History
Solaris used drilling and a 2024 raising to advance its Warintza copper project in Ecuador to a pre-feasibility study and environmental approval by April 2026.
2024: Drilling, new ground and a raising
Solaris Resources was focused on Warintza, its copper project in Ecuador. In April 2024 it reported its first drill results of the year, including 384 metres averaging 0.51% copper-equivalent in hole SLS-76. Six rigs were running and at least 30 km of drilling was planned. The company said it was funded for 2024-2025 by a December offtake financing, which left about US$39M cash at the end of 2023 with a further US$40M expected. A January strategic investment was still awaiting Canadian regulatory approval, and the filings never show how that resolved.
On 30 April, Ecuador's state mining company ENAMI EP awarded Solaris an option to acquire up to 100% of 10 exploration concessions, about 40,000 hectares next to Warintza. The award depended on a definitive agreement, expected to include US$0.25M upfront, up to US$25M of exploration and a price set by independent experts. The filings do not show that agreement being signed.
In May Solaris announced a bought deal, a sale of shares to underwriters, of 7,150,000 new shares at C$4.90, about C$35.0M. Proceeds were for more drilling, work on the new concessions and general purposes. On 10 June it announced it had closed a $54 million financing, though the terms are not given. The next day it reported 81 metres at 0.73% copper-equivalent and expanded its 2024 drill program. In June it also reported surface samples from regional exploration with up to 11,570 g/t silver and 12.3 g/t gold.
2024-2025: Resource, permits and community
In September 2024 Solaris filed the technical report for an updated Warintza mineral resource estimate, effective 1 July 2024. The tonnage and grade figures are not in the record. Days later it submitted an environmental impact assessment for building the mine and announced initial steps to move its corporate home to Ecuador.
The record for the following months is thin. In March 2025 the company signed a letter of intent with the Arutam Shuar People (PSHA) in Morona Santiago, a preliminary step. By then its cover page showed an office in Baar, Switzerland, and a new chief financial officer, Richard Hughes. An 82,000-metre infill drilling campaign was completed in April 2025. In September the company announced a landmark agreement with PSHA, which it said completed formal partnerships with all Indigenous organisations around Warintza.
2025-2026: Pre-feasibility and approval
In November 2025 Solaris published a pre-feasibility study for Warintza, an early-stage engineering and cost assessment. According to the headline, it contained a first mineral reserve, a significantly larger resource, an extensive mine life and an NPV (present value of future cash flows) of US$4.6bn. The underlying figures are not in the record.
On 9 April 2026 Solaris announced technical approval of its environmental impact assessment after a multi-year government review, a major permitting milestone. The same headline mentioned a US$50 million item strengthening the balance sheet, but its nature and terms are not given.
As of that date, Warintza was the flagship project, with the ENAMI concessions optioned and a 60% interest in a joint venture with a Teck subsidiary at La Verde in Mexico. Several threads remained open: the corporate move to Ecuador, a definitive ENAMI agreement and the final steps after permitting.
Written from the 12 story beats below (2024 to 9 Apr 2026), which come from the company's own announcements and filings.