Solis Minerals Announces: Anomaly Confirms Drill Target Zone During IP Study at Ilo Este, Peru

LATIN ILO NORTE 4

WESTMINSTER PERU S.A.C.

ILO NORTE

WESTMINSTER PERU S.A.C.

REGIONAL

• 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 representivity 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 a 30 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.

• Sampling across the Ilo Este and Ilo Norte projects has included rock chip sampling from trenches, and rock outcrops, and reverse circulation (RC) and diamond drilling. There is no record of previous exploration at the Cinto Project.
• 2023 rock geochemical sampling at Ilo Este was done on a 200 x 100m grid or where access roads exposed suitable faces for sampling. A total of 154 rock samples were collected. At each site, 12 to 15 subsamples of up to 0.3kg each were taken and split to a single composite of approximately 2.5kg. The composite was analysed using ICP methods at accredited laboratories in Peru.
• RC drilling was completed by Peruvian Latin Resources at Ilo Norte (8 holes for 2,690m completed in 2011) and Rio Tinto at Ilo Este (12 holes for 2,128m completed in 2000).
• Apart from collar locations there are no other records available for the Rio Tinto drilling.
• The RC holes completed by Peruvian Latin Resources had 1,345 samples collected over 2m intervals.
• Diamond drilling was completed by Peruvian Latin Resources at Ilo Este (3 holes for 2,073m completed in 2014-15) and Compania Minera Zahena SAC at both Ilo Norte (16 holes for 12,658 m completed in 2014) and Ilo Este (9 holes for 5,322m completed in 2015-16).
• Diamond core was sampled nominally on 2m (Peruvian Latin Resources) or 3m (Compania Minera Zahena SAC) intervals.

• 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).

• Reverse circulation samples were collected from a rig-mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter and then placed into calico bags for despatch to the lab. There is no record of the bit type used for either of the RC drilling programs but the hole completed by Peruvian Latin Resources used 5½ inch bit.

• Diamond drill holes completed by Peruvian Latin Resources at Ilo Este were initially drilled as PQ size (85mm core diameter) to depths varying between 87-109m and were then drilled at HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
• Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Este were drilled as HQ size (63.5mm core diameter) until the end of hole. All the holes were completed using a standard tube.
• Diamond drill holes completed by Compania Minera Zahena SAC at Ilo Norte were drilled using a combination of HQ size (63.5mm core diameter), NQ (core diameter 47.6mm) and in one drill hole BQ (core diameter 36.5mm) for the last 88m. All the holes were completed using a standard tube.

• 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.

• RC sample recovery was assessed visually and from sample weights recorded at the laboratory.
• Core barrel length and core length measurements were made so that core recoveries could be estimated. Recoveries were good and no significant core loss was experienced.

• 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.

• The RC drill holes completed by Peruvian Latin Resources were qualitatively logged for lithology, alteration, and mineralisation.
• All diamond drill core was qualitatively logged for lithology, alteration and mineralisation which has been inspected qualitatively. No geotechnical logging was performed. Photographs were taken of all the core in sample boxes.

• 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 representivity 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.

• RC samples were collected from a rig- mounted cyclone in large plastic bags before being split down to a 4-5kg sample using a 2-tier riffle splitter. The splitter was cleaned with compressed air between each sample. All the samples were recorded as dry.
• Diamond core was sampled by company technicians under supervision of company geologists using a diamond saw to cut along the axis of the core taking care to Representatively split any visible mineralisation. Half core samples over two or three-metre intervals were bagged for dispatch to SGS laboratories in Peru. (SGS del Peru S.A.C laboratory in Arequipa for sample preparation and then to the SGS laboratory in Lima for analysis).

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Laboratory sample preparation consisted of weighing the samples upon receipt, crushing the samples so 70% <2 mm, splitting off approximately 1,000g of sample and then pulverising the coarse split to 85% passing 75µ.

• Laboratory sample preparation for diamond drill samples consisted of jaw crushing the samples to a 1/4 inch and then riffle split to obtain 200-250g for pulverising.

• Blanks and field duplicates were inserted at a rate of approximately 1 in 40 to 1 in 50 samples each and certified reference standards were inserted approximately 1 in 20. Laboratory duplicates were also undertaken approximately 1 in 40 samples.

