Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) earlier this week announced the acquisition of a 100% interest in a large-scale lithium exploration project in Brazil, marking a significant expansion of the company’s portfolio alongside its existing copper assets in Peru.
Chief executive officer Mitch Thomas said the Brazil Lithium Project, located in the Araçuaí–Salinas Lithium Valley, covers approximately 93,000 hectares and includes multiple exploration targets, two of which are considered drill-ready. He noted that the region is “one of the most active and rapidly emerging lithium districts globally,” underlining its strategic importance.
The project was acquired from Rio Tinto, which retains a 1.75% net smelter royalty (NSR), aligning its interests with Solis Minerals’ exploration success. Thomas stated that the deal, valued at around US$500,000, represents “excellent value” given the scale of the landholding and the extensive historical exploration completed by Rio Tinto. This includes 18 auger drill holes, more than 1,800 soil samples, and over 300 rock chip samples.
Thomas highlighted that the existing dataset provides a strong foundation for rapid advancement, stating that “we could go drill tomorrow.” He added that Solis Minerals has already identified two priority targets and is planning initial drilling campaigns of approximately 2,000 metres per target in the coming months.
He explained that early-stage results show encouraging lithium surface geochemistry, with widespread anomalous values suggesting the presence of a larger համակարգ. The company’s exploration strategy is to replicate the success of its previous lithium discovery in Brazil, leveraging its geological expertise and familiarity with similar deposit styles.
Beyond lithium, Solis Minerals continues to progress its copper projects in Peru. Thomas acknowledged previous delays related to permitting but indicated that these issues have now been resolved, with drilling expected to commence shortly. He said the company will pursue a dual-track approach, advancing both lithium and copper assets simultaneously.
Looking ahead, key catalysts for Solis Minerals include the commencement of drilling in Brazil, assay results from initial programs, and updates on copper exploration in Peru. Thomas emphasised that the company’s primary objective is to deliver a significant discovery, which he believes will drive shareholder value in 2026.
Key highlights
- Solis Minerals acquired 100% of a 93,000-hectare lithium project in Brazil
- Located in the Araçuaí–Salinas Lithium Valley, a globally significant lithium region
- Project acquired from Rio Tinto, which retains a 1.75% NSR
- Extensive historical exploration data includes drilling, soil, and rock samples
- Two advanced, drill-ready lithium targets already identified
- Strong surface lithium grades indicate potential for a larger სისტem
- Drilling planned within months, with ~2,000m per target
- Brazil offers favourable permitting and mining conditions
- Company aims to replicate previous lithium discovery success in the region
- Copper projects in Peru remain active, with drilling expected soon
- Dual commodity strategy: lithium (Brazil) and copper (Peru)
- Focus on delivering shareholder value through discovery in 2026
Proactive: Welcome back to Proactive Investors. I'm your host Kerry Stevenson. Last time Mitch Thomas joined us, we were talking about copper in Peru, and now it's lithium in Brazil. Mitch, welcome back—what’s going on?
Mitch Thomas: Great to see you, Kerry. It’s been a few months. I’ll touch on Peru shortly, but today is about a very important acquisition in Brazil. We’ve been working on this for a long time, and the timing is excellent with strong lithium prices. Brazil is a great mining jurisdiction, and we’ve acquired over 90,000 hectares with multiple targets, including two very advanced ones.
Proactive: Tell us more about the deal and Rio Tinto’s involvement.
Mitch Thomas: We acquired the project from Rio Tinto, which completed extensive exploration work including 18 auger drill holes, 1,800 soil samples, and 300 rock chip samples. They’ve retained a 1.75% net smelter royalty, so they remain incentivised for exploration success. The acquisition cost was around US$500,000, which we see as excellent value.
Proactive: Does that existing data help fast-track development?
Mitch Thomas: Absolutely. It gives us two drill-ready targets. We could go drilling very quickly, and Brazil’s permitting environment is favourable.
Proactive: What are the next steps and where will shareholder value come from?
Mitch Thomas: Our focus is on discovery. We’ve identified strong lithium grades at surface and will begin drilling within the next few months. Initially, we’re planning around 2,000 metres of diamond drilling per target.
Proactive: Who else is operating in the region?
Mitch Thomas: It’s a very active lithium district. Companies like Sigma Lithium and Pilbara Minerals are operating nearby. We believe we hold one of the largest exploration land packages in the region.
Proactive: And what about your copper projects in Peru?
Mitch Thomas: Those remain a key focus. We’ve had some permitting delays, but drilling is expected to commence soon. We’re effectively running a dual strategy across lithium in Brazil and copper in Peru.
Proactive: Any final thoughts?
Mitch Thomas: We’re focused on delivering a major discovery. It’s been a slower start to the year, but we’re turning that around with strong activity planned for 2026.