Solis Minerals Ltd.: Solis Announces Mineralisation Intersected at Chancho al Palo, Peru

HIGHLIGHTS

• Diamond drilling commenced at Chancho al Palo (100% Solis Minerals) with the first drill hole completed at a depth of 713 metres. A second drill hole is scheduled to commence shortly, approximately 200 metres west of the first drill pad.

• The first drill hole intersected fault-bounded iron oxide copper-gold ("IOCG") style mineralisation at 184 metres including visible chalcopyrite¹.

• Porphyry style mineralisation has been encountered from 451 metres including the presence of chalcopyrite mineralisation. From 586 metres, IOCG-style mineralised breccias increase in frequency. Visible gold was observed at 620 metres.

• Assays from Chancho al Palo are due from ALS Global ("ALS") in July / August 2025.

• The Chancho al Palo drill rig and team will be mobilised to Ilo Este (100% Solis Minerals) once the planned 2,500 metre drill programme is completed.

West Leederville, Western Australia--(Newsfile Corp. - June 23, 2025) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) ("Solis Minerals" or "the Company") is pleased to announce an update on its 100 per cent owned Chancho al Palo prospect.

Chancho al Palo has not been previously explored. Geochemical and geophysical studies identified the presence of IOCG and porphyry copper targets¹. Chancho al Palo is in the coastal copper belt of Peru and is situated approximately nine kilometres from the coast where Southern Copper's refinery and smelter are located. The area has access to excellent infrastructure supporting nearby copper mines including Quellaveco (Anglo American) and Toquepala (Southern Copper Corporation)².

Figure 1: CAP-001-2025 drill core from 184.20 to 184.75 metres displaying tourmaline/specularite breccia with chalcopyrite mineralisation hosted in diorite intrusive. Visually estimated grade 0.5% Cu1. Assays are due for release in July / August 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/256479_fbd8064ce44fa830_001full.jpg

Note 1: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are due for release in July / August 2025.

¹ Refer to SLM:ASX announcement 29 April 2024
² Refer to SLM:ASX announcement 21 April 2025

Chief Executive Officer, Mitch Thomas, commented:

"We're excited by the early signs of a mineralised system at Chancho al Palo, with our first drill hole intersecting visible chalcopyrite with some gold. Assays are expected in July / August 2025.

The presence of IOCG and porphyry style mineralisation, supported by alteration and geochemical pathfinders, is highly encouraging at this early stage and validates the quality of our surface exploration to vector in drill targets.

As the first company to drill this area, we are excited to assess the assays for Chancho al Palo. Early signs indicate that this project is very much aligned with our strategy of identifying copper-gold resources that have potential to host large-scale mining in one of the world's leading copper producing regions."

The first diamond drill hole, CAP-001-2025, concluded at a depth of 712.90 metres. Narrow, fault- bounded IOCG-style mineralisation was encountered in a breccia from 184.20 to 184.75 metres (Figure1). From 451.0 metres to 585.80 metres, a diorite intrusive was observed with trace sulphides including chalcopyrite, some higher portions more localised, in a more porphyritic setting (Figure 3). From 585.8 to 636.0 metres, the intrusive is traversed by narrow (0.5 - 1.0 metre width) IOCG breccias with more locally abundant sulphides, including chalcopyrite. At 619.90 metres, visible gold was observed in feldspathic alteration in the intrusive (Figure 2). From 673.0 to 712.90m (EOH) a structurally altered hornfels was encountered with silicification and magnetite alteration, some zones of abundant pyrite, and traces of chalcopyrite.

Figure 2: Drillhole CAP-001-2025 @ 619.90m. Visible gold (circled) in K-feldspar altered diorite. Circumference of circle approximately 2mm. Visually estimated grade at 0.10 g/t Au. Assays are due for release in July / August 2025.

