Solaris Resources (NYSEAM:SLSR) Update Summary Company Overview - Solaris Resources is presenting a significant copper project known as the Warintza project, which is characterized as a multi-generational project with a mine life exceeding 50 years, a rarity in the current market [2][3][25]. Industry Context - Global copper demand is projected to surge by 24% by 2035, necessitating an additional 1 million tons of production annually [3]. - The Warintza project is positioned as a near-term executable project to meet this increasing demand [3]. Key Financial Metrics - The pre-feasibility study (PFS) indicates a 312% increase in measured and indicated resources compared to the previous year [4]. - The project is expected to produce over 300,000 tons of copper equivalent in the first five years and over 240,000 tons in the first 15 years [5]. - The all-in sustaining cash costs are projected at $0.85 per pound for the first five years and $1.07 for the first 15 years [5][11]. - The post-tax NPV at an 8% discount rate is estimated at $4.6 billion, with a post-tax IRR of 26% and a payback period of 2.6 years [5]. Resource and Reserve Estimates - The mineral resource increased by 38% in 2025, totaling 5.8 billion tons, which includes 3.7 billion tons in the measured and indicated category and 2 billion tons inferred [6]. - The reserves support a 22-year operational life, with potential to extend by 25-30 years [6][15]. Project Design and Operational Efficiency - The project features a low strip ratio of 0.53:1, one of the lowest globally, which enhances cost efficiency [5][10]. - The mine design is simple and environmentally encapsulated, facilitating effective water management and minimal environmental impact [12][17]. - The project is fully funded for the feasibility study through a $200 million financing package from Royal Gold [4][24]. Social and Environmental Considerations - Solaris Resources has established partnerships with indigenous organizations and is committed to maintaining a social license to operate [13][14]. - The company has engaged in a free, prior, and informed consultation process with local communities, which is crucial for project approval [34]. Infrastructure and Logistics - The project benefits from Ecuador's strong infrastructure, including roads, ports, and power supply, which are essential for operational efficiency [23][41]. - The distance to Port Bolívar is approximately 340 km, with well-established road access [23]. Future Outlook and Strategic Plans - The company aims to complete the feasibility study and obtain technical approval for the Environmental Impact Assessment (EIA) by the end of the year [24][36]. - Solaris Resources is exploring various funding avenues for future project phases, including joint ventures and traditional bank debt [40]. - The management team is focused on maximizing shareholder value and de-risking the project through strategic planning and execution [25][39]. Conclusion - Solaris Resources is well-positioned to capitalize on the growing demand for copper with its Warintza project, which boasts strong financial metrics, a significant resource base, and a commitment to social and environmental responsibility [2][25][43].

Core Viewpoint - Amerigo Resources Ltd. reported operational results for Q3-2025, indicating production challenges due to an accident at the El Teniente mine, which affected fresh tailings throughput and led to a downward revision of annual copper production guidance [1][2][4]. Production and Operational Performance - In Q3-2025, MVC produced 14.6 million pounds of copper and 0.35 million pounds of molybdenum, with a plant availability of 98.3% and no lost-time accidents [5][11]. - Fresh tailings throughput was significantly impacted, with a daily processing rate dropping to 92,607 tonnes per day in Q3-2025 from 129,387 tonnes per day in Q2-2025 [13]. - Despite the challenges, MVC's production in September aligned closely with its original monthly production budget [3]. Financial Performance - The average provisional copper price in Q3-2025 was $4.54 per pound, an increase from $4.42 per pound in Q2-2025 [9]. - Amerigo's cash cost in Q3-2025 was $1.80 per pound, with a year-to-date cash cost of $1.93 per pound, maintaining the annual cash cost guidance [7][11]. - The company returned $3.5 million to shareholders through dividends in Q3-2025, totaling $15.6 million year-to-date [10][11]. Production Guidance and Future Outlook - Amerigo expects to produce between 60 and 61.5 million pounds of copper in 2025, which is 2% to 5% lower than the original guidance of 62.9 million pounds [4][6]. - The company remains positioned to eliminate its debt by the end of 2025 while continuing its Capital Return Strategy [8][11]. Capital Return Strategy - Since implementing its Capital Return Strategy in October 2021, Amerigo has returned $93.7 million to shareholders, including $63.0 million through dividends and $30.7 million through share buybacks [14][15].

