Latest news with #PreFeasibilityStudy
Yahoo
26-05-2025
- Business
- Yahoo
Mayfair Gold Signs All Major Engineering Contracts to Advance 2025 Fenn-Gib Pre-Feasibility Study
Ausenco Engineering Canada ULC to Lead Pre-Feasibility Study and focus on Process Plant design and Metallurgical test work AGP Mining Consultants Inc. to advance mine planning and the mineral reserve estimate Knight Piésold Ltd. to advance tailings design and water management Environment Application Group Inc. to continue advancing environmental baseline work to support the Ontario Provincial Permitting Process VANCOUVER, BC , May 26, 2025 /CNW/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold" or the "Company") (TSXV:MFG) (OTCQX:MFGCF) is pleased to announce that it has executed all required contracts with the major engineering companies that will participate in the Pre-Feasibility Study ("PFS") on the Fenn-Gib Gold Project in Northeastern Ontario ("Fenn-Gib" or the "Project"). The PFS is expected to be completed towards the end of 2025. The PFS will evaluate and outline the design, costs and economic potential for Fenn-Gib based on a conventional open-pit mining operation and gold processing plant, with a targeted throughput of 4,800 tonne-per-day ("tpd") capacity. The study will also provide detail on the necessary site and regional infrastructure required to bring the project into production. Focusing on a 4,800 tpd design allows Mayfair to: Focus on the higher-grade near surface mineralization at Fenn-Gib; Reduce the potential scale of the upfront initial capital cost to get into production; Develop Fenn-Gib on a shorter construction timeline, which is expected to help mitigate inflationary pressures and potential for delays relative to a larger development; and Provides a clear provincial permitting pathway for the Company to transition into a new Canadian Gold Producer. Ausenco Engineering Canada ULC will lead the PFS, with a primary focus on process plant design and metallurgical testing. Several consulting firms will contribute to various aspects of the study: AGP Mining Consultants Inc. will handle mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will advance tailings and water management; and Terracon Geotechnique and Environmental Applications Group Inc. will oversee site geotechnical and environmental studies, respectively. Additional scope will be advanced by TBT Engineering for the planned highway 101 diversion and TWD Engineering for the site power supply work. Nick Campbell, Chief Executive Officer of Mayfair Gold, stated, "We have engaged with an outstanding group of consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the Pre-Feasibility Study for the Fenn-Gib Gold Project near Timmins, Ontario. These firms, along with the Mayfair team, key equipment manufacturers and construction contractors, will be vital in advancing the Project designs with their expertise to help position Fenn-Gib as a shovel-ready project on an accelerated timeline. Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market. Through this approach, Mayfair can mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation. This lower risk approach should provide Mayfair with the time and capital required to consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be complete by year-end 2025, with the Ontario permitting timelines allowing for a construction decision as early as three-years from now." The execution of contracts with engineering consultants is an important step towards advancing Fenn-Gib; however, Mayfair is also committed to meaningful engagement with the local communities of Matheson, Timmins and the regional Indigenous Communities. Specifically, the Fenn-Gib project is roughly 10 kilometers from the community of the Apitipi Anicinapek Nation, therefore, Mayfair has a special focus on collaborating with this Nation. This collaboration will be guided by principles of robust environmental stewardship and high-quality design, ensuring that the Project is developed responsibly, with sustainability and respect for the local ecosystem and community at its core. About Mayfair Gold Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information. The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Cautionary Notes to U.S. Investors Concerning Resource Estimates. This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the advancing of environmental approvals, permits and project designs, mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation the ability of the Company to mitigate upfront capital requirements, reduce execution risk and accelerate cash flow generation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies. The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. SOURCE Mayfair Gold Corp. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
Mayfair Gold Signs All Major Engineering Contracts to Advance 2025 Fenn-Gib Pre-Feasibility Study
