Mr. Richard Warke reports

SOLARIS ANNOUNCES US$80 MILLION FINANCING PACKAGE TO FUND WARINTZA PROJECT THROUGH STUDIES AND PERMITTING

Solaris Resources Inc. and OMF Fund IV SPV D LLC and OMF Fund IV SPV E LLC, entities managed by Orion Mine Finance Management LP (collectively, Orion), have entered into definitive agreements with respect to the previously announced financing package of $80-million (U.S.) for the advancement of the Warintza project in Ecuador, comprising a $60-million (U.S.) senior secured debt facility, an offtake with a buyback provision, a subscription for $10-million (U.S.) in equity and a commitment for $10-million (U.S.) in additional equity financing.

Highlights:

• Four-year term for the senior loan;
• No hedging conditions;
• Buyback provision for offtake upon a change of control in certain circumstances;
• Drawdown of the senior loan will occur in three tranches based on milestones with (i) the first $30-million (U.S.) expected to close in the coming weeks; (ii) a $15-million (U.S.) drawdown to occur on the submission of an environmental impact assessment (EIA); and (iii) another $15-million (U.S.) drawdown to occur on the publication of a prefeasibility study (PFS) for the Warintza project;
• Orion and Solaris have entered into an offtake for Orion to purchase 20 per cent of metals produced from the project for a period of 20 years from the start of production;
• Subscription of the initial $10-million (U.S.) of the company's common shares at a price of $5.11, representing the closing price prior to the initial announcement on Nov. 6, 2023, with a further $10-million (U.S.) equity financing commitment which can be called upon at a later date by Solaris upon the satisfaction of certain conditions;
• Net proceeds will be used to finance the advancement of the Warintza project, including exploration and infill drilling, technical and environmental programs and studies, permitting, community social relations programs, and general and working capital purposes.

Richard Warke, executive chairman, commented: "This financing package funds the advancement of Warintza through studies and permitting, leading to a substantially derisked project. This is a very special asset that has the potential to create tremendous long-term value for all stakeholders as it unlocks one of the last remaining major greenfield copper districts at low elevation and adjacent to infrastructure in the entire mining industry."

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 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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