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Solaris Resources - May 2021
- 1. Copper, Gold Growth and Discovery in the Americas Corporate Presentation May 2021 World’s Greatest Explorer – Assembled Portfolio, Designed Programs, Our Discoveries Honor His Legacy
- 2. 2 This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company's continuous disclosure documents. All amounts expressed in Canadian $ unless otherwise stipulated. Forward-looking Statements This presentation includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to anticipated exploration and development activities. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue", "estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Although Solaris Resources Inc. (the "Company") believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements 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 risks related to the business of the Company; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company’s ability to develop and maintain relationships with local communities (including the local Shuar communities of Warints and Yawi); commodity prices; anticipated costs and expenditures; the Company’s ability to raise funding; the Company’s ability to advance exploration efforts at Warintza and its other projects; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement. Technical Information The technical information contained in this document has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” under NI 43-101. Unless otherwise disclosed, all technical information related to Warintza is based on the “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019. All technical information related to La Verde is based on the "Technical Report, La Verde Copper Project" prepared by AMC Mining Consultants (Canada) Ltd. with an effective date of June 20, 2018. Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources The mineral resource estimates described in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with Canadian National Instrument 43 101— Standards of Disclosure for Mineral Projects (“NI 43 101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in requirements under United States securities laws adopted by the United States Securities and Exchange Commission. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. An “inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Investors are cautioned not to assume that all or any part of mineral resources determined in accordance with NI 43-101 and CIM standards will qualify as, or be identical to, mineral resources estimated under the standards of the SEC applicable to U.S. companies. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Forward-Looking and Cautionary Statements
- 3. 3 Tamarugo Ricardo La Verde Warintza Peru JVs Leverage through drilling to multiple-times resource growth and discovery potential Solaris is responsibly and sustainably advancing a portfolio of copper and gold projects in the Americas: Focused on Flagship Warintza, Ecuador – High-grade, open pit resource within 5km x 5km cluster of outcropping copper porphyries; untested gold potential Discovery Potential – Drilling for discoveries at Tamarugo and Ricardo in Chile and Capricho and Paco Orco in Peru Exploration Programs Designed by David Lowell – Assembled portfolio and designed programs led by his protégé, Jorge Fierro, VP, Exploration Managed by the Augusta Group – Highly-specialized in exploration and development, unrivaled track record of over $4.5B exits / 10 yrs Project Portfolio | Multiple-Times Growth and Discovery Potential
- 4. 4 ¹ Audited cash position and capital structure as at December 31, 2020 ² Solaris issues 0.25 Solaris common share for each full share of Equinox Gold Corp. upon exercise of Equinox Warrants, and receives 1/10th of the cash proceeds payable to Equinox Gold Corp. when such warrants are exercised. See EQX Financial Statements for full warrant pricing details. ³Source: Bloomberg - Based on transaction value Richard Warke 33% Equinox Gold 17% Lundin 5% Mgmt 5% Beaty 4% Lowell 2% Float 34% Share Distribution TSX SLS Common Shares Outstanding 107M Stock Options 8M EQX-linked Warrants² 4.3M / $25M Solaris Warrants 38.9M / $87M Restricted Share Units 0.5M Fully Diluted Shares Outstanding 159M Cash $92M Capital Structure Capital Structure¹ 0 2 4 6 8 10 0 20 40 60 80 Q2/20 Q4/20 Q1/21 Price ($/sh) Buying ($M) $115M of insider buying over LTM Leading all issuers in TSX materials sector³ Insider Buying
