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Copper, Gold Growth and Discovery in the Americas
Corporate Presentation
July 2022
Worldā€™s Greatest Explorer ā€“
Assembled Portfolio, Designed Programs,
Our Discoveries Honor His Legacy
2
This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company's continuous disclosure documents. All amounts expressed in
Canadian $ unless otherwise stipulated.
Forward-looking Statements
This presentation includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking
statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to
anticipated exploration and development activities. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue",
"estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Although Solaris Resources Inc. (the "Company") believes that the expectations reflected in such
forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These
statements 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 risks
related to the business of the Company; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other
project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance
with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and
other factors identified in the Company's periodic filings with Canadian securities regulators.
These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Companyā€™s ability to develop and maintain relationships
with local communities (including the local Shuar Centres of Warints and Yawi); commodity prices; anticipated costs and expenditures; the Companyā€™s ability to advance exploration efforts at Warintza and its other
projects; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking
statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking
statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking
statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in
their entirety by this cautionary statement.
Technical Information
The technical information contained in this document related to the mineral resource estimate at Warintza was approved by, or based upon disclosure prepared by, Mario E. Rossi, FAusIMM,RM-SME, Principal
Geostatistician of Geosystems International Inc., a ā€œQualified Personā€ as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (ā€œ43-101ā€). See the corresponding technical report entitled
"NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022 and available on SEDAR under the Company's profile at www.sedar.com. The remaining technical information
contained in this document has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a ā€œQualified Personā€ as defined in NI 43-101. Jorge Fierro is a Registered
Professional Geologist through the SME (registered member #4279075).
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
The mineral resource estimates described in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms
"mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with Canadian National Instrument 43 101ā€” Standards of Disclosure for
Mineral Projects (ā€œNI 43 101ā€) and the Canadian Institute of Mining, Metallurgy and Petroleum (the ā€œCIMā€) ā€“ CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as
amended. These definitions differ from the definitions in requirements under United States securities laws adopted by the United States Securities and Exchange Commission. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is
economically or legally mineable. An ā€œinferred mineral resourceā€ is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.
Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Investors are
cautioned not to assume that all or any part of mineral resources determined in accordance with NI 43-101 and CIM standards will qualify as, or be identical to, mineral resources estimated under the standards of the
SEC applicable to U.S. companies. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws and the rules and regulations thereunder.
Forward-Looking and Cautionary Statements
3
Tamarugo
Ricardo
La Verde
Warintza
Peru JVs
Leverage through drilling to
multiple-times resource growth
and discovery potential
Solaris is responsibly and sustainably advancing a
portfolio of copper assets in the Americas:
Focused on Flagship Warintza, Ecuador ā€“
579 Mt at 0.59% CuEqĀ¹ (Ind) & 887 Mt at 0.47% CuEqĀ¹ (Inf)
Indicative Starter PitĀ²:
180 Mt at 0.82% CuEq (Ind) & 107 Mt at 0.73% CuEq (Inf)
Multiple-times growth with three discoveries outside resource
Discovery Potential ā€“
Solaris Exploration spin-out of Warintza district targets,
Capricho, Paco Orco, Ricardo targets plus Verde
Exploration Programs Designed by David Lowell ā€“
Assembled portfolio and designed programs led by
Ecuadorian protƩgƩ, Jorge Fierro, VP, Exploration
Managed by the Augusta Group ā€“
Highly-specialized in exploration and development,
unrivaled track record of over $4.5B exits / 10 yrs
Project Portfolio | Multiple-Times Growth and Discovery Potential
1.Reported at a cut-off grade at 0.3% CuEq. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 2. Reported at a cut-off
grade at 0.6% CuEq. No economic analysis has been completed by the Company and there is no guarantee an ā€˜Indicative Starter Pitā€™ will be realized or prove to be economic. The ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au.
4
Canada-based management group, focused on mining sector
Highly-specialized in exploration and development stage projects
Unrivaled track record of creating value, with over $4.5B in exit transactions
Part of The Augusta Group | Unrivaled Track Record of Value Creation
Sold for $1.6B in 2011 Sold for $667M in 2014 Co-Founded in 2017;
$1.8B Market Cap
Sold for $2.1B in 2018
Past Returns
(12,960% return) (3,300% return) (6,100% return) (1,100% return)
Note: The results for Ventana Gold Corp., Augusta Resource Corp., Equinox Gold. and Arizona Mining Inc. are independent of the results of Solaris Resources and are no guarantee of the future performance.
Undue reliance should not be placed thereon when considering an investment in Solaris.
5
1. Capital structure as at May 13, 2022. Cash position as at Mar 31, 2022 and includes proceeds from the exercise of warrants ā€“ see press release dated May 13, 2022
2. 2022 warrants expire July ā€“ Dec at $0.70-$6.75; Additional warrants expire mid-2023 at $1.20-$2.12. Warrants largely held by insiders and strategic partners
3. Source: Bloomberg - Based on transaction value
TSX SLS
Common Shares Outstanding 113M
Stock Options 8M
Restricted Share Units 0.5M
Diluted Shares Outstanding 156M
Cash US$32M
ITM Warrants Expiring 2022Ā² 9M / $24M
ITM Warrants Expiring 2023Ā² 25M / $30M
Capital Structure
Capital StructureĀ¹
0
5
10
15
0
20
40
60
80
H2 2020 FY 2021 YTD 2022
Average
Price
($/sh)
Buying
($M)
$171M of insider buying last 24mths
Leading all issuers in TSX materials sectorĀ³
Ross Beaty
Chair, Equinox Gold Corp.
[Equinox] has no further plans to divest
any shares for the foreseeable future.
Warintza would be of interest to any major mining
company, so I fully expect not too far away, maybe
this year, they'll get an offer they can't refuse and
we will be more than happy to exit with them.
Richard Warke
36%
Equinox Gold
12%
Lundin 5%
Mgmt 5%
Beaty 4%
Lowell 2%
Float
36%
Share Distribution
6
Richard Warke, Executive Chairman
Arizona Mining, Equinox Gold,
Augusta Resource, Ventana Gold
Daniel Earle, President & CEO
TD Securities
Sunny Lowe, CFO
INV Metals Inc., Kinross Gold Corp., Inmet Mining
Purni Parikh, SVP Corporate Affairs
Arizona Mining, Augusta Resource, Ventana Gold
Federico Velasquez, VP Operations
Equinox Gold, Anglo American, Alta Gas
Chad Wolahan, VP Projects
Ivanhoe Mines, Stantec, Newcrest
Jorge Fiero, VP Exploration
Equinox Gold, Lowell Copper, BHP
Tom Ladner, VP Legal
Augusta Gold, Titan Mining, BLG LLP
Jacqueline Wagenaar, VP Investor Relations
Guyana Goldfields
Greg Smith, Director
Equinox Gold, Esperanza Resources,
Minefinders
Donald Taylor, Director
Arizona Mining, BHP Minerals, Bear Creek
Kevin Thomson, Director
Barrick, Davies Ward Phillips & Vineberg LLP
Ron Walsh, Director
Walsh King LLP, Canadian Tax Foundation,
Vancouver Stock Exchange
Board & Management
Strategic Partners
Equinox Gold Corp.
Equinox Gold is an emerging mid-tier Canadian gold
producer, dual-listed in Canada and the US. The
company has a reserve base of over 12 Moz, with six
mines in production and two more in development,
providing an organic growth profile to over 1Moz
annual production.
Lukas Lundin
Lundin Group has led companies to numerous
discoveries and major transactions, including Lundin
Miningā€™s $3.3B merger with EuroZinc, the $2.0B sale of
Tanganyika Oil, and the $7.1B sale of Red Back Mining.
Ross Beaty
Ross Beaty is a serially-successful resource
entrepreneur and founder of Pan American
Silver ($3.5B), Alterra Power ($1.1B) and Lumina
Copper, a company that turned $170M in
financing into five separate companies
generating $1.4B in shareholder value over 10
years.
