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Solaris Resources (TSX: SLS; NYSE: SLSR) has raised C$54 million ($39m) through a bought deal for its flagship Warintza copper project in southeast Ecuador.
The net proceeds will be used primarily for exploration and infill drilling at the project and for regional exploration. The regional activities include fieldwork on 10 concessions recently awarded to the company.
Solaris issued approximately 8.2 million common shares (including the over-allotment option) at a price of C$4.90 per share for gross proceeds of C$40.3 million.
The company also issued, on a private placement basis, about 2.8 million common shares at C$4.90 per share for gross proceeds of C$13.7 million. The shares were issued pursuant to a previously announced offtake financing package.
Exploration at Warintza began 1994, and the world class Warintza discovery was made in 2001. But the project until Solaris was spun out of Equinox Resources in 2018. Solaris then began a program of inclusive consultation with the local Indigenous community. An impact and benefits agreement was signed in 2020 and amended in 2022.
Solaris has concentrated its activities at Warintza on growing the resource. A new estimate is due by the end of the year and a prefeasibility study in 2025.
A resource estimate in 2022 included an indicated portion of 579 million tonnes grading 0.47% copper, 0.03% molybdenum, and 0.05 g/t gold (0.59% copper equivalent) and an inferred portion of 887 million tonnes grading 0.39% copper, 0.01% molybdenum, and 0.04 g/t gold (0.47% copper equivalent).
Metallurgical test work demonstrated an expected copper recovery of 90% and molybdenum of 80% using rougher and cleaner flotation methods.
