Copper Growth and Discovery in the Americas

Corporate Presentation
November 2023

World’s Greatest Explorer

Our Discoveries Honor His Legacy

TSX: SLS; OTCQB: SLSSF

 Forward-Looking and Cautionary Statements
This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company's continuous disclosure documents. All amounts expressed in
Canadian $ unless otherwise stipulated.

Forward-looking Statements
This presentation includes certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking
statements"). All statements, other than statements of historical fact, are forward-looking statements. These statements appear in a number of places in this presentation and include statements made with respect to
anticipated exploration and development activities. When used in this presentation words such as "intends", "expects", "will be", "underway", "targeted", "planned", "objective", "expected", "potential", "continue",
"estimated", "would", "subject to" and similar expressions are intended to identify these forward-looking statements. Although Solaris Resources Inc. (the "Company") believes that the expectations reflected in such
forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These
statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks
related to the business of the Company; global outbreaks and contagious diseases (including COVID-19); business and economic conditions in the mining industry generally; the supply and demand for labour and other
project inputs; adverse claims made by local communities; changes in commodity prices; unanticipated exploration and development challenges (including failure of equipment or processes to operate in accordance
with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental matters); adverse weather conditions; political risk and social unrest; changes in interest and currency exchange rates; and the risks, uncertainties and
other factors identified in the Company's periodic filings with Canadian securities regulators.

These forward-looking statements were derived using numerous assumptions, including assumptions regarding general business and economic conditions; the Company’s ability to develop and maintain relationships
with local communities (including the local Shuar Centres of Warints and Yawi); commodity prices; anticipated costs and expenditures; the Company’s ability to advance exploration efforts at Warintza and its other
projects; and the results of such exploration efforts. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking
statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking
statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward- looking statements. If we update any forward-looking
statements, no inference should be drawn that we will make additional updates with respect to other forward-looking statements. All forward-looking statements contained in this presentation are expressly qualified in
their entirety by this cautionary statement.

Technical Information
The technical information contained in this document related to the mineral resource estimate at Warintza was approved by, or based upon disclosure prepared by, Mario E. Rossi, FAusIMM,RM-SME, Principal
Geostatistician of Geosystems International Inc., a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“43-101”). See the corresponding technical report entitled
"NI 43-101 Technical Report for the Warintza Project, Ecuador" with an effective date of April 1, 2022 and available on SEDAR under the Company's profile at [Link]. The remaining technical information
contained in this document has been reviewed and approved by Jorge Fierro, [Link]., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in NI 43-101. Jorge Fierro is a Registered
Professional Geologist through the SME (registered member #4279075).

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources

The mineral resource estimates described in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms
"mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with Canadian National Instrument 43 101— Standards of Disclosure for
Mineral Projects (“NI 43 101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as
amended. These definitions differ from the definitions in requirements under United States securities laws adopted by the United States Securities and Exchange Commission. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is
economically or legally mineable. An “inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.
Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Investors are
cautioned not to assume that all or any part of mineral resources determined in accordance with NI 43-101 and CIM standards will qualify as, or be identical to, mineral resources estimated under the standards of the
SEC applicable to U.S. companies. Accordingly, information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws and the rules and regulations thereunder.

TSX: SLS; OTCQB: SLSSF 2

 Warintza Project| Investment Summary
Solaris is advancing a portfolio of copper assets
in the Americas:
Global Scale Resource at Robust Economics
Flagship Warintza, Ecuador
Open pit, high grades, clean met,
579 Mt at 0.59% CuEq (Ind)
La Verde 887 Mt at 0.47% CuEq (Inf)
primary infrastructure
> billions in capex savings
(0.3 Bt @ 0.8% CuEq Starter Pit),
> 100% growth potential

Warintza
Regulatory & Fiscal Stability Social License to Operate
Peru JVs Regulatory and Tax Stability via Impact & Benefits Agreement
Investment Contract to 2041 > explicit community consent
> lowest taxes in Latin America for project

Tamarugo

Near Term Project Timeline Unique Opportunity

Ricardo “Strategic Priority Project” Market dislocation provides
Leverage through drilling to provides executive branch extreme relative valuation
multiple-times resource oversight for permitting discount to M&A precedents
> EIA completion H2/24
growth and discovery potential

TSX: SLS; OTCQB: SLSSF 3

 Part of The Augusta Group | Unrivaled Track Record of Value Creation

Canada-based management group, focused on mining sector

Highly-specialized in exploration and development stage projects
Unrivaled track record of creating value, with over $4.5B in exit transactions

