SolGold sets 2026 start for early works at Cascabel

[Ben Graham]

SolGold (LON: SOLG) is accelerating development of its Cascabel copper-gold project in northern Ecuador, with early works scheduled to begin in 2026 and first production targeted for 2028.

The company is following a revised development plan that advances site preparation, accelerates drilling, and restructures its exploration assets into two subsidiaries. One will manage Cascabel and surrounding northern tenements, while the other will oversee the southern portfolio, including the Porvenir project near Lundin Gold’s Fruta del Norte and Ecuacorriente’s Mirador operations.

The new structure is intended to streamline permitting and improve capital allocation as SolGold pushes multiple assets forward.

SolGold Ecuador financial director Luis Mario Sánchez Sánchez said the company expects to expand camps and roads in the first half of next year and may even start work on the portal and tunnels at Alpala. “In the first half of the year, we plan to expand the camp and the roads; we may even begin construction of the portal and access tunnels to Alpala,” he told Bnamericas.

The development sequence will begin with open-pit mining at Tandayama-America (TAM) in January 2028, followed by underground extraction at Alpala later in the year. The processing plant and on-site tailings facility are also slated for completion by year-end. Sánchez said TAM, located about 3 km north of Alpala, is advancing in parallel, and that the project’s design uses early revenue from TAM to support the more capital-intensive underground build at Alpala, which hosts most of Cascabel’s copper, gold, and silver reserves.

Chief executive officer Dan Vujcic who joined the company earlier this year, said SolGold is pushing ahead aggressively to align with expected copper supply deficits linked to global electrification. In July, he said the company had fully entered execution mode with a plan focused on momentum, risk management, and early returns.

Early works at Alpala are expected to open underground access by late 2027, months ahead of the previous schedule. SolGold has shortened the concentrator construction period to 18–21 months through modular construction and early procurement of long-lead equipment.

Shares in SolGold climbed almost 20% in London on Wednesday, closing at 25.05p and valuing the miner at £737 million ($181 million).