- 5. 5 Richard Warke, Executive Chairman Arizona Mining, Equinox Gold, Augusta Resource, Ventana Gold Daniel Earle, President & CEO TD Securities Linda Chang, CFO Arizona Mining, Augusta Resource, Ventana Gold Purni Parikh, SVP Corporate Affairs Arizona Mining, Augusta Resource, Ventana Gold Federico Velasquez, VP Operations Equinox Gold, Anglo American, Alta Gas Jorge Fiero, VP Exploration Equinox Gold, Lowell Copper, BHP Tom Ladner, VP Legal Augusta Gold, Titan Mining, BLG LLP Jacqueline Wagenaar, VP Investor Relations Guyana Goldfields Greg Smith, Director Equinox Gold, Esperanza Resources, Minefinders Donald Taylor, Director Arizona Mining, BHP Minerals, Bear Creek Kevin Thomson, Director Barrick, Davies Ward Phillips & Vineberg LLP Ron Walsh, Director Walsh King LLP, Canadian Tax Foundation, Vancouver Stock Exchange Board & Management Strategic Partners Equinox Gold Corp. Equinox Gold is an emerging mid-tier Canadian gold producer, dual-listed in Canada and the US. The company has a reserve base of over 12 Moz, with six mines in production and two more in development, providing an organic growth profile to over 1Moz annual production by 2022. Lundin Group Lundin Group has led companies to numerous discoveries and major transactions, including Lundin Mining’s $3.3B merger with EuroZinc, the $2.0B sale of Tanganyika Oil, and the $7.1B sale of Red Back Mining. Ross Beaty Ross Beaty is a serially-successful resource entrepreneur and founder of Pan American Silver ($3.5B), Alterra Power ($1.1B) and Lumina Copper, a company that turned $170M in financing into five separate companies generating $1.4B in shareholder value over 10 years. Augusta Group Mining sector-focused management group based in Canada and the U.S. with an unrivaled track record of value creation totaling over $4.5B in exit transactions since 2011, and has strategic partnerships with the leading entrepreneurs in the mining sector. Richard Warke Richard Warke has also led multiple successful mining companies, including Ventana Gold (sold for $1.6B); Augusta Resource (sold for $670M); Co-Founded to form Equinox Gold ($3.0B Market Cap); and Arizona Mining (sold for $2.1B). Leadership | Track Record of Success
- 6. 6 El Teniente Mirador, 2001 Pierina, 1996 Toromocho, 2005 Los Calatos, 1992 Maria Rosa, 1985 Leonor, 1989 San Cristobal, 1985 Zaldivar, 1981 Escondida, 1981 Bajo Alumbrera, 1968 Andina Los Bronces Los Pelambres Radomiro Tomic Spence Chuquicamata Collahuasi Toquepala Cerro Verde Antamina Warintza, 2000 David Lowell made more discoveries of greater consequence than anyone in history, with over a dozen major discoveries, including the largest copper mine in the world, La Escondida, which produced ~$10B of copper last year. Assembled our pipeline of grassroots exploration projects targeting future discoveries; programs led by his protégé, Jorge Fierro, VP, Exploration. Co-defined porphyry copper deposit model in 1970. Direct application led to first discoveries (exposed deposits); evolved technique for second wave discoveries (obscured deposits); final evolution targets blind discoveries. Lowell Discoveries Major Mines Obscured Deposits (80-90s) Partly covered by capping, cover, e.g., La Escondida Blind Deposits (2000-Future) Completely covered or deep, e.g., Tamarugo, Ricardo Exposed Deposits (60-80s) Alteration systems visible from air, e.g., Bajo Alumbrera, San Cristobal David Lowell | World’s Greatest Explorer (1928-2020) 6
- 7. 7 Canada-based management group, focused on mining sector Highly-specialized in exploration and development stage projects Unrivaled track record of creating value, with over $4.5B in exit transactions Part of The Augusta Group | Unrivaled Track Record of Value Creation Sold for $1.6B in 2011 Sold for $667M in 2014 Co-Founded in 2017; $3.0B Market Cap Sold for $2.1B in 2018 Past Returns (12,960% return) (3,300% return) (6,100% return) (1,500% return)
