Solaris Resources (TSX:SLS) (NYSEAmerican:SLSR) has released its Consolidated Financial Statements for the years ended December 31, 2024 and 2023, along with Management’s Discussion and Analysis.

The financial statements show that Solaris ended 2024 with cash and cash equivalents of $31,738,000, down from $38,865,000 at the end of 2023. Total current assets decreased to $32,580,000 from $39,388,000 year-over-year.

The company’s total assets stood at $57,196,000 as of December 31, 2024, compared to $61,820,000 at the end of 2023. Property, plant and equipment doubled to $3,866,000 from $1,932,000, while exploration and evaluation assets increased slightly to $20,179,000 from $19,929,000.

Solaris reported a significant increase in total liabilities, which rose to $66,483,000 from $36,394,000 in 2023. Notable changes include:

• Accounts payable and accrued liabilities more than doubled to $12,839,000 from $5,274,000
• Loans and borrowings increased substantially to $49,206,000 from $29,363,000
• Reclamation provision grew to $3,765,000 from $1,529,000

In December 2023, Solaris entered into definitive agreements for a financing package of up to $80,000,000, including a $60,000,000 Senior Loan. To date, the company has received $45,000,000, with the remainder contingent upon meeting certain milestones.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.