Mr. Matt Boyes reports

SOLIS MINERALS RELEASES QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 NOVEMBER 2023

Solis Minerals Ltd. has presented its quarterly report for the three months ended Nov. 30, 2023.

BRAZIL LITHIUM PROJECTS

Borborema

Estrela Prospect

Progress on the exploration program at the Estrela Prospect continued during the quarter and drilling was completed shortly after the quarter end. This included completion of reconnaissance mapping, mobilisation of an additional drill rig, submission of assays and demobilisation of the drill teams on completion of the programme.

The preliminary reconnaissance mapping completed in September 2023, resulted in the identification of three new lithium bearing outcropping pegmatites with confirmed spodumene present (Figure 1) and rock chip samples returning results up to 7.6% Li2O1 (Table 1).

Table 1: Rock chip samples from Estrela

Sample_lD  Tenement   Northing   Easting  SGS_Method Li2O
 OM00048  848223/2015 9271363.8 763023.57   ICM90A   3.97
 OM00049  848223/2015  9270438  763471.1    ICM90A   1.66
 OM00050  848223/2015 9271186.4 764165.46   ICM90A   3.52
 OM00051  848223/2015 9271363.8 763023.57   ICM90A   7.62
 OM00052  848223/2015 9271363.8 763023.57   ICM90A   0.38
 OM00053  848223/2015 9271363.8 763023.57   ICM90A   0.72

Following the identification of drill targets, drilling at the Estrela Prospect commenced in October 20232. The drilling programme targeted outcropping pegmatite bodies with identified spodumene in rock chip samples (Figure 2). Previous mapping had identified outcropping strike of greater than 1.2km with surface expressions exhibiting widths up to 30m in artisanal workings.

The drillholes were designed to intersect the pegmatite bodies at between 60-120m below surface to determine if the bodies had potential to host economically viable volumes and grades of mineralisation.

Shortly after the commencement of the initial drilling phase, a second drill rig was deployed to accelerate the programme and test the pegmatites before the end of the calendar year3.

Subsequent to the quarter end, the Company confirmed a total of six different pegmatite bodies were tested with 15 drillholes to depths of up to 204m below surface4 (Appendix 1).

Assay results have been received for four of the 15 drillholes completed at Estrela with no significant lithium reported despite the early potential demonstrated by surface exploration.

Mina Vermelha ProspectIn October 2023, Solis entered into an option agreement to purchase the Mina Vermelha Project in the Borborema Municipality of Rio Grande do Norte and along the same mineralised regional trend as the Estrela Prospect5.

The Mina Vermelha tenement covers approximately 500 hectares (Figure 4) with a granted mining lease of six hectares over one of six known outcropping pegmatites on the lease. The tenement is located approximately 16km to the south of the regional centre of Parelhas.

During visits to the site conducted during the quarter, spodumene and pollucite were collected in hand specimens with spodumene concentrations increasing at depth from surface5 (Table 2 & 3).

Table 2: SGS Brazil ICP results for grab samples of Spodumene and Tantalite Mina Vermelha.

Method Assay Certificate code Prefix Sample ID Nb ppm Ta ppm Li%  Li2O  Mineral 
    ICP         GQ2305549      SMP     00019    -10     46   1.60 3.44 Spodumene
    ICP         GQ2305549      SMP     00021   >10000 >10000 0.01 0.01 Tantalite
    ICP         GQ2305549      SMP     00035    -10    -10   0.57 1.23 Spodumene
    ICP         GQ2305549      SMP     00037    -10    -10   1.43 3.07 Spodumene

Table 3: ALS laboratory results for MV001 grab sample of Pollucite from Mina Vermelha.

Sample ID Certificate code Northing Easting RL  Li ppm RB ppm Cs% 
  MV001      PH23152362    9246144  759966  434  36.7   9000  28.3

Subsequent to the end of the quarter, eight drillholes have been reported as complete (with one hole abandoned) for this programme4 (Appendix 1).

The Mina Vermelha drilling tested a 2km long strike of known pegmatites. Four drillholes assays have been returned with no significant lithium assays. All the major outcropping mineralised bodies have now been tested and no further exploration drilling is planned on this prospect for the immediate future4.

Geochemical sampling programmeDuring the quarter GMT exploration services continued to progress the major regional geochemical soil programme across the large tenement holdings in the northern Borborema Project. Over 50% of the planned programme has been completed as announced subsequent to the quarter end4.

Samples have been prepared for Inductively Coupled Plasma (ICP) analysis and the results will be used to assist identification of new drill targets. The programme is scheduled to be completed in early 2024.

Jaguar Project

During the quarter the Company attempted to re-negotiate an extension on the due diligence period at the Jaguar Project. Solis requested an additional six months on the due diligence period to conduct sufficient exploration to justify the acquisition price before committing to the binding option agreement. The Company was not convinced that sufficient potential for grade or scale had been indicated during the due diligence conducted and consequently the negotiations concluded in October 2023 without reaching satisfactory terms with the Vendor. All claims over the Project were relinquished by Solis and Onca Mineracao at this time5.

PERU COPPER PROJECTS

Ilo Este Project

The Company has continued to advanced exploration at Ilo Este during the quarter, with efforts focused on altered areas that had not been subject to any previous drilling. Detailed geological mapping in this zone, combined with rock geochemistry surveys, identified an area of strong potassic alteration in porphyry microdiorites with commonly associated malachite (copper oxide mineral).

Subsequent to the end of the quarter6, the Company identified a large high magnitude chargeability anomaly targeted by the Induced Polarisation (IP) geophysical survey that commenced in September. 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 (Figures 5, 6 & 7).

The high chargeability anomaly (>20mV/V) held dimensions of 1,250m length and 200-400m width and was detectable from approximately 100m below surface to 500m below surface. The magnetic and IP anomalies have not been previously drilled. A diamond hole on the northern margin of the IP anomaly returned 291m @ 0.21g/t Au in altered volcanics and porphyritic quartz microdiorites.

Ilo Norte Project

An induced polarisation survey was initiated at Ilo Norte covering areas identified as prospective by the drone magnetometry survey carried out in earlier in 2023. Subsequent mapping has identified alteration and Cu oxides associated with structures in volcanics to the west of a zone with intrusive characteristics more likely to host porphyry copper style mineralisation 16.7km of IP lines are planned.

CORPORATE

On 31 October 2023 Solis Minerals held the Company's Annual General Meeting in accordance with Listing Rule 3.12.2. All resolutions were passed on a poll.

During the quarter, 12,500 options (exercisable at A$0.30 each on or before 15 December 2023) were exercised and converted to CDIs.

Subsequent to quarter end, 7500 options were exercised and on 15 December 2023 a total of 2,589,038 unexercised options expired.

The Company had a current cash balance of approximately AUD $8 million at the end of the quarter.

On 12 January 2024 the Company announced its unaudited Financial Statements and Management's Discussion and Analysis for the quarter ended 30 November 2023.

About Solis Minerals Ltd.

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

The Company owns a 100% interest in the Borborema Lithium Project in NE Brazil, covering 25,600ha.

Brazil is rapidly growing in global importance as an exporter of lithium to supply the increasing global demand from battery manufacturers. Company projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified. Drilling programs are underway on both the Estrela and Mine Vermelha Prospects.

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 south-western Peru within the country's prolific coastal copper belt-a source of nearly half of Peru's copper production.

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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