Solaris Resources Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Anyone buying here is not buying a business, they are buying a financing chain. On the 13F reporting date of March 31, 2026 the implied price was about $8.58 and the market value roughly $1.43 billion — just under a third of the present value the company’s own study calculates. That discount is the price of three open questions, and all three can be checked against dates. First, the third $50 million Royal Gold instalment: it came due on May 21, 2026, and without it the company’s own plan does not stretch twelve months; it will show up in the cash line of the next interim report, which last year was filed on August 13. Second, the government-led consultation process, without which there is no exploitation permit. Third, the feasibility study and the question of who brings $3.7 billion of construction capital — the accounts name the evaluation of strategic alternatives for the mineral property interests as an explicit option. Until then: every equity raise shrinks your slice, and an explorer without revenue has no second source of income. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Solaris Resources is the retainer trap in its purest form. The Warintza copper project in Ecuador is real, independently verified and technically approved on the environmental side since April 9, 2026; its own pre-feasibility study calculates an after-tax present value of $4.617 billion. The balance sheet behind it shows, as of March 31, 2026, $51.9 million of assets, $102.2 million of liabilities and a deficit attributable to shareholders of $58.1 million — without a cent of bank debt, because the largest item is a $90 million Royal Gold gold prepayment repayable in future deliveries. The auditor flags material uncertainty about the going concern, the third $50 million instalment came due on May 21, 2026 and remained unreported as of July 24, 2026, and $3.7 billion of construction cost is unfunded. Not investment advice.
The Warintza asset
The pre-feasibility study of November 6, 2025 delivered a maiden reserve: 1.3 billion tonnes at 0.41 percent copper equivalent, containing 4.1 million tonnes of copper, over a 22-year life at roughly 156,000 tonnes of annual production. After-tax net present value is $4.617 billion, the internal rate of return 26 percent, and all-in sustaining cost in the first five years $0.85 per pound of copper — that would sit in the cheapest quartile of the industry. Measured and indicated resources rose 312 percent against the 2024 estimate.
Balance sheet & funding
As of March 31, 2026, total assets of $51.910 million stood against $102.229 million of liabilities; the deficit attributable to shareholders was $58.148 million and the accumulated deficit $329.766 million. There is no bank debt — the largest liability is $93.171 million of deferred revenue from the Royal Gold prepayment, accreted at 4.6 percent and secured by an all-asset general security agreement and a pledge over the intermediate holding company. Cash was $12.894 million; a further $50.0 million from the second instalment arrived on April 14, 2026.
Going concern
Auditor BDO Canada devotes a separate section of its 2025 opinion to going-concern uncertainty. The interim report gets specific: on its own spending plan, Solaris needs the third $50 million Royal Gold instalment to fund operations for twelve months. That instalment fell due on the first anniversary of closing, May 21, 2026, and is conditional on full perfection of Ecuadorian-law security; as of July 24, 2026 nothing about it had been filed with the SEC — the most recent filing is the Form 6-K of June 30, 2026 on the annual meeting.
Pre-sale of the project
Across the mine life the study models $2.529 billion of royalties on roughly $42.4 billion of gross revenue: 2 percent to South32 on four core concessions, 4 percent to the Ecuadorian state plus 20 percent corporate income tax and 15 percent profit sharing, and 0.3 to 0.6 percent to Royal Gold. From the gold stream itself Solaris books just $131 million of revenue over the entire life. Offtake is committed under the Orion contract to at least 30,000 tonnes of copper and 1,500 tonnes of molybdenum a year for 20 years. The present value calculation already accounts for all of it.
Permitting & social licence
On April 9, 2026, after eighteen months of review, the Environmental Impact Assessment received technical approval — the biggest permitting step so far. Still open are the government-led consultation process and the exploitation agreements; the company targets the end of 2026. Relations with neighbours are formalized to an unusual degree: 2,349.67 hectares of surface rights returned, agreements with the Shuar centres of Warints and Yawi since 2020, with the FICSH federation since 2024 and with Pueblo Shuar Arutam since September 2025. The annual report nevertheless records that further development is largely contingent on that support — Warintza sat idle for twelve years from late 2006.
