Solaris Publishes Positive Pre-Feasibility Study Results and Maiden Mineral Reserve for the Warintza Project, with Significant Mineral Resource Increase, an Extensive Mine Life, and US$4.6bn NPV

2025-11-06

TSX - Toronto Stock Exchange · Gold · Silver · Copper · Antimony · Arsenic · Molybdenum · Limestone · Canada

HIGHLIGHTS OF THE PRESS RELEASE:

Globally significant Mineral Resource with extensive mine life and first quartile cash costs driving significant Free Cash Flow (“FCF”) generation: Average annual copper equivalent (“CuEq”) production of over 300,000 tonnes in the first five years and over 240,000 tonnes during the first 15 years First quartile All-In Sustaining Cost (“AISC”) of US$0.85/lb of payable Cu for the first five years and US$1.07/lb of payable Cu during the first 15 years Post-tax net present value (“NPV”) (8%) of US$4,617M (pre-tax NPV 8 % of US$7,492M) and a post-tax internal rate of return (“IRR”) of 26% (pre-tax IRR of 34%) Average annual Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) of US$1.9bn for the first five years and US$1.4bn during the first 15 years Average annual post-tax Free Cash Flow (“FCF”) of US$1.3bn for the first five years and US$1.0bn over the first 15 years Initial capital costs (pre-production) of US$3.7bn (including 15.7% overall contingency) Attractive capital intensity of ~US$15,440/avg tpa-CuEq over the first 15 years 2.6 year post-tax payback period (1.9 year pre-tax payback)

Maiden Mineral Reserve estimate of 1.3 billion tonnes (Proven and Probable) at 0.41% CuEq (0.31% Cu, 0.02% Mo, 0.04 g/t Au and 1.30 g/t Ag), providing a mine life of 22 years 2025 Mineral Resource Estimate (“MRE”) incorporates a 312% increase in Measured plus Indicated Mineral Resources, at a cut-off grade of 0.1% Cu and a net smelter return (“NSR”) cut-off value of US$6.30/t, compared with the published 2024 MRE Possibility of extending the mine life by a timeframe in the order of 25 to 30 years beyond the Mineral Reserves LOM average strip ratio of 0.53 to 1 (waste to ore) positions Warintza as one of the lowest strip ratio copper mines globally, underpinning a very favourable strip-adjusted grade Operational simplicity driven by conventional open pit mining methods operating at low elevation and using standard processing equipment Excellent access to infrastructure (water, power, roads, ports, etc.) Production of both a high-quality copper concentrate and a clean molybdenum concentrate, both products have non-material levels of deleterious elements Pre-Feasibility Study prepared in conjunction with highly experienced consultants Ausenco, Knight Piésold, and AMC

QUITO, Ecuador, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (“Solaris” or the “Company”) (TSX: SLS; NYSE: SLSR) is pleased to announce the results of a Pre-Feasibility Study (the “PFS”) with an updated Mineral Resource Estimate (“2025 MRE”) and maiden Mineral Reserves for its Warintza Project (“Warintza”, the “Project” or the “Warintza Project”), located in southeastern Ecuador.

The Company will host an investor presentation, covering the announcement, via the Investor Meet Company (“IMC”) platform today, November 6, 2025. Further details can be found below.

Matthew Rowlinson, CEO and President of Solaris Resources Inc. said: “Warintza checks every box: global scale, size, and longevity, technical simplicity in a supportive mining jurisdiction, exceptional economics driven by a world-class strip adjusted grade, and above all, optimal timing to production in a tightening copper market.

With over 3.7 billion tonnes of Measured and Indicated Resources, 2.1 billion tonnes of Inferred Resources, 1.3 billion tonnes of Mineral Reserves, a low strip ratio, and early access to high-grade material, Warintza stands as one of the most compelling copper development assets anywhere in the world. We are fully funded for a construction decision through a US$200 million non-dilutive financing from Royal Gold earlier this year, while importantly retaining 100% ownership and full strategic control.

In a copper market characterized by declining grades, few new discoveries, and increasingly complex permitting environments, Warintza is uniquely positioned to come online at the right moment, helping meet a critical global supply gap, while delivering strong returns to stakeholders.

This is a rare window of opportunity: a generational discovery in a mining-friendly jurisdiction, with deep community support and a proven management team driving it forward. The future is bright, and we look forward to unlocking Warintza's real value.”

