SLS.TO · 2024-11-12 12:00:00

Solaris Provides Warintza Operations Update, 2024 Drilling to Exceed 75,000m and Early Works Infrastructure Development Underway

Mine Development & Operations

Solaris Provides Warintza Operations Update, 2024 Drilling to Exceed 75,000m

and Early Works Infrastructure Development Underway

QUITO, Ecuador, Nov. 12, 2024 -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased

to provide a Warintza Project (“Warintza” or “the Project”) update, including the latest assay results from its ongoing 2024

drilling program, now set to exceed 75,000m, and report on technical programs and early works infrastructure development.

Project Update

Drilling

• Solaris achieved the 60,000m of planned meterage for its 2024 drilling program by the end of October, and is now set to

exceed 75,000m by the end of the year

• Drilling continues with nine rigs primarily focused on extension and infill of the 2024 Mineral Resource Estimate¹

(“MRE”), while also testing its connection to the Warintza West deposit, which lies outside the MRE and could deliver

significant growth in an expanded pit shell

Infrastructure Development

• The Company has advanced early works infrastructure development, including the improvement of 25km of road access

connecting the Project to the highway grid and recent construction of 8km of new roads to support drilling activities,

logistics, and mobilization (refer to Figure 1)

• Construction continues on a further 7km of roads strategically located to support future mining operations and access

to the anticipated pre-stripping and drilling areas, process plant, Waste Rock Facility (“WRF”) and Tailings

Management Facility (“TMF”)

Technical Programs

• Geotechnical and hydrogeological drilling, field testing, sampling and instrumentation programs have been completed

for the anticipated TMF, and are underway for the anticipated open pit, WRF, process plant and internal infrastructure

and expected to be completed by year-end

• Knight Piésold Consulting is in the process of completing engineering studies for the anticipated TMF and Water

Permit, with the final reports expected to be completed in the coming weeks to support the Environmental Impact

Assessment review period

Metallurgical and Processing Studies

• The metallurgical drilling program to supplement prior test work (refer to press release dated January 23, 2023) has

been completed

• Comminution testing has been completed and has returned a more detailed profile with reduced hardness in the upper

part of the deposit than prior test work had suggested

• Next steps are additional flotation tests with a focus on reagent optimization for recovery improvement which is

expected to be completed by year-end

• Ausenco Engineering is working on the process plant design and a preliminary flowsheet has been established, with

prior test work returning high quality concentrates for copper (gold) and molybdenum

Figure 1 – Aerial View of Warintza Project Looking East

Assay Results

Drill results continue to build on the MRE, with holes SLS-111 and SLS-107 improving upon the modelled grade in

its vicinity, while holes SLS 110, SLS 113-116 and SLSE-64 encountered mineralization partially outside of the MRE

in the southern and northeastern sectors.

• SLS-111 (drilled southeast): 90m of 1.12% CuEq² within 475m of 0.46% CuEq² from surface

• SLS-107 (drilled northeast): 96m of 0.82% CuEq² within 543m of 0.51% CuEq² from surface

Step-out exploration drilling to the northwest of the MRE testing its connection to the Warintza West deposit has

been completed with assays expected in the coming weeks, representing an opportunity for expansion of the MRE in an

enlarged pit.

Figure 2 – Warintza Drilling and Targets

Table 1 – Mineral Resource Extension, Infill and Condemnation Results

Hole ID Date

Reported

From

(m)

Interval

(m)

(%)

(g/t)

