Solaris Resources (SLSR)
Market Price (10/15/2026): $6.45 | Market Cap: $1.1 BilSector: Materials | Industry: Precious Metals & Minerals
Solaris Resources (SLSR)
Market Price (10/15/2026): $6.45Market Cap: $1.1 BilSector: MaterialsIndustry: Precious Metals & Minerals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns3Y Excs Rtn is -27% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% Key risksSLSR key risks include [1] a significant dependence on securing additional financing for its Warintza project amid growing net losses and [2] jurisdictional and political instability related to its operations in Ecuador. |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -27% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% |
| Key risksSLSR key risks include [1] a significant dependence on securing additional financing for its Warintza project amid growing net losses and [2] jurisdictional and political instability related to its operations in Ecuador. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/14/2026
Solaris Resources (SLSR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Material Uncertainty Regarding Going Concern. In its fiscal Q2 2026 interim results, approved on August 5, 2026, Solaris Resources disclosed a "material uncertainty that casts significant doubt on the ability to continue as a going concern." This critical statement indicated that the company's operations over the subsequent twelve months were dependent on receiving the third tranche of its Royal Gold funding package. This highlights a significant financial dependency and potential liquidity risk, causing investor apprehension.
2. Lingering Project Development and Financing Hurdles for Warintza. Despite securing technical approval for the Environmental Impact Assessment (EIA) in April 2026 and renewing cooperation agreements with Indigenous organizations by September 10, 2026, the Warintza copper project continues to face key outstanding milestones. Government-led consultation and development authorizations remain unfinished, and the project's progression towards a final investment decision is contingent on completing further permitting, consultation, and, critically, securing large-scale construction financing. The reliance on the final $50 million tranche of the Royal Gold funding in fiscal Q4 2026 for continued operations underscores the ongoing financial risks associated with moving the project forward.
Show more
Solaris Resources (SLSR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Material Uncertainty Regarding Going Concern. In its fiscal Q2 2026 interim results, approved on August 5, 2026, Solaris Resources disclosed a "material uncertainty that casts significant doubt on the ability to continue as a going concern." This critical statement indicated that the company's operations over the subsequent twelve months were dependent on receiving the third tranche of its Royal Gold funding package. This highlights a significant financial dependency and potential liquidity risk, causing investor apprehension.
2. Lingering Project Development and Financing Hurdles for Warintza. Despite securing technical approval for the Environmental Impact Assessment (EIA) in April 2026 and renewing cooperation agreements with Indigenous organizations by September 10, 2026, the Warintza copper project continues to face key outstanding milestones. Government-led consultation and development authorizations remain unfinished, and the project's progression towards a final investment decision is contingent on completing further permitting, consultation, and, critically, securing large-scale construction financing. The reliance on the final $50 million tranche of the Royal Gold funding in fiscal Q4 2026 for continued operations underscores the ongoing financial risks associated with moving the project forward.
Show more
Updated on 10/14/2026
Solaris Resources (SLSR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Material Uncertainty Regarding Going Concern. In its fiscal Q2 2026 interim results, approved on August 5, 2026, Solaris Resources disclosed a "material uncertainty that casts significant doubt on the ability to continue as a going concern." This critical statement indicated that the company's operations over the subsequent twelve months were dependent on receiving the third tranche of its Royal Gold funding package. This highlights a significant financial dependency and potential liquidity risk, causing investor apprehension.
2. Lingering Project Development and Financing Hurdles for Warintza. Despite securing technical approval for the Environmental Impact Assessment (EIA) in April 2026 and renewing cooperation agreements with Indigenous organizations by September 10, 2026, the Warintza copper project continues to face key outstanding milestones. Government-led consultation and development authorizations remain unfinished, and the project's progression towards a final investment decision is contingent on completing further permitting, consultation, and, critically, securing large-scale construction financing. The reliance on the final $50 million tranche of the Royal Gold funding in fiscal Q4 2026 for continued operations underscores the ongoing financial risks associated with moving the project forward.
