SolGold PLC · AQUISUK:SOLGL
SolGold — Investor Presentation (October 2025)
21 slides from SolGold's investor presentation, October 2025
Slide 1: The Path to Value
LSE: SOLG THE PATH TO VALUE Investor Presentation October 2025 | solgold.com 1
Slide 2: Cautionary Notice
CAUTIONARY NOTICE Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the World Class deposits, some of which have become, or are becoming, producing mines and on the basis of actual results, performance or achievements of SolGold and/or its su
Slide 3: Corporate Summary
Capitalization Ticker LSE:SOLG CORPORATE Share Price (£/sh)1 Basic Shares Outstanding (M) £0.17 3,001 SUMMARY Market Capitalization (US$M)1 $690 Shareholder Summary Year-to-Date Share Price Performance Shareholder % of Shares Outstanding 12% 30% 10% Jiangxi Copper 12% +120% Increase 10% BHP 10% Newm
Slide 4: Cascabel Project
CASCABEL PROJECT Road Deep Water Port ~3-hour drive from Quito on Esmeraldas port multi-lane highways (180km) ALPALA MINERAL RESERVE (PFS)1 Grade Contained Metal Ore Reserve Mt Cu Au Ag Cu Au Ag Category (%) (g/t) (g/t) (Mt) (Moz) (Moz) Proven 457.5 0.64 0.60 1.7 2.9 8.9 24.9 Probable 82.2 0.36 0.22
Slide 5: Key Attributes
KEY ATTRIBUTES Core Criteria for Project Development What Makes Cascabel a Strategic Asset1 Reserves & resources that justify a long Size: 540Mt reserve: 3.2Mt Cu @0.60%, 9.4Moz Au @0.54 g/t sustainable mine life 1 QUALITY ORE BODY Grade: Life of Mine Average Grade: 0.97% CuEq High-grade/size
Slide 6: Tandayama Open Pit Potential
TANDAYAMA OPEN PIT POTENTIAL • Drill program designed to upgrade resources to M&I category, define pit, and refine economic potential • TAM open pit: Lowest capex path to first economic ore • Cash flow generation while Alpala underground development advances • Initial assays showing some materially
Slide 7: Project Site Plan
Process Plant • Smaller footprint allows for ease of initial Portal to development Plant Portal (~500m) • TAM open pits less than 2Km to plant Rocafuerte Camp Tandayam to Plant • Waste rock from TAM potentially used for (~2km) tailings dam construction • Initial trucking option allows for less upfro
Slide 8: Development Timeline
DEVELOPMENT TIMELINE First Ore in 2028 Santa Cecilia Relocation • Early works commencement & Alpala Portal efficiency are critical to Development unlock value Alpala Access • Permitting timeline Declines discussions underway with On-site Tailings government Facility • Investigating ways to incorpora
Slide 9: Sustainability Commitment
SUSTAINABILY COMMITMENT Our Communities SolGold invests in its local communities, focusing on the following activities: Education and training Health Care Sustainable businesses 9
Slide 10: Building Value
BUILDING VALUE • Since March 2025, SolGold has undertaken a comprehensive review of its 89 concessions in Ecuador, and will streamline the portfolio to <30 high-priority targets • Two distinct and Focused Companies to be Formed: • NorthCo: Cascabel + ENAMI JVs • SouthCo (ExploreCo): Porvenir, Helipu
Slide 11: A Clear Value Proposition