Worth Noting
Solaris Resources reached our research list not through a scanner hit but through the Form 13F-HR of Helikon Investments Ltd (London) as of March 31, 2026: 15,545,845 shares worth $133,383,350, one of 17 positions in a $2,648,555,113 portfolio. The fund more than tripled the position in twelve months (June 30, 2025: 4,811,620 shares), adding 72.3 percent in the first quarter of 2026 alone. In a Schedule 13G filing of May 7, 2026 it reported 17,488,787 shares, or 10.47 percent, as of April 30, 2026. A 13F shows only U.S.-listed long positions with a 35- to 45-day delay, excluding short sales and derivatives — a rear-view mirror, not a route map.
Solaris Resources is a Canadian MJDS filer with the SEC: there is no 10-K and no 10-Q. The audited package appears once a year on Form 40-F (for 2025 filed March 26, 2026, auditor BDO Canada LLP; amended on Form 40-F/A on March 27, 2026), and interim figures are furnished only as an unaudited exhibit to a Form 6-K. Accounting is IFRS in U.S. dollars, amounts in thousands. Reserves and resources follow the Canadian NI 43-101 standard and differ from U.S. requirements.
Do not confuse the names: there is a different, unrelated company with a similar name (Solaris Energy Infrastructure). This analysis covers Solaris Resources Inc. only, TSX: SLS and NYSE American: SLSR, CIK 0002019103. The U.S. listing has been in place since April 19, 2024; OTCQB trading ceased at the same time, so data sheets still describing the stock as an OTC name are out of date.
Valuation figures are dated and evergreen: the implied price of about $8.58 per share comes from the 13F filing as of March 31, 2026 ($133,383,350 for 15,545,845 shares) and serves as an order of magnitude, not a daily price; the resulting market value of roughly $1.43 billion assumes 167,035,328 shares outstanding at the same date. The comparison with a $4.617 billion present value comes from the pre-feasibility study of November 6, 2025 and assumes a copper price of $4.50 per pound across 22 years. All figures as of July 24, 2026.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.10 $ to 11.10 $ · Last price: 7.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Precious Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Solaris Resources Inc. SLSR | 1.2 | – | -7.3 | – | 0.0 | – | 44.7 |
| Hecla Mining Company HL | 13.5 | 27.3 | 12.9 | 61.4 | 55.5 | 53.0 | 72.1 |
| Compania de Minas Buenaventura SAA BVN | 8.8 | 8.4 | 6.0 | 61.2 | 41.9 | 50.0 | 70.3 |
| Sibanye Gold Ltd SBSW | 8.8 | – | 5.2 | 29.8 | 13.5 | 15.7 | 38.3 |
| Perpetua Resources Corp PPTA | 3.1 | – | -21.9 | – | 0.0 | – | 37.6 |
| Sinda Ltd. SIND | 2.4 | – | 0.0 | – | 0.0 | – | – |
| McEwen Mining Inc. MUX | 1.1 | 14.8 | 20.7 | 37.3 | -5.9 | 13.2 | 34.7 |
| Vox Royalty Corp. VOXR | 0.4 | – | 6.4 | 94.3 | – | 50.5 | 67.4 |
| Comstock Mining Inc LODE | 0.2 | – | 5.1 | -165.6 | – | -48.5 | -8.0 |
| Median of companies shown | 2.4 | 14.8 | 5.2 | 49.3 | 0.0 | 32.8 | 41.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | 0 | -19 | -26 | -0.25 | -14 | 87 | 95 |
| 2021 | 0 | -59 | -57 | -0.52 | -47 | 35 | 58 |
| 2022 | 0 | -60 | -59 | -0.48 | -58 | 20 | 39 |
| 2023 | 0 | -41 | -41 | -0.27 | -38 | 18 | 62 |
| 2024 | 0 | -73 | -77 | -0.47 | -58 | -9 | 57 |
| 2025 | 0 | -48 | -42 | -0.25 | 48 | -57 | 58 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.12 | -100.00 | 0 | – | – | -12 | -12 |
