September 17 Luncheon in Houston hosted by Solaris Resources

[dan_s]

I am bullish on copper and I am bullish on this company. Notes below is from an EPG member in Calgary that is familiar with this company.

Solaris Resources Inc. (TSX: SLS)(NYSE: SLSR) is a very undervalued global scale copper project in Ecuador. Earlier this year, SLSR came under pressure due to the overhang of Canadian regulatory review of a proposed US$100 M financing with the Chinese mining company, Zijin, which SLSR later cancelled and replaced due to the lengthy and uncertain approval process. This uncertainty contributed to SLSR not participating in the prior copper run but is now participating in the recent downside of the commodity price.

Executive Chairman, Richard Warke, is the largest shareholder (~40%) & part of the Fenway Sports Group, which owns a portion of the Pittsburgh Penguins, Liverpool Soccer Club & the Boston Red Sox. This team excels in finding large-scale, world-class deposits and monetizing them with US$4.5 B in exit transactions in the last dozen years.

The Company’s most recently upgraded resource, see attached, is in close proximity to the Fruta del Norte gold mine owned by the Ludin family. The Lundin family are shareholders in SLSR at ~5%.

We are coming into a very opportune time to look at this asset which is at a very low equity price.
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Notes below are from Arun Lamba, VP Corporate Development

-Recently joined Solaris from TD Cowen, where he was a Senior Mining Analyst covering the Company with a C$14 target price

-15 years’ experience in financial services and capital markets covering the mining sector, covering projects from early-stage exploration through feasibility and construction to production in both base and precious metals

Solaris Resources (TSX: SLS, NYSE: SLSR), US$350 M market cap

-Portfolio of copper growth projects in the Americas

Flagship Warintza Project, Ecuador

-Differentiated by global scale, low capital intensity and near-term completion of permitting

-Open-pit mine that is in a low-cost mining district, adjacent to infrastructure, with strong community & government support

-Global scale resource of 2.3 Bt @ 0.43% CuEq (includes high grade of 0.6 Bt @ 0.68% CuEq) and growing

-Funded for 2024 and 2025 programs



Ecuador and Project De-Risking in 18 months

-10 years continuous pro-mining policy

-Primary infrastructure, low elevation saves billions in capex

-Investment Contract with Gov’t provides regulatory & fiscal stability to 2041 (renewable to 2066)

-Impact & Benefits Agreement with communities signed April 2024, endorsed by government



Catalysts

-Resource Drilling & District Exploration Targeting New Discoveries - Ongoing

-EIA Submission for Exploitation - H2/24

-PFS & Exploitation Agreement Completion – H2/25

-Permitting Completion - 2026



Unique Value Opportunity

-Warintza is one of the best copper development projects available globally given its scale, grade, low strip, low elevation, and access to infrastructure

-Analyst consensus NAV of US$4 B (8% DR and $3.75/lb copper)

-0.2x P/NAV @ US$350 M market cap vs. Peers up to US$2.5 B market cap