13 October 2025
SolGold plc
("SolGold" or the "Company")
Reports Additional Robust Drilling Results at
Tandayama América, Extending Mineralised Zone
HIGHLIGHTS
· Hole TAD-25-070 intersected:
o 158.2 m @ 0.64% CuEq (0.33% Cu, 0.36 g/t Au) from 7.8 m, including
o 50.2 m @ 0.70% CuEq (0.42% Cu, 0.32 g/t Au) from 7.8 m, and
o 56 m @ 0.86% CuEq (0.39% Cu, 0.55 g/t Au) from 86 m
· Hole TAD-25-066 intersected:
o 125.5 m @ 0.47% CuEq (0.21% Cu, 0.30 g/t Au) from 16.5 m, including
o 80 m @ 0.63% CuEq (0.29% Cu, 0.40 g/t Au) from 40 m
· Assay results supplement the previously announced intersections and confirm broad, continuous mineralisation from surface, extending the mineralized zones near surface and along strike.
· Results further strengthen SolGold's staged open-pit-to underground development strategy at Cascabel.
· Assays pending for Holes 71 - 74, expected early November, with holes 72, 73, and 74 showing visual indications of strong mineralisation. (Figure 6)
SolGold (LSE: SOLG) is pleased to announce new assay results from the Tandayama América ("Tandayama") deposit, part of the Company's 100%-owned Cascabel copper-gold project ("Cascabel" or the "Project") in northern Ecuador. Cascabel hosts the world-class Alpala underground reserve and the Tandayama América open-pit and underground resources, located approximately 3 km to the north of Alpala.
Tandayama has become a central focus of SolGold's plan to deliver a phased development pathway, beginning with low-capex, near-surface production with the potential to provide early mill feed to Alpala's planned processing facilities and accelerate cash flow generation with reduced preproduction capital investment.1
Dan Vujcic, Chief Executive Officer, commented:
"We continue to see a strong run of near-surface results at Tandayama América, reinforcing the importance of this deposit within the Cascabel concession. These intercepts highlight the type of shallow, economically attractive material that can support an accelerated, capex-lite start-up strategy while significantly de-risking the overall project plan.
With several holes nearing completion and showing encouraging mineralisation visible in the core, we expect further robust results; every metre drilled increases our understanding regarding the open pit potential at Tandayama. As we head into LME Week, I'm looking forward to sharing with investors how the Tandayama América results speak to the quality of the project and district potential."
DRILLING SUMMARY
Hole 70 returned strong copper-gold grades from surface, expanding the known mineralised zone laterally. The consistency and width of mineralisation confirm the presence of coherent, near-surface mineralisation suitable for open-pit evaluation.
These results build upon previously reported high-grade intersections, including:
· 164.4 m @ 0.70% CuEq from 22m (TAD-25-052)1;
· 140 m @ 0.92% CuEq from 8 m (TAD-25-058)2; and
· 166 m @ 0.44% CuEq from 20 m (TAD-25-065)3
Drilling of Holes 71 - 74 is currently underway, with encouraging mineralisation visible in holes 72, 73, and 74.
Table 1: Mineralised Intersections in Holes 66, 67, 68, 69, and 70
STRATEGIC SIGNIFICANCE
· De-risking and optionality: Tandayama offers a potential low-strip, near-surface ore source that is targeted to materially enhance project economics and funding flexibility, providing a value-accretive opportunity with scope to increase project IRR and net asset value through near-term production.
· Integrated development: Open-pit output from Tandayama is targeted to provide early plant feed ahead of full underground production from Alpala and generate substantial surplus revenue to finance underground development.
· District-scale upside: Step-out targets, including Tandayama West and the underground Tandayama resource, remain under evaluation following positive surface geochemistry and magnetic anomalies reported in September 2025.3
NEXT STEPS
· Completion of drilling for Holes 71 - 74 by the end of October.
· Additional assay results expected between mid-October and mid-November 2025.
· Integration of updated data into pit optimisation and mine-design studies.
Figure 1. Map of the Tandayama América Deposit showing the preliminary design of Pits 1 and 2, the holes drilled to date, the holes currently being drilled and planned. Gold soil anomaly map, where high gold anomalies coincide with pit 1 and pit 2 and show other exploration targets towards the northwest of pit 2, and towards the west of pit 1 and 2 (Tandayama-West), and Tandayama underground in the southeast.