| 2024: Q3 | -0.13 | -116.70 | 0 | – | – | -17 | -17 |
| 2024: Q4 | -0.16 | -128.60 | 0 | – | – | -20 | -21 |
| 2025: Q1 | -0.10 | -25.00 | 0 | – | – | -17 | -18 |
| 2025: Q2 | -0.02 | 83.30 | 0 | – | – | 85 | 84 |
| 2025: Q3 | -0.07 | 46.20 | 0 | – | – | -12 | -12 |
| 2025: Q4 | -0.06 | 62.50 | 0 | – | – | -7 | -10 |
| 2026: Q1 | -0.03 | 70.00 | 0 | – | – | -5 | -13 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.17 | -0.24 – -0.14 | 0 | 33.3% | 3 |
| 12/31/2027 | -0.37 | -0.80 – -0.01 | 0 | -115.4% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 40.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $6.1M |
|---|---|
| Market cap | $1.24B |
| Free cash flow in year ten | $179.1M |
| Terminal value as a share of market value | 76.4% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die vollständige SEC-Berichtslage der Solaris Resources Inc. (CIK 0002019103). Solaris ist kanadischer MJDS-Filer: Es gibt kein 10-K und kein 10-Q, ausgewertet wurden deshalb der Jahresbericht 40-F für 2025 (eingereicht 26.03.2026, Änderung 40-F/A vom 27.03.2026) samt seinen Anhängen — Annual Information Form, geprüfter IFRS-Jahresabschluss und Lagebericht (MD&A) — sowie der Zwischenbericht zum 31.03.2026 (6-K vom 14.05.2026) mit Abschluss und Lagebericht und die Mitteilungen vom 09.04.2026 und 30.06.2026. Befund: Sowohl die Annual Information Form (Item 7 „Risk Factors“) als auch der Lagebericht führen einen eigenen, überschriebenen Risikofaktor „Artificial intelligence“ — keine beiläufige Nennung, sondern ein Abschnitt mit konkretem Bezug auf das eigene Geschäftsmodell. Genannt werden drei Kanäle: erstens der Einsatz von KI in der Exploration durch Wettbewerber und der daraus folgende Verlust der eigenen Wettbewerbsposition, falls Solaris KI-Werkzeuge nicht wirksam integriert; zweitens Fehlentscheidungen durch intransparente Modelle; drittens KI-gestützte Cyberangriffe auf Gesellschaft, Beschäftigte und Partner. Exploration ist das gesamte Geschäft von Solaris — der Bezug ist damit unternehmensspezifisch und nicht bloße Formelsprache. Gegenprobe zu den höherrangigen Kategorien: KI ist keine Umsatzquelle (die Gesellschaft erzielt in allen acht berichteten Quartalen überhaupt keinen Umsatz), und in keinem der ausgewerteten Dokumente wird ein operativer KI-Einsatz beschrieben — die Begriffe „machine learning“ und „generative“ kommen kein einziges Mal vor. Nach dem Kriterienkatalog bleibt damit Rang 2 „bedroht“. Hinweis für die Fortschreibung: Solaris ist ein Explorer ohne Produktion; sollten Machbarkeitsstudie oder künftige Berichte einen konkreten KI-Einsatz in Geologie, Ressourcenmodellierung oder Anlagensteuerung belegen, wäre auf „nutzt“ umzustufen.
View the full file — quotes, sources, reviewed filings
„Increasingly, mining companies are leveraging AI, including but not limited to the use of AI to enhance exploration. Failure to effectively integrate AI tools into our business could result in an inability to strengthen and preserve our competitive positioning relative to industry peers."
Bergbauunternehmen setzen zunehmend künstliche Intelligenz ein, unter anderem zur Verbesserung der Exploration. Gelingt es uns nicht, KI-Werkzeuge wirksam in unser Geschäft zu integrieren, könnte dies dazu führen, dass wir unsere Wettbewerbsposition gegenüber Branchenkollegen nicht stärken und nicht halten können.
