2026 Fact Sheet

Developing the Tier 1 Warintza Project in Ecuador

A globally significant copper-gold porphyry deposit with all the hallmarks of a Tier 1 asset: scale, grade, infrastructure and long-term potential — a rare opportunity to develop a multi-generational mine with global impact.

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Total resource: 5.8Bt
Reserve life: +20 yrs
Post-tax NPV8%: $4.6bn
Post-tax IRR: 26%

Company snapshot

Listings

TSX: SLS

NYSE: SLSR

Incorporated in Canada, headquartered in Switzerland.

Market capitalisation

C$1.9 billion

≈ US$1.4 billion

Among the more substantial listed copper development companies globally.

Funding

US$200 million

Non-dilutive, with Royal Gold

Funded to a construction decision while retaining 100% ownership.

Top ownership

As of July 2026

Richard Warke (Non-Exec Chairman)
36.2%
60,493,546
Helikon Investments Ltd
11.3%
17,488,787
Earle, Daniel
4.3%
7,114,375
BlackRock Investment Management (UK) Ltd.
3.7%
6,152,971
Global X Management Co. LLC
2.6%
5,000,000
PSquared Asset Management AG
2.4%
4,214,526
Beaty, Ross J (Kestral Holding)
2.2%
4,084,315
Principal Global Investors LLC
2.0%
3,663,616
Orion Resource Partners LP
1.6%
3,304,618
Picton Mahoney Asset Management
1.1%
1,888,614

Holder	% of outstanding	Shares
Richard Warke (Non-Exec Chairman)	36.2%	60,493,546
Helikon Investments Ltd	11.3%	17,488,787
Earle, Daniel	4.3%	7,114,375
BlackRock Investment Management (UK) Ltd.	3.7%	6,152,971
Global X Management Co. LLC	2.6%	5,000,000
PSquared Asset Management AG	2.4%	4,214,526
Beaty, Ross J (Kestral Holding)	2.2%	4,084,315
Principal Global Investors LLC	2.0%	3,663,616
Orion Resource Partners LP	1.6%	3,304,618
Picton Mahoney Asset Management	1.1%	1,888,614

Investment case

PFS confirms Warintza's Tier 1 status

Global scale resource with multi-decade mine life and first quartile costs driving significant EBITDA and FCF.

District scale, no attachment to a major

One of the few copper projects globally with multigenerational scale and full strategic independence.

Operational simplicity

Conventional open pit mining at low elevation, leveraging a conventional processing plant.

Social licence and favourable jurisdiction

Impact & Benefits Agreement signed, with Municipal, Provincial and Federal government endorsements.

Latam exploration portfolio

Early-stage assets offering unrecognised upside, with a focus on unlocking value through derisking.

Experienced team

Diverse skillsets covering all critical elements required at this stage of Solaris' development.

Fully funded to feasibility

US$200mm non-dilutive financing package with Royal Gold, retaining 100% ownership.

PFS highlights

Confirms Warintza's status as a Tier 1 project

Key features of Warintza

312% increase in M&I Mineral Resources compared to the 2024 MRE
Downhill loaded haul from pit drives 1st quartile costs
Excellent access to infrastructure (water, power, roads, labour, etc)
Clean high-quality concentrate providing marketing flexibility
Significant potential to extend LOM by 25 to 30 years beyond Reserves
PFS prepared in conjunction with highly experienced consultants

