Mr. Matthew Boyes reports

SOLIS MINERALS ANNOUNCES: ANOMALY CONFIRMS DRILL TARGET ZONE DURING IP STUDY AT ILO ESTE, PERU

Solis Minerals Ltd. has completed the induced polarization (IP) study at its Ilo Este project in Peru.

HIGHLIGHTS

• The Induced Polarisation (IP) geophysical study at Ilo Este Porphyry Copper (Cu) project has identified a large high magnitude chargeability anomaly.
• The IP anomaly located at contact with previously identified magnetic anomaly.
• Combined geophysics and site geology result in confirmation of a highly prospective large-scale untested drill zone.
• Surface mapping and sampling identifies areas of potassic altered porphyritic microdiorites with associated copper oxides (Malachite).
• Drill site selection is underway and drill permitting processes initiated.

Executive Director, Matthew Boyes, commented:

"Ilo Este is shaping up to be a compelling porphyry copper target with the successful identification by our team in Peru of an extremely prospective high chargeability anomaly located in close proximity to the previously identified large magnetic anomaly."

"The drill programme planning has already commenced to allow us to test these anomalies with drilling next year. A semi-detailed environmental impact study will now be undertaken to select drill sites to test these exciting targets. Historical drilling returned highly anomalous values for copper and gold but clearly missed the highest priority target areas generated in this newly acquired IP data combined with reprocessed magnetic data."

"Surface mapping and reconnaissance programmes is ongoing on all our Peruvian land package. A continuous process of project evaluation is underway with a view to growing our already large, quality exploration portfolio."

Ilo Este Project

Solis has advanced exploration at the Ilo Este project in Peru. Based on Worldview-3 satellite imaging acquired in late 2022, exploration has focused on altered areas that have not been subject to any drilling (Figure 7). Detailed geological mapping in this zone combined with rock geochemistry surveys1 identified an area of strong potassic alteration in porphyry microdiorites with commonly associated malachite (copper oxide mineral).

Magnetic Vector Inversion Analysis

A Magnetic Vector Inversion (MVI) of 2014 ground magnetometry survey data was undertaken in August 20232. The MVI, carried out by Fathom Geophysics, utilised modern software and filters which outlined a magnetic susceptibility anomaly in the south of the area identified as the Southern Magnetic Anomaly (see Figure 1). Other magnetic susceptibility anomalies in the permits, specifically the Northern Magnetic Anomaly, have been drilled by previous explorers and shown to be magnetite-rich areas associated with porphyry copper style mineralisation and alteration. Subsequent to the MVI results, the Southern Magnetic Anomaly was targeted by an Induced Polarisation (IP) survey in September 2023 (see Figures 1 & 7). The IP survey of total line length 10.5km was conducted in September 2023 by Real Eagle Explorations EIRL of Lima.

First Class Copper Porphyry Target GeneratedFigure 1: Ilo Este- Results of IP (Induced Polarisation) study shown in plan view slice 300m from surface. This shows the high chargeability anomaly (IP1) with coincident/adjacent magnetic anomaly (SMA), existing drillhole traces showing the untested (non-drilled) area and geochemical rock chip results at surface. Note the gold intercept in DDH005 drilled away from the northern margin of IP1 and some initial target drill hole pierce points.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/191051_picture1.jpg

Results of the IP survey outlined a high chargeability anomaly of >20mV/V in contact with the Southern Magnetic Anomaly to the south and extending east (see Figure 2).

The high chargeability anomaly (>20mV/V) has dimensions of 1,250m length and 200-400m width. It is detectable from approximately 100m below surface to 500m below surface (the base of the survey - see Figures 3 & 4). The magnetic and IP anomalies have not been previously drilled. A diamond drill hole drilled on its northern margin off the IP anomaly (IE-DDH005-15) returned 291m @0.21g/t Au3 in altered volcanics and porphyritic quartz microdiorites. One RC hole from 2002 (YAR RC hole) was drilled towards the IP anomaly to a depth of 198m. The identity of this hole is uncertain in old databases, but little high-grade mineralisation was viewed in relevant assay files. Inspection of the drill platform during the IP survey revealed that the drill hole was collared in and drilled sub-parallel to a large (up to 40m wide) barren post-mineral dyke.

The source of the Northern Magnetic Anomaly (Figure 1) is interpreted from mapping and mineralogy as a deeply eroded porphyry system, and this is supported by its proximity to batholith rocks of the area. In contrast, the Southern Magnetic Anomaly is more distal from the Cretaceous coastal batholith and is associated with rocks of a more porphyritic nature of probable Cretaceous age, intruding older rocks such as the Jurassic Chocolate Formation which are potential mineralisation hosts. The Southern Magnetic Anomaly area is considered to hold considerably more potential to conserve uneroded porphyry-style mineralisation.Figure 4: Ilo Este- View of High Chargeability Anomaly and Southern Magnetic Anomaly (SMA) from NW at minus 30 degrees. Previous drilling shown. Note YAR RC hole collared in and drilled sub-parallel to post-mineral dyke.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/191051_picture4.jpg

Mapping and selected rock geochemistry has shown that the high chargeability anomaly is principally located in steeply southerly dipping porphyritic quartz microdiorites of probable Cretaceous age with strong zones of potassic alteration. At surface the IP anomaly itself is partially covered by an andesite with lesser geochemical response. Copper oxides are commonly present in the form of malachite (see Figure 6). This rock intrudes into altered Jurassic volcanics of the Chocolate Formation. Structures parallel to the regional cross- Andean Chololo structure, which occurs south of the anomaly, control the limits of the Southern Magnetic Anomaly and the high chargeability anomaly. Downthrow is to the south-east and a further exploration target exists in downthrown blocks adjacent to the Chololo fault. Several Andean strike structures, apparently post-mineralisation, cross the anomalies. Some are occupied by post-mineral dykes such as that encountered in the YAR RC hole shown in Figure 4. The high degree of faulting gives the area a generally low resistivity as evidenced by the IP survey (see Figure 5).

3 Erratum. Drill hole ID: IE-DDH-005-15 was first reported in the Company's IPO prospectus dated 3rd December 2021. The Company wishes to advise that the hole reported an intercept of 213 metres at 0.13% Cu. The Company wishes to advise the market that this non-material intercept was incorrectly reported, and should have been reported as 291 metres at 0.21 g/t Au from 102 metres.Figure 5: Ilo Este - Plan of resistivity 300m below surface overlain by magnetic (NMA & SMA) and IP anomalies (IP1). Structural control as indicated. Note the presence of caliche (calcretised recent sediments) on and south of the Chololo Fault results in low resistivity.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/191051_picture5.jpgFigure 6: Ilo Este - porphyritic quartz microdiorite with potassic alteration and copper oxides in hand specimen from outcrop zone of high chargeability anomaly4. For location see Figure 7.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1134/191051_picture6.jpg

4 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 analysis.

Next Steps

The combination of exploration methods has produced geologically well-supported drill targets over a strike-length of >1km in an area that is previously undrilled. The area is considered highly prospective to host porphyry copper style mineralisation due to the known occurrence of this style of mineralisation on the property, the favourable geology, and robust geophysical anomalies. Drill permitting for a semi-detailed EIA is being initiated and typically takes up to 12 months to final approval and drilling.

About Solis Minerals Ltd.

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

The Company owns a 100% interest or option to acquire 100% interest in the Borborema Lithium Project in NE Brazil, covering 26,100ha.

Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. The Borborema suite of projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified.

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 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).

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.

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