Mr. Daniel Earle reports

SOLARIS REPORTS HIGH RECOVERIES OF OVER 90% COPPER AND 80% MOLYBDENUM FROM WARINTZA PROJECT METALLURGICAL TEST WORK

Solaris Resources Inc. has released results from metallurgical test work on its Warintza project in southeastern Ecuador. The company commissioned FLSmidth USA Inc. to complete comminution and metallurgical flotation test work programs. Highlights are listed below and detailed results in the attached tables.

Daniel Earle, president and chief executive officer, commented: "Warintza is blessed with simple metallurgy that readily returns high recoveries of critical minerals from standard flotation processes into high-grade concentrates free of deleterious elements. Historical testing reported high recoveries of over 90 per cent for copper and 70 per cent for gold; our testing has reproduced these results and established high recoveries for molybdenum of over 80 per cent at a time when molybdenum prices recently eclipsed $30 per lb due to structural supply issues in the sector."

Highlights:

• High recoveries for copper (Cu), molybdenum (Mo) and gold (Au) in rougher flotation, cleaner flotation and locked cycle testing;
• Low reagent dosages and short flotation times over a wide range of pH levels and requiring only moderate to coarse grind sizes for both supergene and hypogene samples;
• High copper concentrate grades expected from both supergene material at 40 per cent Cu and hypogene material at 22 per cent Cu with both concentrates containing in excess of one gram per tonne (g/t) Au;
• High molybdenum concentrate grades expected to meet or exceed 51 per cent Mo independent of feed type given excellent liberation of coarse grained molybdenite;
• For context, the Warintza mineral resource estimate (MRE) includes a molybdenum byproduct estimate containing 150,000 tonnes (t) Mo grading 0.03 per cent Mo (indicated) and 130,000 t Mo grading 0.01 per cent Mo (inferred), in addition to gold;
• Concentrates free of deleterious elements, with no significant values of arsenic, antimony, bismuth or mercury;
• Optimization testing with larger sample sizes planned for hypogene material aimed at further increasing recoveries.

Metallurgical test work program scope

The metallurgical test work program at FLS included comminution grind studies on two master composites, ore characterization, grinding indices, rougher and cleaner flotation tests, locked cycle testing, and variability rougher kinetics flotation tests. The objective of the test work was to evaluate the metallurgical flotation response of the master composites and variability samples, establish metal recoveries, evaluate if any deleterious elements were present, and assess whether clean, high-grade concentrates could be produced with industry standard processing practices and reagents.

Sample selection

The metallurgical samples were taken from three drill holes specifically drilled for metallurgical test work. The hole depths range from 500 metres (m) to 960 m with sample selection ranging from 46 m below surface to a depth of 450 m. Seven samples which consisted of 20-metre intervals of half-core were selected for the test work program for a total weight of 651 kilograms (kg) of sample material. The samples were selected from the Warintza Central deposit to represent the mineralization, metal grades and lithology type which formed the first pit phases of the MRE.

The metallurgical samples were combined by mineralization type and classified as supergene and hypogene which formed two master composites (MC) for the flotation test work program. MC No. 1 represents the supergene material and MC No. 2 represents the hypogene material. Each MC was assayed to confirm the metal grades are within range of the grades expected in the first phases of a potential mine plan. The head grades for each MC can be found in an attached table.

Rougher flotation testing

FLS completed six rougher flotation tests on MC No. 1 and five rougher flotation tests on MC No. 2. In both composites, the copper recovery does not appear to be influenced significantly by pH, grind size or collector dosages. The rougher flotation tests focused on primary grind size, pH and collector dosage as the variables for influencing the flotation behaviour. The collector used in all tests is Cytec Aero 8989 for copper and burner oil as a molybdenum collector. Attached is a summary of MC No. 1 and No. 2 tests at various grind sizes and pH.

Cleaner and locked cycle flotation testing

Batch cleaner tests were conducted to ensure that bulk concentrates could be produced without significant cleaner losses. One cleaner test was conducted on MC No. 1 and four cleaner tests were conducted on MC No. 2, with regrind size being the most significant variable tested. A second set of master composites were created with the same blend of variability samples as the original master composites labelled MC No. 1B and MC No. 2B and were used for seven locked cycle tests and copper-molybdenum separation tests. Batch cleaner and locked cycle testing produces high recoveries for the supergene composite of 90 per cent Cu and 83 per cent Mo and hypogene composite of 89 per cent Cu and 75 per cent Mo. FLS concluded that higher recoveries could be achieved for MC No. 2 and No. 2B with reagent optimization, which will be incorporated into the next phase of testing.

Copper-molybdenum concentrate separation test

The second set of master composites, MC No. 1B and MC No. 2B, were used for the copper-molybdenum separation of the bulk concentrates. The test work only included a rougher stage molybdenum float that was carried out for both MC No. 1B and MC No. 2B due to the size of the remaining sample. The molybdenum separated from the copper successfully into a rougher concentrate for both master composites given excellent liberation characteristics and coarse grain size for molybdenum, with the majority of grains by mass over 200 microns in size. Flotation testing of the supergene samples produced a copper concentrate grading approximately 40 per cent Cu and containing in excess of one g/t Au. Flotation testing of the hypogene samples produced a copper concentrate grading approximately 22 per cent Cu and containing in excess of one g/t Au. Molybdenum concentrate grades at 51 per cent Mo independent of feed type.

Quality control/quality assurance (QA/QC)

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 duplicate samples. Solaris employs a QA/QC program consistent with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and industry best practices. Logging and sampling were completed at a secured company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru, and Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS (atomic absorption spectrometry) finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas in Lima, Peru. Both ALS Labs and Bureau Veritas are independent of Solaris. The drill hole data have been verified by Jorge Fierro, MSc, DIC, PG, using data validation and quality assurance procedures under high industry standards. For the metallurgical test work at FLS, the ALS assay results were used by FLS to produce seven sample composites from the remaining sawn half-core to best represent a range of locations within the Warintza Central deposit. The remaining half-core was sampled by Solaris staff, bagged and sent to FLS at FLS's laboratory in Salt Lake City, Utah. The metallurgical test work described in this release was performed by FLS. All sample preparation, solution and solid assaying and metallurgical studies were performed utilizing accepted industry-standard procedures. FLS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken. FLS is independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Mr. Fierro, MSc, DIC, PG, vice-president, exploration, of Solaris who is a qualified person as defined in National Instrument 43-101. Mr. Fierro is a registered professional geologist through the SME (registered member No. 4279075).

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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