- 8. 8 We focus on limiting our environmental impacts by: • Responsible use of resources • Minimal impact to environment • Reducing waste • Identify, analyze and manage our environmental risks We act in a socially responsible manner and contribute to the communities in which we operate. • Committed to working transparently with our employees and other stakeholders to create growth and prosperity • Established a committee to provide us with feedback on our corporate social responsibility efforts We act in an ethically responsible manner and uphold our core values using our: • Governance Policies and Management Systems • Active participation in leading management and disclosure initiatives and industry best practices Environment Social Governance Responsible Mining | Environmental, Social and Governance
- 9. 9 Ecuador| Pro Mining Government Support for Mining Sector Continues Through Election Guillermo Lasso elected President April 11th to four-year term Conservative, former banker, supports growth of private sector, investment in natural resources, targets oil production doubling and growth of mineral exports Recognizes importance of mining sector in growing economy, employment, infrastructure, particularly in under-developed regions Mining accounted for $810M exports (4% of country total), $430M in corporate taxes (22%), $374M in foreign direct investment (46%) last year Demands mining sector employ international best practices, including community consultations, to maximize local benefits and protect environment Lasso committed to visiting Warintza Project and has spoken in support of socially-inclusive and environmentally responsible approaches to development Our objective is to boost Ecuador’s natural resource sectors. We have minerals, which we can exploit under principles that respect nature and the democratic will of the communities that host them. Therefore, our commitment is to take advantage of oil, mining and energy resources using the best international practices. Guillermo Lasso, President of Ecuador I want to make you a format invitation: You are invited to make an official visit to the communities of Warints and Yawi that are partners of Solaris in the Warintza Project Strategic Alliance to see our model of development. Vicente Tsakimp, Indigenous Leader, Warintza Project Strategic Alliance Once I am elected president of Ecuador, I will visit your project in the Amazonia region. Large investments, such as mining projects, boost small and medium investments in Ecuador. Guillermo Lasso, President of Ecuador
- 10. 10 Responsible Mining | Warintza, New Model for Mining in Ecuador Warintza Success Story World class discovery by David Lowell in 2000, sat largely dormant since 2001 due to a breakdown in social acceptance from local communities Extensive dialogue led to understanding root causes of conflict, resolution of underlying issues mid-2019; instituted an informed, innovative CSR program Government-Sponsored Prior Consultation process and signed Memorandum of Understanding in 2019, Impacts and Benefits Agreement in 2020 Warintza Model Inclusive development model based on transparency, dialogue, and trust relationship between government, communities and company with the objective of sustainable socio-economic development of community and people together with project Strategic Alliance governed by Board of Directors from host Shuar Nations; community development alongside project, with investments in health, education, training, infrastructure, environment, entrepreneurship, gender equality, labor, cultural and human rights and security Ecuador is a megadiverse country and we came to PDAC to show the industry that it is possible to develop mining projects in a responsible and inclusive way. We are the main guarantee of the Warintza Project. Franklin Kuja Indigenous Leader, Shuar Nation Warints The Shuar Nations of Warints and Yawl have been working with Solaris for more than three years in the exploration and study of our Ancestral Lands. It has been a partnership, with two-way learning and knowledge exchange. Vincente Tsakimp Indigenous Leader, Warintza Project Strategic Alliance