Past Returns

Sold for $1.6B in 2011 Sold for $667M in 2014 Sold for $2.1B in 2018 Co-Founded in 2017;
$2.0B Market Cap

(12,960% return) (3,300% return) (6,100% return) (>1,700% return)

Note: The results for Ventana Gold Corp., Augusta Resource Corp., Equinox Gold. and Arizona Mining Inc. are independent of the results of Solaris Resources and are no guarantee of the future performance.
Undue reliance should not be placed thereon when considering an investment in Solaris. TSX: SLS; OTCQB: SLSSF 4
 Capital Structure
Summary¹ Share Distribution

TSX SLS
Float
Common Shares Outstanding 148M Richard Warke
39%
40%
Stock Options 11M
Fully Diluted Shares Outstanding 159M Lowell 2% BlackRock
Cash² US$15M Lundins 5% 9%
Mgmt 5%
Market Cap³ US$550M

>$200M Invested by Management Analyst Targets Average $19

Cumulative Investment ($M) Clear alignment with
37% Premium
outside shareholders
to Market
(Oct 2022)
Commitment to
minimizing dilution

Most recent purchases:

FY'20 FY'21 FY'22 YTD'23 $16M at $6.75/sh

1. Capital structure as at Aug 9, 2023 and cash balance as at Jun 30, 2023.
2. US$80M offtake financing package is in advanced discussions – see Company press release dated Nov 6, 2023
3. Dated as at November 7, 2023 TSX: SLS; OTCQB: SLSSF 5
 Leadership | Appointment of Javier Toro to Lead Project
Board & Management
Richard Warke, Executive Chairman Purni Parikh, SVP Corporate Affairs Poonam Puri, Director
Arizona Mining, Equinox Gold, Arizona Mining, Augusta Resource, Ventana Gold Davies Ward Phillips & Vineberg LLP,
Augusta Resource, Ventana Gold Arizona Mining
Federico Velasquez, President Latin America
Daniel Earle, President & CEO Equinox Gold, Anglo American, Alta Gas Donald Taylor, Director
TD Securities Arizona Mining, BHP Minerals, Bear Creek
Jorge Fiero, VP Exploration
Sunny Lowe, CFO Equinox Gold, Lowell Copper, BHP Kevin Thomson, Director
Kinross Gold, Inmet Mining Barrick, Davies Ward Phillips & Vineberg LLP
Tom Ladner, VP Legal
Javier Toro, COO (Jan 2024) Augusta Gold, Titan Mining, BLG LLP Ron Walsh, Director
Hudbay Minerals, Golder Associates Peru Walsh King LLP, Canadian Tax Foundation,
Jacqueline Wagenaar, VP Investor Relations Vancouver Stock Exchange
Guyana Goldfields

Strategic Partners

Augusta Group Richard Warke Lundin Group

Mining sector-focused management group based in Richard Warke has led multiple successful mining Lundin Group has led companies to numerous
Canada and the U.S. with an unrivaled track record companies, including Ventana Gold (sold for $1.6B); discoveries and major transactions, including
of value creation totaling over $4.5B in exit Augusta Resource (sold for $670M); Co-Founded to Lundin Mining’s $3.3B merger with EuroZinc,
transactions since 2011 and has strategic form Equinox Gold ($2.0B Market Cap); and Arizona the $2.0B sale of Tanganyika Oil, and the $7.1B
partnerships with leading entrepreneurs in the Mining (sold for $2.1B). sale of Red Back Mining.
mining sector.

TSX: SLS; OTCQB: SLSSF 6

David Lowell | World’s Greatest Explorer (1928-2020)

Warintza, 2000
Mirador, 2001

Lowell Discoveries
Major Mines
Pierina, 1996 Antamina

Toromocho, 2005

Exposed Deposits (60-80s)

Alteration systems visible from air, Cerro Verde
e.g., Bajo Alumbrera, San Cristobal Los Calatos, 1992 Toquepala
David Lowell made more discoveries of greater
consequence than anyone in history, with over a
dozen major discoveries, including the largest copper
Collahuasi
mine in the world, La Escondida, which produced Chuquicamata
~$10B of copper last year. Obscured Deposits (80-90s) Leonor, 1989 Maria Rosa, 1985
Partly covered by capping, cover, San Cristobal, 1985 Radomiro Tomic
Spence
Assembled our pipeline of grassroots exploration e.g., La Escondida Escondida, 1981 Zaldivar, 1981
projects targeting future discoveries; programs led by
his protégé, Jorge Fierro, VP, Exploration.
Bajo Alumbrera, 1968
Co-defined porphyry copper deposit model in 1970. Blind Deposits (2000-Future)
Direct application led to first discoveries (exposed
Completely covered or deep,
deposits); evolved technique for second wave
discoveries (obscured deposits); final evolution
e.g., Tamarugo, Ricardo Los Pelambres
targets blind discoveries.
Los Bronces
Andina
El Teniente

