Solis Minerals Advances Lithium and Copper Projects with Brazil Acquisition and Drilling Start

Strategic Lithium Acquisition Expands South American Footprint

Solis Minerals (ASX:SLM) has bolstered its exploration portfolio with the acquisition of a district-scale lithium package from Rio Tinto (LSE:RIO) in Brazil’s emerging Araçuaí–Salinas Lithium Valley. The 93,000-hectare project, acquired for US$0.5 million plus a 1.75% NSR royalty, includes two drill-ready targets, Mandacaru and Campo Grande, both exhibiting strong lithium mineralisation at surface. This move marks Solis’ first major expansion outside Peru, complementing its copper assets with a high-potential lithium play in a globally significant hard-rock lithium belt.

The project’s proximity to tenure held by PLS Group Limited (ASX:PLS), Solis’ largest shareholder, offers a strategic advantage. The Solis leadership team, with prior success in this region, brings valuable district knowledge and established relationships that could accelerate exploration progress.

Drilling Commences at Mandacaru, Testing High-Confidence Targets

Subsequent to the quarter’s end, Solis initiated a 10-hole, 2,000-metre diamond drilling campaign at Mandacaru, designed to test a coherent lithium pegmatite system. The program targets an 800-metre corridor of lithium-caesium-tantalum (LCT) anomalies supported by surface mapping, soil geochemistry, auger drilling, and drone imagery. Elevated caesium levels, indicative of advanced magmatic fractionation, underscore the potential for spodumene-bearing pegmatites, a key source of lithium.

The drilling strategy integrates multiple datasets to refine drill locations, aiming to delineate pegmatite geometry and spodumene continuity at depth. The involvement of a former Rio Tinto senior geologist, who supported the original discovery of Mandacaru and Campo Grande, adds technical depth to the campaign. This rapid transition from acquisition to drilling underscores Solis’ commitment to advancing its lithium portfolio aggressively.

Copper Projects in Peru Receive Drilling Permits

Meanwhile, Solis progressed its copper exploration in Peru, with the Cinto (100% owned) and Cucho (up to 100% earn-in) projects securing all necessary permits to commence drilling. The Cinto program plans approximately 2,500 metres of diamond drilling across 11 approved drill pads, targeting copper mineralisation identified through geochemical, magnetometric, and induced polarisation surveys. Drilling is slated to begin in Q3 2026.

Cucho, a more advanced porphyry-style copper prospect with historical drilling confirming surface mineralisation, also received its drilling permit. The company intends to sequence drilling at Cucho based on existing data and recent geophysical interpretations, maintaining flexibility to optimise exploration outcomes.

Capital Raise Strengthens Financial Position for Exploration

To fund its ambitious drilling programs, Solis Minerals completed a A$6 million placement at $0.095 per share, attracting institutional and sophisticated investors, including pro-rata participation from PLS to maintain its 5.1% stake. The funds will be allocated primarily to drilling at the Brazil Lithium Project and Cinto Copper Project, alongside regional surface exploration and working capital. The company ended the quarter with a cash balance of A$6.6 million, providing a solid runway for upcoming activities.

Additionally, Solis issued 3.3 million retention rights under its Employee Incentive Securities Plan and issued shares to Cucho vendors following receipt of drill permits, reflecting ongoing commitment to project advancement and stakeholder alignment.

Regulatory Update and Operational Expenditure

Solis Minerals has applied to the British Columbia Securities Commission to cease reporting obligations in Canada, streamlining its regulatory focus. Exploration and evaluation expenditure for the quarter amounted to A$577,000, with no substantive mining production activities reported. Director fees paid totaled A$79,000.

The company’s exploration team has mobilised effectively in Brazil, leveraging prior Rio Tinto work and local expertise to expedite drilling preparations. This operational momentum, combined with a diversified portfolio spanning lithium and copper in two of South America’s most mineral-rich jurisdictions, positions Solis Minerals for a potentially transformative year.