Mr. Michael Parker reports

GUANEROS DRONE MAGNETOMETRY AND GEOCHEMISTRY IDENTIFIES HIGH PRIORITY TARGETS

Solis Minerals Ltd. has provided an update on exploration activities at the Guaneros project situated in the prospective Coastal belt of southern Peru.

Solis has completed a drone magnetometry survey over its application areas known as the Guaneros project. The survey shows magnetic anomalies in areas close to the intrusive batholith contact with similar magnetic responses to those seen at Ilo Este. Additionally, two rock samples from outcrops north of the Guaneros southern magnetic anomaly returned copper assays of 0.37 per cent Cu and 0.14 per cent Cu, and gold results of 0.17 gram per tonne Au and 0.11 g/t Au, respectively.

Executive director Mike Parker commented: "The results of the drone magnetometry have made a highly significant contribution to our understanding of settings for potential mineralization in the prospective Coastal belt.

"At Guaneros, similar magnetic signatures to those associated with known mineralization at nearby Ilo Este are evident. Rock samples in the area have returned highly anomalous copper and gold values associated with alteration akin to porphyry style mineralization. We will continue to complement our knowledge, with ground investigations and further geophysics, where appropriate, as we develop a clear road map to permitting and drilling.

"The Guaneros project along with the neighbouring Ilo Este and Chancho al Palo projects have developed into a major focus for our copper exploration in south Peru. We look forward to progressing our permitting and drilling."

Survey details

Peruvian geophysical contractors Real Eagle Explorations completed 360 kilometres of drone lines from Aug. 6 to Aug. 20, 2024. A GEM GSMP-25u mobile magnetometer was deployed supported by a Matrice 300RTK drone. The base station was a GEM GSM-19Wv7.0 Overhauser. Two-hundred-metre space lines, with appropriately spaced tie lines, were flown at a maximum velocity of 28 kilometres per hour with an altitude range of 30 metres to 80 m above ground.

Interpretation and observations

For purposes of interpretation, Solis has combined magnetic data from three separate magnetic surveys in the area (Ilo Este, Solis Ilo Este and Guaneros). The data sets should not be considered as totally compatible due to differences in the acquisition method and field conditions at the time. Identification of areas of high and low magnetic response is, however, considered to provide a valuable guide to the underlying geology of the area, particularly when combined with extensive ground truthing at Ilo Este.

The Guaneros magnetic data set will be further processed in due course using magnetic vector inversion techniques to aid interpretation and follow-up programs, likely to include an induced polarization survey.

Correlation with rock geochemistry

Rock samples collected approximately one kilometre northwest of the Guaneros southern anomaly with visible copper oxide mineralization and alteration reported.

The sample areas are located in an area of low magnetic response indicating potential alteration. Subsequent assaying returned values of anomalous copper and gold.

Other rock samples collected on structures approximately two km north-northeast of the southern anomaly returned background values of Cu and Au. This demonstrates the potential influence of the proximity of the southern anomaly to mineralization and the pathfinder value of rock geochemistry in the area.

Exploration and drilling pipeline

Solis is advancing its portfolio of targets in southern Peru to targeted drilling programs.

Drone magnetometry surveys are over 70 per cent completed at Cinto. Follow-up with mapping and IP surveys is planned to enable drill permitting to initiate in early 2025 for drilling to commence later in the year.

Interpretation of the magnetic survey results at Guaneros is under way, and evaluations will be conducted, of which areas are suitable for IP surveys. Drill permitting is planned to start in first quarter 2025 to enable drilling at the end of the year.

Guaneros is partially covered with recent sediments that effectively block IP surveys due to conductive beds. This is also the case at Regional Norte. Some drill targeting may depend solely on magnetic data, structural and mapping interpretations.

Regional Norte phase 1 consists partly of a series of permits acquired by Solis in 2023. These permits have aerial magnetic data, which have been reprocessed using modern software to identify areas of high magnetic response that may be linked with alteration and porphyry copper mineralization. Mapping and structural interpretation in these specific areas have identified four drill targets S1 to 4. The area is not considered suitable for IP surveys due to conductive cover. Drill permitting will start in due course to enable drill programs to take place in first quarter 2026.

Additionally, the company continues to review targeted lithium and copper opportunities throughout South America.

Permit review

The company is continuously assessing its ground-holding portfolio with a view to minimize costs arising, in Peru, from annual concession fee payments. In this regard, four permits were released on July 1, 2024.

The released permits were the following.

Kelly: A review of the magnetic data showed that the substantive part of the anomaly is outside of the permit and is covered by new Solis permits Solis Kelly I and II.

Uchusuma A and B applications: Field visits revealed unfavourable geology due to cover. There is little structural potential. The permits were located in the buffer zone with the Chilean border making the application process considerably longer.

Pallagua 1 application: field visits revealed unfavourable geology. The permit was in the buffer zone with the Chilean border making the application process considerably longer.

About Solis Minerals Ltd.

Solis is an emerging exploration company, focused on unlocking the potential of its South American critical mineral portfolio. The company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte, and currently holds 50 exploration concessions for a total of 41,400 hectares (40 concessions granted with 10 applications in process). The company is led by a highly credentialled and proven team with excellent experience across the mining life cycle in South America. Solis is actively considering a range of new opportunities across varied commodities and jurisdictions. South America is a key player in the global export market for critical minerals, and Solis, under its leadership team, is strategically positioned to capitalize on growth the opportunities within this mineral-rich region.

Qualified person statement

The technical information in this news release was reviewed by Michael Parker, a fellow of the Australian institute of Mining and Metallurgy, a qualified person as defined by National Instrument 43-101.

Competent person statement

The information in this news release concerning geological information and exploration results is based on and fairly represents information compiled by Michael Parker, a competent person who is a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Parker is an employee of Solis and has sufficient experience which 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. Parker consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr. Parker 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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