A summary of key operating and financial metrics from the PFS is presented below.

| Metric | Units | First 5 years of Production Avg. | First 15 years of Production Avg. | LOM | | Mining Summary | | | | | | Strip ratio | t:t | 0.37 1 | 0.38 1 | 0.53 2 | | Production Summary | | | | | | Average Annual Throughput | Mt | 60.2 | | | | CuEq 3 head grade | % | 0.58 | 0.47 | 0.41 | | Cu head grade | % | 0.44 | 0.36 | 0.31 | | Cu recovery | % | 89 | 86 | 84 | | Average Annual CuEq 3 Production | kt | 304 | 242 | 205 | | Total CuEq 3 Production | kt | 4,501 | | | | Average Annual Cu Production | kt | 230 | 183 | 156 | | Total Cu Production | kt | 3,436 | | | | Average Annual Mo Production | kt | 10.8 | 8.6 | 7.0 | | Total Mo Production | kt | 154 | | | | Average Annual Au Production | koz | 71 | 57 | 49 | | Total Au Production | koz | 1,079 | | | | Average Annual Ag Production | Moz | 1.8 | 1.3 | 1.2 | | Total Ag Production | Moz | 26.6 | | | | Operating Costs | | | | | | Mine Operating Costs | US$/t-moved | 1.25 | 1.37 | 1.38 | | Mine Operating Costs | US$/t-milled | 3.38 | 2.80 | 2.40 | | Processing | US$/t-milled | 5.58 | 5.58 | 5.58 | | G&A | US$/t-milled | 0.79 | 0.78 | 0.78 | | Total Operating Costs | US$/t-milled | 9.74 | 9.16 | 8.75 | | C1 Cash Costs 4 | US$/lb-Cu payable | 0.59 | 0.83 | 1.01 | | AISC 5 | US$/lb-Cu payable | 0.85 | 1.07 | 1.25 | | Capital Expenditure | | | | | | Initial capital costs | US$M | 3,729 | | | | Capital Intensity 6 | US$/Avg tpa-CuEq | 12,260 | 15,440 | 18,230 | | Sustaining capital costs | US$M | 1,713 | | | | Closure cost | US$M | 200 | | | | Financial Metrics 7 | | | | | | Long term Copper Price | US$/lb | 4.50 | | | | Average Annual EBITDA | US$M | 1,912 | 1,427 | 1,156 | | Total EBITDA | US$M | 25,433 | | | | Average Annual Free Cash Flow (Pre-tax) 8 | US$M | 1,829 | 1,348 | 1,088 | | Free Cash Flow (Pre-tax) 8 | US$M | 23,936 | | | | Average Annual Free Cash Flow (Post-tax) 8 | US$M | 1,341 | 985 | 792 | | Free Cash Flow (Post-tax) 8 | US$M | 17,431 | | | | Total Free Cash Flow (Pre-tax) 9 | US$M | 20,007 | | | | Total Free Cash Flow (Post-tax) 9 | US$M | 13,502 | | | | NPV 8% (Pre-tax) | US$M | 7,492 | | | | IRR (Pre-tax) | % | 34% | | | | Payback 10 (Pre-tax) | Years | 1.9 | | | | NPV 8% (Post-tax) | US$M | 4,617 | | | | IRR (Post-tax) | % | 26% | | | | Payback 10 (Post-tax) | Years | 2.6 | | |

Notes: 1: Strip ratio calculated by dividing the tonnage of waste mined by the tonnage of mineralized material mined above the cut-off grade. 2: Strip ratio calculated by dividing the tonnage of waste mined plus mineralized material above the cut-off grade unreclaimed from stockpiles by the tonnage of ore processed. 3: CuEq grade calculation assumes metal prices of copper US$4.00/lb, molybdenum US$20.00/lb, gold US$1,850/troy oz, and silver US$20.00/troy oz. Sulphide material accounts for more than 99.9% of the Mineral Reserves. The CuEq formula for sulphide material is:

Sulphide CuEq (%) = Cu (%) + 3.94 × Mo (%) + 0.52 × Au (g/t) + 0.01 x Ag (g/t).

4: C1 Cash Costs include mining, processing, general and administrative (“G&A”) costs; treatment and refining charges (“TCRCs”) for Cu & Mo concentrate; royalties; streaming; and allowance for byproduct credits. 5: AISC includes C1 cash costs and sustaining capital costs. 6: Capital intensity is calculated as initial capital costs divided by the average annual copper equivalent production. 7: Economic analysis assumes metal prices of copper US$4.50/lb, molybdenum US$20.00/lb, gold US$2,800/troy oz for the first three years and US$2,500/oz for the remainder of the life, and silver US$28.00/troy oz. 8: Free Cash Flow during production periods only. 9: Total life of mine Free Cash Flow, including initial capital costs and closure. 10: Payback period is calculated from the beginning of commercial production, after construction is completed.

