Solaris Resources

What Solaris Resources does

Solaris Resources Inc. is a publicly-traded copper-gold exploration and development company dual-listed on the TSX (SLS) and NYSE American (SLSR), headquartered in Baar, Switzerland with operational offices in Quito, Ecuador and Toronto, Canada. Founded in 2018 as a spin-out from Equinox Gold Corp., the company is advancing the Tier-1 Warintza Project in southeastern Ecuador — a copper-molybdenum porphyry deposit with 1.3 billion tonnes of Mineral Reserves at 0.41% CuEq, 3.7 billion tonnes of M&I Resources, and a 22+ year mine life. The project employs conventional open-pit mining with standard flotation processing (165,000 t/d throughput, dual pinion 24MW SAG mills), gravity-fed tailings management, and dual copper-molybdenum concentrate production with gold and silver by-products.

The company's business model is pre-revenue; commercial production is targeted post-2027 construction decision. Future revenue will derive from selling copper concentrate, molybdenum concentrate, and gold/silver by-product credits into global commodity markets, with project economics from the November 2025 Pre-Feasibility Study showing post-tax NPV8% of US$4.6 billion, 26% IRR, first-quartile AISC of US$0.85/lb Cu, and average annual EBITDA of US$1.9 billion in the first five years. Capital is being raised through project development financing rather than product sales: a US$200 million non-dilutive Royal Gold streaming/offtake package (May 2025), a C$130 million Zijin Mining strategic investment (January 2024), and equity markets via dual TSX/NYSE American listing. Beyond Warintza, Solaris holds a four-country portfolio (Ecuador, Peru, Chile, Mexico) including a 60%-owned La Verde joint venture with Teck Resources and early-stage exploration projects.

Name

Solaris Resources

Legal name

Solaris Resources Inc.

Website

https://solarisresources.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Copper Mining and Development

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Metal Ore Mining (2122), Support Activities for Mining (2131)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro industry

PRIMARYIMAKADAA

Copper Exploration & Resource Development

Industrials, Manufacturing & Construction/Metals & Mining/Copper Mining & Smelting/Refining

SECONDARYIMAKAFAM

Mine Development & Processing EPC (Critical Minerals)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

SECONDARYIMAKAEAI

Precious Metals Exploration & Project Development

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

SECONDARYIMAKAFAL

Exploration & Resource Development (Critical Minerals)

Industrials, Manufacturing & Construction/Metals & Mining/Battery & Critical Minerals Mining (Lithium, Nickel, Cobalt, Graphite, Manganese, Rare Earths)

Keywords

• Copper mining development
• Mineral exploration services
• Gold molybdenum production
• Mining project financing
• Copper concentrate sales

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Copper Concentrate Sales: Primary revenue stream from sale of copper concentrate produced via flotation processing. Projected to produce approximately 3,436 kt of copper over 22-year mine life, with average annual copper production of 230 kt in first 5 years and 183 kt during first 15 years. Treatment and refining charges based on benchmark information for similar regional operations. Projected to sell into global copper smelter market.
2. Molybdenum Concentrate Sales: By-product revenue from molybdenum concentrate separation from bulk copper-molybdenum concentrate. Projected to produce approximately 154 kt of molybdenum over mine life, with average annual production of 10.8 kt in first 5 years and 8.6 kt during first 15 years. Clean molybdenum concentrate with non-material deleterious elements.
3. Gold and Silver By-Product Credits: Precious metals by-product credits from copper concentrate. Projected average annual gold production of 71 koz in first 5 years and 57 koz during first 15 years, totaling 1,079 koz over mine life. Silver production averaging 1.8 Moz annually in first 5 years and 1.3 Moz during first 15 years, totaling 26.6 Moz over mine life. Metal prices assumed at US$2,800/oz gold (first 3 years) and US$2,500/oz thereafter, US$28/oz silver.
4. Royal Gold Financing Arrangement: Non-dilutive financing structure providing US$200 million through a financing agreement with Royal Gold. First tranche of US$100 million received at closing (May 2025), second tranche of US$50 million triggered by EIA technical approval (April 2026), and third tranche of US$50 million available on first anniversary of closing subject to completion of security filings. Structure includes gold streaming agreement and partial offtake agreement for copper and molybdenum concentrates.
5. Orion Resource Partners Offtake Agreement: Partial offtake agreement with Orion Resource Partners for copper and molybdenum concentrates. Remaining copper and molybdenum concentrates sold on open market. Combined with Royal Gold streaming, provides marketing offtake certainty for project production.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Solaris Resources is a copper-gold exploration and development company advancing the Tier-1 Warintza Project in southeastern Ecuador, which contains 1.3 billion tonnes of Mineral Reserves and 3.7 billion tonnes of M&I Resources at 0.32% CuEq. The company is preparing the project for conventional open-pit mining with first-quartile AISC of US$0.85/lb Cu in the first five years and a 22+ year mine life. Its portfolio also includes additional copper exploration and development assets in Peru, Chile, and Mexico (La Verde JV with Teck Resources, Capricho, Paco Orco, Tamarugo).

