Friday, May 30, 2025

Latest

Solaris Resources Plans To Exit Canada Entirely By January 1, 2025

Solaris Resources (TSX: SLS) has continued forward with its push to emigrate from Canada, with the copper developer this morning indicating that it will no longer be associated with Canada as of January 1, 2025.

The plan to emigrate includes a shake-up of the company’s board of directors and management teams, which is in an effort to remove all connections to Canada. As of January 1, all Canadian offices will be closed, while no individuals at the company or any of its subsidiaries will be employed or self-employed in country. Finally, no assets are to remain in Canada for Solaris, and no part of the operation is to be carried on within Canada.

As a result of the changes in an effort to emigrate, Matthew Rowlinson will take on the role of President and CEO as of January 1, from an office based in Switzerland. Rowlinson most recently served as the Head of Copper Business Development for Glencore. As part of his appointment, Rowlinson has agreed to partake in a $500,000 private placement for shares.

Rowlinson is expected to work with chief operating officer Javier Toro, who has built a technical team based in Lima, Peru. The new technical team is said to have been assembled from senior copper mining companies, and includes a project director, senior resource geologist, geotechnical manager, senior metallurgical engineer and mine planning engineers.

In terms of the board of directors, Rowlinson has been appointed to the board, along with Rodrigo Borja, a senior lawyer with decades of experience in Ecuador, and Hans Wick, whom most recently served as the managing director of a Swiss private bank.

“I am firmly committed to maximizing returns for shareholders and protecting the interests of stakeholders and this reorganization creates the strategic flexibility and alignment of interests with regulators to do so. I want to welcome Matt and the incoming directors to Solaris as we position ourselves for a pivotal year ahead,” commented Richard Warke, Executive Chairman of Solaris.

A spin-out transaction meanwhile is planned for the non-core assets of Solaris. The spin-out is set to include La Verde, Capricho, and Paco Orco, with the new entity to “form the foundation” of a growth oriented copper company. Further details on the spin-out are slated to be released in the new year.

The plan to exit Canada follows the Canadian government blocking a $130 million investment from China-backed Zijin Mining. The block relates to legislation that blocks transactions between domestic critical mineral projects and foreign state-owned enterprises. The problem, however, is that Solaris’ project, despite being a Canadian company, is located in Ecuador – which should be outside the area of concern for Canada.

Solaris Resources last traded at $3.38 on the TSX.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Where Are Copper Prices Heading In 2023? — With Daniel Earle

Joining us on the Daily Dive today is Daniel Earle, president & CEO of Solaris...

Wednesday, November 30, 2022, 01:30:00 PM

Solaris Resources: Ecuadorian Indigenous Nation Files Complaint With BCSC For Failure To Disclose

An Ecuadorian indigenous nation, the Shuar Arutam People (PSHA), has lodged a formal complaint against...

Saturday, March 2, 2024, 09:07:00 AM

Solaris Resources Abandons Canada Over Investment Policy Roadblocks

Let’s all give a round of applause for Justin Trudeau and his policies. Why? Because...

Tuesday, November 26, 2024, 03:47:00 PM

Regulatory Restrictions Are Starting To Force Canadian Firms to Relocate Overseas

Solaris Resources (TSX: SLS) announced a significant shift in its operational strategy as it begins...

Monday, September 9, 2024, 09:16:00 AM

Canadian Government Blocks Mining Investment… But It’s In Ecuador

The Canadian government has effectively blocked a minority equity investment in Solaris Resources Inc. (TSX:...

Thursday, May 23, 2024, 01:02:00 PM