Solaris Resources Sees $4.6 Billion NPV for Warintza Copper-Gold Project in Ecuador

Marble Portal Mining News – November 2025

Swiss-based miner Solaris Resources (TSX:SLS; NYSE:SLSR) has unveiled the results of a prefeasibility study indicating that its Warintza copper-gold project in southeastern Ecuador could deliver an after-tax net present value of $4.6 billion, highlighting one of South America’s most promising new copper developments.

Study Highlights

The assessment assumes a long-term copper price of $4.50 per pound, projecting a 26 percent after-tax internal rate of return and a 2.6-year payback period. Solaris estimates initial capital costs of $3.73 billion, including a 16 percent contingency.

Planned as a large-scale open-pit mine, Warintza is expected to produce 240,000 copper-equivalent tonnes annually across a 22-year life, with output reaching about 300,000 tonnes in the first five years.

“The study demonstrates Warintza as a technically straightforward project with substantial scale using conventional mining methods,” said Rene Cartier, mining analyst at BMO Capital Markets.

Financial Outlook

Solaris forecasts average free cash flow of $1.3 billion per year over the initial five years and roughly $1 billion annually during the first 15 years. All-in sustaining costs are projected at $0.85 per lb. of payable copper in the early years and $1.07 per lb. over the longer term, supporting strong margins even under conservative price scenarios.

Location and Geology

Warintza lies in Ecuador’s Morona Santiago province, about 500 km south of Quito. The project area spans nine metallic mineral concessions covering 268 sq km, with Solaris also securing options to acquire ten adjacent concessions—an additional 40 sq km—prospective for porphyry copper and epithermal gold systems.

Current reserves total 1.3 billion tonnes grading 0.31 percent copper, 0.02 percent molybdenum, 0.04 g/t gold, and 1.3 g/t silver. The company notes that these reserves represent less than one-third of the overall resource potential, suggesting a possible mine-life extension of 25 to 30 years.

Tailings and Expansion Potential

Reserve limits are presently linked to the capacity of the tailings management facility, but analysts expect additional tailings sites could be permitted as development advances.

“Given the scale of the land package and favourable topography, future tailings areas could easily support an extended mine life,” said Shane Nagle, mining analyst at National Bank Financial, calling Warintza a “world-class copper development project” that may attract acquisition interest from major producers.

Strategic Significance

After relocating its headquarters from Canada to Switzerland amid Ottawa’s tighter rules on foreign investment in mining, Solaris is positioning Warintza as a flagship asset that could draw partnerships or a takeover by a global copper major. Strong government backing and community impact agreements already in place are seen as key de-risking factors.

Solaris shares rose 0.9 percent to C$9.44 on the Toronto Stock Exchange Friday morning, valuing the company at about C$1.6 billion (US$1.1 billion) and touching their highest level since mid-2022.

Marble Portal Insight

Warintza combines scale, grade, and location in one of the most mining-friendly jurisdictions in Latin America. If Solaris secures financing and tailings approvals, the project could emerge as Ecuador’s next major copper hub, reinforcing the country’s growing importance in the global energy-transition supply chain.