Business
Exploitation Agreement with Government of Ecuador
Exploitation Agreement with Government of Ecuador.
About this update from SolGold PLC
[{"type":"text","content":"\n\n\nSolGold plc\n(\"SolGold\" or the \"Company\")\nAnnounces Agreement with Government of Ecuador\n on Exploitation Agreement Terms and Conditions\n \nThe Board of Directors of SolGold (LSE & TSX: SOLG) is pleased to announce that it has completed the contractual negotiations and agreed upon a term sheet (\"Term Sheet\") in preparation for the execution of the Exploitation Agreement (\"Agreement\") for the Cascabel Project (\"Project\"), its flagship copper-gold project in Ecuador.\n \nSolGold began exploration work at Cascabel in July 2011, leading to the discovery of the Alpala and Tandayama America deposits on the Cascabel Concession. Since January 2023, SolGold has been in discussions with the Government of Ecuador to negotiate the terms and conditions of the Exploitation Agreement for the Cascabel Project. The Exploitation Agreement, coupled with existing legislations and regulations, establishes the legal and financial terms and conditions required for the Cascabel Project's development. The agreed Term Sheet, which has been approved by the Ecuadorian Government, marks a pivotal step forward for the Project.\n \nSolGold's CEO and President of SolGold Ecuador, Scott Caldwell, stated, \"The completion of the negotiations and execution of the Term Sheet of the Exploitation Agreement for the Cascabel Project stands as a significant milestone, reflecting our shared commitment to all stakeholders. SolGold extends our sincere gratitude to the Government of Ecuador, regional administrations and local communities for their invaluable collaboration and support, each of whom has been instrumental in this momentous achievement. This Agreement is a positive outcome and exemplifies our unwavering dedication to working collaboratively with all our stakeholders.\"\n \nKey Contract Terms\n \nAll monetary amounts stated below are references to United States Dollars.\n \n· SolGold plc, through its wholly owned subsidiary in Ecuador, Exploraciones Novomining S.A. (\"Mining Concessionaire\"), has negotiated the right to develop the Cascabel Project and produce copper, gold, and silver from the contract area for 33 years, which may be renewed.\n \n· The Company and the Government of Ecuador have agreed to an advance royalty paymen...