Solaris Announces US$80 Million Financing Package to Fund Warintza Project Through Studies and Permitting
Suite 555 - 999 Canada Pl., Vancouver, BC Canada V6C 3E1
Solaris Announces US$80 Million Financing Package
to Fund Warintza Project Through Studies and Permitting
December 11, 2023 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the
“Company”) is pleased to announce that Solaris and OMF Fund IV SPV D LLC and OMF Fund IV SPV E LLC,
entities managed by Orion Mine Finance Management LP (collectively, "Orion"), have entered into
definitive agreements with respect to the previously announced financing package of US$80 million for
the advancement of the Warintza Project (the “Project”) in Ecuador, comprised of a US$60 million senior
secured debt facility (the “Senior Loan”), an offtake with a buyback provision (the “Offtake”), a
subscription for US$10 million in equity and a commitment for US$10 million in additional equity
financing.
Highlights
● 4-year term for the Senior Loan
● No hedging conditions
● Buyback provision for Offtake upon a change of control in certain circumstances
● Drawdown of the Senior Loan will occur in three tranches based on milestones with (i) the first
US$30 million expected to close in the coming weeks, (ii) a US$15 million drawdown to occur on
the submission of an Environmental Impact Assessment (EIA), and (iii) another US$15 million
drawdown to occur on the publication of a Pre-Feasibility Study (PFS) for the Warintza Project
● Orion and Solaris have entered into an Offtake for Orion to purchase 20% of metals produced
from the Project for a period of 20 years from the start of production
● Subscription of the initial US$10 million of the Company’s common shares at a price of C$5.11,
representing the closing price prior to the initial announcement on November 6, 2023, with a
further US$10 million equity financing commitment which can be called upon at a later date by
Solaris upon the satisfaction of certain conditions
● Net proceeds will be used to fund the advancement of the Warintza Project including exploration
and infill drilling, technical and environmental programs and studies, permitting, community
social relations programs, and general and working capital purposes
Mr. Richard Warke, Executive Chairman, commented: “This financing package funds the advancement of
Warintza through studies and permitting, leading to a substantially de-risked Project. This is a very special
asset that has the potential to create tremendous long-term value for all stakeholders as it unlocks one of
the last remaining major greenfield copper districts at low elevation and adjacent to infrastructure in the
entire mining industry.”
On behalf of the Board of Solaris Resources Inc.
“Richard Warke”
Executive Chairman
Suite 555 - 999 Canada Pl., Vancouver, BC Canada V6C 3E1
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: [email protected]
About Solaris Resources Inc.
Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the
Americas, which includes: its primary focus, a world class large-scale resource with expansion and
discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and
Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and
significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture
project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of
applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and
“expected” and similar expressions are intended to identify forward-looking statements. These statements include
statements that a buyback provision for Offtake occurs upon a change of control, drawdown of the Senior Loan will
occur in three tranches based on milestones with the first US$30 million expected to close in the coming weeks; a
US$15 million drawdown to occur on the submission of an Environmental Impact Assessment (EIA) and another
US$15 million drawdown to occur on the publication of a Pre-Feasibility Study (PFS) for the Warintza Project, Orion
and Solaris have entered into an Offtake for Orion to purchase 20% of metals produced from the Project for a period
of 20 years from the start of production, commitments for US$10 million in equity financing which may be called
upon at a later date by Solaris upon the satisfaction of certain conditions, net proceeds will be used to fund the
advancement of the Warintza Project including exploration and infill drilling, technical and environmental programs
and studies, permitting, community social relations programs, and general and working capital purposes, and receipt
of this financing package funds the advancement of Warintza through studies and permitting while remaining
consistent with minimizing shareholder dilution. Although Solaris believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary
from the forward-looking statements. These statements are based on a variety of assumptions including assumptions
made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such
exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known
and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified
in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2022 available at
www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the
date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these
forward-looking statements except as may be required by applicable securities laws.