Warintza exhibits significant potential to be a tier 1 asset, including:

1: Size, Scale & Longevity

The 1.3 billion tonnes of Mineral Reserves, 3.7 billion tonnes of Measured and Indicated Resources, and 2.1 billion tonnes of Inferred Resources offer potential to increase longevity and optionality. The Mineral Resources are inclusive of the Mineral Reserves. The current mine plan supports average annual copper equivalent production of over 240,000 tonnes over the first 15 years, and over 300,000 tonnes in the first five years (average annual copper production of 230,000 tonnes in the first five years, and over 180,000 tonnes during the first 15 years), placing Warintza firmly in the top tier of future global copper producers and amongst the largest copper development opportunities globally that remains independent of any cornerstone equity attachment from a major mining company.

The Mineral Reserves currently support a mine life of over 20 years, limited by the design storage of the Tailings Management Facility (“TMF”) of 1.3 billion tonnes. This engineering limitation, consistent with the Estudio de Impacto Ambiental - Environmental Impact Assessment (“EIA”) application, defines the maximum processing capacity and, therefore, the Mineral Reserves mine life, rather than a more complete realization of the potentially available Mineral Resources. The over 20 years of mine life projected in the PFS offer the Company significant time to complete the drilling and permitting required for a subsequent phase, with multiple potential locations for future TMFs already identified.

Subsequent to the establishment of criteria for the PFS, a conceptual expanded pit optimization exercise was completed in consideration of the possibility for a future increase in TMF capacity and without the limitation of the current Project footprint. The results of the conceptual exercise indicated a shell with a larger mineralized inventory at potentially similar grades to the PFS Mineral Reserves. Were such a shell to be ultimately realized, and contingent on all necessary supporting aspects being favourable, including with respect to any impact on key infrastructure, there could be a possibility to extend the mine life by a timeframe of the order of 25 to 30 years beyond the PFS Mineral Reserves. Improvements to the mine plan could also be possible that would reflect further resource benefit optimization, such as delaying the processing of the low-grade stockpile and deferring closure activities. Solaris again notes the conceptual nature of the expanded pit exercise and that it does not represent any increase in Mineral Reserve estimates over those presented in this 2025 Technical Report.

Warintza is a porphyry copper ore body with valuable by-products that diversify revenue. Over the first 15 years, the projected average annual by-product production includes:

Over 8,600 tonnes per year of molybdenum; 57,000 ounces per year of gold; and 1.3 million ounces per year of silver.

The project will produce both a clean molybdenum concentrate and a high-quality copper concentrate, both with non-material levels of deleterious elements, such as arsenic, enhancing offtake flexibility and blending economics.

2: Technical Simplicity

Warintza will employ conventional open pit mining methods, with competent rock conditions allowing for favourable slope angles. Operating at an average elevation of 1,200 m with available fresh water and power infrastructure, the project will leverage conventional processing equipment. Further, the site’s natural topography enables a self-contained water basin and gravity-fed TMF design, enhancing water monitoring and management while reducing environmental risk and energy requirements.

3: Supportive Mining District

As an export-oriented nation, Ecuador has a strong existing infrastructure. Paved highways cover the majority of the 300km route to the port, with port facilities already handling similar products from a nearby copper mine.

Warintza is underpinned by a strong and structured social foundation, built through formal agreements, inclusive dialogue, and shared value creation with Indigenous communities and local stakeholders. In 2019, Solaris established a Strategic Alliance with the Shuar communities of Warints and Yawi, creating a participatory model for decision-making, oversight, and benefit sharing. This led to the signing of a long-term Impacts & Benefits Agreement (“IBA”) in 2020, later updated to reflect project growth. The IBA provides for employment, training, education, local procurement, infrastructure, and direct financial benefits.

Building on this foundation, as of September 2025, Solaris has now signed formal cooperation agreements with all Indigenous organizations surrounding Warintza, including PSHA and FICSH, Ecuador’s two largest Shuar representative bodies. These agreements, developed with the support of the Ecuadorian government, demonstrate Warintza’s commitment to inclusive, Indigenous-led resource development.

At the government level, Solaris maintains close engagement with central, provincial, and municipal authorities, and has collaborated transparently through key permitting and consultation processes, including the pilot implementation of Prior Consultation protocols.

4: Robust Economics

The Mineral Reserves have an average copper equivalent grade of 0.41% and a strip ratio of 0.53 to 1. Combining the two creates a highly competitive strip-adjusted grade, translating into lower costs, higher margins and reduced environmental impact. Further, the near-surface high-grade mineralization enables increased early production, minimizing pre-stripping, reducing upfront capital, and providing optimization opportunities for mine sequencing.

The key financial metrics include:

First quartile All-In Sustaining Costs (“AISC”) of US$0.85/lb-Cu payable (first five years) and US$1.07/lb-Cu payable (first 15 years). Post-tax net present value (NPV 8% ) of US$4,617M (pre-tax NPV 8% of US$7,492M) and a post-tax internal rate of return (“IRR”) of 26% (pre-tax IRR of 34%) using metal prices of US$4.50/lb copper, US$2,800/oz gold for the first three years and US$2,500/oz for the remainder of the life, US$20/lb molybdenum, and US$28/oz silver. Average annual Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) of US$1.9bn per year (first five years) and US$1.4bn per year (first 15 years). Average annual post-tax Free Cash Flow (“FCF”) of US$1.3bn (first five years) and US$1.0bn (first 15 years). Capital Intensity of US$15,440/Avg tpa-CuEq over the first 15 years and total initial capital costs of US$3.7bn. Post-tax payback period of 2.6 years (1.9 years pre-tax payback).

