The Board of Directors of SolGold provided an independently verified update regarding the Mineral Resource Estimate ("MRE") for its Tandayama-America ("TAM") porphyry copper-gold deposit at the Cascabel project in northern Ecuador. The TAM deposit lies approximately 3km north of the Alpala deposit that comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag [2] at the Company's Cascabel project, held by Exploraciones Novomining S.A. ("ENSA"), an 85% owned subsidiary of SolGold. HIGHLIGHTS: Total Mineral Resource at the TAM deposit is updated to 528.5Mt at 0.36% CuEqfor 1.27Mt Cu, and 3.16Moz Au in the Measured plus Indicated categories, equating to an increase in contained metal of approximately 0.74 Mt Cu and 1.96 Moz Au compared to the maiden MRE announced on 19 October 2021.

Potentially open pittable Mineral Resources comprise 356.5Mt at 0.36% CuEq in the Measured plus Indicated categories, plus 35.7Mt at 0.36% CuEq in the Inferred category, at a cut-off grade of 0.16% CuEq. • Optimisation studies of the potentially open pittable Mineral Resource show a higher-grade internal zone containing 223.3Mt at 0.41% CuEq which includes an outcropping zone containing 28.0Mt at 0.43% CuEq and 10.5Mt at 0.55% CuEq. • Mineral Resources potentially mineable by underground bulk mining methods comprise 172.0Mt at 0.35% CuEq in the Indicated category, plus 69.4Mt at 0.36% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.

Potentially open pittable Measured plus Indicated resources CuEq metal content has grown by 94% compared to the TAM Maiden MRE, to 0.82Mt Cu and 2.37Moz Au in MRE#2. Similarly, TAM Measured plus Indicated underground resources CuEq metal content has grown by 445% to 0.45Mt Cu and 0.78Moz Au in MRE#2. Mineral Resources potentially mineable by underground bulk mining methods include a higher-grade core that continues to remain open to the southeast and at depth and will be the focus of further drilling aimed at quantifying potential of other underground mining methods such as sub-level caving and sub-level open stoping. Following completion of Hole 42 at TAM on 29 April 2022, the drill rig was moved to the Moran target to commence exploration drilling of hole MOD-22-001. This hole is at a current depth of 414.7m and continues to intersect bornite and visible chalcopyrite copper sulphide mineralisation from 19.1m to its current depth.

Following completion of Hole 42 at TAM on 29 April 2022, the drill machine was moved to the Moran target where exploration drilling of hole MOD-22-001 is at a current depth of 414.7m and continues to intersect bornite and visible chalcopyrite copper sulphide mineralisation from 19.1m to its current depth. The mineralisation style holds close affinities to that at the Alpala and TAM deposits, with copper sulphide mineralisation formed as "B-type" quartz-chalcopyrite veins and disseminated chalcopyrite mineralisation. Visual logging of copper sulphides includes intervals containing over 2.2% chalcopyrite by volume and up to 2.2% "B-type" quartz-chalcopyrite veins by volume.

Mineralisation encountered thus far at the Moran target is hosted within volcanic, intrusive breccia and diorite porphyry rocks.