Mr. Matt Boyes reports

SOLIS EXECUTES OPTION TO ACQUIRE JAGUAR LITHIUM PROJECT IN BRAZIL

Solis Minerals Ltd. has provided shareholders with an update on its entry into a binding option agreement to purchase the Jaguar hard rock lithium project in Bahia state, Brazil.

Executive director Matthew Boyes quoted: "Brazil is fast becoming a significant player in the hard rock lithium space. Solis's primary objective is to quickly position itself by acquiring highly prospective underexplored projects in the northeast of Brazil. The Jaguar pegmatite hosts confirm [lithium-cesium-tantalum]-bearing pegmatites with some of the coarsest and most abundant spodumene occurrences I have seen. These tenements in what may be a new lithium province are a fantastic addition to our already large tenement position in the northeast of Brazil, and, with drilling to commence immediately, I am excited by this opportunity to better understand the potential of this very exciting system."

Sampling and lithium oxide grade confirmation

A series of surface samples were collected from the exposed portion of the Jaguar pegmatite within an artisanal open pit or "garimpo" located at the Jaguar project. Samples were taken from the spodumene-rich pegmatite quartz core primarily to confirm the grade of the visible spodumene mineralization. All samples were assayed at SGS Geosol Laboratories Ltda., Brazil. A field campaign will commence in the coming weeks to complete systematic geochemical sampling of all the known outcrops plus mapping and target generation for follow-up drill programs; Solis has secured a drill rig and plans to commence drilling in June.

Project location

The tenements 871427/2006 and 873426/2021 are located in the province of Bahia in northeast Brazil. The tenements cover a combined area of 1,143 hectares with mineral extraction rights granted for the extraction of dimension on the northernmost tenement. The Jaguar project is located 86 kilometres from Petrolina and Juazeiro, two major regional cities on the San Francisco River, which forms the border between Pernambuco and Bahia states. Road access is via a paved highway and four km of unsealed track to the project. Hydro-generated power is distributed along the main highway and located within 4.5 km of the northern 871427 tenement. Land use is restricted to goat pasture and vegetation, and is typical of a semi-arid tropical environment.

Terms of agreement

As consideration for the acquisition of 100 per cent of the tenements 871427/2006 and 872376/2021 from Marico Mineracao Ltda. and Igramar Industria de Ganitos e Marmores Ltda., Onca Mineracao Ltda., a 100-per-cent-owned subsidiary of Solis, has agreed to:

• Pay the vendors an upfront option fee of $300,000 (U.S.), which will grant Solis (via Onca) a 90-day period to conduct due diligence on the Jaguar project (due diligence period);
• Pay to the vendors, prior to the expiry of the due diligence period and at the election of Onca, a fee of $700,000 (U.S.) in order to exercise the option and acquire a 100-per-cent interest in the Jaguar project (option exercise fee);
• Within 12 months from payment of the option exercise fee, pay $2.9-million;
• Simultaneously with payment of the option exercise fee and subject to the exercise of the option, utilizing Solis's Listing Rule 7.1 placement capacity, issue to the vendor (or its nominees) three million performance rights, which convert on a one-for-one basis into fully paid ordinary shares in the capital of Solis Minerals, upon delineation of an inferred (or greater) mineral resource of 10 million tonnes at 1.0 per cent Li2O or greater within 24 months from the issue of the performance rights.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery-mineral-focused mining exploration company. The company recently acquired a 100-per-cent interest in the Borborema lithium project in northeast Brazil, covering 24,800 hectares, and holds a 100-per-cent interest in 32,400 ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt -- a source of nearly one-half of Peru's copper production.

Qualified person statement

The technical information in this news release was reviewed by Fred Tejada, PGeo, a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Tejada is an arm's-length consultant to the company.

Competent person statement

The information in this Australian Securities Exchange release concerning geological information and exploration results is based on and fairly represents information compiled by Anthony Greenaway, a competent person who is a member of the Australasian Institute of Mining and Metallurgy. Mr. Greenaway is an employee of Solis Minerals, and has sufficient experience which is relevant to the style of mineralization 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. Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr. Greenaway 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.

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