SolGold PLC Announces Company Update
BISHOPSGATE, UK / ACCESSWIRE / November 22, 2022 / The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to provide an update on the Company's strategy and near-term priorities following the appointment of Mr. Scott Caldwell as Interim Chief …
BISHOPSGATE, UK / ACCESSWIRE / November 22, 2022 / The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to provide an update on the Company's strategy and near-term priorities following the appointment of Mr. Scott Caldwell as Interim Chief Executive Officer ("CEO") on 10 November 2022.
Mr. Caldwell has over 40 years of extensive experience in the global mining industry, having held several senior executive and operational roles with notable mining companies including at Freeport-McMoRan's Indonesian properties and block cave mines, Kinross and the large Collahuasi mine in Chile, operating globally and in South America. Mr. Caldwell is familiar with SolGold and its assets and aligned with shareholder interests as a result of being:
- a significant investor in a personal capacity;
- the former CEO of a corporate entity that previously held more than 5% of the outstanding ordinary shares of the Company; and
- a former director of SolGold.
Mr. Caldwell's remuneration as Interim CEO will consist of a nominal annual base salary of US$200,000 and will include performance-based equity awards to further align his interests with all shareholders. Upon closing of the Cornerstone Capital Resources Inc. ("Cornerstone") merger transaction (the "Transaction"), Mr. Caldwell will own 17,587,500 SolGold shares.
Mr. Caldwell, Interim CEO of SolGold, commented:
"Our top priority is to allocate our human and capital resources efficiently to unlock shareholder value. We are curtailing spend that is not aligned with our value maximisation objectives including advancing nonessential studies in this market environment that do not materially increase value. We are taking a very disciplined approach to capital allocation. To be clear, we will continue to progress critical work streams that are required to advance and de-risk the Tier 1 Cascabel project that has the opportunity to bring significant benefits to all Ecuadorians and support Ecuador to become the next copper frontier. We will also focus on advancing our highest priority exploration targets within our large exploration portfolio in Ecuador using our proven methodology. This new approach is a clear shift in direction and is in alignment with feedback received from a number of shareholders, and we look forward to continued engagement with all stakeholders. I will ensure the SolGold team works tirelessly to ensure all shareholders are rewarded for funding this world class discovery in Cascabel and I would like to personally thank our shareholders for their patience and support."