CuEq²

(%) Comments

SLS-116 Nov 12,

2024 0 475 475 0.22 0.00 0.02 0.23 Southern sector - Infill /

Extensional

Including 12 108 96 0.41 0.00 0.02 0.42

Including 12 252 240 0.29 0.00 0.02 0.31

SLS-115 0 469 469 0.23 0.00 0.03 0.25 Southern sector - Infill /

Extensional

Including 42 249 207 0.36 0.00 0.02 0.38

Including 42 393 351 0.28 0.00 0.03 0.30

SLS-114 0 563 563 0.21 0.00 0.03 0.24 Southern sector - Infill /

Extensional

Including 63 563 500 0.24 0.00 0.03 0.26

Including 96 165 69 0.49 0.00 0.02 0.50

Including 96 309 213 0.31 0.00 0.02 0.33

SLS-113 0 656 656 0.17 0.00 0.03 0.19 Southern sector - Infill /

Extensional

Including 117 375 258 0.25 0.00 0.03 0.27

Including 159 342 183 0.31 0.00 0.03 0.33

Including 342 656 314 0.14 0.00 0.03 0.17

SLS-111 0 475 475 0.36 0.01 0.04 0.46 Central sector – infill

Including 0 384 384 0.43 0.01 0.05 0.54

Including 60 150 90 0.99 0.02 0.06 1.12

Including 60 243 183 0.70 0.02 0.05 0.83

SLS-110 0 671 671 0.13 0.00 0.02 0.15 Southern sector - Infill /

Extensional

Including 117 303 186 0.22 0.00 0.02 0.24

Including 117 671 554 0.14 0.00 0.02 0.16

SLS-108 0 513 513 0.48 0.02 0.04 0.63 Central sector – Infill

Including 0 435 435 0.49 0.02 0.04 0.65

Including 228 303 75 0.68 0.02 0.04 0.81

SLS-107 0 543 543 0.26 0.04 0.05 0.51 Northwest sector – Infill

Including 0 96 96 0.62 0.03 0.09 0.82

Including 0 147 147 0.42 0.04 0.08 0.68

Including 204 543 339 0.23 0.04 0.04 0.47

SLS-106 0 230 230 0.18 0.03 0.04 0.39 Northwest sector – Infill

Including 0 204 204 0.19 0.04 0.04 0.42

Including 42 90 48 0.39 0.04 0.05 0.65

Including 42 138 96 0.30 0.04 0.04 0.53

SLS-105 0 323 323 0.19 0.03 0.04 0.37 Northwest sector – Infill

Including 0 210 210 0.22 0.04 0.04 0.45

Including 42 111 69 0.37 0.05 0.04 0.68

SLSE-70 0 394 394 0.38 0.01 0.06 0.49 Eastern sector - Infill

Including 24 99 75 0.60 0.01 0.05 0.71

Including 24 210 186 0.44 0.02 0.05 0.56

Including 210 394 184 0.35 0.01 0.07 0.47

SLSE-69 0 208 208 0.07 0.00 0.02 0.10 Eastern sector -

Condemnation

SLSE-64 0 391 391 0.10 0.00 0.02 0.14 Northeast sector - Infill /

Extensional

SLSE-63 0 251 251 0.09 0.00 0.03 0.12 Northeast sector -

Condemnation

SLSE-59 0 410 410 0.09 0.00 0.02 0.12 Northeast sector -

Condemnation

SLST-06 0 200 200 0.10 0.00 0.05 0.13 Southern sector - Infill

SLST-05 0 400 400 0.10 0.00 0.03 0.13 Southern sector - Infill

SLST-04 0 500 500 0.10 0.00 0.04 0.13 Southern sector - Infill

Notes to Table 1: True widths are interpreted to be very close to drilled widths due to the bulk-porphyry style mineralized

zones at Warintza.

Table 2 - Collar Locations

Hole ID Easting Northing Elevation

(m)

Depth

(m)

Azimuth

(degrees)

Dip

(degrees)

SLS-116 800,241 9,647,745 1,710 475 243 -74

SLS-115 800,239 9,647,740 1,710 469 240 -46

SLS-114 800,235 9,647,740 1,709 563 66 -71

SLS-113 800,239 9,647,739 1,710 656 61 -48

SLS-111 800,385 9,648,301 1,411 475 117 -55

SLS-110 800,235 9,647,735 1,707 671 38 -54

SLS-108 800,383 9,648,303 1,411 513 180 -65

SLS-107 799,760 9,648,031 1,575 543 45 -60

SLS-106 799,567 9,648,148 1,402 230 233 -46

SLS-105 799,568 9,648,147 1,403 323 220 -60

SLSE-70 801,262 9,648,122 1,282 394 90 -87

SLSE-69 801,710 9,647,937 1,199 208 65 -62

SLSE-64 801,799 9,648,247 1,101 391 300 -50

SLSE-63 801,805 9,648,237 1,099 251 270 -76

SLSE-59 801,160 9,648,332 1,313 410 62 -68

SLST-06 800,210 9,647,529 1,601 200 90 -47

SLST-05 800,201 9,647,526 1,599 400 250 -60

SLST-04 800,207 9,647,528 1,600 500 0 -80

Notes to Table 2: The coordinates are in WGS84 17S Datum.

