Solaris Resources (SLS) investor relations material

Investment case and asset overview

• Warintza is highlighted as a Tier 1, multi-generational copper asset with a 55+ year mine life and significant free cash flow potential.

• The company controls over 260 sq km of land, with additional option properties, and no major mining company in the equity stack, providing strategic flexibility.

• The project features a simple, conventional open-pit design, producing high-quality copper, gold, and molybdenum concentrates.

• The company is well-funded through a $200 million Royal Gold package, supporting progress to a final investment decision (FID) by late 2027.

• District-level consolidation and exploration strategies are in place, with significant upside from non-core assets in Peru, Mexico, and Chile.

Project economics and operational highlights

• Pre-feasibility study shows a 22-year reserve life, 0.53:1 strip ratio, and all-in sustaining cash cost of $1.07/lb.

• NPV is $4.6 billion with a 26% IRR at $4.50 copper, rising to $10 billion NPV and 41% IRR at spot prices, with a 2.6-year payback.

• The ore body is near surface, minimizing pre-stripping CapEx and resulting in low capital intensity ($15,400 per tonne).

• The project benchmarks favorably against global peers in terms of capital intensity and strip-adjusted grade.

• The resource base is significant, with reserves representing less than a third of the total resource endowment.

Technical, environmental, and social aspects

• The mine design is compact, environmentally encapsulated, and benefits from favorable topography and infrastructure access.

• Social license is well established, with multiple agreements with host communities and ongoing government-led consultation.

• Ecuador is a mining-friendly jurisdiction with strong government support, stable fiscal regime, and USD-denominated currency.

• Technical approval of the EIA was received in April 2026, marking a key milestone.

• Early works and permitting are targeted for the first half of 2027, with construction to follow.