Solaris Receives $30 Million from Warrant Exercises; Fully Funded Through to Mid-2023

Rhea-AI Summary

Solaris Resources Inc. (OTCQB: SLSSF) has successfully raised approximately C$30.4 million through the exercise of common share purchase warrants. Additional warrant expiries in late 2022 and early 2023 could generate C$54.1 million if fully exercised, with about 63% held by management. CEO Daniel Earle announced efforts to expand high-grade mineralization at the Warintza Central site and explore nearby discoveries. The company is poised for growth, focusing on drilling to enhance resource estimates while maintaining adequate funding through mid-2023.

Positive

• Raised C$30.4 million from exercised warrants.
• Potential to generate an additional C$54.1 million from upcoming warrant expirations.
• 63% of outstanding warrants held by management, indicating insider confidence.
• Focus on high-impact drilling to expand mineral resources at Warintza Central.

Negative

• None.

VANCOUVER, B.C., May 13, 2022 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce that the Company has received approximately C$30.4 million from the exercise of common share purchase warrants (“warrants”).

Further warrant expiries occur in the second half of 2022 and first half of 2023 and, if exercised in full, would generate additional proceeds of C$54.1 million. Of these, approximately 63% of the remaining outstanding warrants are held by management, and primarily by the Company’s Executive Chairman, Mr. Richard Warke.

Mr. Daniel Earle, President & CEO, commented: “With last year’s intensive resource drilling program at Warintza Central having established a voluminous mineral resource estimate and robust starter pit, we are now directing our efforts to immediate high-impact drilling aimed at expanding the starter pit in open extensions of near surface, high-grade mineralization at Warintza Central, expanding the minimally-drilled Warintza East discovery, and testing the potential of the nearby Warintza West discovery.”

On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director

For Further Information

Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com

About Solaris Resources Inc.

Solaris is advancing a portfolio of copper assets in the Americas, focused on its Warintza Project in Ecuador that features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open pit resource inventory at Warintza Central. Ongoing efforts are focused on rapid resource growth and further discovery drilling. The Company offers additional discovery potential at its portfolio projects: Capricho and Paco Orco in Peru, Ricardo via joint-venture with Freeport-McMoRan and Tamarugo in Chile, and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture with Teck Resources in Mexico.

Cautionary Notes and Forward-looking Statements

This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will”, “expected”, “targeting” and similar expressions are intended to identify forward-looking statements. These statements include statements that the Company is fully funded through to mid-2023, that further warrant expiries occur in the second half of 2022 and first half of 2023 and, if exercised in full, would generate additional proceeds of C$54.1 million, in which approximately 63% of the remaining outstanding warrants are held by management, and primarily by the Company’s Executive Chairman, Mr. Richard Warke, and that the Company is directing its efforts to immediate high-impact drilling aimed at expanding the starter pit in open extensions of near surface, high-grade mineralization at Warintza Central, expanding the minimally-drilled Warintza East discovery, and testing the potential of the nearby Warintza West discovery. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about warrant-holders exercising their warrants; that the warrants due for expiry in 2022 and 2023 will continue to be in the money; the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; the Company’s ability to secure adequate financing; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Annual Information Form for the year ended December 31, 2021 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.

FAQ

What is Solaris Resources Inc.'s recent fundraising achievement?

Solaris Resources Inc. has raised approximately C$30.4 million through the exercise of common share purchase warrants.

How much additional funding can Solaris Resources expect from warrants?

If exercised in full, Solaris Resources could generate an additional C$54.1 million from upcoming warrant expirations.

What proportion of outstanding warrants is held by Solaris management?

Approximately 63% of the remaining outstanding warrants are held by management, primarily by Executive Chairman Richard Warke.

What are Solaris Resources Inc.'s plans for its Warintza Project?

The company aims to expand high-grade mineralization at Warintza Central and explore nearby discoveries with immediate high-impact drilling.