TSX: SLS; OTCQB: SLSSF 7

 Ecuador | Election of Noboa Provides Historic Opportunity
US Dollar-based economy
Support for Mining Sector Continues Through Election
“We are going to
Lowest capex intensity in region
Daniel Noboa, President-Elect promote legal and
responsible mining to Rapid permitting timelines
US-educated, son of business magnate/politician Álvaro Noboa compensate for the (FDN, Mirador < 12 months)
gap in the fiscal”
Impressions: inspiring but serious in pivotal moment; acutely aware of
political, legal and economic realities; consensus-builder, pragmatist Low Inflation
‘The State must Argentina 103.00%
“Employment candidate” confronting 60% under/unemployment (16-29), strengthen the mining Colombia 13.34%
Focused on “quick wins” in agriculture, infrastructure, O&G, mining sector with the Chile 11.10%
Daniel Earle and Daniel Noboa, strictest environmental Peru 8.40%
Council of The Americas Mexico 6.86%
65% approval rating provides strong mandate; Assembly willingness to standards to finance Brazil 4.65%
November 7, 2023
collaborate, cross-party consensus to address economic crisis social projects’ Ecuador 2.85%

Bureaucratic and judicial reform to come

Mining Investment
Attractiveness Index¹
69 61 60
Recent Mining News Risk Mitigation Milestones 45 21
(2015)
Mirador preliminary agreement for Impact & Benefits Agreement – 2022 Ecuador Peru Chile DRC
expansion to 46 Mtpa (250kt/yr Cu) Social
> explicit consent from communities
Solgold 25-yr renewal of concession,
Exploitation Agreement for Cascabel Regulatory Investment Contract² – 2022
& Tax > regulatory and fiscal stability
$300M investment from Wheaton
“Strategy Priority Project” designation
Investor Protection Agreement for > EIA completed in H2/24
Permitting
>$400M gold project > Rapid permitting timelines
(FDN, Mirador <12 months)

1. Fraser Institute Annual Survey of Mining Companies 2022

2. See Company press release dated Dec 22, 2022 TSX: SLS; OTCQB: SLSSF 8
 Ecuador | Political Shift Favoring Mining
Southeastern Ecuador: Mining Success Story
Southeastern Ecuador mining district straddles the border between Morona Santiago and
Zamora-Chinchipe, which share common geographic, demographic context

Major mining development in Zamora-Chinchipe has transformed the region with remote
cantons hosting projects rising from poorest to rank among the wealthiest in the country

Dramatic improvement in economic and social outcomes, access to services and development of
infrastructure have shifted public sentiment in favor of formal mining development

Morona Santiago politics are following those of Zamora-Chinchipe

> Strong support for candidates recognizing economic imperatives of mining
> National anti-mining protests in June turned out zero protestors in these provinces

Lowest crime rate in Ecuador (highest crime surrounds ports, Colombian border)

TSX: SLS; OTCQB: SLSSF 9

 Responsible Mining | New Model for Responsible Mining in Ecuador
Warintza Success Story “The Company’s presence in Morona
Santiago has generated an important
impact on the economy through its
responsible approach. This positive
impact and beneficial relations with local
communities have driven expectations for
further favorable outcomes.”
Edwin Erazo,
Extensive dialogue led to World class discovery Government-Sponsored Governor of Morona Santiago
understanding root by David Lowell in Prior Consultation process
causes of conflict, 2000, sat largely and signed Memorandum
resolution of underlying dormant since 2001 of Understanding in 2019,
issues mid-2019; due to a breakdown in Impacts and Benefits
instituted an informed, “The people of Limón Indanza
social acceptance from Agreement in 2020
benefit the most with jobs and as
innovative CSR program local communities (Amended March 2022) suppliers of the Warintza Project.
We will work on a plan so that the
people of Limón continue to benefit
from the responsible use of our
natural resources.”
Warintza Model Antonio Castillo Orellana,
Mayor of Limón

Inclusive development model Strategic Alliance governed by Board “We are excited to be part of the successful
based on transparency, dialogue, of Directors from host Shuar Centres; advancement of Warintza and show the
industry that it is possible to develop a mining
and trust relationship between community development alongside
project in a responsible and inclusive way.
government, communities and project, with investments in health, The people of Warints and Yawi welcome
company with the objective of education, training, infrastructure, President Lasso’s approach which promotes
sustainable socio-economic environment, entrepreneurship, the development of remote communities as
development of community and gender equality, labor, cultural and this has had a direct impact on our families’
people together with project human rights and security economy, living conditions and opportunities.”
Vicente Tsakimp, Coordinator,
Warintza Project Strategic Alliance