Core Viewpoint - A seismic event at the El Teniente mine has led to a tragic rockfall, resulting in the death of six workers and the suspension of operations, which will impact Amerigo Resources' production capabilities at Minera Valle Central (MVC) [2][3]. Company Overview - Amerigo Resources Ltd. is an innovative copper producer with a long-term relationship with Codelco, the world's largest copper producer, focusing on producing copper and molybdenum concentrates from tailings [4]. Operational Impact - The rockfall at El Teniente has caused a suspension of fresh tailings supply to MVC, leading the company to process historic tailings instead [3][8]. - The estimated daily loss of copper production at MVC is approximately 100,000 pounds, but the overall impact on annual production guidance remains uncertain and will depend on the duration of the suspension at El Teniente [3][8]. Response to Incident - Following the rockfall, Codelco initiated search and rescue operations and suspended mining activities at El Teniente. Chile's President declared three days of national mourning in response to the incident [2][3].

Core Viewpoint - Surge Copper Corp. has successfully completed metallurgical testwork for its Berg Project, achieving over 90% recovery rates for copper and molybdenum, confirming the effectiveness of conventional flotation processes and the quality of final products [1][6][10]. Group 1: Testwork Overview - The metallurgical program was initiated following a successful Preliminary Economic Assessment (PEA) and involved over 1,350 kilograms of material to create three primary composites representing different mineral zones [3][7]. - The testwork aimed to improve recovery profiles and validate flotation performance across various lithologies, with 27 variability composites created to assess recovery correlations [4][5]. Group 2: Recovery Results - Locked cycle testing achieved up to 90.7% copper and 93.0% molybdenum recovery to a bulk concentrate grading 29.7% copper [7][13]. - Excellent copper-molybdenum separation was confirmed, with molybdenum recoveries of 94.6% and 95.6% from bulk concentrates across hypogene and supergene composites, respectively [7][15]. Group 3: Economic Implications - The results validate the flowsheet used in the PEA, indicating potential for higher expected metal recoveries compared to the conservative estimates of 80% for copper and 75% for molybdenum [9][10]. - The project is positioned as a technically robust, high-margin asset, with the testwork reinforcing the disconnect between the project's fundamental value and market perception [10][20]. Group 4: Future Plans - Surge plans to refine geometallurgical modeling of the Berg deposit to enhance recovery rates, particularly by better delineating supergene and hypogene mineralization [20]. - Additional testing will include optimization for precious metals and further exploration of flow sheet opportunities, such as HPGR and coarse particle flotation [22]. Group 5: Company Background - Surge Copper Corp. is advancing a critical metals district in British Columbia, owning multiple advanced porphyry deposits with compliant resources of copper, molybdenum, gold, and silver [26][27]. - The Berg Project is highlighted for its large-scale, long-life potential, with a base case NPV of C$2.1 billion and an IRR of 20% based on long-term commodity prices [27].

Group 1: Appointment of Ignacio Cruz - Amerigo Resources Ltd. has appointed Ignacio Cruz to its board of directors [1] - Ignacio Cruz is a Civil Engineer with over 40 years of experience in the mining, energy, and civil society sectors [2] - His previous roles include Executive Chair of TECHO International and CEO of Colbún S.A., as well as 14 years with Antofagasta Minerals [2] Group 2: Experience and Contributions - Cruz has a distinguished career in leading organizations, managing complex financial structures, and developing sustainable strategies [3] - He has served on the boards of various business and philanthropic organizations in Chile and is an international speaker on topics related to strategic management and sustainability in mining [4] - The company anticipates benefiting from Cruz's extensive experience and insights into mining operations in Chile [5] Group 3: Company Overview - Amerigo Resources Ltd. is an innovative copper producer with a long-term relationship with Codelco, the world's largest copper producer [6] - The company produces copper concentrate and molybdenum concentrate as a by-product at the MVC operation in Chile [6]