Product overview

Solaris Resources is a mining exploration and development company focused on copper and gold assets across the Americas. The company's portfolio consists of five exploration and development projects: Warintza (Ecuador) as the primary development-stage asset, La Verde (Mexico) as a 60%-owned joint venture with Teck Resources, and three early-stage exploration projects (Capricho and Paco Orco in Peru, and Tamarugo in Chile). The company also maintains strategic partnerships including a gold streaming agreement with Royal Gold Inc. and a partial offtake agreement with Orion Resource Partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Warintza Project Tier-1 copper-molybdenum porphyry development project in southeastern Ecuador with 1.3 billion tonnes of Mineral Reserves at 0.41% CuEq, 3.7 billion tonnes M&I Resources at 0.32% CuEq, planned 60.2 Mt/y throughput, 22+ year mine life, and first-quartile AISC of US$0.85/lb Cu payable in first 5 years. Targeted for a 2027 construction decision.
• La Verde Project Development-stage copper project in Michoacán, Mexico operated as a 60% owned joint venture with Teck Resources (40% interest), with excellent infrastructure access including highway, railway, power, port, and water.
• Capricho Project Early-stage copper exploration project located in Peru.
• Paco Orco Project Early-stage copper exploration project located in Peru.
• Tamarugo Project Early-stage copper exploration project located in Chile.

Quantifiable outcome

• Post-tax NPV8% of US$4.6bn with 26% IRR based on November 2025 Pre-Feasibility Study
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core, major and supporting.

