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Solaris Resources (SLS) investor relations material
Solaris Resources Lytham Partners Fall 2025 Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Project overview and strategic positioning
Warintza is a large-scale, near-term copper porphyry project in Ecuador with a 4.3 billion ton resource, high grade at surface, and a low strip ratio, with an updated resource estimate and PFS expected in Q4 2025.
The project is fully funded to a final investment decision (FID) at the end of 2026, following a $200 million non-dilutive financing package from Royal Gold, ensuring no shareholder dilution through this period.
Revenue diversification is achieved through significant byproduct credits from molybdenum and gold, accounting for about 18% of revenues, and the project boasts a life of mine exceeding 50 years.
The project is located in a favorable mining jurisdiction with low taxes and royalties, strong government and community support, and rapid permitting processes.
Management and insiders hold a significant equity stake, aligning interests with shareholders, and the team has deep operational and financing expertise in Latin America.
Financial structure and capital intensity
The $200 million Royal Gold financing includes a gold stream and a 0.3% NSR royalty, with flexible terms allowing for termination in a change of control without penalty.
The cost of capital is highly competitive at approximately 7%, and the financing repaid a higher-yielding debt facility, supporting all de-risking activities through FID.
The project sits at the low end of global capital intensity benchmarks, with strong infrastructure, low labor and power costs, and access to water and transportation.
Ecuador offers investment protection agreements, tax and regulatory freezes until 2066, and international arbitration rights, enhancing investor security.
The shareholding structure is balanced among management, institutions, and retail investors, with a market capitalization of about $900 million.
Operational progress and development timeline
82,000 meters of drilling are underway to expand the resource base, with results to be included in the 2025 mineral resource estimate.
The environmental impact assessment (EIA) was submitted in August 2024, with approval expected by late 2025, a key milestone for permitting.
The pre-feasibility study (PFS) and updated mineral resource estimate are scheduled for Q4 2025, followed by a feasibility study in Q3/Q4 2026.
Early works have begun, with exploitation agreements focused on water, energy, and tailings expected by mid-2026.
All development and de-risking activities are fully funded, supporting a clear path to FID at the end of 2026.
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