Perth, Western Australia--(Newsfile Corp. - February 11, 2025) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) ("Solis Minerals") is pleased to announce the appointment of Mitch Thomas as Chief Executive Officer.
As the former Chief Financial Officer of Latin Resources Limited (ASX: LRS) ("Latin Resources") and CFO Battery Materials for Rio Tinto (ASX: RIO), Mitch has deep corporate, commercial and project development experience. Additionally, he has worked extensively in South America, including three years in Peru working for Rio Tinto supporting the La Granja copper project. He worked in Rio Tinto's London M&A team focussed on copper. More recently, he played an instrumental role in the divestment of Latin Resources' Salinas Lithium Project in Brazil to Pilbara Minerals Limited (ASX: PLS) for A$0.6 billion1. Mitch is a qualified accountant and has an MBA from the University of Melbourne.
Mike Parker, who has been an Executive Director since August 2024, will transition his directorship to a predominant technical focus. Mike is a geologist by training and has been a member of the AusIMM for 16 years. He held senior country manager positions with First Quantum Minerals (TSX: FM) and was responsible for two major copper discoveries: the Lonshi and Frontier Copper Mines. From 2011 to 2017, Mike was country manager for FQM in Peru, responsible for the design and implementation of FQM's corporate strategy in Latin America. Mike has a BSc Mining Geology (Honours), University of Leicester, UK.
Formal commencement is expected in March 2025.
Non-Executive Chairman Chris Gale commented:
"We are delighted to welcome Mitch Thomas to Solis Minerals. Mitch has a proven track record of supporting early-stage and large-scale mining projects in South America to deliver shareholder value. We are very excited about the extensive drilling campaign in 2025 that will take place across our copper-rich tenement package in southern Peru. We are confident that Mitch, Mike Parker and the whole Solis team, will position Solis Minerals for success in 2025 and beyond.
We also thank Mike Parker for his leadership over the past six months and for accepting the position of Technical Director in Peru. The extensive work in identifying drill-ready targets and adding more tenements to our now 66kha tenement package in southern Peru has placed Solis Minerals in a commanding position in what is one of the most attractive copper provinces globally."
1 Refer to LRS:ASX announcement dated 14 August 2024. Value quoted at time of announcement.
Appendix 1
Summary of Key Terms and Conditions:
Position: Chief Executive Officer of Solis Minerals.
Commencement: expected March 2025.
Term: ongoing basis with termination notice provisions and probation period.
Remuneration: A$300,000 plus statutory superannuation contributions.
A performance rights package has been agreed on the following vesting conditions and subject to shareholder approval. All performance rights have an expiry date of three years from the date of issue. The performance rights package is subject to TSX Venture Exchange review and approval.
| Tranche | Performance rights | Vesting conditions |
| Tranche 1 | 500,000 | 12-months continuous service. |
| Tranche 2 | 500,000 | Drilling programme completed in Peru of at least 5,000 metres within 12 months. |
| Tranche 3 | 1,000,000 | Maiden JORC resource released to the market of 125,000t at a copper equivalent grade of at least 0.4% within 24 months. |
| Tranche 4 | 1,000,000 | 24-months continuous service and total shareholder return > 20% per annum. |
| Tranche 5 | 3,000,000 | Obtain a market capitalisation of A$100m within 24 months. |
ENDS
This announcement is authorised by Mitch Thomas, CEO of Solis Minerals Ltd.
| Contact Mitch Thomas CEO Solis Minerals Limited +61 8 6117 4795 | Media & Broker Enquiries: Fiona Marshall & Jason Mack White Noise Communications fiona@whitenoisecomms.com jason@whitenoisecomms.com +61 400 512 109 |
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 Limited
Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American copper portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru and currently holds 81 exploration concessions for a total of 69,200Ha (46 concessions granted with 35 applications in process).
The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of copper opportunities. South America is a key player in the global export market for copper and Solis, under its leadership team, is strategically positioned to capitalise on growth the opportunities within this mineral-rich region.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240494
SOURCE: Solis Minerals Ltd.