Augusta Group
Mining sector-focused management group based in
Canada and the U.S. with an unrivaled track record of
value creation totaling over $4.5B in exit transactions
since 2011 and has strategic partnerships with leading
entrepreneurs in the mining sector.
Richard Warke
Richard Warke has led multiple successful mining
companies, including Ventana Gold (sold for $1.6B);
Augusta Resource (sold for $670M); Co-Founded to
form Equinox Gold ($1.8B Market Cap); and Arizona
Mining (sold for $2.1B).
Leadership | Track Record of Success
7
El Teniente
Mirador, 2001
Pierina, 1996
Toromocho, 2005
Los Calatos, 1992
Maria Rosa, 1985
Leonor, 1989
San Cristobal, 1985
Zaldivar, 1981
Escondida, 1981
Bajo Alumbrera, 1968
Andina
Los Bronces
Los Pelambres
Radomiro Tomic
Spence
Chuquicamata
Collahuasi
Toquepala
Cerro Verde
Antamina
Warintza, 2000
David Lowell made more discoveries of greater
consequence than anyone in history, with over a
dozen major discoveries, including the largest copper
mine in the world, La Escondida, which produced
~$10B of copper last year.
Assembled our pipeline of grassroots exploration
projects targeting future discoveries; programs led by
his protƩgƩ, Jorge Fierro, VP, Exploration.
Co-defined porphyry copper deposit model in 1970.
Direct application led to first discoveries (exposed
deposits); evolved technique for second wave
discoveries (obscured deposits); final evolution
targets blind discoveries.
Lowell Discoveries
Major Mines
Obscured Deposits (80-90s)
Partly covered by capping, cover,
e.g., La Escondida
Blind Deposits (2000-Future)
Completely covered or deep,
e.g., Tamarugo, Ricardo
Exposed Deposits (60-80s)
Alteration systems visible from air,
e.g., Bajo Alumbrera, San Cristobal
David Lowell | Worldā€™s Greatest Explorer (1928-2020)
7
8
Ecuador | Continuous Support for Responsible Mining Since 2014
Guillermo Lasso: Accelerating Reforms
o Three consecutive governments, both socialist and conservative see
mining development as critical to economic revitalization
o Mining Investment Attractiveness Index improved from 45 (2015) to
73 (2021)Ā¹ vs Chile 69, Peru 61, DRC 30
o US Dollar-based economy, low inflation of 3.4% vs Chile 11.5%, Peru 8.1%,
Argentina 60.7%
o Investment Protection AgreementĀ² for Warintza provides regulatory and
fiscal stability to 2041 (+25 yrs), income tax reduction to 20%, exemptions
ā€œIn the medium term, Ecuador could turn into a major
mineral exporting country, such as Peru and Chileā€
ā€œI would like to congratulate and thank those visiting us from
abroad, for their presence supports start-ups born from the
communication between companies and communities, as in the
case of Solaris in the province of Morona Santiagoā€
Guillermo Lasso,
President of Ecuador
8
ā€œThe case of the Warintza Project, which I was in
Morona Santiago a few months ago, and this
participatory mining was spectacular from the beginning,
from when the initial exploration began, the
participation of the indigenous sector is seen thereā€
ā€When empowered by the Project, everything flows normallyā€
Xavier Vera Grunauer,
Minister of Energy and Mines
1. Fraser Institute Annual Survey of Mining Companies 2021
2. See Company press release dated June 9, 2022
3. Ministry of Energy & Mines Ecuador, PDAC, June 13, 2022
ā€œFrom day one, our administration has been focused
on encouraging sustainable and transparent economic
growth in Ecuador with incentives to facilitate major
investments in the country.
In the mining sector, our most important goal is to ensure that
development is responsible, environmentally friendly, and socially-
committed, as at the Warintza Project."
Lorena Konanz,
Vice Minister of Export and Investment
Promotion
"Strategic Priority Project"
Accelerated Permitting
Completion Anticipated 2024
Ā³
9
Responsible Mining | New Model for Responsible Mining in Ecuador
Warintza Success Story
World class discovery by David Lowell in 2000, sat
largely dormant since 2001 due to a breakdown in
social acceptance from local communities
Extensive dialogue led to understanding root causes
of conflict, resolution of underlying issues mid-2019;
instituted an informed, innovative CSR program
Government-Sponsored Prior Consultation process and
signed Memorandum of Understanding in 2019, Impacts
and Benefits Agreement in 2020 (Amended 2022)
Warintza Model
Inclusive development model based on transparency,
dialogue, and trust relationship between government,
communities and company with the objective of
sustainable socio-economic development of
community and people together with project
Strategic Alliance governed by Board of Directors from
host Shuar Centres; community development alongside
project, with investments in health, education, training,
infrastructure, environment, entrepreneurship, gender
equality, labor, cultural and human rights and security
ā€œThis is a participatory project
where the community and the
company are true partners.
This is the kind of Project
President Guillermo Lasso is
seeking for the development of
responsible mining.
Today, you are an example for Ecuador
and the world.ā€
Xavier Vera Grunauer
Minister of Energy and Mines
ā€œWe are excited to be part of the
successful advancement of Warintza
and show the industry that it is
possible to develop a mining project
in a responsible and inclusive way.
The people of Warints and Yawi welcome
President Lassoā€™s approach which promotes
the development of remote communities as
this has had a direct impact on our familiesā€™
economy, living conditions and
opportunities.ā€
Vicente Tsakimp
Coordinator,
Warintza Project Strategic Alliance
10
Warintza Community
Population
Community Number
Warints 600
Yawi 200
Total 800
Direct Community
Employment
Community Number
Warints, Yawi 194
Amazonia sector 246
Resto del paĆ­s 61
Total 501
Responsible Mining | Partnership with Host Communities
ā€œI took a tour of the project, which fills me with joy to
know that the community and the Company are closely
linked to each other. It is a company that has won the
affection of the people of Warints and Yawi.ā€
ā€˜The communities {possess a] worldview of wanting to have
better living conditions to raise their children and, through their
dignified work, will improve conditions and that has to do with
the presence of the Company boosting the families' economy.ā€™
Freddy Villamagua
Former Governor of Morona Santiago, Ecuador
Community involvement at each step,
enhanced with capacity-building program
Maximizing community involvement
key to strong and resilient alliance
Innovative approach: commitment to
transparency, education and inclusion
Government and community understanding
of impacts and benefits of project
Over 525+ indirect service providers
11
Warintza| Precedent-Setting CSR Programs Empowering Local Communities
Environmental
Responsibility and
Stewardship Programs
ā€¢ First Company to
participate in
Ecuadorā€™s Zero
Carbon Program
ā€¢ Environmental
management plan
and community
engagement
ā€¢ Capacity building/
training/workshops
for environmental
stewardships
Education Initiatives
ļ‚· Financial education
workshops
ļ‚· Capacity skills
training
ļ‚· Post secondary
scholarships &
internship program
ļ‚· Sports program
Local Entrepreneurship
and Innovation
Programs
ļ‚· Full employment
achieved with Shuar
Centres of Warints &
Yawi and surrounding
communities
ļ‚· Training and
workshops on
leadership, corporate
entrepreneurship,
mining easement
and governance
Gender Equity and
Female Empowerment
Initiatives
ā€¢ Womenā€™s Empowā€™t
Principles ā€“ Signed
principles and
committed to
implementation
ā€¢ Scholarship Program
ā€˜Soy Mineraā€™ ā€“
Developed in
coordination with
Women in Mining
Ecuador.