5: District Exploration Hub

Warintza anchors what is emerging as a major new copper-producing district in southeastern Ecuador. The project sits within a highly prospective porphyry corridor that includes the San Carlos and Panantza deposits to the west, both hosting large, historical copper resources with similar geological settings and long-term development potential, and the Mirador mine to the south.

The 2025 MRE incorporates a 312% increase in Measured plus Indicated Mineral Resources compared to the 2024 MRE, with new mineralization defined on the western extension of the deposit. These areas demonstrate strong continuity, near-surface grades, and excellent potential for further growth. Beyond the Warintza West, Central, and East deposits, multiple satellite targets remain underexplored. The 2025 MRE supersedes the 2024 MRE with 142 additional diamond drill holes, resulting in an increase of 964 Mt in Measured and 1,418 Mt in Indicated Resources at Warintza Central and East. The additional drilling completed since the 2024 estimate has added additional material into the 2025 Mineral Resource in the form of Warintza West whilst also converting Mineral Resources previously classified as Inferred into the Indicated and Measured classes.

INVESTOR PRESENTATION

Solaris will host an investor presentation via the IMC platform on Thursday, November 6, 2025, covering today’s announcement. The online event will take place at 14:00 (Zug) / 08:00 (Toronto). The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the presentation.

Investors can sign up to IMC for free and add to meet Solaris Resources via:

https://www.investormeetcompany.com/solaris-resources-inc/register-investor

SUMMARY OF THE SOLARIS WARINTZA PROJECT PRE-FEASIBILITY STUDY

Overview

The Warintza Project is a copper-molybdenum porphyry deposit located in southeastern Ecuador. AMC Mining Consultants (Canada) Ltd (“AMC”) was commissioned by Solaris Resources Inc. to prepare the independent Technical Report summarizing the results of a Pre-Feasibility Study for the Project.

Drilling conducted between 2020 and 2024 has delineated Warintza (Central, East, and West), supporting the generation of a well-developed geological model. Extensive infill drilling, new metallurgical testing, and mine planning studies have been incorporated into the PFS, which includes a simplified process flowsheet and an optimized mine design.

The PFS contemplates a single-phase open pit operation with a planned 22-year LOM, based on flotation of copper sulphide mineralization. The LOM is currently limited by the design storage capacity of the Tailings Management Facility of 1.3 billion tonnes. This engineering limitation, consistent with the Environmental Impact Assessment application, defines the maximum processing capacity and, therefore, the reported LOM, rather than rather than a more complete realization of the potentially available Mineral Resources.

The PFS has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43-101”), “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators (“CSA”) for lodgement on CSA’s “System for Electronic Data Analysis and Retrieval Plus” (“SEDAR+”).

The Warintza Project consists of porphyry copper–molybdenum deposits that are proposed to be developed using conventional open-pit mining methods. Mineral processing for the Project is planned to include crushing, grinding, and flotation to produce a copper concentrate, with gold and silver by-products, and a separate molybdenum concentrate.

The Property consists of nine metallic mineral concessions covering a total of 26,773 ha (268 km²). Solaris announced an option agreement to acquire up to 100% interest in ten additional concessions adjacent to the Warintza Property, totalling approximately ~40 km², which are considered prospective for porphyry copper and epithermal gold mineralization.

Solaris has signed a Cooperation, Benefits, and Access Agreement (Impact and Benefits Agreement) with local communities within the Project area. The agreement, originally signed in March 2022 and updated in April 2024, grants surface access and use rights necessary for exploration and development activities.

The EIA application was submitted by Solaris in August 2024 to the Ecuador Ministerio de Ambiente, Agua y Transición Ecológica - Ministry of Environment, Water, and Ecological Transition (“MAATE”), recently incorporated into the Ministerio de Ambiente y Energía - Ministry of Environment and Energy (“MAE”). Approval of the EIA will be required before operating and environmental permits can be issued. At the effective date of the PFS, the concessions are in good standing, and Solaris holds all permits required to conduct ongoing exploration activities, including Environmental Licenses for advanced exploration in the Caya 21, Caya 22, and Curigem 9 concessions and Environmental Registrations for initial exploration for the remaining concessions.

Accessibility, climate, infrastructure, and physiography

The Warintza Project is located in the Morona Santiago province, and is accessible by national and provincial highways, with a final 58 km along the Limón–Warints road.