Welcome to our dedicated page for Solgold news (Ticker: SLGGF), a resource for investors and traders seeking the latest updates and insights on Solgold stock.
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 successfully completed a US$50 million royalty financing agreement with Osisko Gold Royalties for its Cascabel copper-gold project in Ecuador. Osisko will receive a 0.6% royalty based on net smelter returns from the project. Interim CEO Scott Caldwell emphasized that this partnership enhances SolGold's capacity for growth and exploration, positioning the company to create more shareholder value. Osisko CEO Sandeep Singh expressed excitement about participating in the development of the Cascabel project, recognizing its quality and size in the mining sector.
SolGold will hold its Annual General Meeting (AGM) on December 22, 2022, in Brisbane, Australia. The Board of Directors recommends shareholders vote FOR all resolutions. Historically, voter turnout has been under 75%, emphasizing the importance of retail shareholder participation. The meeting materials are available on SEDAR and the SolGold website. Changes in the board include non-re-elections of directors Elodie Grant Goodey and Kevin O'Kane, with new appointments to key committees.
SolGold announces its agreement with Jiangxi Copper (Hong Kong) Investment Company Limited to purchase 180 million shares at US$0.20 per share, totaling US$36 million in gross proceeds. Jiangxi Copper will acquire 155 million shares, giving them a 6.3% ownership stake in SolGold post-transaction. The closing is expected on or about December 9, 2022, pending due diligence completion. This investment aims to support ongoing operations and reinforce shareholder value.
SolGold has appointed Mr. Scott Caldwell as the Interim CEO, effective November 10, 2022, bringing over 40 years of mining experience. Caldwell aims to enhance shareholder value by focusing on cost-effective resource allocation and prioritizing the Cascabel project in Ecuador. A US$50 million royalty investment from Osisko signals strategic endorsement. The anticipated merger with Cornerstone is moving forward. A strategic review is underway to explore value-enhancing opportunities, including financing alternatives and potential asset spin-offs.
SolGold has released its Q1 2023 Financial Statements and Management Discussion and Analysis for the quarter ended September 30, 2022. The documents are available on the Company's website. SolGold continues to focus on the discovery and development of significant copper and gold deposits along the Andean Copper Belt, which contributes about 40% of global mined copper production. The Company operates with transparency and aims to deliver shareholder value while benefiting local communities and minimizing environmental impacts.
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.
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