TSX- and NYSE-listed Solaris Resources has received the technical approval of the environmental-impact assessment (EIA) for its Warintza copper project in Ecuador, enabling it to draw down the second $50-million tranche of funding under a $200-million financing agreement with Royal Gold.

The approval represents a major permitting milestone and a significant derisking event for the project following an extensive technical review process conducted by a multidisciplinary team from the Ecuadorian Ministry of Environment and Energy.

Solaris states that the EIA technical approval reflects a comprehensive evaluation of the project’s environmental, engineering and social management plans, including detailed analysis covering environmental baseline studies, water management, biodiversity protection, infrastructure design, geological understanding and community engagement frameworks.

“This approval is a critical milestone for the Warintza project and an important validation of the technical quality, environmental stewardship and responsible development approach undertaken by our team. The EIA review involved rigorous technical evaluation and close collaboration with regulators over an extended period. Achieving this milestone significantly derisks the project and reflects the strength of our environmental planning and responsible development approach.

"Importantly, this milestone also enables the company to access the second tranche of $50-million under our financing agreement with RGLD Gold, a wholly-owned subsidiary of Royal Gold, further strengthening the balance sheet as we continue to advance key workstreams across permitting, infrastructure development and district-scale exploration at Warintza,” comments Solaris president and CEO Matthew Rowlinson.

The company notes that the project has 1.3-billion tonnes of mineral reserves and a $4.6-billion net present value. A prefeasibility study estimates the project will deliver average copper production of about 300 000 t/y of copper-equivalent over the first five years of operation.