Financial statements
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SOLARIS RESOURCES Solaris Resources Inc. Condensed Consolidated Interim Financial Statements For the three and six months ended June 30 , 2026 and 2025 ( Unaudited )
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Solaris Resources Inc. Condensed Consolidated Interim Statements of Financial Position (Unaudited – In thousands of United States dollars) The accompanying notes form an integral part of these condensed consolidated interim financial statements. Page 2 of 16 Note June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 54,014 $ 25,210 Prepaids and other 3 954 595 Supplies inventory 168 156 55,136 25,961 Non-current assets Restricted cash 5 571 821 Exploration and evaluation assets 4 42,503 26,282 Property, plant and equipment 6 4,701 4,964 Total assets $ 102,911 $ 58,028 Liabilities and Equity Current liabilities Accounts payable and accrued liabilities 7 $ 6,497 $ 7,775 Current tax liability 14 568 Lease liability 41 57 6,552 8,400 Long-term liabilities Lease liability 347 420 Reclamation provision 5 4,623 4,227 Deferred revenue 8 141,333 93,674 Other long-term liability 348 288 Total liabilities $ 153,203 $ 107,009 Shareholders’ deficit Common shares 9 $ 253,577 252,408 Reserves 9 21,574 15,569 Deficit (333,258) (324,810) Deficit attributable to shareholders of the Company (58,107) (56,833) Non-controlling interests 7,815 7,852 Total shareholders’ deficit $ (50,292) $ (48,981) Total liabilities and shareholders’ deficit $ 102,911 $ 58,028 Nature of operations and going concern (Note 1) Commitments (Notes 14(b), 17)
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Solaris Resources Inc. Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, except share and per share amounts) The accompanying notes form an integral part of these condensed consolidated interim financial statements. Page 3 of 16 Three months ended June 30, Six months ended June 30, Note 2026 2025 2026 2025 Gain on sale of royalty interest 8 $ - $ (9,812) $ - $ (9,812) Exploration expenses 11 1,195 8,850 2,005 21,167 General and administrative expenses 12, 16 2,712 5,566 6,042 7,783 Loss from operations $ 3,907 $ 4,604 8,047 19,138 Finance cost 13 $ 1,603 $ 2,006 $ 2,708 $ 3,554 Interest and other income (425) (121) (567) (334) Foreign currency gains (1,579) (1,151) (1,703) (1,646) Net loss $ 3,506 $ 5,338 $ 8,485 $ 20,712 Other comprehensive income Items that may be reclassified to profit or loss: Foreign currency translation $ (1,785) $ 2,518 $ (3,356) $ 2,254 Total comprehensive loss $ 1,721 $ 7,856 $ 5,129 $ 22,966 Net loss attributable to: Shareholders of the Company $ 3,492 $ 5,322 $ 8,448 $ 20,676 Non-controlling interest 14 16 37 36 $ 3,506 $ 5,338 $ 8,485 $ 20,712 Total comprehensive loss attributable to: Shareholders of the Company $ 1,707 $ 7,840 $ 5,092 $ 22,930 Non-controlling interest 14 16 37 36 $ 1,721 $ 7,856 $ 5,129 $ 22,966 Net loss per share attributable to shareholders of the Company Basic and diluted $ 0.02 $ 0.03 $ 0.05 $ 0.13 Weighted average number of shares outstanding Basic and diluted 167,040,313 164,565,431 166,989,664 163,993,754
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Solaris Resources Inc. Condensed Consolidated Interim Statements of Cash Flows For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars) The accompanying notes form an integral part of these condensed consolidated interim financial statements. Page 4 of 16 Three months ended June 30, Six months ended June 30, Note 2026 2025 2026 2025 Cash provided by (used in): Operations Net loss for the period $ (3,506) $ (5,338) $ (8,485) $ (20,712) Adjustments for: Finance cost 13 1,603 2,006 2,708 3,554 Finance income (425) (121) (567) (334) Foreign exchange (1,579) (1,151) (1,703) (1,646) Share-based compensation 12 1,479 1,008 3,109 2,080 Depreciation 27 177 43 395 Warintza royalty sale 8 – 188 – 188 Reclamation provision – 164 – 252 Income tax (554) – (554) – Other – – – (6) Net changes in working capital items: Prepaids and other (197) (4) (363) 43 Supplies inventory (12) – (12) – Accounts payable and accrued liabilities (59) (2,170) (2,271) (6,366) Reclamation provision settlement (97) – (97) (1) Deferred Revenue 8 50,000 90,000 50,000 90,000 Other long-term liability 32 (46) 60 8 46,712 84,713 41,868 67,455 Financing Other finance costs paid (13) – (13) – Proceeds from private placements of common shares – – – 244 Proceeds from exercise of stock options – 407 – 463 Interest expense related to loan payable 8 (7,257) – (7,257) Loan drawdown 8 – 15,000 – 15,000 Loan repayment 8 – (60,000) – (60,000) Payment of lease liability (52) (65) (112) (122) (65) (51,915) (125) (51,672) Investing Restricted cash withdrawal 5 – – 250 – Finance income received 425 87 567 341 Capital expenditure on property, plant and equipment (272) (593) (511) (1,357) Capital expenditure on exploration and evaluation assets (5,658) – (13,310) – (5,505) (506) (13,004) (1,016) Effect of exchange rate changes on cash and cash equivalents (22) 513 65 542 Increase in cash and cash equivalents 41,120 32,805 28,804 15,309 Cash and cash equivalents, beginning of period 12,894 14,242 25,210 31,738 Cash and cash equivalents, end of period $ 54,014 $ 47,047 $ 54,014 $ 47,047 Supplemental cash flow information (Note 18)
