Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) has sharpened its focus on lithium and copper growth across South America, advancing multiple projects in Brazil and Peru during the March quarter while lining up near-term drilling catalysts.
The company capped the period with a strategic move into Brazil’s hard-rock lithium sector, acquiring the Brazil Lithium Project in Minas Gerais shortly after quarter-end, adding to ongoing exploration at its Borborema project.
Chief executive Mitch Thomas said the company remained focused on progressing “high-quality assets toward drilling” across both jurisdictions.
Map of Solis Minerals’ exploration projects in Peru and Brazil, including the Brazil Lithium Project acquired subsequent to the Quarter.
Brazil lithium expansion gains momentum
Key developments in Brazil included:
- Acquisition of the Brazil Lithium Project in the Araçuaí–Salinas lithium province, adjacent to Pilbara Minerals’ ground hosting the Colina discovery
- Identification of two advanced drill-ready targets — Mandacaru and Campo Grande — with drilling targeted for June 2026
- Completion of a surface program at Borborema, with more than 200 samples collected across lithium-bearing pegmatite corridors
Araçuaí–Salinas Lithium Valley mineral tenements (illustrative) over regional geology. Regional spodumene operations (including Sigma Lithium’s Grota do Cirilo) and advanced projects are noted, including PLS’ Colina Lithium Project.
The Borborema work confirmed widespread pegmatite systems in a region prospective not only for lithium but also tungsten, copper and gold, with assays pending.
Peru copper assets move towards drilling
In Peru, Solis continued to progress its copper portfolio, with permitting and technical work advancing across several projects.
At the Cinto project, the company responded to additional information requests from Peru’s Ministry of Energy and Mines, with final drilling approvals expected shortly.
Meanwhile, due diligence at the Cucho Copper Project confirmed strong exploration potential, supported by:
- Historical drilling and extensive datasets
- Updated geological modelling and core relogging
- Identification of multiple priority targets
- Plans for a late June quarter 2026 drill campaign
Solis has the right to earn up to 75% of Cucho, with an option to move to full ownership under a staged agreement.
Cucho historical drilling, chargeability (IP) and surface geochemistry with preliminary locations of drill pads for the planned late H1 2026 drill programme.
At Ilo Este, drilling results continued to point to a large porphyry system, with broad zones of copper-gold anomalism intersected across multiple holes, reinforcing the scale potential of the project.
Financial position and outlook
Solis ended the quarter with a cash balance of $2.6 million and quarterly exploration expenditure of about $1 million.
The company reported net operating cash outflows of $1.6 million for the period, implying around 1.6 quarters of funding at current spend levels.
With multiple drill programs scheduled across Brazil and Peru in coming months, Solis is positioning for a steady flow of exploration catalysts through 2026, spanning both lithium and copper targets.