Latest news with #SolGold
News.com.au
6 days ago
- Business
- News.com.au
Backing Winners: Why Malcolm Norris leapt at the opportunity to join Nordic's Finnish gold expedition
Backing Winners is Stockhead's recap of executives with a solid track record looking to replicate the success of their previous roles. Today we hear from Nordic Resources non-executive chairman Malcolm Norris, who has joined the company just days before a potential company-making Finnish gold acquisition. Malcolm Norris may be best known to Australian investors as a titan of the South American exploration game. A pioneer who lifted the lid on the exploration secrets of the underexplored porphyries of Ecuador with the discovery of SolGold's Cascabel copper-gold-silver deposit and then Sunstone Metals (ASX:STM), what has led him to a new role as the non-executive chairman of Finland focused Nordic Resources (ASX:NNL)? And why does he think they have the potential to quickly become the ASX's next million ounce gold prospect? Norris' legacy as a geologist spans four decades, dating back to his time leading Western Mining Corporation brownfields gold and nickel exploration in WA and the Tanami. For the past 15 years his name has been synonymous with porphyry hunting in the Ecuadorean Andes and Indonesia, where he was part of the Intrepid Mines team that found the Tujuh Bukit copper project. But his time at the head of Sunstone included a four year period deeply entrenched in the precious and base metals sectors of Scandinavia, first in Sweden before a sojourn to gold prospect in Nordic's focus jurisdiction of Finland. "The reason that we got involved in Scandinavia in the first place was that the copper project, which is called Viscaria, we thought was a really good development opportunity and that would form a foundation for the company," Norris told Stockhead in an interview. "So we started off doing that and then the copper price fell, we couldn't raise money. "We went off and looked for gold and lithium opportunities in Scandinavia more broadly, and we ended up in Finland. And we explored for gold and lithium in Southern Finland. "So I'm very familiar with how to operate in Finland, very familiar with the exploration and development landscape in Finland and so I followed what the Nordic Resources guys have been doing." The call Norris' interest in Nordic goes back to its IPO days in 2022, when NNL, then known as Nordic Nickel, hit the bourse with the now 862,800t nickel, 40,000t copper and 22,100t cobalt Pulju project. His interest was piqued again when he heard of the company's latest bold move this year – the acquisition of three gold projects in Finland from Sweden based Northgold, including the ~815,000oz gold equivalent Kopsa project. A maiden resource estimate of 147,000oz at Agnesneva in the separate Kiimala Trend project has already been posted by NNL, taking its bounty to 961,800 gold equivalent ounces from a deal with a cash component of just $330,000 along with 70 million shares. A third project in the Middle Ostrobothnia Belt of central Finland, Hirsikangas, has a non-JORC resource that presents low hanging fruit for an upgrade. That acquisition closed yesterday, with drilling to begin at Kopsa by the end of July. "They did a really good deal. These are three projects, one of which is quite advanced at Kopsa, with a good resource base (and) in my opinion, plenty of opportunity to grow," Norris said. " And it's geologically a belt of rocks that is very highly prospective. "This belt of rocks in Finland is related to a similar belt across in Sweden and that belt has been a long-term historical mining and exploration belt. "So the upside is significant." Norris responded to the news by picking up the phone to NNL executive director Rob Wrixon, a discussion which progressed to bringing the exploration export on board as chair. Officially starting in the role on June 1, Norris' entry to the role rounds out the NNL board's expertise with one of the brightest exploration minds in the Australian resources market. "The role that I'm taking on at Nordic, it's very much about making sure that the exploration process is managed appropriately and implemented appropriately and that you call on your experience to make sure you don't miss anything," Norris said. " And I think Rob is very much focused on taking this down the development path and he's well qualified to do that and he'll call on me to get involved with some of the geologists in the team." 1Moz opportunity The exploration opportunity screens, immediately, as a huge one. Kopsa already hosts a substantial resource, even before considering Kiimala Trend and the pre-resource Hirsikangas projects. Some 283,200oz of gold equivalent (226,800oz gold, 11,780t copper) are already in the very high confidence measured category and 278,400oz AuEq (211,100oz Au, 14,060t Cu) are in the indicated category. All of that is of a high enough