Solgold - SLGGF STOCK NEWS

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.

SolGold has provided an update on its exploration activities, particularly focusing on the Cascabel project and other regional initiatives in Ecuador. The Porvenir project is prioritized for a Pre-Economic Assessment by year-end, while the Helipuerto project shows potential extensions from adjacent discoveries. The company aims to enhance funding options to support the Cascabel Definitive Feasibility Study (DFS) expected in H2 2023, targeting a potential pre-tax NPV uplift of US$1-1.8 billion. Current cash reserves stand at approximately US$26 million as of June 30, 2022.

SolGold's General Meeting on June 30, 2022, confirmed that all shareholder resolutions were approved via poll. Key results include:

• Directors' Remuneration Policy: 69.24% in favor.
• Long Term Incentive Plan: 86.33% in favor.
• Performance Bonus Plan: 86.27% in favor.
• Articles of Association: 99.70% in favor.

Despite the approvals, Resolution 1 received over 20% opposition, prompting the Board to engage with shareholders about their concerns.

SolGold announced an amendment to its Long Term Incentive Performance Plan ahead of an Extraordinary General Meeting (EGM) on June 30, 2022. The key change involves raising the Change of Control asset disposal threshold from 30% to 50%, addressing shareholder concerns. Resolutions 1 and 4 remain unchanged. The Board believes these amendments benefit shareholders. The EGM will take place at HopgoodGanim, Brisbane, and virtually via Lumi platform. Shareholders unable to attend should submit proxy votes as instructed.

On June 20, 2022, SolGold PLC announced that BlackRock, Inc. crossed a significant threshold in its voting rights in the company. As of June 17, 2022, BlackRock holds a total of 5.31% of voting rights, comprising 4.87% from direct shares and 0.44% from financial instruments. This marks an increase from its previous holding of below 5%. The announcement highlights BlackRock's ongoing investment in SolGold, potentially indicating confidence in the company's future development.

SolGold announces a General Meeting of Shareholders scheduled for 30 June 2022, at 9:00 PM (Brisbane time) to discuss important company matters. The meeting will be held at HopgoodGanim in Brisbane, Australia, and can be attended remotely through an online terminal. Shareholders of record as of 19 May 2022 will receive related documents via SEDAR and the SolGold website. The Alpala deposit in Ecuador, a target for copper and gold, exemplifies SolGold's focus on resource development and community engagement.

SolGold has announced an updated Mineral Resource Estimate for its Tandayama-America (TAM) copper-gold deposit in Ecuador, which shows a total resource of 528.5Mt at 0.36% CuEq, containing 1.27Mt Cu and 3.16Moz Au. This marks increases of 0.74Mt Cu and 1.96Moz Au compared to the previous estimate from October 2021. The deposit shares geological similarities with the Alpala deposit, located just 3km away. Ongoing drilling at the Moran target aims to further assess the mineralisation potential, which has shown promising results with visible copper sulphide mineralisation.