Mr. Matt Boyes reports

SECOND DRILL RIG AT ESTRELA, BRAZIL

Solis Minerals Ltd. has provided an update on the commencement of the second drill rig at the Estrela prospect in the Borborema province of Brazil.

Highlights

• A second large capacity rig is now on site and has commenced drilling on outcropping lithium pegmatite targets at Estrela;
• Multiple outcropping pegmatites have been identified at Estrela and are scheduled for testing as part of this initial program of 3,600 metres;
• A regional scale geochemical program on northern Borborema tenements being mobilized;
• Solis continues to negotiate additional acquisitions in the Borborema province.

Executive director Matthew Boyes commented:

"Solis is exploring the lithium potential within the Borborema province, with primary targets at Estrela and Mina Vermelha. Both prospects are located approximately 15 km from the town of Parelhas, where the company has established a base to facilitate operational management and engage with local communities.

"A second large capacity drill rig has now commenced drilling at the Estrela prospect which will accelerate the program. Between the two rigs, all currently known pegmatites on the Estrela tenements will be tested before year-end.

"In addition to the Estrela drilling program, Solis is pleased to have contracted Mountain GMT to commence a large geochemical program on several northern tenements in the Borborema project package. The collection of eight tenements, located near the town of Cerro Cora, covers a significant portion of the northern Borborema lithium corridor. This initial program includes geochemical soil sampling and will guide drill targeting during 2024."

The drilling program

The continuing maiden drilling program at Estrela consists of 3,600 metres for 23 diamond drill holes and will target four outcropping pegmatite bodies with identified spodumene in rock chip samples. The outcropping pegmatites have been mapped over a strike distance of greater than 1.2 kilometres with surface expressions exhibiting widths up to 30 m in artisanal workings.

Drill holes are designed to intersect the pegmatite bodies at between 60 to 120 m below surface with the scope of demonstrating the bodies have potential to host economically viable volumes and grades of mineralization. Solis expects this initial program will complete before year-end now the second rig has arrived on site.

Geochemical program in northern Borborema tenements

Mountain GMT, a local exploration consultancy, has been contracted to complete a surface mapping and geochemical soil sample program. The area of interest includes eight tenements covering approximately 12,200 hectares of underexplored greenfields ground in the northern Borborema lithium district. The plan is to collect 2,500 soil samples covering approximately 4,000 hectares to be completed in the first quarter of 2024.

About Solis Minerals Ltd.

Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.

The company owns a 100-per-cent interest or option to acquire 100-per-cent interest in the Borborema lithium project in northeast Brazil, covering 26,100 hectares.

Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. The company's projects cover highly prospective, hard-rock lithium ground on which early stage reconnaissance mapping and sampling have verified. Drilling programs are either under way or in preparation to commence shortly.

In addition, Solis also holds a 100-per-cent interest in 35,700 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 half of Peru's copper production.

Qualified person statement

The technical information in this news release was reviewed by Matthew Boyes, a fellow of the Australian Institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

We seek Safe Harbor.