SolGold announced the successful completion of a new Pre-Feasibility Study prepared in accordance with National Instrument 43-101 that supports a Phased Block Cave Mine at its Cascabel Project in Ecuador. Cascabel is 100%-owned through SolGold's Ecuadorian subsidiary Exploraciones Novomining S.A. All dollar amounts are quoted in US Dollars. 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. 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. The Mineral Reserves have been estimated for a block caving method and take into account the effect of mixing indicated material with dilution from low-grade or barren material originating from within the caved zone and the overlying cave backs. The Mineral Resources reflected in MRE#4 are inclusive of the Mineral Reserve estimate, which represents only 18% of the Measured and Indicated Resource estimate.

The mining practices contemplated in this study do not compromise the potential extraction of the remaining resources not included in the current mine plan. Underground mining will utilize the block cave mining method, a low-cost, bulk mining method. After a ramp-up period of approximately two years, the initial cave will achieve a production rate of 12Mtpa.

The initial cave will extract high-grade ore, averaging 1.5% CuEq for the first ten years of operation. Extraction of this high-grade material will not sterilize 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 of mine production.

Ore from the mine will be transported to the underground primary crushers by load haul dump loaders ("LHDs") and crushed to minus 160 mm. The crushed ore will be conveyed directly to the coarse ore stockpile adjacent to the mill at the surface. 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, where concentrate will be floated, filtered and stored for transport by truck to the port site concentrate storage barn. Tailings will flow by gravity to the Tailings Storage Facility. Production Plan; Additional mining optimization studies indicated that the optimum production profile for the Cascabel Project is, to begin with a processing rate of 12Mtpa, extracting high-grade ore for 6 years, and then expanding the process plant by an additional 12Mtpa, increasing to a total processing rate of 24Mtpa.

The initial 12Mtpa throughput rate is expected to be achieved six years after the start of Project development. Over the current life of mine, the plant is expected to produce 2.9 million tonnes of copper, 6.9 million ounces of gold and 18.4 million ounces of silver.