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Solaris Resources Inc. Condensed Consolidated Interim Statements of Changes in Equity For the six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, except number of shares) The accompanying notes form an integral part of these condensed consolidated interim financial statements. Page 5 of 16 Share Capital Reserves Note Number of Shares Amount Options, RSUs and warrants Foreign currency translation Total Deficit Non- controlling interest Total equity Balance, December 31, 2025 166,896,936 252,408 15,586 (17) 15,569 (324,810) 7,852 (48,981) Shares issued on exercise of stock options 9 174,686 1,169 (1,169) – (1,169) – – – Share-based compensation 9 – – 3,818 – 3,818 – – 3,818 Net loss and comprehensive loss – – – 3,356 3,356 (8,448) (37) (5,129) Balance, June 30, 2026 167,071,622 253,577 18,235 3,339 21,574 (333,258) 7,815 (50,292) Balance, December 31, 2024 163,234,932 244,718 18,546 2,118 20,664 (282,582) 7,914 (9,286) Private placement equity financing, net of share issue costs 9 83,333 244 – – – – – 244 Shares issued on exercise of stock options 9 2,441,373 1,616 (1,154) – (1,154) – – 462 Share-based compensation 9 2,080 2,080 2,080 Net loss and comprehensive loss – – – (2,254) (2,254) (20,676) (36) (22,966) Balance, June 30, 2025 165,759,638 246,578 19,472 (136) 19,336 (303,258) 7,878 (29,466)
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 6 of 16 1. NATURE OF OPERATIONS AND GOING CONCERN Solaris Resources Inc. (the “Company” or “Solaris”) was incorporated under the Business Corporations Act of British Columbia on June 18, 2018 as a wholly owned subsidiary of Equinox Gold Corp. (“Equinox”). Equinox subsequently completed a spin-out of Solaris pursuant to a plan of arrangement (the “Arrangement”). Solaris’ common shares trade on the Toronto Stock Exchange under the symbol “SLS” and the NYSE American under the symbol “SLSR”. The Company is engaged in the acquisition, exploration and development of mineral property interests. The Company’s assets consist primarily of the Warintza property (“Warintza”) and ENAMI concessions in Ecuador, the 60% owned La Verde property (“La Verde”) in Mexico and the Tamarugo property (“Tamarugo”) in Chile. In November 2025, the Company published the results of a pre-feasibility study (“PFS”) for the Warintza project. The Company has not yet determined whether its properties contain mineral reserves where extraction is both technically feasible and commercially viable. The business of mining and exploration for minerals involves a high degree of risk and there can be no assurance that such activities will result in profitable mining operations. These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due for the foreseeable future. The Company does not generate operating cash flow from a producing mine and has incurred operating losses to date. The Company has relied on cash received from share issuances and project financing to fund its business activities, including planned corporate expenditures, exploration expenses, and development activities for the Warintza project. The Company’s ability to continue as a going concern is dependent upon the successful execution of its business plan, meeting certain Warintza project milestones, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to obtain the necessary funds primarily through the remaining drawdown from the Royal Gold funding package (see below) and/or the issuance of common shares in support of its business objectives. While the Company has been successful in securing financing to date, there can be no assurances that debt facilities, future equity financing, or strategic alternatives will be available on acceptable terms to the Company or at all. As at June 30, 2026, the Company had cash and cash equivalents of $54,014. On May 21, 2025, the Company entered into a funding package (the “Funding Package”) with RGLD Gold AG (“Royal Gold”), a subsidiary of Royal Gold, Inc., for the Warintza project. The total cash consideration under the agreements is $200,000, comprising a gold stream agreement (the “Stream Agreement”) and net smelter return royalty agreement (the “Royalty Agreement”) (collectively, the “Financing Agreements”). Royal Gold will pay