Solis Publicizes Acquisition of Extremely Potential Cucho Copper Mission, Peru

HIGHLIGHTS

• Settlement to accumulate as much as 75% of the Cucho Copper Mission (“Cucho” or the “Mission”), Peru, through staged earn-in with an choice to accumulate 100% (topic to shareholder approval).

• Mission is a large-scale, partially outcropping copper-molybdenum-silver porphyry system, with wonderful infrastructure entry solely 44 kilometres from the Pacific coast.

• Cucho is complementary to Solis Minerals’ present Peruvian portfolio, offering an asset with historic drilling and really engaging untested drill targets.

• Historic exploration contains 2,000 metres of diamond drilling and confirms vital copper mineralisation from floor, with each oxide and first sulphide copper.

• Earlier drilling encountered vital mineralisation in all drill-holes¹ with grades according to working mines throughout the Andean copper belt:

  • COP14-01: 169.7 metres @ 0.24% Cu, 0.012% Mo and 1.0 g/t Ag (from floor)

  • COP14-02: 178.7 metres @ 0.23% Cu, 0.022% Mo and 0.9 g/t Ag (from 38.6 metres)

  • COP14-05: 96.7 metres @ 0.28% Cu, 0.018% Mo and 1.4 g/t Ag (from 37.2 metres)

  • COP14-06: 175.4 metres @ 0.28% Cu, 0.012% Mo and 1.3 g/t Ag (from floor)

  • COP14-07: 269.1 metres @ 0.25% Cu, 0.011% Mo and 1.1 g/t Ag (from floor)

    • Inc. 19.9 metres @ 0.36% Cu, 0.002% Mo and 1.0 g/t Ag (from 13.6 metres)

    • Inc. 18.0 metres @ 0.36% Cu, 0.020% Mo and 0.6 g/t Ag (from 138.2 metres)

• Historic drilling had limitations that led to a 2014 Technical Report, ready below NI-43- 101 Requirements, concluding that “the principle geochemical and geophysical anomalies have been left with out verification by drilling”. Solis Minerals plans to drill these in early 2026.

• Cucho is positioned 40 kilometres from Component 29 Sources’ Elida venture (Inferred Useful resource: 321Mt @ 0.32% Cu. 0.03% Mo, 2.61 gt/t Ag)². Market capitalisation of CAD$157M³.

• Mission to be acquired via a staged, low-upfront money construction with no minimal spend.

West Leederville, Western Australia–(Newsfile Corp. – October 20, 2025) – Solis Minerals Restricted (ASX: SLM)

Chief Govt Officer, Mitch Thomas, commented:

“Cucho is a uncommon alternative to accumulate a large-scale, well-located, superior copper exploration venture in Peru, with demonstrated mineralisation from floor, wonderful metallurgical traits, and clear potential for a significant useful resource. What excites us is a mixture of robust present knowledge – together with drilling, geophysics, and geochemistry – alongside untested anomalies that time to the potential for a venture of great scale. Cucho matches completely into Solis Minerals’ technique of constructing a portfolio of Tier- 1 copper-gold tasks.”

¹ Seek advice from the observe concerning Historic Drilling outcomes on the finish of this announcement
² Component 29 web site, August 2025 (hyperlink: https://www.e29copper.com/tasks/elida/). Refer to notice on following web page
³ Sourced from Google Finance, 17 October 2025 (https://www.google.com/finance/quote/ECU:CVE) 

Determine 1: Map of Peru and Solis Minerals’ exploration portfolio. The Firm cautions that any reference to different tasks or mines is for illustrative functions solely. Traders are suggested that the Cucho Copper Mission is at an early stage of exploration and doesn’t at the moment have a Mineral Useful resource or Ore Reserve estimate in accordance with the JORC Code (2012 Version). Comparisons with different tasks or mines, together with these which can be in manufacturing or at a extra superior stage of growth, should not supposed to indicate that the Firm will obtain comparable outcomes, recoveries, or financial outcomes. The potential amount and grade of any useful resource at Cucho is conceptual in nature, and there was inadequate exploration to estimate a Mineral Useful resource. It’s unsure if additional exploration will outcome within the estimation of a Mineral Useful resource. Traders shouldn’t place undue reliance on such comparisons.

