Solis Minerals Encounters Copper Mineralisation Encountered During Reconnaissance at Canyon Project

HIGHLIGHTS

• Widespread copper oxide mineralisation confirmed in initial reconnaissance sampling at Canyon Project, with copper occurrences in road-cuts over 400m.
• Rock grab samples returned assays of 0.74% Cu/ 0.07% Mo, and 0.53% Cu/ 0.02% Mo.
• Associated high molybdenum values indicate primary porphyry style mineralisation.
• Follow-up remote sensing, mapping, and rock geochemistry planned at the Canyon Project to quickly focus in on prospective targets over 25km strike length and parallel corridors.
• Solis is advancing its portfolio of targets in the Coastal Belt of Peru with targeted drilling programs across multiple copper projects planned from Q1 2025.

West Leederville, Western Australia--(Newsfile Corp. - November 12, 2024) - Latin American focused copper-gold explorer, Solis Minerals Limited (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on exploration activities at the Canyon Project in Peru.

Initial reconnaissance activities have commenced at the Canyon Project with sampling confirming the presence of copper oxide mineralisation. The mineralisation was found in joints and faults in road-cuts over a distance of approximately 400m in discontinuous patches.

Two samples returned high values of copper and molybdenum, indicating a porphyry-style mineralisation. Some quartz-veining and alteration were also observed in porphyritic quartz granodiorites indicating the primary controls on mineralisation. As well as providing an obvious follow-up target, this mineralised zone presents as an excellent pathfinder to rollout exploration over the entire 25,600 Ha tenement package.

Executive Director, Mike Parker, commented:

"First pass reconnaissance work at our Canyon Project has commenced and we are pleased to have found widespread evidence of copper oxides so early on. The geology is intriguing, and we are quickly developing our understanding of some controls on the copper oxide distribution.

"Our follow-up work at Canyon will include remote sensing, mapping, and rock geochemistry aimed at defining the most prospective zones within our large 25,600 Ha application area. It's an exciting time for Solis as we move forward with our vectoring and targeting strategy".

Figure 1: Cu oxides in joint and fault planes in porphyritic quartz granodiorites at Canyon. This area was sampled and returned assays of 0.74% Cu and 0.070% Mo from sample number 22123, coordinates 383653E and 8546636N - WGS84 18S.

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An initial reconnaissance visit to the Canyon Project (Figure 2) has confirmed the presence of copper oxides in intrusive rocks in a zone adjacent to a major cross-fault (Figure 3). The copper oxides were observed sporadically in road-cuts over a zone of approximately 400m in length, trending in a NNW direction, and are predominantly present as fracture and joint fills in largely unaltered porphyritic quartz granodiorites (Figure 1).

Figure 2: Canyon Project with third party Cu prospects bracketing Solis' applications with cross faults shown.

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This area is 4.5km SE of previous exploration drilling that was permitted in 2013 (Figure 3). No results of this drilling have been located for confirmation. Continuing along this NNW trend beyond the tenement boundaries are the known copper oxide occurrences of Los Pinos (14.5km) and Nispero (21.0km) (Figure 2 and Figure 3).

Figure 3: Position of rock grab samples in relation to previous drilling application, mineralised trend, and faulting.

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The extent of the mineralised zone encountered is undefined and the oxides occur in distinct discontinuous patches from 0.5 to 3m in size. No quantitative estimate of mineralisation is feasible due to the nature of the outcrops, the evident discontinuities, ubiquitous dust, and the early reconnaissance nature of the geological inspection. Follow-up in this area will include detailed mapping, undertaken to add to geological understanding of the copper oxide occurrences and aiding the rollout of additional exploration strategies across the entire tenement package.

The assays obtained from two rock samples are shown in Table 1.

Table 1: Rock grab assay results Canyon Project

Note: The mineralisation identified, and its associated alteration, is considered a "pathfinder" exploration indicator for the potential presence of associated porphyry copper mineralisation in the tenements. Such mineralisation and alteration do not guarantee the presence of associated porphyry mineralisation and thus the significance of the assays and images are strictly in the context of exploration potential. The nature of grab samples implies that they are not necessarily representative of broader mineralisation, nor is the presence of such broader mineralisation implied.