Solaris total cash consideration of $200,000 in three instalments as follows: First tranche of $100,000 upon close of the transaction (funds received at closing which occurred concurrently with signing). $90,000 allocated to the Stream and $10,000 allocated to the Royalty as per the contracts and cash received; Second tranche of $50,000 made available following the publication of the PFS and receipt of the technical approval of the EIA, received on April 14, 2026 and allocated to the Stream as per the contract; and Third tranche of $50,000 made available on the first anniversary of the closing date and completion of all filings necessary to fully perfect Royal Gold's security, which is ongoing. On completion this will be allocated to the Stream as per the contract. Based on its current forecasted expenditures, the Company requires the additional financing from the third tranche of the Royal Gold funding package to fund ongoing operations for the next twelve months. As a result, material uncertainty exists that casts significant doubt about the Company’s ability to continue as a going concern. These condensed consolidated interim financial statements do not reflect the adjustments to carrying values of assets and liabilities, expenses, and financial position classifications that would be necessary if the going concern assumption were not appropriate. These adjustments could be material. Refer to Note 8 for details on the Stream Agreement. 2. BASIS OF PREPARATION (a) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 (“IAS 34”), Interim Financial Reporting, and do not include all of the information required for annual financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). However, selected explanatory notes are included to explain events and transactions that are
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 7 of 16 significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company’s most recent annual audited financial statements for the year ended December 31, 2025. The accounting policies, significant judgments made by management in applying these policies and key sources of estimation uncertainty are the same as those applied in the Company’s annual audited consolidated financial statements for the year ended December 31, 2025. These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors on August 5, 2026. (b) Revision of prior period financial statement In preparing the condensed consolidated interim financial statements as of and for the three and nine months ended September 30, 2025, the Company identified an error whereby a provision of $713 which had been held against salary and benefits at December 31, 2024 had not been released against the recognition of cost in the correct quarter. The identified error impacts the condensed consolidated interim financial statements for the six months ended June 30, 2025. The disclosures relating to these items in the periods mentioned above have been restated to correct for this error. Additionally, the Company identified an error whereby the foreign currency calculations related to retranslation of deferred revenue to the functional currency of $1,479 and amortization of loan arrangement fees of $651 had been incorrectly calculated. The identified error impacts the condensed consolidated interim financial statements for the six months ended June 30, 2025. The Company evaluated the error and determined that the related impacts were not material. The disclosures relating to these items in the periods mentioned above have been restated to correct for this error. 3. PREPAIDS AND OTHER Note June 30, 2026 December 31, 2025 Prepaid expenses and deposits $ 792 $ 519 Taxes recoverable 30 40 Amounts receivable and other 132 36 954 $ 595 4. EXPLORATION AND EVALUATION ASSETS Note June 30, 2026 December 31, 2025 La Verde (Mexico) a) $ 19,741 $ 19,741 Warintza (Ecuador) b) 22,262 6,291 ENAMI Concessions (Ecuador) c) 500 250 $ 42,503 $ 26,282 The Company’s additions to the Warintza asset in the six months ended June 30, 2026 are provided below (six months to June 30, 2025: $(188) reduction). June 30, 2026 December 31, 2025 Opening $ 6,291 $ 188 Exploration and evaluation expenditures 14,164 5,772 Capitalized share-based compensation 709 120 Capitalized depreciation of property, plant and equipment 731 331 Changes to reclamation provision 367 68 Reduction on sale of royalty - (188) Closing $ 22,262 $ 6,291
