SolGold (LSE & TSX: SOLG) is pleased to announce the successful completion of a new Pre-Feasibility Study ('PFS' or 'Study'), prepared in accordance with National Instrument 43-101 ('NI 43-101') that supports a Phased Block Cave Mine at its flagship Cascabel Project ('Cascabel' or 'Project') in Ecuador.

Cascabel is 100%-owned through SolGold's Ecuadorian subsidiary Exploraciones Novomining S.A. ('ENSA'). All dollar amounts are quoted in US Dollars.

Key Highlights of the Pre-Feasibility Study

Excellent economic viability of a Cascabel Phased Approach Block Cave Mine

+$1bn initial capital expenditure savings compared to previous estimates, reflecting efficient project development strategies, lower technical risk attributed to the phased strategy

Potential for accelerated cash flow and project development

The current Cascabel mine plan reflects the profitable exploitation of only 18% of the Alpala measured and indicated mineral resource through a 28-year mine life - the size of the entire resource indicates the mine's potential to be a multi-generational mining asset

Strong commitment to responsible and sustainable mining practices, including the use of renewable energy (hydropower) and an environmentally conscious Project footprint reduction

Scott Caldwell, SolGold's CEO and President of SolGold Ecuador, commented: 'Cascabel is not just a mining project; it's a promise of responsible mining, lasting value for all stakeholders and a sustainable legacy for the planet. With reduced capital needs and lower risk compared to previous approaches, together with our ongoing commitment to sustainability and responsible mining, Cascabel is more than copper and gold; it's a story of innovation, collaboration and a vision for a greener and more prosperous tomorrow for the people of Ecuador. This Study was conducted with the best outcomes for all our stakeholders in mind.'

Reduced Initial Capital Expenditure

Compared to previously considered development scenarios, the Phased Approach Block Cave Mine has substantially reduced the initial capital expenditure required to develop Cascabel. This approach optimizes project development by gradually scaling up operations, effectively managing costs and minimizing financial risk.

After a ramp-up period of approximately two years, the initial block cave will achieve a production rate of 12 million tonnes per annum ('Mtpa'). The initial cave will extract high-grade ore, averaging approximately 1.45% CuEq for the first ten years of production. The extraction of this high-grade material will not sterilize the surrounding lower-grade ore. The mining operations will be expanded by an additional 12Mtpa, increasing to a total annual production rate of 24Mtpa in year 6. The phase 2 mill expansion is expected to be entirely funded from Project cash flow. This phased approach also allows for scaling other capital items over time, such as the tailings storage facility, the camp and mining equipment.

Lower Technical Risk

The phased development strategy also contributes to a reduction in technical risk. Incrementally advancing the Project provides an opportunity to implement and fine-tune mining and processing methodologies, ensuring a more efficient and stable production process. This approach enhances the Project's overall resilience and minimizes potential challenges associated with large-scale development. A practical height-of-draw for this deposit was determined to be 400m which is considered to be more technically feasible than other alternatives.

Accelerated Cash Flow

The Study's results indicate a strong potential for accelerated cash flow generation. With a reduced initial capital burden and lower technical risk, Cascabel is expected to deliver a quicker path to positive cash flow.

Commitment to Responsible Mining

SolGold remains committed to responsible and sustainable mining practices. The Company's dedication to environmental, social and governance (ESG) standards remains unwavering. Cascabel's development will continue to prioritize minimizing environmental impact, promoting community engagement and ensuring ethical practices throughout the Project's lifecycle.

Integration of Renewable Energy

SolGold is proud to prioritize sustainability and environmental responsibility in the development of the Cascabel Project. The Company is actively integrating renewable energy supplied by governmental and private sources into the Project's energy supply strategy as part of a net zero commitment.

Project Description

Cascabel is located in northern Ecuador approximately a three hours' drive north of Quito, the capital city of Ecuador. Access is via sealed highways through the closest major centre of Ibarra, located approximately 80 km south of the property. Infrastructure in the region and throughout Ecuador is generally of a high standard, with excellent road access, power and water sources readily available in the local area.

Contact:

Scott Caldwell

SolGold Plc (CEO)

Tel: +44 (0) 20 3807 6996

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 and in the interests of 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 and Toronto Stock Exchange (LSE/TSX: SOLG).

CAUTIONARY NOTICE

News releases, presentations and public commentary made by SolGold plc (the 'Company') and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.

Accordingly, the reader should not rely on any interpretations or forward-looking statements and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

This release may contain 'forward-looking information'. Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The findings in the PFS and the implementation of the Cascabel project are subject to all the necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be interpreted as guidance. The information contained herein is a summary only and is qualified in its entirety by reference to the Technical Report (as defined herein).

The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.

The Company recognises that the term World Class is subjective and for the purpose of the Company's projects the Company considers the drilling results at the Alpala porphyry copper-gold deposit at its Cascabel project to represent intersections of a World Class deposit on the basis of comparisons with other drilling intersections from World Class deposits, some of which have become, or are becoming, producing mines and on the basis of available independent opinions which may be referenced to define the term 'World Class' (or 'Tier 1').

The Company considers that World Class deposits are rare, very large, long life, low cost, and are responsible for approximately half of total global metals production. World Class deposits are generally accepted as deposits of a size and quality that create multiple expansion opportunities and have or are likely to demonstrate robust economics that ensure development irrespective of position within the global commodity cycles, or whether or not the deposit has been fully drilled out, or a feasibility study completed.

Standards drawn from industry experts (1Singer and Menzie, 2010; 2Schodde, 2006; 3Schodde and Hronsky, 2006; 4Singer, 1995; 5Laznicka, 2010) have characterised World Class deposits at prevailing commodity prices. The relevant criteria for World Class deposits, adjusted to current long run commodity prices, are considered to be those holding or likely to hold more than 5 million tonnes of copper and/or more than 6 million ounces of gold with a modelled net present value of greater than US$1billion.

The Company cautions that the Cascabel Project remains an early-stage project at this time and there is inherent uncertainty relating to any project at prior to the determination of pre-feasibility study and/or defined feasibility study.

On this basis, reference to the Cascabel Project as 'World Class' (or 'Tier 1') is considered to be appropriate.

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