TSX: SLS; OTCQB: SLSSF 10

Responsible Mining | Partnership with Host Communities
Maximizing community involvement
key to strong and resilient alliance

Innovative approach: Government & community

commitment to understanding of impacts
transparency, and benefits of project
education & inclusion

Over 525 indirect Community involvement

service providers at each step, enhanced
with capacity-building
program

Warintza Community Direct Community “The Shuar Nations of Warints and Yawi have
been working with Solaris for more than
Population Employment
three years in the exploration and study of
Community Number our Ancestral Lands.
Community Number
It has been a partnership, with two-way
Warints, Yawi 194 learning and knowledge exchange.”
Warints 600
Amazonia sector 246
Vicente Tsakimp, Coordinator
Yawi 200
Resto del país 61 Warintza Project Strategic Alliance
Total 800 Total 501

TSX: SLS; OTCQB: SLSSF 11

Warintza| Precedent-Setting CSR Programs

In Completed Signed Impact and Committed to Developed

Ecuador three Community Benefits Agreement national framework with the
Consultations, in 2020 Zero Carbon Government of
to have:
most recently Program Ecuador for
(Amended 2022) Formalization of
in 2022 since 2021 Artisanal Mining

Warintza Warintza Warintza Warintza Warintza

Green Education Entrepreneur Woman Sports

Environmental Education Initiatives Local Entrepreneurship Gender Equity and Female Investment in Community
Responsibility and  Financial education
and Innovation Programs Empowerment Initiatives Health and Wellbeing
Stewardship Programs workshops  Full employment • Women’s Empowerment Initiatives
• First Company to  Capacity skills training achieved with Shuar Principles – Signed • Sports program
participate in Ecuador’s  Post secondary
Centres of Warints & principles and • Recreational
Zero Carbon Program scholarships & Yawi and surrounding committed to infrastructure
• Environmental internship program communities implementation
management plan and • Community educational  Training and workshops • Scholarship Program ‘Soy
community engagement centres on leadership, corporate Minera’ – Developed in
• Capacity building/ entrepreneurship, coordination with
• Dental hygiene campaign
training/workshops for mining easement and Women in Mining
• Vaccination program governance Ecuador.
environmental
stewardships • Entrepreneurship
programs

TSX: SLS; OTCQB: SLSSF 12

 Mining District | Proven Low-Cost Setting
Primary Infrastructure: Major Capital Savings

268km2 Access road to Access to grid MOU signed for

property, highway connecting power, adjacent 100% supply of
100%-owned; Pacific ports, Santiago hydroelectric
40km north of transmission lines, development power¹; Ecuador
Mirador mine airport, skilled labor, (US$3B/2.4GW) 7c/kWh vs Chile 15c
fresh water

Capital Intensity²
$/tpa CuEq No Infrastructure
$/tpa High Elevation
High-Cost Labor
Desalination Competing Project
Infrastructure
Challenges:
Low Elevation
Low-Cost Labor $34,241 $173 Extreme Elevation,
Fresh Water $29,412 No Infrastructure
$25,000 $122
$20,303 $100 Complex Met,
$84
Arsenic Issues
$11,200 $60
High Strip/Low
Grades at Surface

Ecuador Panama Peru Argentina Chile Block Caving

Requirements
Mirador Cobre Panama Quellaveco Josemaria QB2
$2.8B / 46Mtpa $6.7B / 80Mtpa $5.5B / 45Mtpa $5.5B / 55Mtpa $8.8B / 51Mtpa

1. See Company press release dated March 21, 2022

2. Source: Scotiabank GBM estimates; Company reports. Analysis excludes acquisition costs and pre-sanctioning expenditures.
Mirador includes Phases 2 expansion permit to 46 Mtpa. Josemaria assumes estimated development capex TSX: SLS; OTCQB: SLSSF 13
 Capital Intensity / Ecuador’s Competitive Advantage
Increasing Capital Intensity of Greenfield Open Pit Copper Projects and Long-Term Incentive Pricing Implications¹,²

2001 to 2010 ~US$7k/t 2011 to 2020 ~US$18k/t Recent Projects >US$25k/t

$2.50 Cu for 15% IRR $3.50 Cu for 15% IRR $4.50 Cu for 15% IRR

US$/t CuEq

50,000

40,000
QB2, Chile
30,000 $6.00 Cu for 15% IRR
Quellaveco, Peru
20,000 $4.75 Cu for 15% IRR