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 8 of 16 a) La Verde La Verde is situated in the Sierra Madre del Sur west of Mexico City in Michoacán State, Mexico and consists of the Unificación Santa Maria claim. The project is held 60% by the Company and 40% by a subsidiary of Teck Resources Limited. The joint venture agreement governing the operation and funding of La Verde was formalized effective February 28, 2015 (the “Agreement”). The Agreement provides that Solaris is the operator of the project. The Agreement further provides for dilution of either parties’ ownership should funding not be provided in accordance with their respective participating interests. La Verde is subject to a 0.5% net smelter royalty held by Minera CIMA, S.A. de C.V. b) Warintza The Company owns a 100% interest in Warintza. Warintza is located in southeastern Ecuador in the province of Morona Santiago, Canton Limon Indanza. It consists of nine mining concessions (the “Concessions”) covering a total of 26,773 hectares. The Concessions have a term of 25 years and can be renewed for additional periods of 25 years. South32 Royalty Investments Pty Ltd holds a 2% net smelter royalty on the original four concessions covering a total of 10,000 hectares. Additionally, Royal Gold holds a 0.3375% net smelter return royalty covering a total of 18,600 hectares. c) ENAMI Concessions (i) ENAMI 1 Solaris has entered an option agreement to acquire up to a 100% interest in 10 new exploration concessions (“Solaris 1”) from the Ecuadorian state-owned mining company, Empresa Nacional Minera (“ENAMI EP”). These concessions comprise a land package of approximately 40,000 hectares adjacent to the Warintza project and the San Carlos- Panantza porphyry copper-molybdenum deposits in southeastern Ecuador. The Company made an upfront payment to ENAMI EP of $250 on May 10, 2024 and, in order to exercise the option to acquire one or more of the 10 concessions, the Company is required to (i) incur exploration expenditures of $25,000 during the exploration phase of the concessions, as defined by the Ecuadorian Mining Law and (ii) pay the exercise price, the amount of which will be determined for each of the concessions that the Company elects to acquire by independent experts at the time of exercise. The term of the option agreement ends at the earlier of (i) the execution of the specific commercial agreement for each concession, which will stipulate a new term or (ii) four years from May 7, 2024 and is renewable with the agreement of the parties. (ii) ENAMI 2 On January 28, 2026, Solaris entered into a second option agreement with ENAMI EP to acquire up to a 100% interest in new exploration areas (“Solaris 2”) including an upfront payment of $250. The new areas expand Solaris’ footprint around Warintza by approximately 40,000 hectares and are interpreted to host significant copper mineralization, characterized by widespread potassic alteration typical of large copper porphyry systems. The award of the Solaris 2 areas follows a process established by ENAMI EP pursuant to which credentialed bidders submit nonbinding proposals for proposed minimum investments on the new areas. The award is subject to entry into a definitive framework agreement for the new areas, with the terms expected to include: (i) a proposed minimum exploration program of $25,000 over the four-year exploration phase; (ii) up to $1,750 subject to the achievement of certain milestones and (iii) the exclusive option to acquire the claims from ENAMI EP at a price to be determined by independent experts. The award follows the same commercial structure as the Solaris 1 earn-in arrangement. d) Tamarugo Tamarugo is a grass-roots copper porphyry target strategically located in northern Chile approximately 85 kilometres northeast of Copiapo and approximately 65 kilometres southwest of Codelco’s El Salvador Copper Mine. The Company owns a 100% interest in Tamarugo, which consists of claim blocks covering a total of approximately 7,600 hectares. e) Other projects Solaris has earn-in agreements on certain other projects including the Capricho and Paco Orco projects in Peru. The Capricho project is a 3,769 hectare copper-molybdenum-gold property. The Paco Orco project is a 88,900 hectare lead,
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 9 of 16 zinc and silver property. 5. RECLAMATION PROVISION June 30, 2026 December 31, 2025 Balance, start of period $ 4,227 $ 3,765 Additions 568 535 Accretion 30 44 Settlement (97) (125) Change in estimate (105) 8 Balance, end of period 4,623 $ 4,227 The reclamation provision represents the estimated costs for restoration and rehabilitation for environmental disturbances at Warintza, estimated to be incurred at the end of the year 2027. The total undiscounted and uninflated estimated cash flows required to settle these obligations as at June 30, 2026 are $4,741 (December 31, 2025 – $4,322), which have been inflated at an average rate of 2.69% per annum (December 31, 2025 – 2.43%) and discounted at an average rate of 4.14% (December 31, 2025 – 3.55%). Restricted cash of $571 (December 31, 2025 – $821) represents funds being used to collateralize guarantees issued to support environmental bonding requirements with respect to the environmental disturbances at Warintza. The decrease in the period represents a guarantee paid to ENAMI EP relating to the expansion of the Warintza district (Note 4). 