The Board of Directors of SolGold (LSE & TSX: SOLG) announces that Keith Marshall, independent Non-Executive Director, has informed the Company of his decision to resign from the Board.

Mr Marshall chaired the project technical committee and oversaw the updated mine plan for the Cascabel Project pre-feasibility study that was released in April 2022. He also accepted the role as interim Chief Executive Officer (“CEO”) in 2021 and led the Company through to the appointment of Darryl Cuzzubbo as permanent CEO on 1 December 2021.

Whilst Mr Marshall has resigned as a Director effective from 12^th August 2022, he will remain as an advisor to the Company’s technical committee to oversee the Cascabel Project and to ensure a smooth transition to the new Vice President Projects, Bernie Loyer.

Keith Marshall commented: “I would like to thank the people of SolGold for a fascinating, if somewhat challenging 18 months. There is no doubt in my mind that the Alpala deposit in the Cascabel Project will make a Tier 1 mine. The challenge, as with all similar projects, is turning an exploration dream into a mining reality. I wish Darryl and his new Executive Team every success.”

A search for a new Independent Non-Executive Director is being initiated.

MANAGEMENT CHANGE

SolGold announces that Ayten Saridas, Group Chief Financial Officer (“CFO”), has resigned effective immediately. The Company has appointed Keith Pollocks as Interim CFO until a permanent replacement is appointed.

Mr Pollocks has extensive international experience leading global finance functions for a range of public and private multinational companies predominantly across banking, infrastructure, resources, and mining. Throughout his career, Mr Pollocks has held various senior finance and commercial management roles in Australia, Europe, US, and Asia and specialised in capital raising, mergers and acquisitions, financial risk management, investor relations and strategic transformation. Mr Pollocks started his career with Shell International and has recently held CFO roles at Victory Offices (ASX: VOL), Kasbah Resources Limited (ASX: KAS) and Newcastle Coal Infrastructure Group. He holds a Bachelor of Business, Master of Commerce and is a Chartered Corporate Treasurer and Certified Practising Accountant.

The Company also announces that Jason Ward has informed the Board of his decision to step down as Head of Exploration. Both SolGold and the now Australian domiciled Mr Ward agree the Head of Exploration is required to be based in Ecuador. Mr Ward will remain as an advisor to the Company to continue to help drive SolGold’s exploration strategy. He will work closely with management to appoint his successor.

Mr Ward has been with SolGold since its inception in 2006 and has played an instrumental role in developing the Company’s outstanding presence in Ecuador. The Board is grateful for his continued role with the Company going forward.

Jason Ward commented: “It is any geologist’s dream to have access to an unchartered territory such as Ecuador and make the kind of exciting discoveries we have made together as a team. I believe it is necessary for the Head of Exploration to be an in-country role and as I am no longer able to fulfil this criterion, it is time to handover the reigns.  I will be involved in that process and remain as an advisor on Exploration Strategy. It has been a privilege to be able to be part of this journey from the very start and I have every confidence that SolGold and Ecuador will become a globally significant copper producer to the benefit of all stakeholders.”

Liam Twigger, Chairman of SolGold commented:“On behalf of the board, I would like to thank Keith, Ayten and Jason for their contribution and commitment. I would also like to thank Keith for stepping into the CEO role and his direction towards producing a world class PFS for the Cascabel project and Jason  in contributing to a remarkable discovery.  We are pleased to be able to draw on Keith and Jason’s expertise in their new roles as advisors to SolGold.”