confidence level to report to mineable reserves. But it's important to remember just 23,400m of drilling has been completed at Kopsa, 6600m in the past three years. With the support of institutional backing in the form of a recent $3.5m placement, Nordic will have $6m in the bank from Aussie and international investors to greatly expand that exploration focus. On the announcement of the deal NNL pledged 4500m of drilling into Kopsa, which Norris thinks can get much larger than it currently is ... and fast. "There's going to be opportunities for upside within the current area of drilling – hopefully that's grade related – but there's absolutely opportunity on the belt," Norris said. " There are geophysical anomalies that sit around the main area of drilling, there's the belt but trends northeast-southwest which is the sort of subsidiary structure that is of interest. "So there's opportunity at various scales, within the deposit, immediately surrounding where there's defined geophysical targets and then broader still where you go into the more conceptual geological targets. " If there's gold at Kopsa then there should be gold at this nearby feature that is similar to Kopsa." Growing that resource base further will take $13 million capped Nordic to a scale where it can be considered by a new class of investors. "We're going to take it over that million ounces very comfortably and that means you join a club of deposits that make people sit up and look at them," Norris added. "And then there's also upside on the other two projects that have been picked up as part of this package as well." A great place to operate Oft overlooked, Norris says Finland's rich mining heritage has close parallels to that of Australia's base metals rich east coast. Famous for having one of Europe's largest militaries, conscripting youth cognisant of its 1340km long border with Russia, Finland has long known the importance of its critical mineral sector and ranks among the top 20 jurisdictions globally as per the Fraser Institute's Investment Attractiveness Index. "If you look at the history of the great mining centres in Australia, and Mt Isa is a really good example, a lot of people from Finland were involved in that early development 100 years ago," Norris said. "Finland being part of the whole EU debate around the EU being more self-sustaining with regards to metals is valuable and they're really keen to be part of that. "And one of the interesting things about Kopsa and these other couple of deposits is that they're gold deposits, but they have a pretty significant byproduct in copper. "It looks like probably 10% to 15% of the value of these deposits will be in copper, and that's a really valuable add-on, particularly when it comes to developing and permitting and getting involved in this whole EU approach to critical metals." With time often "the enemy" when it comes to developing projects, Norris is confident Nordic Resources can find a pathway to prove up its Finnish gold assets quickly. "As you head further north in Finland, you have a few more environmental and other challenges, whereas in central Finland, in an area where mining has been going on for decades, the general social acceptance of mining is greater," Norris said. "I think it's just a matter of following those steps for permitting. I don't see it as a really challenging area for developing a mine."
Associated Press
02-06-2025
- Business
- Associated Press
SolGold PLC Announces Voluntary Delisting from Toronto Stock Exchange
BISHOPSGATE, LONDON / ACCESS Newswire / June 2, 2025 / SolGold plc (LSE:SOLG)(TSX:SOLG) announces that it has applied for a voluntary delisting of its ordinary shares from the Toronto Stock Exchange (the 'TSX'). The delisting is intended to be effective as of the close of trading on June 18, 2025. The ordinary shares in the Company will continue to trade on the Main Market of the London Stock Exchange (the 'LSE') under the symbol 'SOLG'. Since SolGold obtained its TSX listing in 2017 to April 30, 2025, while daily trading activity in the Company's ordinary shares on such exchange increased somewhat, it only accounted for less than 3% of the aggregate trading volume on both platforms. As a result of these relatively low trading volumes on the TSX, the Company believes that the financial costs and administrative requirements associated with maintaining its TSX listing are no longer justified. Shareholder approval is not required for the delisting because the Company's ordinary shares trade on the LSE, which is an acceptable alternative market in accordance with Section 720(b) of the TSX Company Manual. Additional Information for Shareholders on SolGold's Canadian Registrar Following the delisting from the TSX, Canadian shareholders holding shares with their broker ('CDS participant') and wishing to trade their shares on the LSE will need for such shares to be made eligible to be transferred