- 11. 11 Warintza Community Population Community Number Warints 300 Yawi 200 Total 500 Direct Community Employment Community Number Warints, Yawi 173 Amazonia sector 158 Resto del país 11 Total 342 Responsible Mining | Socially-Inclusive Approach I want to acknowledge the efforts made by Solaris aimed at responsible management. The extent of Its relationship with the communities of Warints and Yawi has truly impressed me as they strongly support the Project. Solaris has carried out all activities in a socially and environmentally responsible way, generating employment for citizens respectful of labour rights and regulations. I would like to highlight the transparent and multiparty actions taken to promote health and education, and to solve some of the most critical problems that the Shuar brothers in this area are faced with. Juan León Pilco Governor, Morona Santiago, Ecuador Community involvement at each step, enhanced with capacity-building program Maximizing community involvement key to strong and resilient alliance Innovative approach: commitment to transparency, education and inclusion Government and community understanding of impacts and benefits of project Over 200+ direct and indirect service providers
- 12. 12 Mining District| Excellent Infrastructure 268km2 property, 100%-owned; 40km north of Mirador mine (US$1.4B / 20 Mtpa), Adjacent to San Carlos-Panantza Access road to nearby highway connecting Pacific ports, transmission lines, airport, skilled labour, fresh water Access to grid power (hydroelectric), adjacent Santiago G8 development (US$4B / 3,600MW) Primary Infrastructure: Natural Cost Advantage Ecuador Cost Advantage Relative to Chile¹ Capex Savings Opex Savings Access $100M Low Elevation 6% Power $200M Hydro Power 8% Water $750M Fresh Water 6% Ports $300M Labour Costs 5% Capex Savings $1,350M Opex Savings 25% 1. Mine Cost Survey 2020
- 13. 13 In-Pit Inferred Resource: 124 Mt @ 0.70% CuEq¹; Only incorporates historical drilling to ~200m depth (2000-2001) 40km drilling for Resource Update at Warintza Central in H1/21 (1km x 1km x 0.5km volume at 100m spacing) Significant new discovery at Warintza West (SLSW-01: 798m of 0.31% CuEq¹, incl. 260m of 0.42% CuEq¹ from 32m depth) outside anomaly Discovery drilling at Warintza East, South in Q2/21; Caya, Yawi, Regional regional targets in H2/21 Warintza Project | Growth and Discovery in 25km2 Porphyry Cluster 1. See Resource Estimates and Cautionary Notes Source: The information in this slide is based upon the Company’s news release dated April 19, 2021 Two-Pronged Strategy: Growth and Discovery High-conductivity volume ~10 Bt YAWI High-conductivity volume ~2.5 Bt WARINTZA WEST WARINTZA CENTRAL WARINTZA EAST WARINTZA CENTRAL
- 14. 14 Warintza Project| 25km2 Porphyry Cluster, Minimal Exploration Scale Reference: San Carlos-Panantza (1.1 Bt combined) Source: The information in this slide is based upon the Company’s news release dated April 19, 2021
- 15. 15 Undrilled Regional Targets Two additional gold anomalies at Clemente Warintza Project| Regional Exploration 1. Corriente Resources - Panantza and San Carlos Copper Project, Preliminary Assessment Report, October 30, 2007 Three large-scale, gold anomalies from surface sampling at Warintza >0.5 g/t gold-in-soils across broad area, overlapping copper anomaly at Caya Geophysical survey identified additional blind targets to test
- 16. 16 Upcoming News | Growth and Discovery in 2021 Discovery potential at Ricardo in Chile via JV Partner, Freeport-McMoRan drilling Continued drilling at Warintza Central in support of resource Maiden drilling at Warintza East, Warintza South in Q2/21 Maiden drilling at Yawi and Caya in H2/21 Regional exploration in H2/21 Advancing Tamarugo in Chile, Capricho and Paco Orco in Peru
- 17. Joint Ventures
- 18. 18 Tamarugo Project| Discovery Potential in Chilean Copper Belt Solaris can earn up to a 75% interest in Tamarugo for gross expenditures of US$5.5M / 5-yrs from Freeport 5,100 hectare property in a mineralized corridor that hosts numerous porphyry deposits 5km NE of Copiapo with excellent access to infrastructure including power and nearby water Same geologic and structural setting as El Salvador and Potrerillos Copper Mines, located ~50km to the NE: • El Salvador: 3.8 Bt @ 0.45% Cu • Potrerillos: 1.0 Bt @ 0.98% Cu Discovery potential in the same geologic area that hosts Chile’s largest copper porphyry deposits