To view an enhanced version of this graphic, please visit:
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The second drill hole, located approximately 200 metres west of the first, will target a similar anomaly. The total programme at Chancho al Palo is planned for 2,500 metres or approximately four to five drill holes. Core has been logged and cut with samples to be sent to ALS for assaying in the coming weeks. Results are expected in July / August 2025.

Chancho al Palo

The drilling program at Chancho al Palo is designed to test priority geophysical and geochemical anomalies interpreted to represent IOCG and porphyry-style mineralization systems³. Key objectives of the planned 2,500 metre campaign include:

1. Target validation: confirm geological and structural interpretation of induced polarisation and magnetic anomalies that vector targeting for potential IOCG and porphyry-style copper systems.

2. Mineralisation confirmation: intersect and characterise primary copper mineralisation, with associated alteration halos (e.g., sodic-calcic, potassic), sulphide zoning, and potential pathfinder elements (Fe, Au, Mo, REEs) within targeted lithological and structural settings.

3. Alteration system mapping: delineate the extent and geometry of hydrothermal alteration systems, to vector toward the core of mineralised zones and assess potential fluid pathways.

4. Structural controls: evaluate the role of faulting, brecciation, and intrusive contacts in localizing mineralization, particularly within interpreted feeder zones or structural corridors.

5. Resource potential assessment: collect sufficient geological, mineralogical, and geochemical data to guide future step-out drilling and preliminary evaluation of the project's resource potential.

Geological Description of Drillhole CAP-001-2025

Start date	9 June 2025
End date	21 June 2025
Survey:
Platform	P-01
Azimuth	250
Dip	75
Depth	712.90m (final)
Collar:
East UTM 19S	255693
North UTM 19S	8069234
Elevation (m)	1292
Datum	WGS-84 19S

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assays are due for release in July / August 2025.

The hole was collared on a coincident magnetic and chargeability (IP) anomaly with favourable surface geological indicators some 200 metres north-west of a regional cross-fault. Such faults are known vectors for porphyry mineralisation at Solis Minerals' Ilo Este property located 17 kilometres to the south-east⁴.

The hole has traversed several units to date, including:

Hole depth (metres)	Mineralisation type	Visual estimate (grade %)
0.0- 184.20	Fine-grained diorite with chloritic (propylitic) alteration, occasional feldspathic veining, disseminated magnetite and specularite.	Trace % Cu
184.20- 184.75	Brecciated diorite with tourmaline, specularite, calcite and pyrite and chalcopyrite as sulphides (Fig. 1). Probable late IOCG.	0 - 0.5% Cu
184.75- 451.00	Tuffs and volcanosedimentary units of the Jurassic Chocolate Formation. Disseminated chlorite and specularite alteration with patches of epigenetic pyrite increasing to moderate abundance around a structure at 411.90m where alteration changes to epidote and calcite with disseminated traces of pyrite and chalcopyrite.	Trace % Cu
451.00- 585.80	Fine-grained propylitic altered diorite with sporadic chalcopyrite and pyrite associated with K-feldspar, calcite, and magnetite veinlets. Some breccias with locally abundant tourmaline, silicification, and sulphides. Propylitic alteration zone of potential porphyry system.	0 - 0.5% Cu

³ Refer to SLM:ASX announcement 29 April 2024
⁴ Refer to SLM:ASX announcement 21 April 2025

585.80- 636.0	Diorite as above, traversed by late-stage narrow breccias (0.5-1.0m width) with specularite, tourmaline, K-feldspar with moderate increase in sulphides including pyrite and chalcopyrite. Locally, very fine-grained gold was observed at 619.90m in felspathic alteration in diorites.	0 - 0.5% Cu 0 - 0.1 g/t Au
636.0- 668.50	Volcanosedimentary unit in fault. Tourmaline breccia. Weak to moderate pyrite.	Trace % Cu
668.5- 712.90	Hornfels, some brecciation silicified and altered with magnetite. Patches of moderate sulphides (pyrite) with occasional chalcopyrite veins and patches. From 701m, less alteration and sulphides.	0-0.3% Cu

The drill hole has intersected several units that support the known magnetic and chargeability anomalies (Figure 4).