10,000 Mirador, 40 km South of Warintza

Industry-low capex intensity,
project viability >15% IRR at $3.00 Cu
2000 2005 2010 2015 2020 2025 2030

Global Inventory of Greenfield Open Pit Copper Projects

Taca Taca, Argentina KSM, Canada Vizcachitas, Chile Reko Diq, Pakistan Michiquillay, Peru
Los Azules, Argentina Galore Creek, Canada Cerro Casale, Chile Tampakan, Philippines La Granja, Peru
El Pachon, Argentina Casino, Canada NuevaUnion, Chile Canariaco Norte, Peru Pebble, US
Josemaria, Argentina Yellowhead, Canada El Arco, Mexico Zafranal, Peru Copper World, US
MARA, Argentina Santo Domingo, Chile La Verde, Mexico Haquira, Peru Ann Mason, US

1. Source: Scotiabank GBM estimates, Analysis excludes acquisition costs and pre-sanctioning expenditures. Commodity Markets Are Tighter Than You Think, January 2023, Company reports.
2. Source: Wood Mackenzie. Includes greenfield projects only. Excludes projects using the solvent extraction and electrowinning method of production. Bubble size refers to life of mine average
copper equivalent production. Weighted by life of mine average copper equivalent production. TSX: SLS; OTCQB: SLSSF 14
Warintza| Natural Infrastructure Supports Low-Cost Development

Natural Advantages Leading Technologies Results

Energy rich mining district Electrified mining fleet Low Emissions

100% renewable, hydroelectric power¹ Gravity-assisted materials movement High Efficiency

Favorable topography Efficient comminution powered by renewables Low Capex Intensity

Abundance of freshwater Hybrid transport of concentrate Low Operating Costs

products to coast

[Link] Company press release dated March 21, 2022

TSX: SLS; OTCQB: SLSSF 15
 Resource Estimate
Warintza In-Pit Mineral Resources
Category Tonnes Grade Contained Metal
Global Scale Resource
CuEq Cu Mo Au CuEq Cu Mo Au 1.5 Bt at 0.52% CuEq (0.3 Bt at 0.8% CuEq Starter Pit)
(Mt)
(%) (%) (%) (g/t) (Mt) (Mt) (Mt) (Moz)
Indicated 579 0.59 0.47 0.03 0.05 3.45 2.70 0.15 0.93 99 Holes (Central – 91, East – 8)
Inferred 887 0.47 0.39 0.01 0.04 4.17 3.48 0.13 1.08
1,466 0.52 0.42 0.02 0.04 7.61 6.18 0.28 2.01
Exceptional Metallurgy
‘Indicative Starter Pit’ Rapid flotation, low reagents, coarse grind
Category Tonnes Grade Contained Metal Over 90% Cu and 80% Mo recoveries
CuEq Cu Mo Au CuEq Cu Mo Au
(Mt) High Cu (Au) conc grades from supergene (40% Cu)
(%) (%) (%) (g/t) (Mt) (Mt) (Mt) (Moz)
and hypogene (22% Cu); high Mo concs ≥ 51% Mo
Indicated 180 0.82 0.67 0.03 0.07 1.49 1.20 0.06 0.38
No high sulphidation or skarn mineralization –
Inferred 107 0.73 0.64 0.02 0.05 0.79 0.69 0.02 0.17
no arsenic or other deleterious elements
287 0.79 0.66 0.03 0.06 2.27 1.89 0.07 0.55
Notes:
1. Mineral Resources have an effective date of April 1, 2022.
2. The mineral resource estimates are reported in accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves.
3. Reasonable prospects for eventual economic extraction assume open-pit mining with conventional flotation processing and were tested using
NPV Scheduler™ pit optimization software with the following assumptions: metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au;
operating costs of US$1.50/t + US$0.02/t per bench for mining, US$4.50/t milling, US$0.90/t G&A; recoveries of 90% Cu, 85% Mo, and 70% Au.
4. Cut-off grade of 0.3% CuEq. Resource includes grade capping and internal dilution. Grade was interpolated by ordinary kriging populating a block
model with block dimensions of 25m x 25m x 15m.
5. The ‘Indicative Starter Pit’ is based on the same assumptions as the Resource except applied a 0.6% CuEq cut-off grade and utilized metal prices
of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been completed by the Company and there is no guarantee an
“Indicative Starter Pit’ will be realized or prove to be economic.
6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
7. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work, and metal prices of
US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t).
8. Qualified Person is Mario E. Rossi, FAusIMM,RM-SME, Principal Geostatistician of Geosystems International Inc.
9. All figures are rounded to reflect the relative accuracy of the estimate.
TSX: SLS; OTCQB: SLSSF 16
Warintza Project | High-Grade Discovery Potential within Cluster

Source: The information in this slide is based upon the Company’s

news releases dated Jan 18, Feb 28, April 4, May 26, Jul 20, Sep 7,
Oct 13, Dec 5, 2022 and Feb 13, Mar 13, May 2, June 1, 14, 28,and
Jul 24, 2023, Sep 12, 2023 other than the 2022 Resource Outline.