3. Nature of Royal Gold Financing and Future Obligations. While the $200 million Royal Gold funding package provides non-dilutive financing, it involves a gold stream and a net smelter return (NSR) royalty. Under the stream, Royal Gold is entitled to gold equivalent to 20 ounces per 1 million pounds of copper produced from a defined area, with Solaris receiving only 20% of the spot price until 90,000 ounces are delivered. This structure creates future output obligations and may be perceived by investors as potentially limiting long-term upside or adding complexity to the project's future cash flows, particularly as deferred revenue from this stream and royalty increased to $141.333 million by June 30, 2026.
Show less
Solaris Resources (SLSR) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Material Uncertainty Regarding Going Concern. In its fiscal Q2 2026 interim results, approved on August 5, 2026, Solaris Resources disclosed a "material uncertainty that casts significant doubt on the ability to continue as a going concern." This critical statement indicated that the company's operations over the subsequent twelve months were dependent on receiving the third tranche of its Royal Gold funding package. This highlights a significant financial dependency and potential liquidity risk, causing investor apprehension.
2. Lingering Project Development and Financing Hurdles for Warintza. Despite securing technical approval for the Environmental Impact Assessment (EIA) in April 2026 and renewing cooperation agreements with Indigenous organizations by September 10, 2026, the Warintza copper project continues to face key outstanding milestones. Government-led consultation and development authorizations remain unfinished, and the project's progression towards a final investment decision is contingent on completing further permitting, consultation, and, critically, securing large-scale construction financing. The reliance on the final $50 million tranche of the Royal Gold funding in fiscal Q4 2026 for continued operations underscores the ongoing financial risks associated with moving the project forward.
3. Nature of Royal Gold Financing and Future Obligations. While the $200 million Royal Gold funding package provides non-dilutive financing, it involves a gold stream and a net smelter return (NSR) royalty. Under the stream, Royal Gold is entitled to gold equivalent to 20 ounces per 1 million pounds of copper produced from a defined area, with Solaris receiving only 20% of the spot price until 90,000 ounces are delivered. This structure creates future output obligations and may be perceived by investors as potentially limiting long-term upside or adding complexity to the project's future cash flows, particularly as deferred revenue from this stream and royalty increased to $141.333 million by June 30, 2026.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -23.2% change in SLSR stock from 6/30/2026 to 10/14/2026 was primarily driven by a -0.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.38 | 6.44 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 167 | 167 | -0.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SLSR | -23.2% | |
| Market (SPY) | 3.1% | 45.2% |
| Sector (XLB) | -2.3% | 40.3% |
Fundamental Drivers
The -24.9% change in SLSR stock from 3/31/2026 to 10/14/2026 was primarily driven by a -0.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.58 | 6.44 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 167 | 167 | -0.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SLSR | -24.9% | |
| Market (SPY) | 18.6% | 56.2% |
| Sector (XLB) | -0.2% | 50.4% |
Fundamental Drivers
The 1.1% change in SLSR stock from 9/30/2025 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.37 | 6.44 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 165 | 167 | -1.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SLSR | 1.1% | |
| Market (SPY) | 16.5% | 46.6% |
| Sector (XLB) | 12.3% | 50.7% |
Fundamental Drivers
The 68.9% change in SLSR stock from 9/30/2023 to 10/14/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.81 | 6.44 | 68.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 148 | 167 | -11.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| SLSR | 68.9% | |
| Market (SPY) | 86.2% | 33.5% |
| Sector (XLB) | 33.3% | 39.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SLSR Return | 185% | -66% | -34% | 2% | 157% | -18% | 39% |
| Peers Return | 0% | ||||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| SLSR Win Rate | 67% | 17% | 50% | 33% | 83% | 50% | |
| Peers Win Rate | |||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SLSR Max Drawdown | -30% | -75% | -47% | -52% | -38% | -41% | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: .
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | SLSR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.2% | -7.8% |
| % Gain to Breakeven | 33.6% | 8.5% |
| Time to Breakeven | 105 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.4% | -9.5% |
| % Gain to Breakeven | 50.2% | 10.5% |
| Time to Breakeven | 503 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.0% | -6.7% |
| % Gain to Breakeven | 25.0% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
In The Past
Solaris Resources's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% gain to breakeven.
