Solaris Resources Inc.

SLSRdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'

The thesis, from the filings

Solaris Resources Inc. earns about -234% on equity, and has bought back 100% of its shares over 3 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$41M¹	−$77M²	−$42.2M²
Operating cash flow	—	—	—
Capital expenditure	—	$2.41M³	$2.28M³
Free cash flow (derived)	—	—	—
Total debt	—	$100,000⁴	$653,000⁴
Cash & equivalents	$38.9M⁵	$31.7M⁵	$25.2M⁵
Diluted shares	142.1M	157.3M	0

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?

Moat signal · return on equity

-234% avg · 3y

FY23 -234%FY24 —FY25 —

It earned an average -234% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−100% shares · 3y

Share count is down 100% over 3 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 553% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2023-12-31 · accession 0001213900-25-025609 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2024-12-31 · accession 0001213900-26-034862 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2024-12-31 · accession 0001213900-26-034862 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2024-12-31 · accession 0001213900-26-034862 (Borrowings)
40-F · period ending 2023-12-31 · accession 0001213900-26-034862 (CashAndCashEquivalents)