• ENAMI EP (Empresa Nacional Minera)coreStrategic or Co-development Partner · 1 January 2026Ecuador state-owned mining company granted Solaris option to acquire up to 100% interest in new exploration areas (Solaris 2) adjacent to Warintza Project. ~40,000 hectare expansion capturing geological trend extensions. Terms include US$0.25M upfront payment, US$25M minimum exploration over 4 years, up to US$1.75M milestone payments, and exclusive option to acquire claims at independent expert-determined price. Follows same commercial structure as Solaris 1 earn-in.
• PSHA (Arutam Shuar People)coreStrategic or Co-development Partner · 1 September 2025Formal cooperation agreement signed with PSHA, Ecuador's largest Shuar representative body. Inter-institutional working group formed with communities of Warints and Yawi, ENAMI EP, and Solaris. Demonstrates Warintza as national model for inclusive, Indigenous-led resource development.
• FICSH (Federación Interprovincial de Centros Shuar)coreStrategic or Co-development Partner · 1 September 2025Formal cooperation agreement signed with FICSH, one of Ecuador's two largest Shuar representative bodies. Agreements developed with support of Ecuadorian government. Positions Warintza as model for Indigenous-led resource development.
• Orion Resource PartnersmajorChannel Partner/ Reseller/ Distributor · 1 May 2025Partial offtake agreement with Orion Resource Partners for copper and molybdenum concentrates. Combined with Royal Gold streaming, provides marketing certainty for project production. Remaining copper and molybdenum concentrates to be sold on open market.
• EITI (Extractive Industries Transparency Initiative)supportingStrategic or Co-development Partner · 1 February 2021Global standard to promote open and accountable management of oil, gas, and mineral resources. Solaris joined as supporting company in Ecuador in February 2021, endorsing EITI Principles and Criteria for transparency in extractive industry value chain.
• Ecuador Zero Carbon Program (PECC)supportingStrategic or Co-development Partner · 1 January 2021Solaris (through Lowell subsidiary) joined Ecuador Zero Carbon Program in 2021 as first mining sector company. Obtained Carbon Footprint Quantification Distinction (Level 1) and pursuing Level 2 Carbon Footprint Reduction Certification.
• Shuar Communities of Warints and YawicoreStrategic or Co-development Partner · 1 January 2019Strategic Alliance established 2019 with Shuar communities creating participatory model for decision-making, oversight, and benefit sharing. Long-term Impacts and Benefits Agreement (IBA) signed 2020 and updated 2024 covering employment, training, education, local procurement, infrastructure, and direct financial benefits. Elected Shuar Board oversees community and project development priorities.
• AusencomajorImplementation/ SI/ Consulting PartnerGlobal engineering and technical firm engaged for Feasibility Study following successful Pre-Feasibility Study delivery. Prepared metallurgy, processing, and site infrastructure aspects (excluding TMF, WRF, and water management) of November 2025 PFS. Firm supervised by Greg Lane, FAusIMM, Principal Consultant.
• AMC ConsultantsmajorImplementation/ SI/ Consulting PartnerMining consultancy engaged for Pre-Feasibility Study and ongoing Feasibility Study. Team includes Nicholas Szebor (Mineral Resource Estimate), Roderick Carlson (Exploration and drilling), Eugene Tucker (Mineral Reserve and mining), and Mary Alejo Hito (Costs and economics). Deliver NI 43-101 Technical Report for Warintza Project.
• Knight PiésoldmajorImplementation/ SI/ Consulting PartnerEngineering consultancy preparing Tailings Management Facility (TMF), Waste Rock Facility (WRF), and site water management aspects of PFS and Feasibility Study. Team led by Guillermo Hernán Barreda Flores, SME Registered Member, Regional Manager.
• Women in Mining Ecuador (WIM)supportingStrategic or Co-development PartnerSolaris joined WIM initiative as part of commitment to advance gender equality. Joint projects to strengthen skills of women in mining sector and surrounding Shuar communities of Warints and Yawi.
• Ecuadorian Mining Chamber (CME)supportingStrategic or Co-development PartnerActive member of Ecuadorian Mining Chamber (CME), the industry association representing mining sector participants in Ecuador.
• Teck ResourcesmajorStrategic or Co-development Partner60%/40% joint venture on La Verde project in Mexico. Teck Resources holds 40% interest while Solaris operates with 60% ownership. Project in Michoacán state ~320 km west of Mexico City with excellent infrastructure including highway, railway, power, port and water access.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• First Quantum Minerals: Major copper producer with flagship Cobre Panamá and large African copper operations plus development projects. Comparable as a developer-operator of large-scale open-pit copper projects with substantial capex programs and by-product credits.
• Lundin Mining: Mid-tier copper miner with producing assets in Chile, Brazil, and the US plus a portfolio of development and exploration projects. Highly comparable as a publicly-listed Americas-focused copper developer/producer in the same size bracket as Solaris's target Warintza profile.
• Hudbay Minerals: Copper-focused mid-tier miner with producing assets in Canada, Peru, and the US and copper growth projects in South America. Comparable mid-cap copper developer in the Americas with similar scale, geography, and product mix.
• Hot Chili Limited: ASX-listed copper developer advancing the Costa Fuego porphyry copper-gold project in Chile. Comparable pre-construction copper-gold developer in the Americas at similar stage, scale, and product mix.
• Josemaria Resources: Copper-gold developer advancing the Josemaría project in San Juan, Argentina. Comparable pre-construction copper-gold porphyry project in the Americas at a similar development stage with comparable scale and by-product profile.
• Capstone Copper: Pure-play copper miner with operating mines in Chile, Mexico, and Arizona and the large-scale Santo Domingo development project. Directly comparable as an Americas-focused copper development and producing company with Tier-1 scale projects.
• Filo Corp: Pre-production copper developer advancing the Filo del Sol porphyry copper-gold-silver deposit on the Argentina-Chile border. Directly comparable as a publicly-traded Americas-focused Tier-1 copper-gold porphyry explorer at similar pre-construction stage.

Broad incumbents

• Glencore: Global mining major and one of the world's largest copper producers with major operations in South America, Africa, and Australia. Comparable as a leading copper offtake counterparty and senior incumbent that often acquires pre-production copper assets of the type Solaris is developing.
• Teck Resources: Major diversified miner with large copper operations in Chile (Quebrada Blanca) and Peru (Antamina) and a 40% JV partner on Solaris's La Verde project. Comparable as a senior copper incumbent with overlapping Americas portfolio and JV exposure to Solaris.

Emerging players

• Equinox Gold: Gold producer that spun out Solaris in 2018 to focus on gold while retaining 40% as long-term shareholder. Comparable as the originating parent with overlapping Latin American operational footprint and shared management lineage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/SolarisResource
• Facebookfacebook.com/SolarisResourcesInc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solaris Resources