6. PROPERTY, PLANT AND EQUIPMENT Site infra- structure and equipment Construction in progress Warehouse & office equipment & furniture Right- of-use assets Total Cost As at December 31, 2024 $ 3,768 $ 1,235 $ 873 $ 1,002 $ 6,878 Additions 429 1,689 162 317 2,597 Transfers 2,434 (2,434) – – – Disposals – – – (119) (119) As at December 31, 2025 $ 6,631 $ 490 $ 1,035 $ 1,200 $ 9,356 Additions 67 41 403 – 511 Transfers 8 (8) – – – Disposals – – – – – As at June 30, 2026 $ 6,706 $ 523 $ 1,438 $ 1,200 $ 9,867 Accumulated depreciation As at December 31, 2024 $ 1,842 $ – $ 618 $ 552 $ 3,012 Depreciation 1,049 – 143 238 1,430 Disposals – – – (50) (50) As at December 31, 2025 $ 2,891 $ – $ 761 $ 740 $ 4,392 Depreciation 582 – 102 90 774 Disposals – – – – – As at June 30, 2026 $ 3,473 $ –$ 863 $ 830 $ 5,166 Net book value As at December 31, 2025 $ 3,740 $ 490 $ 274 $ 460 $ 4,964 As at June 30, 2026 $ 3,233 $ 523 $ 575 $ 370 $ 4,701
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 10 of 16 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES June 30, 2026 December 31, 2025 Trade payables $ 1,292 $ 2,188 Employee liabilities 101 735 Accrued liabilities 4,945 4,698 Other 159 154 Balance, end of period $ 6,497 $ 7,775 8. WARINTZA PROJECT FINANCING On December 11, 2023, the Company entered into a financing package with OMF Fund IV SPV D LLC and OMF Fund IV SPV E LLC (collectively “OMF”), entities managed by Orion, to provide up to approximately $80,000 in aggregate funding for the advancement of the Warintza project in Ecuador. The financing package is comprised of a $60,000 Senior Loan, a subscription for $10,000 in common shares with a commitment for $10,000 in additional equity financing and a copper offtake agreement to purchase concentrate produced by the Warintza project. On December 19, 2023, the Company also signed a molybdenum offtake agreement with OMF. a) Senior Loan – OMF Fund IV SPV D LLC A first advance of $30,000 was received on December 21, 2023. An additional advance of $15,000 was received on September 13, 2024. A final advance of $15,000 was received on May 14, 2025. December 31, 2025 Balance, start of period $ 49,206 Advances 15,000 Transaction costs (168) Accrued interest 2,367 Amortization of transaction cost 796 Foreign Exchange and Other 56 Loan and accrued interest repayment (67,257) Balance, end of period $ – Amounts drawn on the Senior Loan bear interest payable quarterly at the higher of (a) adjusted term secured overnight financing rate (“SOFR”) and (b) 2.00%, plus either 7.00% per annum in the case of interest paid in cash, or 7.50% in the case of interest that is accrued to the loan balance in accordance with the Senior Loan Facility agreement. At May 21, 2025, when fully repaid the Senior Loan was measured at amortized cost using an effective interest rate of 16.18%. The Company had the option quarterly to elect to pay the interest in cash or accrue it to the principal amount of the Senior Loan and pay it upon maturity. The interest until repayment was accrued to the principal amount of the Senior Loan Facility. On May 21, 2025, the Company entered into a financing agreement with Royal Gold and provided the funding required to repay the senior loan facility, as outlined in (c) below. b) Offtake agreements Under the terms of the offtake agreements, OMF will purchase the greater of (i) 20% of the copper and molybdenum concentrates produced from the Warintza project in each contract year, and (ii) the percentage of production of concentrates required to deliver a minimum 30,000 tonnes of copper and 1,500 tonnes of molybdenum in each contract year as well as the corresponding amount of gold and silver contained in the copper concentrate. The offtake agreements will expire 20 years after the achievement of commercial production as defined in the agreements. If commercial production has not been achieved by December 31, 2027, then the term will extend by one year for each calendar year that commercial production has not been achieved, and if commercial production has not
