# 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 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649 Original source: https://money.tmx.com/en/quote/SLS/news/6929686949492547/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese Publisher: tmx Original announcement: 2025-11-06T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Solaris Resources Inc. - Ticker: SLS - Exchange: TSX - Region: Ecuador - Primary commodity: Copper - Secondary commodities: Molybdenum, Gold, Silver - Document categories: Resource update, Economic study - Extracted: 2026-09-16 23:04:14 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Solaris Resources has released a positive Pre-Feasibility Study \(PFS\) for its Warintza Project in Ecuador, reporting a post-tax NPV of US$4.6 billion and an IRR of 26%. The study outlines a 22-year mine life with first quartile operating costs and a low strip ratio. The company also announced a maiden Mineral Reserve of 1.3 billion tonnes and a significant 312% increase in Measured and Indicated Mineral Resources, with the project fully funded for a construction decision. Reasoning: Solaris has published a highly positive Pre-Feasibility Study for its Warintza Project, demonstrating robust economics with a US$4.6bn post-tax NPV and 26% IRR, supported by a maiden Mineral Reserve and a substantial increase in Measured and Indicated Resources. The project benefits from a long mine life, low operating costs, and a low strip ratio, positioning it as a significant copper development opportunity. While the cut-off grade for the MRE was lowered, and some economic study conventions are undisclosed, the overall results are very strong. - Positive factor: Strong post-tax NPV of US$4.6bn and IRR of 26% from a PFS - Positive factor: Maiden Mineral Reserve of 1.3 billion tonnes established - Positive factor: Significant increase \(312%\) in Measured plus Indicated Mineral Resources - Positive factor: Long mine life of 22 years with potential for further extension - Positive factor: First quartile cash costs \(AISC US$0.85/lb Cu for first 5 years\) - Positive factor: Low strip ratio of 0.53:1 \(LOM\) - Positive factor: Project is fully funded for construction decision - Positive factor: Conventional open pit mining and processing methods - Positive factor: Non-material levels of deleterious elements in concentrates - Positive factor: Strong community and government support in Ecuador - Negative factor: Cut-off grade for MRE was lowered compared to prior estimate, potentially inflating tonnage - Negative factor: Inferred resources are a significant portion of the total resource \(2.1 Bt Inferred vs 3.7 Bt M+I\) - Negative factor: Mine life is currently limited by TMF design capacity, not full resource potential - Negative factor: IRR basis \(real/nominal\) and leverage basis \(levered/unlevered\) are not explicitly stated - Negative factor: Price deck basis \(real/nominal\) is not explicitly stated Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 23 ## Classification and evidence **PFS Complete** Polarity: positive Definition: AACE Class 3 study complete. Why it applies: The document announces the results of a Pre-Feasibility Study \(PFS\) for the Warintza Project. Evidence · text > Solaris Publishes Positive Pre-Feasibility Study Results **High IRR** Polarity: positive Definition: Post-tax real unlevered IRR in the strong tier or better. Why it applies: The post-tax IRR of 26% is in the strong tier for economic studies. Evidence · text > post-tax internal rate of return \(“IRR”\) of 26% **Fast Payback** Polarity: positive Definition: Payback in the strong tier or better, on the required basis. Why it applies: The post-tax payback period of 2.6 years is in the strong tier for economic studies. Evidence · text > 2.6 year post-tax payback period **Bottom Quartile Cost** Polarity: positive Definition: P0-25 of the relevant commodity cost curve. Why it applies: The AISC of US$0.85/lb Cu for the first five years is stated as first quartile. Evidence · text > First quartile All-In Sustaining Cost \(“AISC”\) of US$0.85/lb of payable Cu for the first five years **Conservative Pricing** Polarity: positive Definition: Conservative on the worst of the spot, 3-year and consensus comparisons. Why it applies: The economic analysis uses a long-term copper price of US$4.50/lb, which is a reasonable long-term assumption. Evidence · table > 4.50 Context: Long term Copper Price **Long Reserve Life** Polarity: positive Definition: Reserve life index in the top tier of the single ladder. Why it applies: The maiden Mineral Reserve supports a mine life of 22 years, which is in the long-life tier. Evidence · text > providing a mine life of 22 years **Fully Funded** Polarity: positive Definition: Funding coverage at or above 1.0x counting committed facilities only. Why it applies: The company states it is fully funded for a construction decision through a US$200 million non-dilutive financing. Evidence · text > fully funded for a construction decision through a US$200 million non-dilutive financing from Royal Gold earlier this year **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are named and have approved the scientific and technical information. Evidence · text > The independent Qualified Persons are Mr. Nicholas Szebor... Mr. Eugene Tucker... Mr. Roderick Carlson... Ms. Mary Alejo Hito... Mr. Greg Lane... Mr. Guillermo Hernán Barreda Flores. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate was prepared in accordance with CIM Definition Standards, which are compliant with JORC. Evidence · text > The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \(“CIM”\) Definition Standards for Mineral Resources and Mineral Reserves \(2014\), and CIM MRMR Best Practice Guidelines \(2019\). **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PFS and MRE were prepared in accordance with NI 43-101. Evidence · text > The PFS has been prepared in accordance with the requirements of National Instrument 43-101 \(“NI 43-101”\) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document announces a maiden Mineral Reserve estimate. Evidence · text > Maiden Mineral Reserve estimate of 1.3 billion tonnes **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document includes an updated Mineral Resource Estimate for 2025. Evidence · text > updated Mineral Resource Estimate \(“2025 MRE”\) **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: The 2025 