ā€¢ Entrepreneurship
programs
Investment in
Community Health
Care and Wellbeing
Initiatives
ā€¢ Dental hygiene
campaign
ā€¢ Covid-19 cooperation
and vaccination
program
ā€¢ Humanitarian and
emergency support
Responsible
Community ASM
Strategy
ā€¢ Assisting in the
development of
Ecuadorā€™s first
artisanal mining
regulatory
framework
ā€¢ Capacity building on
responsible ASM
practises
Investment in Local
Infrastructure
Development
ā€¢ Community
Infrastructure
development:
educational centres,
recreational and
medical buildings,
bathrooms, road and
bridges connecting
to national highway,
power supply and
communication-
related infrastructure
Warintza
Green
Warintza
Education
Warintza
Entrepreneur
Warintza
Woman
Warintza
Health
Warintza
Artisanal
Mining
Warintza
Infrastructure
In
Ecuador
to have:
Completed Prior
Consultation
process in 2019
Signed Impact and
Benefits Agreement
in 2020
(Amended 2022)
Committed to
national
Zero Carbon
Program
in 2021
Developed
framework for
Formalization of
Artisanal Mining
in 2021
12
Mining District | Structural Cost Advantages
268km2 property, 100%-owned; 40km north of Mirador mine
(US$1.4B / 20 Mtpa, Phase 2: US$0.8B / 40 Mtpa)
Access road to highway connecting Pacific ports, transmission
lines, airport, skilled labour, fresh water
Access to grid power, adjacent Santiago development (US$3B /
2,400MW) public tender early 2023
MOU signed for 100% supply of hydroelectric powerĀ¹; Ecuador
7c/kWh vs DRC 30c, Chile 15c, Peru 14c, Brazil, Mexico 12c
Primary Infrastructure: Natural Advantage
Ecuador Cost Advantage Relative to ChileĀ²
Mirador, Ecuador Opex Savings
Phase 1: 20 Mtpa US$1.4B Low Elevation 6%
Phase 2: 40 Mtpa US$0.8B Hydro Power 8%
40 Mtpa US$2.2B Fresh Water 6%
QB2 Mine, Chile Labour Costs 5%
50 Mtpa US$6.7B Opex Savings 25%
1. See Company press release dated March 21, 2022
2. Mine Cost Survey 2022
13
Leading Technologies
Warintza| Natural Infrastructure Supports Low-Cost Green Development
1.See Company press release dated March 21, 2022
Low Emissions
High Efficiency
Low Capex Intensity
Low Operating Costs
Natural Advantages Results
100% renewable, hydroelectric powerĀ¹
Favorable topography
Abundance of freshwater
Energy rich mining district Electrified mining fleet
Gravity-assisted materials movement
Efficient comminution powered by renewables
Hybrid transport of concentrate
products to coast
14
Resource Estimate
Warintza In-pit Mineral Resources
Cut-off Category Tonnes Grade Contained Metal
CuEq
(%)
(Mt)
CuEq
(%)
Cu
(%)
Mo
(%)
Au
(g/t)
CuEq
(Mt)
Cu
(Mt)
Mo
(Mt)
Au
(Moz)
0.2%
Indicated 736 0.52 0.40 0.02 0.05 3.84 2.95 0.18 1.11
Inferred 1,558 0.37 0.31 0.01 0.03 5.80 4.80 0.19 1.63
2,294 0.42 0.34 0.02 0.04 9.64 7.76 0.36 2.73
0.3%
(Base)
Indicated 579 0.59 0.47 0.03 0.05 3.45 2.70 0.15 0.93
Inferred 887 0.47 0.39 0.01 0.04 4.17 3.48 0.13 1.08
1,466 0.52 0.42 0.02 0.04 7.61 6.18 0.28 2.01
0.4%
Indicated 442 0.67 0.54 0.03 0.05 2.97 2.38 0.12 0.77
Inferred 539 0.55 0.47 0.01 0.04 2.96 2.53 0.08 0.71
981 0.60 0.50 0.02 0.05 5.93 4.91 0.20 1.49
ā€˜Indicative Starter Pitā€™
0.6%
Indicated 180 0.82 0.67 0.03 0.07 1.49 1.20 0.06 0.38
Inferred 107 0.73 0.64 0.02 0.05 0.79 0.69 0.02 0.17
287 0.79 0.66 0.03 0.06 2.27 1.89 0.07 0.55
1.The mineral resource estimates are reported in accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves, adopted by
CIM Council May 10, 2014. 2. Reasonable prospects for eventual economic extraction assume open-pit mining with conventional flotation processing and
were tested using NPV Schedulerā„¢ pit optimization software with the following assumptions: metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and
US$1,500/oz Au; operating costs of US$1.50/t + US$0.02/t per bench for mining, US$4.50/t milling, US$0.90/t G&A; recoveries of 90% Cu, 85% Mo, and
70% Au. 3. Resource includes grade capping and internal dilution. Grade was interpolated by ordinary kriging populating a block model with block
dimensions of 25m x 25m x 15m. 4. The ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of
US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been completed by the Company and there is no guarantee an ā€œIndicative
Starter Pitā€™ will be realized or prove to be economic. 5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 6.
Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu,
US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 7. The Qualified Person is Mario E. Rossi,
FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc. 8. All figures are rounded to reflect the relative accuracy of the estimate. 9.
The effective date of the mineral resource estimate is April 1, 2022. 10. See the corresponding technical report entitled "NI 43-101 Technical Report for
the Warintza Project, Ecuador" with an effective date of April 1, 2022 and available on SEDAR under the Company's profile at www.sedar.com.
Central Pit (at 0.3% CuEq)
579 Mt at 0.59% CuEq Indicated
887 Mt at 0.47% CuEq Inferred
ā€˜Indicative Starter Pitā€™ (at 0.6% CuEq)
180 Mt at 0.82% CuEq Indicated
107 Mt at 0.73% CuEq Inferred
Grades discounted by preliminary recoveries
Ordinary Kriging constrained by geological domains
Grade capping
Dilution to 25 x 25 x 15m blocks
15
Warintza Project | Multiple-Times Growth Potential
Two Objectives: ā€˜Starter Pitā€™ Growth, Overall Growth
World Class Inventory forms Baseline for Growth
o Central Pit ā€“ 579 Mt at 0.59% CuEqĀ¹ (Indicated)
887 Mt at 0.47% CuEqĀ¹ (Inferred)
o ā€˜Indicative Starter Pitā€™ ā€“ 0.3 Bt at 0.8% CuEqĀ²
Less than 18 months/65km drilling, largely Central
Extend near surface, high-grade to grow Starter Pit
Multiple-times growth overall: East larger footprint than Central,
West similar size to Central, South 2-3x the size
1.Reported at a cut-off grade at 0.3% CuEq. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq
(%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 2. Reported at a cut-off grade at 0.6% CuEq. No economic analysis has been completed by the Company and there is no guarantee an ā€˜Indicative Starter Pitā€™ will be realized or prove to be economic. The
ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au.
16
Warintza Project | Further Discovery Potential within 7km x 5km Cluster
Source: The information in this slide is based upon the Companyā€™s news releases dated Feb 16, Jul 20, Oct 12,25, Nov 1, Dec 14, 2021 and Jan 18, Feb 28, April 4, and May 26, 2022, other than the 2022 Resource Outline.
