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Here are 1-3 brief analogies for Solaris Resources (SLSR):

• Think of them as an early-stage **Freeport-McMoRan**, but focused purely on discovering new, significant copper and gold deposits.
• They're like the **ExxonMobil** of future mineral resources, but exploring for copper and gold rather than oil and gas.
• Imagine a 'startup' trying to find the next world-class mine for a giant like **BHP** or **Rio Tinto**.

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• Mineral Exploration: Identifying and assessing potential deposits of copper, gold, molybdenum, lead, zinc, and silver across its various mineral properties.

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Solaris Resources Inc. (SLSR) is a mineral exploration company. Its primary business activity involves exploring for and defining mineral deposits, such as copper, molybdenum, gold, lead, zinc, and silver. As an exploration-stage company, it is focused on identifying and developing potential mineral resources rather than producing and selling minerals or related products.

Therefore, Solaris Resources Inc. does not have "major customers" in the traditional sense, as it is not currently engaged in the commercial sale of minerals to other companies or individuals. Its business model typically involves creating value through discovery and resource definition, which can then lead to project sales, joint ventures, or eventual development into a producing mine.

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• ALS Limited (ASX: ALQ)

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Matthew Rowlinson President & CEO

Richard Hughes Chief Financial Officer and Company Secretary

Javier Toro Chief Operating Officer

Jorge Fierro Vice President, Exploration

Ignacio Shimamoto Vice President, Finance

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The key risks for Solaris Resources (SLSR) are primarily centered around the inherent challenges of mineral exploration and development, alongside external market and geopolitical factors.

1. Exploration Success, Mine Development, Permitting, and Social License to Operate: As an exploration company, Solaris Resources faces significant uncertainty in discovering commercially viable mineral deposits, with a historically low success rate for such ventures. Even upon discovery, the process of advancing a project from exploration to a producing mine is lengthy, capital-intensive, and fraught with geological, technical, and financial hurdles. A critical and specific risk for Solaris, particularly regarding its flagship Warintza Project in Ecuador, is the necessity of securing environmental and operational permits, and crucially, maintaining a "social license to operate." The company has encountered challenges concerning the collective and territorial rights of the Indigenous Pueblo Shuar Arutam (PSHA), who have declared their territory free of mining and whose Free, Prior and Informed Consent (FPIC) is essential for the project's progression. Proceeding without this consent could lead to conflicts and potential operational or legal difficulties.
2. Commodity Price Volatility: The economic viability and future profitability of Solaris Resources' projects are highly sensitive to fluctuations in the global prices of the commodities it explores, predominantly copper and gold, as well as molybdenum, lead, zinc, and silver. Significant declines in these commodity prices could negatively impact the perceived value of its mineral assets and the financial feasibility of developing them.
3. Political and Jurisdictional Risk: Operating across multiple countries in Latin America, including Ecuador, Peru, Chile, and Mexico, exposes Solaris Resources to various political and jurisdictional risks. These include potential changes in governmental mining policies, regulations, taxation, and the broader investment climate. Political instability, shifts in regulatory frameworks, and geopolitical uncertainty within these jurisdictions can significantly affect the company's operations, project development timelines, and the security of its mineral tenure.

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The addressable markets for Solaris Resources' main products are the global copper and gold markets.

Copper

The global copper market size was estimated at approximately USD 241.88 billion in 2024 and is projected to reach about USD 339.95 billion by 2030. Another estimate valued the global copper market at USD 236.09 billion in 2024. The global copper market was also valued at USD 291.12 billion in 2025 and is anticipated to grow to USD 442.04 billion by 2034. The global market for copper products is projected to reach around USD 651.19 billion by 2035.

Gold

The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market size stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034. Another estimate indicates the gold market is expected to grow from 4.75 kilotons in 2025 to 5.1 kilotons in 2026 and is forecast to reach 7.25 kilotons by 2031.

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Expected Drivers of Future Revenue Growth for Solaris Resources (SLSR)

Over the next 2-3 years, Solaris Resources (SLSR) is expected to drive future revenue growth through several key initiatives and market dynamics, primarily centered on the advancement of its flagship Warintza copper-gold project in Ecuador and a favorable commodity market.

1. Advancement and Eventual Initiation of Production at the Warintza Project: The most significant driver of future revenue for Solaris Resources is the progression and eventual commencement of commercial production at its Warintza copper-gold project. A Pre-Feasibility Study (PFS) published in November 2025 confirmed Warintza as a Tier 1 copper development with robust economics, significant free cash flow generation, and a multi-decade mine life. The company has commenced a Feasibility Study, which is focused on optimizing mine design, refining cost estimates, and establishing a clear pathway toward an informed construction decision. Construction is targeted to begin in 2027, with first production expected in 2030. The ongoing advancement through permitting, detailed engineering, and early construction phases within the next 2-3 years will significantly de-risk the project and enhance its value, positioning it for future revenue generation.
2. Expansion of the Warintza District and New Discoveries: Solaris Resources is pursuing a district-scale growth strategy, which includes an option to acquire new, highly prospective exploration concessions immediately adjacent to the flagship Warintza project. Early-stage prospecting in these newly acquired areas has yielded compelling copper anomalies, reinforcing the potential for further district-scale discoveries. This expansion has the potential to increase the overall resource base and project longevity, thereby enhancing the long-term value and revenue-generating capacity of the Warintza project.
3. Favorable Copper Market Dynamics and Rising Prices: Macroeconomic tailwinds from surging copper prices are anticipated to be a significant driver of future revenue. Copper prices exceeded USD 12,000 per tonne in December 2025 and briefly touched over USD 14,500 per tonne in January 2026. The Warintza project is strategically timed to potentially enter production during a tightening copper market, which would directly benefit future revenues once production commences. Continued strong copper prices will increase the potential profitability and attractiveness of the project.
4. Strategic Partnerships and Financing to Accelerate Development: Solaris has secured significant financing, including a $200 million deal with Royal Gold in May 2025, which provides funds to advance project activities up to the Final Investment Decision (FID). While a previous strategic investment by Zijin Mining Group was terminated, the possibility of reviving such collaborations or exploring alternative forms of partnerships remains open, especially following the company's strategic relocation to Ecuador and new leadership. Such strategic alliances and financial backing are critical for accelerating project development, de-risking the Warintza project, and ultimately enabling its transition to a revenue-generating operation.

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Share Issuance

• Solaris Resources completed a private placement of shares for US$10 million (C$13.7 million) on June 10, 2024, as part of a financing agreement.
• On May 21, 2024, Solaris Resources announced a bought deal offering that raised approximately C$35 million, with proceeds designated for expanded exploration and infill drilling at the Warintza Project and for general corporate purposes.
• The company experienced significant increases in shares outstanding, with a 29.48% rise in 2023 and a 9.56% increase in 2024.

Inbound Investments

• On May 21, 2025, Solaris Resources secured a US$200 million financing arrangement with Royal Gold, comprising a gold stream and a net smelter return royalty, intended to fund the Warintza project through to a final investment decision and to repay senior secured debt.

Capital Expenditures

• In the 12 months prior to March 2026, Solaris Resources reported capital expenditures of approximately -$3.48 million (US$) or -$4.75 million (CAD$), primarily focused on advancing the Warintza Project through exploration and infill drilling.
• The Pre-Feasibility Study for the Warintza project, published in November 2025, estimated initial capital expenditures of US$3.7 billion for the project's development.
• As part of expanding the Warintza district, announced on January 28, 2026, Solaris Resources committed to a binding minimum US$25 million exploration program over four years.