SolGold : BofA Global Metals, Mining & Steel Conference

ENABLING A NET ZERO

FUTURE WITH COPPER

Corporate Presentation - BofA Securities Global Metals, Mining & Steel Conference

May 2022

LSE & TSX: SOLG

CAUTIONARY NOTICE

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SolGold and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of copper and gold ; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although SolGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and SolGold disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. SolGold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

News releases, presentations and public commentary made by SolGold and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward- looking statements; and save as required by the exchange rules of TSX and LSE for companies or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

The Company and its Officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on its website.

The Company recognises that the term World Class is subjective and for the purpose of the Company's projects the Company considers the drilling results at the Alpala porphyry copper-gold deposit at its Cascabel project to represent intersections of a World Class deposit on the basis of comparisons with other drilling intersections from World Class deposits, some of which have become, or are becoming, producing mines and on the basis of available independent opinions which may be referenced to define the term "World Class" (or "Tier 1").

The Company considers that World Class deposits are rare, very large, long life, low cost, and are responsible for approximately half of total global metals production. World Class deposits are generally accepted as deposits of a size and quality that create multiple expansion opportunities, and have or are likely to demonstrate robust economics that ensure development irrespective of position within the global commodity cycles, or whether or not the deposit has been fully drilled out, or a feasibility study completed.

Standards drawn from industry experts (1Singer and Menzie, 2010; 2Schodde, 2006; 3Schodde and Hronsky, 2006; 4Singer, 1995; 5Laznicka, 2010) have characterised World Class deposits at prevailing commodity prices. The relevant criteria for World Class deposits, adjusted to current long run commodity prices, are considered to be those holding or likely to hold more than 5 million tonnes of copper and/or more than 6 million ounces of gold with a modelled net present value ("NPV") of greater than US$1billion.

The Company cautions that the Cascabel project remains an early stage project at this time and there is inherent uncertainty relating to any project at prior to the determination of pre-feasibility study and/or defined feasibility study.

On this basis, reference to the Cascabel project as "World Class" (or "Tier 1") is considered to be appropriate.

References cited in the text:

1. Singer, D.A. and Menzie, W.D., 2010. Quantitative Mineral Resource Assessments: An Integrated Approach. Oxford University Press Inc.
2. Schodde, R., 2006. What do we mean by a world class deposit? And why are they special. Presentation. AMEC Conference, Perth.
3. Schodde, R and Hronsky, J.M.A, 2006. The Role of World-Class Mines in Wealth Creation. Special Publications of the Society of Economic Geologists Volume 12.
4. Singer, D.A., 1995, World-class base and precious metal deposits-a quantitative analysis: Economic Geology, v. 90, no.1, p. 88-104.
5. Laznicka, P., 2010. Giant Metallic Deposits: Future Sources of Industrial Metal, Second Edition. Springer-Verlag Heidelberg.

AN EMERGING COPPER GOLD MAJOR /2

SOLG Presentation - 2022.05.18 (Bank of America Conference)

CASCABEL POSITIONED TO MEET RISING COPPER DEMAND

• SolGold's Alpala deposit at Cascabel is one of the most significant copper-gold discoveries in the past decade
• Cascabel Pre-feasibility study confirms Tier 1 potential:
• • Attractive economics and deliverable:
  • • Pre/Post Tax US$5.2/2.9bn NPV and 25.3/19.3% IRR respectively (US$3.60/lb Cu)1
    • Pre/Post Tax US$7.9/4.1bn NPV and 30.5/23.4% IRR respectively (spot prices)2
  • Large: 25 Mtpa throughput, >330ktpa CuEq (first 5 years post ramp-up)3
  • First decile cash cost: Negative AISC of -US$1.38/lb Cu (first 5 years post

ramp-up)4

• • Scalable: 26-year initial project life from just 21% of M&I resource
• SolGold's potential doesn't stop at Cascabel
• • Highly prospective pipeline of projects
  • One of the largest tenement holders in Ecuador
  • Recent Tandayama-Ameríca and Cacharposa deposit discoveries demonstrate this adding >2.5Mt 5 of contained CuEq in the last year

Stage

PEA

DFS

EXP

PFS

PEA

FS

EXP

EXP

EXP

FS

EXP

EXP

EXP

EXP

FS

25

Top Copper Discoveries in 2010-20

Cu (Mt)

Au (Mt Cu eq)

Ag (kt Cu eq)

