With copper and gold trading near record highs, the world’s miners are once again turning to the Andes — a region that has long supplied the metals fuelling industrial growth and, increasingly, the energy transition.
Peru, the world’s third-largest copper producer, remains one of the most important mining jurisdictions globally, combining strong export infrastructure with a deep pool of geological expertise. According to EY’s Mining & Metals Investment Guide 2025/26, roughly US$40 billion in new mining investment is earmarked for the country, with 73% of it directed to copper projects.
For explorers like Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF), that backdrop has created fertile ground. The Perth-based junior is developing a portfolio of six near-coastal copper-gold projects in Peru, including four scheduled for drilling within the next year — an enviable pipeline spanning brownfield and frontier prospects — as it looks to define the next generation of large-scale Andean discoveries.
Copper revival meets exploration momentum
Copper’s long-term demand profile remains compelling. As governments double down on grid upgrades, EV infrastructure, and renewables, the world faces a looming supply shortfall.
Gold, meanwhile, has been trading in record territory as investors seek refuge from inflation, geopolitical tension and market volatility.
Against this backdrop, Solis has launched an ambitious exploration campaign across its Peruvian portfolio, with drilling underway or planned at up to five of its copper-gold projects over the next year. The newly acquired Cucho Copper Project in Peru’s Ancash region anchors the program, joined by active and upcoming campaigns at Ilo Este, Cinto, and Canyon, with the company’s Chocolate Project rounding out the stable.
Solis Minerals’ projects: Exploring for gold in South America.
Cucho: A near-coastal porphyry with scale
The Cucho acquisition, announced on October 21, gives Solis an asset with strong existing drilling data and district-scale potential.
Cucho acquisition – highlights
Located 44 kilometres from the Pacific coast and just 40 kilometres from Element 29’s Elida project — which hosts 321 million tonnes @ 0.32% copper (Cu) — Cucho spans 3,600 hectares within Peru’s Coastal Batholith.
Cucho – Proximate to Element 29’s Elida.
Historical drilling in 2014 confirmed broad mineralisation, including:
- 175.4 metres @ 0.28% Cu, 0.012% molybdenum (Mo) and 1.3 g/t silver (Ag) from surface (COP14-06);
- 96.7 metres @ 0.28% Cu, 0.018% Mo and 1.4 g/t Ag, including 52.7 metres @ 0.35% Cu (COP14-05); and
- 269.1 metres @ 0.25% Cu from surface (COP14-07).
Key geophysical and geochemical anomalies remain untested around the historical drilling, forming the basis for a 5-kilometre diamond-drilling program planned for to occur prior to mid-2026.
The Cucho acquisition adds an advanced exploration asset with district-scale potential and a clear pathway to value creation through drilling.
Cucho – Technical Site Visit October 2025.
Ilo Este: Drilling under way in Peru’s southern copper belt
While Cucho advances towards permitting, Solis’ rigs are already turning at Ilo Este, a large porphyry copper-gold system roughly 15 kilometres inland from the coast.
The project, previously drilled by Rio Tinto and Latin Resources, produced long mineralised runs including 472 metres @ 0.11% Cu and 0.09 g/t Au and 318 metres @ 0.13% Cu and 0.10 g/t Au.
Ilo Este drilling
The current 5,000-metre diamond program, which began in August, targets northern and southern magnetic anomalies interpreted as the possible cores of a larger porphyry system.
Assay results are expected progressively through the end of 2025 and early 2026, giving investors steady exploration news flow.
Ilo Este mineralisation at surface.
Cinto: Brownfields opportunity near Toquepala
The Cinto Project, located just 15 kilometres southeast of Southern Copper’s Toquepala mine, offers a classic brownfields opportunity in a proven district. Channel sampling has returned 23.4 metres @ 0.88% Cu and 16.8 metres @ 0.52% Cu from surface.
Cinto Project
An induced-polarisation (IP) survey has been completed to refine drill targeting, with a first drilling program planned for Q4 2025.
Cinto mineralisation at surface and IP targets
Together, Ilo Este and Cinto provide exposure to some of the most productive ground in Peru’s copper belt — a corridor hosting Toquepala, Quellaveco, and Cerro Verde.
Pipeline depth and optionality
Beyond these near-term priorities, Solis’ pipeline includes Chancho al Palo, drilled mid-2025 with assays pending; Canyon, slated for first drilling in H2 2026 following promising geochemical results; and Chocolate, a smaller but accessible coastal target.
This diversified portfolio provides multiple shots on goal across known mineralised systems.
Backing and structure
Following a A$6 million two-tranche placement in October, Solis’ pro-forma market cap sits around A$14 million, with 256 million shares on issue and a top-20 holding roughly 53%.
Pilbara Minerals (ASX: PLS) — now the world’s largest independent spodumene producer — holds 9%, reflecting strong institutional backing from a proven industry player.
That tight structure gives Solis both funding runway and leverage to positive results as its 2025–26 programs unfold.
An experienced South American team
Leadership depth is central to the Solis story. CEO Mitch Thomas, formerly CFO of Rio Tinto’s Battery Materials division, led Latin Resources through its A$600 million sale to Pilbara Minerals.
Chairman Christopher Gale and non-executive director Anthony Greenaway were also key figures in that transaction, bringing discovery-to-sale experience across multiple commodities.
They’re joined by Rachel Kogiopoulos, ex-De Grey Mining, as CFO, and non-executive director Chafika Eddine, an ESG specialist with experience at Orla and Hudbay.
It’s a team that combines technical, commercial and community expertise across South America — experience critical for managing multi-project growth.
Read more: Solis to expand Cucho footprint as regional copper activity heats up
Peru’s copper advantage
Peru accounts for more than 10% of global copper output and hosts numerous tier-one operations — including Antamina (Teck, BHP, Glencore, Mitsubishi), Cerro Verde (Freeport, Sumitomo, MB) and Quellaveco (Anglo American, Mitsubishi) — within reach of established transport and port infrastructure.
Its proven geology and exploration maturity continue to attract major producers and emerging juniors alike.
Solis’ projects, all within the Andean copper belt, provide a strategic mix of accessibility, surface mineralisation and scale potential.
Peru – 3rd Largest Copper Producer Globally
Catalysts ahead
Solis’ 2025–26 work plan points to consistent activity:
- Q4 2025: Cinto drilling begins
- Q1 2026: Ilo Este assays
- Q2 2026: Cucho drilling launch
- H2 2026: Canyon exploration starts
Management expects “consistent exploration news flow across the copper-gold portfolio”, aimed at building momentum and progressively de-risking its assets.
The investment view
The case for Solis Minerals comes down to leverage, location and leadership. The company offers exposure to two globally strategic metals in a proven mining jurisdiction, supported by a seasoned team and strong institutional ties.
Its near-term catalysts — multiple drill programs, a newly acquired flagship and tight capital base — provide clear visibility through 2026.
As majors hunt for new copper supply and M&A accelerates, juniors with credible assets and experienced leadership are well placed to benefit. For Solis, the focus is clear: turn Peru’s geological opportunity into tangible results and unlock the next phase of growth.