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 11 of 16 been achieved by December 31, 2032, then the term is extended for the duration of the mine life as defined in the offtake agreements. c) Funding package with Royal Gold On May 21, 2025, the Company entered into a Funding Package with Royal Gold, a subsidiary of Royal Gold, Inc. for the Warintza project. The total cash consideration under the Financing Agreements is $200,000, comprising a Stream and a Royalty. Royal Gold will pay Solaris a total cash consideration of $200,000 in three instalments as follows: First tranche of $100,000 upon close of the transaction (funds received at closing which occurred concurrently with signing). $90,000 allocated to the Stream and $10,000 allocated to the Royalty as per the contracts and cash received; Second tranche of $50,000 made available following the publication of the PFS and receipt of the technical approval of the EIA, received on April 14, 2026 and allocated to the Stream as per the contract; and Third tranche of $50,000 made available on the first anniversary of the closing date and completion of all filings necessary to fully perfect Royal Gold's security, which is ongoing. On completion this will be allocated to the Stream as per the contract. Under the terms of the Stream, Royal Gold will receive gold deliveries equivalent to 20 ounces per 1 million pounds of copper produced from a defined area (RGLD Gold AOI). For each ounce of gold delivered under the Stream, Royal Gold will pay the Company a purchase price equal to 20% of spot price until 90,000 ounces have been delivered; and then 60% of spot price thereafter. Under the terms of the Royalty, Royal Gold will receive a 0.3% net smelter return royalty on all metal production from a defined area (RGLD Gold Expanded AOI). The Royalty will increase annually by 0.0375%, up to a maximum of 0.6%, until the earlier of: the first delivery of gold under the Stream; or eight years following the closing date. The Company’s obligations under the Stream and related documents are secured by (i) an all-asset British Columbia- law general security agreement made by the Company in favour of Royal Gold, and (ii) a British Columbia-law share pledge agreement made by the Company in favour of Royal Gold in respect of all of the shares of its direct wholly- owned subsidiary Lowell Copper Holdings Inc. (“Lowell Copper”). The obligations under the Stream are further guaranteed pursuant to a British Columbia-law guarantee from (i) Lowell Copper, which guaranteed obligations are secured by an all-asset British Columbia-law general security agreement made by Lowell Copper in favour of Royal Gold, and (ii) Lowell Mineral Exploration Ecuador S.A. (“Lowell Ecuador”). The obligations under the Stream will be further (i) secured pursuant to an Ecuador-law share pledge agreement to be granted by Lowell Copper in favour of Royal Gold in respect of all of the shares of its direct wholly-owned subsidiary Lowell Ecuador, and (ii) guaranteed pursuant to an Ecuador-law guarantee to be granted by Lowell Ecuador in favour of Royal Gold, which guaranteed obligations are to be secured by an Ecuador-law assignment of mining rights. Solaris Resources AG’s (“Solaris Switzerland”) obligations under the Royalty and related documents are guaranteed (i) by a British Columbia-law limited recourse guarantee from the Company, which guaranteed obligations are to be secured by a Swiss-law share pledge agreement to be granted by the Company in respect of all of the shares of its direct wholly-owned subsidiary Solaris Switzerland. In addition to the above-noted guarantees and security, as further guarantees and security for the obligations under the Royalty, (i) Solaris Switzerland is to grant in favour of Royal Gold a Swiss-law security assignment of all receivables owed by the Company or Lowell Ecuador to Solaris Switzerland in respect of certain intercompany receivables and funding arrangements between the Company or Lowell Ecuador and Solaris Switzerland, (ii) the Company is to grant in favour of Royal Gold a Swiss-law share pledge agreement in respect of all of the shares of its direct wholly-owned subsidiary Solaris Switzerland. Additionally, the guarantees and security granted to Royal Gold in respect of the obligations under the Stream are to guarantee and/or secure the obligations under the Royalty. The Company recorded the Stream Upfront Payment as deferred revenue. The Company determines the amortization of deferred revenue on a per unit basis using the estimated total gold production over the life of the Warintza project. Deferred revenue consists of: 1) initial Stream Upfront Payment received by the Company for future delivery of gold under the terms of the Stream, and 2) a significant financing component of the stream agreement resulting from the difference in the timing of the upfront payment received and the promised goods delivered. As such, the Company recognizes interest expense at each reporting period and will accrete the deferred revenue balance to recognize the significant financing element that is part of the Stream. The interest rate of 4.6% is determined based on the effective rate in the expected deliveries against the deferred revenue.
