December 11, 2023 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce that Solaris and OMF Fund IV SPV D LLC and OMF Fund IV SPV E LLC, entities managed by Orion Mine Finance Management LP (collectively, "Orion"), have entered into definitive agreements with respect to the previously announced financing package of US$80 million for the advancement of the Warintza Project (the “Project”) in Ecuador, comprised of a US$60 million senior secured debt facility (the “Senior Loan”), an offtake with a buyback provision (the “Offtake”), a subscription for US$10 million in equity and a commitment for US$10 million in additional equity financing.

Highlights

4-year term for the Senior Loan
No hedging conditions
Buyback provision for Offtake upon a change of control in certain circumstances
Drawdown of the Senior Loan will occur in three tranches based on milestones with (i) the first US$30 million expected to close in the coming weeks, (ii) a US$15 million drawdown to occur on the submission of an Environmental Impact Assessment (EIA), and (iii) another US$15 million drawdown to occur on the publication of a Pre-Feasibility Study (PFS) for the Warintza Project
Orion and Solaris have entered into an Offtake for Orion to purchase 20% of metals produced from the Project for a period of 20 years from the start of production
Subscription of the initial US$10 million of the Company’s common shares at a price of C$5.11, representing the closing price prior to the initial announcement on November 6, 2023, with a further US$10 million equity financing commitment which can be called upon at a later date by Solaris upon the satisfaction of certain conditions
Net proceeds will be used to fund the advancement of the Warintza Project including exploration and infill drilling, technical and environmental programs and studies, permitting, community social relations programs, and general and working capital purposes

Mr. Richard Warke, Executive Chairman, commented: “This financing package funds the advancement of Warintza through studies and permitting, leading to a substantially de-risked Project. This is a very special asset that has the potential to create tremendous long-term value for all stakeholders as it unlocks one of the last remaining major greenfield copper districts at low elevation and adjacent to infrastructure in the entire mining industry.”

On behalf of the Board of Solaris Resources Inc.

“Richard Warke”
Executive Chairman