Mr. Matt Boyes reports

MAGNETIC SURVEY COMPLETED-FIELD SEASON IS UNDERWAY IN PERU

Solis Minerals Ltd. has completed a new magnetic drone survey and the reprocessing of historical magnetic data at Ilo Norte, culminating in the identification of multiple high-priority targets. In addition to the survey completion, and as previously announced1, Solis has applied for an additional 3,700 hectares of highly prospective ground in the Ilo Norte region (Figure 1) and is also ground-checking new anomalies in both Ilo Norte and Ilo Este.

HIGHLIGHTS

• Drone magnetic survey completes magnetic data acquisition at Ilo Norte
• Multiple new targets developed from 3D modelling and reprocessing of historical magnetic data in addition to newly acquired drone survey data at Ilo Norte
• Ground checking of targets at Ilo Norte is now underway
• Mapping and sampling at Ilo Este identified undrilled prospective zones

Executive Director, Matt Boyes, commented:

"The Peruvian exploration season has well and truly moved into high gear. We have now identified and secured additional tenements at Ilo Norte. We have also undertaken remote satellite data acquisition and processing, enabling us to focus on the most prospective areas now that exploration access is available.

Our tenements occupy what we believe to be a very prospective corridor for copper porphyry-hosted mineralisation within an Andean belt that hasn't been fully explored. Recent significant improvements in geophysical data processing technologies have enabled us to generate high-priority, undrilled targets from existing data sets. We are now ground-checking at both Ilo Norte and Ilo Este. These will be drill tested as soon as permitted."

1 See ASX release "Quarterly Activities Report" of 31 July 2023.

Ilo Norte Project, Peru (Solis 100%)Figure 1: Ilo Norte Project expanded area showing Solis' exploration tenements and applications. Coincident magnetic and radial symmetry anomalies from reprocessed historical datasets are identified with letter/number combinations. Solis' recent aerial magnetic survey area is in the SE of the tenement package.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_012full.jpgFigure 2: Oblique northwest-southeast A-A section of Ilo Norte Project area, viewed from the north and showing reprocessed magnetic data showing magnetic anomalies (yellow) and radial symmetry filters (green-blue) - considered more prospective of intrusive bodies where coincident (S2 and S4)To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_013full.jpg

Solis has undertaken a magnetic vector inversion (MVI) with Fathom Geophysics of historical aerial magnetic data in the Ilo Norte area using modern software and filters. Analysis of the results, including structure analysis, has outlined several magnetic susceptibility anomalies associated with high-angle cross-structures across the main Andean structural trend. Some of these occur in ground acquired by Solis after its 2023 WorldView-3 (WV-3) satellite spectral imagery program. Other magnetic anomalies undercover have been identified in the southeast of the area and were applied for during June 2023 (Figure 1). Magnetic anomalies are often associated with magnetite-bearing intrusions or skarns in porphyry settings and are a valuable vector for porphyry copper-style mineralisation.

Figure 2 shows a northwest-southeast oblique section, viewed from the northeast, of the four magnetic anomalies S1-S4 shown in Figure 1. Magnetic anomalies (yellow) coincide with radial symmetry filter results at anomalies S2 and S4 and are considered more prospective. The radial symmetry filter highlights round features in the data, allowing the location of areas more likely to be intrusive bodies or discrete alteration zones. The radially symmetric features in the MVI area appear to line up along the NW-trending (Andean structures) and NNE- to NE-trending structures (cross-structures). This is consistent with what is expected for intrusive activity in the area.Figure 3: Drone magnetometry survey underway at Ilo NorteTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_014full.jpg

Solis has recently flown a drone magnetometry survey over the southern portion of the Ilo Norte tenement package, an area previously not covered by historical surveys. Some 150 km lines of east-west and four north-south tie lines were flown in four days, covering an area of approximately 31km2 (Figures 3 & 4). The survey focused on following previous exploration, including remote sensing anomalies, prospective structures, and geological mapping. The objective was to identify structural architecture and magnetic highs and lows potentially associated with covered porphyries or their associated alteration. Four targets (M1-4, see Figure 5) were identified, and geological mapping and geochemical sampling are underway. Once field checked, induced polarisation geophysical surveys may be undertaken over areas considered more favourable as drilling targets.Figure 4: Ilo Norte Project showing drone magnetometry survey results in the previously unsurveyed areaTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_015full.jpgFigure 5: Geophysical targets M1-M4 identified from drone magnetometry survey over the southern portion of the Ilo Norte tenement packageTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_016full.jpg

Ilo Este Project, Peru (Solis 100%)

Geochemical mapping and sampling are underway at Ilo Este (Figures 6-8). Analysis of WV-3 satellite imagery in conjunction with previous data has focused exploration on a relatively unexplored western area of Ilo Este. An exposure of porphyritic quartz diorite with strong potassic alteration containing copper oxide minerals was located in an area previously untested by drilling (see Figures 7 & 8). Drill permitting will initiate shortly.Figure 6: Sampling underway at Ilo Este on previously identified targets as part of ground checking of anomalies for drill testingTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_017full.jpgFigure 7: Copper oxide minerals in hand specimen from potassic altered porphyritic diorites at Ilo Este # containing approximately 1.5% to 2% copper oxide on the surface of the hand specimen. The presence of copper oxides in hand specimen indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The hand specimen was located at 8057240N and N269167E and has not been sent for assaying at this stage."To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_018full.jpgFigure 8: Location map Ilo Este showing the position of grab sample from Figure 7; and nearby historical drill assay3To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/176757_280089d48411a836_019full.jpg

Brazilian Lithium Projects

Jaguar Lithium Project

Solis has negotiated an extension to the due diligence period2 over the Jaguar asset until 1 September 2023 due to slow production rates experienced during the current drilling programme.

Borborema Lithium Project

An exploration team will mobilise in August to commence fieldwork on the Borborema Lithium Project. Solis controls more than 25,600ha of prospective tenements in the northern Brazilian states of Rio Grande do Norte and Paraiba.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company owns a 100% interest in the Borborema Lithium Project in NE Brazil, covering 25,600ha. It has recently executed an option to acquire 100% of the Jaguar Lithium Project in Bahia state, Brazil. In addition, Solis also holds a 100% interest in 35,700ha 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 half of Peru's copper production.

Qualified Person Statement

The technical information in this news release was reviewed by Fred Tejada, P.Geo, a qualified person as defined by National Instrument 43-101 (NI 43-101).

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 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 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 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.

We seek Safe Harbor.