Mr. Scott Caldwell reports

SOLGOLD PLC ANNOUNCES BLANCA-NIEVES PROJECT UPDATE

Solgold has provided an update on the Blanca-Nieves project. Solgold holds a 100-per-cent interest in the project through its Ecuadorian subsidiary, Carnegie Ridge Resources SA:

• Exploration identified a significant porphyry target at El Cielto Norte covering approximately 2.5 kilometres by 2.5 km and is greater in extent than the Alpala system to the south at the Cascabel project;
• At Florida, new assays from channel samples of gold-bearing epithermal quartz vein outcrops with up to 6.15 metres true thickness, returned results of 6.15 m at 7.46 grams per tonne (g/t) gold (Au), including 2.2 m at 21.1 g/t Au;
• Advancing new target areas toward drill-ready status;
• Potential for future integration of Blanca-Nieves with the Tier 1 Cascabel project, due to the proximity of approximately eight km.

Santiago Vaca, Solgold's chief geologist, commented:

"Our team is excited about the overall prospect of the Blanca-Nieves project, including the potential for future integration with the Cascabel project. The district-scale opportunity reinforces our view that mining has the potential to be a significant, multigenerational sector in Ecuador."

Further information

The Blanca-Nieves project is situated approximately eight kilometres north of the company's Tier 1 Cascabel project in northern Ecuador, which holds 3.7 billion tonnes (Bt) of ore, 12.4 million tonnes (Mt) of copper and 31.3 million ounces (Mo)z of gold in the measured plus indicated category, and 854 Mt of ore, 2.0 Mt of copper and 5.3 Moz of gold in the inferred category. The Cascabel project is the largest undeveloped copper-gold resource in South America and one of the largest in the world -- with its recently published prefeasibility study indicating an initial capex (capital expenditure) of $1.55-billion and the initial block cave yielding a peak annual production of 216,000 tonnes of copper, 734,000 oz of gold and 1.16 Moz of silver. The project is situated in the Northern Andean copper-gold belt, a region that promises to deliver a significant proportion of the copper and gold necessary to meet the growing global demand over the coming decades.

High-grade, bonanza-style gold and silver mineralization with visible gold has been discovered outcropping at numerous locations within the Blanca-Nieves project area. This includes the previously reported presence of epithermal quartz veins with over 100 g/t gold grades at Cielito and Florida. The continuing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate significant potential for complex high-grade epithermal vein systems, and recent work has also identified the potential for a parent mineralized porphyry body beneath the outcropping gold system.

Solgold is advancing new target areas toward drill-ready status as exploration continues with both epithermal vein and porphyry gold-copper as objectives. Solgold intends, ultimately, to extend the definition of the gold-bearing epithermal veins at Cielito and Quiroz beyond the range of previous historical artisanal mining and drilling to date, and to extend the size of the discovery at Florida, further demonstrating the company's commitment to realizing the full potential of the Blanca-Nieves project with a view to integration with Cascabel.

Recent and historic exploration at the Blanca-Nieves project, immediately north of the company's Cascabel project, has identified a widespread epithermal gold and silver precious metal field which covers more than 80 square kilometres.

New assays of channel samples from gold-bearing epithermal quartz vein outcrops, with up to 6.15 m true thickness, returned 6.15 m at 7.46 g/t Au at Florida, including 2.2 m at 21.1 g/t Au. A significant thickening of quartz veins is observed along with an increase in clay alteration at Florida, and more recent fieldwork has identified a significant porphyry target at El Cielito Norte, immediately west of Florida.

El Cielito Norte lies central to peripheral high-grade gold-silver and base metal vein occurrences at Cielito, Florida, Quiroz and Las Chorreras. The El Cielito Norte porphyry target is characterized by a central magnetic high anomaly, surrounded by an annular magnetic low, typical of the inner potassic and outer hydrothermal alteration zones observed in many large porphyry deposits around the globe.

High-grade quartz-gold-silver epithermal vein systems at Cielito, Florida, Quiroz and Las Chorreras occur peripheral to the El Cielito Norte porphyry target defined by a central diorite porphyry intrusion coincident with a kilometre-scale RTP (reduction to the pole) magnetic high with annular magnetic low. Zones of argillic clay alteration lie coincident with the magnetic low.

Additional porphyry-style magnetic signatures are evident, overlapping on the northern edge of the main anomaly.

The porphyry target alteration footprint at El Cielito Norte covers approximately 2.5 km by 2.5 km and is greater in extent than the Alpala system to the south.

Continuing surface rock chip float, and channel and soil sampling programs are in preparation to map extensions of this exciting discovery and outline drill targets.

Qualified person

Information herein 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 it 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 environmental impact.

Quality assurance/quality control (QA/QC) on sample collection, security and assaying

Solgold operates according to its rigorous quality assurance and quality control 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 utilizes ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.

Samples are prepared and analyzed using 100-gram four-acid digest ICP (inductively coupled plasma) with MS (mass spectrometry) finish for 48 elements on a 0.25 g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and interlaboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.

In order to monitor the continuing quality of its analytical database, Solgold's quality assurance/quality control 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 continuing 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.

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