SolGold PLC on Tuesday noted a pre-feasibility study technical report for the Cascabel project in Ecuador.

The Ecuador-focused copper and gold exploration company said the independent report dated last week Friday supported the results of a pre-feasibility study the company reported in February.

The report estimates a pre-tax net present value of $5.4 billion with a 33% internal rate of return. Further, it gauges a $3.2 billion after-tax net present value with a 24% internal rate of return and a 4-year payback period from the start of processing.

The report estimates an average production of 123,000 tonnes of copper per year, 277,000 ounces of gold and 794,000 ounces of silver per year.

SolGold shares rose 2.2% to 8.37 pence each on Tuesday afternoon in London.

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