Solaris narrows quarterly loss as exploration expenses fall
The copper-gold developer reported a loss of US$0.03 a share for the three months ended September 30, 2026, down from US$0.07 a year earlier.
Solaris Resources Inc. (SLSR), a copper-gold exploration and development company, reported a third-quarter net loss of US$5.1 million, down from US$12.2 million a year earlier, as exploration expenses fell to US$748,000 from US$9.5 million.
The lower exploration expense brought the operating loss for the three months ended September 30, 2026, to US$3.6 million from US$11.8 million. General and administrative expenses rose to US$2.8 million from US$2.3 million, and finance costs increased to US$1.7 million from US$1.1 million.
For the first nine months of 2026, exploration expenses declined to US$2.8 million from US$30.7 million. The net loss narrowed to US$13.6 million from US$32.9 million, and the loss attributable to shareholders fell to US$0.08 a share from US$0.20 a share. The prior-year period included a US$9.8 million gain on the sale of a royalty interest; the 2026 period included no such gain.
Solaris’s exploration and evaluation assets rose to US$54.1 million at September 30 from US$26.3 million at the end of 2025. The company said its principal properties included the Warintza project in Ecuador, La Verde in Mexico and Tamarugo in Chile. It had not yet determined whether its properties contained mineral reserves whose extraction was both technically feasible and commercially viable.
Cash and cash equivalents increased to US$42 million at September 30 from US$25.2 million at year-end. Nine-month cash provided by operations was US$39.8 million, compared with US$55.6 million a year earlier. Those operating cash flows included US$50 million of deferred revenue in 2026 and US$90 million in 2025.
Solaris’s deferred revenue liability rose to US$143 million at September 30 from US$93.7 million at the end of 2025. Total liabilities increased to US$156 million from US$107 million, and the company recorded a shareholders’ deficit of US$53.3 million, compared with US$49 million at year-end.
After the quarter ended, Solaris said it had received the third tranche under its US$200 million financing agreement with Royal Gold. The November 9 milestone gave the company access to US$50 million in additional funding and financial flexibility to advance development activities at Warintza, it said.
Solaris said it renewed cooperation agreements with two Shuar organizations during the quarter. The Warints and Yawi communities also finalized community life plans, subject to customary approval. The company reported progress on drilling, technical investigations and road maintenance at Warintza.
The company plans to continue technical drilling and advance a feasibility study, including mine design, water management and cost estimates. Warintza must also proceed through the remaining stages of Ecuador’s environmental licensing and development approval process, including a government-led FPIC process.
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