SolGold PLC - London-based copper and gold explorer in Ecuador - Says strategic review is advancing following merger with Cornerstone Capital Resources Inc in February, through which it consolidated an 100% interest in the Cascabel copper-gold project in Ecuador. Adds that discussions with "highly credible groups" interested in its assets are ongoing. Says work plans for 2024 have been funded and no additional financing is required in the near-term, after raising USD86 million through an investment by Osisko Gold Royalties Ltd in 2022. Chief Executive Officer Scott Caldwell says he is "disappointed" by the company's current stock price as SolGold is "currently in the strongest position it has ever been". Its shares are down 41% over the past month.
He adds: "It is important to note that the immaterial level of trading activity in our shares that has corresponded with a decline in our share price does not reflect the intrinsic value of our underlying assets. I firmly believe the fundamental value of our shares far exceeds their current market price, and I am fully committed, alongside the SolGold team, to ensuring a successful outcome."
Current stock price: 8.00 pence, down 1.2% on Wednesday
12-month change: down 50%
By Sabrina Penty, Alliance News reporter
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SolGold (SOLG)