Key PFS outputs

Production (CuEq)⁽¹⁾

304kt

Avg. Y1-5

242kt

Avg. Y1-15

Reserve life

+20 years

LOM strip ratio

0.53:1

First Quartile AISC⁽²⁾

$0.85/lb

Avg. Y1-5

$1.07/lb

Avg. Y1-15

Capital intensity

US$3,684mm pre-production capex

US$15,440/t⁽³⁾

Post-tax NPV8% and IRR

$4.6bn⁽⁴⁾

26%

Annual EBITDA⁽⁴⁾

$1.9bn

Avg. Y1-5

$1.4bn

Avg. Y1-15

Annual post-tax FCF⁽⁴⁾

$1.3bn

Avg. Y1-5

$1.0bn

Avg. Y1-15

Post-tax payback period

2.6 years

Source: Warintza PFS

1.Copper equivalent production based on metal prices of US$4.50/lb Cu, US$20.00/lb Mo, US$28.00/oz Ag and US$2,800/oz Au
2.By-product AISC, inclusive of the Royal Gold stream and royalty
3.Capital Intensity calculated as Initial Capex / Avg Annual CuEq. Produced for first 15 years
4.Commodity price assumptions: US$4.50/lb Cu, US$20.00/lb Mo, US$28.00/oz Ag and US$2,800/oz Au for years 1-3 then US$2,500/oz for years 4-22

Ore reserves & mineral resources

Contained CuEq (kt)

Reserves for 22-year operation
Significant potential to extend LOM by 25 - 30 years beyond Reserves
Reserves represent less than a third of Warintza's current resource endowment

Basis for PFS

5,294

Reserves

Further exploration potential

Inferred: 4,276

Indicated: 6,392

Measured: 5,428

Resources

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Category	Tonnage (Mt)	CuEq %	Cu %	Au g/t	Mo %	Ag g/t	CuEq (kt)	Cu (kt)
Proven	797	0.49%	0.37%	0.05	0.02%	1.37	3,884	2,957
Probable	503	0.28%	0.22%	0.03	0.01%	1.19	1,410	1,123
Total Reserves	1,300	0.41%	0.31%	0.04	0.02%	1.30	5,294	4,080
Measured	1,196	0.45%	0.35%	0.04	0.02%	1.31	5,428	4,149
Indicated	2,550	0.25%	0.20%	0.03	0.01%	1.13	6,392	4,986
Total M&I Resources	3,746	0.32%	0.24%	0.04	0.01%	1.19	11,820	9,135
Inferred Resources	2,092	0.20%	0.16%	0.02	0.01%	1.11	4,276	3,341

Source: Wood Mackenzie, Technical Reports, Warintza PFS Model

1.Excludes projects with LOM average copper equivalent production < 100 ktpa
2.Copper equivalent production obtained from Technical Report if disclosed, otherwise calculated based on metal prices of US$4.50/lb Cu, US$20.00/lb Mo, US$28.00/oz Ag and US$2,500/oz Au

Warintza benchmarking

Global scale & flexibility

Average annual copper equivalent production (kt).

of the top 30 greenfield copper projects of scale remain unattached to a major — Warintza is one of them.

Attachment to a majorNo attachment to a majorWarintza

Reko Diq
Warintza (Yr 1-5)304
La Granja
El Pachon
Pebble
NuevaUnion
Michiquillay
Galore Creek
Warintza (Yr 1-15)242
Taca Taca
Golpu
Josemaria
Los Azules
Haquira
Galeno
Vizcachitas
Cascabel
Casino
Schaft Creek
Tampakan
Los Chancas
Canariaco
El Arco
Ruta del Cobre
La Arena II
Costa Fuego
Santo Tomas
Ann Mason
Copper Creek
Tia Maria
Arctic
Yandera

Source: Wood Mackenzie, Technical Reports, Warintza PFS Model. Excludes projects with LOM average copper equivalent production < 100 ktpa.

District potential and scale

Warintza cluster and district opportunity

Map of the Warintza Cluster in Ecuador with Solaris claims, adjacent EcuaCorriente assets and the Tinki target copper geochemistry inset

Potential to become one of the world’s largest undeveloped copper clusters

Resources at Warintza (Mt)

Inferred2,092

Indicated2,550

Measured1,196

Resources at San Carlos & Panantza (Mt)

Inferred1,063

Further exploration potential in the district

Note: San Carlos and Panantza are independent of Solaris; they are no guarantee of the future performance of Solaris projects and no inference can be made of mineral resources or reserves from adjacent deposits.

1. Preliminary Assessment Report, Panantza & San Carlos Copper Project, Morona-Santiago, Ecuador (effective date October 30, 2007).

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