Solis Minerals Ltd.: Solis Minerals Provides Exploration Update from Estrela and Mina Vermelha Prospects, Borborema Province, Brazil

HIGHLIGHTS

• Maiden drilling programmes underway at both the Estrela and Mina Vermelha lithium pegmatite projects with 2,500m completed to date.

• Successful pegmatite intersections with visible spodumene identified in six of the fourteen drillholes completed to date.

• The most encouraging so far is from MVDDH0002, which intersected 168.8m¹ (true width 48-75m) of pegmatite in Mina Vermelha indicating potential for a large system.

• Four drillholes have been submitted for analysis to date.

West Leederville, Western Australia--(Newsfile Corp. - December 7, 2023) - Solis Minerals Limited (ASX: SLM) ("Solis" or the "Company") is pleased to announce an update on the drilling programme currently underway at the Estrela and Mina Vermelha projects in the Borborema Province, Brazil.

Executive Director, Matthew Boyes, commented:

"Drilling crews have steadily performed on schedule over the past four weeks at Estrela and are now also operating at the Mina Vermelha Prospect. The crews are on course to complete both programmes within the scheduled timeframe and have all core processed and submitted with the laboratories before the Christmas break.

"Initial signs are encouraging with visible spodumene bearing pegmatites intersected in several target areas including significant widths of pegmatite reported especially in the initial holes at Mina Vermelha. We are looking forward to receiving our first assay results which will assist in the team gaining a full understanding of the distribution of the mineralisation within the system and also direct the next round of drilling at both projects."

¹ True width of the intersected pegmatite is estimated at 35-45% of the overall intersected interval. The drillhole intersected east west trending pegmatites sub parallel to strike and dipping at 55 degrees.

Estrela Project

Twelve of the initial 23 drillholes planned (targeting a total 3,600m) have now been completed into the recently identified Estrela targets. Four of the drill holes intersecting subvertical pegmatites at depth. Limited fine grained spodumene2 has been identified visually in the core to date. Four drillhole have been processed and submitted for chemical analysis at SGS laboratories in Belo Horizonte. Results will be reported once available. The remaining 11 drillholes in the programme are on schedule to be completed with and all core processed in late December.

Figure 1: Drillhole programme Estrela plan view showing holes completed to date and remaining design drillholes

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² The presence Spodumene in drill core samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest. The Company expects to receive assays from the samples over the next quarter.

Figure 2; Estrela section showing ESDDH00001 and interpreted geology, 2 separate pegmatite bodies intersected.

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Mina Vermelha Project

Two drillholes have now been completed from an initial 8-hole programme (targeting a total 1,420m). This programme will test the 2km long strike of known pegmatites at Mina Vermelha. MVDDH00002 intersected multiple stacked pegmatites from 9.7m to 314m downhole. A total of 168.8m of pegmatite was intersected with 64.8m logged as spodumene bearing. The hole is interpreted to have been drilled oblique to the strike of the interpreted pegmatite bodies with a second set of pegmatites now interpreted to be east west trending a follow up north south oriented drillhole will be completed if assays justify follow up the initial hole. The true width of the mineralisation in MVDHH00002 is estimated to be approximately 48-75m.

The size of this interval is encouraging and demonstrates potential for a large tonnage system to be hosted within the Mina Vermelha Project. Fine grained visible spodumene and pollucite mineralisation3 has been logged, although in minor quantities. The results from geochemical assays are awaited to confirm the extent of mineralisation.

³ The presence Spodumene in drill core samples indicates a mineral species only and should not be considered a substitute for analytical results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of primary economic interest. The Company expects to receive assays from the samples over the next quarter. MVDDH00002 has been logged as containing trace or 1% Spodumene only assays are awaited to confirm the extent of mineralisation.

Figure 3; Planview of Mina Vermelha drilling with interpreted geology and outcropping mapped pegmatites

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The drill rig has now moved South to test the third site before moving to the Northern-most known pegmatite outcrop. In total, nine outcropping pegmatites have been identified on the Mina Vermelha site including a second set of pegmatites orientated in east west strike, all targets will be drill tested by conclusion of this programme E-W orientated sets of pegmatites in the region are commonly spodumene-bearing and are currently being mined at Mina Paraiba approximately 16km to the north of Mina Vermelha.

