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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 announced the sale of 300,000 shares by Non-Executive Director Nicholas Mather, representing less than 0.5% of his total holdings. The sale, finalized on June 16 & 17, 2021, was conducted to fulfill philanthropic obligations to support prostate cancer research, mental health initiatives, and emergency services in Australia. Mather emphasized that the sale does not reflect a negative outlook on SolGold's value or growth. The shares were sold at an average price of 30.71p, totaling approximately £92,147.05.
SolGold has issued 1,500,000 new ordinary shares following the exercise of employee share options at 25p each, with admission to the London Stock Exchange expected on June 15, 2021. The total number of issued shares will rise to 2,293,816,432. Alongside these shares, the company has options totaling 106,875,000. SolGold continues to focus on exploring and developing copper and gold resources in Ecuador, holding a significant interest in the Cascabel concession and maintaining strong operations in the region.
SolGold and Cornerstone Capital Resources have announced a cooperative effort to advance the Cascabel Project in northern Ecuador. This partnership aims to explore strategic and financing options to maximize shareholder value. Both companies’ boards are committed to supporting this initiative, which includes the delivery of a new technical report to lower development risks. The project hosts 442 million tonnes of copper-equivalent mineralization, reinforcing their focus on enhancing shareholder value in a complex mining environment.
SolGold has announced the retirement of Mr. Karl Schlobohm from his role as Company Secretary, effective June 30, 2021. Schlobohm has served the company since April 2009. Interim CEO Keith Marshall expressed gratitude for Schlobohm's dedicated service. The company is in the process of appointing a new Company Secretary and Schlobohm will assist during the transition. SolGold focuses on the discovery and development of world-class copper and gold deposits, operating primarily in Ecuador.
The Board of SolGold has reported significant drilling results from the Tandayama-America (TAM) Porphyry Copper-Gold target at the Cascabel Project in Ecuador. Drilling in holes 1-7 intersected notable copper and gold mineralization, with intervals exceeding 100m% Copper Equivalent (CuEq). Key highlights include hole 3 with 1,040m @ 0.33% CuEq and hole 1 with 531m @ 0.30% CuEq. The mineralization corridor spans 750m long and 500m wide, with further drilling planned to explore depth and lateral extensions. A Maiden Mineral Resource Estimate is anticipated later this year.
On May 20, 2021, SolGold PLC notified that BlackRock, Inc. has crossed the 5% threshold for voting rights in the company. As of May 19, 2021, BlackRock holds 5% of the voting rights, comprising 112,810,671 direct voting rights and an additional 19,070,560 through financial instruments. This marks an increase from their previous holding of below 5%. The update comes as part of regulatory requirements for major shareholders.
SolGold announced a decrease in Blackrock Inc.'s stake from 5.65% to below 5.00% due to recent share issuance and market transactions. This reduction results from the company's placement announced on April 28, 2021, highlighting potential dilution effects on shareholders. SolGold, recognized for leading resource exploration in Ecuador, holds an 85% interest in the ENSA project, which encompasses the highly prospective Alpala deposit. The company continues to focus on expanding its operations while adhering to transparency and best practices in resource management.
SolGold Announces Shareholder Dilution
SolGold reports that DGR Global Limited's shareholding has diluted from 9.80% to 8.91%, holding 204,151,800 shares post a recent placing. Cornerstone Capital Resources' shareholding also decreased from 7.54% to 6.86%, maintaining 157,141,000 shares. This dilution follows the issuance of new shares as part of the company's capital raising efforts.
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