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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 PLC (LSE:SOLG)(TSX:SOLG) has announced a sale of 200,000 Ordinary Shares by the Mather Foundation , a Private Ancillary Fund associated with Non-Executive Director Nicholas Mather. The sale, completed on August 1, 2024, was to fulfill philanthropic obligations for donations to various charitable causes in Australia. The shares were sold at £0.11 each, totaling £22,000. It's important to note that Mr. Mather has no financial interest in the Mather Foundation's capital and does not benefit from it. This transaction is part of the foundation's annual requirement to monetize assets for charitable donations.
SolGold plc (LSE:SOLG)(TSX:SOLG) announced that Christopher Stackhouse, the company's Chief Financial Officer, acquired 105,000 Ordinary Shares on July 17, 2024. The shares were purchased at CAD0.185 per share, totaling CAD19,425. Following this acquisition, Stackhouse now holds 320,000 Ordinary Shares, representing 0.01% of the company's issued share capital. This transaction was reported as part of the company's obligation to disclose dealings by persons discharging managerial responsibilities.
SolGold has announced progress in securing significant funding for its Cascabel Project. Franco-Nevada has provided a $10 million loan facility to support ongoing operations. The loan comes with a 12% annual interest rate and matures on July 19, 2024. While discussions for a long-term financing package are ongoing, no new agreements have been finalized. SolGold remains focused on securing necessary financing to advance the Cascabel Project, which aims to become a world-class copper-gold operation.
SolGold PLC has signed an Exploitation Contract (EC) for its Cascabel Project in Ecuador, marking a significant milestone. The EC, approved by Ecuador's government, outlines legal and financial terms for the project's development, including a minimum 50% share of cumulative benefits for the government. SolGold's subsidiary, ENSA, will develop and produce copper, gold, and silver from the area for 33 years. The company will make an advance royalty payment totaling $75 million. The corporate income tax rate is expected to be 20%, with a variable royalty on net smelter revenues ranging from 3% to 8%. The EC also includes investor protection rights and an economic imbalance mechanism.
SolGold PLC (LSE:SOLG)(TSX:SOLG) released its third-quarter financial results for the period ending 31 March 2024. Highlights include the completion of an updated Pre-Feasibility Study (PFS) for the Cascabel project, showing a pre-tax NPV8% of $5.4 billion and a post-tax NPV8% of $3.2 billion. The PFS outlines significant copper, gold, and silver production estimates over a 28-year mine life. Key appointments were made to the Board of Directors with the inclusion of Mr. Jian (John) Liu and Mr. Charles Joseland. Exploration at the Blanca-Nieves project yielded promising assay results, including 6.15m @ 7.46 g/t Au. Additionally, a Memorandum of Understanding (MOU) was signed for a hydro-solar energy initiative at Cascabel, aiming to generate 200 megawatts of renewable energy.
SolGold has announced key financial developments, notably their ongoing discussions with capital providers for a long-term financing package focused on the Cascabel Project. This potential financing aims to fund a significant part of the project's initial capital costs.
Additionally, SolGold has secured a US$10 million loan facility to support ongoing operations, offering favorable repayment terms. CFO Chris Stackhouse emphasized the importance of these financial moves in achieving the project's milestones. However, the finalization of the comprehensive financing package is still subject to negotiations and various conditions.
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