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Asset Allocation
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| Event | SLSR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.2% | -7.8% |
| % Gain to Breakeven | 33.6% | 8.5% |
| Time to Breakeven | 105 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.4% | -9.5% |
| % Gain to Breakeven | 50.2% | 10.5% |
| Time to Breakeven | 503 days | 24 days |
In The Past
Solaris Resources's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Solaris Resources (SLSR)
Solaris Resources Inc. (SLSR) is a mineral exploration company focused on discovering and developing significant deposits of base and precious metals. The company's core business involves identifying, acquiring, and exploring mineral properties with the potential for large-scale resources, including copper, gold, molybdenum, lead, zinc, and silver. Operating from its base in Vancouver, Canada, Solaris aims to create value through the exploration and advancement of these prospective mineral assets.
The company's flagship asset is the 100% owned Warintza Copper and Gold Project, located in Ecuador, which spans a substantial area of 268 km². This project represents the primary focus of its exploration activities. In addition to Warintza, Solaris Resources holds interests in a diversified portfolio of other prospective mineral properties across Latin America, including projects in Peru (Capricho and Paco Orco), Chile (Ricardo and Tamarugo), and Mexico (La Verde).
As an exploration-stage company, Solaris Resources does not produce finished goods or offer direct services to end-users. Instead, its "product" is the identification and development of economically viable mineral deposits. The company's ultimate objective is to prove up significant mineral resources, which would then be of interest to larger mining companies for acquisition or joint development, thereby serving the global industrial and precious metals markets through the supply of raw materials.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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
Matthew Rowlinson was appointed President and Chief Executive Officer of Solaris Resources, effective January 1, 2025. Prior to this role, he spent over a decade in senior executive positions within Glencore's copper department. From 2021, he served as Head of Copper Business Development, where he co-led the strategic management of Glencore's extensive copper portfolio. His tenure at Glencore included the execution of several high-profile mergers and acquisitions, such as Glencore's consolidation of the MARA project. He joined Glencore in 2013 as an asset manager for Latin America and was later appointed Chief Financial Officer for Copper Americas. Rowlinson began his career with Ernst & Young as an auditor of multinational mining and financial companies and is a qualified Chartered Accountant with an MBA from the University of Bath, UK. He has agreed to invest C$500,000 in Solaris shares through a private placement.Richard Hughes Chief Financial Officer and Company Secretary
Richard Hughes was appointed Chief Financial Officer and Company Secretary of Solaris Resources, effective January 8, 2025. He previously served as CFO and Executive Director of Trident Royalties PLC until its acquisition in late 2024. With over 20 years of experience in the natural resources sector, Hughes has a strong background in strategy, capital markets, and corporate finance. Before Trident, he founded an independent consultancy providing corporate finance advisory services to mining and royalty finance companies. From 2010 to 2018, he was a senior member of the Metals and Mining Investment Banking team at RBC Capital Markets in London. He began his career with CIBC as a member of the Global Mining Group. Hughes holds an MA (Oxon) in Economics and Management from the University of Oxford, UK.Javier Toro Chief Operating Officer
Javier Toro is the Chief Operating Officer of Solaris Resources. He leads the Warintza Project team and has built a technical team in Lima, Peru, with hires from senior copper mining companies.Jorge Fierro Vice President, Exploration
Jorge Fierro is the Vice President, Exploration for Solaris Resources. He has been with Solaris since its inception and is a Registered Professional Geologist. Fierro is responsible for verifying drillhole data and reviewing the scientific and technical content of press releases.Ignacio Shimamoto Vice President, Finance
Ignacio Shimamoto was appointed Vice President of Finance, effective January 8, 2025. He manages financial strategy, including internal and external reporting, financial modeling, procurement, and contract management. Shimamoto has over 20 years of experience in financial planning, acquisitions, and business improvement within the natural resources sector. His previous roles include Finance Manager for Copper Peru at Glencore and Regional Finance Manager overseeing mining operations in Argentina, Chile, and Peru.AI Analysis | Feedback