TSX: SLS; OTCQB: SLSSF 17

 Warintza Project | Regional Potential Beyond Warintza Cluster

Proposed Spin-Out of
Brecciated porphyry
with chalcopyrite Solaris Exploration including:

Porphyry targets at Clemente,

Cora, Mateo and Medio
Camino

Advanced argillic Skarn targets at Playas,

alteration, vuggy silica
Justo, Betty, Yawi,
Hydrothermal breccia
La Celestina
with chalcopyrite Andesite porphyry
with potassic
alteration Dacite porphyry with
pyrite-chalcopyrite Covered high sulphidation
system at Caya (pathfinder
signature, clay alteration,
vuggy silica)
Polymetallic vein with
sphalerite, galena, and
chalcocite
Rest of project portfolio in
Chile, Peru, Mexico

1. Panantza and San Carlos are independent of Solaris. Readers should not infer that Solaris will obtain similar results and undue reliance should not be placed thereon when
considering an investment in Solaris
TSX: SLS; OTCQB: SLSSF 18
 Warintza | Market Dislocation Provides Value Opportunity
M&A Transactions P/NAV
Past Augusta Group Returns²:
Arizona Mining 1.0x
Warintza Project Valuation¹ Ventana Gold Corp. 1.0x
Basis NAV8% Target Price Recent Copper Development Transactions³:
1x NAV8% (SLS)
2022 MRE US$4.4B US$24 / C$30 Glencore – 56% MARA (Pan American) 1.0x
$30 / $4B Valuation
Solgold – Cornerstone 0.6x
$10.00
Harmony Gold – Eva (Copper Mountain) 0.8x
Glencore – MARA (Newmont) 1.3x
$9.00
2022-23 Trading Range: $4.60 - $7.84 Agnico – San Nicolás JV (Teck) 0.7x
Average Daily Volume: 200k
Lundin Mining – Josemaría 0.3x
$8.00
Median 0.8x
Solaris Resources (Warintza Project 2022 MRE)¹ 0.2x
$7.00

$6.00
Solaris – Nov 2023
$5.00
C$5.00 / US$0.6B⁴
0.2x P/NAV
Excess Distribution of >$150M in Shares Election -> Financing Overhang
$4.00
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23

1. Warintza Project 2022 MRE resource and P/NAV analyst consensus estimates dated as at Nov 7, 2023 and are independent of the results of Solaris and no guarantee of future performance
2. Results for Arizona Mining Inc. and Ventana Gold Corp. are independent of the results of Solaris Resources and are no guarantee of the future performance. Undue reliance should not be
placed thereon when considering an investment in Solaris
3. BMO Capital Markets base metals developer M&A greater than $50M as of November 2023
4. Dated as at November 7, 2023
TSX: SLS; OTCQB: SLSSF 19
Catalysts| Growth and De-Risking, While Preserving Value

Offtake Financing Package

Resource Drilling Complete Year-End

Mineral Resource Estimate Update Q2/24

EIA Completion H2/24

Studies Completion 2025

Spin-out of Solaris Exploration Inc. on transaction

TSX: SLS; OTCQB: SLSSF 20

Joint Ventures

TSX: SLS; OTCQB: SLSSF

Capricho and Paco Orco | Discovery Potential via JV in Peru

Capricho Paco Orco

Solaris option to earn up to 75% Solaris option to earn up to 75%

4,600-hectare property, 60km SE of Las 4,400-hectare property, northern extension of

Bambas, Haquira Southern Peru Copper Belt
Outcropping porphyry exposed >300m during Polymetallic CRD gossan outcropping in
recent landslip limestone extending >2km
Samples from this outcrop grade up to 3% Cu Surface samples up to 0.5% Pb, 0.26% Zn and
58 g/t Ag from leached material
Community consultation ongoing Community consultation ongoing

TSX: SLS; OTCQB: SLSSF 22

Ricardo Project | Discovery Potential in Chile

Discovery potential on the same structure

as one of Chile’s largest copper mines,
Chuquicamata
16,000 hectares in the most prolific section of the
West Fissure fault, which controls Chile’s largest
copper deposits
Earlier efforts at drilling stymied by fault, but
encountered rock types and alteration similar to
those seen at Chuquicamata

