Ecuador's Mining Reset Is Opening Doors. Salazar Resources Is Walking Through All of Them

Solaris Resources Inc. (SLS) has defined a 1.5 km by 0.5 km copper-gold porphyry footprint at its Monja Project. Rock sampling indicates that 64% of samples returned results above 300 ppm Cu, with top results of 1.71% Cu, 0.99 g/t Au, and 162 ppm Mo. Soil sampling supports lateral extension into approximately 180,000 square meters.

At the El Domo Project, which holds a 25% fully carried interest, an independent NI 43-101 report confirms that the after-tax net present value (NPV) increased 121% to US$573 million at an 8% discount rate. This increase was driven by higher metal price assumptions and a 10% reserve expansion, while mine life was extended by approximately 1.5 years. Construction remains on track for July 1, 2027.

In regulatory news, Ecuador’s mining regulator exempted exploration-stage companies from the Mining Oversight and Control Fee. Additionally, Canada and Ecuador signed a comprehensive free trade agreement formalizing investment protections. The company’s portfolio, including the El Tigre and Tarqui-Quimi projects, continues to show high-grade gold-silver epithermal and barite results.

Solaris Resources Inc. (SLS) reported encouraging early exploration results at Monja, though the project remains in its initial stages. These findings do not shift the company’s near-term capital allocation, which continues to prioritize Warintza permitting and the completion of the Feasibility Study.

At El Domo, the net present value increase is financially significant; however, it represents a carried interest. Solaris bears no development costs and will not receive immediate cash flow until production begins in 2027.

Regulatory exemptions and the Canada-Ecuador Free Trade Agreement provide positive jurisdictional tailwinds that enhance the long-term investment climate. These factors do not, however, mitigate the immediate going-concern uncertainty highlighted in the Q1 2026 MD&A.

The news is considered incremental and expected following the November 2025 Preliminary Feasibility Study and the April 2026 Environmental Impact Assessment approval. The updates reinforce the development thesis without offering a near-term liquidity or operational catalyst.

Solaris Resources Inc. (SLS) is a copper-gold exploration and development company headquartered in Switzerland. Its flagship asset is the 100%-owned Warintza Project in southeastern Ecuador. A Pre-Feasibility Study published in November 2025 outlines a 22-year mine life with 1.3 billion tonnes of mineral reserves. The project economics indicate a post-tax net present value (NPV) of US$4.6 billion and an internal rate of return (IRR) of 26%.

The company’s exploration portfolio includes La Verde in Peru, where it holds a 60% interest, as well as the Tamarugo project in Chile. Additional assets include a 75% earn-in interest in a Peru project and ENAMI I & II options, as the company actively expands its district-scale footprint. Management is led by Matthew Rowlinson, formerly of Glencore; Richard Hughes, formerly of RBC Capital Markets; and Javier Toro, formerly of Hudbay Minerals.