Solaris Resources Advances Warintza Project with EIA Submission

Solaris Resources Initiates Environmental Impact Assessment

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) is excited to announce the submission of its Environmental Impact Assessment (EIA) to the Ministry of Environment, Water and Ecological Transition in Ecuador for the Warintza Project. This submission represents a monumental leap forward after over three and a half years of in-depth dialogue and research.

A Comprehensive Report on Environmental Impact

The EIA consists of more than 3,000 pages and showcases Solaris's commitment to compliance with Ecuadorean regulations as well as adherence to international practices. These practices are aligned with the Equator Principles and Performance Standards promoting environmental and social sustainability.

Solaris's preparations for the EIA build on past efforts, including community consultations and earlier environmental submissions that enabled the company to secure an environmental license for advanced exploration in the region. The investment in the Warintza Project has exceeded US$170 million, with an impressive focus on utilizing Ecuadorean supply chains, which make up nearly 100% of procurement, 55% of which comes from local sources. Currently, the project employs over 500 individuals, becoming a crucial source of stable employment in the area.

Expertise and Collaboration in EIA Preparation

ESSAM Cía. Ltda., a respected Ecuadorean environmental consulting firm, prepared the EIA with substantial inputs from international experts, including Knight Piésold Consulting and Ausenco, who contributed their knowledge in tailings management, waste, and metallurgical studies.

Following this significant milestone, Solaris has confirmed that it will be accessing the second tranche of US$15 million from its Offtake Credit Facility, ensuring the company remains well-capitalized with a healthy liquidity reserve of US$84 million. Updates regarding permitting and the next steps in the process are anticipated to roll out with the EIA's technical approval expected in the first half of the following year.

Community Support and Economic Opportunities

Commentary from government officials emphasizes the positive impact the Warintza Project will have on local communities. Mr. Antonio Goncalves, the Minister of Energy and Mines, recognized that the progress made in Warintza aligns with legal regulations and represents an opportunity to generate employment and stimulate economic growth. Local leaders, including Morona Santiago's Governor, Sixto Cóndor, echoed these sentiments by highlighting how the project is an engine for development, providing jobs and revitalization.

Likewise, Mayor Antonio Castillo of Limón Indanza expressed the significant benefits the community will experience through job creation and the support from local suppliers afforded by the Warintza Project. The alignment through the Strategic Alliance has demonstrated a shared commitment between the communities and the company.

Future Steps for Solaris in Ecuador

As Solaris embarks on the permitting journey, the company is also making strides towards establishing a closer connection with its stakeholders and management in Ecuador. This includes transitioning its head office to Quito where key personnel will operate, enabling a more localized approach to operations. Solaris is investigating further integration steps to enhance its presence without anticipating adverse tax implications or changes to its stock exchange listings.

Conclusion and Contact Information

This significant milestone illustrates Solaris Resources' dedication to sustainable development in Ecuador while maintaining an open dialogue with local communities and stakeholders. For further information or inquiries, you can contact Jacqueline Wagenaar, VP of Investor Relations, at 416-366-5678 Ext. 203, or via email at jwagenaar@solarisresources.com.

Frequently Asked Questions

What is the significance of the EIA submission by Solaris?

The EIA submission is a major milestone for the Warintza Project, as it represents compliance with environmental regulations and the company's commitment to sustainable practices.

How much has been invested in the Warintza Project so far?

Over US$170 million has been invested in the Warintza Project to date, with a focus on supporting local procurement and employment.

Who prepared the Environmental Impact Assessment?

The EIA was prepared by ESSAM Cía. Ltda., a qualified Ecuadorean environmental consulting firm, in collaboration with international experts.

What is the role of local government officials in the Warintza Project?

Local government officials are supportive of the Warintza Project, recognizing its potential for job creation and economic growth in their communities.

Where will Solaris's management operate from as part of their transition to Ecuador?

Solaris will be transitioning its head office to Quito, Ecuador, with certain senior management team members working from there to facilitate operations.

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