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Determine 2: Cucho location just about key infrastructure and Component 29’s Elida venture amongst exploration properties held in October 2025 by different lively worldwide mining and exploration firms together with Fortescue, Vale and Newmont.

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Determine 3: Photograph of Cucho Copper Mission space and terrain. View wanting south-west.

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Determine 4: CEO Mitch Thomas throughout a due diligence web site go to in October 2025 with Solis Minerals’ exploration workforce. The world reveals oxidised mineralisation localised alongside joints in granodiorite of the Central Zone of Cucho (Figures 7, 8). Photograph is at a web site between drill collars COP14-01 and COP14-02 (Determine 8); assay outcomes included inside this announcement. Host rocks embody diorites, metasomatized granodiorites throughout the Coastal Batholith of Peru minimize by a number of units of quartz veining.

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Solis Minerals Restricted (ASX: SLM) (“Solis Minerals” or the “Firm”) is happy to announce it has entered right into a binding settlement to accumulate as much as a 75% curiosity within the Cucho Copper Mission (“Cucho” or the “Mission”), positioned within the Division of Ancash, Peru (Figures 1, 2) through a staged earn-in, with an choice to accumulate a 100% curiosity.

1. Mission Overview

Cucho was found by geologists from Quippu Exploraciones (a Peruvian privately held exploration firm) in 2008 within the Ancash Division of coastal Peru. Mineralisation was noticed in samples of copper oxidation inside bedrock, particles falls and distant fragments. Following a maiden drilling marketing campaign in 2014, it has been outlined as a possible large-scale porphyry copper-molybdenum system. The venture space was expanded by Quippo Exploraciones between 2021 and 2022 to replicate the big scale of the mineralisation encountered via the acquisition of neighbouring concessions. Subsequent floor actions and re-interpretation of geophysics outlined a 3 x 1.8 kilometre mineralisation footprint.

Cucho represents a compelling exploration and growth alternative with in depth historic datasets, present drill-defined copper mineralisation from floor, and clear geological indicators of a district-scale mineralised system.

The Firm believes Cucho has the potential to host a globally vital copper deposit and intends to advance the Mission quickly via exploration.

2. Location

The Cucho Copper Mission is located roughly 183 kilometres north-northwest of Lima on the Pacific coast of Peru. The Mission lies in low-relief desert terrain, extremely beneficial for infrastructure growth and at an elevation of roughly 1,500 metres (Determine 3). Cucho lies roughly 40 kilometres from Component 29 Sources’ (TSX-V:ECU) Elida venture (inferred useful resource: 321Mt @ 0.32% Cu. 0.03% Mo, 2.61 gt/t Ag)⁴ (present market capitalisation of CAD$157 million at 17 October 2025) and 120 kilometres from the world-class Antamina operation. Worldwide mining firms Fortescue Metals Group (“FMG”) (ASX:FMG), Vale S.A (“Vale”) (NYSE:VALE), and Newmont Company (“Newmont”) (NYSE:NEM) are actively exploring for copper and gold within the area. FMG holds adjoining tenements 1km to the north-east of Cucho and Vale is actively exploring 4kms to the south-east of Cucho (Determine 2). Newmont has found the Illari copper-gold venture 50kms south- west of Cucho.

Floor land possession is consolidated below a single group landholder, considerably lowering the allowing timeline for drilling. The location is accessible by present provincial roads and is strategically positioned roughly 100 kilometres from the Chancay mega port, not too long ago developed as a key export hub for mineral merchandise (Determine 2).

3. Peruvian Copper Business

Peru is among the world’s most vital mining jurisdictions, rating⁵:

• Third globally in copper manufacturing, behind Chile

• First in Latin America for zinc, lead, and molybdenum

• High 5 globally for silver, gold, and tin

• Quantity 11 for gold manufacturing

Mining contributes roughly 8.5% of Peru’s GDP, and mineral exports account for almost 64% of complete exports. Copper is the main export steel, and its strategic significance is rising as a result of international vitality transition. In 2024, Peru produced 2.74 million metric tons of copper, securing its place because the world’s third-largest copper producer behind Chile and the DRC⁶.

