Mr. Daniel Earle reports

SOLARIS ANNOUNCES FINAL STEPS TO COMPLETE EMIGRATION BY YEAR-END, INCLUDING MANAGEMENT AND BOARD CHANGES; GROWTH-ORIENTED SPIN-OUT ANTICIPATED IN 2025

Solaris Resources Inc. has provided an update on the final steps to complete its emigration by year-end following the company's previous announcement to position the company to maximize returns for shareholders and protect the interests of stakeholders by aligning with regulators in Ecuador as Warintza completes the permitting process (see the company's news release dated Sept. 9, 2024).

In connection with the emigration, the company is pleased to announce the appointment of Matthew Rowlinson as president and chief executive officer of the company, effective Jan. 1, 2025, to be based in a new office in Zug, Switzerland, with further appointments in this office to follow. Mr. Rowlinson is uniquely well positioned for this role, having most recently served as the head of copper business development for Glencore, one of the world's largest copper miners.

The company is also pleased to announce the appointment of Mr. Rowlinson, Rodrigo Borja and Hans Wick to the company's board of directors, effective Jan. 1, 2025. The company's directors in Canada, Daniel Earle, Poonam Puri, Kevin Thomson and Ron Walsh, will resign from their roles on the board, effective Jan. 1, 2025.

Mr. Rowlinson will lead the executive team and be supported by the Warintza project team, led by the company's chief operating officer, Javier Toro. Mr. Toro has built a technical team based in Lima, Peru, with recent hires from senior copper mining companies as project director, senior resource geologist, geotechnical manager, senior metallurgical engineer and mine planning engineers. Additionally, Mr. Toro will continue to be supported by Ecuadorean executives, Jorge Fierro, vice-president, exploration, and Ricardo Obando, newly promoted to the role of vice-president, community and government affairs, both of whom have been with Solaris since inception.

Placement and spinout

In connection with his appointment, Mr. Rowlinson has agreed to subscribe for $500,000 of common shares from the company pursuant to a private placement.

The company anticipates completing a spinout transaction to capitalize on its non-core assets, including La Verde, Capricho and Paco Orco, which will form the foundation of a new growth-oriented copper company focused on the consolidation of operating and advanced development assets with exceptional upside potential. This new company will benefit from the deep knowledge of the universe of projects and extensive network of relationships Mr. Rowlinson brings to Solaris to rapidly scale its business. The company will announce additional details about this exciting venture in the new year.

Mr. Rowlinson appointed president and chief executive officer and to board of directors

Mr. Rowlinson has extensive experience from senior executive roles in Glencore's copper department over the past 11 years. Since 2021, Mr. Rowlinson served as head of copper business development, where he was jointly responsible for the strategic direction of one of the largest copper portfolios in the sector and developed deep knowledge of the industry and global inventory of projects.

In this role, he successfully executed multiple public and private M&A (merger and acquisition) transactions, highlighted by Glencore's consolidation of the global-scale Mara project. Mr. Rowlinson joined Glencore in 2013 as an asset manager for Latin America and was subsequently appointed chief financial officer for Copper Americas. He began his career with Ernst & Young as an auditor of multinational mining and financial companies and is a qualified chartered accountant who holds an MBA from the University of Bath, United Kingdom.

Mr. Borja appointed to board of directors

Mr. Borja is a senior lawyer with decades of experience in Ecuador, including as the chief legal officer (CLO) of several foreign companies with operations in the mining and oil sectors. In the mining sector, Mr. Borja was CLO of Kinross's Ecuadorean subsidiary, where he managed all legal aspects of the company. He led the negotiations with the Ecuadorean state for the mining exploitation contract for the Fruta del Norte project and the investment contract that protects foreign investment. Mr. Borja is currently a partner with AVL Abogados, where he leads its mining practice.

Prior to this, Mr. Borja was the CLO of Brazilian oil company Petrobras, responsible for all legal aspects of its operation from 2002 to 2010. He was also a member of the executive committee as well as an alternative member of the board of directors of OCP Ecuador, Ecuador's main oil pipeline.

Mr. Wick appointed to board of directors

Mr. Wick has decades of experience in the financial services and investment sector, with his most recent role as the managing director of a Swiss private bank. As a senior financial services and investment professional, Mr. Wick benefits from an in-depth knowledge of the sector and a wide network of contacts which he applies to his mandates and lends to the boards of directors he serves on. Over the course of his banking career, Mr. Wick has also been active in the mining sector for decades as an investor and adviser to numerous companies.

Mr. Obando appointed vice-president, community and government affairs

Mr. Obando brings over 16 years of experience in the public and private sectors in Ecuador and is an expert in the field of government and community social relations, with a specialty in the formulation and design of dialogue and consultation processes. Until his promotion, Mr. Obando served as country manager, Ecuador, for Solaris since 2019.

Prior to this, Mr. Obando held senior roles in the Ecuadorean public sector, including adviser to the Ministry of Energy and Mines, strategic co-ordinator of social intervention of the Ministry of Strategic Sectors, as well as director of social and environmental monitoring of the Hydrocarbons Secretariat and co-ordinator of social participation, community relations and management in the Ministry of Environment.

Final emigration steps

As part of the company's final emigration steps, the company anticipates that, effective Jan. 1, 2025, its Canadian offices will be closed, the company and its subsidiaries will have no individuals in Canada who are employed or self-employed in connection with the company's or its subsidiaries' operations, the company and its subsidiaries will have no assets in Canada used in carrying on the company's or its subsidiaries' operations, and the company and its subsidiaries will otherwise not carry on any part of their operations in Canada.

The company does not anticipate that the foregoing emigration steps will pose adverse tax consequences for the company or impact its stock exchange listings.

Executive chairman message

Richard Warke, executive chairman of Solaris, commented: "I want to offer my sincerest gratitude to the Solaris team for their unrelenting drive to advance the late David Lowell's greenfield discovery at Warintza to become a major copper project more than 10 times its original size in only five years.

"As early works infrastructure development is now under way, this team has brought Warintza within view of completing permitting and commencing full-scale construction for what could be one of the industry's last major copper districts to be developed at low elevation and adjacent to infrastructure. I would also like to thank the outgoing directors for their guidance during this journey.

"I am firmly committed to maximizing returns for shareholders and protecting the interests of stakeholders and this reorganization creates the strategic flexibility and alignment of interests with regulators to do so. I want to welcome Matt and the incoming directors to Solaris as we position ourselves for a pivotal year ahead."

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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