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Tuesday - H.C. Wainwright analysts have increased their price target on Solaris Resources Inc. (NYSE: SLSR) shares to $11.00 from $10.00 while maintaining a Buy rating on the stock. Currently trading at $4.33 and near its 52-week high of $4.62, the stock has shown remarkable momentum with a 90.75% gain over the past six months. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. The revision follows the company’s announcement on April 22 regarding the completion of its extensive drilling campaign at the Warintza project.
Solaris Resources completed over 82,000 meters of infill drilling from January 2024 to February 2025. Analysts anticipate that the results from this drilling effort will contribute to a significant conversion of Inferred Resources to the Measured & Indicated category in the upcoming Mineral Resource Estimate, which is expected to be released in the third quarter of 2025.
The drilling campaign at Warintza also included more than 15,000 meters dedicated to geotechnical, hydrogeological, and metallurgical drilling. These efforts are designed to bolster future technical studies for the Warintza project. Overall, Solaris has drilled over 200,000 meters across the Warintza Central and East porphyry systems, supporting a flexible mine plan characterized by near-surface mineralization, which could potentially reduce initial capital expenditure requirements.
In addition to the drilling campaign, Solaris is progressing its Pre-Feasibility Study (PFS) for Warintza, with completion also targeted for the third quarter of 2025. The PFS is set to evolve into a Feasibility Study, aiming to evaluate an optimized and fundable development plan for the project. With a market capitalization of $697.59 million and despite reporting negative EBITDA of $72.2 million in the last twelve months, the analysts’ decision to raise the price target reflects confidence in the company’s ongoing work and its potential impact on Solaris’s valuation. For deeper insights into Solaris’s financial health and 12 additional exclusive ProTips, visit InvestingPro.
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