⁴ Component 29 web site, August 2025 (hyperlink: https://www.e29copper.com/tasks/elida/)
⁵ Peru’s Mining & Metals Funding Information 2025/2026 (hyperlink: https://www.ey.com/es_pe/insights/mining-metals/mining-metals- investment-guide)
⁶ Mining Expertise, June 2025 (hyperlink: https://www.mining-technology.com/information/peru-anticipates-slight-increase-copper- manufacturing/?cf-view) 

Peruvian porphyry techniques
Porphyry copper deposits are massive, low-to medium-grade techniques fashioned by magmatic-hydrothermal processes. These deposits sometimes include disseminated copper and molybdenum mineralisation, usually with silver and gold by-products. Based on Peru’s Geological, Mining, and Metallurgical Institute (Ingemmet), porphyry techniques account for over 75% of the copper produced worldwide, with Peruvian provide consisting nearly fully of porphyry sources⁷.

Most financial porphyry copper operations in Peru function at grades of between 0.2% and 0.5% copper, which is according to international averages for large-scale porphyry techniques. These copper grades exclude by-products which are sometimes recovered from major sulphide mineralisation together with molybdenum, silver, gold and zinc. Whereas copper grade is vital to the viability of any operation, different traits together with stream sheet (heap leach or concentrator), strip ratio, labour productiveness, vitality prices, capital depth and infrastructure additionally considerably affect the economics of a venture.

A case research for Cerro Verde has been offered in Appendix 1. The mine initially commenced as a heap leaching and SXEW venture to supply copper cathode from modest grade oxide sources. It has subsequently transitioned to profitably mining sulphide ores with copper head grades of roughly 0.35% copper plus by-product credit of silver and molybdenum.

4. Mission Geology

Cucho is hosted throughout the Cretaceous to Palaeocene-aged Coastal Batholith of Peru, the identical metallogenic belt as most of the nation’s main porphyry copper techniques together with a number of of the Firm’s present exploration tasks. U/Pb and Re-Os relationship confirms Cucho’s mineralisation at ~56 Ma, coincident with the age of Peru’s largest copper deposits.

The Mission covers a land bundle of three,600 hectares and alteration-mineralisation anomaly footprint of three x 1.8 kilometres. The anomaly is outlined by coincident copper-molybdenum geochemistry, floor mineralisation, and robust induced polarisation (“IP”) chargeability anomalies. Mineralisation is hosted in batholithic granodiorite, with stockwork veining and copper oxide staining at floor throughout the surficial uncovered oxide zone, transitioning to major chalcopyrite-molybdenite sulphides at depth.

A separate granitic porphyry physique intersected in drilling is interpreted because the potential supply of the broader mineralising system. The geological setting, alteration assemblages, and scale of the mineralised system are instantly corresponding to massive porphyry copper tasks together with Hudbay’s Mason venture and Constancia operation (TSX: HBM), Teck’s Zafranal venture (NYSE: TECK), Component 29’s Elida venture (TSXV: ECU) and Newmont’s Illari copper-gold venture (NYSE: NEM).

5.   Exploration Historical past

5.1 Floor Sampling

Discovery of the Mission occurred in 2008 following inspection of copper oxide occurrences. Detailed work in 2010-2011 included:

1. Geological mapping at a number of scales;

2. Stream sediment and bedrock geochemical sampling;

3. Petrography;

4. Floor magnetics and radiometrics; and

5. IP, magnetometry and resistivity surveys.

Later floor rock sampling confirmed widespread anomalous copper and molybdenum, outlining a mineralised footprint of three x 1.8 kilometres. Preliminary acid-leach testing carried out by the seller throughout floor oxide samples returned excessive copper recoveries, robust metallurgical traits and low deleterious factor content material.

5.2  Drilling

A scout diamond drilling program in 2014 comprised seven diamond drill holes for two,000 metres, designed to check near-surface oxide copper mineralisation. All drillholes intersected materials mineralisation (Desk 1, Figure7). Assays have been processed by Inspectorate Laboratory (now Bureau Veritas) in Lima and evaluated below NI 43-101 requirements. All drilling logs and laboratory reviews have been offered to Solis Minerals. The Firm has reviewed drill core saved in Lima, