Mr. Matthew Boyes reports

SOLIS MINERALS PROVIDES EXPLORATION UPDATE FROM ESTRELA AND MINA VERMELHA PROSPECTS, BORBOREMA PROVINCE, BRAZIL

Solis Minerals Ltd. has released an update on the drilling program currently under way at the Estrela and Mina Vermelha projects in the Borborema province, Brazil.

Executive director, Matthew Boyes, commented:

"Drilling crews have steadily performed on schedule over the past four weeks at Estrela and are now also operating at the Mina Vermelha prospect. The crews are on course to complete both programs within the scheduled time frame, and have all core processed and submitted with the laboratories before the Christmas break.

"Initial signs are encouraging with visible spodumene-bearing pegmatites intersected in several target areas, including significant widths of pegmatite reported especially in the initial holes at Mina Vermelha. We are looking forward to receiving our first assay results, which will assist in the team gaining a full understanding of the distribution of the mineralization within the system and also direct the next round of drilling at both projects."

Estrela project

Twelve of the initial 23 drill holes planned (targeting a total 3,600 metres) have now been completed into the recently identified Estrela targets. Four of the drill holes intersecting subvertical pegmatites at depth. Limited fine-grained spodumene has been identified visually in the core to date. Four drill hole have been processed and submitted for chemical analysis at SGS laboratories in Belo Horizonte. Results will be reported once available. The remaining 11 drill holes in the program are on schedule to be completed, and all core processed, in late December.

Mina Vermelha project

Two drill holes have now been completed from an initial eight-hole program (targeting a total 1,420 m). This program will test the two-kilometre-long strike of known pegmatites at Mina Vermelha. MVDDH00002 intersected multiple stacked pegmatites from 9.7 m to 314 m downhole. A total of 168.8 m of pegmatite was intersected with 64.8 m logged as spodumene-bearing. The hole is interpreted to have been drilled oblique to the strike of the interpreted pegmatite bodies with a second set of pegmatites now interpreted to be east-west-trending; a follow-up north-south-oriented drill hole will be completed if assays justify follow up of the initial hole. The true width of the mineralization in MVDHH00002 is estimated to be approximately 48-75m.

The size of this interval is encouraging and demonstrates potential for a large tonnage system to be hosted within the Mina Vermelha Project. Fine grained visible spodumene and pollucite mineralization3 has been logged, although in minor quantities. The results from geochemical assays are awaited to confirm the extent of mineralization.

The drill rig has now moved south to test the third site before moving to the northernmost known pegmatite outcrop. In total, nine outcropping pegmatites have been identified on the Mina Vermelha site, including a second set of pegmatites orientated in east-west strike, all targets will be drill tested by conclusion of this program. East-west-orientated sets of pegmatites in the region are commonly spodumene-bearing and are currently being mined at Mina Paraiba approximately 16 km to the north of Mina Vermelha.

Geochemical sampling program

GMT exploration services has now completed approximately 25 per cent of a major regional geochemical soil program in northern Borborema province. Samples are currently being prepared for submission for ICP (inductively coupled plasma) analysis. Assay results are expected to assist in identifying new drill targets in over the company's large tenement holding in the northern Borborema province, the program is scheduled to be completed in early 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 a 100-per-cent interest in the Borborema lithium project in northeastern Brazil, covering 26,100 hectares.

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

In addition, Solis also holds a 100-per-cent interest in 35,700 hectares 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).

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