Figure 2. Map showing the preliminary design of Pit 1 and Pit 2, and all the holes drilled to date, indicating the % CuEq grades along the holes. The holes reported in this news release are labelled in red.
Figure 3. Pit 1 section showing preliminary pit design, the 0.16% CuEq shell and the nearby holes projected onto section.
Figure 4. Pit 2 section showing preliminary pit design, the 0.16% CuEq shell and nearby holes projected onto section.
Figure 5. Representative core photographs from holes 66, 67, 68, 69 and 70. A) Diorite (D10), hosting chalcopyrite-bearing B1-B2 veins overprinted by pyrite veins (0.37% Cu, 0.79 g/t Au). B) D10, hosting chalcopyrite-bearing B2 veins and reopened by C veins (0.35% Cu, 0.51 g/t Au). C) D10, hosting chalcopyrite-bearing B-vein with chalcopyrite patches (0.53% Cu, 0.92 g/t Au). D) Intrusive Breccia (IBX), hosting chalcopyrite and B vein. (0.11% Cu, 0.195 g/t Au). E) Pyroxene-bearing basalt, hosting disseminated chalcopyrite (0.018% Cu, 0.58 g/t Au). F) Diorite (D15), hosting chalcopyrite-bearing B2 vein (0.21% Cu, 0.36 g/t Au). G) IBX, hosting chalcopyrite-bearing B2 vein, reopened by calcite vein (0.62% Cu, 0.81 g/t Au). H) D10, hosting magnetite-chalcopyrite-bearing B1 veins (0.39% Cu, 0.56 g/t Au). I) Quartz Diorite (QD15), hosting chalcopyrite and magnetite-bearing B1 vein (0.79% Cu, 0.84 g/t Au). J) IBX, hosting chalcopyrite and magnetite veins (0.55% Cu, 1.04 g/t Au). K) IBX, hosting chalcopyrite, B1 veins and C veins (0.38% Cu, 0.88 g/t Au). L) Lapilli tuff, hosting chalcopyrite and sphalerite-bearing, base-metal vein in the left-hand side of photo (0.25%Cu, g/t 0.32 g/t Au).
Figure 6. Representative core photographs from holes 72 and 73. A) Intrusive Matrix Breccia (IBX), hosting chalcopyrite-bearing B veins. B) IBX, hosting chalcopyrite-bearing B veins and C veins. C) IBX, hosting chalcopyrite-bearing B veins and C veins. D) IBX, hosting chalcopyrite and B veins. E) IBX, hosting chalcopyrite-bearing B veins. F) IBX, hosting chalcopyrite-bearing B veins and C veins. G) IBX, hosting chalcopyrite, B veins and C veins. H) Lapilli tuff (V), hosting chalcopyrite and B veins.
CONTACTS
| Dan Vujcic Chief Executive Officer
|
Tel: + 44 (0) 20 3807 6996
|
| Canaccord Genuity Limited James Asensio / Charlie Hammond Broker
|
Tel: + 44 (0) 20 7523 8000
|
ENDNOTES:
1. Refer to News Release Dated 28 July 2025: SolGold plc Reports Multiple High-Grade Intervals at Tandayama-América as Part of Cascabel Execution Plan: Link
2. Refer to News Release Dated 15 August 2025: SolGold plc Reports Exceptional Near-Surface Copper-Gold Intercepts at Tandayama América: Link
3. Refer to News Release Dated 17 September 2025: SolGold plc Reports Drilling at Tandayama Advances Early Open Pit Strategy & Supports Development Studies: Link
COPPER EQUIVALENT CALCULATION
Copper equivalent (CuEq) values have been calculated using the following formula:
CuEq (%) = Cu (%) + [Au (g/t) × 0.858]
Copper equivalent (CuEq) values are calculated using a gold price of US$2,500/oz and a copper price of US$4.25/lb, and do not account for metallurgical recoveries. Recoveries will be updated as metallurgical test work advances.
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 in the interests of its 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 (LSE: SOLG).
See www.solgold.com for 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 (M.Sc. P.Geo.), a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
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