Mr. Nick Mather reports

SOLGOLD PLC ANNOUNCES BLANCA-NIEVES PROJECT UPDATE

Solgold PLC has provided an update on the exploration of two targets within the Blanca-Nieves project held by the company's Ecuadorian subsidiary, Carnegie Ridge Resources SA.

Recent exploration at the La Florida target, located approximately three kilometres northeast of the Cielito target, has led to the discovery of high-grade epithermal quartz vein floats. These veins exhibit visible gold within quartz intermingled with bladed calcite, indicating an exposed boiling zone. Assay results from rock samples have delivered remarkable values of up to 276 grams per tonne gold and 141 g/t silver, signalling the potential for another Au-Ag bonanza zone. Furthermore, subsequent work has led to the discovery of a 15-metre-wide zone hosting epithermal quartz veins and a breccia outcrop in the intersection of northeast- and northwest-trending geologic structures. Grab samples from quartz veins within the outcrop have yielded encouraging assay results of up to 4.15 g/t Au and 3.35 g/t Ag. The close proximity of the La Florida target to the Cielito target highlights a potential interconnection between these two significant areas.

Previous project work at the Cielito target concentrated on drill testing zones with a history of artisanal mining. The vein systems at Cielito and Quiroz areas yielded substantial quantities of free gold from epithermal quartz veins. During the latter half of 2023, an impressive collection of 48 check rock-channel samples obtained at Cielito returned gold grades of over 50 g/t Au, and of those, 28 surpassed gold grades of 100 g/t Au, and 11 returned gold grades over 200 g/t Au, with the highest recording a grade of 545 g/t Au.

Structural interpretation suggests a possible connection between the recently discovered La Florida epithermal vein-breccia and the Cielito vein system. Currently, Solgold's exploration efforts are focused on collecting rock-saw channel samples from the outcrop and the initiation of trenching to locate and sample the vein extensions at La Florida.

The Blanca-Nieves project is strategically positioned approximately eight km north of the company's Cascabel project in northern Ecuador, which features the large Alpala and the Tandayama-America porphyry copper-gold deposits. These projects are situated on the Northern Andean copper-gold belt.

Significant high-grade gold and silver mineralization has been discovered at multiple locations within the project area, including the presence of quartz epithermal veins exhibiting visible gold at Cielito and the recent discovery at La Florida. Solgold's continuing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate its considerable potential.

Solgold is making steady progress toward preparing the new target areas at La Florida for drilling, in alignment with a strategy centred around potential epithermal vein targets. This development aligns with plans to drill for extensions of the veins at Cielito and Quiroz, extending beyond the range of previous historic artisanal mining. Furthermore, Solgold aims to expand the size of the discovery at La Florida, underscoring the company's commitment to fully realizing the Blanca-Nieves project's potential.

Solgold founder and non-executive director Nick Mather commented on the Blanca-Nieves project, stating:

"I am enthusiastic about the new discovery at La Florida and the potential connection to Cielito. In the coming months, our exploration team will work diligently to define the extensions of the gold-silver quartz structure. Recent outcrop rock chip sampling has unveiled widespread surface gold and soil geochemical gold and silver, further confirming the project's extensive epithermal gold and silver precious metal field, covering an area exceeding 80 square kilometres.

"The northern Ecuador cordillera occidental trend has already yielded world-class discoveries at Solgold's Cascabel project and Codelco/Enami's Llurimagua project. The company holds prospective ground along select segments of this 90 km long trend."

Further information

The Blanca Nieves project is characterized by the presence of northeast-southwest- and northwest-southeast-trending Au-Ag epithermal quartz veins and comprises six main target areas across a 14 km by six km region.

The scout drilling completed to date has substantiated the conceptual model that the mineralized Au-Ag vein systems at the Blanca-Nieves project consist of multiple stacked gold lodes with subvertical bonanza-style feeder zones. The Cielito vein system remains open beyond the initial drill testing range toward the northeast and the southwest.

Additionally, the presence of Au-Ag quartz veins at Chorreras, Cielito, Quiroz, Florida, Escobar and San Patricio is a testament to the significant extent of the Blanca-Nieves epithermal gold-silver system.

Qualified person

Above information relating to the exploration results is based on data reviewed by Santiago Vaca (MSc, PGeo). Mr. Vaca 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 (PGeo) 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 London Stock Exchange and Toronto Stock Exchange rules. Mr. Vaca consents to the inclusion of the information in the form and context in which it appears.

About Solgold PLC

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.

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