Solis Minerals Announces $4.5 Million Placement Bolsters Funding Ahead of Drilling in Copper-Rich Region of Peru

Rhea-AI Summary

Solis Minerals (SLMFF) has secured firm commitments for a A$4.5 million placement from institutional and sophisticated investors, including A$205,000 from Directors pending shareholder approval. The placement consists of CHESS Depository Interests at A$0.085 per share with a 1:2 unlisted option exercisable at 16c with a two-year term.

The funds will support:

• Drilling at Ilo Este and Chancho al Palo copper targets in Peru
• Pre-drilling work at the Cinto Project
• Regional target definition work
• General working capital

The placement will be executed in two tranches: Tranche 1 raising A$1.87 million through 21,961,220 shares, and Tranche 2 raising A$2.63 million through 30,979,957 shares, subject to shareholder approval in March 2025. Drilling permits have been awarded for Chancho al Palo, with remaining approvals expected soon.

Positive

• Secured A$4.5M in new funding
• Directors committed A$205,000 investment
• Drilling permit obtained for Chancho al Palo project
• Strong investor support from institutions
• Extensive 70,000-hectare land position in Peru's Copper Belt

Negative

• Share dilution through 52.94M new shares issuance
• Additional dilution potential from warrant exercise
• Shareholder approval required for 58.5% of placement

HIGHLIGHTS

• Solis has received firm commitments for a strongly supported placement to institutional and sophisticated investors to raise A$4.5 million, including commitment from Directors to invest A$205,000 subject to shareholder approval.
• Funds raised will be deployed into:

• Drilling at the primary Ilo Este and Chancho al Palo copper targets in southern Peru;
• Pre-drilling work at the Cinto Project; and
• Regional target definition work and general working capital purposes.

• Ilo Este and Chancho al Palo have progressed with a drilling permit awarded by Peru's Ministry of Energy and Mines ("MINEM") for Chancho al Palo¹, with remaining approvals required to commence drilling expected imminently.

West Leederville, Western Australia--(Newsfile Corp. - February 25, 2025) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (Solis or the Company), a Latin American focused copper-gold explorer, is pleased to announce the receipt of firm commitments for a Placement of CHESS Depository Interests (CDIs) over common shares at A$0.085 per New Share along with a 1 for 2 accompanying unlisted option exercisable at 16c with a two-year term (Placement Options), to raise a total of $4.5 million (before costs) (Placement).

The Placement received strong support from a range of new and existing sophisticated investors and institutions.

Proceeds from the placement will be used to fund ongoing work across the Company's extensive copper portfolio in the Southern Coastal Belt of Peru (Figure 1). Upcoming programs include drilling at the primary Ilo Este and Chancho Al Palo copper targets; geochemical, geophysical and permitting work at the Cinto Project to enable drilling in H2 2025; regional exploration to work up drill targets at the Company's other projects, including Chocolate and Canyon Projects; and general working capital purposes.

Newly appointed CEO Mitch Thomas, commented:

"Solis has successfully established a significant landholding across nearly 70 thousand hectares in the prolific Coastal Copper Belt of Peru with systematic exploration work to date across the portfolio, identifying a pipeline of highly prospective priority copper targets.

We are delighted to receive such strong support for the Placement demonstrating the recognised quality of Solis Minerals' drill-ready targets in the copper-rich region of southern Peru.

The Company is now in a strong financial position ahead of drilling across our priority copper drill targets in Peru, commencing at Ilo Este and Chancho al Palo, where remaining approvals required to commence drilling are expected imminently.

2025 will be an exciting year for Solis Minerals with strong news flow to be delivered from our drilling programme, covering multiple prospects over the course of the year."

¹ SLM ASX Announcement dated 20 February 2025 - New Copper-Gold Targets Confirmed at Chocolate Project

Figure 1: Porphyry Coastal Belt of Peru in the Ilo region of Moquegua showing Solis' exploration project areas including Chocolate, Ilo Este, and Chancho Al Palo. Values for Tia Maria and Cuajone sourced from Southern Copper (https://southerncoppercorp.com/ ).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1134/242394_448e20ac04fb09fa_016full.jpg

Placement Details

Under the Placement, Solis will issue 52,941,177 CDIs (New Shares) to raise A$4.5 million, with 13,176,732 New Shares to be issued pursuant to the Company's 15% placement capacity under ASX Listing Rule 7.1 and 8,784,488 New Shares to be issued pursuant to the Company's 10% placement capacity under ASX Listing Rule 7.1A (Tranche 1), to raise $1.87 million.

$2.63 million will be raised in a second tranche through the issue of 30,979,957 New Shares which will be subject to shareholder approval (Tranche 2), along with the Placement Options at a general meeting of the Company's shareholders scheduled to take place in late March 2025.

Directors of the Company have committed to invest A$205,000, which is subject to shareholder approval as part of the Tranche 2 settlement.

Euroz Hartleys Limited and GBA Capital Pty Ltd acted as Joint Lead Managers to the Placement.

ENDS

This announcement is authorised for release by the Board.

Contact Mitch Thomas Chief Executive Officer Solis Minerals Limited +61 458 890 355

Media & Broker Enquiries: Fiona Marshall & Jason Mack White Noise Communications fiona@whitenoisecomms.com jason@whitenoisecomms.com +61 400 512 109

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 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 and currently holds 81 exploration concessions for a total of 69,200Ha (46 concessions granted with 35 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 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 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.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 Executive Director of the Company.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242394

FAQ

How much funding did Solis Minerals (SLMFF) raise in their latest placement?

Solis Minerals raised A$4.5 million through a placement of CHESS Depository Interests at A$0.085 per share.

What are the main projects SLMFF will allocate the placement funds to?

The funds will primarily support drilling at Ilo Este and Chancho al Palo copper targets in Peru, pre-drilling work at Cinto Project, and regional exploration.

What is the structure of SLMFF's 2025 placement offering?

The placement consists of two tranches: Tranche 1 raising A$1.87M (21.96M shares) and Tranche 2 raising A$2.63M (30.98M shares), plus 1:2 unlisted options exercisable at 16c.

When will SLMFF shareholders vote on Tranche 2 of the placement?

Shareholders will vote on Tranche 2 at a general meeting scheduled for late March 2025.