Solis Minerals Ltd.: 22 Lithium Exploration Licences Acquired in Brazil

Highlights

-            Solis Minerals has acquired 22 exploration licences covering a total area of 248 km2 (24,800 hectares) in northeastern Brazil.

-            The regional structural geological setting is similar to Latin Resources’ Colina deposit with large granitic intrusives located proximal to meta sedimentary-volcanic sequences.

-            Borborema project areas are greenfield sites and have seen limited to no systematic exploration for Lithium-Cesium-Tantalum (LCT) bearing pegmatites.

-            Team to be deployed to commence reconnaissance and field mapping to design initial geochemical sampling programmes and target generation.

-            The Company continues to identify and evaluate exploration opportunities, primarily in the battery metals space in South America.

-            Well funded with approximately A$2.1 million cash to undertake first-pass exploration efforts at these new lithium opportunities.

15 February 2023. Solis Minerals Ltd. (ASX: SLM, TSXV: SLMN, OTCQB: SLMFF FSE: 08W) (“Solis Minerals” or “the Company") is pleased to provide shareholders with an update on acquiring 22 exploration licence application areas in northeast Brazil (“Borborema Project”). The licences acquired are located within the states of “Rio Grande Do Norte” and “Paraiba” close to major regional centres such as Natal and Recife, both well-serviced and boasting good infrastructure and services.

CEO Jason Cubitt commented:

“Brazil is fast becoming a Tier 1 destination for hard rock lithium explorers and producers alike. The value to be generated is significant in the short term through building an extensive portfolio of prospective lithium ground in the country to complement our copper exploration assets in Peru. Brazil is still very much in its infancy with lithium exploration and offers a junior explorer such as Solis an exceptional opportunity to discover a material asset. Having our largest shareholder, Latin Resources, in the country will expedite the commencement of exploration and building of the team needed to advance these projects. I am excited to see our team commence first-pass reconnaissance and mapping programmes over the coming months.”

Brazil Lithium Projects

Borborema Project

The Company has now secured the acquisition of 22 licence areas in the northeast of Brazil, with settlement expected to occur within 30 days. The tenements cover a total area of 24,800 hectares in predominantly greenfield terrain. The tenements have yet to be exposed to systematic modern exploration techniques targeting LCT-bearing pegmatite systems. Historically the Borborema pegmatitic province has been reported to host several mineralised pegmatite occurrences and artisanal works producing Be, Nb-Ta, Li, Sn, gems, quartz, feldspar and others. Historical mining in the region, and the presence of the Niobium-Tantalum, Lithium and feldspars, indicate the area is endowed with LCT-bearing pegmatite systems.

Figure 1: Solis Minerals Borborema Project area regional geology with licence areas

The most 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) from the Serido Formation, located close to the large granitoids from the G3 suite (pink/red in Figure 1) with batholiths, stocks and dykes represented. The G3 suite is the main intrusive system in the province and potentially the source of any emplaced pegmatite bodies. The licence areas acquired have been systematically selected to be close to, or straddle, the contact zone between these granitic intrusives and surrounding metavolcanic sequences and the zone referred to as the “Goldilocks Zone” in exploration for LCT-bearing systems.

The Company has completed the initial compilation of available historical geological data and will now follow up with a comprehensive field programme specifically aimed at generating near-term drill targets. The Company has recently expanded the team by adding a Senior Project Geologist in Brazil who is currently undergoing onsite training at Latin Resources’ Salinas Lithium Project in Minas Gerais. Once completed in mid-February and subject to the final access agreement, the team will be mobilised to commence systematic regional mapping and soil and rock chip geochemical sampling to generate drill targets and identify the most prospective terrain within the licence areas.

Figure 2: Licence areas overlain on satellite imagery showing low level to sparse vegetation and well developed infrastructure

Acquisition terms

The Company has entered into a share assignment agreement whereby it will pay US$20,000 and issue 500,000 fully paid ordinary shares to Mr Leandro Gobbo in consideration for 100% of the issued capital of Onça Mineração Ltda (“Onça”). Onça is a Brazilian incorporated company, and its only assets are the 22 licenses comprising the Borborema Project, of which it owns outright. Mr Gobbo is a private Brazilian vendor unrelated to the Company. The Company intends to issue the 500,000 shares out of its Listing Rule 7.1 placement capacity and confirms that the share assignment agreement is below the 25% benchmark for the purposes of Listing Rules 11.1.2 and 11.1.3. Settlement is expected to occur within 30 days from the date of this announcement.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery metals focused mining exploration company. The Company has acquired 22 lithium exploration licences covering a total area of 248 km2 (24,800 hectares) in northeastern Brazil. In addition, the Company holds a 100% interest in a package 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. The Company continues to identify and evaluate exploration opportunities, in the battery metals space in South America.

This Announcement has been authorised for release to ASX by the Board of Solis Minerals.

For further information, please contact:

Jason Cubitt

President and CEO

Solis Minerals Limited

+01 (604) 209 1658

Stephen Moloney

Investor Relations

Corporate Storytime

+61 (0) 403 222 052

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 or accuracy of this news release.

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 Fred Tejada, P.Geo, 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 Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway 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 Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway 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.

All information about exploration results that were previously released to the market is appropriately referenced in this document.

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