MRE incorporates a 312% increase in Measured plus Indicated Mineral Resources compared to the 2024 MRE. Evidence · text > 312% increase in Measured plus Indicated Mineral Resources **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Additional drilling converted Inferred resources into Indicated and Measured categories. Evidence · text > converting Mineral Resources previously classified as Inferred into the Indicated and Measured classes. **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The 2025 MRE uses a lower cut-off grade \(0.1% CuEq equivalent\) compared to the 0.25% CuEq used in the 2024 MRE. Evidence · text > A 0.25% CuEq was selected in 2024 to provide a conservative cut-off for reporting. The change to the NSR cut-off corresponds to reporting at a lower CuEq approximating 0.15% CuEq **Encumbered by Stream** Polarity: negative Definition: An existing stream or royalty reduces attributable NAV and restricts future financing. Why it applies: Solaris has entered into a gold streaming agreement with Royal Gold Inc. Evidence · text > Solaris has entered into a gold streaming agreement with Royal Gold Inc. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 22. Some facts used in scoring do not have a stored record. ## Resource Estimates (22) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-1) Warintza Project · copper #### Identity - Project: Warintza Project - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:3073fb3a026613893860 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 1196000000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 4.1 - Contained Unit: mt - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Measured resource shows a substantial tonnage and good copper grade, indicating high geological confidence. The increase in Measured resources is a positive de-risking step, though the lowered cut-off grade needs to be noted. - Positive factor: High confidence category \(Measured\) - Positive factor: Significant tonnage - Positive factor: Good copper grade for a porphyry deposit - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.35 Context: 1,196 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-2) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:3073fb3a026613893860 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 1196000000 - Contained Metal: 231 - Contained Unit: kt - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Measured resource includes a notable amount of molybdenum, adding value as a byproduct. The high confidence category is a positive, but the cut-off grade change is a minor concern. - Positive factor: High confidence category \(Measured\) - Positive factor: Significant contained molybdenum as a byproduct - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 231 Context: 1,196 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-3) Warintza Project · gold #### Identity - Project: Warintza Project - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:3073fb3a026613893860 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 1196000000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 1.7 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Measured resource includes a notable amount of gold, adding value as a byproduct. The high confidence category is a positive, but the cut-off grade change is a minor concern. - Positive factor: High confidence category \(Measured\) - Positive factor: Significant contained gold as a byproduct - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.04 Context: 1,196 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-4) Warintza Project · silver #### Identity - Project: Warintza Project - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:3073fb3a026613893860 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 1196000000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 51 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.45 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Measured resource includes a notable amount of silver, adding value as a byproduct. The high confidence category is a positive, but the cut-off grade change is a minor concern. - Positive factor: High confidence category \(Measured\) - Positive factor: Significant contained silver as a byproduct - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 1.31 Context: 1,196 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-5) Warintza Project · copper #### Identity - Project: Warintza Project - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:1ab862ec6ac24590a778 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2550000000 - Grade: 0.2 - Grade Unit: % - Contained Metal: 5 - Contained Unit: mt - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.25 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Indicated resource adds significant tonnage and copper content, representing a good level of geological confidence. The upgrade of Inferred to Indicated is a positive de-risking step, though the lowered cut-off grade is a minor concern. - Positive factor: High tonnage in Indicated category - Positive factor: Good copper grade for a porphyry deposit - Positive factor: Upgrade from Inferred to Indicated - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.20 Context: 2,550 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-6) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:1ab862ec6ac24590a778 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2550000000 - Contained Metal: 222 - Contained Unit: kt - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.25 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Indicated resource includes a notable amount of molybdenum, adding value as a byproduct. The upgrade of Inferred to Indicated is a positive de-risking step, but the cut-off grade change is a minor concern. - Positive factor: High tonnage in Indicated category - Positive factor: Significant contained molybdenum as a byproduct - Positive factor: Upgrade from Inferred to Indicated - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 222 Context: 2,550 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-7) Warintza Project · gold #### Identity - Project: Warintza Project - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:1ab862ec6ac24590a778 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2550000000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 2.5 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.25 