Mr. Matt Boyes reports

SOLIS RECEIVES FIRM COMMITMENTS FOR 8M AUD PLACEMENT

Solis Minerals Ltd. has received firm commitments to raise $8,155,000 (Australian) (approximately $7,315,000 (Canadian)) at an issue price of 55 Australian cents (49 Canadian cents) through a non-brokered placement of new fully paid ordinary shares to sophisticated and professional investors, as well as North American institutional funds (before costs). Solis's largest shareholder, Latin Resources, has committed to participating in the placement, increasing its substantial holding to 17.79 per cent, while directors have subscribed for $200,000 (Australian) (subject to shareholder approval at the next general meeting).

Participation of insiders in the placement will constitute a related-party transaction, as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuance of the securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101, pursuant to Subsection 5.5(a) of MI 61-101, and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101, pursuant to Subsection 5.7(1)(a) of MI 61-101.

Executive director Matt Boyes commented:

"We are delighted to announce the completion of the placement, which has enabled us to introduce a number of new, sophisticated shareholders to the company's register. The placement validates the portfolio of assets the company has recently acquired and our focus on the upcoming drilling program and building a new battery minerals business in South America. I want to welcome new shareholders and thank our existing ones, particularly Latin Resources, for their continued support and validation of our lithium strategy and investment in an emerging lithium district in Brazil."

The placement provides the company with a significant capital injection to:

• Complete the option fee and (subject to the completion of due diligence) the option exercise fee for the acquisition of the Jaguar lithium project;
• Advance the exploration of the Jaguar lithium project, with drilling to commence before June 30, 2023;
• Advance the Borborema lithium project in the northeast of Brazil;
• Continue to explore the Peruvian IOCG (iron oxide copper gold) copper projects;
• Continue to assess and execute suitable project acquisitions and contribute to continuing general working capital.

Use of proceeds includes geophysical surveys and drilling on the company's Ilo Este, Ilo Norte and Cinto copper projects in Peru; geophysical surveys and drilling on the company's Borborema lithium projects in Brazil; due diligence and, if positive, completion on the company's proposed acquisition of the Jaguar lithium project in Brazil; and general working capital.

Placement details and option financing agreement

Solis will issue a total of 14,827,273 new shares at an issue price of 55 Australian cents per new share to raise a total of approximately $8,155,000 (Australian) (before costs). The placement will be completed in two tranches:

• Tranche 1 to raise approximately $3.05-million (Australian) through the issue of 5,545,455 new shares utilizing the company's current placement capacity as per Australian Securities Exchange Listing Rule 7.1;
• Tranche 2 to raise approximately $5,105,000 (Australian) through the issue of 9,281,818 new shares subject to shareholder approval to be sought at a general meeting of the company expected to be held in July, 2023.

The issue price of 55 Australian cents represents a modest discount of 6.78 per cent to the last traded price of 59 Australia cents and a 57-per-cent premium to the 10-day VWAP (volume-weighted average price) of 35 Australian cents. The new shares under tranche 1 are expected to commence trading on the ASX on Tuesday, June 20, 2023, and will rank equally with Solis's existing fully paid ordinary shares.

Management and the board have collectively provided commitments to subscribe to an additional $200,000 (Australian) in new shares at the same price as the placement, subject to shareholder approval at the next general meeting of the company, which is expected to be in July, 2023.

The company has entered into a non-binding term sheet with Lind Partners for a further financing of $2-million (Australian), which will be repaid from funds received on exercise of the company's 30-Australian-cent unlisted options currently on issue (option financing agreement).

In consideration for the option financing agreement, and subject to shareholder approval, Lind Partners will receive three million unlisted options with an exercise price of 77 Australian cents, expiring 12 months from the date of issue. Lind Partners will also receive a fixed interest fee of 10 per cent and standard establishment fee. The option financing agreement remains subject to the entry of a formal agreement between the parties. The company will be required to pay back the first $500,000 (Australian) of advanced finances within six months from the date of entry of the option financing agreement. The option financing agreement has a 12-month term and is not secured against the assets of the company.

While no lead manager was appointed to manage the placement, assisting brokers received in aggregate fees of 6 per cent of the finances raised under the placement.

The financing will be conducted in compliance with applicable securities laws and corporate governance and is subject to TSX-V Exchange approval.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The company owns a 100-per-cent interest in the Borborema lithium project in northeast Brazil, covering 24,800 hectares.

We seek Safe Harbor.