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Precious Metals & Minerals
SLSR has outperformed 57% of its 7 Precious Metals & Minerals peers over 5Y. Precious Metals & Minerals ranks 13th of 15 industries in Materials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Precious Metals & Minerals constituents that SLSR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
89%
of 9 industry peers · 9.9% return
3Y
22%
of 9 industry peers · 52.6% return
5Y
57%
of 7 industry peers · -38.9% return
No Precious Metals & Minerals peer with a comparable growth profile has beaten SLSR by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Precious Metals & Minerals is SLSR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 13 | 25.1% | 39.3% | 172.0% | STLD 324% · HCC 286% · AMR 219% |
| Copper | 7 | 55.4% | 131.0% | 155.9% | SCCO 330% · TGB 296% · HBM 271% |
| Gold | 35 | 1.4% | 185.6% | 134.6% | IAG 584% · OGC 411% · KGC 325% |
| Silver | 6 | 31.2% | 272.9% | 114.6% | AYA 257% · HL 205% · SVM 152% |
| Aluminum | 3 | 15.4% | 151.9% | 64.0% | CENX 116% · KALU 64% · AA -10% |
| Construction Materials | 7 | -28.9% | 11.8% | 39.6% | USLM 381% · CRH 84% · VMC 49% |
| Diversified Metals & Mining | 23 | -61.7% | -8.3% | 7.6% | USAR 37752% · MTRN 291% · MP 30% |
| Metal, Glass & Plastic Containers | 11 | -10.4% | -1.6% | -3.0% | GEF 33% · ATR 0% · SLGN -3% |
| Paper & Plastic Packaging Products & Materials | 7 | 11.0% | 4.5% | -8.1% | PKG 96% · CCK 14% · SON -3% |
| Diversified Chemicals | 3 | 11.1% | 2.9% | -15.2% | CBT 63% · ASH -15% |
| Specialty Chemicals | 41 | 11.9% | 6.4% | -16.2% | NEU 175% · ESI 80% · SXT 65% |
| Commodity Chemicals | 13 | 2.9% | -31.9% | -36.1% | HWKN 272% · MEOH 35% · DOW -34% |
| Precious Metals & Minerals ← | 8 | -9.8% | 146.7% | -44.0% | PPTA 281% |
| Fertilizers & Agricultural Chemicals | 10 | -42.7% | -57.1% | -62.5% | CF 116% · NTR 17% · MOS -47% |
| Paper Products | 4 | -32.1% | -53.2% | -72.7% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.45 |
| Mkt Cap | 1.1 |
| Rev LTM | 0 |
| Op Inc LTM | -27 |
| FCF LTM | 6 |
| FCF 3Y Avg | -1 |
| CFO LTM | 23 |
| CFO 3Y Avg | 6 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | 62.3% |
| Op Inc Chg 3Y Avg | 5.1% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
Price Behavior
| Market Price | $6.44 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 08/13/2020 | |
| Distance from 52W High | -42.1% | |
| 50 Days | 200 Days | |
| DMA Price | $7.70 | $8.79 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -16.4% | -26.7% |
| 3M | 1YR | |
| Volatility | 50.8% | 58.8% |
| Downside Capture | 291.99 | 263.91 |
| Upside Capture | 189.70 | 229.32 |
| Correlation (S&P 500) | 46.4% | 48.3% |
SLSR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.08 | 2.05 | 2.28 | 2.63 | 2.12 | 1.31 |
| Up Beta | 0.67 | 0.99 | 2.12 | 1.99 | 1.94 | 1.23 |
| Down Beta | 9.35 | 5.00 | 2.87 | 3.83 | 1.32 | 1.04 |
| Up Capture | 52% | 175% | 178% | 231% | 468% | 364% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 26 | 56 | 122 | 347 |
| Down Capture | 346% | 259% | 259% | 251% | 167% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 37 | 68 | 126 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLSR | |
|---|---|---|---|---|
| SLSR | 8.6% | 58.8% | 0.36 | - |
| Sector ETF (XLB) | 14.2% | 17.7% | 0.59 | 50.6% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 47.0% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 63.3% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | 10.2% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 9.1% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 34.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLSR | |
|---|---|---|---|---|
| SLSR | -6.4% | 60.8% | 0.13 | - |
| Sector ETF (XLB) | 6.3% | 19.1% | 0.21 | 44.5% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 37.9% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 41.5% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 28.0% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 28.2% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 23.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SLSR | |
|---|---|---|---|---|
| SLSR | 12.6% | 61.5% | 0.57 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 42.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 36.4% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 37.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 28.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 26.3% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 24.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Investor Activity (13F)
Updated Oct 15, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/14/2026