TSX: SLS; OTCQB: SLSSF 23

Tamarugo Project | Discovery Potential in Chilean Copper Belt

Discovery potential in the same geologic area

that hosts Chile’s largest copper porphyry
deposits
Solaris can earn up to a 75% interest in Tamarugo for
gross expenditures of US$5.5M / 5-yrs from Freeport

5,100-hectare property in a mineralized corridor that

hosts numerous porphyry deposits

5km NE of Copiapo with excellent access to

infrastructure including power and nearby water

Same geologic and structural setting as El Salvador and

Potrerillos Copper Mines, located ~50km to the NE

TSX: SLS; OTCQB: SLSSF 24

 La Verde Project | Leverage via Development-Stage JV in Mexico
Project with excellent infrastructure, provides leverage to
Development
higher copper stage
pricesproject with excellent infrastructure,
provides leverage to higher copper prices
60% ownership with Teck Resources holding 40%

Located in Michoacán state, ~ 320 km west of Mexico City

Michoacán is rich in natural resources; Mining is a leading
industry with significant production of gold, silver, zinc, iron
and copper

Excellent Infrastructure: Close proximity to highway, railway,

power, port and water

500-year mining history, stable government and attractive

mining investment environment

Well-structured and supportive mining regulatory framework

TSX: SLS; OTCQB: SLSSF 25

Appendix

TSX: SLS; OTCQB: SLSSF

 Warintza Project | Multiple-Times Growth Potential
Two Objectives: Starter Pit Growth, Overall Growth
World class inventory forms baseline for growth
1.5 Bt @ 0.5% CuEq (0.3 Bt @ 0.8% CuEq Starter Pit)

Resource drilling cut-off Nov 2021, growth drilling ongoing

Resource update due H2/23 targeting “Starter Pit” growth at

Warintza Central and overall resource growth at Warintza East

Multiple-times growth over long term within Warintza Cluster

Cross Section

Long Section

[Link] at a cut-off grade at 0.3% CuEq. Copper equivalent assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work, and metal prices
of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au. CuEq formula: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t). 2. Reported at a cut-off grade at 0.6% CuEq. No
economic analysis has been completed by the Company and there is no guarantee an ‘Indicative Starter Pit’ will be realized or prove to be economic. The ‘Indicative Starter Pit’ is
based on the same assumptions as the Resource except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. TSX: SLS; OTCQB: SLSSF 27
 Copper Discovery Rate Remains Dismal
18
2010: Muji,
2011: Cobre Panama, Timok, Cerro Negro, etc.
16 2012: Copa Sur
2013: Cascabel, Onto, Calingiri, West Musgrave
2014: Kamoa-Kakula, La Huifa, Jebel Ohier
14 2015: Cachorro
2016: Marimaca, Encierro
2017: Tatogga, Winu, Kainantu
12
Number of Discoveries

2018: -
2019: Llaguen
2020: Porvenir, Julimar
10 2021: Chapada
2022: -

6 4.1 Mt Cu discovered in past 5 years —

huge fall from 70.6 Mt in 2013–17
4

0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Discovery Year
Source: 2023 S&P Global Market Intelligence TSX: SLS; OTCQB: SLSSF 28
 Dearth of Discoveries Leaves Pipeline Empty
2010: Muji,
2011: Cobre Panama, Timok, Cerro Negro, etc.
2012: Copa Sur
2013: Cascabel, Onto, Calingiri, West Musgrave
2014: Kamoa-Kakula, La Huifa, Jebel Ohier
160 5,000
2015: Cachorro
2016: Marimaca, Encierro
2017: Tatogga, Winu, Kainantu 4,500
140
2018: -
2019: Llaguen
Copper in Major Discoveries (Mt)

Copper Exploration Budget (US$M)

4,000
120
2020: Porvenir, Julimar
2021: Chapada
3,500
2022: -
100
3,000

80 2,500

2,000
60

1,500
40
1,000

20
500

0 0

Copper in reserves, resources & past production* Copper in recent initial resources Copper exploration budget

Source: 2023 S&P Global Market Intelligence TSX: SLS; OTCQB: SLSSF 29
 Goldman Sachs Forecasting Record High Prices
Cuts to exploration & early-stage project development mean the size & Long-term copper price near $10,000/t is needed to incentivize
no. of copper projects is substantially lower than a decade ago to enough approvals to mitigate the record LT gap

Long-term supply gap implies significant Copper projected to trade up to $15,000/t by mid-decade
further upside to copper prices to mitigate depletion risks

