Mr. Daniel Earle reports

SOLARIS SUBMITS ENVIRONMENTAL IMPACT ASSESSMENT FOR CONSTRUCTION OF WARINTZA; ANNOUNCES INITIAL STEPS TO EMIGRATE TO ECUADOR

Solaris Resources Inc. has submitted an environmental impact assessment (EIA) to the Ministry of Environment, Water and Ecological Transition (MAATE) for the construction of the Warintza project in southeastern Ecuador.

The EIA spans over 3,000 pages and represents the culmination of more than 3.5 years of dialogue, traditional learning, baseline environmental monitoring, data collection and studies. It is compliant with Ecuadorean regulations, leading international practices, and aligns with the globally recognized Equator Principles framework and Performance Standards on Environmental and Social Sustainability promulgated by the International Finance Corp.

This report builds on prior permitting, including an EIA and community consultations resulting in the granting of an environmental licence for advanced exploration in 2023 which facilitated significant site infrastructure and project development. To date, over $170-million (U.S.) has been invested in the project, with nearly 100-per-cent procurement through Ecuadorean supply chains and 55 per cent from local cantons. The project employs over 500 people and is the only significant source of formal employment available locally and one of the largest job creators in the region.

The EIA was prepared by ESSAM Cia. Ltda., an accredited Ecuadorean environmental consulting firm that has successfully completed several EIAs for mining projects in Ecuador, including the Mirador copper mine 40 kilometres (km) south of Warintza, and a series of environmental compliance audits for the Fruta del Norte gold mine south of that. ESSAM used input and technical data prepared by respected international firms, particularly Knight Piesold Consulting, a recognized expert in tailings, waste, water and closure design, and Ausenco, an expert in metallurgical studies and process plant design.

With the successful completion of this milestone, the company has confirmed with its lender that the second tranche of $15-million (U.S.) will be drawn on its previously announced offtake credit facility in the coming days and remains well financed with available liquidity of $84-million (U.S.). The next update on permitting is expected with the technical approval of the EIA in H1 2025.

Antonio Goncalves, Minister of Energy and Mines, commented: "The steady progress of the Warintza project is positive for Ecuador. The project is advancing in compliance with all legal regulations and will soon generate thousands of jobs and major economic growth in the province of Morona Santiago. The administration of President Daniel Noboa supports this type of mining Project -- one that has the support of the communities in its direct area of influence and is designed to meet high social, environmental and technical standards."

Mr. Sixto Condor, governor of Morona Santiago, commented: "Warintza is a project that will bring great opportunities and impetus to the development of the province. Like the Mirador project, which I recently visited, and its positive impacts in Zamora-Chinchipe, Warintza will be an engine for growth in Morona Santiago, with more generation of local employment sources, revitalization of the economy, social benefits, support for entrepreneurship, businesses and local suppliers. With Warintza, we will have a better province, with greater wealth to be distributed and better opportunities. We are ready to move forward."

Antonio Castillo, mayor of Limon Indanza, commented: "The people of Limon Indanza have benefited and will continue to benefit significantly through the creation of local employment and opportunities for the canton's suppliers with the Warintza project. The communities of Warints and Yawi decided to sign an agreement with the company, through the strategic alliance, for the advancement of the project and, as a municipality, we respect and support this decision to work together."

Javier Toro, chief operating officer of Solaris, commented: "The submission of the EIA and commencement of permitting for construction is a major milestone for the Warintza project. We are very grateful to all our supporters and in particular to our host communities and the advisory board of the strategic alliance of the Warintza project who have been integral to the socialization of this EIA, the mayor of Limon Indanza, the governor of the province of Morona Santiago and the diligent professionals at MAATE."

Initial emigration steps -- Solaris is also pleased to announce initial steps toward aligning the company and its management with stakeholders and regulators in Ecuador as Warintza enters the permitting stage. The company is transitioning its head office to Quito, Ecuador, where certain of Solaris's senior management team will work from. Solaris is continuing to evaluate further steps to complete a greater transition to Ecuador. The company does not currently anticipate that any such further steps will pose adverse tax consequences for the company or require a change of stock exchange listings.

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world-class copper resource with expansion and discovery potential at its Warintza project in Ecuador, a series of grassroots exploration projects with discovery potential in Peru and Chile, 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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