Flor Bustamante advises Royal Gold in US$200M Solaris Financing to Advance Warintza Copper Project  

Flor Bustamante Pizarro & Hurtado has served as legal counsel to Royal Gold in a major US$200 million financing arrangement with Solaris Resources Inc., marking a significant step forward for the development of the Warintza copper project in southeastern Ecuador.

The financing, secured through Royal Gold’s subsidiary RGLD Gold AG, includes a gold stream and a net smelter return (NSR) royalty. It was the result of a competitive process led by Solaris, which considered multiple credible financing proposals. The initial tranche of US$100 million is available immediately, with additional tranches of US$50 million each contingent upon the completion of technical and regulatory milestones.

Roque Bustamante and Claudia Bustamante of Flor Bustamante led the legal advisory team for Royal Gold, supporting the structuring and execution of the transaction under Ecuadorian law.

Solaris stated that the proceeds will be used to fund technical studies, permitting, early-stage infrastructure, debt repayment, and working capital — effectively positioning the company through to a final investment decision. 

The deal structure is designed to provide long-term liquidity without shareholder dilution, aligning with Solaris’ strategic focus on maintaining corporate flexibility.

Matthew Rowlinson, President and CEO of Solaris, described the transaction as "a clear endorsement of the potential scale, geological qualities and…stage of development of Warintza," and emphasized the strategic value of partnering with Royal Gold.

Richard Warke, Non-Executive Chairman of Solaris, added that the financing "marks a major milestone in Warintza’s development," and credited the management team for securing non-dilutive capital while enhancing shareholder value.

The Warintza project continues to be positioned as a tier 1, multi-generational copper asset — one of the few such developments globally not yet controlled by a major mining company.

With this transaction, Flor Bustamante reinforces its standing as a key legal advisor in high-value mining and resource finance deals in Latin America.

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