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Indicated resource includes a notable amount of gold, adding value as a byproduct. The upgrade of Inferred to Indicated is a positive de-risking step, but the cut-off grade change is a minor concern. - Positive factor: High tonnage in Indicated category - Positive factor: Significant contained gold as a byproduct - Positive factor: Upgrade from Inferred to Indicated - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.03 Context: 2,550 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-8) Warintza Project · silver #### Identity - Project: Warintza Project - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:1ab862ec6ac24590a778 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 2550000000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 93 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.25 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Indicated resource includes a notable amount of silver, adding value as a byproduct. The upgrade of Inferred to Indicated is a positive de-risking step, but the cut-off grade change is a minor concern. - Positive factor: High tonnage in Indicated category - Positive factor: Significant contained silver as a byproduct - Positive factor: Upgrade from Inferred to Indicated - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 1.13 Context: 2,550 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-9) Warintza Project · copper #### Identity - Project: Warintza Project - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:a5a49714bc3ca5ae95f0 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2092000000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 3.3 - Contained Unit: mt - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.2 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Inferred resource represents significant future potential, but its speculative nature and the lowered cut-off grade mean it carries lower confidence than the Measured and Indicated categories. - Positive factor: Significant tonnage in Inferred category - Positive factor: Potential for future conversion to higher confidence categories - Negative factor: Inferred is a speculative category - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.16 Context: 2,092 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-10) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:a5a49714bc3ca5ae95f0 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2092000000 - Contained Metal: 141 - Contained Unit: kt - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.2 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Inferred resource includes notable molybdenum, but its speculative nature and the lowered cut-off grade mean it carries lower confidence. - Positive factor: Significant contained molybdenum as a byproduct - Positive factor: Potential for future conversion to higher confidence categories - Negative factor: Inferred is a speculative category - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 141 Context: 2,092 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-11) Warintza Project · gold #### Identity - Project: Warintza Project - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:a5a49714bc3ca5ae95f0 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2092000000 - Grade: 0.02 - Grade Unit: g/t - Contained Metal: 1.6 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.2 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Inferred resource includes notable gold, but its speculative nature and the lowered cut-off grade mean it carries lower confidence. - Positive factor: Significant contained gold as a byproduct - Positive factor: Potential for future conversion to higher confidence categories - Negative factor: Inferred is a speculative category - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 0.02 Context: 2,092 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-12) Warintza Project · silver #### Identity - Project: Warintza Project - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:a5a49714bc3ca5ae95f0 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2092000000 - Grade: 1.11 - Grade Unit: g/t - Contained Metal: 75 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 - Prior Cutoff Grade: 0.25 #### Metal Equivalent - Metal Eq. Grade: 0.2 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Inferred resource includes notable silver, but its speculative nature and the lowered cut-off grade mean it carries lower confidence. - Positive factor: Significant contained silver as a byproduct - Positive factor: Potential for future conversion to higher confidence categories - Negative factor: Inferred is a speculative category - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 1.11 Context: 2,092 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Cut-off Lowered** Polarity: negative Definition: Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation. Why it applies: 0.1 against 0.25 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-13) Warintza Project · copper #### Identity - Project: Warintza Project - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:6e6a64dd8253e4d0aba2 - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 797000000 - Grade: 0.37 - Grade Unit: % - Contained Metal: 3 - Contained Unit: mt - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.49 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Proven Reserve represents a high-confidence, economically viable portion of the resource, marking a significant de-risking milestone for the project. - Positive factor: Highest confidence category \(Proven\) - Positive factor: Significant tonnage and contained copper - Positive factor: Maiden reserve estimate Evidence · table > 0.37 Context: 797 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-14) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:6e6a64dd8253e4d0aba2 - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 797000000 - Contained Metal: 171 - Contained Unit: kt - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.49 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Proven Reserve includes a substantial amount of molybdenum, adding significant byproduct value and contributing to the project's economic viability. - Positive factor: Highest confidence category \(Proven\) - Positive factor: Significant contained molybdenum as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 171 Context: 