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LONDON - SolGold plc (LSE:SOLG) has secured a $750 million stream financing agreement with Franco-Nevada and OR Royalties International to fund pre-construction and partial construction of its Cascabel copper-gold project in Ecuador, the company announced in its annual financial report.
The mining firm ended fiscal year 2025 with a cash balance of $11.8 million and has since drawn an additional $33.3 million under the stream agreement, which preserves all copper and silver production rights and a majority of gold upside, according to the company statement.
SolGold reported that G Mining Services has advanced the Feasibility Study for Cascabel, with plans to prioritize early open-pit production at the Tandayama-América deposit to accelerate initial cash flow. The company aims to break ground for portal and decline construction before the end of 2025, with the Feasibility Study scheduled for completion by mid-2026.
The company also announced its "ExploreCo" strategy to create a separate entity for its regional exploration assets, including the Porvenir project, which recently received its environmental license for advanced exploration.
During the fiscal year, Jiangxi Copper increased its stake in SolGold to 12.2% with an $18.1 million investment made at a 45% premium to the market price.
SolGold underwent leadership changes with the appointments of Dan Vujcic as CEO, Paul Smith as Non-Executive Chairman, and Charles Joseland as Senior Independent Director.
"2025 reshaped SolGold. We secured transformational financing, accelerated development at Cascabel, and formulated the pathway for ExploreCo," said CEO Dan Vujcic in the press release statement.
The Cascabel project is positioned in the bottom quartile of production costs among global copper projects, according to the company.
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