Solaris Resources (SLS) Q4 2025 earnings summary

Executive summary

• Completed a transformative $200M funding package with Royal Gold, including a gold stream and royalty, enabling full repayment of prior debt and supporting Warintza Project development.

• Published a pre-feasibility study (PFS) for Warintza, reporting a maiden Proven and Probable Reserve of 1.3Bt at 0.41% CuEq, 22-year mine life, and first quartile cash costs.

• Achieved a 312% increase in Measured and Indicated Mineral Resources at Warintza, with significant exploration upside from new adjacent concessions.

• Strengthened social license with landmark agreements with Indigenous groups and expanded local partnerships.

Financial highlights

• Net loss for 2025 was $42.3M, improved from $77.1M in 2024, mainly due to reduced exploration expenses and a gain on sale of royalty interest.

• Exploration expenses decreased to $35.3M from $61.5M year-over-year, reflecting lower drilling activity and capitalization of costs post-PFS.

• General and administrative expenses rose to $12.9M from $11.5M, driven by higher professional fees related to the funding package.

• Cash and cash equivalents at year-end were $25.2M, with $100M received from the first tranche of the Royal Gold funding package.

• Total assets increased to $58.0M from $57.2M, primarily due to the funding package and capitalization of exploration costs.

Outlook and guidance

• Advancement of Warintza to feasibility study stage is planned, with continued exploration and infill drilling to upgrade resources.

• Additional $100M in funding from Royal Gold is contingent on meeting technical and permitting milestones.

• Ongoing engagement with Ecuadorian authorities for EIA approval and permitting for exploitation phase.

• Focus on unlocking value from new concessions adjacent to Warintza and maintaining strong community relations.