SolGold plc (LSE: SOLG) is pleased to announce that it has satisfied all conditions precedent, subject to the execution of certain waivers, for the release of the second US$33.3 million advance under the US$100 million initial deposit component of itsUS$750 million syndicated gold stream agreement w i t h Franco-Nevada (Barbados) Corporation and OR Royalties International Ltd. (formerly Osisko Bermuda Limited) (the "Streamers").1
The proceeds from this second advance, expected in 10 business days, will contribute directly to advancing the Company's flagship Cascabel Copper-Gold Project in northern Ecuador. The advance follows the successful completion of technical and permitting milestones, including the submission and approval of the Project Execution Plan.
This funding milestone marks a further step forward asSolGold accelerates the transition from planning to development at Cascabel, where the G Mining Services Construction Manager and engineering leads met this week for the initiation of early works at site.
Dan Vujcic, Chief Executive Officer of SolGold, commented:
"This second advance is a strong endorsement from our stream partners and demonstrates our progress at Cascabel. These funds are being deployed to accelerate the advancement of priority infrastructure, de-risk the development path, and make real progress on the ground - not just on paper. Franco-Nevada and OR Royalties continue to be outstanding partners as we advance what we believe is one of the most undervalued and strategically important copper-gold projects in the world."
Under the terms of the gold stream agreement announced on15 July 2024, SolGold will receive US$100 million in three tranches as pre-construction funding, subject to certain conditions, with a further US$650 million contingent upon completion of the feasibility study, permitting, full project financing, and other customary conditions.1
CONTACTS
Dan Vujcic
Chief Executive Officer Tel: +61 461 304 393
ENDNOTES:
1. Refer to News Release: Dated 15 July 2024, SolGold plc Announces US$750
Million Financing Package for the Cascabel Project: Stream News Release