Mr. Mike Parker reports

SOLIS COMPLETES MAGNETOMETRY SURVEY AT CINTO

Solis Minerals Ltd. has provided an update on exploration activities at the Cinto project, situated in the prospective Cenozoic porphyry belt of southern Peru.

Solis has completed a combined drone and ground magnetometry survey over its Cinto permits. The survey shows magnetic anomalies south of an intrusive batholith contact with corresponding alteration detected from WorldView 3 remote sensing work. Areas of low magnetic response northeast of the batholith contact represent alteration that contains the area of visible copper mineralization present at Cinto.

Executive director Mike Parker commented:

"Cinto has an incredible address on the regional Incapuquio fault system with the giant Toquepala porphyry copper mine only 15 kilometres to the north. The magnetometry survey provides excellent insight into the geology and alteration at Cinto.

"Combined with our previous remote sensing work, and mapping and sampling -- including our high-grade copper sample area in the northeast of the permits -- we are forming an exceptional toolbox to extract the maximum benefit from our ongoing porphyry exploration. We will now conduct further assessment using IP surveys to guide our first-pass drill program."

Survey details

Peruvian geophysical contractor Real Eagle Explorations completed 120 kilometres of drone lines from Aug. 21, 2024, to Aug. 30, 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-spaced lines, with appropriately spaced tie-lines, were flown at a maximum velocity of 28 kilometres per hour with an altitude range of 30 to 80 metres above ground. From Sept. 11, 2024, to Sept. 18, 2024, 41 kilometres of ground magnetometry data acquisition lines were carried out in the north of the permits to complete the survey at 161 kilometres of survey lines in total. The change of method was due to unsuitable conditions for drone flying. The geophysical contractors carried out thorough comparative testing on the methods and levelled the data to form one complete magnetometry data set.

For purposes of interpretation, Solis has overlain preliminary total field data obtained in the magnetometry surveys with WorldView 3 remote sensing data. Geological features are also referenced. High-magnetic-response areas are viewed as potentially related to the presence of magnetite -- a vector for alteration associated with porphyry copper mineralization. Low-magnetic-response areas are viewed as magnetite destruction areas -- a common sign of hydrothermal alteration.

A central late-Cretaceous batholithic intrusive (interpreted to be a structural outlier of the Cretaceous batholith related to the Toquepala porphyry deposit) has a zone of high magnetic response of dimensions four kilometres by one kilometre striking west-northwest-east-southeast along its southern flank. On the southern flank of the magnetic anomaly itself, several zones of alteration were detected by WorldView 3 remote sensing in a broad swathe six kilometres long and one kilometre wide. Alteration signatures include propylitic, phyllic, argillic and jarositic mineralization predominantly in fine-grained tuffs. A low-magnetic-response area with associated WorldView 3 argillic alteration zones indicates a zone of more intense hydrothermal alteration.

Additionally, a southwest-northeast-orientated magnetic anomaly zone was identified partly covered by Cenozoic forearc basin sediments of the Moquegua Group. This zone has a partial remote sensing response only due to the recent cover rocks and resembles a high-angle fault intersection with the Incapuquio fault zone. Cross-faulting zones are considered to be potentially more prospective in Andean porphyry belts1.

The northeastern flank of the batholith has a zone of propylitic alteration defined by WorldView 3, which encompasses the high-grade copper sample area previously reported. To the east of this, the low-magnetic-response area coincident with an associated jarosite alteration halo indicates a zone of more intense hydrothermal alteration.

Conclusions and next steps

The high-magnetic anomaly south of the batholith is flanked by alteration to the south, which represents a high-priority target for immediate follow-up mapping and geochemistry. To the northeast of the batholith, the known high-copper-grade area potentially extends into an area of alteration to the east. Evaluation of areas for follow-up IP programs will be carried out to accelerate permitting for drilling these first-class targets during 2025.

Exploration and drilling pipeline

Solis is advancing its portfolio of targets in the coastal belt of Peru to targeted drilling programs as shown in the attached table.

About Solis Minerals Ltd.

Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American critical minerals portfolio. The company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte, and elsewhere in the coastal belt of Peru, and currently holds 77 exploration concessions for a total of 66,100 hectares (40 concessions granted with 37 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 (AusIMM), 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 Mr. Parker, a competent person. Mr. Parker is an employee of Solis, 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. 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 news release.

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