Mr. Daniel Earle reports

SOLARIS IDENTIFIES NEW PORPHYRY, SKARN AND EPITHERMAL TARGETS AND PROVIDES UPDATE ON PROPOSED SPIN-OUT OF SOLARIS EXPLORATION

Solaris Resources Inc. has provided an update on activities at its Warintza project in southeastern Ecuador, including an update on its regional exploration program, which has identified a number of new targets for further exploration in support of drilling, and progress on the proposed spinout to create Solaris Exploration Inc.

Warintza update

Exploration activities at the Warintza project continue with seven drill rigs targeting high-value growth of the recently reported Warintza mineral resource estimate (refer to press release dated April 18, 2022), with drilling at Warintza Central targeting extensions to near surface, high-grade mineralization and major growth targeted from the expansion of drill coverage at Warintza East within a largely undrilled footprint. With the protests in Ecuador having concluded on June 30, 2022, the flow of samples from the company's core processing facility to its prep lab, which has now resumed operations, and onward for final assay in Lima has restarted, with a considerable backlog of assays pending.

Regional exploration update

Solaris has undertaken the first significant program of regional exploration at Warintza since the original stream sediment sampling program that identified the Warintza porphyry cluster in the 1990s. This work has identified additional porphyry targets, potentially expanding the footprint of the cluster to the northeast, and possibly a new area of porphyry emplacement to the west, approximately halfway to the adjacent San Carlos copper porphyry deposit.

In addition, this work has established a series of skarn targets as well as a large, high-sulphidation epithermal target adjacent to the Warintza porphyry cluster, where overlapping mineralized porphyries have intruded a layered sequence of carbonate and volcanic rocks that have provided a fertile setting to develop these styles of mineralization.

Porphyry targets:

• Mateo: a three-kilometre-by-1.4-kilometre area of copper-molybdenum enrichment in soil samples located approximately five kilometres to the east of Warintza East; a program of detailed mapping and sampling is under way to refine the target in support of drilling;
• Cora: a 1.2-kilometre-by-1.4-kilometre copper-molybdenum-gold soil anomaly in andesitic volcanic sequences cut by porphyry dikes approximately three kilometres to the northeast of Warintza East; this anomaly resembles those that defined the Warintza East and Warintza South discoveries; detailed mapping and sampling are planned to refine the target in support of drilling;
• Medio Camino: a 3.5-kilometre-by-1.5-kilometre area of porphyry-related alteration and copper-molybdenum veining five kilometres to the west of Warintza West and seven kilometres east of the adjacent San Carlos copper porphyry deposit; an extensive program of soil and rock-chip sampling has been completed to refine the large target area, with results pending.

Skarn targets

Five skarn targets have been identified with three of these forming a partial arc on the northeastern side of the Warintza porphyry cluster, which is typical of skarn mineralization related to porphyry systems:

• Playas and Justo: Extensive mineral alteration typical of skarn systems has been identified in an area of copper mineralization concentrated in a permeable horizon 3.5 kilometres northwest of Warintza West. Soil sampling of the 10-square-kilometre area surrounding the Justo target has been completed in an effort to refine the target, with results pending. Soil sampling is also planned at the Playas target, along with detailed mapping at both targets based on the results of soil sampling.
• Betty and Yawi: Betty, a 1.2-kilometre-by-1.4-kilometre skarn and potential carbonate replacement target located 0.5 kilometre north of Warintza Central, features significant copper values in rock samples in carbonate horizons within volcano-sedimentary sequences. Within the Yawi target, a two-kilometre-by-one-kilometre skarn/carbonate replacement target features strongly anomalous zinc values in limited soil sampling within a high-conductivity anomaly interpreted from ZTEM. Additional soil sampling is planned at both targets.
• La Celestina: Marble exposed in streams in this 1.7-kilometre-by-1.2-kilometre area hosts copper-zinc veinlets that may represent leakage from a mineralized zone below, with soil geochemistry showing enrichment of pathfinder elements and anomalous copper. Two windows of garnet-bearing skarn containing copper mineralization are exposed through the marble. Detailed mapping and sampling of marble and exposed skarn are under way to help define drill targets.

High-sulphidation epithermal gold target:

• Caya: This is a large, five-kilometre-by-three-kilometre gold anomaly in stream sediments, six kilometres to the northeast of Warintza East, where recent follow-up soil and rock sampling in the southern part of the anomaly has identified a flat-lying volcano-sedimentary layer that has a high permeability over at least 300 metres in thickness. In this portion of the anomaly, an area of 0.7 kilometre by 1.3 kilometres features anomalous gold, copper and pathfinder element values in soil and rock samples and a concentration of dickite clay and vuggy silica, characteristic of high-sulphidation systems.

Corporate update on proposed Solaris Exploration spinout

Solaris continues to advance the proposed spinout and has made considerable progress with the internal reorganization of the company, its subsidiaries and mineral concessions, including the transfer of its non-core assets held in Ecuador outside of the Warintza porphyry cluster (involving the authorization of the Ministry of Energy and Mines), Peru, Chile and Mexico into a newly incorporated wholly owned subsidiary of Solaris named Solaris Exploration. Following the internal reorganization, it is expected that 100 per cent of the common shares of Solaris Exploration will be spun out to shareholders of Solaris relative to their shareholdings (refer to press release dated Dec. 6, 2021).

Quality control and quality assurance

Steam sediment, soil and rock sample assay results have been independently monitored through a quality control/quality assurance (QA/QC) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicates. Samples are securely transported to ALS and Bureau Veritas labs in Quito. Sample pulps are sent to ALS and Bureau Veritas labs in Lima, Peru, and Vancouver, Canada, for analysis. Samples are analyzed for ICP-MS and ICP-AES for 48 elements using a four-acid and aqua digestion. Gold is determined by fire assay of a 30-gram charge. Both ALS and Bureau Veritas are independent of Solaris. Solaris is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein. The sample data have been verified by Jorge Fierro, MSc, DIC, PG, using data validation and quality assurance procedures under high industry standards.

Qualified person

The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, MSc, DIC, PG, vice-president, exploration, of Solaris, who is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Fierro is a registered professional geologist through the Society for Mining, Metallurgy and Exploration (registered member No. 4279075).

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