Solaris Provides Update on Warintza Operations, Optimization Progress, and Appointment of Leading Consultants for the EIA and PFS

VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to provide an operations update, including site optimization efforts that have resulted in significantly improved productivity and cost savings under new Chief Operating Officer (“COO”), Mr. Javier Toro, as well as the appointment of leading independent consultants in support of the Environmental Impact Assessment (“EIA”) in H2/24 and Pre-Feasibility Study (“PFS”) in H2/25 for the Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.

Project Update and Milestones

• Drilling continues to ramp up with six rigs having completed over 5,400m in April, nearly a new monthly record for the Project, toward a minimum program of 30km of resource growth and infill drilling budgeted for 2024
• EIA on track for completion in H2/24, with studies and work programs ongoing under the direction of a proven Ecuadorian environmental consulting firm who has supported Ecuador’s largest copper and gold mines, ESSAM Cía. Ltda. (“ESSAM”)
• PFS on track for completion in H2/25, with support of leading international consulting firms, including: Ausenco Engineering (“Ausenco”) for infrastructure and processing; Knight Piésold Consulting (“Knight Piésold”) for technical studies and engineering designs; and AMC Consultants (“AMC”) and Minsys Mining Systems (“Minsys”) for mining
• Significantly increased site productivity and efficiency of operations from infrastructure development and optimization, logistics and practices, generating a 26% reduction in drilling costs to US$229/m and contributing to significant savings against the Q1/24 budget
• Funding in place for planned 2024 and 2025 programs through the offtake financing package announced in December, with the strategic investment announced in January intended to support an expansion of activities and continued consolidation of the surrounding district
  

Mr. Javier Toro, COO, commented: “We are excited with the improvements we have made at site where our team is approaching record monthly drilling rates with significantly fewer rigs than at prior peaks. We are also pleased to be making progress in advancing studies and work programs to support the completion of the EIA in H2/24 and PFS in 2025. Warintza is a very unique project given its global scale and location in a mining district adjacent to infrastructure at low elevation.”