17
Proposed Solaris
Exploration Spin-Out
High sulphidation system
targeted at Caya
(characteristic signature in
geochem, clay alteration,
vuggy silica)
Warintza Project | Regional Potential Beyond Warintza Cluster
1. Adjacent Deposits are independent of Solaris. Readers should not infer that Solaris will obtain similar results to adjacent deposits and undue reliance should not be placed thereon when considering an investment in Solaris
2. Panantza Inferred Mineral Resource: 463 Mt @ 0.66% Cu; San Carlos Inferred Mineral Resource: 600 Mt @ 0.59% Cu, Source: Corriente Resources ā€“ Preliminary Assessment Report, October 30, 2007
Porphyry targets at Clemente,
Mateo, Cora, potential new
cluster at Medio Camino
Skarn targets at Playas,
Justo, Betty, Yawi,
La Celestina
17
18
Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
Jan-00
%
Change
in
Share
Price
Solaris Resources (SLS-T) (2020-2022)
Solaris Resources (SLS-T)
(2020-2022)
Warintza | Major Correction, Unique Opportunity
1. Warintza Project resource estimates and NAV ranges are dated as at May 26, 2022 and reported from Eight Capital sell-side research coverage and are independent of the results of Solaris Resources and are no guarantee of future performance
2. Warintza Maiden Resource Estimate: 124 Mt @ 0.70% CuEq (Inf) dated Dec 13, 2019
3. Warintza 2022 MRE: 580 Mt @ 0.59% CuEq (Ind) (0.47% Cu, 0.03% Mo, 0.05 g/t Au) and 890 Mt @ 0.47% CuEq (Inf). See Resource Estimate and Cautionary Notes
4. The results for Arizona Mining Inc. and Ventana Gold Corp. are independent of the results of Solaris Resources and are no guarantee of the future performance. Undue reliance should not be placed thereon when considering an investment in Solaris
SLS - Dec 2019Ā²
Maiden Resource
124 Mt @ 0.70% CuEq (Inf)
Solaris - July 2022
$7.53 / $0.8B Valuation
1x NAV8% UpsideĀ¹ (SLS)
Yr 1 Yr 2
SLS - Apr 2022Ā³
Resource Update
579 Mt @ 0.59% CuEq (Ind)
887 Mt @ 0.47% CuEq (Inf)
Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18
Arizona Mining (AZ-T) (2015-2018)
Mar 2016
Maiden Resource
(66 Mt @ 9% ZnEq)
Nov 2016
Resource Update
(114 Mt @ 11% ZnEq)
Nov 2017
Subsequent Resource Update
(145 Mt @ 11% ZnEq)
Jun 2018
Acquisition Announced
Sale of Arizona Mining to
South32 for $2.1B in 2018ā“
at 1x NAV8%
Nov-08 May-09 Nov-09 May-10 Nov-10
Ventana Gold Corp. (VEN-T) (2008-2011)
Nov 2009
Announces La
Bodega Property
Dispute
May 2010
Announces Settlement
of La Bodega
Property Dispute
Oct 2009
Announces Initiation
of Scoping Study
Sale of Ventana Gold to
EBX Group for $1.6B in 2011ā“
at 1x NAV8%
Nov 2010
Acquisition Announced
Warintza Central ValuationĀ¹
Basis NAV8%
1.5 Bt US$4.4B
Upside US$6.1B
19
Upcoming News | Growth and Discovery Drilling
JV Partner, Freeport-McMoRan drilling
for discovery at Ricardo in Chile
Central Growth: Open extensions of near surface,
high-grade to grow ā€˜Starter Pitā€™
Super-Pit Growth: East open to north, south, east for
major growth potential within shared pit
Advancing Capricho and Paco Orco in Peru,
Tamarugo in Chile
Cluster Potential: West and South discoveries on first-
ever holes, major growth potential with more drilling
Proposed Spin-Out of Non-Core Assets to Create
Solaris Exploration Inc.
Joint Ventures
21
Solaris option to earn up to 75%
4,600 hectare property, 60km SE of Las Bambas, Haquira
Outcropping porphyry exposed >300m during recent landslip
Samples from this outcrop grade up to 3% Cu
Community consultation ongoing
Capricho and Paco Orco | Discovery Potential via JV in Peru
Capricho
Solaris option to earn up to 75%
4,400 hectares property, northern extension of Southern Peru Copper Belt
Polymetallic CRD gossan outcropping in limestone extending >2km
Surface samples up to 0.5% Pb, 0.26% Zn and 58 g/t Ag from leached material
Community consultation ongoing
Paco Orco
22
Exposure to US$4.2M of exploration spending over two years as part of
US$130M / 5-yr farm-out of 80% to Freeport-McMoRan
16,000 hectares in the most prolific section of the West Fissure fault, which
controls Chileā€™s largest copper deposits
Earlier efforts at drilling stymied by fault, but encountered rock types and
alteration similar to those seen at Chuquicamata
Ricardo Project | Discovery Potential via JV in Chile
Discovery potential on the same structure as one of Chileā€™s
largest copper mines, Chuquicamata
23
Tamarugo Project | Discovery Potential in Chilean Copper Belt
Solaris can earn up to a 75% interest in Tamarugo for gross expenditures of
US$5.5M / 5-yrs from Freeport
5,100 hectare property in a mineralized corridor that hosts numerous porphyry
deposits
5km NE of Copiapo with excellent access to infrastructure including power and
nearby water
Same geologic and structural setting as El Salvador and Potrerillos Copper Mines,
located ~50km to the NE
Discovery potential in the same geologic area that hosts Chileā€™s largest
copper porphyry deposits
24
La Verde Project | Leverage via JV in Mexico
60% ownership with Teck Resources holding 40%
Located in MichoacƔn state, ~ 320 km west of Mexico City
MichoacƔn is rich in natural resources; Mining is a leading
industry with significant production of gold, silver, zinc, iron
and copper
Excellent Infrastructure: Close proximity to highway, railway,
power, port and water
500-year mining history, stable government and attractive
mining investment environment
Well-structured and supportive mining regulatory framework
Project with excellent infrastructure, provides leverage to
higher copper prices
Appendix
26
Copper Discovery Rate Remains Dismal
Source: S&P Global Market Intelligence
0
2
4
6
8
10
12
14
16
18
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Number
of
Discoveries
Discovery Year
Only 1 discovery made
since 2015
2010: Muji,
2011: Cobre Panama, Timok, Cerro Negro, etc.
2012: Copa Sur
2013: Cascabel, Onto, Calingiri, West Musgrave
2014: Kamoa-Kakula, La Huifa, Jebel Ohier
2015: -
2016: Marimaca
2017: -
2018: -
2019: -
27
Dearth of Discoveries Leaves Pipeline Empty
Source: S&P Global Market Intelligence
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Copper
exploration
budget
(US$M)
Copper
in
major
discoveries
(Mt)
Copper in reserves, resources & past production Projected new copper in major discoveries Copper exploraton budgets
2010: Muji,
2011: Cobre Panama, Timok, Cerro Negro, etc.
2012: Copa Sur
2013: Cascabel, Onto, Calingiri, West Musgrave
2014: Kamoa-Kakula, La Huifa, Jebel Ohier
2015: -
2016: Marimaca
2017: -
2018: -
2019: -
28
Goldman Sachs Forecasting Record High Prices
Cuts to exploration and early stage project development mean the size
and number of copper projects is substantially lower than a decade ago
Copper projected to trade up to $15,000/t by mid-decade
to mitigate depletion risks
Long-term supply gap implies significant
further upside to copper prices
Long-term copper price near $10,000/t is needed to incentivize to
enough approvals to mitigate the record LT gap
Source: Goldman Sachs Global Investment Research, April 2021
29
>140
Major
New
Mines
Copper Supply Cliff, Gaping Deficits Coming
Projected
+8.5 Mt supply
deficit by 2030;
New production
capability
needed from
greenfield
projects
=
Discovery
Exploration
& Definition
Feasibility, Permitting,
Financing Construction Operation
Pre-Discovery
Exploration
Source: Goldman Sachs Global Investment Research
30
Source: BHP Climate Change Briefing -Sept 10, 2020, S&P Market Intelligence
Future-Facing
Commodities
Copper
ā€¢
Nickel
ā€¢
Potash
Robust demand growth from ā€œelectrification mega-trendā€ superimposed on growth
from traditional end uses
Supply shortfalls due to grade decline, resource depletion, increased input costs, water
constraints, and scarcity of quality projects
Gaping supply-demand gap cannot be filled with brownfield expansions; 6 Mtpa
production required from greenfield projects
BHP Copper Outlook: Sustained Upside for Prices
Strategic Focus for Majors
ā€˜We need to secure more options
in copperā€¦ through exploration
and early stage entry in early-stage
resources in Canada, Mexico and
Ecuadorā€™
- BHP Group CEO, Mike Henry
ā€˜Copper is our preference. A bit like BHP,
weā€™d love a Tier 1, large-scale and low-cost
asset. Ideally, shallow and near the coast,
with good infrastructure would be idealā€™
ā€“ Rio Tinto GM Exploration, Lynn
Olssen
31
3
10
12
6
4
$1.00
$2.00
$3.00
$4.00
$5.00
2008 2009 2010 2011 2012 2013 2014
Copper
Price
(US$/lb)
Number of Transactions
Copper Price (US$/lb)
M&A Cycle Has Now Begun
Source: BMO Capital Markets M&A database for transactions greater than US$50M, FactSet. Historical results are no guarantee of the future performance. Undue reliance should not be placed thereon when considering an investment in Solaris.
