Solis announces $5.9 million placement to advance Peruvian copper portfolio

To support the acquisition and exploration of the highly promising Cucho copper project, the ongoing drilling program at Ilo Este and the upcoming drilling at Cinto

HIGHLIGHTS

• Solis has received firm commitments from institutional and sophisticated investors to raise up to A$5.9 million (before fees), including commitments from the chairman and CEO to invest A$150,000 as part of the Tranche 2 settlement.

• The money raised will be used for:

  1. Acquisition and exploration costs for the advanced Cucho copper project¹
  
  2. Completion of drilling in Ilo Este during the fourth quarter of 2025

  3. Drilling in Cinto is planned to start at the end of Q4 2025

  4. General working capital

• The acquisition of the highly promising Cucho project, coupled with the existing Ilo Este, Chancho al Palo and Cinto projects, positions Solis Minerals to achieve its objectives ‘discover copper-gold resources that could host large-scale mining in one of the world’s leading copper-gold regions’.

West Leederville, Western Australia–(Newsfile Corp. – October 20, 2025) – Solis Minerals Limited (ASX: SLM) (Solis or the Company), a Latin America-focused copper-gold explorer, is pleased to announce the receipt of firm commitments to raise a total of $5.9 million (before fees) through a placement of up to 118,000,000 CHESS Depository Interests (CDIs) on common shares to new and existing institutional and sophisticated investors at an issue price of A$0.05 per new share (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 acquisition and exploration costs associated with the Cucho copper project and ongoing exploration of the Company’s extensive copper portfolio in coastal Peru (Exhibit 1), as well as for general working capital. Current programs include drilling at Ilo Este (100% Solis Minerals) copper-gold targets and upcoming planned drilling at Cinto (100% Solis Minerals). Extensive news flow on Cucho can be expected over the next six months, ahead of planned drilling before mid-2026. The company’s other projects, including Canyon and Chocolate (both 100% Solis Minerals), are also expected to be completed in 2026.

Chief Executive Officer, Mitch Thomas, commented:

“Solis Minerals is delighted to receive such strong support for the placement, which demonstrates the quality of Cucho and Solis Minerals’ wider projects in copper-rich Peru.

“The remainder of 2025 and the outlook for 2026 are very exciting for Solis Minerals, with strong news flows from our exploration programs.”

¹ Please refer to the ASX:SLM announcement dated October 21, 2025

Placement details

Under the placement, Solis will issue up to 118 million CDIs (New shares) at an issue price of A$0.05 per New Share, raising a total of A$5.9 million (before fees) in two tranches.

The company’s chairman and CEO have committed to invest A$150,000 under the placement as part of the Tranche 2 settlement. The director’s participation will be subject to shareholder approval.

Solis will issue 10 million New Shares under an initial tranche in accordance with the Company’s placement capacity under ASX Listing Rule 7.1, which are expected to commence trading on or about October 30, 2025.

Solis will seek shareholder approval to issue 108 million New Shares under a second tranche (including 3 million New Shares to be subscribed by the Directors and the CEO) to raise $5.4 million at a general meeting of the Company’s shareholders scheduled for early December 2025.

The New Shares to be issued in the context of the Placing will rank equally with the existing ordinary shares of the Company upon issuance.

CPS Capital Group Pty Ltd acted as lead manager and broker on the placement. The fees to be paid amount to 6% management and placement fee on the gross proceeds of the Placement. In addition, the Company will issue, subject to shareholder approval, a total of 20 million unlisted options (exercisable at $0.075, expiring three years after the date of issuance) to the managers of the Placement.

Figure 1: map of Peru and Solis Minerals’ exploration portfolio.

To view an enhanced version of this image, visit:
https://images.newsfilecorp.com/files/1134/271239_3675767744355977_008full.jpg

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This announcement has been approved for publication by the board of directors of Solis Minerals Limited.

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 led by a highly qualified and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of buyer options. South America is a major player in the global copper export market and Solis, led by his team, is strategically positioned to take advantage of growth opportunities within this mineral-rich region.

Forward-Looking Statements

This press 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 and information currently available to the company. Readers are cautioned that these forward-looking statements are not promises or guarantees and are subject to risks and uncertainties that could cause future results to differ materially from those anticipated, 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, operational risks, accidents, labor issues, delays in obtaining government approvals and permits, and other risks in the mining industry. All forward-looking statements in this press release are qualified by these cautionary statements and those in our ongoing disclosure filings. These forward-looking statements are made as of the date hereof and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable law.

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