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 12 of 16 June 30, 2026 December 31, 2025 Balance, start of year $ 93,674 $ - Advances 50,000 90,000 Interest expense 2,655 2,562 Foreign exchange (4,996) 1,112 Balance, end of period $ 141,333 $ 93,674 9. SHARE CAPITAL a) Common shares Authorized: Unlimited common shares, with no par value Issued and fully paid: 167,071,622 (December 31, 2025 – 166,896,936) b) Share purchase options For the three and six months ended June 30, 2026, the Company recognized a share-based compensation expense included in general and administrative expenditures of $1,479 and $3,109, respectively (three and six months ended June 30, 2025 – $1,008 and $2,080, respectively) and in exploration and evaluation assets of $266 and $709 respectively (2025 - $nil). The following table shows the change in the shares issuable for Arrangement options and Solaris options during the six months ended June 30, 2026 and 2025: For the six months ended June 30, 2026 2025 Balance, start of period 11,307,500 14,165,000 Exercised (362,500) (2,441,373) Forfeited/expired (387,500) (818,627) Balance, end of period 10,557,500 10,905,000 The weighted average exercise price per share of options exercised and forfeited during the six months ended June 30, 2026 was C$6.85 and C$7.06, respectively. The weighted average exercise price per share of options exercised and forfeited during the six months ended June 30, 2025 was C$0.80 and C$5.11, respectively. During the reporting period, option holders exercised a total of 362,500 stock options on a net-settlement (cashless) basis provided for under the company's share plan rules resulting in the issuance of 174,686 shares. Solaris options The following is a summary of the Company’s outstanding and exercisable options as at June 30, 2026: Outstanding Exercisable Grant date Exercise price (C$) August 9, 2022 $7.36 200,000 1.11 150,000 1.11 February 24, 2023 $5.94 2,317,500 1.65 1,886,250 1.65 February 23, 2024 $3.79 900,000 2.65 650,000 2.65 September 18, 2024 $3.30 2,008,750 3.22 747,500 3.22 October 4, 2024 $3.32 236,250 3.27 56,250 3.27 November 19, 2024 $3.44 1,300,000 3.39 633,333 3.39 December 13, 2024 $4.56 100,000 3.46 25,000 3.46 December 20, 2024 $4.56 300,000 3.48 75,000 3.48 December 27, 2024 $5.00 260,000 3.50 – – December 10, 2025 $10.58 2,935,000 4.45 – – $6.13 10,557,500 3.17 4,223,333 2.39
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 13 of 16 c) Restricted share units Pursuant to the Arrangement, holders of Equinox restricted share units (“RSUs”) or RSUs with non-market-based performance vesting conditions (“pRSUs”) received RSUs or pRSUs of Solaris (“Arrangement RSUs”), which were proportionate to, and reflective of the terms of, their existing RSUs or pRSUs of Equinox. The holder of the Arrangement RSUs acquires one-tenth of a Solaris share upon vesting. During the six months ended June 30, 2026 and 2025, there were no RSUs redeemed under the provision of the Company’s RSU plan and as of June 30, 2026, 260,836 RSUs and pRSUs are outstanding with 26,085 of Solaris shares issuable. 10. SEGMENTED INFORMATION The Company has determined that it has one operating segment, being the exploration of mineral properties. Information about the Company’s non-current assets by jurisdiction is detailed below: June 30, 2026 December 31, 2025 Mexico $ 19,747 $ 19,747 Ecuador 27,555 11,723 Chile 6 6 Peru 70 480 Canada 397 111 $ 47,775 $ 32,067 Information about the Company’s exploration expenditures by jurisdiction is detailed in Note 11. 11. EXPLORATION EXPENDITURES The Company’s exploration expenditures by activity are as follows: Following the completion of the PFS in November 2025, exploration and evaluation expenditure for the Warintza project has been capitalized (Note 4). Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Salaries, studies, geological consultants and support, and travel $ 658 $ 3,419 $ 869 $ 9,003 Site preparation, supplies, field and general 327 2,203 690 4,567 Drilling and drilling related costs – 69 – 1,041 Assay and analysis – 127 – 587 Community relations, environmental and permitting 15 2,652 23 4,824 Concession fees 168 41 379 500 Reclamation provision – 163 – 251 Depreciation 27 176 44 394 $ 1,195 $ 8,850 $ 2,005 $ 21,167 The Company’s exploration expenditures by jurisdiction are as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Ecuador $ 177 $ 7,164 $ 227 $ 17,974 Chile 19 14 53 36 Mexico 323 42 381 96
