Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) reported a period of steady operational progress during the four months to September 30, 2025. Field activity remained focused on advancing priority copper–gold targets along Peru’s southern coastal belt.
The company is developing a substantial copper exploration portfolio along Peru’s coastal belt, with exploration concessions covering a total area of 67,300 hectares across the country.
Map of Peru Solis Minerals’ exploration projects including Ilo Este, Chancho al Palo, Cinto, Cucho, Canyon and Chocolate as well as development and operating projects held by major mining companies.
“It’s been a strong quarter for Solis Minerals with successful drilling activity across two of our Peruvian copper-gold projects, and planning for upcoming drilling at Cinto scheduled for December 2025. Initial drilling results at Ilo Este intersected extensive copper and gold mineralisation. Similarly, initial drilling results from Chancho al Palo intersected zones of elevated gold mineralisation,” CEO Mitch Thomas said.
“The acquisition of Cucho, subsequent to quarter-end, further complements Solis Minerals’ strategy to discover copper-gold resources that can host large-scale mining in one of the world’s most prolific copper-gold districts. These activities will be funded from existing cash and a $5.9 million placement announced October 21, 2025.
“Peru presents Solis Minerals with compelling exploration opportunities in a highly prospective geological setting, and we look forward to a strong finish to 2025 and updating shareholders as results become available.”
Highlights
- Active quarter of exploration across Solis Minerals’ Peruvian portfolio.
- Diamond drilling at the Chancho al Palo copper–gold project began in June 2025; three diamond holes completed.
- Diamond drilling commenced at the Ilo Este copper–gold project, intersecting copper and gold mineralisation.
- Induced Polarisation (IP) geophysical survey completed at the Cinto copper–gold project; permitting in progress to support drilling targeted by December 2025.
- Voluntary delisting from the TSX Venture Exchange on 23 June 2025, consolidating the company’s listing on the ASX; financial year-end updated from 31 May to 31 December.
- Cash balance of A$0.7 million at 30 September 2025; post-quarter placement received firm commitments of A$5.9 million.
- Tony Greenaway appointed to the board, effective November 2025.
Chancho al Palo and Ilo Este record strong results
At Chancho al Palo, diamond drilling that started in June progressed through three completed holes, contributing new geological and structural data to refine targeting.
At Ilo Este, the company initiated diamond drilling and recorded intersections of copper and gold mineralisation, supporting the project’s prospectivity and informing follow-up work.
Assays from first hole CAP-001 at Chancho al Palo did not return any contiguous copper (Cu) intervals longer than 6 metres grading above 0.1% Cu. However, the hole delivered a significant gold (Au) intercept:
- CAP-001: 19 metres @ 0.31 grams per tonne (g/t) Au from 57 metres
Read more: Solis Minerals reports broad mineralised zones at Ilo Este; first gold hit at Chancho al Palo
Cinto progress
During the quarter, Solis completed an IP geophysical survey at Cinto (100% owned), outlining chargeability and resistivity anomalies interpreted as prospective for copper mineralisation.
Integrated with prior geochemistry and magnetometry data, the survey defined three high-priority, large-scale, untested drill targets, with additional zones under evaluation. Drill permitting has begun under Peru’s accelerated Ficha Técnica Ambiental (FTA) process, with a maiden drilling program targeted to start in December 2025.
Corporate update
On the corporate front, Solis voluntarily delisted from the TSX Venture Exchange on June 23, 2025 to streamline its capital markets presence on the ASX.
The company has also aligned its financial reporting year-end to December 31. Cash at September 30, 2025, was A$0.7 million.
Subsequent to the quarter, Solis received firm commitments of A$5.9 million via placement to strengthen its balance sheet and fund ongoing exploration.
Governance was further enhanced with the appointment of Tony Greenaway to the Board, effective November 2025.
What’s next
Additional assay results from Ilo Este and Chancho al Palo are expected in the next few weeks.
Solis has also applied for 4,000 hectares of new exploration ground around its Cucho Copper Project in Peru, expanding its footprint in the country’s prolific Coastal Copper Belt.
The concessions sit adjacent to Fortescue’s copper tenure to the northeast, in a district where Element 29 and Vale are also advancing copper projects. Diamond drilling at Ilo Este will continue to test priority targets as part of the planned 5,000-metre program. The company will release further updates as results are received and interpreted.
Solis Minerals enters the final months of 2025 with strong momentum, a robust exploration pipeline, and a clear strategy to unlock value across Peru’s Coastal Copper Belt. With drilling programs advancing and new concessions secured, the company is well-positioned to deliver substantial resource potential and create long-term shareholder value.