Mr. Scott Caldwell reports

SOLGOLD PLC ANNOUNCES PORVENIR PROJECT UPDATE

Solgold PLC has provided an update on the exploration of the Porvenir project, held through its Ecuadorean subsidiary, Green Rock Resources SA.

The Porvenir project is located within the southeastern portion of the Eastern Cordillera of Ecuador, approximately 70 kilometres south of the regional centre of Loja. The project sits within the northerly trending Jurassic metallogenic belt of the northern Andes, which hosts significant economic gold and copper mines at Fruta del Norte and Mirador and large copper-gold resources at Mirador Norte, Warintza, San Carlos and Panantza.

Full details on the exploration updated are set out herein.

Solgold Geology Manager, Mr. Santiago Vaca, commented on today's exploration update:

"Drilling completed in the Cacharposa deposit indicates a pit constrained mineral resource, which is still open. The successful exploration performed at Cacharposa allows us to enhance our understanding on the geology and mineralization controls in the area, building our confidence in the potential to keep growing the resource with additional drilling, and to validate the high-quality of the other Cu-Au porphyry targets found within the Porvenir project".

FURTHER INFORMATION

The Porvenir Project, covers a cluster of geochemical anomalies that represent porphyry copper-gold targets that include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino. The Cacharposa anomaly coincides with a Cu-Au porphyry deposit that has an open-pit mineral resource estimate (CAC MRE#1) that comprises 396.8 Mt @ 0.44 per cent CuEq for 1.40 Mt Cu and 1.80 Moz Au in the indicated category, plus 96.9 Mt @ 0.37 per cent CuEq for 0.28 Mt Cu and 0.38 Moz Au in the inferred category, using a cut-off grade of 0.16 per cent CuEq (refer to "Porvenir Property NI 43-101 Technical Report Mineral Resource Estimate, October 2021"). The remaining anomalies have yet to be drill-tested.

On 26th October 2021, a data cut-off was applied to the Cacharposa dataset for the purposes of a Mineral Resource Estimation. The CAC MRE#1 dataset comprised 18,635.7m of diamond drilling; 439.6m of surface rock-saw channel sampling from 23 outcrops; and 16,982.4m of final assay results from drill holes 1 to 20.

Since that time, a further 2,610.0m of infill and extension diamond drilling has been completed at the Cacharposa Deposit and number of drill holes have been planned for future resource extension drilling (Figure 1).

The Cacharposa dataset now comprises 21,245.7m of diamond drilling; 439.6m of surface rock-saw channel sampling from 23 outcrops; and 21,685.3m of final assay results from drill holes 1 to 27.

Result assays obtained from the infill and extension drilling show encouraging mineralized intersections (Table 1), which should support the conversion of a large portion of the deposit into the measured and indicated categories, as well as significantly increasing the resource tonnage in both the measured and indicated categories as well as the inferred category. Solgold is planning to complete a resource extension drilling program, and when it is completed, a mineral resource update (CAC MRE#2) for the Cacharposa deposit will be done.

The Porvenir Project also contains a number of satellite targets, generated by careful compilation of numerous datasets, including geological mapping, geochemical anomalies (soils, rocks, stream sediments, airborne and ground geophysics, regional structural interpretation, and 3D geochemical modelling. As such, the targets generated at the Project, display several encouraging characteristics of porphyry style deposits, such as:

• Identification of mineral occurrences (chalcopyrite, chalcocite, bornite, native Cu, pyrite) and porphyry-style veining (quartz veins) at Bartolo and Eudis.
• Identification of common hydrothermal alteration minerals in porphyry systems like K-feldspar, biotite, epidote, chlorite, and/or sericite (white mica) at Bartolo and Mula Muerta.
• Coincident Cu, Cu/Zn, Mo, Mo/Mn geochemical anomalies, at Bartolo, Palmal, Diablo, Eudis and Merino.
• Airborne and ground geophysics magnetic anomalies that lie coincident with regional lineaments and lineament intersections at Mula Muerta, Diablo, Palmal, Bartolo and Merino.
• 3D geochemical models for the potential (p=0.14) of a Yerington-like porphyry centre (modified from Core, 2019), based on B-horizon soil-sample muti-element results. The main anomalies generated include Cacharposa, Balmore-(Diablo), Bartolo, Palmal and Merino.

Qualified Person:

Above information relating to the exploration results is based on data reviewed by Mr. Santiago Vaca (M.Sc. P.Geo.), Santiago joined Solgold in 2014 as Chief Geologist for the Cascabel project and is an Ecuadorian geologist with over 18 years of experience in mineral Exploration and research. Mr. Vaca holds a Professional Geoscientist Certification (P.Geo) granted by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) in Canada and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr. Vaca consents to the inclusion of the information in the form and context in which it appears.

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 the environmental impact.

Solgold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).

Quality Assurance / Quality Control on Sample Collection, Security and Assaying

Solgold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.

Primary sample collection involves secure transport from Solgold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. Solgold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.

Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.

In order to monitor the ongoing quality of its analytical database, Solgold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.

Solgold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.

Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by Solgold confirm that they are consistent with industry best practices and all results stated in this announcement have passed Solgold's QA/QC protocol.

We seek Safe Harbor.