Solaris Resources (SLS) Q1 2025 earnings summary

Executive summary

• Completed a significant drilling campaign at Warintza, with an updated Mineral Resource Estimate (MRE) and Pre-Feasibility Study (PFS) targeted for Q3 2025.

• Secured a $15,000 final tranche from the $60,000 Senior Loan, accelerating project funding.

• Maintained strong community relations, renewing agreements with Shuar communities and advancing a trilateral cooperation agreement.

• Expanded exploration activities across a 100%-owned land package and advanced regional targets.

Financial highlights

• Net loss for Q1 2025 was $16,088, up from $12,752 in Q1 2024, mainly due to increased exploration and administrative expenses.

• Exploration expenses rose to $12,317 from $10,193 year-over-year, driven by higher activity at Warintza.

• Cash and cash equivalents decreased to $14,242 at March 31, 2025, from $31,738 at year-end 2024.

• Weighted average shares outstanding increased to 163.4 million from 150.8 million year-over-year.

Outlook and guidance

• Updated MRE and PFS for Warintza expected in Q3 2025, with a Final Investment Decision targeted by year-end 2026.

• Technical approval for the Warintza EIA anticipated around mid-2025, enabling exploitation permitting to begin late 2025.

• Ongoing work to unlock value from regional targets and new ENAMI concessions.