Solis Announces Additional High-Grade Copper Confirmed at Cinto, Peru

HIGHLIGHTS

• More copper porphyry mineralisation identified at Cinto (100% Solis Minerals) from channel sample assays (highlights):

  • 26.5m @ 0.28% Cu (Channel 11), including 5.4m @1.0% Cu

Previous Cinto channel sample assays returned highlights¹:

• 23.4m @ 0.88% Cu (Channel 1)

• 16.8m @ 0.52% Cu (Channel 6)

• Results indicate porphyry copper mineralisation of various styles across a potential area 3km long and 0.75km wide.

• Induced-Polarisation (IP) survey planning underway to support drill target definition.

• Permitting initiated for drilling at Cinto in second half of 2025.

• Solis Minerals considers copper mineralisation at Cinto consistent with nearby Toquepala (one of Peru's largest copper mines with 2.1Bt @ 0.47% Cu - 200ktpa Cu production)².

West Leederville, April 22, 2025 - Latin American focused copper-gold explorer Solis Minerals Ltd. (ASX: SLM) ("Solis Minerals" or the "Company") is pleased to announce an update on copper mineralisation identified in channel samples at the Cinto Project in Peru.

Chief Executive Officer, Mitch Thomas, commented:

"These results confirm the significant potential at the Cinto Project, where we've substantially expanded Solis' porphyry copper mineralisation footprint. Notably, we're seeing mineralisation styles similar to those at the major Toquepala mine, just 15km away. Geophysical data from drone magnetometry supports scale potential and highlights new target areas. As a stand-alone project, Cinto is a compelling copper porphyry target.

Our on-ground team recently hosted site visits for our technical director Mike Parker and myself across our project portfolio. Visible mineralisation at surface at Ilo Este and Cinto was a highlight. The clear, visible prospectivity in our projects very much aligns with our objective of identifying copper-gold resources that have potential to host large-scale mining in one of the world's leading copper producing regions.

With drilling set to begin at Chancho al Palo³ and Ilo Este this quarter, and Cinto advancing toward drilling in the second half of 2025, Solis Minerals' portfolio of 100% owned projects has incredible potential for discovery of multiple copper-gold resources capable of supporting mining operations."

Summary

Exploration results at Cinto from channel sampling (Table 1) show a continuation of the mineralised breccia zones previously announced on 11 February 2025. A new channel, Channel 11, situated between previously reported Channels 7 and 8, reported 26.5m @ 0.28% Cu, including 5.39m @ 1.0% Cu.

The copper mineralisation encountered at Cinto to date is predominantly in breccias, the major mineralisation host at Toquepala, 15km northwest of Cinto. Four mineralisation types have been identified in distinct zones. Cinto is situated on the major Incapuquio Fault System which favoured the emplacement of intrusions related to large-scale porphyry copper deposits of Toquepala, Quellaveco, and Cuajone (Figure 1). Toquepala is one of Peru's oldest and largest copper producers (200ktpa copper production).

Figure 1: Cinto tenements and neigbouring Toquepala operation and peer concession holders.

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Cinto Project

The Cinto Project consists of six granted tenements totalling 2,700Ha and five applications totalling 2,800Ha in the highly prospective Cenozoic Porphyry Belt of southern Peru, located some 15km to the southeast of the world class Toquepala Copper Mine (Figure 1). Cinto is geologically distinct from the rest of Solis' tenements which are situated in the older Jurassic-Cretaceous Coastal Belt of Peru (Figure 2).

Figure 2: Solis' tenements in the Coastal and Cenozoic (Paleocene-Eocene) Belts with existing deposits and regional geology shown. Note new permit applications made north of Cinto in January 2025.

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In addition to the rock geochemistry results reported on February 11, 2025, further results of rock and channel geochemistry sampling programs carried out at Cinto in the first quarter of 2025 continue to yield highly encouraging results that confirm porphyry mineralisation over a broad area. Rock samples were collected from outcrops of interest or on a sampling grid, whilst channel samples were continuous samples taken across zones of outcropping mineralisation, usually related to old workings or eroded gullies.

Channels 11 and 12 were sampled in an eroded gully zone between previously reported Channels 7, 8, and 9. Channel 11, situated between previously reported Channels 7 and 8, reported 26.5m @ 0.28% Cu, including 5.39m at 1.0% Cu and 7.19m @ 0.2% Cu (Table 1). Channel 12, a continuation of Channel 11 between previously reported Channels 8 and 9, reported no significant copper mineralisation due to partial cover with barren volcanics.

Field observations at the site of Channels 7-9, and 11-12 (this release), show that the intrusive hydrothermal breccia is massive in nature with undefined limits due to poor exposure. The channel sample results therefore do not represent a true width of mineralisation.

A strong correlation is identified between copper mineralisation defined in the geochemical program and previously reported magnetic low geophysical anomalies⁴ (Figure 4). In the northeast of the licence, all channel samples and the majority of copper-anomalous rock samples fall within a magnetic low of dimensions 3km x 0.75km with the low core having a surface area of 1.75km² creating scope for scale. This magnetic low anomaly is interpreted as being caused by magnetite destruction, a common occurrence in porphyry deposits where late-stage mineralising fluids react with magnetic minerals in a host rock, altering them to non-magnetic mineral species.

