Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has raised approximately A$2.66 million at A$0.085 per share following the closure of Tranche 2 of its equity placement.
The company issued 30,979,957 shares. In addition, 26,470,627 unlisted options were issued, exercisable at A$0.16 with a two-year term. An extra 294,118 CDIs were also issued at the same A$0.085 price point, together with 147,059 unlisted options, raising a further A$25,000.
The combined capital raised through Tranche 2 amounts to A$2,633,296.35, with the placement approved by shareholders at a Special Meeting held on April 16, 2025.
Further high-grade copper at Cinto Project
The increase in bank balance comes as Solis reported further high-grade copper assays from its wholly owned Cinto Project in southern Peru, reinforcing its belief that the project represents a significant porphyry copper system.
The latest results come from Channel 11, which returned a broad intersection of 26.5 metres at 0.28% copper, including a higher-grade core of 5.4 metres at 1.0% copper.
These findings add to earlier encouraging assays from the same area, including 23.4 metres at 0.88% copper and 16.8 metres at 0.52% copper from previously reported channels, highlighting the growing potential of the Cinto copper system.
The company will now turn its attention to permitting activities in preparation for a maiden drilling program at Cinto, targeted for the second half of 2025.
In the lead-up to drilling, the company is set to begin induced polarisation (IP) surveys in the June quarter. These geophysical surveys are aimed at refining priority drill targets within the project area.
The Cinto Project comprises six granted tenements covering 2,700 hectares and five additional applications spanning a further 2,800 hectares. It is strategically located within the Cenozoic Porphyry Belt, which hosts major copper deposits including Quellaveco and Cuajone.
In parallel, Solis is advancing drill programs at its Chancho al Palo and Ilo Este projects. The combined activity across these assets positions the company for a potential series of copper-gold discoveries across its Peruvian portfolio in 2025.