitment to maintaining strong governance practices. SolGold, a company focused on exploring copper and gold deposits in Ecuador, aims to enhance transparency and efficiency in its operations.
The Board of SolGold is pleased to announce an independently verified update on the Mineral Resource Estimate for the Tandayama-América (TAM) copper-gold deposit at the Cascabel project in Ecuador. The TAM deposit has a total Mineral Resource of 233.0Mt at 0.33% CuEq in the Indicated category, and 197.0Mt at 0.39% CuEq in the Inferred category. The ongoing drilling continues to reveal potential for resource growth, particularly in southeastern areas. The results are crucial for the future economic viability of the mining project.
SolGold addresses shareholder concerns regarding the pre-feasibility study (PFS) for its Cascabel copper-gold project and board structure. The company is actively engaging with stakeholders to enhance corporate governance, having added four independent directors and an independent chairman. The PFS is underway, with a board briefing anticipated this month. The firm acknowledges the need for further expertise in underground mining as it transitions from exploration to development.
SolGold has released its Full Year Results for the year ended June 30, 2021, reporting a loss of US$22.89 million, compared to US$14.12 million in the previous year. The company reported total assets of US$456.91 million, up from US$306.80 million in 2020. Operating loss decreased to US$12.87 million, highlighting reduced exploration and administrative costs. Total comprehensive loss was US$21.07 million. For more details, the annual report is accessible on their website and filed on SEDAR.
SolGold has released significant drilling results from its Tandayama-América (TAM) copper-gold deposit, located near the Alpala deposit in Ecuador. Drill hole 13 recorded exceptional results of 1,010m at 0.55% CuEq, with notable intervals including 132m at 1.09% CuEq. The geological findings indicate potential for deep extensions suitable for underground mining. Ongoing drilling continues to reveal promising mineralization, with an NI 43-101 compliant Maiden Mineral Resource Estimate targeted for release in late 2021.
SolGold announces significant progress at its Rio Amarillo project in Ecuador, with drilling now underway at the Varela porphyry copper-gold-molybdenum target. Drill hole RDH-21-001 has reached 90m with a planned depth of 1,500m. Surface rock-saw channel samples returned notable results, including 99m at 0.34% CuEq. The project, located 30km southeast of the Alpala deposit, exhibits a promising geological structure, with strong similarities to Alpala, indicating potential for a significant mineral resource.
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