A CLEAR VALUE PROPOSITION SolGold is undervalued relative to its copper developer peers on both a P/NAV and an EV/M&I Reserve basis FS & PFS Stage PEA & Resource Stage 0.8x P / NAV (Consensus | x) 0.8x 0.7x Multiple | Share Price 0.6x 0.60x | £0.40 0.4x 0.3x 0.2x | £0.15 0.40x | £0.27 SOLG Current P
Slide 12: Recent Key Achievements
RECENT KEY ACHEIVEMENTS Amended Investment Protection Agreement (AIPA) finalized with the Government of Ecuador Launched early production open-pit Strategy at Tandayama Second tranche of US$33.3 stream funding achieved Project Execution Plan completed and approved Robust drilling results at Tandayam
Slide 13: Planned Catalysts
PLANNED CATALYSTS 01 02 Tandayama-América Drill Program Early-Works Execution Advanced drilling program designed to enhance project economics Strategic mobilization phase including portal preparation, camp through optimized starter pit configuration, potentially unlocking establishment, road constru
Slide 14: The SolGold Investment Case
Tier 1 Copper / Gold Asset Tier 1 Counterparties Potential for Accelerated Timeline to Production Increased Focus with Company Split THE SOLGOLD Focus on Execution INVESTMENT Robust Jurisdiction with Existing Best In Class Mine CASE Strong ESG Focus 14
Slide 15: Appendix
SolGold APPENDIX
Slide 16: Robust Economics with Significant Flexibility
ROBUST ECONOMICS WITH SIGNICANT FLEXIBILITY TIER 1 SCALE & GRADE: • Resource: 18.2 Mt CuEq with 31.3 Moz Au • Reserve: 3.2 Mt Cu, 9.4 Moz Au ROBUST PRODUCTION PROFILE: • Gold Production (Peak/Avg): 734 koz / 277 koz • Copper Production (Peak/Avg): 216 kt / 123 kt LONG MINE LIFE: • Initial LOM >28 ye
Slide 17: Cascabel's Key Metrics
CASCABEL’S KEY METRICS 2024 PFS PHASED APPROACH KEY PARAMETERS1 BASE CASE Initial Project Life & Throughput 28 years @ 12 Mtpa—24 Mtpa Total Ore Mined 540 MT (18% of Total Resource) Price Deck: Copper ($/lb) / Gold ($/oz) / Silver ($/oz) $3.85 / $1,750 / $22.50 Capital: Pre-Production / Post-Product
Slide 18: Alpala's Reserves & Resources
ALPALA’S RESERVES & RESOURCES Reserves represent only 18% of M&I resources and 30% of contained metal ALPALA MINERAL RESOURCE STATEMENT (EFFECTIVE DATE OF NOVEMBER 11, 2023)1 Grade Contained Metal MINERAL RESOURCE Cut-off grade CATEGORY Mt CuEq (%) Cu (%) Au (g/t) Ag (g/t) CuEq (Mt) Cu (Mt) Au (Moz)
Slide 19: Tandayama America and Porvenir Resources
TANDAYAMA AMERICA: RESOURCES TANDAYMA-AMERICA MINERAL RESOURCE STATEMENT (EFFECTIVE DATE OF NOVEMBER 11, 2023)1 Grade Contained Metal Cut-off Grade Resource Tonnage Potential Mining Method (CuEq %) Category (Mt) Cu Au CuEq Cu Au CuEq PART OF CASCABEL (%) (g/t) (%) (Mt) (Moz) (Mt) PROJECT Indicated 4
Slide 20: Comparison SolGold vs. Vicuña District
COMPARISON SOLGOLD VS. VICUÑA DISTRICT Cascabel compares favorably to other large-scale copper projects, including the Vicuña district in Argentina Copper Resources & Grades Altitude M&I (CuEq) Cascabel 51.0 B lbs 0.56% Cascabel 600 – 1,800 m Filo del Sol 36.0 B lbs 0.82% Josemaria 4,000 – 4,900 m J
Slide 21: Investor Relations Contact
ECUADOR UNITED KINGDOM Investor Relations Avenida Coruña E25-58 y San Ignacio 59-60 Grosvenor Street Tel: +44 (0) 20 3807 6996 Email: investors@solgold.com Edif. Altana Plaza, Quito London W1K 3HZ Web: www.solgold.com LSE: SOLG