Figure 4; Mina Vermelha section showing MVDDH00002 and interpreted geology with multiple pegmatites intersected downhole, several pegmatites have been logged as containing visible Spodumene in trace quantities form 1-5%. Overall true width of mineralisation estimated at 48-75m

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Figure 5: Pegmatite from Estrela drilling ESDDH00001 115.01m to 122.72m

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Geochemical sampling programme

GMT exploration services have now completed approximately 25% of a major regional geochemical soil programme in northern Borborema Province has been completed. Samples are currently being prepared for submission for ICP analysis. Assay results are expected to assit in identifying new drill targets in over the Company's large tenement holding in the northern Borborema province, the programme is scheduled to be completed in early 2024.

Figure 6; Geochemical sampling crew carrying out soil programme in northern Borborema province (Refer to Figure 3 in ASX: SLM Release 17^th October 2023, Exploration update)

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ENDS

This announcement is authorised by Matthew Boyes, Executive Director of Solis Minerals Ltd.

Australia
Matt Boyes
Executive Director
Solis Minerals Limited
[phone]

Jonathan van Hazel
Investor Relations
Citadel-MAGNUS
[phone]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

About Solis Minerals Ltd.

Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.

The Company owns a 100% interest or option to acquire 100% interest in the Borborema Lithium Project in NE Brazil, covering 26,100ha.

Brazil is rapidly growing in global importance as an exporter of lithium to supply increasing demand of battery manufacturers. Both projects cover highly prospective, hard-rock lithium ground on which early-stage reconnaissance mapping and sampling have verified. Drilling programmes are either underway or due to commence shortly.

In addition, Solis also holds a 100% interest in 35,700ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - a source of nearly half of Peru's copper production.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward- looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward- looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Qualified Person Statement

The technical information in this news release was reviewed by Matthew Boyes a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Matthew Boyes, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Boyes is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation 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 Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Boyes 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 Announcement.

APPENDIX 1

Table 1; Drillholes collar table of completed drilling at Mina Vermelha and Estrela

Hole	y	x	z	Depth	Finish
ESDDH00001	9271183.9	763725.3	457.9	203.67	13/10/2023
ESDDH00002	9270735.9	763560.6	474.6	158.51	20/10/2023
ESDDH00003	9270373.7	763498.7	509.0	138.02	25/10/2023
ESDDH00004	9271230.2	764115.1	453.4	135.74	27/10/2023
ESDDH00005	9270741.5	763393.8	473.0	96.33	30/10/2023
ESDDH00006	9270515.0	763458.5	508.1	119.7	1/11/2023
ESDDH00007	9271126.1	764153.6	457.5	179.93	3/11/2023
ESDDH00008	9270966.9	763926.7	464.4	143.93	8/11/2023
ESDDH00009	9271219.6	763563.8	448.3	155.96	13/11/2023
ESDDH00010	9271400.1	762964.2	454.6	117.73	16/11/2023
ESDDH00011	9271330.8	763067.2	455.5	141.02	20/11/2023
ESDDH00012	9271330.8	763031.7	457.7	69.41	20/11/2023
ESDDH00013	9271183.2	763724.8	459.0	150
MVDDH00001	9246136.9	760015.1	392.9	176.38	9/11/2023
MVDDH00002	9246139.6	760014.6	393.7	347.86	24/11/2023
MVDDH00003	9245945.5	759946.1	400.7	150

Table 2; Lithological logging for drillholes ESDDH00001 and MVDDH00002

Hole_id	From	To	Length	Lith	Est Spod %
ESDDH00001	0	2.85	2.85	SAPR
ESDDH00001	2.85	84.08	81.23	SCHI
ESDDH00001	84.08	89.19	5.11	PPEG
ESDDH00001	89.19	113.19	24	SCHI
ESDDH00001	113.19	114.48	1.29	PPEG
ESDDH00001	114.48	115.22	0.74	KPEG
ESDDH00001	115.22	117.2	1.98	QPEG
ESDDH00001	117.2	120.18	2.98	KPEG
ESDDH00001	120.18	121.79	1.61	QPEG
ESDDH00001	121.79	123.25	1.46	KPEG