- 19. 19 Solaris option to earn up to 75% 4,600 hectare property, 60km SE of Las Bambas, Haquira Outcropping porphyry exposed >300m during recent landslip Samples from this outcrop grade up to 3% Cu Community consultation ongoing Capricho and Paco Orco| Discovery Potential via JV in Peru Capricho Solaris option to earn up to 75% 4,400 hectares property, northern extension of Southern Peru Copper Belt Polymetallic CRD gossan outcropping in limestone extending >2km Surface samples up to 0.5% Pb, 0.26% Zn and 58 g/t Ag from leached material Community consultation ongoing Paco Orco
- 20. 20 Exposure to US$4.2M of exploration spending over two years as part of US$130M / 5-yr farm-out of 80% to Freeport-McMoRan 16,000 hectares in the most prolific section of the West Fissure fault, which controls Chile’s largest copper deposits Earlier efforts at drilling stymied by fault, but encountered rock types and alteration similar to those seen at Chuquicamata Ricardo Project| Discovery Potential via JV in Chile Discovery potential on the same structure as one of Chile’s largest copper mines, Chuquicamata
- 21. 21 La Verde Project| Leverage via Development-Stage JV in Mexico 1. See Resource Estimates and Cautionary Notes 60% ownership with Teck Resources holding 40% Positive PEA economics with >US$617M NPV at US$2.70 copper (100% basis)¹ Paved road access to site with water, highway and rail nearby 2012 resource estimate¹: - M&I: 408M tonnes grading 0.41% Cu containing 3.7Blbs Cu - Inferred: 338M tonnes grading 0.37% Cu containing 2.7Blbs Cu Development stage project with excellent infrastructure, provides leverage to higher copper prices
- 22. Appendix
- 23. 23 Copper Discovery Rate Remains Dismal Source: S&P Global Market Intelligence 0 2 4 6 8 10 12 14 16 18 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Number of Discoveries Discovery Year Only 1 discovery made since 2015 2010: Muji, 2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave 2014: Kamoa-Kakula, La Huifa, Jebel Ohier 2015: - 2016: Marimaca 2017: - 2018: - 2019: -
- 24. 24 Dearth of Discoveries Leaves Pipeline Empty ¹ S&P Global Market Intelligence forecast of how the total discovered copper will increase in the coming years Source: S&P Global Market Intelligence 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 20 40 60 80 100 120 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Copper exploration budget (US$M) Copper in major discoveries (Mt) Copper in reserves, resources & past production Projected new copper in major discoveries Copper exploraton budgets ¹ 2010: Muji, 2011: Cobre Panama, Timok, Cerro Negro, etc. 2012: Copa Sur 2013: Cascabel, Onto, Calingiri, West Musgrave 2014: Kamoa-Kakula, La Huifa, Jebel Ohier 2015: - 2016: Marimaca 2017: - 2018: - 2019: -
- 25. 25 Goldman Sachs Forecasting Record High Prices Cuts to exploration and early stage project development mean the size and number of copper projects is substantially lower than a decade ago Copper projected to trade up to $15,000/t by mid-decade to mitigate depletion risks Long-term supply gap implies significant further upside to copper prices Long-term copper price near $10,000/t is needed to incentivize to enough approvals to mitigate the record LT gap Source: Goldman Sachs Global Investment Research, April 2021
- 26. 26 >133 Major New Mines Copper Supply Cliff, Gaping Deficits Projected +8 Mt supply deficit by 2030; New production capability needed from greenfield projects = Discovery Exploration & Definition Feasibility, Permitting, Financing Construction Operation Pre-Discovery Exploration Source: Goldman Sachs Global Investment Research, April 2021
