The Board of Directors of SolGold (LSE & 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 2023. This additional information is available on the Investor Centre page of the Company's website: www.solgold.com.au.
Highlights of the period include:
· The Company ended the quarter with strong liquidity, a cash balance of $48.1M, plus $25.4M shares held, which can be sold at the election of a wholly owned subsidiary.
· SolGold successfully merged with Cornerstone Capital Resources Inc. (formerly TSX: CGP), which has led to SolGold securing 100% ownership of the Cascabel project, along with additional exploration properties.
· With the ongoing restructuring efforts described below, management expects current cash balances to last beyond June 2024.
· The Company's management has conducted a thorough assessment of its operations, with a focus on streamlining the organization to increase effectiveness and manage costs. Consequently, the Company has restructured its offices in Brisbane, Australia, London, United Kingdom, and Quito, Ecuador, to generate significant cost reductions while enhancing operational efficiency. As part of the restructuring, Mr. Scott Caldwell, who previously served as Interim CEO, has been appointed as the Company's Chief Executive Officer and President of SolGold Ecuador. Additionally, the Company announced the appointment of Mr. Chris Stackhouse as its Chief Financial Officer, effective 17 April 2023.
· Management is internally evaluating a phased approach to the development of Cascabel with the intent to reduce upfront capital and shorten the development schedule.
Certain material contained in this announcement would have been deemed inside information.
This announcement was approved for release by Ryan Wilson - Company Secretary.
Chief Executive Officer