Solaris Resources announced that its Pre‑Feasibility Study for the Warintza copper‑molybdenum project in southeastern Ecuador has been completed. The study confirms 1.3 billion tonnes of mineral reserves and 3.7 billion tonnes of measured and indicated resources, with a strip ratio of 0.53:1 and an average copper‑equivalent grade of 0.41%. The mine plan projects an average annual copper‑equivalent production of more than 240,000 tonnes over the first 15 years and a mine life of 22 years, limited only by the design capacity of the tailings management facility.
The PFS highlights several operational advantages that underpin the project’s economics. A single‑phase open‑pit design and a low strip ratio reduce capital intensity, while early‑grade material drives a high initial production rate. The study projects a post‑tax net present value of US$4.6 billion and an internal rate of return of 26%, with first‑five‑year all‑in sustaining costs of US$0.85 per pound of payable copper and US$1.07 per pound over the first 15 years.
Solaris secured a $200 million non‑dilutive financing package from Royal Gold in May 2025, providing immediate liquidity for the next stages of development. The company has no current equity stake from Zijin Mining; the 15% investment announced in January 2024 was terminated in May 2024 after regulatory hurdles and project controversies. The Royal Gold financing therefore represents the only significant external equity support at this stage.
Community engagement has been reinforced through formal agreements with all indigenous organizations surrounding the project, including the Pueblo Shuar Arutam (PSHA) group. These agreements, finalized in September 2025, secure a robust social license to operate and mitigate a key risk that has historically challenged mining projects in Ecuador.
The announcement triggered a positive market reaction. Solaris shares rose 2.5% in pre‑market trading on November 6, 2025, and the company’s 52‑week high was reached that day. Analyst coverage reflected the strength of the economics: H.C. Wainwright raised its price target to $13 from $11, and TipRanks reported a “Strong Buy” consensus with a target of $14.55. Despite the optimism, Solaris remains in a loss‑making phase, reporting a net loss of USD 20.79 million for Q3 2024, up from USD 9.04 million in Q3 2023.
CEO Matthew Rowlinson emphasized that the PFS confirms Warintza as a Tier‑1 copper development asset. He noted that the project’s scale, low operating costs, and strong social license position Solaris to become a major copper producer once a final investment decision is made. The company plans to use the Royal Gold financing to advance to a construction decision and to continue engaging with stakeholders to secure the project’s long‑term viability.
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