Ausenco Engineering Canada ULC to Lead Pre-Feasibility Study and focus on Process Plant design and Metallurgical test work AGP Mining Consultants Inc. to advance mine planning and the mineral reserve estimate Knight Piésold Ltd. to advance tailings design and water management Environment Application Group Inc. to continue advancing environmental baseline work to support the Ontario Provincial Permitting Process VANCOUVER, BC , May 26, 2025 /CNW/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold" or the "Company") (TSXV:MFG) (OTCQX:MFGCF) is pleased to announce that it has executed all required contracts with the major engineering companies that will participate in the Pre-Feasibility Study ("PFS") on the Fenn-Gib Gold Project in Northeastern Ontario ("Fenn-Gib" or the "Project"). The PFS is expected to be completed towards the end of 2025. The PFS will evaluate and outline the design, costs and economic potential for Fenn-Gib based on a conventional open-pit mining operation and gold processing plant, with a targeted throughput of 4,800 tonne-per-day ("tpd") capacity. The study will also provide detail on the necessary site and regional infrastructure required to bring the project into production. Focusing on a 4,800 tpd design allows Mayfair to: Focus on the higher-grade near surface mineralization at Fenn-Gib; Reduce the potential scale of the upfront initial capital cost to get into production; Develop Fenn-Gib on a shorter construction timeline, which is expected to help mitigate inflationary pressures and potential for delays relative to a larger development; and Provides a clear provincial permitting pathway for the Company to transition into a new Canadian Gold Producer. Ausenco Engineering Canada ULC will lead the PFS, with a primary focus on process plant design and metallurgical testing. Several consulting firms will contribute to various aspects of the study: AGP Mining Consultants Inc. will handle mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will advance tailings and water management; and Terracon Geotechnique and Environmental Applications Group Inc. will oversee site geotechnical and environmental studies, respectively. Additional scope will be advanced by TBT Engineering for the planned highway 101 diversion and TWD Engineering for the site power supply work. Nick Campbell, Chief Executive Officer of Mayfair Gold, stated, "We have engaged with an outstanding group of consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the Pre-Feasibility Study for the Fenn-Gib Gold Project near Timmins, Ontario. These firms, along with the Mayfair team, key equipment manufacturers and construction contractors, will be vital in advancing the Project designs with their expertise to help position Fenn-Gib as a shovel-ready project on an accelerated timeline. Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market. Through this approach, Mayfair can mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation. This lower risk approach should provide Mayfair with the time and capital required to consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be complete by year-end 2025, with the Ontario permitting timelines allowing for a construction decision as early as three-years from now." The execution of contracts with engineering consultants is an important step towards advancing Fenn-Gib; however, Mayfair is also committed to meaningful engagement with the local communities of Matheson, Timmins and the regional Indigenous Communities. Specifically, the Fenn-Gib project is roughly 10 kilometers from the community of the Apitipi Anicinapek Nation, therefore, Mayfair has a special focus on collaborating with this Nation. This collaboration will be guided by principles of robust environmental stewardship and high-quality design, ensuring that the Project is developed responsibly, with sustainability and respect for the local ecosystem and community at its core. About Mayfair Gold Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. Please see the Company's news release dated September 10, 2024, for further information. The scientific and technical content of this news release was reviewed, verified, and approved by Drew Anwyll, Chief Operating Officer of the Company, and a Qualified Person as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Cautionary Notes to U.S. Investors Concerning Resource Estimates. This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources" and "mineral resources" used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains forward-looking information which reflects management's expectations regarding the Company's growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing thereof, the advancing of environmental approvals, permits and project designs, mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation the ability of the Company to mitigate upfront capital requirements, reduce execution risk and accelerate cash flow generation, and the ability of the Company to commence detailed engineering work immediately following completion of the PFS. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour; and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; and changes in laws or policies. The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and projections as of the date of this news release. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. SOURCE Mayfair Gold Corp. View original content:
Associated Press
15-04-2025
- Business
- Associated Press
SolGold PLC - SolGold Early Production Open Pit Strategy
