Solis Minerals Secures AU$4.5 Million to Advance Copper Exploration in Peru

Highlights:

• Solis Minerals Limited (ASX: SLM) has secured AU$4.5 million through a strongly supported placement to institutional and sophisticated investors, with AU$205,000 committed by directors subject to shareholder approval.
• Funds will be used for drilling at Ilo Este and Chancho al Palo in Peru, pre-drilling work at the Cinto Project, and broader regional exploration efforts.
• The placement will be executed in two tranches, with the second tranche subject to shareholder approval at a meeting scheduled for late March 2025.

Capital Raise Strengthens Drilling Plans

Solis Minerals Limited (ASX: SLM), a Latin American-focused copper-gold explorer, has successfully secured firm commitments for a AU$4.5 million placement to institutional and sophisticated investors. At the time of writing, the company plans to utilize these funds for drilling at its key copper targets, Ilo Este and Chancho al Palo, in southern Peru, along with pre-drilling work at the Cinto Project.

The placement will involve issuing CHESS Depository Interests (CDIs) over common shares at AU$0.085 per New Share. Investors will also receive a 1-for-2 unlisted option exercisable at AU$0.16, valid for two years. Directors of the company have committed AU$205,000, subject to shareholder approval.

Expanding Exploration in a Copper-Rich Region

The proceeds from the capital raise will be allocated to:

• Drilling at Ilo Este and Chancho al Palo, which have received key regulatory approvals from Peru’s Ministry of Energy and Mines.
• Pre-drilling activities at the Cinto Project, enabling drilling in the second half of 2025.
• Regional exploration efforts, including geochemical and geophysical surveys across the company’s broader copper portfolio, such as the Chocolate and Canyon projects.

Solis Minerals CEO Mitch Thomas highlighted the significance of this funding, stating, "This placement underscores the strong confidence in our high-potential copper targets. With a robust financial position, we are well-prepared to commence drilling at Ilo Este and Chancho al Palo."

Placement Structure and Timeline

The placement will be executed in two tranches:

• Tranche 1: 21.9 million new shares, raising AU$1.87 million under ASX Listing Rules 7.1 and 7.1A.
• Tranche 2: 30.9 million new shares, raising AU$2.63 million, subject to shareholder approval at a meeting scheduled for late March 2025.

Euroz Hartleys Limited and GBA Capital Pty Ltd acted as joint lead managers for the placement. With the funding secured, Solis Minerals is set for an exciting year of exploration in 2025.

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