Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) has capped a busy December quarter with the acquisition of a large-scale copper porphyry system in Peru, steady drilling progress across its coastal exploration portfolio and a strengthened balance sheet to fund exploration through 2026.
The December 2025 quarterly report highlights the acquisition of the Cucho Copper Project, advancing drill programs at Ilo Este and Chancho al Palo, and the granting of drilling permits at Cinto, alongside a $5.9 million capital raise and completion of the company’s transition to the Australian market.
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
Cucho acquisition adds large-scale porphyry opportunity
Solis entered into a staged earn-in agreement to acquire up to 75% of the Cucho Copper Project, with an option to increase its interest to 100%. The project hosts a partially outcropping copper-molybdenum-silver porphyry system supported by around 2,000 metres of historical drilling.
Cucho Project area and surrounding exploration and development projects
During the quarter, the company reprocessed historical magnetic and induced polarisation data and integrated this with surface geochemistry and geological datasets. The work identified several high-priority drill targets, including areas left untested by earlier drilling campaigns.
A drone-borne magnetic survey commenced in December, expanded surface geochemistry is planned, and drill permitting is underway, with Solis targeting late Q2 2026 for drilling.
Cucho historical drilling and surface geochemistry with preliminary locations of drill pads for the planned 2026 drill program.
‘Transformative’ quarter
Solis chief executive officer Mitch Thomas said the December quarter was a “transformative period” for the company as it begins the year with momentum across its Peruvian copper-gold portfolio.
“The acquisition of the Cucho Project is significant with its large-scale porphyry system and high-conviction targets, supported by new 3D geophysical modelling, which sets a clear path for a diamond drilling campaign,” he said. “Combined with upcoming drilling at Cinto, we are systematically testing for the next generation of South American copper discoveries.”
Drilling confirms scale at Ilo Este
At the Ilo Este project, assays from the first five diamond drill holes confirmed broad zones of elevated copper, gold and molybdenum anomalism across multiple intervals, supporting the presence of a large, variably mineralised porphyry system.
Solis said alteration zonation and sulphide mineralogy indicate drilling has intersected the outer to mid-zones of the system rather than the core, providing vectors for future follow-up targeting.
Ilo Este drillhole locations across northern and southern magnetic anomalies.
Early-stage results at Chancho al Palo
At Chancho al Palo, assay results from recent drilling returned multiple gold intercepts, including multi-metre zones of elevated gold grades. Copper intersections were limited, with the company noting the project remains at an early exploration stage and results will be used to refine future targeting.
Chancho al Palo drillhole locations.
Cinto permits secured ahead of maiden drilling
Drilling permits were granted at the Cinto project during the quarter, with Solis working through additional information requests from Peru’s Ministry of Energy and Mines.
The company is planning a maiden diamond drilling program of around 2,500 metres across five holes, targeting coincident geochemical and geophysical anomalies identified from recent surveys.
Cinto permitted drill pad locations, IP conductivity and historical geochemical sampling (grab and channel)
Funding and corporate reset completed
Solis completed a $5.9 million placement to institutional and sophisticated investors during the quarter, including a $150,000 investment from the chairman and CEO, and closed December with $4.2 million in cash.
The company also completed its withdrawal from the TSX-V, registered as an Australian company, and appointed experienced geologist Anthony Greenaway as a non-executive director.
“Bolstered by our recent capital raise and a streamlined corporate structure, we have entered the year in a position of significant strength,” Thomas said. “With funding and multiple targets in prospective areas, Solis Minerals is well positioned to deliver shareholder value throughout 2026.”