Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) says it has secured an option to acquire up to a 100 percent interest in a new set of exploration areas next to its Warintza Project in southeastern Ecuador, a move the company says would expand its land position around Warintza by roughly 40,000 hectares. The company also reported early-stage prospecting results from its Solaris 1 optioned areas, including copper anomalies and rock sample results of as much as 8.38 percent copper, and provided an update on permitting and feasibility work at Warintza.

The announcement was issued from Quito, Ecuador on January 28, 2026, by Solaris Resources Inc., which trades on the Toronto Stock Exchange under SLS and on the New York Stock Exchange under SLSR.

New option areas adjacent to Warintza

According to Solaris, Ecuador’s state-owned mining company, Empresa Nacional Minera ENAMI EP, has granted Solaris an option to acquire up to a 100 percent interest in a new portfolio of exploration areas that Solaris refers to as Solaris 2. The Solaris 2 areas are located immediately adjacent to the company’s Warintza Project.

Solaris framed the Solaris 2 award as an expansion of its footprint around Warintza by approximately 40,000 hectares. The company said the newly optioned areas capture extensions of geological trends that it interprets as continuous with Warintza. Solaris also said these new areas are interpreted to host significant copper mineralization and are characterized by widespread potassic alteration, which it described as typical of large copper porphyry systems.

In its statement, Solaris described the combined land position, including its wholly owned Warintza property as well as the Solaris 1 and Solaris 2 optioned areas, as supporting a district-scale strategy. The company said the consolidated position enables planning beyond a single deposit toward a multi-asset growth trajectory that could use shared infrastructure, coordinated environmental and social management, and phased development across an integrated copper district. Solaris added that Warintza remains its flagship and most advanced project, while the surrounding areas provide optionality and long-term value creation potential.

Executive and ENAMI comments

Solaris President and CEO Matthew Rowlinson described the Solaris 2 award as an extension of the company’s position in the broader district, and pointed to results from Solaris 1 as part of the rationale for additional follow-up work. Rowlinson said:

“The award of these areas represents a significant step forward in strengthening our position across what is proving to be a highly prolific copper district. Early prospecting results from Solaris 1 are particularly encouraging, with multiple high-priority anomalies highlighting the broader geological potential beyond Warintza itself. With this expanded concession package, Solaris is well positioned to unlock a true district-scale opportunity built on shared infrastructure, responsible development and strong partnerships with the State and local communities.”

ENAMI EP General Manager Galo García, in a separate statement included in the release, discussed the agreement in the context of ENAMI’s relationship with Solaris and the broader development framing. García said:

“We are very pleased that the second commercial agreement with Solaris has been finalized. By the end of 2024, the company had consolidated its position as a strategic partner of ENAMI EP, which has allowed us to strengthen a relationship based on cooperation and a shared vision for development. ENAMI EP is a strategic ally, committed to accompanying and supporting these processes. Together with Solaris, we are moving forward with mining projects that will represent a significant and sustainable contribution to the country’s development.”

Early-stage Solaris 1 prospecting identifies three priority target areas

Alongside the Solaris 2 option, Solaris provided detail on ongoing greenfield exploration across the broader Warintza district, including areas it owns outright and areas it holds under option arrangements.

Within the Solaris 1 optioned areas, Solaris said it has identified three high-priority target areas: Tinki Northwest, Tinki North, and Tinki South. The company said its fieldwork over the past 16 months has included 11 field prospecting expeditions, during which it collected more than 1,500 rock and soil samples. Solaris said the prospecting efforts have been primarily focused on Tinki South.

Solaris reported that initial geochemical results identified strong copper anomalies hosted within volcanic sequences affected by widespread potassic alteration. The company said this setting is indicative of shallow, potentially high-grade copper mineralization and warrants detailed follow-up.

Soil sampling grid and two anomalies at Tinki South

Solaris said a systematic soil sampling programme was completed at Tinki South using a 100-metre grid, and that the work defined two significant copper anomalies, described as western and eastern.

