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Flor Bustamante advises Royal Gold on US$200 million financing for Warintza project in Ecuador
Solaris Resources received the final US$50 million disbursement for the Warintza copper and gold project. Flor Bustamante advised Royal Gold on the financing.
Flor Bustamante advised Royal Gold on the US$200 million financing package provided to Solaris Resources for the development of Warintza, a copper and gold project in southeastern Ecuador. The firm’s team comprised partner Roque Bustamante and associate Claudia Bustamante.
Solaris Resources announced on 9 November 2026 that it had received the third and final disbursement of US$50 million from RGLD Gold AG, a wholly owned subsidiary of Royal Gold. The payment completed the disbursement schedule set out in the agreement signed in May 2025.
How the financing was structured
The agreement enabled Solaris Resources to raise US$200 million without issuing new shares. The financing combines a gold stream, linked to future gold deliveries, and anet smelter return royalty.
The first disbursement of US$100 million was made at closing. The second, of US$50 million, was made following publication of the pre-feasibility study and technical approval of the environmental impact study. The final US$50 million tranche was disbursed once the registration formalities required for the security had been completed.
What it means for Warintza
Warintza is wholly owned by Solaris Resources and is its principal asset. According to the company, the final disbursement gives it the financial flexibility to advance the project’s social, technical and operational work in parallel with the process of obtaining the outstanding permits.
Key facts
- Legal adviser to Royal Gold — Flor Bustamante, with partner Roque Bustamante and associate Claudia Bustamante.
- Financing provider and recipient — RGLD Gold AG, a subsidiary of Royal Gold, provided the funds to Solaris Resources.
- Amount and structure — US$200 million in three tranches of US$100 million, US$50 million and US$50 million, through a gold stream and a net smelter return royalty.
- Final disbursement — US$50 million. Solaris Resources announced its receipt on 9 November 2026.
- Project — Warintza, a copper and gold project in southeastern Ecuador, wholly owned by Solaris Resources.