and settled through CREST, the United Kingdom ('UK') based share transfer and settlement system. CDS participants may initiate instructions to Computershare Trust Company of Canada ('Computershare') via its xSettle web service. Shares cannot be transferred and settled through CREST until a shareholder's CDS participant broker or the shareholder initiates a cross-border request. If the shares are held in certificated or Direct Registration form, as applicable, shareholders may instruct Computershare to arrange for the shares to be held by a CREST participant broker. This can be done by completing a 'Register Removal Request - Canada to United Kingdom' form, with valid CREST participant account details, and submitting such form to Computershare via email at [email protected]. For any questions on this process please contact Computershare's global transaction unit by phone at +1 (877) 624-5999. The Company intends to maintain CDS eligibility for its shares until July 18, 2025 in order to allow Canadian shareholders time to complete the process contemplated above. 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. See for more information. Follow us on X @SolGold_plc. 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 the Company's plans to delist its ordinary shares from the TSX and the timing thereof, 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
Yahoo
02-06-2025
- Business
- Yahoo
SolGold PLC Announces Voluntary Delisting from Toronto Stock Exchange
BISHOPSGATE, LONDON / / June 2, 2025 / SolGold plc (LSE:SOLG)(TSX:SOLG) announces that it has applied for a voluntary delisting of its ordinary shares from the Toronto Stock Exchange (the "TSX"). The delisting is intended to be effective as of the close of trading on June 18, 2025. The ordinary shares in the Company will continue to trade on the Main Market of the London Stock Exchange (the "LSE") under the symbol "SOLG". Since SolGold obtained its TSX listing in 2017 to April 30, 2025, while daily trading activity in the Company's ordinary shares on such exchange increased somewhat, it only accounted for less than 3% of the aggregate trading volume on both platforms. As a result of these relatively low trading volumes on the TSX, the Company believes that the financial costs and administrative requirements associated with maintaining its TSX listing are no longer justified. Shareholder approval is not required for the delisting because the Company's ordinary shares trade on the LSE, which is an acceptable alternative market in accordance with Section 720(b) of the TSX Company Manual. Additional Information for Shareholders on SolGold's Canadian Registrar Following the delisting from the TSX, Canadian shareholders holding shares with their broker ("CDS participant") and wishing to trade their shares on the LSE will need for such shares to be made eligible to be transferred and settled through CREST, the United Kingdom ("UK") based share transfer and settlement system. CDS participants may initiate instructions to Computershare Trust Company of Canada ("Computershare") via its xSettle web service. Shares cannot be transferred and settled through CREST until a shareholder's CDS participant broker or the shareholder initiates a cross-border request. If the shares are held in certificated or Direct Registration form, as applicable, shareholders may instruct Computershare to arrange for the shares to be held by a CREST participant broker. This can be done by completing a 'Register Removal Request - Canada to United Kingdom' form, with valid CREST participant account details, and submitting such form to Computershare via email at globaltransactionteam@ For any questions on this process please contact Computershare's global transaction unit by phone at +1 (877) 624-5999. The Company intends to maintain CDS eligibility for its shares until July 18, 2025 in order to allow Canadian shareholders time to complete the process contemplated above. CONTACTS Ryan Wilson Group General Counsel Tel: +44 (0) 20 3807 6996 Tavistock (Media) Jos Simson/Gareth Tredway Tel: +44 (0) 20 7920 3150 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. See for more information. Follow us on X @SolGold_plc. 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 the Company's plans to delist its ordinary shares from the TSX and the timing thereof, 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: info@ 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 rns@ or visit SOURCE: SolGold PLC View the original press release on ACCESS Newswire Sign in to access your portfolio
Yahoo
16-05-2025
- Business
- Yahoo
SolGold PLC Announces Q3 Financial Report and Quarterly MD&A