For the western anomaly, Solaris reported the following:

• Size described to date as approximately 1,000 metres by 300 metres
• Soil copper values ranging from 200 to 800 ppm
• Rock samples returning 0.11 percent to 8.38 percent Cu

For the eastern anomaly, Solaris reported:

• Extent described to date as approximately 2,000 metres by 600 metres
• Soil copper values ranging from 250 to 1,045 ppm
• Rock samples returning 0.10 percent to 0.99 percent Cu

Solaris also stated that surface outcrops in both areas are partially leached. The company said it anticipates higher and more consistent copper grades at depth, which it said enhances the exploration potential.

Community context and permitting approach for Solaris 1 activities

Solaris said the Solaris 1 areas are located within the Shuar community of Tinkimints, and that the community continues to provide constructive support for prospecting activities conducted under an established prospecting agreement.

The company said it is working collaboratively with relevant ministerial authorities to advance permitting in what it described as an orderly and responsible manner. Solaris added that it aims to ensure exploration programmes proceed in compliance with Ecuadorian regulations and international best practices.

Solaris 2 concession terms and award process

Solaris provided a description of the process ENAMI EP used for awarding the Solaris 2 areas. The company said the award followed a process established by ENAMI EP in which credentialed bidders submit nonbinding proposals for proposed minimum investments on the new areas.

Solaris said the award remains subject to entry into a definitive framework agreement for the Solaris 2 areas, and that the terms are expected to include the following elements:

1. An upfront payment to ENAMI EP of US$0.25 million
2. A proposed minimum exploration programme of US$25 million over the 4 year exploration phase
3. Up to US$1.75 million subject to the achievement of certain milestones
4. An exclusive option to acquire the claims from ENAMI EP at a price to be determined by independent experts

Solaris said the award follows the same commercial structure as the Solaris 1 earn in arrangement.

Permitting status at Warintza and 2026 expectations

In its project update, Solaris said it continues to advance permitting activities at Warintza and remains confident in securing approvals required to support construction and long-term development through what it described as a parallel-tracked, de-risked permitting strategy.

Environmental Impact Assessment review

Solaris said the Environmental Impact Assessment, or EIA, is in the final stages of review. The company said it anticipates receipt of a second and final round of minor technical observations imminently. Solaris added that, following clarification of any final observations, it expects technical approval of the EIA to be issued.

The company also stated that the EIA review timeline has not constrained broader project advancement. Solaris said it continues to progress multiple critical permits, technical studies, and de-risking initiatives in parallel, and that it is maintaining momentum across development workstreams. Solaris said that, through this approach, it expects Warintza to be fully permitted during the second half of 2026.

Feasibility Study underway with international engineering and technical firms

Solaris said it has commenced the Feasibility Study for Warintza and has engaged engineering and technical firms that it described as globally recognized, including Ausenco, Knight Piésold, and AMC Consultants. Solaris said these firms previously delivered the project’s Pre-Feasibility Study, or PFS, which the company said was published in November 2025.

According to Solaris, the Feasibility Study is focused on:

• Optimizing mine design and infrastructure
• Refining tailings management solutions
• Advancing capital and operating cost estimates
• Establishing a clear pathway toward an informed construction decision

How the pieces fit together

Solaris’ update combined three strands: expanded access to new ground adjacent to Warintza through the Solaris 2 option, early-stage anomaly identification in the Solaris 1 areas through soil and rock sampling, and continued advancement of Warintza’s permitting and technical work, including an EIA nearing technical approval and a Feasibility Study now underway with external partners.

The company’s stated near- to medium-term timeline centers on completing remaining steps in the EIA process, continuing parallel permitting and technical studies, and advancing the Feasibility Study workstreams, alongside follow-up exploration in the Solaris 1 anomalies and the expected framework agreement steps associated with the Solaris 2 award.