Mr. Matt Boyes reports

COARSE SPODUMENE INTERSECTED AT JAGUAR IN MAIDEN DRILL PROGRAMME

Solis Minerals Ltd. has noted the intersection of spodumene-bearing pegmatite in the 2,500-metre maiden drill program at the Jaguar lithium project, Bahia state, Brazil, over which the company has recently secured an option to acquire a 100-per-cent interest.

The drilling program

Diamond drilling at the Jaguar project is continuing, with three drill holes now completed. As the orientation dip and plunge of the mineralized portion of the first pegmatite target was unclear from outcropping mineralization, drilling was planned from both the hanging wall and footwall locations north and south of the pit. Drill hole JADDH00001 did not intercept the core of the pegmatite, due to incorrect drill orientation. JADDH00002 and JADDH00003 both successfully intersected broad intervals of shallow-dipping pegmatite below the existing artisanal workings at Jaguar. Spodumene-rich central core sections of the pegmatite were intersected from 30 metres to 38.2 metres in JADDH00002 and from 44.3 m to 52.2 m in JADDH00003, respectively (see the table entitled "Logged lithology for JADDH00002 and JADDH00003 with estimated spodumene volume").

Matt Boyes, executive director, commented:

"This is a positive result for the team from the maiden program at Jaguar. Confirmation of an LCT (lithium-caesium-tantalum)-bearing system that continues at depth below the artisanal workings is highly encouraging and we look forward to the arrival of a second drill rig.

"As we extend our mapping and geochemical sampling programs, we are finding evidence of a potential stacked pegmatite system. Multiple spodumene-bearing float samples have been collected up to one kilometre from the central Jaguar artisanal mine area, and large outcropping pegmatites, which are completely untested, have been located.

"We are encouraged by our early results at the Jaguar project, and we look forward to updating the market as we deliver results from this maiden drill program."

Note: LIBS (laser-induced breakdown spectroscopy) readings should not be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. LIBS readings are not representative of the whole core and represent purely a concentration measured at a single point.

Initial production rates averaged just seven m per shift, with crews encountering start-up technical challenges. These have been fully addressed, with drilling now expected to achieve normal production targets. Continuous mineralization has now been confirmed below the existing artisanal workings, and Solis is sourcing a second rig. A tender has been called for an additional 5,000 m diamond core drilling program with a larger-capacity track-mounted rig capable of higher production rates and higher availability. This is expected to improve the drilling rates, which have been less than targeted.

Stepout drill holes along the interpreted strike of the pegmatite are now planned to help understand the overall strike, dip and distribution of the mineralization within the pegmatites. The drilling to date has intersected pegmatites which adhere to a classic idealized LCT-bearing pegmatite model. The mineralization grades from an albite-quartz-muscovite-rich border zone through to a K-feldspar-rich intermediate zone and then grading to a tourmaline-quartz-spodumene-rich core. The pegmatites are orientated in a north-east strike and are dipping at approximately 30 degrees to the southeast, parallel to the slope of the ridge line that is formed by the pegmatite.

Solis is currently installing core cutting facilities on site and intends to start processing the existing core within the next week. Solis will be aiming to complete a further three holes from the current program and submitting the first batch of samples in late July, with results expected late August. All samples will be assayed at SGS Laboratories in Minas Gerais province, with current turnaround period of three weeks postsubmission of samples.

Exploration program and additional targets

The initial focus of Solis during this maiden campaign is to test the known strike of the confirmed pegmatite outcrops at Jaguar and commence stepout drilling to the north to test interpreted repetitions of the Jaguar pegmatites at depth. Pegmatite outcrops have been identified over 1.4 kilometres of strike, with a central section that forms the elevated ridge area in excess of 800 m within the Jaguar tenement area. Mineral species identified in all the outcropping artisanal workings are consistent with an LCT-bearing system and fit a classic pegmatite model.

A large shallow-dipping pegmatite body, measuring approximately 400 m by 400 m at the surface, has been mapped approximately one kilometre to the northwest of the Jaguar pit and will be drill tested once additional drill capacity is mobilized to site. This pegmatite body exhibits classic mineralization and textures associated with LCT-bearing systems. Spodumene-bearing float has been found at surface in the vicinity of the outcrop, with the source of the mineralization yet to be located. The body has a similar dip and strike orientation to the Jaguar mineralization, which was intersected in the current program and represents a potential repetition, and hence the possibility for a stacked system with multiple pegmatite bodies to be hosted within the tenement package.

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 approximately 25,000 hectares. It has recently executed an option to acquire 100 per cent of the Jaguar lithium project in Bahia state, Brazil. In addition, Solis also holds a 100-per-cent interest in 32,400 hectares of combined licences and applications of highly prospective IOCG (iron oxide, copper and gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt, a source of nearly 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.

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 Matthew Boyes, a competent person who is a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Boyes 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. Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr. Boyes 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.

All information about exploration results that were previously released to the market is appropriately referenced in this document.

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