Figure 3: Solis Minerals' exploration team and CEO Mitch Thomas with Technical Director Mike Parker during a site visit in April 2025, which included a visit to Cinto, Ilo Este and Chancho al Palo.

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Figure 4: Intrusive hydrothermal breccia with angular, poorly sorted volcanic clasts and a quartz breccia matrix with Cu oxides. Channel 11. Sample 18621 - 335710E, 8079715N. Assays 0,011g/t Au, 1.4g/t Ag, 0.22% Cu.

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Previous Exploration

Prior to Solis Minerals acquiring the Cinto tenements, limited systematic exploration had been completed and there are no records of previous drill programs. Solis Minerals commenced exploration with a WorldView-3 remote sensing survey, followed up by geological mapping. In 2023 and 2024, reconnaissance rock sampling led to the identification of an area of in-situ copper oxide mineralisation in old workings in the northeast of the property. Solis Minerals completed a drone magnetometry survey that identified areas of low magnetic response coincident and extending beyond the reconnaissance mineralisation⁴. Rock and channel sampling was expanded in late 2024 with some 530 samples taken in total. Previous exploration results are summarised in Figures 5 and 6.

Figure 5: Previous exploration at Cinto: Total Field magnetic data (high magnetic response in red, low response in blue) overlaid by WorldView-3 alteration suites and geology/structure. "Cu" marks zone of high-grade copper oxide samples from old workings, the original reconnaissance site sampled 1H 2024.

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Figure 6: Cinto locality map of channel sampling areas underlain by total field drone magnetometry. Note that the channel sampling is located in zones of low magnetic response (blue-green colours) indicating hydrothermal alteration. The magnetometry is a valuable guide for exploration at Cinto.

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Cinto Structural Setting

Cinto sits astride or just south of the regional transcurrent Incapuquio Fault System (Figures 1 & 6). The fault's corridor of influence includes en echelon faults, and subparallel fault structures. In the Cinto area, the fault corridor has an approximate width of 2.5km across its predominant NW-SE strike direction. This fault system is believed to have influenced the emplacement of Late Cretaceous to Early Palaeogene (Cenozoic) granodioritic, dioritic, and monzonitic intrusions as well as related volcanic rocks of the Toquepala Group⁵. The large-scale copper porphyry deposits of Cuajone, Quellaveco, and Toquepala were formed during this intrusive phase (Figure 2) and are associated with, or emplaced within, volcanics of the Toquepala Group.

Cinto Geochemical Sampling 2025

During Q1 2025, 125 rock samples were collected (Tables 1-4). Of these, 102 were outcrop rock samples and 23 were channel samples from 2 separate channels. Channel sampling was carried out in an area of good to continuous outcrop, principally facilitated by gully erosion. The Q1 2025 program complements the 2023/2024² geochemistry and brings the total rock sampling inventory at Cinto to 655 samples.

The 23 channel sample results from the Q1 2025 program are summarised in Table 1 with details in Table 3, Appendix 1.

Table 1: Summary of channel sample geochemical assay results from Cinto Project. Zones highlighted in bold are >0.5% Cu. True length is calculated taking into account the linearity of the sampling line. Sampling was done in an area of poorly constrained massive breccia outcrop and does not reflect true width. For location coordinates of channel samples and all assays, refer Table 3, Appendix 1.

Additionally, 102 rock outcrop samples were analysed. Of these, 62 samples were collected on an approximate 50 x 100m grid over an area of 0.4km2 in the north-east of the Cinto tenements. The remaining 40 samples were collected on an approximate 200 x 200m grid over two areas totalling 1.8km2 in the north-central area of the tenements. The results from these samples (Table 2, Table 4, Appendix 1) show a correlation of copper mineralisation with alteration (low magnetic response areas) around structures (Figure 7). Table 2 shows the highest Cu assays returned in rocks (does not include channel samples) and their geological context.

Table 2: Cinto rock samples geochemical assays reporting >0.25% Cu (5 out of 102 samples). Note predominance of breccia (Type A) mineralisation.

Cinto Mineralisation Style

Increased mapping and additional sampling in the north-east of the Cinto tenements has identified four porphyry mineralisation styles to date, namely:

- Brecciated andesitic tuffs associated with or invaded by intrusive hydrothermal breccias (Type A);

- Intrusive hydrothermal breccias (Type B);

- Dioritic and monzodioritic intrusions, often with propylitic or argillic alteration (Type C);

- Granodioritic batholith, commonly with chlorite (Type D)

The mineralisation styles are distributed from west to east across the area with Types A and B dominating in higher topographic zones, leading to Type C in fault valleys formed by the Incapuquio Fault, and Type D furthest east in exposed batholith (Figure 8). The position of the mineralisation in the system is high-level (A+B), mid-level (C), to basal (D).