The host rocks are characterised by large (up to 5mm) euhedral hexagonal primary biotite crystals and partially weathered pyrites. Whilst the copper mineralisation is predominantly a secondary weathering product, inspection of the area shows some potassic alteration related to veining, and the presence of <5mm wide sugary-textured quartz veins with weathered Cu oxides (Figure 4) which may indicate a primary source of the mineralisation. On a larger scale, distinct zones of late cross-cutting porphyritic diorite dykes up to 30m wide appear to have a spatial, roughly parallel, relationship with the presence of Cu oxides observed in the joints and fracture zones (Figure 5).

Figure 4: Cu oxides adjacent to quartz veining and fractures in porphyritic quartz granodiorite with coarse biotite crystals.

This area was sampled and returned assays of 0.53% Cu and 0.023% Mo. Sample number 22122, coordinates 383514E and 8546240N - WGS84 18S. <5mm wide sugary-textured quartz veins (parallel to open joint in photo) appear to have a primary control on mineralisation in this area.

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Figure 5: View from central Canyon looking east with location of samples indicated behind ridge. Late porphyry dioritic dykes identified (partially indicated in yellow) with evidence of cutting the granodiorites and dipping steeply east. These barren dykes, some up to 30m wide, appear to exert a geological control on some of the mineralisation.

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Next steps

Following the positive reconnaissance at Canyon, Solis will initiate work programs including remote sensing, mapping, and rock geochemistry to vector in on the most prospective areas.

The corridor that appears to be most favourable due to previous exploration and the presence of known occurrences has a strike length of 25km in the application area. In addition, potential for the existence of parallel corridors adds considerable exploration prospectivity and will be subject to further evaluation.

Canyon Project

Solis has made applications for 27 exploration concessions, totalling 25,600Ha, in a contiguous block known as the Canyon Project. The target is copper porphyry mineralisation, principally oxides, situated on a NW-SE prospective trend with known porphyry occurrences just outside the application area, as well as reported exploration activities within the area itself.

The application area contains a belt of intrusive rocks identified as the Coastal Intrusive Belt containing various Coastal Batholiths that stretch from the Ecuadorian border in the north to the Chilean border in the south along the coast of Peru (Figure 6).

These rocks, of Late Jurassic to Cretaceous age, host (from south to north) Solis' Ilo projects (Ilo Este, Chocolate, Chancho Al Palo) as well as important copper deposits of Tia Maria and Zafranal in Arequipa, the Almacen prospect 8km south-east of the applications, and the Los Pinos project 4km north-west, plus several other Cu projects and prospects (Figure 6). Additionally, the Canyon applications are bound to the east by the operating Cerro Lindo VMS mine.

Figure 6: Coastal Intrusive Belt as indicated in green. Canyon is located in the NW of the Figure, with Solis' other projects (Ilo Este, Chancho Al Palo, & Chocolate) located in the SE. Other intrusive belts shown in different colours. Geology and data points derived from USGS* (*refer JORC tables).

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The application area is approximately 22km by 12km and the geology predominantly consists of granodiorite and tonalite. These intrusive rocks dip steeply to the west with structures aligned along NW-SE strike. Prominent high-angle faults cut across strike and seem to localise the occurrences of porphyry style mineralisation within the intrusive rocks.

Exploration and Drilling Pipeline

Solis is advancing its portfolio of targets in the Coastal Intrusive Belt of Peru to targeted drilling programs as shown in Table 2 below, subject to securing permits from authorities.

Table 2: Solis Project Portfolio Pipeline

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ENDS

This announcement is authorised by Michael Parker, Executive Director of Solis Minerals Ltd.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

About Solis Minerals Limited

Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American critical minerals portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Intrusive Belt of Peru and currently holds 76 exploration concessions for a total of 65,100Ha (42 concessions granted with 34 applications in process). The Company is led by a highly- credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of new opportunities across varied commodities and jurisdictions. South America is a key player in the global export market for critical minerals and Solis, under its leadership team, is strategically positioned to capitalise on growth the opportunities within this mineral-rich region.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward- looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward- looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Qualified Person Statement

The technical information in this news release was reviewed by Michael Parker, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Michael Parker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Parker is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Mineral Resources and Ore Reserves". Mr Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Parker has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

APPENDIX 1

Mining Concessions table

Westminster Peru SAC¹ ‐ Concessions and Applications in Peru as of 12 November 2024

¹ Westminster is a subsidiary of Solis Minerals

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

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