Solaris Resources (TSX:SLS) has finished a year of major change and progress in 2024, with advancements at its flagship Warintza Project in Ecuador, a strategic move out of Canada, and a new leadership team set to guide the company into its next phase of growth. Let’s take a look back at some of the developments that shaped Solaris Resources’ year, with a particular focus on the implications of the upcoming emigration to Ecuador.

Warintza Project: Advancing Towards Production

The Warintza Project remained the focal point of Solaris Resources’ mining plan throughout 2024. The company maintained an aggressive exploration and resource definition drilling program, exceeding its initial target of 60,000 meters and ultimately drilling over 75,000 meters by year-end . This ambitious campaign showed encouraging results, with drill holes consistently intersecting high-grade copper mineralization and expanding the known resource . Importantly, holes SLS-111 and SLS-107 returned impressive intercepts of 90 meters of 1.12% CuEq and 96 meters of 0.82% CuEq from surface, respectively, further highlighting the project’s continued potential.

Beyond drilling, Solaris Resources made progress in developing critical infrastructure at Warintza, including improving road access, expanding the on-site camp, and initiating early works construction. These efforts support ongoing exploration, facilitating future feasibility studies, and ultimately enabling mine construction.

Solaris Resources also demonstrated its commitment to responsible mining practices and community engagement. The company signed an updated Impact and Benefits Agreement with local communities, outlining commitments to social and economic development programs. This agreement underscores Solaris’ dedication to sharing the benefits of the Warintza Project with local stakeholders and fostering positive relationships.

Emigration to Ecuador

In a move that surprised, Solaris Resources announced its decision to emigrate from Canada to Ecuador by the end of 2024. This strategic decision reflects the company’s need to align itself more closely with Ecuadorian regulators, optimize its corporate structure for the development of Warintza, and potentially benefit from a more favorable tax environment.

The emigration process involved several key steps, including management and board changes. Effective January 1, 2025, Matthew Rowlinson, former Head of Copper Business Development at Glencore, will take over as President and CEO. Rowlinson brings a wealth of experience in the copper mining industry, mergers and acquisitions, and project development, making him a valuable asset as Solaris Resources navigates the challenges and opportunities in Ecuador.

Concurrent with the CEO change, Solaris Resources also announced changes to its board of directors, with Rowlinson, Rodrigo Borja, and Hans Wick joining the board, while Canadian directors Daniel Earle, Poonam Puri, Kevin Thomson, and Ron Walsh will step down. These changes reflect the company’s commitment to aligning its leadership with its new corporate structure and strategic focus in Ecuador.

New Leadership, New Opportunities: The Potential for Zijin Mining

The appointment of Matthew Rowlinson as CEO and the company’s emigration to Ecuador could also change the company’s relationship with Zijin Mining Group. Earlier in the year, Solaris Resources terminated a proposed $130 million strategic investment from Zijin after the deal faced regulatory hurdles and delays in Canada. However, with Solaris Resources based in Ecuador and under new leadership, the possibility of reviving the transaction or exploring alternative forms of collaboration with Zijin remains open.

Zijin, a leading global mining company with extensive experience in copper development, could provide valuable technical expertise and financial resources to support the Warintza Project. A renewed partnership with Zijin could accelerate the project’s development timeline and enhance long-term prospects.

Looking Ahead to 2025

As Solaris Resources begins this new chapter, the company must manage the changing regulatory rules in Ecuador, manage relationships with local communities and stakeholders, and effectively execute its development plans for Warintza. The new leadership team’s experience and expertise will be absolutely critical in addressing these and capitalizing on the growing demand for copper.

The company’s stock price experienced some volatility throughout 2024, influenced by external  factors. Now with a renewed focus on Ecuador, a strong leadership team, and the potential for renewed collaboration with Zijin Mining, Solaris Resources is gearing up to unlock the full value of its assets and deliver strong returns for all stakeholders in 2025.