40-F Exhibit 99.1 (Annual Information Form 2025), Item 7 „Risk Factors“, Abschnitt „Artificial intelligence“ · 2026-03-26 · View SEC filing
„In addition, AI models may not be sufficiently transparent in order to allow users to evaluate the accuracy or appropriateness of the output, which could result in inaccurate responses that could lead to errors in the Company’s decision-making or other business activities."
Darüber hinaus sind KI-Modelle möglicherweise nicht ausreichend transparent, als dass Nutzer die Richtigkeit oder Angemessenheit der Ergebnisse beurteilen könnten; daraus können unzutreffende Antworten entstehen, die zu Fehlern in der Entscheidungsfindung der Gesellschaft oder in anderen Geschäftsvorgängen führen.
40-F Exhibit 99.3 (Lagebericht/MD&A Geschäftsjahr 2025), Abschnitt „Artificial intelligence“ · 2026-03-26 · View SEC filing
„Additionally, others may use AI to increase the frequency and severity of cybersecurity attacks against the Company, its employees, consultants and partners. These risks could have a negative impact on the Company’s business, operating results and financial condition."
Zudem können Dritte künstliche Intelligenz nutzen, um Häufigkeit und Schwere von Cyberangriffen auf die Gesellschaft, ihre Beschäftigten, Berater und Partner zu erhöhen. Diese Risiken können sich negativ auf Geschäft, Betriebsergebnis und Finanzlage der Gesellschaft auswirken.
40-F Exhibit 99.1 (Annual Information Form 2025), Item 7 „Risk Factors“, Abschnitt „Artificial intelligence“ · 2026-03-26 · View SEC filing
Filings Reviewed: 40-F (Jahresbericht 2025) 2026-03-26 · 40-F Exhibit 99.1 (Annual Information Form 2025) 2026-03-26 · 40-F Exhibit 99.2 (geprüfter Jahresabschluss 2025, IFRS) 2026-03-26 · 40-F Exhibit 99.3 (Lagebericht/MD&A Geschäftsjahr 2025) 2026-03-26 · 6-K Exhibit 99.1 (Zwischenabschluss zum 31.03.2026) 2026-05-14 · 6-K Exhibit 99.2 (Lagebericht/MD&A Q1 2026) 2026-05-14
Rated on July 24, 2026 · How the Rating Is Built
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -97.3%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Solaris Resources Inc. engages in the acquisition, exploration, and development of mineral properties. It focuses on exploring copper, molybdenum molybdenum, gold, lead, zinc, and silver. It owns interests in Warintza project located in southeastern Ecuador in the province of Morona Santiago, Canton Limon Indanza; and the Tamarugo project located in northern Chile. The company also holds interests in the La Verde project located in the Sierra Madre del Sur west of Mexico City in Michoacán State, Mexico; and the Capricho and Paco Orco projects in Peru. In addition, it has an option agreement to acquire up to a 100% interest in 10 new explorations concessions; and has an option to acquire up to a 100% interest in a new portfolio of exploration areas ("Solaris 2") located immediately adjacent to the Warintza Project in southeastern Ecuador. The company was formerly known as Solaris Copper Inc. and changed its name to Solaris Resources Inc. in December 2019. Solaris Resources Inc. was incorporated in 2018 and is headquartered in Baar, Switzerland.
- Employees
- 84
- Headquarters
- Baar, Switzerland
- Address
- Neuhofstrasse 5A, 6340 Baar, Switzerland
- Phone
- 41 41 769 5000
- Website
- solarisresources.com
- ISIN
- CA83419D2014
Management
| Name | Title | Birth Year |
|---|---|---|
| Javier Toro | Chief Operating Officer | – |
| Matthew Charles Rowlinson | President, CEO & Director | 1984 |
| Richard John Hughes | CFO & Company Secretary | 1983 |
| Patrick Chambers | Vice President of Business Development & Investor Relations | – |
| Jorge Fierro | Vice President of Exploration | 1966 |
| Ricardo Obando | Vice President of Social, Community Relations & Sustainability | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.