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 14 of 16 Peru1 676 1,630 1,344 3,061 $ 1,195 $ 8,850 $ 2,005 $ 21,167 1 For the three and six months ended June 30, 2025 exploration expenditure in Peru includes costs for shared technical services, performed in Lima. 12. GENERAL AND ADMINISTRATIVE EXPENDITURES Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Share-based compensation $ 1,479 $ 1,008 $ 3,109 $ 2,080 Salaries and benefits 494 296 1,143 684 Office and other 207 301 439 633 Filing and regulatory fees 71 161 208 213 Professional fees 364 3,746 991 4,014 Marketing and travel 97 54 152 159 $ 2,712 $ 5,566 $ 6,042 $ 7,783 13. FINANCE COST Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Interest expense – deferred revenue $ 1,574 $ 462 $ 2,655 $ 462 Interest expense – loans and borrowings - 1,514 - 3,020 Other 29 30 53 72 $ 1,603 $ 2,006 $ 2,708 $ 3,554 14. FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management process. a) Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s financial assets. The Company is primarily exposed to credit risk on its cash and cash equivalents, restricted cash and amounts receivable. Credit risk exposure is limited through maintaining its cash with high-credit quality financial institutions. The carrying value of these financial assets of $54,747 represents the maximum exposure to credit risk. b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company ensures that there is sufficient capital in order to meet short term business requirements after taking into account the Company’s holdings of cash. At June 30, 2026, the Company had contractual cash flow commitments as follows:
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 15 of 16 < 1 Year 1-3 Years 4-5 Years > 5 Years Total Accounts payable and accrued liabilities 6,497 – – – 6,497 Lease liabilities 190 255 – – 445 Other long-term liabilities – – – 339 339 Capitalized exploration expenses and other 795 189 – – 984 7,482 444 339 8,265 c) Foreign currency risk The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. At June 30, 2026, the Company had not entered into any contracts to manage foreign exchange risk. The functional currency of the Company is the Canadian dollar, therefore, the Company is exposed to currency risk from the assets and liabilities denominated in the US dollar. As at June 30, 2026, cash of $ 49,970 (December 31, 2025 – $19,257), and accounts payable and accrued liabilities of $325 (December 31, 2025 - $88) are denominated in the US dollar. For the six months ended June 30, 2026, if the US dollar to Canadian dollar currency exchange rate changes by 5% with all other variables held constant, the impact on the Company’s net loss would be $2,541 (six months ended June 30, 2025 – $1,562). The Company is also exposed to currency risk on financial assets and liabilities denominated in a range of currencies. However, the impact on such exposure is not currently material. 15. FAIR VALUE MEASUREMENTS The carrying values of cash and cash equivalents, restricted cash and accounts payable and accrued liabilities approximate fair value due to their short terms to maturity. There were no transfers between fair value levels in the periods presented. 16. RELATED PARTY TRANSACTIONS Compensation of key management personnel Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company’s Chairman, President and Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Directors. Key management compensation for the three and six months ended June 30, 2026 and 2025 is comprised of the following: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Share-based compensation $ 1,255 $ 458 $ 2,536 $ 941 Salaries and benefits 342 290 685 642 $ 1,597 $ 748 $ 3,221 $ 1,583 Related party arrangement On January 2, 2020, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by each company party to the arrangement. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. All of the parties have jointly entered into a rental agreement for office space. On January 1, 2025, the Company terminated the arrangement to share office space, equipment, personnel, consultants and various administrative services with other companies related by virtue of certain directors and management in common. The agreed settlement cost associated with the termination of the agreement was $104.
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Solaris Resources Inc. Notes to the Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – In thousands of United States dollars, unless otherwise noted) Page 16 of 16 The Company was charged for the following with respect to these arrangements in the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Office and other – – – 104 $ – $ – $ – $ 104 17. COMMITMENTS The Company is committed to payments related to exploration assets for community agreements related to the Warintza project of $795 in 2026 and $189 in 2027. 18. SUPPLEMENTAL CASH FLOW INFORMATION For the six months ended June 30, 2026 2025 Non-cash items: Unrealized foreign exchange on working capital items $ 10 $ – Capitalized movements on accounts payable and accrued liabilities $ 1,007 $ – Capitalized movements on reclamation obligation $ 464 $ – Capitalized depreciation $ 731 $ – Capitalized share-based compensation $ 709 $ – Right of use asset acquired $ - $ 126 Accrued interest expense of $2,367 was paid on May 21, 2025, along with the repayment of the senior loan facility.