Third-Quarter Financial Report and Management Discussion & Analysis BISHOPSGATE, LONDON / / May 16, 2025 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to advise all shareholders and interested investors that the Company's website contains access to a copy of the Quarterly Financial Report and Management Discussion & Analysis ("MD&A") required to be filed on SEDAR+ in Canada, in connection with the Company's third quarter financial period ended 31 March 2025. This additional information is available on the Investor Centre page of the Company's website: THIRD QUARTER HIGHLIGHTS Leadership Transition and Governance Strengthening: Dan Vujcic was appointed Chief Executive Officer, and Paul Smith as Non-Executive Chairman.1 Charles Joseland was confirmed as Senior Independent Director, further strengthening board independence and oversight.2 Jiangxi Copper Strategic Investment: Jiangxi Copper acquired 157.1 million shares at a 45% premium to market, increasing its stake in SolGold to over 12%, and agreed to provide technical support at its own cost.3 Porvenir Project Advancements: Received the advanced exploration permit during the quarter and, after quarter-end, secured the environmental licence-clearing the path for drilling and additional technical work.4 Executed Amended Investment Protection Agreement ("AIPA"): The AIPA was signed with the Government of Ecuador after quarter-end, providing long-term legal and fiscal stability for the Cascabel Project and acknowledging over US$311 million in historical investment.5 Financial Position Strengthened: SolGold ended Q3 with a strong cash position following receipt of a US$18.1 million capital injection from share sales.6 Sustainability Achievements: Launched a community solid waste management program, expanded health and agroforestry initiatives, and sponsored scholarships for participants in the WIM Ecuador "Soy Operadora" training program. Dan Vujcic, Chief Executive Officer of SolGold, commented: "This quarter reflects management's new direction and drive toward the delivery of a technically robust Cascabel. The AIPA marks a key de-risking milestone and sets up the company well for executing the CIPA in the coming quarter. Jiangxi Copper's continued investment signals confidence in the project's value, something we are hoping our broader shareholder base will follow suit in recognising. The new team are focused on executing the new strategy, which we anticipate releasing in the coming weeks. The team is here to advance Cascabel as soon as possible, for the people of Ecuador and for shareholders." CONTACTS Dan Vujcic Chief Executive Officer Tel: +61 461 304 393 ENDNOTES: Refer to News Release: Dated 4 March 2025, Appointment of a new CEO and Independent Chairman, Re-Setting the Company Strategy and Governance, including Formation of ExploreCo and Technical Committee. Refer to News Release dated 14 March 2025, Appointment of Senior Independent Non-Executive Director. Refer to News Release dated 12 March 2025, Further Investment from Jiangxi Copper and News Release dated 24 March 2025, Investment from Jiangxi Copper-conditions satisfied. Refer to News Release dated 12 May 2025, SolGold plc Announces Environmental Licence Granted for Advanced Exploration Phase at Porvenir Project. Refer to News Release dated 1 May 2025, SolGold plc Announces Full Execution of Amended Investment Protection Agreement for Cascabel. Refer to News Release dated 12 March 2025, Further Investment from Jiangxi Copper and News Release dated 24 March 2025, Investment from Jiangxi Copper-conditions satisfied. 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-year free cash flow generation of US$7.1bn. The PFS assessed Mineral Reserves 539.7 Mt 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). more information. Follow us on X @SolGold_plc. 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: info@ office: Level Level 5/191 St Georges Terrace, Perth WA 6000Australia Postal address: PO Box 7059, Cloisters Square PO Perth WA 6850 AustraliaRegistered 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 rns@ or visit SOURCE: SolGold PLC View the original press release on ACCESS Newswire 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
12-05-2025
- Business
- Yahoo
SolGold PLC Announces Environmental Licence Granted for Porvenir Project
Announces Environmental Licence Granted for Advanced Exploration Phase at Porvenir Project Environmental Licencesecured following completion of the Environmental Impact Study and public consultation process Preliminary Economic Assessment underway, aiming to demonstrate scale and economic upside of the Cacharposa copper-gold deposit and will include results from recent c.2,600m of drilling as well as potential additional drilling, updates to market assumptions, and re-examined mining approaches Given the significant potential scale of Porvenir, strategic options for the asset are under evaluation as the cornerstone asset of SolGold's ExploreCo strategy BISHOPSGATE, LONDON / / May 12, 2025 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce that the Government of Ecuador has granted the Environmental Licence ("Licence") for the Porvenir