Mr. Daniel Earle reports

SOLARIS COMMENCES 2024 DRILLING PROGRAM AT WARINTZA PROJECT

Solaris Resources Inc. has provided a corporate update, including the commencement of the 2024 drilling program at its Warintza project in southeastern Ecuador.

Warintza 2024 drilling program under way

The 2024 drilling program has commenced with the first rig turning at Warintza East and a total of six rigs planned to be in operation by the end of February. An updated mineral resource estimate is expected in late Q2 2024 to take in nearly double the metreage of the prior estimate and deliver major growth at Warintza Central, East and the recent discovery of Warintza Southeast within a common pit shell.

Drilling will continue through the updated mineral resource estimate with a focus on opportunities for further growth and infill drilling of at least 30 kilometres, taking advantage of additional permitted platform locations to optimize the drilling pattern, with some of these holes doubling as metallurgical and geotechnical and hydrogeological holes for mine design purposes.

Regional exploration under way

Field programs are under way to define drill targets at prospective areas identified in the regional exploration program (refer to press release dated Jan. 8, 2024). This includes further detailed sampling at the Mateo prospect where a three km by 1.4 km arc of copper-molybdenum enrichment in soil samples is expressed around the margin of an overlapping sandstone unit that may cover a blind porphyry.

Financing update

the company has closed $40-million (U.S.) ($54-million) in financing, including $10-million (U.S.) ($14-million) in equity financing and the drawdown of the first $30-million (U.S.) ($40-million) of the senior secured debt facility as part of the previously announced $80-million (U.S.) offtake financing package (refer to press release dated Dec. 11, 2023). This financing package finances the baseline programs for 2024 and 2025.

Upon closing the $130-million strategic investment by an affiliate of Zijin Mining Group Co. Ltd. (refer to press release dated Jan. 11, 2024), the company plans to aggressively expand its 2024 and 2025 programs to bring 10 rigs into operation, and significantly scale up its regional exploration programs, including land consolidation, and commencing infrastructure and site development for fast-tracking the project, with details to follow.

Technical information and quality assurance and quality control

Sample assay results have been independently monitored through a QA/QC program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are 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 atomic absorption spectroscopy finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are 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. Details on the surface sampling conducted at the project are set out in the technical report titled "NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022, prepared by Mario E. Rossi and available on the company's SEDAR+ profile and website. The drill hole 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 Mr. 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 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 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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