Solaris granted option to acquire lands at Warintza

Executive Summary

• Solaris Resources Inc. has been granted an option by Ecuador’s state-owned mining company, ENAMI EP, to acquire up to a 100% interest in "Solaris 2," a new portfolio of highly prospective exploration areas adjacent to its Warintza project, expanding its footprint by approximately 40,000 hectares.
• Early-stage prospecting results from the "Solaris 1" area identified significant copper anomalies, with rock samples returning up to 8.38% copper, supporting immediate follow-up work and reinforcing district-scale discovery potential.
• The company is advancing a parallel permitting strategy, expecting technical approval of the Environmental Impact Assessment (EIA) imminently, with full permitting targeted for the second half of 2026, while a feasibility study is underway with major engineering partners.

Key Details

• Solaris 2 Option Terms:
  • Grantor: Empresa Nacional Minera ENAMI EP.
  • Interest: Option to acquire up to 100% interest.
  • Upfront Payment: $250,000 USD.
  • Minimum Exploration Program: $25 million USD over a four-year exploration phase.
  • Milestone Payments: Up to $1.75 million USD subject to achieving certain milestones.
  • Acquisition Price: To be determined by independent experts.
  • Land Expansion: Approximately 40,000 hectares added to the district footprint.
• Solaris 1 Exploration Results:
  • Activity: 11 field prospecting expeditions over 16 months; >1,500 rock and soil samples collected.
  • Target Areas: Tinki Northwest, Tinki North, and Tinki South.
  • Tinki South Western Anomaly:
    • Dimensions: ~1,000m x 300m.
    • Soil Copper Values: 200 to 800 ppm.
    • Rock Sample Grades: 0.11% to 8.38% Copper.
  • Tinki South Eastern Anomaly:
    • Dimensions: ~2,000m x 600m.
    • Soil Copper Values: 250 to 1,045 ppm.
    • Rock Sample Grades: 0.10% to 0.99% Copper.
  • Geology: Widespread potassic alteration typical of large copper porphyry systems; surface outcrops are partially leached, suggesting higher grades at depth.
• Warintza Project Status:
  • Permitting: EIA is in final stages of review; technical approval expected imminently after minor observations. Full permitting expected in H2 2026.
  • Feasibility Study: Commenced with Ausenco, Knight Piesold, and AMC Consultants. Focus on optimizing mine design, infrastructure, tailings management, and cost estimates.
  • Reserves: Flagship asset contains over 1.3 billion tonnes of mineral reserves.

Notable Quotes

• Matthew Rowlinson, President and CEO: "The award of these areas represents a significant step forward in strengthening our position across what is proving to be a highly prolific copper district... Solaris is well positioned to unlock a true district-scale opportunity built on shared infrastructure, responsible development and strong partnerships with the state and local communities."
• Gallo Garcia, General Manager of ENAMI EP: "We are very pleased that the second commercial agreement with Solaris has been finalized... ENAMI EP is a strategic ally, committed to accompanying and supporting these processes. Together with Solaris, we are moving forward with mining projects that will represent a significant and sustainable contribution to the country's development."