Slide 1: Cascabel: A Tier-One Copper-Gold Project
CASCABEL: A TIER-ONE COPPER-GOLD PROJECT 3.7 12.4 31.3 Bt Ore1 Mt Cu1 Moz Au1 Corporate Presentation April 2024 LSE & TSX: SOLG LSE & TSX: SOLG
Slide 2: Cautionary Notice
CAUTIONARY NOTICE Forward-looking statements involve known and unknown risks, uncertainties and other factors which may The Company recognises that the term World Class is subjective and for the purpose of the Company’s cause the actual results, performance or achievements of SolGold and/or its subs
Slide 3: SolGold Corporate Summary
SOLGOLD CORPORATE SUMMARY Listing Info Top Shareholders LSE & TSX SOLG Issued and Outstanding Shares ~3Bn BHP 10% Share Price Info (March 28, 2024) GBP CAD Newmont 10% Market Capitalization £320MM C$555MM DGR Global 7% Share Price 10.6p C$0.185 52-Week Trading Range 5.67-22.6p C$0.105-0.385 Jiangxi
Slide 4: Uniquely Compelling Investment Opportunity
AAGENDA UNIQUELY COMPELLING INVESTMENT OPPORTUNITY World-Class Resource with Potential for Further Discovery Cascabel is currently one of the world’s largest copper and gold deposits not controlled by a major Foothold on vast, unexplored regions of the Andean copper belt and a proven team with s
Slide 5: World Class Resource & Tier-1 Development Project with Resource Expansion Potential
WORLD CLASS RESOURCE & TIER-1 DEVELOPMENT PROJECT AGENDA WITH RESOURCE EXPANSION POTENTIAL Cascabel is the largest undeveloped copper resource in Latin America not controlled by a major1 Stage PFS Resource Resource PFS PEA PEA PEA Resource PFS PEA PEA Resource Location 25.0 19.1 Copper (Mt Cu) M&I R
Slide 6: The Largest Gold Deposits Worldwide
AGENDATHE LARGEST GOLD DEPOSITS WORLDWIDE AMONGST Cascabel has one of the largest gold resources amongst primary gold mines and assets worldwide, the second largest not controlled by a major1 Stage PFS Prod. Prod. Prod. FS Prod. PFS FS Prod. Prod. Location 100.0 90.0 88.7 80.0 M&I Resource (Moz Au)
Slide 7: Meaningful Value Proposition Relative to Peers
AGENDA VALUE PROPOSITION RELATIVE TO PEERS MEANINGFUL SolGold is undervalued relative to its copper developer peers on both a P/NAV and an EV/M&I Resource basis1 FS & PFS Stage 1.0 PEA & Resource Stage 0.9 0.8 0.8x P / NAV (Consensus | x) 0.7 0.5x 0.5x 0.6 0.5 0.4x 0.4 0.3 0.3x 0.2x 0.2 0.2x 0.1x n/
Slide 8: Cascabel Updated Resources
AGENDA CASCABEL UPDATED RESOURCES1 GLOBAL RESOURCE AT CASCABEL SHOWS SIGNIFICANT GROWTH IN UPDATED RESOURCE ESTIMATES Global Measured and Indicated Resources at Cascabel (Alpala and TAM) RESOURCE Tonnage Copper Gold Updated Resource Estimate 3,735 Mt 12.4 Mt 31.3 Moz Previous Resource Estimate 3,192
Slide 9: Cascabel Updated Reserves
AGENDA CASCABEL UPDATED RESERVES1 Mining Schedule and Ore Classification 30.0 25.0 Proven Tonnes Probable Tonnes 20.0 Toones Mined 15.0 10.0 5.0 0.0 -4 -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Mining Schedule by Year 96% of the Ore Mined in the first 15 yea
Slide 10: Alpala: Resources & Reserves
AGENDA ALPALA: RESOURCES & RESERVES Alpala Mineral Resource Statement (Effective Date of November 11, 2023)1 Grade Contained Metal Mineral Cut-off Resource grade Mt CuEq Cu Au Ag CuEq Cu Au Ag category (%) (%) (g/t) (g/t) (Mt) (Mt) (Moz) (Moz) Measured 1,576 0.64 0.43 0.35 1.16 10.0 6.7 17.5 58.6 RE
Slide 11: Tandayama-America
AGENDA TANDAYAMA-AMERICA Tandayma-America Mineral Resource Statement (Effective Date of November 11, 2023)1 Cut-off Grade Contained Metal OPPORTUNITY TO Resource Tonnage Potential Mining Method Grade (CuEq Category (Mt) Cu Au CuEq Cu Au CuEq GENERATE CASH %) (%) (g/t) (%) (Mt) (Moz) (Mt) FLOW FROM O
Slide 12: Updated Prefeasibility Study: Phased Start-Up Approach
UPDATED PREFEASIBILITY STUDY: PHASED START-UP APPROACH Key Advantages of High-Grade Phased Approach1 Lower Upfront Higher Internal Faster Timeline Increased Capital Rate of Return to Production After-tax NPV 24% US$1.55 bn 24% 4 Year US$3.2bn Initial After-Tax Development NPV8% Captial IRR Schedule
Slide 13: Cascabel Is a Tier 1 Project
2024 PFS Phased Approach Key Parameters1 Base Case AGENDA CASCABEL IS A Initial Project Life & Throughput 28 years @ 12 Mtpa—24 Mtpa TIER 1 PROJECT… Total Ore Mined 540 MT (18% of Total Resource) Price Deck: Copper ($/lb) / Gold ($/oz) / Silver ($/oz) $3.85 / $1,750 / $22.50 Capital: Pre-Production
Slide 14: 2024 Phased Approach PFS: Production Profile (Cu Eq.)