Project ("Porvenir" or the "Project"), located in southern Ecuador's Zamora Chinchipe province. The concessions that comprise the Project are held by Green Rock Resources S.A., SolGold's 100%-owned Ecuadorian subsidiary. The Licence, issued under Resolution MAATE-SCA-2025-0012-R by the Ministry of Environment, Water and Ecological Transition ("MAATE") and supported by a phase change declaration to the Advanced Exploration Phase from the Ministry of Energy and Mines, authorises SolGold to undertake a comprehensive suite of advanced-stage exploration activities. These include diamond drilling, trenching, geotechnical investigations, hydrogeological and metallurgical studies, and other related field programs to support Project development. The Licence covers all four Porvenir Project concessions, totalling 5,261 hectares. This includes the Cacharposa deposit and nearby porphyry targets such as Diablo, Mula Muerta, Eudis, Barolo, Pamal, and Balmore. Project development activities will proceed under Ecuador's gran minería (large-scale mining) regime, which governs the development of projects with significant scale and long-term potential. The approval comes following the successful completion of the Environmental Impact Study and a constructive public consultation process. Local stakeholders expressed support for continued exploration at Porvenir, recognising its potential to bring long-term employment and economic development. SolGold's established presence in the region, commitment to hiring and training local workers, and strong environmental practices have helped to foster a collaborative, forward-looking relationship with surrounding communities. PRELIMINARY ECONOMIC ASSESSMENT IN PROGRESS SolGold is finalising its internal technical and economic studies, which it will share, with the necessary caveats, with the market when complete. In parallel, the Company is in the process of engaging an independent engineering firm to complete a Preliminary Economic Assessment ("PEA") for the Porvenir Project. The study will integrate updated geological modelling, the most recent drilling data, and more current market assumptions - including revised metal prices and operating cost frameworks. The PEA will evaluate both open-pit and potential underground mining scenarios, as well as low-cost bulk mining methods suited to the system's scale and geometry. Dan Vujcic, CEO of SolGold, commented: "This licence allows us to advance Porvenir, the cornerstone asset of ExploreCo, into its next phase with momentum. The Company has an exciting portfolio of tenements in the southern part of the country, a region which consists of top-tier success stories, namely Fruta de Norte and Mirador. We're excited to build on the solid geological foundation already demonstrated at Cacharposa and take a technically driven look at how best to achieve its significant potential and to see its value acknowledged in our share price. Over the coming weeks, site visits will be conducted, allowing us to fully evaluate all options and the optimum path forward. The strong support of our Ecuadorian team and local communities has made this possible, and we're ready to move forward." STRATEGIC CONSIDERATIONS The Porvenir asset will be the cornerstone asset in SolGold's ExploreCo portfolio. The Company is currently evaluating the capital requirements to continue developing Porvenir, as well as maintaining ongoing discussions with potential ExploreCo partners and stakeholders. ENVIRONMENTAL AND COMMUNITY COMMITMENT As technical work advances, SolGold remains committed to sustainable development and responsible mining. All plans will continue to be guided by environmental responsibility, inclusive stakeholder engagement, and alignment with community values. This permitting milestone builds on SolGold's proven track record of progressing projects through Ecuador's regulatory framework. CACHARPOSA: A LARGE, OPEN MINERAL SYSTEM1,2,3 Note: The following information is based on previously released data and does not reflect updates from the PEA, which is currently in progress. The Cacharposa deposit hosts a significant porphyry copper-gold system with near-surface mineralisation. The Cacharposa Mineral Resource Estimate ("CACMRE#1") (Porvenir Property NI 43-101 Technical Report Mineral Resource Estimate, 26 October 2021)1 was defined using a dataset comprised of 18,635.7m of diamond drilling; 439.6m of surface rock-saw channel sampling from 23 outcrops; and 16,982.4m of final assay results from 20 drill holes. The Mineral Resource Estimate (effective 26 October 2021) includes: · Indicated Resource: 396.8 Mt @ 0.44% CuEq · Inferred Resource: 96.9 Mt @ 0.37% CuEq(at a 0.16% CuEq cut-off) The copper equivalency factor of 0.632 (whereby CuEq (%) = Cu (%) + Au (g/t) x 0.632) is based on third-party metal price forecasts, estimated recoveries, and cost inputs based on data available from similar deposits. Table 1. Cacharposa Mineral Resource Estimate (Porvenir Property NI 43-101 Technical Report Mineral Resource Estimate, 26 October 2021)1,2 Potential Mining Method Cut-offGrade (Cu Eq%) Resource Category Tonnage (Mt) Grade Contained Metal Cu (%) Au(g/t) CuEq(%) Cu(Mt) Au(Moz) CuEq (Mt) Open Pit 0.16 Indicated 396.8 0.35 0.14 0.44 1.40 1.80 1.75 Inferred 96.9 0.29 0.12 0.37 0.28 0.38 0.36 Notes: 1. Dr Andrew Fowler, MAusIMM CP(Geo), Principal Geology Consultant of Mining Plus, is responsible for this Mineral Resource statement and is an "independent Qualified Person" as such term is defined in NI 43-101. 