SolGold to target early production open pit strategy to expedite production at Cascabel BISHOPSGATE, LONDON / ACCESS Newswire / April 15, 2025 / SolGold plc ('SolGold' or 'the Company') (LSE:SOLG)(TSX:SOLG) announces that as part of SolGold's previously announced re-set strategy it is investigating options for early production from open-pit and sub-level caving opportunities in and around Cascabel. The map below (Figure 1) shows SolGold's nearby targets around the Alpala deposit. The Tandayama deposit is one of a few deposits that has the potential to significantly de-risk the project in the early years ahead of full production at the Alpala deposit. The intention over the coming years, in parallel with completing a detailed feasibility study is to ensure that the potential of nearby tenements, Aguinaga and Blanca Nieves are assessed and understood. Tandayama Drilling Program As a first step in the plan, the Company has resolved to conduct a targeted drill program of 5,400 metres over 11 priority holes and up to 15 holes in total, which is budgeted at US$3.25m on the Tandayama resource area. The program is expected to commence in early May 2025, utilising three drilling rigs to establish resources in the measured and indicated categories, define limits to near surface mineralisation, and test for open pittable at or near surface resources on which expedited open pit mining activities may be commenced. The program is expected to take approximately three months with assay results available a month later. The program will entail: (A) Setting two rigs for 6 priority holes on the southern pit 1 (Figures 2 and 3); (B) Locating one rig on pit 2 in the north, to drill 4 priority holes to test the mineralisation, which is open to the north, west and northwest. Then, 6 more holes to follow to complete pit 2 (Figures 2 and 3); and (C) Two holes are planned for the zone between pits 1 and 2, where is some speculation that the mineralised zone may join between pits 1 and 2 (Figures 2 and 3). Chief Executive Officer, Dan Vujcic commented: 'The Tandayama drilling plan is part of SolGold's intention of improving the Cascabel development plan. The ability to bring forward production greatly enhances the financeability and thereby value of the project, especially in the new metal price environment. SolGold is working closely with study manager G Mining Services on various trade off studies to potentially expedite the Cascabel project, particularly in the areas of tails and waste rock management, power supply and improving underground access, mining and milling efficiencies and metallurgical recoveries.' CONTACTS ABOUT SOLGOLD SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold completed and released a staged development plan Pre Feasibility Study on 16 February 2024. The study, completed at US$1750/oz gold, US$3.85/lb copper and US$22.50/oz for silver delivered an NPV (based on a discount rate of 8%) of US$3.22bn on a capex of US$1.55bn for an initial 12 Mtpa underground block caving operation. The evaluation also showed an after-tax IRR of 24% and a first 10-years free cash flow generation of US$7.1bn. The PFS assessed Mineral Reserves 539.7Mt tonnes which represents only 18% of the total resource over an initial 28-year project life. On 15 July 2024, SolGold announced a gold stream agreement with Franco Nevada and Osisko Royalties (the 'Streamers') pursuant to which the Streamers would pay US$100m as pre development funding in three tranches conditional on achieving various technical and permitting milestones. The first US$33.3m was received on signing. A further US$650m contribution to development expenditure will be provided on completion of the feasibility study, permitting and financing, subject to CPs, acceptable financing packages for the balance funding required. SolGold has agreed in consideration for this funding a life of mine stream priced at 20% of the spot gold price at the time for 20% of gold production for the first 10 years and 12% thereafter. The stream represents approximately 5% of total revenue for the project and provides some 42% of currently estimated capital development costs. SolGold retains change of control buyback options on the stream to the extent of 50% within 3 years and 33 1/3 % for a further two years. SolGold continues to advance de-risking programs, permitting and financing discussions and to reevaluate the project at recent consensus prices for copper and gold. On 28 October 2024, SolGold appointed G-Mining Services to be the Project Manager for the Feasibility Study. The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact. SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). See for more information. Follow us on X @SolGold_plc. Qualified Person The scientific and technical disclosure included in this news release has been reviewed and approved by Mr Santiago Vaca ( Chief Geologist for the Cascabel project, a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The basis for the scientific and technical information included in this news release is a technical report dated 8 March 2024 and titled 'NI 43-101 Technical Report on Pre-feasibility Study for the Cascabel Project, Imbabura Province, Ecuador' (the 'PFS Technical Report'), which can be found on the Company's website at and on SEDAR+ under the Company's issuer profile at Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. CAUTIONARY NOTICE News releases, presentations and public commentary made by SolGold plc (the 'Company') and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements, and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances. This release may contain 'forward looking information'. Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis. SolGold plc UK Company No. 5449516 ARBN 117 169 856 Email:[email protected] Website: Corporate Postal Office: PO Box 7059, Cloisters Square PO, Perth, WA 6850 Australia Registered office: 1 Cornhill, London, EC3V 3ND, UK Phone: +44 (0) 20 3807 6996 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: SolGold PLC press release
