Could you introduce SolGold and your tier-one copper-gold Cascabel project?

Cascabel ranks among the world’s top five undeveloped copper projects, with a resource of 18.2 million t CuEq and 31.3 million oz Au. According to the 2024 PFS, it will produce an average of 277,000 oz/y of gold and 123,000 t/y of copper over an initial 28-year mine life. Our story is supported by high-profile investors, including Jiangxi Copper (12%), BHP (10%), and Newmont (10%), with approximately 55% of our shares held by major investors. 

The company is now at the financing stage to turn Cascabel into reality. Most junior developers get acquired before they have the chance to get into construction, which of course can be a good outcome for their shareholders, but at SolGold, we are not here to sit around waiting for that eventuality: We want to progress Cascabel to the point where Ecuador can have the confidence that this mine will come to fruition. 

The country has placed a lot of hope in this asset due to its size and its potential to unlock economic growth in the north. 

It has been announced that SolGold is evaluating an open-pit, early-production plan, as a way to de-risk the operation. What is motivating this direction?

While still in the early days, we are confident that there is an open-pit operation at Cascabel, especially at the Tandayama deposit, which would allow us to pivot into production a few years before starting full production from our main (underground) Alpala deposit. The board has approved a 5,400-meter (15 holes) drill program to test the mineralization and define the near-surface resource at Tandayama. Similar to what Oyu Tolgoi (Rio Tinto) has done in Mongolia at the open-pit operation that preceded block caving, we see an an opportunity to stage development in a similar way. Our vision is to initiate early works and potentially bring Tandayama into production in the next three to four years, rather than in the next seven to eight years.

Early production offers several de-risking advantages, offering us an alternative ore supply from the open pit, as well as improving the financeability of the project since we’d be building our capabilities and credibility as operators. We have recently brought in G Mining Services as our study managers. They will be acting as our external engineers and consultants both on the upcoming FS on the full project, as well as on early works for an open-pit operation, in parallel.

SolGold secured a gold stream agreement with Franco Nevada and Osisko Gold Royalties last year. Could you comment on the significance of this support? 

Both Osisko Gold Royalties and Franco-Nevada have a great track record in financing top-tier projects. Their support alone is a vote of confidence in Cascabel. The first US$100 million of the stream is designated for pre-development, while the larger chunk of US$650 million will actually finance a large proportion (approximately 42%) of our CapEx requirement. I believe the markets have yet to fully appreciate the significance of having this huge head-start. 

How do you find the business environment in Ecuador, and how have local communities received your presence?

I have worked in many jurisdictions, covering Russia, Kazakhstan, Mongolia, and Africa in my banking days, and I can safely say Ecuador is a walk in the park compared to most other countries. We are situated in the Imbabura province in northern Ecuador there are no indigenous communities within our area. However, that does not mean we can be complacent. We have a very strong community relations team in place, with a large office where we employ 100% locally. One of our board members, Maria Amparo, is Ecuadorian and has been instrumental in facilitating our engagement in the country, being exceptionally well-connected and highly regarded. The government itself has also been proactive and constructive - a refreshing contrast to some other jurisdictions where governments can be combative over natural resources. The re-election of President Daniel Noboa adds an element of political stability, which is positive for long-term investment. Success stories like Ron Hochstein’s fantastic work at Fruta del Norte have also laid the groundwork for a more supportive view of mining in Ecuador - and that benefits companies like ours and those to come.

What has driven the spinout of your exploration licenses outside of Cascabel into ExploreCo?

We are in the process of separating all our exploration tenements outside of Cascabel – a package of 89 licenses over 3,000 km2 – into a new entity called ExploreCo. This includes 18 prospective copper-gold exploration targets, of which 12 we consider of high priority, including Porvenir, in Southern Ecuador, which currently holds a resource of 493.7 million t @ 0.43% CuEq, as well as Blanca, which sits 8 km north of Cascabel. Numerous mining companies have expressed interest in these assets. 

We don’t want to sit on these licenses, paying land fees without progress. As SolGold, we are channeling our expertise into Cascabel, so partners are key to unlocking the value of these discoveries and greenfield exploration plays. This is a huge portfolio and a compelling entry point into Ecuador. 

Do you have a final message for prospective investors or partners?

SolGold has entered a phase of disciplined capital allocation and focused execution. We’re fortunate to have the support of tier-one shareholders like BHP, Newmont, and Jiangxi Copper, and we remain open to partnerships that align with our long-term strategy. Cascabel is not only a globally significant resource—it’s a project of national importance to Ecuador, and we’re committed to delivering it responsibly, with the intent and pace that a world-class asset deserves. 

ExploreCo will create new avenues to advance our regional portfolio; and once formally announced, SolGold will also undergo a rebrand—reflecting our shift from explorer to developer, from SolGold’s foundation to its future.