The general geology of the area consists of Toquepala Group volcanic rocks that are coeval (contemporaneous) with porphyry formation and emplacement. Porphyry mineralisation can be assumed to be emplaced into the base of the volcanics at various levels facilitated by the Incapuquio Fault system or its splays. Cover rocks consist of barren Toquepala Group volcanics, often andestic tuffs. Erosion and structural displacement has created a configuration of shallow to deeper mineralisation styles from west to east (A to D) as shown in Figure 8.

Gullies that cut through barren tuffs have locally exposed some high-level mineralisation (igneous hydrothermal breccias and volcanics, Type B and A). Type C, mid-level, intrusive mineralisation appears to be outcropping or in deeply incised areas. Barren tuffs cover much of the area, as reflected in the rock geochemistry program. Isolated basal-type mineralisation in the batholith (Type D) is found in the east of the area in deeply eroded terrain, upthrown, north of a major Incapuquio fault valley. Irrespective of mineralisation type, magnetic lows largely encompass mineralised areas as previously described. Whilst no continuity is currently established, the size of the various mineralisation zones in discontinuous outcrop is commonly up to 500m in length and of unknown width.

Figure 7: Cu anomalies from all rock sample assays to date, centred around structures with hydrothermal alteration. "X" and "Y" represent prospective areas of low magnetic response yet to be evaluated.

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Figure 8: Mineralisation styles at Cinto overlaid on total magnetic field. Mineralisation is shallower (higher placed) from west to east (styles A-C). Style D is basal in granodiorites.

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In the area of Channel Samples 1-4 (Figure 6), the mineralisation is localised in intrusive hydrothermal breccias (Type B) that are associated with quartz veining forming as a matrix in grossly brecciated and phylically altered units (Type A). Copper oxides are visible in the quartz veining and replacing tuffs in patches. Millimetric size clasts and textures in the veins and wallrocks are characteristic of intrusive hydrothermal breccias.

In the areas of Channel Samples 6-12 (Figure 6), the mineralisation occurs in intrusive hydrothermal breccias (Type B) that have impacted andesitic tuffs of the Toquepala Group. Brecciation consists of quartz veining that separates and cross-cuts angular tuff clasts of roughly 2-10cm size. Alteration includes abundant phyllic alteration and silicification. Copper oxide minerals occur in the quartz veins and also in patches and segregations in the clasts.

The above occurrences both resemble various phases of mineralisation at the Toquepala Copper Mine, some 15km northwest of Cinto, where intrusive hydrothermal breccias are a significant mineralisation host. The geochemistry reveals low to sporadic gold values which also resemble Toquepala. Generally low molybdenum values can be attributed to oxidation.

Results of the technical surveys

Following up on 2024 geophysical programs, the latest (current release) channel sampling and rock sampling geochemical results have:

• Confirmed the presence of porphyry style copper mineralisation in favourable structural locations with analogous characteristics to the nearby Toquepala porphyry.

• Demonstrated the wide footprint of mineralisation and capacity for scale.

• Enabled identification of four porphyry mineralisation styles that will greatly aid design of geophysical (IP) surveys and ultimately drill targets.

• Demonstrated a strong spatial correlation of copper mineralisation with the magnetic low geophysical anomaly that indicates a zone of hydrothermal alteration. Several such areas, particularly to the west of the project, have yet to be evaluated, indicating a potential for further large-scale mineralised systems at Cinto (Figure 7).

Next Steps for Cinto

Based on the geochemistry results, Induced-Polarisation (IP) programs are being planned to define drill targets. A scope of work has been confirmed with a domestic supplier with mobilisation currently being coordinated. Results can be expected in Q2 2025. Drill permitting, including archaeological surveys, will commence with a target of drilling in the second half of 2025.

Solis Minerals will continue to investigate the potential of Cinto by testing the as yet unexplored low magnetic anomalies through a combination of mapping and rock geochemistry. Further areas for IP follow-up and drill target definition are expected to become apparent once all the tenement is explored.

Drilling Schedule

* Timeline dependent upon obtaining requisite permits

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ENDS

This announcement is authorised by of the Board 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 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 (47 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 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 Technical Director of the Company.

Disclaimer

In relying on the referenced ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

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

Table 3 Cinto Channel Sample Geochemical Assay Results

APPENDIX 1

Table 4 Cinto Rock Sample Geochemical Assay Results

JORC Code, 2012 Edition - Table 1

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

________________________
¹ Refer to ASX announcement dated 11 February 2025: Copper Porphyry Mineralisation Confirmed
² Total Mineral Reserves for third party mines sourced from Southern Copper 10K Report 2023, lodged with SEC 31 December 2023 (Cuajone & Toquepala) and Anglo American (LSE:AAL) Annual Report 2023
³ Refer to ASX announcement dated 8 April 2025: Drilling to commence at Chancho Al Palo, Peru
⁴ Refer to ASX announcement dated 15 October 2024: Solis Completes Magnetometry Survey at Cinto
⁵ Structural Characteristics of the Incapuquio fault system, southern Peru, J. Jacay, T. Sempere et al, 2002

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