Associated Press
14-03-2025
- Business
- Associated Press
SolGold PLC Announces Appointment of Senior Independent Director
BISHOPSGATE, LONDON / ACCESS Newswire / March 14, 2025 / SolGold plc (LSE:SOLG) & (TSX:SOLG) is pleased to announce that the Board of Directors has agreed to the appointment of Charles Joseland, currently a Non-Executive Director, as the Company's Senior Independent Director. Today's announcement follows the recent appointments of Paul Smith as Independent Non-Executive Chairman and Dan Vujcic as Chief Executive Officer and is part of the Company's ongoing corporate governance review. Mr Joseland will continue as Chair of the Audit and Risk Committee and be a member of the Remuneration Committee. As the Company's Senior Independent Director, Mr Joseland will be responsible, amongst other items, for liaising with the governance teams at the Company's institutional investors. Charles Joseland joined SolGold as a Non-Executive Director in February 2024. He is an independent UK based director with 32 years' experience at PwC where he was an audit partner working on large listed international groups. Mr. Joseland brings a wealth of knowledge in governance, financial oversight and risk management. Paul Smith, Non-Executive Chairman commented: 'I am pleased to announce further enhancements to our board composition in line with best practice corporate governance. The appointment of Charles Joseland as the Senior Independent Director is part of the recently announced re-setting of corporate governance procedures to support SolGold on its next chapter of growth.' CONTACTS ABOUT SOLGOLD SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold completed and released a staged development plan Pre Feasibility Study on 16 February 2024. The study, completed at US$1750/oz gold, US$3.85/lb copper and US$22.50/oz for silver delivered an NPV (based on a discount rate of 8%) of US$3.22bn on a capex of US$1.55bn for an initial 12 Mtpa underground block caving operation. The evaluation also showed an after-tax IRR of 24% and a first 10-years free cash flow generation of US$7.1bn. The PFS assessed Mineral Reserves 539.7Mt tonnes which represents only 18% of the total resource over an initial 28-year project life. On 15 July 2024, SolGold announced a gold stream agreement with Franco Nevada and Osisko Royalties (the 'Streamers') pursuant to which the Streamers would pay US$100m as pre development funding in three tranches conditional on achieving various technical and permitting milestones. The first US$33.3m was received on signing. A further US$650m contribution to development expenditure will be provided on completion of the feasibility study, permitting and financing, subject to CPs, acceptable financing packages for the balance funding required. SolGold has agreed in consideration for this funding a life of mine stream priced at 20% of the spot gold price at the time for 20% of gold production for the first 10 years and 12% thereafter. The stream represents approximately 5% of total revenue for the project and provides some 42% of currently estimated capital development costs. SolGold retains change of control buyback options on the stream to the extent of 50% within 3 years and 33 1/3 % for a further two years. SolGold continues to advance de-risking programs, permitting and financing discussions and to reevaluate the project at recent consensus prices for copper and gold. On 28 October 2024, SolGold appointed G-Mining Services to be the Project Manager for the Feasibility Study. The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact. SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). See for more information. Follow us on X @SolGold_plc. Qualified Person The scientific and technical disclosure included in this news release has been reviewed and approved by Mr Santiago Vaca ( Chief Geologist for the Cascabel project, a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The basis for the scientific and technical information included in this news release is a technical report dated 8 March 2024 and titled 'NI 43-101 Technical Report on Pre-feasibility Study for the Cascabel Project, Imbabura Province, Ecuador' (the 'PFS Technical Report'), which can be found on the Company's website at and on SEDAR+ under the Company's issuer profile at Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. CAUTIONARY NOTICE News releases, presentations and public commentary made by SolGold plc (the 'Company') and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements, and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances. This release may contain 'forward looking information'. Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis. Registered office: 1 Cornhill, London, EC3V 3ND, UK Phone: +44 (0) 20 3807 6996
