13:31:42 EDT Sat 10 Jun 2023
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Solaris Resources Inc
Symbol SLS
Shares Issued 119,586,610
Close 2022-12-21 C$ 6.62
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Solaris ratifies Warintza investment protection deal

2022-12-22 12:11 ET - News Release

Mr. Daniel Earle reports

SOLARIS AND GOVERNMENT OF ECUADOR SIGN INVESTMENT CONTRACT FOR WARINTZA PROJECT, SECURING INVESTMENT PROTECTIONS, REGULATORY AND FISCAL STABILITY, AND TAX INCENTIVES

Solaris Resources Inc. and the government of Ecuador have signed the investment contract for the Warintza project in southeastern Ecuador, which ratifies the investment protection agreement (IPA) previously announced on June 9, 2022.

Daniel Earle, president and chief executive officer, commented: "We are very grateful to the government of Ecuador and our host communities for their support in reaching this major milestone. The investment contract provides a foundation of certainty, significantly derisking the Warintza project by securing a stable regulatory and fiscal framework with international legal protections for the project while also enhancing its returns through permanent new tax incentives."

Highlights

The investment contract provides for the following protections and incentives for the duration of the title of the project which extends with renewal to 2066:

  • Security of investment;
  • Stability of mining law;
  • Stability of taxes at a reduced income tax rate of 20 per cent (25 per cent previously);
  • Exemption from capital outflow tax (5 per cent previously);
  • Exemption from import duties (up to 5 per cent previously);
  • Detailed procedures for dispute resolution and international arbitration protection.

Julio Jose Prado, Minister of Production, Foreign Trade, Investment and Fisheries of the government of Ecuador, stated: "I want to thank Solaris for the commitment with the country and with Morona Santiago; it is an example of sustainable mining, responsible with the environment and the communities. Since the first contacts in the Ecuador Open for Business event, we have worked for a year and today we signed the investment contract. The Warintza project has a very important influence and they are working with the community in an exemplary manner; this will allow more development and prosperity for the zone and for Ecuador."

Fernando Santos Alvite, Minister of Energy and Mines of the government of Ecuador, stated: "I wish the best of success to the Warintza project. This is a very important project for the country in terms of scale and investment. It is also important for what it represents, which is a great commitment and understanding between the communities and the company."

Vicente Tsakimp, lead co-ordinator of the Warintza project strategic alliance, stated: "The Warints and Yawi Shuar Centers are glad that the Warintza project is advancing and that we are part of it. Our work and co-ordination with the company are an example that participatory mining can be done and we are proud of everything we have achieved."

About Solaris Resources Inc.

Solaris is a multiasset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes its primary focus, a world-class large-scale resource with expansion and discovery potential at the Warintza project in Ecuador; discovery potential at its Ricardo project and optioned and owned grassroots Tamarugo project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60-per-cent interest in the La Verde joint venture project with a subsidiary of Teck Resources in Mexico.

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