ESDDH00001	123.25	126.17	2.92	SPEG	2
ESDDH00001	126.17	127.66	1.49	PPEG
ESDDH00001	127.66	203.67	76.01	SCHI
MVDDH00002	0	9.75	9.75	MTCG
MVDDH00002	9.75	10.53	0.78	KPEG
MVDDH00002	10.53	16.49	5.96	MTCG
MVDDH00002	16.49	17.3	0.81	PPEG
MVDDH00002	17.3	27	9.7	MTCG
MVDDH00002	27	44.5	17.5	PPEG
MVDDH00002	44.5	47.62	3.12	SPEG	1-5
MVDDH00002	47.62	57.71	10.09	PPEG
MVDDH00002	57.71	59	1.29	MTCG
MVDDH00002	59	62.25	3.25	PPEG
MVDDH00002	62.25	66.29	4.04	MTCG
MVDDH00002	66.29	69.63	3.34	PPEG
MVDDH00002	69.63	75.12	5.49	MTCG
MVDDH00002	75.12	78.6	3.48	PPEG
MVDDH00002	78.6	86.96	8.36	MTCG
MVDDH00002	86.96	89.53	2.57	KPEG
MVDDH00002	89.53	99.7	10.17	PPEG
MVDDH00002	99.7	102.65	2.95	MTCG
MVDDH00002	102.65	110.9	8.25	KPEG
MVDDH00002	110.9	132.29	21.39	MTCG
MVDDH00002	132.29	138.2	5.91	SPEG	1-5
MVDDH00002	138.2	141.64	3.44	MTCG
MVDDH00002	141.64	147.9	6.26	PPEG
MVDDH00002	147.9	153.6	5.7	MTCG
MVDDH00002	153.6	157.08	3.48	SPEG	1-5
MVDDH00002	157.08	158.58	1.5	MTCG
MVDDH00002	158.58	166.68	8.1	SPEG
MVDDH00002	166.68	168.08	1.4	MTCG
MVDDH00002	168.08	168.92	0.84	SPEG	1-5
MVDDH00002	168.92	169.8	0.88	MTCG
MVDDH00002	169.8	171.42	1.62	SPEG	1-5
MVDDH00002	171.42	173.12	1.7	MTCG
MVDDH00002	173.12	187.81	14.69	SPEG	1-5
MVDDH00002	187.81	189	1.19	MTCG
MVDDH00002	189	199	10	PPEG
MVDDH00002	199	207.7	8.7	MTCG
MVDDH00002	207.7	211.34	3.64	SPEG	1-5
MVDDH00002	211.34	212.45	1.11	MTCG
MVDDH00002	212.45	213.38	0.93	SPEG	1-5
MVDDH00002	213.38	242.31	28.93	MTCG
MVDDH00002	242.31	245.14	2.83	PPEG
MVDDH00002	245.14	251.48	6.34	MTCG

MVDDH00002	251.48	285.65	34.17	SPEG	1-5
MVDDH00002	285.65	301	15.35	MTCG
MVDDH00002	301	314	13	PPEG
MVDDH00002	314	347.86	33.86	MTCG

APPENDIX 2

JORC Code, 2012 Edition - Table 1

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	All samples from both the Mina Vermelha and Estrela projects are taken form half NQ diamond drill core cut longitudinally to its axis creating a representative sample with the remaining half core stored for future reference. Each sample is 1m in length with a weight of approximately 3kg. All drill core is sampled and placed into numbered calico bags for shipment to laboratories for preparation and assay
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	All drilling has been completed using diamond drilling at NQ core diameters.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Drill core recovery are estimated to be 95- 98% overall with very minimal core loss

