LONDON, UNITED KINGDOM / ACCESSWIRE / June 25, 2024 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to report that Management’s discussions for a significant potential funding package (“Financing“) for the Cascabel Project (“Cascabel” or the “Project“) are progressing.
As an interim measure, Franco-Nevada Corporation (“Franco-Nevada“) provided a US$10 million loan facility (“Loan Facility“) to the Company. The Financing and Loan Facility were previously referenced in the Company’s news release issued on May 14, 2024 (https://polaris.brighterir.com/public/solgold/news/rns/story/w34v5jx). The Loan Facility was provided to support SolGold’s ongoing operations as discussions regarding the longer-term Financing advance. Franco-Nevada is a valuable partner in the Project and is very supportive of these developments. The $10M Loan Facility provided by Franco-Nevada is subject to a 12% per annum interest rate and matures on 19 July 2024.
The Company cautions readers that, with the exception of the Loan Facility, it has not entered into any new agreements regarding such a transaction, and there can be no assurance that any discussions that have taken place will result in such agreements. Given that SolGold is presently in discussions, the Company does not intend to comment further unless otherwise required pursuant to applicable securities laws and regulations.
As we continue to work to advance the Cascabel Project, SolGold remains committed to delivering significant value to our shareholders. We are focused on securing the necessary financing to develop the Project and are confident in its potential to become a world-class copper-gold operation.
This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation.
This announcement was approved for release by Scott Caldwell – Chief Executive Officer
CONTACTS
Scott Caldwell | Tel: +44 (0) 20 3807 6996 |
Tavistock (Media) | 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.
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 www.solgold.com.au 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 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 www.sedarplus.ca. 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.
The Company recognises that the term World Class is subjective and for the purpose of the Company’s projects the Company considers the drilling results at the Alpala porphyry copper-gold deposit at its Cascabel project to represent intersections of a World Class deposit on the basis of comparisons with other drilling intersections from World Class deposits, some of which have become, or are becoming, producing mines and on the basis of available independent opinions which may be referenced to define the term “World Class” (or “Tier 1”).
The Company considers that World Class deposits are rare, very large, long life, low cost, and are responsible for approximately half of total global metals production. World Class deposits are generally accepted as deposits of a size and quality that create multiple expansion opportunities and have or are likely to demonstrate robust economics that ensure development irrespective of position within the global commodity cycles, or whether or not the deposit has been fully drilled out, or a feasibility study completed.
Standards drawn from industry experts (1Singer and Menzie, 2010; 2Schodde, 2006; 3Schodde and Hronsky, 2006; 4Singer, 1995; 5Laznicka, 2010) have characterised World Class deposits at prevailing commodity prices. The relevant criteria for World Class deposits, adjusted to current long run commodity prices, are considered to be those holding or likely to hold more than 5 million tonnes of copper and/or more than 6 million ounces of gold with a modelled net present value of greater than US$1billion.
The Company cautions that the Cascabel Project remains an early-stage project at this time and there is inherent uncertainty relating to any project at prior to the determination of pre-feasibility study and/or defined feasibility study.
On this basis, reference to the Cascabel Project as “World Class” (or “Tier 1”) is considered to be appropriate.
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@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
View the original press release on accesswire.com
