Solis Minerals Ltd will add $4.5 million to the war chest after receiving firm commitments in a strongly support placement to raise the new funding, including a director investment of $205,000 subject to shareholder approval.
The cash will be used to fund drilling at the priority Ilo Este and Chancho al Palo copper targets in southern Peru, as well as geochemical, geophysical and permitting activities at Cinto in preparation for drilling in the second half of the year.
The funding will also support regional exploration to feed the company’s exploration pipeline across its Peruvian projects, including at Chocolate and Canyon, and for general working capital.
Strong copper exploration pipeline
“Solis has successfully established a significant landholding across nearly 70 thousand hectares in the prolific Coastal Copper Belt of Peru with systematic exploration work to date across the portfolio, identifying a pipeline of highly prospective priority copper targets,” Solis Minerals CEO Mitch Thomas said.
“We are delighted to receive such strong support for the placement, demonstrating the recognised quality of Solis Minerals’ drill-ready targets in the copper-rich region of southern Peru.
“The company is now in a strong financial position ahead of drilling across our priority copper drill targets in Peru, commencing at Ilo Este and Chancho al Palo, where remaining approvals required to commence drilling are expected imminently.
“2025 will be an exciting year for Solis Minerals with strong news flow to be delivered from our drilling program, covering multiple prospects over the course of the year.”
The placement offered CHESS Depository Interests (CDIs) over common shares at A$0.085 per new share, with a 1 for 2 accompanying unlisted option exercisable at 16 cents with a two-year term.
Solis has also received a drilling permit from Peru's Ministry of Energy and Mines for the Chancho al Palo Project and expects to secure the remaining approvals required to begin drilling imminently.
Porphyry Coastal Belt of Peru in the Ilo region of Moquegua showing Solis’ exploration project areas.