Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) earlier this week announced the acquisition of 4,000 hectares of new exploration concessions at its Cucho project in Peru.
The company said the new ground lies northeast of the current project area, close to where major explorers including Fortescue and Element 29 are also active. It highlighted that the region is highly prospective and supports its goal of launching a drilling campaign in 2026.
Solis Minerals told investors that both the newly acquired concessions and the existing project ground hold “a lot of latent potential”. A recent site visit by its executive team confirmed encouraging observations.
The company said the expansion strengthens its position ahead of future exploration and aligns with its strategy of maintaining an active pipeline across multiple copper-gold assets.
Solis Minerals also provided updates on its broader portfolio. It reported continued progress at El Pollo, Centauro, and West Mid Stage. Drilling at Centro is expected to begin in December 2025, pending permit approvals.
It said funds raised recently will be used to support ongoing exploration work. The company reiterated its position as an “active explorer” focused on maximising exposure to discovery opportunities for shareholders.
Proactive:
Solis Minerals is expanding its footprint across the Cucho project in Peru. All the details on this are with the company's CEO, Mitch Thomas. Mitch, it's good to see you again this week with more news out of Cuzco. How are you?
Mitch Thomas:
Yep. Great to catch up.
Proactive:
It's good to see you, Mitch. Last week, we addressed the market on the acquisition of Cucho and the huge potential it's bringing into your portfolio. And here we are today, just a week later, acquiring 4,000 hectares of exploration concessions at the northeast of the project near Cuzco. What is the importance of this expansion, Mitch?
Mitch Thomas:
Yeah. Look. Overall, we just think it's a fantastic project which has a lot of latent potential. From two fronts. Firstly, I was on site two weeks ago. We have a director that's been there the last few days, and the feedback has been resounding — there’s a lot of latent potential in the existing project area.
But also, these concessions that we’ve recently applied for. We wanted to bolster our position to make sure the drilling campaign in 2026 could be as strong as possible. And as a third-party reference, the image in our announcement highlights that Fortescue were exploring about a kilometre away. We’ve got Vala, we’ve got Element 29, and a private Peruvian company active in the area. So the area is incredibly prospective and quite hot from an exploration perspective. We just want to put ourselves in the best possible position for the drilling that we're planning in 2026.
Proactive:
Mid West Stage, El Pollo, and Centauro are your major three jurisdictions. They've been a focal point of our discussions over the last few months. How are we tracking across all three projects at this stage?
Mitch Thomas:
Look, I think we're tracking very well. And the general comment I want to make is that we really want to stress to the market that we're a very, very active explorer. What that really means is that we give our shareholders as many opportunities as possible to share in that upside from exploration success.
We started drilling Chandler Palo, moved on to West. We’ll do Centro, commencing December 2025 — subject to receiving permits, that’ll be quicker than it will be at Canyon. For us, it’s very important that we have a healthy pipeline. With the recent raise we announced last week, we want to put that capital to good use. So we’re remaining very, very active to find that large copper-gold project in Peru.
Proactive:
Quite a fair bit happening across multiple jurisdictions there at Solis Minerals. And we look forward to having you on board in the coming weeks for more updates. This was Solis Minerals CEO Mitch Thomas. Thank you so much.
Mitch Thomas:
Thanks very much.