• 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.

• RC samples were assayed for 22 elements using an X-ray florescence assay technique (ME-XRF).
• Gold was assayed in diamond drill holes using a 30g fire assay, which is considered a total assay technique.
• Copper and 35 other elements were assayed in diamond drill holes using ICP- AES following a 4-acid digest and is considered total for Cu and Zn. This method is considered suitable for Cu and other base metals considering the matrix minerals present in the deposit.
• Analytical techniques and procedures are appropriate for the style of mineralisation.
• Blanks and field duplicates were inserted at a rate of approximately 1 in 40 samples each and certified reference standards were inserted approximately 1 in 20. Laboratory duplicates were also undertaken approximately 1 in 40 samples.

• Mobile Drone-mounted magnetometer with fixed base station magnetometer. Altitude of drone approximately 30m and ground speed 10m/second. 25 readings per second in continuous mode. Acquisition geographic datum: WGS84/19SStandard acquisition time zone: GMT IGRF (International Geomagnetic Reference Field) for May 2023 Ilo Norte project: Magnetic Field Intensity 23,147.8 nT Inclination -12.5 deg Declination -6.2 deg. 29 lines of total length 150km were flown in a direction N90E. 9 N-S tie lines were flown. Diurnal variations were checked from the Base Station magnetometer and despiking carried out before processing of total magnetic field data. Minimal solar activity was noted during the survey

• Logistics and data acquisition were carried out by contractors under direct supervision of Solis. After despiking and altitude and flight direction adjustments, of the 4,517,789 readings taken, 22,024 (0.49%) were rejected for QAQC reasons by the contractor. Processing was carried out by the contractor using 3D inversion modelling to identify subsurface magnetic susceptibility. Maps were produced in WGS84/19S datum for total magnetic field, analytic signal, reduction to pole, and first vertical magnetic derivative.

• At Ilo Este an IP survey of total line length 10.5km was conducted in September 2023 by Real Eagle Explorations EIRL of Lima. A 10 channel Iris Elrec-Pro Receptor and an Innova Electronics (5000W/3000V) transmitter were used. Acquisition mode used was a pole-dipole configuration with a dipole separation of 100m to a nominal depth of 500m.

• 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.

• There has been no verification of significant intersections by either independent or alternative company personnel.
• There have been no twin drill holes completed.
• There have been no adjustments made to the assay data.
• Sample data recorded in the field was entered into Excel spreadsheets and verified and cross checked against assay reports from the laboratory.
• Logging data was entered into Excel spreadsheets and subsequently cross checked against hand drawn summary logs.
• All data is stored electronically in a company server-based file system with regular offsite back-ups.

• 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.
• Quality and adequacy of topographic control.

• Drill holes completed by Peruvian Latin Resources had collar surveys completed using a hand help GPS unit. Down hole surveys were not undertaken.
• The diamond drill holes completed by Compañía Minera Zahena S.A.C. had drill hole collars surveyed with a handheld GARMIN GPS (Model GPSMAP 64s) and downhole surveys completed every 50-
  100 m with a Ranger Survey Systems FlexIT survey tool.

• Data has been collected in UTM zone 19S coordinates.
• The Ilo topography is a 1:5,000 scale Digital Terrain Model generated from digital restitution of ortho-rectified 1:20,000 scale aerial photography and associated ground controls. The accuracy is considered adequate for the current early phase of exploration at each project.

• Data spacing for reporting of Exploration Results.
• Whetherthedataspacingand distribution is sufficient to establish the degreeofgeologicalandgrade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.

• Historical drilling at both deposits has been completed on an irregular grid and at varying orientations.
• Given the mineralisation is structurally controlled and/or discreet this drill spacing is too wide to interpret continuity between drill holes.
• Sample compositing has not been applied.

• 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.

• Due to the wide spaced drilling and variable nature of the mineralisation at each deposit the relationship between the sample length and the true thicknesses of the mineralisation is currently unknown.

• The measures taken to ensure sample security.

• Company representatives completed the despatch and transport of samples to Lima in numbered and locked containers. At no time were the samples accessed by third party personnel.
• Diamond drill core is stored in a warehouse at the llo East project. Coarse rejects and sample pulps were initially stored at the SGS Laboratory warehouse before being returned to Peruvian Latin Resources.