Source: Goldman Sachs Global Investment Research, April 2021

TSX: SLS; OTCQB: SLSSF 30
 Copper Sell-Offs: Bull vs Bear Market
Copper sell-offs in the prior structural bull market were short, sharp, but followed by strong rebounds
versus the prolonged commodity bear market that followed
US$/lb
70% fall
5 followed by
258% rise 36% fall
22% fall followed by
4.5 followed by 124% rise
33% rise

3.5

3
31% fall

2.5

32% fall
2
followed by
56% rise Selloffs in structurally
soft market are not
1.5
followed by a bounce
back in prices
1
2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Source: Goldman Sachs, How Low Can We Go, July 2022 TSX: SLS; OTCQB: SLSSF 31
 Looming Shortages; Mine Development Lagging

Source: Glencore Investor Update – Dec 6, 2022 TSX: SLS; OTCQB: SLSSF 32
 Electrification & Decarbonization Trends; Demand for Copper Increases
Global near-term passenger EV sales and share of new passenger vehicle sales by market Annual metals demand from lithium-ion batteries
under the Net Zero Scenario

Cumulative global EV market opportunity by region – Economic Transition Scenario Annual battery factory investment by scenario

Source: BloombergNEF’s 2023 Electric Vehicle Outlook. Note: ETS = Economic Transition Scenario. NZS = Net Zero Scenario.
Battery factory requirements include investment needed to meet EV demand as well as stationary energy storage. TSX: SLS; OTCQB: SLSSF 33
 Copper Outlook: Higher Long-Term Incentive Prices

Source: Scotiabank GBM estimates, Commodity Markets Are Tighter Than You Think, January 2023 TSX: SLS; OTCQB: SLSSF 34
 Record Size Structural Deficits Fast Approaching

S&P estimates copper demand will

double to over 50 Mt by 2050

Rapid growth from copper-intensive energy transition applications

(power grid, renewables, EVs, charging network, batteries) on top
of steady 2.4% p.a. growth from traditional end uses
Projected deficit:
2030: 7.6 Mt¹
Peak copper supply in 2024 as top 10 global mega 2035: 9.9 Mt²
mines (25% supply) begin terminal decline due to
grades, depletion, water, and other constraints

Warintza Construction
begins (est.)³
Discovery
Pre-Discovery Exploration Exploration & Definition Feasibility, Permitting, Financing Construction Operation

New discoveries now would not reach

production until mid-2030s; lead times
for projects lengthening due to social
and regulatory risks
1. Goldman Sachs, How Low Can We Go, July 2022
2. S&P Global, The Future of Copper, July 2022
3. Based on Government timeline presented in the Ministry of Energy & Mines Ecuador, PDAC, June 13, 2022 presentation TSX: SLS; OTCQB: SLSSF 35
 Strategic Focus for Majors

‘We need to secure more options ‘Copper is our preference. A bit like BHP,
in copper… through exploration we’d love a Tier 1, large-scale and low-cost
and early stage entry in early-stage asset. Ideally, shallow and near the coast,
resources in Canada, Mexico and with good infrastructure would be ideal’
Ecuador’ – Rio Tinto GM Exploration, Lynn
- BHP Group CEO, Mike Henry Olssen

Future-Facing
Commodities BHP Copper Outlook: Sustained Upside for Prices
Robust demand growth from “electrification mega-trend” superimposed on growth
from traditional end uses

Supply shortfalls due to grade decline, resource depletion, increased input costs, water
Copper constraints, and scarcity of quality projects
•
Nickel Gaping supply-demand gap cannot be filled with brownfield expansions; 6 Mtpa
• production required from greenfield projects
Potash

Source: BHP Climate Change Briefing -Sept 10, 2020, S&P Market Intelligence TSX: SLS; OTCQB: SLSSF 36
 Solving Structural Deficit to Require Record M&A
Post-GFC cycle - 35 transactions
US$/lb)
Current cycle - structural deficits from 2024 on, largest supply shortfall in history by >2x… only 5 transactions announced to date:
5
MATSA - US$1.9B
Sierra Gorda (45%) - US$1.6B
Josemaria - US$0.5B
Turquoise Hill (49%) - US$3.3B
OZ Minerals - US$6.5B Number of Transactions
12 Copper Price (US$/lb)
4

10

2 4

1
2008 2009 2010 2011 2012 2013 2014

Source: BMO Capital Markets M&A database for transactions greater than US$50M, FactSet. Historical results are no guarantee of the future performance. Undue reliance should not be
placed thereon when considering an investment in Solaris.
TSX: SLS; OTCQB: SLSSF 37