Solaris unveils positive Warintza pre-feasibility study with US$4.6bn NPV and long mine life in Ecuador

Solaris publishes a positive PFS and maiden reserve for its Warintza copper project in Ecuador, outlining a US$4.6bn post-tax NPV, low costs and a 22-year mine life.

Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) has released a highly positive pre-feasibility study (PFS) and maiden mineral reserve estimate for its flagship Warintza copper project in southeastern Ecuador, confirming its potential as a tier-one, long-life copper asset with first-quartile costs and robust economics. 

The PFS outlines a post-tax net present value (NPV8%) of US$4.617 billion and a post-tax internal rate of return (IRR) of 26%, based on long-term price assumptions of US$4.50/lb copper, US$20/lb molybdenum, US$2,800/oz gold for the first three years (US$2,500/oz thereafter) and US$28/oz silver. 

Over 300,000 t of copper equivalent per year in early mine life

According to the PFS, Warintza is set to deliver average annual production of more than 300,000 tonnes of copper equivalent (CuEq) over the first five years of operation and over 240,000 t CuEq in the first 15 years, positioning it firmly among the largest undeveloped copper projects globally. 

Key production and cost metrics include:

• Average CuEq production (first 5 years): 304,000 t per year.
• Average CuEq production (first 15 years): 242,000 t per year.

All-in sustaining cost (AISC):

• US$0.85/lb of payable copper in the first five years.
• US$1.07/lb of payable copper over the first 15 years.

Average annual EBITDA:

• US$1.9 billion in the first five years.
• US$1.4 billion in the first 15 years.

Average annual post-tax free cash flow:

• US$1.3 billion in the first five years.
• US$1.0 billion in the first 15 years.

Initial pre-production capital costs are estimated at US$3.7 billion, including a 15.7% contingency, with a post-tax payback period of just 2.6 years (1.9 years pre-tax). Capital intensity is approximately US$15,440 per average annual CuEq tonne over the first 15 years. 

Maiden mineral reserve and major resource growth

The PFS incorporates Warintza’s first mineral reserve estimate, supporting an initial 22-year mine life:

Proven and Probable reserves:

• 1.3 billion tonnes at 0.41% CuEq
• 0.31% Cu
• 0.02% Mo
• 0.04 g/t Au
• 1.30 g/t Ag

Solaris also reported a substantial expansion in the project’s resource base. The 2025 mineral resource estimate (MRE) reflects a 312% increase in Measured and Indicated resources compared with the 2024 MRE, now totalling more than 3.7 billion tonnes of Measured and Indicated and 2.1 billion tonnes of Inferred at a 0.1% Cu cut-off and NSR cut-off of US$6.30/t. 

A key competitive advantage highlighted in the study is Warintza’s life-of-mine strip ratio of just 0.53:1, placing it among the lowest strip-ratio copper projects globally and underpinning a highly favourable strip-adjusted grade. 

Solaris notes that conceptual pit optimization work suggests the potential to extend mine life by a further 25–30 years beyond current reserves, subject to future tailings capacity expansions, permitting, and infrastructure considerations. 

CEO: “Warintza checks every box”

Solaris CEO and president Matthew Rowlinson described Warintza as one of the most compelling copper development opportunities in the world:

“Warintza checks every box: global scale and longevity, technical simplicity in a supportive mining jurisdiction, exceptional economics driven by a world-class strip-adjusted grade, and, above all, optimal timing to production in a tightening copper market,” Rowlinson said. 

He emphasized that Warintza remains 100%-owned by Solaris, with the company fully funded to a construction decision following a US$200 million non-dilutive financing agreed with Royal Gold earlier in 2025, preserving full strategic control. 

Simple open-pit operation with strong infrastructure and social backing

The PFS outlines a conventional open-pit mining operation at an average elevation of around 1,200 metres. Competent rock conditions allow for favourable slope angles, while standard processing equipment is expected to be used throughout the plant. 

The project benefits from:

• Excellent infrastructure access, including roads, ports, power and water.
• A gravity-fed tailings management facility (TMF) within a self-contained basin, which enhances water management and reduces environmental risk and energy use.
• Warintza sits within a rapidly emerging copper district in southeastern Ecuador, alongside large porphyry systems such as San Carlos, Panantza and the operating Mirador mine, reinforcing its potential as a long-term production hub.

Socially, Solaris highlights a structured alliance with local Shuar Indigenous communities, including impacts and benefits agreements covering employment, training, education, local procurement, infrastructure and direct financial participation. The company has signed cooperation agreements with all major Shuar representative organizations around Warintza, developed with the support of the Ecuadorian government. 

Tier-one copper growth option for the energy transition

With global copper markets facing tightening supply, declining grades and a shortage of large new developments, Solaris believes Warintza is well positioned to enter production at a critical time for the energy transition, electric vehicles and grid expansion. 

Combining:

• A US$4.6 billion post-tax NPV,
• First-quartile AISC,
• Strong by-product credits from molybdenum, gold and silver, and
• The potential for decades of additional mine life,
• the Warintza project is emerging as a tier-one copper asset in a mining-friendly jurisdiction, offering significant leverage to future copper prices and long-term value creation for shareholders and local stakeholders alike.