Solaris Announces Major Expansion of Warintza District, Reports New Anomalies with Sampling of Up to 8% Copper and Provides Project Update

The news release dated January 28, 2026, details a significant expansion of the company’s footprint in the Warintza district of Ecuador. Solaris has entered an option agreement with the state-owned ENAMI EP to acquire a 100% interest in "Solaris 2," a new exploration area. Preliminary surface sampling at the "Solaris 1" area has returned high-grade copper results, with rock samples as high as 8.38% Cu. Furthermore, the company announced the formal commencement of a Feasibility Study (FS) for the flagship Warintza project, involving major consultants Ausenco, Knight Piésold, and AMC. Permitting progress is noted with the Environmental Impact Assessment (EIA) in its final review stages, with full permitting expected by H2 2026.

• District Scale Potential: The addition of Solaris 2 and the high-grade sampling at Solaris 1 (up to 8% Cu) suggest that Warintza is not just a single deposit but a true district-scale opportunity. However, a risk-averse analyst must note that surface sampling is not a substitute for drilling; "partially leached" surface outcrops often misrepresent what lies at depth.
• De-risking Progression: The transition from Pre-Feasibility (PFS) to Feasibility Study (FS) and the move toward the final stages of EIA approval are critical de-risking milestones. The partnership with ENAMI EP (state-owned) provides a layer of political protection in a historically challenging jurisdiction.
• Economic Validation: The previously released PFS (Nov 2025) showcased a massive US$4.6B NPV, but the US$3.7B initial capital requirement remains a significant hurdle for a company of this size. The current expansion news increases the project's attractiveness to a potential major suitor, which is the most likely path to production given the capex requirements.

Solaris Resources is focused on the Warintza Project in southeastern Ecuador, a globally significant copper-gold porphyry deposit. The project is characterized by near-surface, high-grade mineralization. The company also holds a 60% interest in the La Verde project in Mexico (with Teck Resources) and the Tamarugo project in Chile. Warintza is the clear flagship, with a 22-year mine life and an average annual production of 230kt of copper.