Solis Minerals Secures A$4.5M to Drill New Copper-Gold Targets in Peru

Funding Boost and Strategic Leadership

Solis Minerals Limited (ASX: SLM) has successfully completed a A$4.5 million placement targeting institutional and sophisticated investors, a move designed to accelerate drilling activities in Peru’s highly prospective southern coastal belt. The capital injection arrives at a pivotal moment as the company prepares to test multiple high-priority copper-gold targets.

Complementing this financial milestone, Solis appointed Mitch Thomas as Chief Executive Officer. Thomas brings extensive operational and commercial experience in South America, including a strong track record with Rio Tinto in Peru and recent involvement in lithium project divestments. His leadership is expected to sharpen Solis’s focus on advancing its copper exploration portfolio.

Exploration Highlights: New Targets and Mineralisation

During the quarter ending 28 February 2025, Solis reported compelling rock geochemical assay results from its Chocolate Project, confirming new copper-gold porphyry and iron oxide copper gold (IOCG) targets. Notable assays include samples grading up to 4.92% copper and 2.47g/t gold, underscoring the project’s potential.

At the Cinto Project, situated just 15 kilometres southeast of the established Toquepala mine, channel sampling revealed extensive copper porphyry mineralisation. Highlights include intercepts such as 23.4 metres at 0.88% copper and 16.83 metres at 0.52% copper, indicating a substantial mineralised system that warrants further drilling.

Permitting Progress and Drilling Plans

Following the quarter, Solis secured drilling approval for the Chancho al Palo Project, with permits for the Ilo Este Project expected imminently. These approvals pave the way for initial drilling campaigns scheduled to commence in the second quarter of 2025. The company is also advancing induced-polarisation (IP) geophysical surveys and archaeological assessments to refine drill targets, particularly at Cinto, where further exploration is planned later in the year.

Market Context and Strategic Positioning

The timing of Solis’s exploration push aligns with robust copper and gold market fundamentals. Copper prices recently surpassed US$10,000 per tonne amid supply constraints and growing demand driven by electrification and renewable energy infrastructure. Gold remains supported by geopolitical uncertainty and inflationary pressures, reinforcing the attractiveness of copper-gold projects.

Solis’s extensive landholding of 69,200 hectares across 81 concessions in Peru’s southern coastal belt positions it well to capitalise on these market dynamics. The company is also evaluating corporate restructuring options, including simplifying its dual ASX and TSXV listings, which could streamline its capital structure and investor access.

Looking Ahead

With funding secured, permits advancing, and a new CEO at the helm, Solis Minerals is poised to transition from exploration to drilling and resource definition. The coming months will be critical as assay results from initial drill programs emerge, potentially unlocking significant value in one of the world’s premier copper provinces.