Solaris Resources (SLS) Q4 2024 earnings summary

Executive summary

• Advanced Warintza Project in Ecuador with updated mineral resource estimate and EIA submission; >75,000m drilling completed in 2024, with further updates and PFS planned for 2025.

• Raised $54M in 2024 through equity offerings and loan drawdowns; cash and cash equivalents at year-end were $31.7M.

• Terminated $130M Zijin Mining investment after regulatory delays; focused on Warintza strategy and regional exploration.

• Completed management and board transition, with new CEO and office in Switzerland to support international growth.

Financial highlights

• Net loss for 2024 was $77.1M, up from $41.1M in 2023, driven by increased exploration and drilling at Warintza.

• Exploration expenses rose to $61.5M in 2024 from $31.0M in 2023, mainly due to expanded drilling and site activities.

• General and administrative expenses increased to $11.5M (2023: $10.2M), with higher salaries and professional fees offset by lower share-based compensation.

• Cash used in operations was $58.4M (2023: $38.3M); cash inflow from financing was $54.5M (2023: $62.3M).

• Total assets at year-end were $57.2M, down from $61.8M in 2023, reflecting cash outflows for exploration.

Outlook and guidance

• Updated MRE for Warintza expected mid-2025, with PFS publication targeted for Q3 2025.

• Technical approval of EIA for Warintza anticipated in H1 2025; exploitation permitting to begin late 2025.

• Ongoing fieldwork to define high-impact targets within Warintza and regional concessions.

• Company plans to update its Investment Protection Agreement and begin feasibility study after PFS.