Cascabel Complementary Investment Protection Agreement

BISHOPSGATE, LONDON / ACCESSWIRE / March 6, 2024 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce the signing of a joint declaration with the Government of Ecuador in preparation for the execution of the Complementary Investment Protection Agreement ("IPA") for the Cascabel Project ("Project" or "Cascabel") in Ecuador. The signing took place in Toronto at the Prospectors and Developers Association of Canada ("PDAC") convention, representing a significant advancement in the Company's commitment to the Project and its partnership with the Ecuadorian government.

The signing was conducted by the Minister of Production, Foreign Trade, Investments and Fisheries, Ms. Sonsoles García, and Scott Caldwell, CEO of SolGold, on behalf of SolGold plc and SolGold Finance AG, along with representatives from Exploraciones Novomining S.A. and SolGold-Ecuador S.A., in advance of the definitive Complementary IPA to be signed in Ecuador.

In addition to the US$311 million investment addressed by the current IPA, under the Complementary IPA, there is a commitment to invest a total of US $3.2 billion over the subsequent years in activities related to the Cascabel mining concession. The Complementary IPA embodies the largest mining investment in Ecuadorian history, highlighting the scale and importance of the Project, SolGold's commitment, and the impact on the broader Ecuadorian mining sector.

SolGold's CEO and President of SolGold Ecuador, Scott Caldwell, commented:

"The Complementary Investment Protection Agreement not only reinforces the protections for our key investment in Ecuador but also symbolizes a deepening of our relationship with the Ecuadorian State. President Noboa's attendance and insightful speech at the PDAC convention were warmly welcomed by the mining community and underscores the significant support of his administration for responsible mining in Ecuador."

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SOURCE: SolGold PLC