• The results of any audits or reviews of sampling techniques and data.

• There have been no detailed audits or reviews of the historical or recent sampling techniques.
• Solis has conducted an internal technical review of the historical Ilo Project data.

• Other exploration data

• Results of magnetic inversion and ground induced polarisation survey please refer to body of text in this ASX release.
• Results of the rockchip geochemical survey are displayed in Figure 1 of this ASX release.

• 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.

• Please see concession list in Appendix 1 of this ASX news release. All granted permits or applications are 100% held or initiated by Westminster Peru SAC - the Peruvian subsidiary of Solis Minerals.

• The Ilo Este Project area consists of 4 exploration licences of total area 3,200 Ha. A further application for one licence of 400 Ha has been submitted.

• The Ilo Norte Project Area consists of 8 exploration licences of total area 7,700 Ha.

• The Cinto Project Area consists of 6 exploration licences of total area 2,700 Ha. Further applications for two licences of total area 500 Ha have been submitted.

• The Regional Exploration Project Area consists of 13 exploration licences of total area 11.500 Ha. Further applications for 12 licences of total area 10,100 Ha have been submitted.

• Licences are in good standing and have no known environmental or other liabilities of any kind.

• Acknowledgmentandappraisalof exploration by other parties.

• A complete technical description of previous exploration is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.

• Table 1 of this ASX release provides a summary of the exploration activities.

• Deposit type, geological setting and style of mineralisation.

• A complete geological description is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
• Mineralisation at Ilo Este is interpreted to be a Cu-Au porphyry system due to characteristic alteration and mineralisation suites. A Northern Belt (containing the Northern Magnetic Anomaly) is thought to be deeply eroded. A Southern Belt (containing the Southern Magnetic Anomaly) shows evidence of lesser erosion and potential to host more mineralisation than the Northern Belt.
• Oxide zone - copper oxides (principally malachite) occur sporadically across the Northern and Southern Belts. Oxides are hosted by outcropping porphyritic quartz diorite and porphyritic granodiorite in the Northen Belt indicating deep erosion. In the Southern Belt a porphyritic quartz microdiorite, more distal from the granodiorite batholith, principally hosts oxides indicating lesser erosion.
• Sulphide zone - only encountered in the Northern Belt by diamond drilling. Copper sulphides (chalcopyrite-bornite) occur sporadically in stockwork veins and disseminations in porphyritic granodiorite and porphyritic quartz diorite.

• The main area of the Southern Belt has not been subject to any diamond drilling to date and no data on potential sulphide zones is available.

• Mineralisation at Ilo Norte is interpreted to be an IOCG type deposit contained within highly altered andesitic volcaniclastics of the Jurassic Chocolate Fornation. Contact metamorphism and metasomatism have produced at least 5 phases of widespread development of mostly lentiform mineral assemblages including copper, gold, silver, zinc, and minor cobalt.

• 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.

• A complete description of drilling programs, assaying, and results is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.

• 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 data is included in this report.

• 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').

• N/A no new drilling data is included in this report.

• 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.

• N/A no new drilling data is included in this report.

• 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 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.

• A description of other exploration data up to 2021 is available in Section 8 of the Solis Minerals Prospectus published on 10th November 2021.
• Magnetic Vector Inversions were carried out on previous Teck datasets (2004) using modern software. This generated several magnetic anomalies which, after review and geological ranking, were staked by licence applications in the Regional Exploration program.
• A drone magnetometry survey of 150km line length was flown in 2023 over the southern part of Ilo Norte in an area known as Chancho al Palo. Four magnetic anomalies were identified for follow-up.
• Data related to the Ilo Este 2023 geochemistry, magnetic inversion, and Induced Polarisation survey are included in the text of this ASX release.

• 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 is initiating drill permitting at Ilo Este.
• Follow-up geophysical programs will follow at Ilo Norte (IP) to test for sulphides at depth at Chancho al Palo.
• Targeted drone magnetometry surveys will be carried out on prospective areas across all projects where warranted.
• Regional exploration consisting of mapping and geochemistry will be undertaken at priority areas in the Regional Exploration licences.