The geology is showing the presence of a mineralised system with epigenetic pyrite from 184.8 metres and traces of chalcopyrite in intrusive rocks from 451.0 to 585.8 metres (Figure 3). From 585.8 to 636.0m the intrusives are cut by narrow IOCG-style veins with some sulphides (including chalcopyrite) and one occurrence of visible gold observed to date (Figure 2). From 668.5m to EOH hornfels rocks (altered volcanics) are cut by magnetite breccias with magnetite and pyrite. The interpretation is that the hole is traversing the margin of a yet unidentified porphyry system (propylitic zone) that has been impacted locally by separate IOCG brecciation with mineralisation. The vectoring value of the hole will be augmented by the second drillhole, to be located 200 metres west, which is expected to enable the architecture of a potential porphyry system to be better understood.

Figure 3: Drillhole CAP-001-2025 @ 520.0m. Core displays disseminated chalcopyrite in propylitic altered fine- grained diorite. Visually estimated grade 0.3% Cu. Assays are due for release in July / August 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/256479_figure3.jpg

Figure 4: Chancho al Palo drill targets over magnetic susceptibility plot. Targets include IP (1A and 1B) and magnetometry (M1 - M3) anomalies. Initial drill programme of 2,500 meters reflects a portion of the planned drill holes shown. Sequence and number of actual drill holes to be determined subject to programme results (refer to ASX Announcement 29 April 2024).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/256479_figure4.jpg

ENDS

This announcement is authorised for release by the Board.

Contact
Mitch Thomas
Chief Executive Officer
Solis Minerals Limited
[e-mail]
[phone]

Media & Broker Enquiries:
Fiona Marshall & Jason Mack
White Noise Communications
[e-mail]
[e-mail]
[phone]

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Service Provider (as the term is defined in the policies of the TSXV) accepts responsibility for the 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 copper portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru. Solis holds concessions totalling 69,200 hectares.

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 copper opportunities. South America is a key player in the global export market for copper and Solis, under its leadership team, is strategically positioned to capitalise on growth 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.sedarplus.ca. 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). Michael Parker is Technical Director of the Company.

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 Technical Director 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

JORC Code, 2012 Edition - Table 1

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Wire-line diamond drilling was used to obtain core samples for sampling and assaying purposes. Zones with visible economic minerals or otherwise considered to be of importance will be sampled at 1m core intervals. Zones considered to be background to mineralisation will be sampled at 2m core intervals. Cores will be sawn and half cores sent to laboratory for crushing and splitting. A 250g pulp will be prepared for analysis. Coarse rejects will be returned to the company for possible further compositing and analysis etc. Appropriate standard reference materials and blanks will be inserted into the sample line, as well as duplicates consisting of quarter cores etc.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	Wire-line diamond drilling. HQ diameter core from surface to 520.60m. NQ diameter core from 520.60m to 712.90m (end of hole). Non-orientated core (orientation not considered necessary for type of mineralisation expected).
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Coring advance and depths recorded and verified against physical core. Core recovery >95%. Recovery maximised by appropriate drill methods. (frequency of core pulls, additives etc.). Relatively fresh nature of rocks has not resulted in any sample bias due to grain- size aspects.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Core samples subject to detailed geological logging and rock quality analysis (RQD) sufficient for Mineral Resource estimation etc. Logging notes presence of geology, alteration, and of economic minerals of interest (if visible). Core photographed. The total length of the drillhole (0- 712.90m) has been logged to the same standard (100% length).

Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Core samples will be sawn. Half-core taken for analysis. Crush to 70 % passing 2mm, riffle split off 250g, pulverise split to better than 85% passing 75 microns. Methods considered appropriate for type of mineralisation being tested. Equipment cleaned with compressed air between each sample and with clean rock between each batch. Appropriate certified reference material and coarse blanks will be inserted. Each batch of 20 samples will have a quarter core duplicate inserted. Sample size appropriate for type of visual mineralisation intersected.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precisionhave been established.	All rock chips will be assayed by ALS in Lima. Methods intended to use: Preparation PREP31 Analysis Au-AA23 and ME-ICP61 Cu OG-62 for overlimit Cu >1% Pb OG-62 for overlimit Pb >1% Zn OG-62 for overlimit Zn >1% Ag OG-62 for overlimit Ag >100ppm OREAS standards, blanks, and field duplicates will be inserted at appropriate intervals.
Verification of Sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	Intersections validated by two company geologists with sufficient experience. Sampling and logging being carried out in dedicated warehouse area. Data is being documented and stored on company digital media to industry standards.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Hole collar and set out done using conventional GPS and compass methods. Holes will be picked up by qualified surveyor at end of drill campaign. No down-hole survey carried out in first hole (not deemed necessary for type of drilling). Grid system used is industry standard in area: WGS84 19S

Criteria	JORC Code explanation	Commentary
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	The drill campaign is investigating geophysical anomalies of several hundred metres size. Initial drilling is focusing on core areas in the anomalies and may be followed up by smaller spaced grid drilling. Spacing between first 2 holes is 200m apart. Samples will be composited to 2m length if no visible mineralisation. No compositing is envisaged between drillholes.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	The drilling is designed to intersect geophysical anomalies at a high angle to local structures. Initial geological observations indicate that various rock units are being successfully traversed which is confirmed by limited surface outcrops. No sampling bias is envisaged. However, the true orientation and thickness of the units cannot be determined with any degree of certainty from only one drill-hole and subsequent drilling will firm up these aspects. Given the presence of only one drill-hole, it is not considered necessary to draw sections at this juncture. A geological section will be produced after completion of the second drill-hole.
Sample security	The measures taken to ensure sample security.	Samples are received at the rig by authorised company personnel and will remain under the chain of custody of the company until the samples are physically delivered to ALS laboratories.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Standard sampling techniques employed with necessary oversight. No historical data.

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Chancho al Palo project is located in four 100% owned exploration concessions of the company. The current drilling is being carried out on state land. Part of the tenements surface rights belong to 3rd parties but no drilling us envisaged currently in these areas. Renewal payments for the tenements are due at the end of June annually. Tenements in good standing. There are no known impediments to obtaining a licence to operate in the current drill area and all exploration permits have been granted.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	No previous drilling
Geology	Deposit type, geological setting and style of mineralisation.	The Chancho al Palo area is situated in an area of two intrusive belts of Jurassic and Cretaceous age - known locally as the Coastal Belt. Both belts are considered capable of creating porphyry and/or IOCG style mineralisation. Both styles of mineralisation are targets during the current Chancho al Palo drill campaign.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	The drillhole collar and data is tabulated in the body of the release. Drillhole section will be drawn subsequent to completion of second hole. Geology summary is tabulated in the body of the news release. Including geology, alteration, and presence of visually estimated mineralisation (where appropriate - subject to confirmation by assays).

Criteria	JORC Code explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	Intersections will be tabulated where appropriate after reception of results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	Visually estimated mineralisation approximately follows certain geological units. The lengths reported are down-hole lengths and true width is not known. True widths may become discernible with the completion of more drilling.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Section will be provided after drilling of the second hole.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	Estimated visual mineralisation is clearly tabulated for the complete hole in the body of the news release.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Drilling is being carried out on coincident IP and magnetic anomalies.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	A second hole in the same coincident anomalies is planned 200m west of the hole reported in this release. Azimuth and declination will be similar (250 degrees azimuth, -75 degrees inclination). A general figure in the news release shows the main geophysical anomalies used for drill targeting.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256479

SOURCE: Solis Minerals Ltd.