35 transactions in prior M&A cycle,
heavily-weighted towards development-stage assets
Beginning of current M&A cycle transactions:
MATSA - US$1.9B, Sierra Gorda (45%) - US$1.6B, Josemaria Res.- US$0.5B,
Turquoise Hill (remaining 49%) ā€“ US$2.7B
+1 416-366-5678 x.203
info@solarisresources.com
Investor Relations:
Copper, Gold Growth and Discovery in the Americas

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Copper, gold growth and discovery in Americas

  • 1. Copper, Gold Growth and Discovery in the Americas Corporate Presentation July 2022 Worldā€™s Greatest Explorer ā€“ Assembled Portfolio, Designed Programs, Our Discoveries Honor His Legacy
  • 2. 2 This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company's continuous disclosure documents. All amounts expressed in Canadian $ unless otherwise stipulated. Forward-looking Statements This presentation includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to anticipated exploration and development activities. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Although Solaris Resources Inc. (the "Company") believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements 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 risks related to the business of the Company; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Companyā€™s ability to develop and maintain relationships with local communities (including the local Shuar Centres of Warints and Yawi); commodity prices; anticipated costs and expenditures; the Companyā€™s ability to advance exploration efforts at Warintza and its other projects; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement. Technical Information The technical information contained in this document related to the mineral resource estimate at Warintza was approved by, or based upon disclosure prepared by, Mario E. Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc., a ā€œQualified Personā€ as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (ā€œ43-101ā€). See the corresponding technical report entitled "NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022 and available on SEDAR under the Company's profile at www.sedar.com. The remaining technical information contained in this document has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a ā€œQualified Personā€ as defined in NI 43-101. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075). Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources The mineral resource estimates described in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with Canadian National Instrument 43 101ā€” Standards of Disclosure for Mineral Projects (ā€œNI 43 101ā€) and the Canadian Institute of Mining, Metallurgy and Petroleum (the ā€œCIMā€) ā€“ CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in requirements under United States securities laws adopted by the United States Securities and Exchange Commission. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. An ā€œinferred mineral resourceā€ is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Investors are cautioned not to assume that all or any part of mineral resources determined in accordance with NI 43-101 and CIM standards will qualify as, or be identical to, mineral resources estimated under the standards of the SEC applicable to U.S. companies. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Forward-Looking and Cautionary Statements
  • 3. 3 Tamarugo Ricardo La Verde Warintza Peru JVs Leverage through drilling to multiple-times resource growth and discovery potential Solaris is responsibly and sustainably advancing a portfolio of copper assets in the Americas: Focused on Flagship Warintza, Ecuador ā€“ 579 Mt at 0.59% CuEqĀ¹ (Ind) & 887 Mt at 0.47% CuEqĀ¹ (Inf) Indicative Starter PitĀ²: 180 Mt at 0.82% CuEq (Ind) & 107 Mt at 0.73% CuEq (Inf) Multiple-times growth with three discoveries outside resource Discovery Potential ā€“ Solaris Exploration spin-out of Warintza district targets, Capricho, Paco Orco, Ricardo targets plus Verde Exploration Programs Designed by David Lowell ā€“ Assembled portfolio and designed programs led by Ecuadorian protĆ©gĆ©, Jorge Fierro, VP, Exploration Managed by the Augusta Group ā€“ Highly-specialized in exploration and development, unrivaled track record of over $4.5B exits / 10 yrs Project Portfolio | Multiple-Times Growth and Discovery Potential 1.Reported at a cut-off grade at 0.3% CuEq. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 2. Reported at a cut-off grade at 0.6% CuEq. No economic analysis has been completed by the Company and there is no guarantee an ā€˜Indicative Starter Pitā€™ will be realized or prove to be economic. The ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au.
  • 4. 4 Canada-based management group, focused on mining sector Highly-specialized in exploration and development stage projects Unrivaled track record of creating value, with over $4.5B in exit transactions Part of The Augusta Group | Unrivaled Track Record of Value Creation Sold for $1.6B in 2011 Sold for $667M in 2014 Co-Founded in 2017; $1.8B Market Cap Sold for $2.1B in 2018 Past Returns (12,960% return) (3,300% return) (6,100% return) (1,100% return) Note: The results for Ventana Gold Corp., Augusta Resource Corp., Equinox Gold. and Arizona Mining Inc. are independent of the results of Solaris Resources and are no guarantee of the future performance. Undue reliance should not be placed thereon when considering an investment in Solaris.
  • 5. 5 1. Capital structure as at May 13, 2022. Cash position as at Mar 31, 2022 and includes proceeds from the exercise of warrants ā€“ see press release dated May 13, 2022 2. 2022 warrants expire July ā€“ Dec at $0.70-$6.75; Additional warrants expire mid-2023 at $1.20-$2.12. Warrants largely held by insiders and strategic partners 3. Source: Bloomberg - Based on transaction value TSX SLS Common Shares Outstanding 113M Stock Options 8M Restricted Share Units 0.5M Diluted Shares Outstanding 156M Cash US$32M ITM Warrants Expiring 2022Ā² 9M / $24M ITM Warrants Expiring 2023Ā² 25M / $30M Capital Structure Capital StructureĀ¹ 0 5 10 15 0 20 40 60 80 H2 2020 FY 2021 YTD 2022 Average Price ($/sh) Buying ($M) $171M of insider buying last 24mths Leading all issuers in TSX materials sectorĀ³ Ross Beaty Chair, Equinox Gold Corp. [Equinox] has no further plans to divest any shares for the foreseeable future. Warintza would be of interest to any major mining company, so I fully expect not too far away, maybe this year, they'll get an offer they can't refuse and we will be more than happy to exit with them. Richard Warke 36% Equinox Gold 12% Lundin 5% Mgmt 5% Beaty 4% Lowell 2% Float 36% Share Distribution
