eResearch | Today’s Video-of the-Day is from InvestmentPitch Media about Solaris Resources Inc (TSXV: SLS) as the Company has a new listing on the TSXV and started trading on July 13, 2020.
Based in Vancouver, Canada, Solaris was incorporated as a wholly-owned subsidiary of Equinox Gold Corp. (TSX: EQX) in 2018, and subsequently, Equinox Gold transferred all of its copper assets into Solaris, resulting in a separate copper-focused company. Equinox Gold own approximately 25.8 million shares or 29.2% of Solaris.
In May and June 2020, prior to the exchange listing, Solaris completed two non‐brokered private placement financings, issuing a total of 26.5 million units at C$0.80 per unit for gross proceeds of C$21.2 million. Each unit consisted of one share and one share purchase warrant, at a price of C$1.20 for a period of three years. After the recent financings, Solaris has $25 million in the bank.
Portfolio of Projects in Central and South America
Solaris is advancing a portfolio of copper, gold, silver and molybdenum projects in Central and South America, including:
- 100% interest in the Warintza copper-molybdenum-gold property in Ecuador
- 100% interest in the Ricardo early-stage copper-molybdenum property in Chile
- Freeport-McMoRan (NYSE: FCX) has an 80% earn-in option agreement by spending US$130 million on exploration and development or by spending US$30 million and completing a feasibility study.
- 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 Limited (TSX:TECK.B)
- Earn-in agreement on the early-stage Tamarugo copper property in Chile
- Capricho and Paco Orco, early-stage base metals projects in Peru
Mineral Resources
- The Warintza in-pit Mineral Resource consist of an Inferred Resource of 123.8 million tonnes of 0.70% Copper Equivalent (“CuEq”).
- The La Verde Mineral Resources consists of a Measured & Indicated Resource of 408.0 million tonnes of 0.41% CuEq and an Inferred Resource of 337.8 million tonnes of 0.37% CuEq.
Solaris’ near-term plans will be to focus on its Warintza copper-molybdenum-gold project in Ecuador and budgeted approximately US$14.4 million or 78% of its recent financings on an exploration program at Warintza.
To learn more about the Solaris’ new listing, you can access today’s Video-of-the-Day here:
