Mr. Matthew Boyes reports

SOLIS MINERALS PROVIDES EXPLORATION UPDATE FOR PERU, BORBOREMA, BRAZIL

Solis Minerals Ltd. has provided an update on the recently completed drilling program at both the Estrela and Mina Vermelha prospects in Borborema, regional geochemical soil program in Brazil, and geophysical target generation in Peru.

Highlights:

• Drill permitting under way at Ilo Este, with initial drill program design under way; Chancho al Palo drill permitting commencing in May;
• Significant geophysical targets identified at Chancho al Palo and Ilo Este following up from excellent initial IP results; surface exposure at Chancho confirms copper mineralization;
• Copper asset portfolio continually growing with an additional licence pegged at Ilo Este and several other large packages under review;
• Solis continues to review multiple new opportunities across varied commodities and jurisdictions.

Executive director Matthew Boyes commented:

"Our Peruvian copper assets are quickly moving to the fore and we have some very promising targets generated by our team on the ground. Ilo Este and Chancho al Palo both look to be excellent copper targets, and we look forward to getting the permitting granted and start drilling as soon as possible.

"Solis is also constantly reviewing potential acquisitions and has implemented a series of cost cuts across the group with only essential expenditure being maintained until a new project is secured.

"The final assays have now been received for the Estrela and Mina Vermelha drilling, but no lithium mineralization of significance was reported. We are now undertaking a final review of all assay data from both Estrela and Mina Vermelha before deciding the next steps with regards to follow up exploration. Our first-pass mapping and geochemical programs have also advanced following access restrictions caused by high rainfall earlier in the year."

Peru Copper

A detailed magnetic drone survey has been completed over extensions of Ilo Este and an induced polarization (IP) geophysical survey has been undertaken at Chancho al Palo (Ilo Norte), which followed up a previous magnetic drone survey.

IP at Chancho al Palo (Ilo Norte)

To complement the extensive geological mapping campaign carried out during 2023 and the drone magnetometry survey of May, 2023, an area in Chancho al Palo was covered by eight lines of time-domain IP geophysical surveys of 16.7 kilometres in total length. Dipole interval was 100 metres and line spacing was 250 metres. The lines were oriented west-northwest to east-southeast and were limited to the east by the presence of recent sediments, including caliche (calcrete). The survey was carried out by Peruvian company Deep Sounding EIRL.

The focus of the survey was an eastern zone of Jurassic volcano-sedimentary rocks intruded by the Cretaceous coastal batholith and similar rocks to the west displaying development of extensive hornfels alteration. The eastern area is considered prospective for porphyry mineralization while the western area is prospective for IOCG-style (iron oxide, copper and gold) mineralization. The areas are separated by a north-south fault with interpreted downthrow to the west with the IOCG zone being considered a higher-emplaced more distal expression of potential porphyry mineralization to the east.

It is planned to submit drill permit applications at Chanco al Palo in May, 2024.

Drone magnetometry at Ilo Este

In December, 2023, 56.4 line kilometres of drone magnetometry was carried out by Real Eagle Explorations EIRL at the eastern extension of the Ilo Este licences. The average altitude of the drone was 35 metres and 25 readings per second were taken at a ground velocity of 10 metres per second. A mobile 01MagArrow-SX magnetometer was utilized to acquire the data. The area was constrained by the presence of high-tension power lines to the southeast and a distance of 200 metres was maintained from the lines for safety and quality control purposes. The data are considered to be unimpacted by potential magnetic fields generated by the power lines.

The area is flanked by the regional Chololo fault to the northwest and is characterized by the accumulation of quaternary sediments in a southwest-northeast-trending structural corridor. Very little outcrop is present. Ground magnetometry carried out in 2014 indicated a buried magnetic susceptibility anomaly in the west of the survey area and the drone survey was a direct follow-up of this in the permit Solis Ilo Este I. The continuation of the anomaly led to the application of permit Solis Ilo Este II immediately prior to the drone survey.

Results of the 2014 ground magnetometry and 2023 drone magnetometry have been analyzed and stitched together by Fathom Geophysics, of the United States.

The results show the presence of potential alteration associated with magnetite that can be interpreted as extensions of the porphyry-style mineralization encountered at Ilo Este to the west across the Chololo regional fault. Depth to the anomalies is uncertain albeit A1 and A2 appear to be closer to the surface than A3. Follow-up mapping of incised valleys and float will be undertaken to assess drill targets.

The contract for drill permitting of Ilo Este has been awarded to Grupo GyA Soluciones GeoAmbientales SAC, of Lima, Peru, and environmental monitoring programs are currently under way on the permits to support the application. Updates on the progress of the drill permitting will be reported as the company progresses through the process.

Borborema geochemical program

A total of 843 geochemical soil samples were taken across three tenements on a 200-metre-by-100-metre grid spacing in the northeastern portion of the Borborema project. The objective of the program, in conjunction with field mapping and reconnaissance, was to identify potential lithium-bearing pegmatite systems within previously unexplored terrain. Five hundred eighty-five assay results have now been reported, with no material results recorded for lithium suite minerals, base or precious metals. Solis has temporarily halted further expenditure on geochemical sampling until all tenements are mapped and priority target areas identified.

Mina Vermelha and Estrela

All assay results have now been reported from the maiden drill programs at the Mina Vermelha and Estrela projects. No material assays for lithium or any lithium suite elements were reported. A full review of all geochemical data and logged pegmatites is being completed to assist with future exploration activities at Estrela. The proximity and strike of the Estrela pegmatite bodies are consistent with larger, well-mineralized, pegmatite systems, such as Salgadinho (located 350 metres to the northeast) and although drilling to date has not intersected lithium-bearing dikes below mineralized outcrop, Solis believes potential still exists for discovery of lithium bearing pegmatite systems on the extensive Estrela project.

Mina Vermelha has also not reported any material lithium assays and a final field investigation will be carried out before a decision to continue with the option agreement at Mina Vermelha is taken by the board. At this stage, considering the results obtained, it is unlikely Solis will continue with any additional expenditure at this project.

Next steps

Solis is prioritizing the advancement of the drill pemitting process in Peru over its Ilo Este and Chancho al Palo (Ilo Norte) project areas while continuing to review lithium and copper opportunities in South America.

Approximately 270 assays are pending for the initial geochemical program in Borborema. Once received, anomalous areas of mineralization will be followed up with additional sampling and ground checking. The regional team has been reduced significantly while the company review new opportunities and prepare for the next drill program.

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, hard-rock 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 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 Mr. Boyes, who is a fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101.

Competent person statement

The information in this Australian Securities Exchange release concerning geological information and exploration results is based on and fairly represents information compiled by Mr. Boyes, who is a competent person. Mr. Boyes is an employee of Solis Minerals, and has sufficient experience that is relevant to the style of mineralization 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 news release.

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