Solaris Resources (SLS) Lytham Partners Fall 2025 Investor Conference summary

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.