Solaris Resources (SLS) Q2 2025 earnings summary

Executive summary

• Engaged in acquisition, exploration, and development of mineral properties, primarily Warintza (Ecuador), La Verde (Mexico), and Tamarugo (Chile).

• No operating cash flow from producing mines; relies on equity and loan financing for operations.

• Entered a $200M funding package with Royal Gold for Warintza, with $100M received and further tranches contingent on project milestones.

• Material uncertainty exists regarding going concern, dependent on additional financing.

Financial highlights

• Net loss for Q2 2025 was $3.85M, a significant improvement from $17.64M in Q2 2024.

• Net loss for the six months ended June 30, 2025 was $19.94M, down from $30.40M in the prior year period.

• Gain on sale of royalty interest of $9.81M recognized in Q2 2025.

• Cash and cash equivalents at June 30, 2025 were $47.05M, up from $31.74M at December 31, 2024.

• Deferred revenue of $90.46M recognized from the Royal Gold stream agreement.

Outlook and guidance

• Ongoing operations for the next twelve months require additional financing from the second tranche of the Royal Gold package.

• Continued focus on advancing Warintza project milestones, including pre-feasibility study and environmental approvals.