Solaris Resources Inc. is advancing a portfolio of copper and gold assets in the Americas. The Company holds a 100% interest in the Warintza advanced-stage copper-molybdenum-gold property in Ecuador and a 100% interest in the Ricardo early-stage copper-molybdenum property in Chile, both of which were discovered by J. David Lowell, arguably the world’s leading copper geologist. The Ricardo project is being advanced by Freeport-McMoRan as per an earn-in option agreement whereby Freeport can earn up to an 80% interest in Ricardo by spending $130 million on exploration and development or by spending $30 million and completing a feasibility study.
Solaris Resources also holds a 60% interest in the La Verde advanced-stage copper-silver-gold property in Mexico with the remaining 40% held by a subsidiary of Teck Resources, and has earn-in agreements for the early-stage Tamarugo copper property in Chile and for two early-stage base metals projects in Peru.
Solaris was formed in August 2018 as a spin-out of Equinox Gold Corp.’s copper assets (formerly known as Solaris Copper Inc.). Equinox Gold’s Board of Directors determined that these promising projects would get better valuation and visibility in a standalone copper-focused company, and that separating Equinox Gold into separate gold-focused and copper-focused companies would provide each business unit with sharper focus on its long-term strategy and better flexibility to achieve its growth objectives.
Sixty percent of the shares were distributed to Equinox Gold shareholders, who received 1/10th of a Solaris share for every EQX share held, with the remaining shares held by Equinox Gold as a long-term supportive shareholder. Equinox warrants, options and restricted share units were also adjusted pursuant to the arrangement.
Solaris Resources shares are not currently listed on a designed stock exchange but the Company is recognized as a “public corporation” by Canada Revenue Agency and is a “reporting issuer” under Canadian securities legislation and, as such, will comply with its continuous disclosure obligations including press releases and financial reporting. Solaris Resources is considering a potential stock exchange listing, but at the moment there is no firm date for listing the company.
Equinox Gold Shareholders - Receiving Your Solaris Shares
If your Equinox Gold shares were deposited electronically in an online account before August 2, 2018, you won’t need to do anything to receive your Solaris shares. The conversion would have happened automatically and the shares will appear in your account. Since Solaris is not listed, your Solaris shares will not show a ticker symbol or a market value, but you should see them in your account.
If you still hold physical share certificates or DRS advice for your Equinox Gold shares you need to submit them to Computershare before August 3, 2025 to effect the conversion and get your Solaris shares. You should have received a Letter of Transmittal and instructions by mail or you can download it here. Please do not send your share certificates to Equinox Gold or Solaris Resources. They must be submitted to Computershare, preferably by courier or registered mail, to:
Computershare Investor Services
8th Floor, North Tower, 100 University Ave
Toronto, ON, Canada M5J 2Y1