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged.	Solis geologists logged all samples noting mineralogy, lithology, alteration and weathering state of samples obtained. Logging is both quantitative and qualitative in nature. All samples including any submitted Certified Reference Material (CRM) are individually photographed before submission. All drill core trays are photographed in their entirety both pre and post sampling
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	All core samples have been sawn with circular diamond saw into half core sections with 50% retained for reference material. The samples are considered to be representative of the intersected material and of an industry standard acceptable size Duplicate samples were not taken CRM standards and blanks have been included at an industry acceptable frequency
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Samples from both Mina Vermelha and Estrela will be assayed at were assayed at SGS GEOSOL Laboratories Ltda Brazil Analysis procedures are considered to be appropriate for lithium and multielement analysis. If lithium results are above 15,000ppm, the lab analyses the pulp samples just for lithium through ICP90Q (fusion by sodium peroxide and finish with ICP/OES). Solis inserted industry standard OREAS CRM for analysis with every individual batch submitted for assay
Verification of Sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	All Solis data is verified by the Competent Person. All data is stored in an electronic Access Database. Assay data and results is reported, unadjusted. Li2O results when published in all Solis's ASX releases are converted from Li results by multiplying this value by the industry factor 2.153. All Caesium results are reported as % with no conversion applied
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used.	Data is shown using the UTM SIRGAS 2000 zone 23 South grid system. All samples and drill hole collar locations were captured using a handheld GPS and are to be surveyed in with a DGPS once arrives on site.

Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	No set sample spacing or pattern has been applied due to the preliminary nature of the sampling programme.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Drill holes have been designed at all times to cut the orientation of interpreted and mapped outcropping mineralisation perpendicular to strike of the interpreted structures as to accurately as possible estimate the true width of the target bodies No bias has been introduced in current drilling and sampling
Sample security	The measures taken to ensure sample security.	All samples are bagged onsite under supervision of Soils staff, all bags are then sealed and couriered to SGS laboratories with all relevant submission documentation. All samples once received are logged into the lab and notice of each sample received is sent and cross checked with sample dispatch.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There have been no detailed external audits or reviews undertaken. Solis has conducted an internal technical review of the available geological and other publicly available data.

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The Mina Vermelha project area consists of 1 mining licence held in the name of "Florisbela comercio di plantas y Jardinagem ltda" Onca Mineracao has signed a binding option agreement sheet giving Onca the right to purchase 100% of each licence. Mining Licences: 840.041/1985 Borborema exploration licences with work completed referred to in body of text are 848041/1985. Licences are in good standing and have no known environmental or other liabilities of any kind. Solis has all rights to drill and access all necessary areas within the licence including constructing of drill pads and tracks.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	N/A - the Company is not aware of any previous systematic exploration being undertaken within the tenements.
Geology	Deposit type, geological setting and style of mineralisation.	Prospective potential host units for the mineralised pegmatites are similar to the suite hosting the Colina-Salinas pegmatites held by Latin Resources Limited (ASX:LRS) in the state of Minas Gerais. They consist predominantly of metavolcanic and metasedimentary rocks (schist, gneiss and quartzites) located close to the large granitoids from the G3 suite with batholiths, stocks and dykes represented. Pegmatites are located within 0-5km of the granite contacts.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Refer to table 1 and table 2 in the Appendices of this release

Criteria	JORC Code explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	N/A no new drilling assays are included in this report.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').	Intersected mineralisation is considered to be sub vertical in orientation at both Mina Vermelha and Estrela MVDDH00002 is considered to have been drilled oblique to mineralisation and the intersected widths of pegmatites in the drillhole are estimated to represent approximately 65% of true width
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	The Company has included various maps and figures showing the sample results and geological context.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	N/A
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	N/A, the Company is not aware of any substantive exploration data relevant to its activities.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Solis will undertake extensive validation field confirmation and sampling of the regional geological setting including all known outcropping pegmatites at the Mina Vermelha project. Solis has signed a diamond drill contract with TRUST drilling ltda for 5,000m of HQ- NQ diameter drill core to be performed on existing targets at the Estrela and Mina Vermelha projects.2500m has now been completed

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