08:27 AM EST, 03/04/2025 (MT Newswires) -- Solaris Resources ( SLSR ) shares slumped 14% at last look Tuesday on the NYSE American as the company agreed to work with an influential indigenous organization to help advance the Warintza project in Ecuador.

The company said it signed a letter of intent with the Pueblo Shuar Arutam organization, its host communities of Warints and Yawi, and the Ecuadorian state to form an inter-institutional working group for the project.

The working group aims to develop transparent dialogue processes and workshops to promote the signing of a future cooperation agreement, Solaris said.

"At Solaris Resources ( SLSR ), we believe that sustainable mining is not just an economic endeavour; it is a journey that must include the insights and values of every stakeholder involved, especially our indigenous populations," President and CEO Matthew Rowlinson said.

The Pueblo Shuar Arutam is made up of nearly 10,000 people organized into 47 Shuar centers in Morona Santiago, which is outside of Solaris' direct area of influence.

"Their lived experiences and deep connection to the land are vital to shaping responsible mining practices that respect both our natural environment and cultural heritage," Rowlinson added.

Meanwhile, the company concluded an infill drilling program covering over 75,000 meters in 2024 and a further 5,000 meters in early 2025.

The results will form the basis for an updated mineral resource estimate that is expected to be released in mid-2025. A preliminary feasibility study is anticipated in the third quarter.