LSE- and TSX-listed SolGold on Tuesday announced leadership changes and a strategic reset aimed at accelerating the development of its flagship Cascabel copper/gold project in Ecuador. 

The company appointed Dan Vujcic as CEO and Paul Smith as nonexecutive chairperson. Outgoing CEO Scott Caldwell will transition to a nonexecutive director role.

Vujcic, a veteran of the resource industry, brings extensive experience in investment banking and corporate leadership, having advised on mergers, acquisitions, and large-scale fundraisings. Most recently, he served as chief development officer at MAC Copper, where he helped secure more than $1-billion in capital for the acquisition of the CSA Copper mine from Glencore.

“Cascabel is a tier-one development project with tier-one financiers in Franco-Nevada and Osisko Gold Royalties,” Vujcic said. 

“The opportunity is immense for all stakeholders, especially the country of Ecuador, which has already seen mining success with Lundin Gold’s Fruta del Norte project and ECSA’s Mirador project. I am excited to be tasked with moving SolGold forward into the development phase, to start unlocking the significant value in its current portfolio."

Vujcic said SolGold would also explore the merits of listing on the ASX.

Smith, a former head of strategy at Glencore and a seasoned executive in the resources sector, echoed Vujcic’s optimism. “I am excited about the opportunities that lie ahead, and am looking forward to working with the board, the company advisers and its stakeholders,” he said. “With the strong fundamentals of this project, current copper prices and the business environment in Ecuador, I strongly believe we can help SolGold create significant shareholder value.”

STRATEGIC OVERHAUL AND EXPLORECO FORMATION
The leadership shakeup is part of a broader realignment that includes the formation of a technical committee for the Cascabel project and the establishment of an exploration subsidiary, ExploreCo.

The technical committee will oversee critical development aspects of Cascabel, including optimising plant location and design, refining tailings storage strategy, and assessing early cash flow opportunities. The company is considering an early access tunnel to the Alpala ore body, as well as the potential for openpit mining at the nearby Tandayama deposit to expedite copper/gold production.

SolGold also aims to capitalise on Ecuador’s hydropower resources to reduce operating costs. “Key programmes to be undertaken include early commencement of access tunneling to the Alpala ore body, definition of reserves at Tandayama, and metallurgical investigations to improve recoveries,” the company said in a statement.

Meanwhile, the newly formed ExploreCo would house SolGold’s exploration portfolio, comprising 89 licences across more than 3 000 km² of highly prospective copper/gold targets. Among its high-priority assets are the Porvenir project, which boasts a 493.7-million-tonne resource grading 0.43% copper equivalent, and the Blanca project, located just north of Cascabel, which exhibits signs of a significant porphyry system.

A definitive plan for ExploreCo is expected in the second quarter of 2025.