Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) made significant strides during the quarter ending May 31, 2025, across its copper exploration portfolio in southern Peru, with drilling approvals secured, early-stage exploration advancing, and a strategic delisting from the TSX Venture Exchange (TSX-V) completed post-quarter.
Ilo region of the Department of Moquegua, Peru showing Solis Minerals’ exploration project areas including Ilo Este, Chancho al Palo, Cinto and Chocolate as well as exploration ground held by major mining companies. Values for operations and projects sourced from company websites.
“This past quarter has been a significant period for Solis Minerals with drilling now underway at our 100%-owned Chancho al Palo project in Peru, testing multiple high-priority targets identified through mapping, sampling, and geophysics,” Solis CEO Mitch Thomas said.
“At Cinto, further copper mineralisation was confirmed through channel sampling, and an IP survey commenced to refine drill targets. Permitting is also underway to support drilling in the second half of 2025.
“With drilling to commence shortly at Ilo Este and our recent placement strengthening the balance sheet, we’re well-positioned to advance exploration across our portfolio. We look forward to a strong second half as we continue to drive discovery.”
Chancho al Palo drilling campaign launched
Following the end of the quarter, diamond drilling began at the Chancho al Palo copper-gold project. The project, comprising four contiguous concessions in Peru’s southern coastal belt, hosts both iron oxide copper-gold (IOCG) and porphyry-style mineralisation. Previous geophysical surveys had identified strong chargeability anomalies aligned with surface mapping and sampling data.
Chancho al Palo drill targets over magnetic susceptibility plot. Targets include IP (1A and 1B) and magnetometry (M1 – M3) anomalies.
The first drill hole, CAP-001-2025, was completed to a depth of 712.9 metres. It encountered IOCG-style breccia-hosted mineralisation, with notable sections including diorite intrusives containing trace to locally abundant sulphides such as chalcopyrite. Importantly, visible gold was observed at 619.9 metres. From 673 metres to end of hole, structurally altered hornfels with silicification, magnetite alteration, and sulphides was logged. A second hole, drilled 200 metres west, also returned visible copper and gold mineralisation.
Core has been sampled, with assays expected in August 2025.
CAP-001-2025 drill core from 184.20 to 184.75 metres displaying tourmaline/specularite breccia with chalcopyrite mineralisation hosted in diorite intrusive. Visually estimated grade 0.5% Cu.
Porphyry copper confirmed at Cinto
The Cinto Project, located 15 kilometres from Southern Copper Corporation’s Toquepala Mine, consists of six granted tenements covering 2,700 hectares. It is geologically distinct from the company’s other assets, lying within the Cenozoic Porphyry Belt.
Cinto tenements and neighbouring Toquepala operation and peer concession holders.
During the quarter, channel sampling confirmed the presence of copper porphyry mineralisation. Highlights included 26.5 metres at 0.28% copper (Channel 11), with a high-grade section of 5.4 metres at 1.0% copper. The mineralisation extends across a potential 3-kilometre-by-750-metre area.
Post-quarter, induced polarisation surveys identified three priority drill targets. Drill permitting has commenced via Peru’s accelerated Ficha Technica Ambiental (FTA) process, with maiden drilling anticipated in the fourth quarter of 2025.
Ilo Este drill permit granted
Drilling approvals for the Ilo Este Project, a large copper porphyry system with gold, silver and molybdenum, were granted by the Ministry of Energy and Mines of Peru (MINEM) during the reporting period.
A 5,000-metre diamond drilling program is scheduled to commence in August 2025 once work at Chancho al Palo concludes.
Other projects
No exploration activity was undertaken during the quarter at the Chocolate and Canyon projects in Peru, or the lithium-focused Borborema Project in Brazil.
However, Solis continues to review opportunities aligned with its copper-gold strategy, prioritising drill-ready projects or those with defined mineral systems.
Corporate developments
Solis held a cash balance of A$3.7 million at May 31, 2025, following the completion of Tranche 2 of a February 2025 placement. This raised A$2.63 million via the issue of 30.98 million CHESS Depositary Interests (CDIs) at A$0.085, along with unlisted options exercisable at A$0.16. Additional CDIs and options raised a further A$25,000. Broker fees totalled A$145,698 and included option incentives.
Funds are being used to advance the company’s Peruvian copper portfolio and support general working capital requirements.
The company also completed its voluntary delisting from the TSX Venture Exchange on June 23, 2025, having previously advised of the move on June 10. As part of the transition, Solis intends to redomicile to Australia and adopt a financial year ending December 31. Relevant ASX waivers have been updated following the delisting.
Leadership and governance
To support this transition, HLB Mann Judd was appointed as external auditor in July 2025, selected for its expertise in exploration-stage companies and in-country experience across South America.
Also in July, Solis appointed Rachel Kogiopoulos as chief financial officer. Kogiopoulos brings more than 25 years’ experience in the mining sector, most recently as finance and business services manager at De Grey Mining Ltd. She is a Certified Practicing Accountant and a graduate of the Australian Institute of Company Directors.