Solaris Resources (SLS) Investor Update summary

Project Scale, Resources, and Production

• Multi-generational copper project with a 22-year mine life based on reserves, and potential to extend by 25–30 years, with total resources exceeding 5.8 billion tons and a 312% increase in Measured and Indicated Resources versus 2024.

• Average annual copper equivalent production exceeds 300,000 tonnes in the first five years and 240,000 tonnes over the first 15 years.

• Strip ratio of 0.53:1, among the lowest globally, with high-grade ore near surface.

• By-product output includes 8,600 t/y molybdenum, 57,000 oz/y gold, and 1.3 Moz/y silver over the first 15 years.

• Significant exploration potential remains, with reserves representing less than a third of current resource endowment.

Financial and Economic Metrics

• All-in sustaining cash costs of $0.85/lb for the first five years and $1.07/lb for the first 15 years, supporting robust free cash flow.

• Post-tax NPV (8%) of $4.6 billion and IRR of 26%, with a payback period of 2.6 years; initial capital costs are $3.7 billion.

• Average annual EBITDA of $1.9 billion (first five years) and $1.4 billion (first 15 years); annual post-tax free cash flow of $1.3 billion (first five years) and $1.0 billion (first 15 years).

• Capital intensity of $15,440/t CuEq is highly attractive relative to peers.

• Project fully funded to construction decision via a $200 million financing package secured in May 2025.

Technical, Operational, and Environmental Aspects

• Conventional open-pit mining with owner-operated fleet and standard processing equipment; processing plant designed for 60.2 Mt/y throughput.

• Tailings Management Facility designed for 1.3 billion tonnes, with self-contained water basin and gravity-fed system.

• Clean ore with no deleterious elements, producing high-quality concentrates and byproduct credits.

• Environmental management includes water recycling, neutral pH tailings, and robust waste rock facility design.

• Sensitivity analysis shows NPV most affected by copper price changes, followed by operating and capital costs.