Solaris Resources (SLS) Registration filing summary

Company overview and business model

• Multi-asset exploration company focused on copper and gold assets in the Americas, with primary emphasis on the Warintza Project in Ecuador, and additional projects in Chile, Peru, and Mexico.

• Holds a 60% interest in the La Verde joint venture with Teck Resources in Mexico, providing leverage to copper prices.

• Incorporated in British Columbia in 2018, with its head office in Vancouver.

• Operates through a network of wholly owned subsidiaries across several jurisdictions.

Financial performance and metrics

• Does not generate operating cash flow from producing mines and has incurred operating losses to date; expects continued losses until commercial production is achieved.

• Relies on equity issuances and advances from a senior secured debt facility to fund operations.

• Entered into a US$60 million senior secured debt facility, with US$30 million received at closing and the remainder contingent on milestones.

• Closed a private placement in June 2024, issuing 2,795,102 shares at $4.90 per share for US$10 million.

• 161,848,241 common shares issued and outstanding as of the prospectus date.

Use of proceeds and capital allocation

• Net proceeds from securities sales intended for advancing business objectives, working capital, and exploration, development, and construction of mineral property interests.

• Management retains broad discretion over allocation of proceeds, with details to be provided in applicable prospectus supplements.