SolGold PLC Announces Statement re Litigation with Ex-CEO

Rhea-AI Summary

SolGold (LSE:SOLG)(TSX:SOLG) has announced the resolution of litigation proceedings with former CEO Darryl Cuzzubbo (Case QUD112/2023) through a settlement agreement. The company has withdrawn its previous allegations of serious misconduct against Mr. Cuzzubbo during his employment period. The settlement acknowledges that Mr. Cuzzubbo's operational vision for the company differed from the Board's perspective at the time of his termination. A settlement payment has been made to Mr. Cuzzubbo, with other terms remaining confidential.

Positive

• None.

Negative

• Legal settlement payment required to former CEO
• Company forced to retract misconduct allegations against former CEO
• Revealed internal conflict between former CEO and Board over company operations

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BISHOPSGATE, LONDON / ACCESS Newswire / February 21, 2025 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) makes the following statement in relation to the litigation proceedings between Darryl Cuzzubbo v SolGold plc and Ors. (QUD112/2023):

(i) the proceedings between Mr Cuzzubbo and SolGold and its current and former directors have been resolved by way of settlement;

(ii) SolGold no longer contends that Mr Cuzzubbo engaged in any serious misconduct during his employment;

(iii) the parties agree that, at the time of Mr Cuzzubbo's termination, his view as to the company's operation differed to that of the Board of SolGold; and

(iv) a payment was made by SolGold to Mr Cuzzubbo in respect of the settlement and the terms of settlement are otherwise confidential.

CONTACT:

Ryan Wilson General Counsel SolGold plc

Tel: +44 (0) 20 3807 6996

ABOUT SOLGOLD

SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.

The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.

SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE:SOLG)(TSX:SOLG).

See www.solgold.com.au for more information. Follow us on X @SolGold_plc.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: SolGold PLC

View the original press release on ACCESS Newswire

FAQ

What was the outcome of SolGold's litigation with former CEO Darryl Cuzzubbo?

The litigation was resolved through a settlement agreement, with SolGold making a payment to Cuzzubbo and withdrawing its misconduct allegations.

Why did SolGold (SLGGF) terminate their previous CEO Darryl Cuzzubbo?

According to the settlement statement, Cuzzubbo's termination was due to differing views with the Board regarding the company's operations.

What allegations did SolGold make against former CEO Cuzzubbo?

While specific allegations weren't detailed, SolGold has now formally withdrawn any claims of serious misconduct during Cuzzubbo's employment.

How much did SolGold pay in the settlement with former CEO Cuzzubbo?

The exact settlement amount was not disclosed, as the terms of the settlement remain confidential.