Exploration and development company SolGold is in discussions with several “highly credible” groups interested in the Cascabel copper project, in Ecuador, the LSE- and TSX-listed company reported on Tuesday.
There are more than 20 active confidentiality agreements in place and more than five groups have already completed site visits, with a number of follow-up visits being scheduled.
“Cascabel is undeniably recognised as a significant strategic asset with a high-quality resource. I firmly believe Cascabel will one day become a multigenerational mine and a substantial contributor to the Ecuadorian economy,” said CEO and president Scott Caldwell.
“External groups evaluating the project are being very diligent in their review as they progress through various stages in their internal processes. In parallel, we continue to advance and derisk Cascabel to position it as a turnkey asset,” he said.
Caldwell reported that, since his appointment, he had implemented a “hard reset” for the organisation.
The company’s headcount has reduced by about 70% since the 2022 financial year, with 282 people employed by September this year.
Caldwell also relocated to Ecuador to lead operations in the country.
“Since being appointed to a leadership role at SolGold, we have made tremendous progress to ensure a strong balance sheet, improve our operational focus and advance the strategic review,” he said.