Solis Minerals Targets June Drilling at Newly Acquired Brazil Lithium Project

Brazil Lithium Project Acquisition Bolsters Hard-Rock Lithium Exposure

Solis Minerals (ASX:SLM) has made a strategic move into Brazil’s lithium heartland by acquiring the Brazil Lithium Project in Minas Gerais, a region famed for its spodumene-rich pegmatites. This portfolio of tenements lies immediately adjacent to Pilbara Minerals’ tenure hosting the Colina Lithium Project, discovered by Latin Resources, underscoring the geological promise of the area. With two advanced targets, Mandacaru and Campo Grande, earmarked for drill testing in June 2026, Solis is positioning itself to deliver meaningful exploration updates in the near term.

The recent acquisition complements earlier surface exploration work at the Borborema Project in Rio Grande do Norte, Brazil, where Solis completed a >200-sample programme uncovering numerous lithium-bearing pegmatites within a regional structural corridor. While assay results from Borborema are pending, the presence of tungsten, copper, and gold prospects adds further optionality to the project’s commodity mix.

Peruvian Copper Projects Advance Amid Permitting and Drilling Preparations

On the copper front, Solis is making steady progress in Peru. The Cinto Copper Project is nearing final permitting stages after the Ministry of Energy and Mines requested additional community data, which Solis has provided. The company remains focused on commencing drilling once approvals are secured, though the permitting process has extended beyond initial expectations.

Meanwhile, the Cucho Copper Project, acquired last year with an option to earn up to 100%, has undergone comprehensive due diligence and geological review during the quarter. This work reaffirmed the project’s potential as a large-scale porphyry copper-molybdenum system, supported by historical drilling and expanded surface mapping. Drill permits for 11 pads are being sought to allow flexibility for a late Q2 2026 campaign. The Cucho project’s regional context is strengthened by nearby advanced projects such as Element 29’s Elida Copper Project and AusQuest’s Cangallo, both demonstrating robust porphyry mineralisation characteristics. This cluster of activity highlights the district’s growing appeal to major mining players including Vale and Fortescue.

Ilo Este Drilling Confirms Large Porphyry System with Broad Mineralisation

Drilling at the Ilo Este Copper Project, completed in December 2025, has delivered encouraging results consistent with a large and complex porphyry system. Assays released earlier this year confirmed broad zones of copper, gold, and molybdenum anomalism across multiple intervals, with significant intercepts such as 27m at 0.18% Cu and 0.22 g/t Au. The alteration patterns observed suggest that drilling has sampled the system’s outer to mid-inner shells, indicating potential for higher-grade mineralisation at depth towards the intrusive core. These findings support the company’s strategy to focus 2026 drilling efforts on more advanced targets like Cinto and Cucho, building on the momentum from Ilo Este’s promising results.

Financial Position and Upcoming Catalysts

Solis Minerals ended the quarter with a cash balance of approximately AUD 2.6 million, following exploration expenditure of AUD 1.0 million. While the company has not yet undertaken further capital raising post the $5.9 million placement announced earlier in the year, it remains prepared to assess funding needs as exploration activities ramp up. Director fees accounted for AUD 0.1 million of corporate costs during the quarter.

The coming months will be pivotal as Solis targets the commencement of drilling at the Brazil Lithium Project’s Mandacaru and Campo Grande targets, alongside planned campaigns at Cucho and eventually Cinto in Peru. These drilling programmes represent key milestones that could unlock value and define the next phase of the company’s growth trajectory.

With South America firmly established as a global hub for lithium and copper, Solis Minerals’ diversified portfolio and methodical approach to advancing projects across two countries underscore its ambition to carve out a meaningful presence in the energy metals space.

Investors will be watching closely for assay results from the Brazil projects and updates on permitting progress in Peru, which will provide clearer signals on the quality and scale of Solis’ resource potential.

These developments build on the company’s earlier moves, including the Cucho acquisition and $5.9M raise that set the foundation for an active exploration year, as well as the Ilo Este copper-gold drilling results that confirm the presence of a significant porphyry system in Peru.