- 27. 27 Source: BHP Climate Change Briefing -Sept 10, 2020 , S&P Market Intelligence Future-Facing Commodities Copper • Nickel • Potash Robust demand growth from “electrification mega-trend” superimposed on growth from traditional end uses Supply shortfalls from due to grade decline, resource depletion, increased input costs, water constraints, and scarcity of quality projects Gaping supply-demand gap cannot be filled with brownfield expansions; 6 Mtpa production required from greenfield projects BHP Copper Outlook: Sustained Upside for Prices Strategic Focus for Majors ‘We need to secure more options in copper… through exploration and early stage entry in early-stage resources in Canada, Mexico and Ecuador’ - BHP Group CEO, Mike Henry ‘Copper is our preference. A bit like BHP, we’d love a Tier 1, large-scale and low-cost asset. Ideally, shallow and near the coast, with good infrastructure would be ideal’ – Rio Tinto GM Exploration, Lynn Olssen
- 28. 28 Warintza| High Grade and Large-Scale Potential 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Copper Reserves & Resources (Mt) Grade (%) Mirador Cobre Panama Constancia Filo del Sol Zafranal Santa Domingo Marimaca Source: S&P Global Market Intelligence - All major open pit copper discoveries from 2000 – present with a grade of <1.0% Cu Warintza 33 holes, 124Mt @ 0.56% Cu Escondida Growth Potential? Sentinel
- 29. 29 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Jul-20 Aug- 20 Aug- 20 Aug- 20 Sep- 20 Sep- 20 Sep- 20 Oct-20 Oct-20 Oct-20 Nov- 20 Nov- 20 Nov- 20 Dec- 20 Dec- 20 Dec- 20 Jan-21 Jan-21 Jan-21 Feb- 21 Feb- 21 Feb- 21 Mar- 21 Mar- 21 Mar- 21 Apr-21 Apr-21 Apr-21 May- 21 May- 21 May- 21 Jun-21 Jun-21 Jun-21 Jul-21 Jul-21 Jul-21 Aug- 21 Aug- 21 Aug- 21 Sep- 21 Sep- 21 Sep- 21 Oct-21 Oct-21 Oct-21 Oct-21 Nov- 21 Nov- 21 Nov- 21 Dec- 21 Dec- 21 Dec- 21 Jan-22 Jan-22 Jan-22 Feb- 22 Feb- 22 Feb- 22 Mar- 22 Mar- 22 Mar- 22 Apr-22 Apr-22 Apr-22 May- 22 May- 22 May- 22 Jun-22 Jun-22 Jun-22 Jul-22 Jul-22 Jul-22 Aug- 22 Aug- 22 Aug- 22 Sep- 22 Sep- 22 Sep- 22 Oct-22 Oct-22 Oct-22 Nov- 22 Nov- 22 Nov- 22 Dec- 22 Dec- 22 Dec- 22 Jan-23 Jan-23 Jan-23 Feb- 23 Market Capitalization (C$M) SLS May 2021 Solaris – Warintza (100%) C$1.0B Market Cap Inf: 124 Mt @ 0.70% CuEq² Rapid Value Creation Phase Warintza| Rapid Value Creation in Exploration Stage 1. Resource estimate and NAV ranges are consensus estimates reported from sell-side research coverage 2. See Resource Estimates and Cautionary Notes Discovery, Exploration & Definition Feasibility, Permitting & Financing Construction & Operations Yr 1 Yr 2 Yr 3 Yr 5 Yr 4 LASSONDE CURVE Resource Model Valuations Analyst Consensus¹ Resource 8% NAV ($3.00-3.50 Cu) 124 Mt US$670M - $1.0B 620 - 800 Mt US$2.4B - $3.2B
- 30. 30 Resource Estimates Warintza In-pit Mineral Resources Resource Tonnes CuEq (%) Cu (%) Copper (M lbs) Mo (%) Mo (M lbs) Au (g/t) Au (oz) Inferred 123,760,200 0.70 0.56 1,516 0.03 77.5 0.06 238,600 The Warintza Mineral Resource estimate was reported in the “Resource Estimate Of The Warintza Central Cu-Mo Porphyry Deposit" prepared by Equity Exploration Consultants Ltd. with an effective date of December 13, 2019. The Warintza Central Mineral Resource statement has been prepared by Trevor Rabb, PGeo who is a qualified person as defined by NI 43-101. The resource is reported using a cut-off of 0.2% copper. Solaris defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb and Au - US$1,500/oz. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The La Verde Mineral Resource estimate was reported in the "Technical Report, La Verde Copper Project, Michoacán State, Mexico" prepared by AMC Mining Consultants (Canada) Ltd. with an effective date of June 20, 2018. The resource is reported using a base-case cut-off grade of 0.2% copper. The cut-off grade of 0.2% copper is based on experience for similar open-pit projects and a mining conceptual study which used a metal price of US$2.50/lb copper and copper metal recovery of 92%. This Resource estimate is not constrained by a pit shell. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. La Verde Mineral Resources Resource Tonnes Cu (%) Ag (g/t) Au (g/t) Copper (M lbs) Measured 57,527,000 0.45 2.94 0.05 571 Indicated 350,442,000 0.40 2.33 0.03 3,098 Total M&I 407,969,000 0.41 2.42 0.03 3,669 Inferred 337,838,000 0.37 1.94 0.02 2,748
- 31. +1 416-366-5678 x.203 [email protected] Investor Relations: Copper, Gold Growth and Discovery in the Americas