Endnotes

1. Refer to the technical report entitled “Mineral Resource Estimate Update - NI 43-101 Technical Report, Warintza

Project, Ecuador” with an effective date of July 1, 2024 and available on SEDAR+ under the Company’s profile at

www.sedarplus.ca and on the Company’s website.

2. Copper-equivalence grade calculation for reporting assumes metal prices of US$4.00/lb Cu, US$20.00/lb Mo, and

US$1,850/oz Au, and recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork. CuEq

formula: CuEq (%) = Cu (%) + 5.604 × Mo (%) + 0.623 × Au (g/t).

Technical Information and Quality Control & Quality Assurance

Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that

includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and

sampling are completed at a secure Company facility located on site. Drill core is cut in half on site and samples are securely

transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis.

Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire

assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS

Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors

that could materially affect the accuracy or reliability of the data referred to herein. Heliborne magnetic, LIDAR and other layers

of data quality for Warintza district exploration were validated by a qualified external professional using data validation

procedures under high industry standards and the Company therefore did not require such data to be further verified by a

“Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects . The remaining

scientific and technical information, including the drillhole data, has been verified by Jorge Fierro, M.Sc., DIC, PG, using data

validation and quality assurance procedures under high industry standards. The verification activities included a search for

factual errors, completeness of the lithological and assay data, and suitability of the primary data. As part of the database

verification activities, the assay information and certificates obtained directly from the analytical laboratory have been

examined as well.

Qualified Person

The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG,

Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of

Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member

#4279075).

On behalf of the Board of Solaris Resources Inc.

“Daniel Earle”

President & CEO, Director

For Further Information

Jacqueline Wagenaar, VP Investor Relations

Direct: 416-366-5678 Ext. 203

Email: [email protected]

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with

expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with

discovery potential in Peru and Chile; 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 planned meterage

for its 2024 drilling program is now set to exceed 75,000m by the end of the year, drilling continues with nine rigs primarily

focused on extension and infill of the 2024 MRE, while also testing its connection to the Warintza West deposit, which lies

outside the MRE and could deliver significant growth in an expanded pit shell, construction continues on a further 7km of

roads strategically located to support future mining operations and access to the anticipated pre-stripping and drilling areas,

process plant, WRF and TMF, geotechnical and hydrogeological drilling, field testing, sampling and instrumentation programs

are underway for the anticipated open pit, WRF, process plant and internal infrastructure and expected to be completed by

year-end, Knight Piésold Consulting is in the process of completing engineering studies for the anticipated TMF and Water

Permit, with the final reports expected to be completed in the coming weeks to support the Environmental Impact

Assessment review period, additional flotation tests being conducted with a focus on reagent optimization for recovery

improvement which is expected to be completed by year-end, Ausenco Engineering is working on the process plant design

and a preliminary flowsheet has been established, with prior test work returning high quality concentrates for copper (gold) and

molybdenum, drill results continue to build on the MRE, with holes SLS-111 and SLS-107 improving upon the modelled grade

in its vicinity, while holes SLS 110, SLS 113-116 and SLSE-64 encountered mineralization partially outside of the MRE in the

southern and northeastern sectors, and step-out exploration drilling to the northwest of the MRE testing its connection to the

Warintza West deposit has been completed with assays expected in the coming weeks, representing an opportunity for

expansion of the MRE in an enlarged pit. 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. The Company has based these forward-looking statements and information on the Company’s current

expectations and assumptions about future events including assumptions regarding the exploration and regional programs.

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, 2023 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/27adaf0b-6dc1-411a-ab37-5e9b8bebd77f

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a754d5d-7171-4c99-a715-d8a97e8537fb

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