AGENDA 2024 PHASED APPROACH PFS: PRODUCTION PROFILE (CU EQ.)1 400,000 2.0% 300,000 1.5% CU EQ. PRODUCTION (T) CU EQ. GRADE (%) 200,000 1.0% 100,000 0.5% 0 0.0% Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24 Y25 Y26 Y27 Y28 Recovered Copper Recovered Gold (Cu E
Slide 15: Infrastructure
INFRASTRUCTURE COMPONENTS INSIDE THE MINING CONCESSION • Mine • Process Plant • Ramps • Portal • Construction materials COMPONENTS OUTSIDE THE MINING CONCESSION • Port • Transmision line, S/E WORLD-CLASS COPPER-GOLD PROJECT /15
Slide 16: Mining: Block Cave
MINING: BLOCK CAVE • Mine access using dual decline from the surface • One decline will be used for the conveyor system, and the other decline will be used for equipment and logistics • Declines will daylight to surface at a portal near the mill site WORLD-CLASS COPPER-GOLD PROJECT /16
Slide 17: Mining Method
MINING METHOD • The operation has been planned using the block caving method • Mining will start in the high-grade zone, with an initial reserve of 539.7 Mt @ 0.60% Cu, 0.54 g/t Au WORLD-CLASS COPPER-GOLD PROJECT /17
Slide 18: 2024 Phased Approach PFS: Concentrator
2024 PHASED APPROACH PFS: CONCENTRATOR Ore will be reclaimed from the coarse ore stockpile and conveyed to a conventional semi-autogenous grinding ball mill crusher (“SABC”) circuit. Slurry from the ball mill will be pumped to the flotation circuit. Concentrate will be floated, filtered and tr
Slide 19: Concentrator
CONCENTRATOR Layout of the Mineral Processing Plant CONCENTRATE STORAGE WAREHOUSES THICKNERS GRINDING CIRCUIT FLOATATION CRUSHED ORE STOCK PILE CONVEYOR FROM THE MINE WORLD-CLASS COPPER-GOLD PROJECT /19
Slide 20: Advantageous Location Accessing Existing Infrastructure
ADVANTAGEOUS LOCATION ACCESSING EXISTING INFRASTRUCTURE Road Power ~3-hour drive from Quito on Hydropower network (20km away) multi-lane highways Port Water Esmeraldas port (180km) Self-contained Logistic advantages = CAPEX savings WORLD-CLASS COPPER-GOLD PROJECT /20
Slide 21: Power Initiative for Cascabel: MOU Signed
AGENDA POWER INITIATIVE FOR CASCABEL: MOU SIGNED 1 HYDRO-SOLAR Collaborators: • Grupo Empresarial Semaica (Semaica Business Group) • Enerhydra • Constructora Nacional S.A. • SolGold Key Features: • Deliver 200MW of clean, renewable energy • Hydroelectric and solar integration Potential Funding sourc
Slide 22: Next Steps
NEXT STEPS Advancing and de-risking Cascabel’s development Right of Way and Purchase Option Agreements for Infrastructure Complete Permitting/Environmental and Social Impact Assessment Advance Required Permitting with Government Progress technical work to de-risk and advance the Cascabel Pro
Slide 23: Exploration Portfolio Overview
EXPLORATION PORTFOLIO OVERVIEW WORLD-CLASS COPPER-GOLD PROJECT /23
Slide 24: Exploration Overview
Northern Zone EXPLORATION OVERVIEW 1 2 3 4 First-mover advantage 5 Priority projects 1) Chical 2) Espejo Secured the largest tenement Central Zone 3) 4) Río Amarillo Playa Rica holdings in Ecuador 5) 6) Río Magdalena Agustín 7) Salinas Mining and exploration portfolio 6 8) 9) Caña Brava Cisne-
Slide 25: Northern Zone
Northern Zone CHICAL PROJECT 1 The Northern Zone lies within the 2 ESPEJO PROJECT Northern Ecuador Cordillera Occidental trend, where the CASCABEL ALPALA + TAM Cascabel (2.66 Bt @ 11.17Mt Cu 24.9Moz Au 0.53% CuEq) deposit 92.2Moz Ag was discovered RIO AMARILLO 3 PROJECT Contains 5 priority proje
Slide 26: Central Zone
