SolGold PLC in September said its annual loss had widened during its most recent financial year, primarily due to amortisation, as its project activities continue to progress.
The Ecuador-focused exploration company said pretax profit for the financial year that ended June 30 was $62.3 million, widening from $49.3 million the year before.
It reported no revenue, unchanged from the year before, whilst the company’s write-off of exploration costs multiplied up to $8.3 million from $1.1 million in 2023. Amortisation for the year was $24.1 million, up from nothing last year.
SolGold in October announced that G Mining Services Inc had been contracted to provide project management services for a feasibility study for its Cascabel copper-gold porphyry project in northern Ecuador.
Its pre-feasibility study for the project had outlined a 28-year mine plan based on a mineral reserve estimate of 540 million tonnes, containing 3.2 million tonnes of copper at 0.6%, 9.4 million ounces of gold at 0.5 grams per tonne, and 28 million ounces of silver at 1.62 grams per tonne.
On Monday, SolGold said geotechnical investigations at Cascabel had begun, which will inform excavation design, ground support and other critical project components.
Chief Executive Officer Scott Caldwell said: ‘Commencing the geotechnical drilling programme is a key milestone in the Cadcabel project’s timeline. The data collected will support our technical teams in finalising the mine’s design, helping us advance towards the company’s goal of delivering one of the largest multi-generational copper-gold projects in the world.
‘The upcoming kickoff meeting with G Mining’s technical team [in November] underscores SolGold’s commitment to integrating top-level planning and sustainable development practices to deliver one of the world’s largest copper-gold resources responsibly.’
The company in September also said that assay results from soil samples taken at its Blanca Nieves project in northern Ecuador in the first half of financial 2024 have been received, and are currently undergoing analysis to further understand the mineral potential of the project.
SolGold has entered the consultation phase of permitting for its Porvenir project in southern Ecuador, as part of its efforts to obtain the environmental licence necessary to enable any future drilling activity.
Shares in SolGold were flat at 8.26 pence each in London on Monday afternoon.
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