797 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-15) Warintza Project · gold #### Identity - Project: Warintza Project - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:6e6a64dd8253e4d0aba2 - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 797000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 1.2 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.49 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Proven Reserve includes a substantial amount of gold, adding significant byproduct value and contributing to the project's economic viability. - Positive factor: Highest confidence category \(Proven\) - Positive factor: Significant contained gold as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 0.05 Context: 797 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-16) Warintza Project · silver #### Identity - Project: Warintza Project - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:6e6a64dd8253e4d0aba2 - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 797000000 - Grade: 1.37 - Grade Unit: g/t - Contained Metal: 35 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.49 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Proven Reserve includes a substantial amount of silver, adding significant byproduct value and contributing to the project's economic viability. - Positive factor: Highest confidence category \(Proven\) - Positive factor: Significant contained silver as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 1.37 Context: 797 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-17) Warintza Project · copper #### Identity - Project: Warintza Project - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:dbf4e9c2d30eab56f52b - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 503000000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 1.1 - Contained Unit: mt - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Probable Reserve represents a high-confidence, economically viable portion of the resource, contributing significantly to the maiden reserve estimate. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant tonnage and contained copper - Positive factor: Maiden reserve estimate Evidence · table > 0.22 Context: 503 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-18) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:dbf4e9c2d30eab56f52b - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 503000000 - Contained Metal: 43 - Contained Unit: kt - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Probable Reserve includes a notable amount of molybdenum, adding byproduct value and contributing to the project's economic viability. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant contained molybdenum as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 43 Context: 503 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-19) Warintza Project · gold #### Identity - Project: Warintza Project - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:dbf4e9c2d30eab56f52b - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 503000000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 0.6 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Probable Reserve includes a notable amount of gold, adding byproduct value and contributing to the project's economic viability. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant contained gold as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 0.03 Context: 503 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-20) Warintza Project · silver #### Identity - Project: Warintza Project - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:dbf4e9c2d30eab56f52b - Deposit or zone: Warintza Central and East - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 503000000 - Grade: 1.19 - Grade Unit: g/t - Contained Metal: 19.2 - Contained Unit: moz - Cutoff Grade: 0.1 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Probable Reserve includes a notable amount of silver, adding byproduct value and contributing to the project's economic viability. - Positive factor: High confidence category \(Probable\) - Positive factor: Significant contained silver as a byproduct - Positive factor: Maiden reserve estimate Evidence · table > 1.19 Context: 503 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-21) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: resource - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Nicholas Szebor - Resource group id: resource:48e6586cb67d0546ded1 - Deposit or zone: Warintza Central, East, and West - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 3746000000 - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.25 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Indicated resource adds significant tonnage and copper content, representing a good level of geological confidence. The upgrade of Inferred to Indicated is a positive de-risking step, though the lowered cut-off grade is a minor concern. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High tonnage in Indicated category - Positive factor: Good copper grade for a porphyry deposit - Positive factor: Upgrade from Inferred to Indicated - Negative factor: Cut-off grade lowered compared to prior estimate Evidence · table > 453 Context: 3,746 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/solaris-publishes-positive-pre-feasibility-study-results-and-maiden-mineral-rese--ad7c6387-139c-4d51-9ada-f957017ed649#fact-resource-facts-22) Warintza Project · molybdenum #### Identity - Project: Warintza Project - Commodity: molybdenum - Region: ecuador - Reported Region: Ecuador - Ticker: SLS #### Resource scope - Estimate type: reserve - Effective date: 2025-05-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Tucker - Resource group id: resource:0de9a0dea210d9b16448 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 1300000000 - Cutoff Grade: 0.1 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2025-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-11-06T00:00:00.000Z Reasoning: The Probable Reserve represents a high-confidence, economically viable portion of the resource, contributing significantly to the maiden reserve estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High confidence category \(Probable\) - Positive factor: Significant tonnage and contained copper - Positive factor: Maiden reserve estimate Evidence · table > 214 Context: 1,300 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.