Mo (Mt Cu eq)

Ni (Mt Cu eq)

Co (Mt Cu eq)

Resourcein

20

Pd (Mt Cu eq)

Pt (Mt Cu eq)

eq. Metal

15

10

Mt Cu

5

-

• Cascabel is the largest independently owned undeveloped copper asset 6
• Cascabel contains ~13% of total copper and ~17% of total gold in new major deposit discoveries in the last ten years 7

AN EMERGING COPPER MAJOR /3

RECOGNISED ASSET QUALITY AND SUPPORT FROM MAJORS

Discoveries				Measured plus Indicated Categories
		Cut-off			Grade			Contained metal
Deposit		Mt
	grade	CuEq	Cu	Au	Ag	CuEq	Cu	Au	Ag
				(%)	(%)	(g/t)	(ppm)	(Mt)	(Mt)	(Moz)	(Moz)
Alpala1		0.21%	2,663	0.53	0.37	0.25	1.08	14.0	9.9	21.7	92.2
	0.80%	442	1.40	0.87	0.86	2.34	6.2	3.8	12.3	33.3
Tandayama		0.16%	233	0.33	0.23	0.16	-	0.77	0.5	1.2	-
-America2
Cacharposa	0.16%	397	0.44	0.35	0.14	-	1.75	1.4	1.8	-
3

Positive & supportive jurisdiction

Endorsed by major miners & institutions

Early mover advantage in Ecuador

11.8Mt Cu

24.7Moz Au

92.2Moz Ag 4

Applying the Cascabel blueprint for further discoveries in Ecuador

ANALYST COVERAGE

HOUSE	ANALYST	TARGET PRICE
Hannam & Partners	Roger Bell	101p
BofA Securities	Jason Fairclough	70p
Peel Hunt	Tim Huff	65p
Liberum	Ben Davis	44p
Red Cloud Securities	Timothy Lee	C$1.90
Cantor Fitzgerald	Matt O'Keefe	C$1.10
Cormark Securities	Nic Dion	C$1.00

Highly prospective new mining province

Excellent infrastructure: water, power and deep seaport

Large concession holder in Ecuador

76 concessions across 14 provinces and >3,000km2 area >325,000 metres drilled to date

Investments from BHP, Newcrest and Franco-Nevada total US$275m

TOP REPRESENTED SHAREHOLDERS 5

BHP Billiton Holdings Limited	13.56%
Newcrest International Pty Ltd	13.48%
DGR Global Ltd	8.90%
Cornerstone Capital Resources	6.85%
BlackRock	4.88%
Tenstar Trading Limited	4.70%
Samuel Holdings Group (Mather)	3.96%
Norges Bank	3.79%

AN EMERGING COPPER GOLD MAJOR /4

INCREASING INDICATORS OF A STRUCTURAL DEFICIT

COPPER A KEY WINNER IN THE GLOBAL ENERGY TRANSITION

• Climate change attributed events will drive escalating copper demand

MINED COPPER SUPPLY SET TO DECLINE IN THE MEDIUM-TERM

• Major copper deposit discovery rate continues to decline
• Scarce project pipeline beyond 2025 - structural shortfall
• Declining ore grades at depth reducing brownfield supply
• Copper mine underperformance skews supply risk to the downside 1

COPPER PRICE SUPPORTED BY WIDENING COPPER MARKET DEFICIT

• High copper price needed to incentivise lower grade options
• Expansionary capital must more than double over next 3-5 years to fill the supply gap to 2030 2
• Forecast mine supply gap of >6Mt 3 in the next decade

'000 tonnes			Copper mine supply falls short of expectations 1
26,000
24,000
22,000
20,000							Actual production well below
18,000							expectations from previous years
16,000
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
2011	2012		2013	2014	2015		2016	2017		2018	2020	2021

16
								Last decade lowest recorded
14									copper discoveries 4

discoveries	12
10
																							Alpala
of	8
																						discovery
Number
6																											Porvenir
4																										discovery
	2
	0
	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
30,000		Possible Projects (40%)											Possible Projects
	Probable Projects
			Base Case Production											(40%)
			Primary Demand (kt)
25,000																			Probable Projects
																				(100%)
20,000										Base Case Production
											(incl. committed projects)
15,000
	2020		2021		2022e		2023e		2024e		2025e			2026e		2027e		2028e			2029e		2030e		2031e
											AN EMERGING COPPER GOLD MAJOR /5