Insider buying at Solaris Resources (TSX:SLS) continues to show a large amount of stock being purchased throughout the last two years. On April 20, 2022, Richard Warke, Executive Chairman, bought C$35 million of Solaris stock through the exercise of 3,500,000 warrants. Warrants were set at $10 to buy 5 million shares of Solaris Resources from Equinox Gold. The warrants would have expired on April 26th, 2022.
Christian Milau, CEO of Equinox Gold, stated: “As a strategic and supportive shareholder, Equinox Gold is pleased to accommodate Solaris in this transaction, which benefits both companies. The proceeds from this sale will further strengthen Equinox Gold’s already solid balance sheet as we continue to execute on our expansion and growth objectives.”
A recent mineral resource update and the ongoing success of the drill program at Warintza may have insiders optimistic about the future of the company since they have been net buyers of shares since the IPO. The total insider shareholding of any given company gives investors an overall view of whether management and other inside investors are aligned with other shareholders.
Sunny Lowe, CFO of Solaris Resources (TSX:SLS), also purchased approximately C$100K in Solaris shares on the open market on Monday, April 25th, 2022. Total insider investment has reached over C$165 million in less than 24 months now, demonstrating a significant amount of confidence in the company by those in charge of its success. In the TSX materials sector, this places Solaris Resources (TSX:SLS) in the lead for insider buying. The company has seen strong interest in the stock since its IPO, up nearly 700%.