Central Zone The Central Zone holds strong exploration prospectivity for LA PLATA discovery of the southern extension Historic old mine, mining started in the 40¨s Current Inferred Resources of the Northern Ecuador Cordillera Occidental trend, associated with 1.9 Mt @ 4.1 g/t Au, 49.4 g/t Ag, 3.3%
Slide 27: Southwestern Zone
Southwestern Zone • The Southwestern Zone hosts RUTA DEL COBRE (CHAUCHA) Naranjos: 120 Mt @ 0.4-0.5% Cu RIO BLANCO Reserves several economic deposits and Gur-Gur: 43.4 Mt @ 0.54% Cu 0.65 Moz Au, 4.3 Moz Ag mineralized systems: • Loma Larga high- sulphidation epithermal gold deposit (2.2 Moz Au) LOMA
Slide 28: Southeastern Zone
Southeastern Zone The Southeastern Zone represents a relatively new copper belt discovered in South America, PANANTZA Inferred Mineral Resource hosting multiple large economic 463 Mt @ 0.66% Cu WARINTZA porphyry deposits, including: SAN CARLOS Indicated Mineral Resource Inferred Mineral Resource 6
Slide 29: Ecuador Is Open for Business
AGENDA ECUADOR IS OPEN FOR BUSINESS Emerging mining jurisdiction, expected to play a significant role in the energy transition Cascabel Significantly De-Risked Key Industry Players SouthIn-Country America Policy Perception Index (Fraser Institute, 2022) Received 25-year extension to Legend (PPI Sco
Slide 30: Community-Led Sustainable Approach to Development
COMMUNITY-LED SUSTAINABLE APPROACH TO DEVELOPMENT Long-standing relationships with local communities underpinned by our goal for responsible mining Recently received "DISTINCTIVE GREEN INITIATIVE FOR ACTIVITIES THAT SUPPORT ENVIRONMENTAL MANAGEMENT AWARD” from the Ministry of the Environment, Wate
Slide 31: Highly Experienced Management Team
HIGHLY EXPERIENCED MANAGEMENT TEAM Scott Caldwell Chris Stackhouse Santiago Vaca Chief Executive Officer Chief Financial Officer Chief Geologist • 40+ years of experience in • 20+ years of experience • Ecuadorian geologist with managing exploration and over 13 years of experience the global mining i
Slide 32: A Uniquely Compelling Investment Opportunity
A UNIQUELY COMPELLING INVESTMENT OPPORTUNITY Rare Tier-1 Asset Vast Exploration Portfolio PROJECTS TO POWER Supportive Mining Jurisdiction A NET ZERO EMISSIONS FUTURE Excellent Community Relations International ESG Standards Highly Experienced Management WORLD-CLASS COPPER-GOLD PROJECT /
Slide 33: 2024 Phased Approach PFS: LOM Model Summary
2024 PHASED APPROACH PFS:1 LOM MODEL SUMMARY (TOTAL / AVG.) Mining & Processing Schedule Revenue Capital Expenditures Tonnes ore mined / processed (000's Tonnes) 539,724 Gross Revenue from Concentrate Pre-Production Capex (US$MM) $1,554 Cu Grade (%) 0.60% Cu Revenue ($3.85/lb Cu) (US$MM) $23,159 Pos
Slide 34: Footnotes
FOOTNOTES Slides 1 and 4 Refer to NI 43-101 Technical Report on Pre-Feasibility Study Cascabel dated March 8, 2024, available on the Company’s website and Sedar+, and the Company’s news releases dated 16 February 2024 and 12 March 2024. Mineral Resource Estimate Notes: 1. Dr Arseneau, P. Geo. Associ
Slide 35: Footnotes
FOOTNOTES Slide 11 Refer to NI 43-101 Technical Report on Pre-Feasibility Study Cascabel dated March 8, 2024, available on the Company’s website and Sedar+, and the Company’s news releases dated 16 February 2024 and 12 March 2024. 1. Source: Cascabel 2024 PFS technical study report-to be published.
Slide 36: Investor Relations
Investor Relations AUSTRALIA (Head Office) +44 20 3807 6996 Level 27, 111 Eagle Street, Email: investors@solgold.com.au Brisbane QLD 4000 ECUADOR Avenida Coruña E25-58 y San Ignacio Edif. Altana Plaza, Quito UNITED KINGDOM 1 Cornhill, London, EC2V 3ND LSE & TSX: SOLG