  • 6. 6 Richard Warke, Executive Chairman Arizona Mining, Equinox Gold, Augusta Resource, Ventana Gold Daniel Earle, President & CEO TD Securities Sunny Lowe, CFO INV Metals Inc., Kinross Gold Corp., Inmet Mining Purni Parikh, SVP Corporate Affairs Arizona Mining, Augusta Resource, Ventana Gold Federico Velasquez, VP Operations Equinox Gold, Anglo American, Alta Gas Chad Wolahan, VP Projects Ivanhoe Mines, Stantec, Newcrest Jorge Fiero, VP Exploration Equinox Gold, Lowell Copper, BHP Tom Ladner, VP Legal Augusta Gold, Titan Mining, BLG LLP Jacqueline Wagenaar, VP Investor Relations Guyana Goldfields Greg Smith, Director Equinox Gold, Esperanza Resources, Minefinders Donald Taylor, Director Arizona Mining, BHP Minerals, Bear Creek Kevin Thomson, Director Barrick, Davies Ward Phillips & Vineberg LLP Ron Walsh, Director Walsh King LLP, Canadian Tax Foundation, Vancouver Stock Exchange Board & Management Strategic Partners Equinox Gold Corp. Equinox Gold is an emerging mid-tier Canadian gold producer, dual-listed in Canada and the US. The company has a reserve base of over 12 Moz, with six mines in production and two more in development, providing an organic growth profile to over 1Moz annual production. Lukas Lundin Lundin Group has led companies to numerous discoveries and major transactions, including Lundin Miningā€™s $3.3B merger with EuroZinc, the $2.0B sale of Tanganyika Oil, and the $7.1B sale of Red Back Mining. Ross Beaty Ross Beaty is a serially-successful resource entrepreneur and founder of Pan American Silver ($3.5B), Alterra Power ($1.1B) and Lumina Copper, a company that turned $170M in financing into five separate companies generating $1.4B in shareholder value over 10 years. Augusta Group Mining sector-focused management group based in Canada and the U.S. with an unrivaled track record of value creation totaling over $4.5B in exit transactions since 2011 and has strategic partnerships with leading entrepreneurs in the mining sector. Richard Warke Richard Warke has led multiple successful mining companies, including Ventana Gold (sold for $1.6B); Augusta Resource (sold for $670M); Co-Founded to form Equinox Gold ($1.8B Market Cap); and Arizona Mining (sold for $2.1B). Leadership | Track Record of Success
  • 7. 7 El Teniente Mirador, 2001 Pierina, 1996 Toromocho, 2005 Los Calatos, 1992 Maria Rosa, 1985 Leonor, 1989 San Cristobal, 1985 Zaldivar, 1981 Escondida, 1981 Bajo Alumbrera, 1968 Andina Los Bronces Los Pelambres Radomiro Tomic Spence Chuquicamata Collahuasi Toquepala Cerro Verde Antamina Warintza, 2000 David Lowell made more discoveries of greater consequence than anyone in history, with over a dozen major discoveries, including the largest copper mine in the world, La Escondida, which produced ~$10B of copper last year. Assembled our pipeline of grassroots exploration projects targeting future discoveries; programs led by his protĆ©gĆ©, Jorge Fierro, VP, Exploration. Co-defined porphyry copper deposit model in 1970. Direct application led to first discoveries (exposed deposits); evolved technique for second wave discoveries (obscured deposits); final evolution targets blind discoveries. Lowell Discoveries Major Mines Obscured Deposits (80-90s) Partly covered by capping, cover, e.g., La Escondida Blind Deposits (2000-Future) Completely covered or deep, e.g., Tamarugo, Ricardo Exposed Deposits (60-80s) Alteration systems visible from air, e.g., Bajo Alumbrera, San Cristobal David Lowell | Worldā€™s Greatest Explorer (1928-2020) 7
  • 8. 8 Ecuador | Continuous Support for Responsible Mining Since 2014 Guillermo Lasso: Accelerating Reforms o Three consecutive governments, both socialist and conservative see mining development as critical to economic revitalization o Mining Investment Attractiveness Index improved from 45 (2015) to 73 (2021)Ā¹ vs Chile 69, Peru 61, DRC 30 o US Dollar-based economy, low inflation of 3.4% vs Chile 11.5%, Peru 8.1%, Argentina 60.7% o Investment Protection AgreementĀ² for Warintza provides regulatory and fiscal stability to 2041 (+25 yrs), income tax reduction to 20%, exemptions ā€œIn the medium term, Ecuador could turn into a major mineral exporting country, such as Peru and Chileā€ ā€œI would like to congratulate and thank those visiting us from abroad, for their presence supports start-ups born from the communication between companies and communities, as in the case of Solaris in the province of Morona Santiagoā€ Guillermo Lasso, President of Ecuador 8 ā€œThe case of the Warintza Project, which I was in Morona Santiago a few months ago, and this participatory mining was spectacular from the beginning, from when the initial exploration began, the participation of the indigenous sector is seen thereā€ ā€When empowered by the Project, everything flows normallyā€ Xavier Vera Grunauer, Minister of Energy and Mines 1. Fraser Institute Annual Survey of Mining Companies 2021 2. See Company press release dated June 9, 2022 3. Ministry of Energy & Mines Ecuador, PDAC, June 13, 2022 ā€œFrom day one, our administration has been focused on encouraging sustainable and transparent economic growth in Ecuador with incentives to facilitate major investments in the country. In the mining sector, our most important goal is to ensure that development is responsible, environmentally friendly, and socially- committed, as at the Warintza Project." Lorena Konanz, Vice Minister of Export and Investment Promotion "Strategic Priority Project" Accelerated Permitting Completion Anticipated 2024 Ā³
  • 9. 9 Responsible Mining | New Model for Responsible Mining in Ecuador Warintza Success Story World class discovery by David Lowell in 2000, sat largely dormant since 2001 due to a breakdown in social acceptance from local communities Extensive dialogue led to understanding root causes of conflict, resolution of underlying issues mid-2019; instituted an informed, innovative CSR program Government-Sponsored Prior Consultation process and signed Memorandum of Understanding in 2019, Impacts and Benefits Agreement in 2020 (Amended 2022) Warintza Model Inclusive development model based on transparency, dialogue, and trust relationship between government, communities and company with the objective of sustainable socio-economic development of community and people together with project Strategic Alliance governed by Board of Directors from host Shuar Centres; community development alongside project, with investments in health, education, training, infrastructure, environment, entrepreneurship, gender equality, labor, cultural and human rights and security ā€œThis is a participatory project where the community and the company are true partners. This is the kind of Project President Guillermo Lasso is seeking for the development of responsible mining. Today, you are an example for Ecuador and the world.ā€ Xavier Vera Grunauer Minister of Energy and Mines ā€œWe are excited to be part of the successful advancement of Warintza and show the industry that it is possible to develop a mining project in a responsible and inclusive way. The people of Warints and Yawi welcome President Lassoā€™s approach which promotes the development of remote communities as this has had a direct impact on our familiesā€™ economy, living conditions and opportunities.ā€ Vicente Tsakimp Coordinator, Warintza Project Strategic Alliance
  • 10. 10 Warintza Community Population Community Number Warints 600 Yawi 200 Total 800 Direct Community Employment Community Number Warints, Yawi 194 Amazonia sector 246 Resto del paĆ­s 61 Total 501 Responsible Mining | Partnership with Host Communities ā€œI took a tour of the project, which fills me with joy to know that the community and the Company are closely linked to each other. It is a company that has won the affection of the people of Warints and Yawi.ā€ ā€˜The communities {possess a] worldview of wanting to have better living conditions to raise their children and, through their dignified work, will improve conditions and that has to do with the presence of the Company boosting the families' economy.ā€™ Freddy Villamagua Former Governor of Morona Santiago, Ecuador Community involvement at each step, enhanced with capacity-building program Maximizing community involvement key to strong and resilient alliance Innovative approach: commitment to transparency, education and inclusion Government and community understanding of impacts and benefits of project Over 525+ indirect service providers
