Alpala Deposit Mineral Resource Update Delivers Significant Tonnage Conversion

AUSTRALIA - SolGold reported an update regarding the third Mineral Resource Estimate (MRE#3) for its flagship Alpala Porphyry Copper-Gold Deposit at the Cascabel Project in Northern Ecuador. Following a further 83,650m of infill drilling since the previous Mineral Resource Estimate (MRE#2) reported in November 2018, the Company has been successful in delivering the conversion of considerable tonnages into the Measured Resource category, plus the addition of 1.6 Mt Cu, 2.5 Moz Au, and 92.2 Moz Ag (not previously estimated) to Measured plus Indicated Mineral Resources.

Increased drill hole density throughout the deposit has also yielded a dramatic increase in the confidence and economic viability of the Alpala Mineral Resource. The Mineral Resource is constrained within a 3D Underground Optimized Shape (UOS) and as a result a large percentage of the Mineral Resource is expected to be converted to Mineral Reserves following completion of the Pre-Feasibility Study (PFS) currently underway.

Highlights of the latest Alpala Mineral Resource at 0.21% CuEq cut-off grade: Mineral Resource of 2,663 Mt @ 0.53% CuEq for 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag in the Measured plus Indicated categories; Mineral Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9 Moz Au and 10.6 Moz Ag in the Inferred category; High-grade core of 442 Mt at 1.40% CuEq for 3.8 Mt Cu, 12.3 Moz Au and 33.3 Moz Ag in the Measured plus Indicated categories supports early cash flows and accelerated pay back of initial capital as identified in the November 2019 Amended and Restated Preliminary Economic Assessment (PEA); & At a cut-off grade of 0.20% CuEq, applied for comparative purposes, the MRE#3 update has added 1.6 Mt copper, 2.5 Moz gold and 92.2 Moz silver (with silver not previously estimated) to Measured plus Indicated Mineral Resources providing a solid resource basis for the Company's PFS.

Chief Executive Officer, Nick Mather said, "We are delighted that, following a significant drilling effort at the Alpala Deposit, the Company has been able to release its third and improved Mineral Resource Estimate.  This significantly increases our confidence that the economics identified in the PEA are achievable and are based on a bankable porphyry orebody.  The increase in Measured and Indicated Resources, which contains almost 22 million ounces of gold and 92 million ounces of silver as a by-product, to about 10 million tonnes of copper, coupled with favorable metallurgy and concentrate quality provides a robust platform on which to base our forthcoming PFS.”