SOLGOLD PLC ORD - SLGGF STOCK NEWS

SolGold announces a significant management change as Darryl Cuzzubbo, the CEO, departs effective November 10, 2022. Scott Caldwell, previously a Non-Executive Director, has been appointed as Interim CEO. Caldwell brings over 40 years of mining experience, including leadership roles at several mining firms. The company is initiating a search for a permanent CEO. During Cuzzubbo's tenure, SolGold successfully delivered the Cascabel Pre-Feasibility Study, highlighting its project's Tier 1 potential. The transition aims to maintain support for shareholders during this period.

SolGold announced a US$50 million royalty financing agreement with Osisko Gold Royalties regarding its Cascabel copper-gold project in Ecuador. Osisko will receive a 0.6% NSR interest, with SolGold retaining a buy-back option for one-third of that interest for four years. The deal alleviates financial pressures on SolGold, allowing it to focus on maximizing shareholder value through its ongoing Strategic Review Process. The agreement highlights SolGold's intent to navigate the current economic climate effectively.

SolGold has published its Annual Report for the year ending June 30, 2022, submitted to the Financial Conduct Authority as per compliance requirements. This report can be inspected at the National Storage Mechanism and on SolGold's official website. The company focuses on the exploration of copper and gold deposits in Ecuador, notably the Alpala deposit within the Cascabel concession. With a workforce primarily made up of Ecuadorians, SolGold aims to operate sustainably while delivering shareholder value.

SolGold has appointed Scott Caldwell and Dan Vujcic as Independent Non-Executive Directors, effective 24 October 2022, following a merger agreement with Cornerstone Capital Resources. Caldwell, a mining engineer with over 40 years of experience, has previously served as CEO at various mining companies. Vujcic, currently the Chief Development Officer at Metals Acquisition Corp, has extensive experience in global capital markets. These appointments aim to enhance the board's expertise in executive leadership and corporate strategy.

SolGold will host a live presentation today, October 12, 2022, at 1:00 PM London time, featuring CEO Darryl Cuzzubbo and Interim CFO Keith Pollocks. Investors can register to attend this presentation through a link provided in the announcement. Additionally, presentation materials will be available on the company’s official website. This event is an opportunity for shareholders and potential investors to gain insights directly from the company's leadership.

On October 7, 2022, SolGold PLC reported that BlackRock has reduced its voting rights in the company to below 5%, crossing this threshold on October 6. Previously, BlackRock held 5.31% of voting rights, which included 4.87% in shares and 0.44% in financial instruments. This change reflects a significant alteration in BlackRock's stake, possibly indicating a shift in investment strategy or market outlook.

SolGold and Cornerstone have announced a friendly merger, consolidating 100% ownership of the Cascabel Project. Under the agreement, Cornerstone shareholders will receive 15 SolGold shares for each Cornerstone share, with an option for SolGold to pay up to 20% of the consideration in cash. The combined entity will have approximately 80% ownership by SolGold shareholders post-transaction. The deal requires majority approval from Cornerstone shareholders and aims to maximize value for all stakeholders through a strategic review process. The transaction is expected to close in Q4 2022.

SolGold announces an update on its share capital, confirming a total of 2,296,051,501 ordinary shares with voting rights as of September 30, 2022. The company has no shares in treasury, allowing shareholders to use this figure for interest notifications. SolGold is focused on discovering and developing copper and gold deposits in Ecuador, particularly at the Alpala deposit within the Cascabel concession. The company maintains strong local community ties and employs around 800 employees, with 99% of them being Ecuadorian.

SolGold plc announced its total issued share capital consists of 2,295,152,615 ordinary shares with voting rights, as per the FCA's Disclosure Rules. The company holds no treasury shares, allowing shareholders to use this figure for interest notifications. SolGold focuses on exploring and developing copper and gold deposits in Ecuador, particularly at the Cascabel concession, where it holds an 85% interest in ENSA. The company employs 800 staff, with plans to expand as operations grow.