  • 11. 11 Warintza| Precedent-Setting CSR Programs Empowering Local Communities Environmental Responsibility and Stewardship Programs ā€¢ First Company to participate in Ecuadorā€™s Zero Carbon Program ā€¢ Environmental management plan and community engagement ā€¢ Capacity building/ training/workshops for environmental stewardships Education Initiatives ļ‚· Financial education workshops ļ‚· Capacity skills training ļ‚· Post secondary scholarships & internship program ļ‚· Sports program Local Entrepreneurship and Innovation Programs ļ‚· Full employment achieved with Shuar Centres of Warints & Yawi and surrounding communities ļ‚· Training and workshops on leadership, corporate entrepreneurship, mining easement and governance Gender Equity and Female Empowerment Initiatives ā€¢ Womenā€™s Empowā€™t Principles ā€“ Signed principles and committed to implementation ā€¢ Scholarship Program ā€˜Soy Mineraā€™ ā€“ Developed in coordination with Women in Mining Ecuador. ā€¢ Entrepreneurship programs Investment in Community Health Care and Wellbeing Initiatives ā€¢ Dental hygiene campaign ā€¢ Covid-19 cooperation and vaccination program ā€¢ Humanitarian and emergency support Responsible Community ASM Strategy ā€¢ Assisting in the development of Ecuadorā€™s first artisanal mining regulatory framework ā€¢ Capacity building on responsible ASM practises Investment in Local Infrastructure Development ā€¢ Community Infrastructure development: educational centres, recreational and medical buildings, bathrooms, road and bridges connecting to national highway, power supply and communication- related infrastructure Warintza Green Warintza Education Warintza Entrepreneur Warintza Woman Warintza Health Warintza Artisanal Mining Warintza Infrastructure In Ecuador to have: Completed Prior Consultation process in 2019 Signed Impact and Benefits Agreement in 2020 (Amended 2022) Committed to national Zero Carbon Program in 2021 Developed framework for Formalization of Artisanal Mining in 2021
  • 12. 12 Mining District | Structural Cost Advantages 268km2 property, 100%-owned; 40km north of Mirador mine (US$1.4B / 20 Mtpa, Phase 2: US$0.8B / 40 Mtpa) Access road to highway connecting Pacific ports, transmission lines, airport, skilled labour, fresh water Access to grid power, adjacent Santiago development (US$3B / 2,400MW) public tender early 2023 MOU signed for 100% supply of hydroelectric powerĀ¹; Ecuador 7c/kWh vs DRC 30c, Chile 15c, Peru 14c, Brazil, Mexico 12c Primary Infrastructure: Natural Advantage Ecuador Cost Advantage Relative to ChileĀ² Mirador, Ecuador Opex Savings Phase 1: 20 Mtpa US$1.4B Low Elevation 6% Phase 2: 40 Mtpa US$0.8B Hydro Power 8% 40 Mtpa US$2.2B Fresh Water 6% QB2 Mine, Chile Labour Costs 5% 50 Mtpa US$6.7B Opex Savings 25% 1. See Company press release dated March 21, 2022 2. Mine Cost Survey 2022
  • 13. 13 Leading Technologies Warintza| Natural Infrastructure Supports Low-Cost Green Development 1.See Company press release dated March 21, 2022 Low Emissions High Efficiency Low Capex Intensity Low Operating Costs Natural Advantages Results 100% renewable, hydroelectric powerĀ¹ Favorable topography Abundance of freshwater Energy rich mining district Electrified mining fleet Gravity-assisted materials movement Efficient comminution powered by renewables Hybrid transport of concentrate products to coast
  • 14. 14 Resource Estimate Warintza In-pit Mineral Resources Cut-off Category Tonnes Grade Contained Metal CuEq (%) (Mt) CuEq (%) Cu (%) Mo (%) Au (g/t) CuEq (Mt) Cu (Mt) Mo (Mt) Au (Moz) 0.2% Indicated 736 0.52 0.40 0.02 0.05 3.84 2.95 0.18 1.11 Inferred 1,558 0.37 0.31 0.01 0.03 5.80 4.80 0.19 1.63 2,294 0.42 0.34 0.02 0.04 9.64 7.76 0.36 2.73 0.3% (Base) Indicated 579 0.59 0.47 0.03 0.05 3.45 2.70 0.15 0.93 Inferred 887 0.47 0.39 0.01 0.04 4.17 3.48 0.13 1.08 1,466 0.52 0.42 0.02 0.04 7.61 6.18 0.28 2.01 0.4% Indicated 442 0.67 0.54 0.03 0.05 2.97 2.38 0.12 0.77 Inferred 539 0.55 0.47 0.01 0.04 2.96 2.53 0.08 0.71 981 0.60 0.50 0.02 0.05 5.93 4.91 0.20 1.49 ā€˜Indicative Starter Pitā€™ 0.6% Indicated 180 0.82 0.67 0.03 0.07 1.49 1.20 0.06 0.38 Inferred 107 0.73 0.64 0.02 0.05 0.79 0.69 0.02 0.17 287 0.79 0.66 0.03 0.06 2.27 1.89 0.07 0.55 1.The mineral resource estimates are reported in accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves, adopted by CIM Council May 10, 2014. 2. Reasonable prospects for eventual economic extraction assume open-pit mining with conventional flotation processing and were tested using NPV Schedulerā„¢ pit optimization software with the following assumptions: metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au; operating costs of US$1.50/t + US$0.02/t per bench for mining, US$4.50/t milling, US$0.90/t G&A; recoveries of 90% Cu, 85% Mo, and 70% Au. 3. Resource includes grade capping and internal dilution. Grade was interpolated by ordinary kriging populating a block model with block dimensions of 25m x 25m x 15m. 4. The ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been completed by the Company and there is no guarantee an ā€œIndicative Starter Pitā€™ will be realized or prove to be economic. 5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 6. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 7. The Qualified Person is Mario E. Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc. 8. All figures are rounded to reflect the relative accuracy of the estimate. 9. The effective date of the mineral resource estimate is April 1, 2022. 10. See the corresponding technical report entitled "NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022 and available on SEDAR under the Company's profile at www.sedar.com. Central Pit (at 0.3% CuEq) 579 Mt at 0.59% CuEq Indicated 887 Mt at 0.47% CuEq Inferred ā€˜Indicative Starter Pitā€™ (at 0.6% CuEq) 180 Mt at 0.82% CuEq Indicated 107 Mt at 0.73% CuEq Inferred Grades discounted by preliminary recoveries Ordinary Kriging constrained by geological domains Grade capping Dilution to 25 x 25 x 15m blocks
  • 15. 15 Warintza Project | Multiple-Times Growth Potential Two Objectives: ā€˜Starter Pitā€™ Growth, Overall Growth World Class Inventory forms Baseline for Growth o Central Pit ā€“ 579 Mt at 0.59% CuEqĀ¹ (Indicated) 887 Mt at 0.47% CuEqĀ¹ (Inferred) o ā€˜Indicative Starter Pitā€™ ā€“ 0.3 Bt at 0.8% CuEqĀ² Less than 18 months/65km drilling, largely Central Extend near surface, high-grade to grow Starter Pit Multiple-times growth overall: East larger footprint than Central, West similar size to Central, South 2-3x the size 1.Reported at a cut-off grade at 0.3% CuEq. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical testwork, and metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 Ɨ Mo (%) + 0.487 Ɨ Au (g/t). 2. Reported at a cut-off grade at 0.6% CuEq. No economic analysis has been completed by the Company and there is no guarantee an ā€˜Indicative Starter Pitā€™ will be realized or prove to be economic. The ā€˜Indicative Starter Pitā€™ is based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au.
  • 16. 16 Warintza Project | Further Discovery Potential within 7km x 5km Cluster Source: The information in this slide is based upon the Companyā€™s news releases dated Feb 16, Jul 20, Oct 12,25, Nov 1, Dec 14, 2021 and Jan 18, Feb 28, April 4, and May 26, 2022, other than the 2022 Resource Outline.