2. The Mineral Resource is reported using cut-off grades that are applied according to the mining method where 0.16 % CuEq applies to potentially open pittable material and 0.28 % CuEq applies to material potentially mineable by underground bulk mining methods. Copper equivalency is discussed in detail in "Reasonable Prospects for Eventual Economic Extraction", 3. The Mineral Resource is considered to have reasonable prospects for eventual economic extraction by open pit mining. 4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 5. The statement uses the terminology, definitions and guidelines given in the CIM Standards on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101. 6. Figures may not compute due to rounding. A conceptual starter pit was previously modelled at 44 Mt @ 0.64% CuEq, highlighting potential for phased development. Since the release of CAC MRE#1, SolGold has completed an additional 2,610m of infill and extension diamond drilling at Cacharposa, bringing the total to more than 21,200 metres. New drilling is planned to further test extensions of the mineralised system. A mineralised corridor approximately 1,200 metres long, 800 metres wide, and 1,000 metres vertically has been outlined. The deepest drill hole to date (PDH-20-002) reached 1,200 metres and terminated in mineralisation, indicating that the system remains open at depth.3 Figure 1: Location of the Porvenir Project in Ecuador Figure 2. Areas of Interest of the Porvenir Property Notable Drill Intercepts Assay results from the drilling at Cacharposa have returned a number of outstanding drillholes, including: · PDH-20-001: 644m @ 0.47% Cu, 0.24 g/t Au (including 110m @ 0.57% Cu, 0.2 g/t Au) · PDH-20-007: 570m @ 0.58% Cu, 0.23 g/t Au (including 204m @ 0.90% Cu, 0.48 g/t Au) · PDH-20-019: 722m @ 0.52% Cu, 0.23 g/t Au (including 118m @ 0.80% Cu, 0.52 g/t Au) Figure 3. Plan view of drilling at the Cacharposa Deposit, showing additional drilling completed since CAC MRE#1 (red) and proposed drilling (green)3 Figure 4. Cacharposa Mineralisation and Drilling Model1 Plan view showing drill hole traces and mineralisation extents with CuEq grade shells at 0.15% (blue), 0.40% (green), and 0.70% (orange), overlaid on a conceptual open-pit optimisation wireframe (grey). Figure 5. Sectional View of Grade Distribution at Cacharposa1 Cross section through the Cacharposa deposit looking north-northwest showing vertical extent of mineralisation and CuEq grade shells at 0.15% (blue), 0.40% (green), and 0.70% (orange), along with indicated (IND) and inferred (INF) resource boundaries and the open-pit optimisation shell. Grade Distribution CuEq (%) LOOKING AHEAD SolGold will continue advancing the PEA and advanced exploration phase field activities in the coming months, with further updates to be provided as new technical results and plans are finalised. CONTACTS Dan Vujcic Chief Executive Officer Tel: +61 461 304 393ENDNOTES 1. Porvenir Property NI 43-101 Technical Report, Mineral Resource Estimate, October 2021, effective date 26 October 2021. 2. SolGold plc news release dated 15 December 2021: 'Cacharposa Maiden Mineral Resource Estimate'. 3. SolGold plc news release dated 1 December 2023: 'Porvenir Project Update - Advancing Exploration Across a Cluster of Porphyry Copper-Gold Targets'. 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-year free cash flow generation of US$7.1bn. The PFS assessed Mineral Reserves 539.7 Mt 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). 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 ( 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 Porvenir Property NI 43-101 Technical Report, Mineral Resource Estimate, October 2021, effective date 26 October 2021 ("Porvenir Technical Report"), which can be found on SEDAR+ under the Company's issuer profile at Readers are encouraged to read the Porvenir Technical Report in its entirety. The Porvenir 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: info@ Website: office: Level Level 5/191 St Georges Terrace, Perth WA 6000Australia Postal address: PO Box 7059, Cloisters Square PO Perth WA 6850 AustraliaRegistered 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 rns@ or visit SOURCE: SolGold PLC View the original press release on ACCESS Newswire 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