  • 17. 17 Proposed Solaris Exploration Spin-Out High sulphidation system targeted at Caya (characteristic signature in geochem, clay alteration, vuggy silica) Warintza Project | Regional Potential Beyond Warintza Cluster 1. Adjacent Deposits are independent of Solaris. Readers should not infer that Solaris will obtain similar results to adjacent deposits and undue reliance should not be placed thereon when considering an investment in Solaris 2. Panantza Inferred Mineral Resource: 463 Mt @ 0.66% Cu; San Carlos Inferred Mineral Resource: 600 Mt @ 0.59% Cu, Source: Corriente Resources ā€“ Preliminary Assessment Report, October 30, 2007 Porphyry targets at Clemente, Mateo, Cora, potential new cluster at Medio Camino Skarn targets at Playas, Justo, Betty, Yawi, La Celestina 17
  • 18. 18 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% 0% 500% 1000% 1500% 2000% 2500% 3000% 3500% Jan-00 % Change in Share Price Solaris Resources (SLS-T) (2020-2022) Solaris Resources (SLS-T) (2020-2022) Warintza | Major Correction, Unique Opportunity 1. Warintza Project resource estimates and NAV ranges are dated as at May 26, 2022 and reported from Eight Capital sell-side research coverage and are independent of the results of Solaris Resources and are no guarantee of future performance 2. Warintza Maiden Resource Estimate: 124 Mt @ 0.70% CuEq (Inf) dated Dec 13, 2019 3. Warintza 2022 MRE: 580 Mt @ 0.59% CuEq (Ind) (0.47% Cu, 0.03% Mo, 0.05 g/t Au) and 890 Mt @ 0.47% CuEq (Inf). See Resource Estimate and Cautionary Notes 4. The results for Arizona Mining Inc. and Ventana Gold Corp. are independent of the results of Solaris Resources and are no guarantee of the future performance. Undue reliance should not be placed thereon when considering an investment in Solaris SLS - Dec 2019Ā² Maiden Resource 124 Mt @ 0.70% CuEq (Inf) Solaris - July 2022 $7.53 / $0.8B Valuation 1x NAV8% UpsideĀ¹ (SLS) Yr 1 Yr 2 SLS - Apr 2022Ā³ Resource Update 579 Mt @ 0.59% CuEq (Ind) 887 Mt @ 0.47% CuEq (Inf) Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Arizona Mining (AZ-T) (2015-2018) Mar 2016 Maiden Resource (66 Mt @ 9% ZnEq) Nov 2016 Resource Update (114 Mt @ 11% ZnEq) Nov 2017 Subsequent Resource Update (145 Mt @ 11% ZnEq) Jun 2018 Acquisition Announced Sale of Arizona Mining to South32 for $2.1B in 2018ā“ at 1x NAV8% Nov-08 May-09 Nov-09 May-10 Nov-10 Ventana Gold Corp. (VEN-T) (2008-2011) Nov 2009 Announces La Bodega Property Dispute May 2010 Announces Settlement of La Bodega Property Dispute Oct 2009 Announces Initiation of Scoping Study Sale of Ventana Gold to EBX Group for $1.6B in 2011ā“ at 1x NAV8% Nov 2010 Acquisition Announced Warintza Central ValuationĀ¹ Basis NAV8% 1.5 Bt US$4.4B Upside US$6.1B
  • 19. 19 Upcoming News | Growth and Discovery Drilling JV Partner, Freeport-McMoRan drilling for discovery at Ricardo in Chile Central Growth: Open extensions of near surface, high-grade to grow ā€˜Starter Pitā€™ Super-Pit Growth: East open to north, south, east for major growth potential within shared pit Advancing Capricho and Paco Orco in Peru, Tamarugo in Chile Cluster Potential: West and South discoveries on first- ever holes, major growth potential with more drilling Proposed Spin-Out of Non-Core Assets to Create Solaris Exploration Inc.
  • 21. 21 Solaris option to earn up to 75% 4,600 hectare property, 60km SE of Las Bambas, Haquira Outcropping porphyry exposed >300m during recent landslip Samples from this outcrop grade up to 3% Cu Community consultation ongoing Capricho and Paco Orco | Discovery Potential via JV in Peru Capricho Solaris option to earn up to 75% 4,400 hectares property, northern extension of Southern Peru Copper Belt Polymetallic CRD gossan outcropping in limestone extending >2km Surface samples up to 0.5% Pb, 0.26% Zn and 58 g/t Ag from leached material Community consultation ongoing Paco Orco
  • 22. 22 Exposure to US$4.2M of exploration spending over two years as part of US$130M / 5-yr farm-out of 80% to Freeport-McMoRan 16,000 hectares in the most prolific section of the West Fissure fault, which controls Chileā€™s largest copper deposits Earlier efforts at drilling stymied by fault, but encountered rock types and alteration similar to those seen at Chuquicamata Ricardo Project | Discovery Potential via JV in Chile Discovery potential on the same structure as one of Chileā€™s largest copper mines, Chuquicamata
  • 23. 23 Tamarugo Project | Discovery Potential in Chilean Copper Belt Solaris can earn up to a 75% interest in Tamarugo for gross expenditures of US$5.5M / 5-yrs from Freeport 5,100 hectare property in a mineralized corridor that hosts numerous porphyry deposits 5km NE of Copiapo with excellent access to infrastructure including power and nearby water Same geologic and structural setting as El Salvador and Potrerillos Copper Mines, located ~50km to the NE Discovery potential in the same geologic area that hosts Chileā€™s largest copper porphyry deposits
  • 24. 24 La Verde Project | Leverage via JV in Mexico 60% ownership with Teck Resources holding 40% Located in MichoacĆ”n state, ~ 320 km west of Mexico City MichoacĆ”n is rich in natural resources; Mining is a leading industry with significant production of gold, silver, zinc, iron and copper Excellent Infrastructure: Close proximity to highway, railway, power, port and water 500-year mining history, stable government and attractive mining investment environment Well-structured and supportive mining regulatory framework Project with excellent infrastructure, provides leverage to higher copper prices
  • 26. 26 Copper Discovery Rate Remains Dismal Source: S&P Global Market Intelligence 0 2 4 6 8 10 12 14 16 18 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of Discoveries Discovery Year Only 1 discovery made since 2015 2010: Muji, 2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave 2014: Kamoa-Kakula, La Huifa, Jebel Ohier 2015: - 2016: Marimaca 2017: - 2018: - 2019: -
  • 27. 27 Dearth of Discoveries Leaves Pipeline Empty Source: S&P Global Market Intelligence 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 20 40 60 80 100 120 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Copper exploration budget (US$M) Copper in major discoveries (Mt) Copper in reserves, resources & past production Projected new copper in major discoveries Copper exploraton budgets 2010: Muji, 2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave 2014: Kamoa-Kakula, La Huifa, Jebel Ohier 2015: - 2016: Marimaca 2017: - 2018: - 2019: -
  • 28. 28 Goldman Sachs Forecasting Record High Prices Cuts to exploration and early stage project development mean the size and number of copper projects is substantially lower than a decade ago Copper projected to trade up to $15,000/t by mid-decade to mitigate depletion risks Long-term supply gap implies significant further upside to copper prices Long-term copper price near $10,000/t is needed to incentivize to enough approvals to mitigate the record LT gap Source: Goldman Sachs Global Investment Research, April 2021
  • 29. 29 >140 Major New Mines Copper Supply Cliff, Gaping Deficits Coming Projected +8.5 Mt supply deficit by 2030; New production capability needed from greenfield projects = Discovery Exploration & Definition Feasibility, Permitting, Financing Construction Operation Pre-Discovery Exploration Source: Goldman Sachs Global Investment Research
  • 30. 30 Source: BHP Climate Change Briefing -Sept 10, 2020, S&P Market Intelligence Future-Facing Commodities Copper ā€¢ Nickel ā€¢ Potash Robust demand growth from ā€œelectrification mega-trendā€ superimposed on growth from traditional end uses Supply shortfalls due to grade decline, resource depletion, increased input costs, water constraints, and scarcity of quality projects Gaping supply-demand gap cannot be filled with brownfield expansions; 6 Mtpa production required from greenfield projects BHP Copper Outlook: Sustained Upside for Prices Strategic Focus for Majors ā€˜We need to secure more options in copperā€¦ through exploration and early stage entry in early-stage resources in Canada, Mexico and Ecuadorā€™ - BHP Group CEO, Mike Henry ā€˜Copper is our preference. A bit like BHP, weā€™d love a Tier 1, large-scale and low-cost asset. Ideally, shallow and near the coast, with good infrastructure would be idealā€™ ā€“ Rio Tinto GM Exploration, Lynn Olssen
  • 31. 31 3 10 12 6 4 $1.00 $2.00 $3.00 $4.00 $5.00 2008 2009 2010 2011 2012 2013 2014 Copper Price (US$/lb) Number of Transactions Copper Price (US$/lb) M&A Cycle Has Now Begun Source: BMO Capital Markets M&A database for transactions greater than US$50M, FactSet. Historical results are no guarantee of the future performance. Undue reliance should not be placed thereon when considering an investment in Solaris. 35 transactions in prior M&A cycle, heavily-weighted towards development-stage assets Beginning of current M&A cycle transactions: MATSA - US$1.9B, Sierra Gorda (45%) - US$1.6B, Josemaria Res.- US$0.5B, Turquoise Hill (remaining 49%) ā€“ US$2.7B
  • 32. +1 416-366-5678 x.203 info@solarisresources.com Investor Relations: Copper, Gold Growth and Discovery in the Americas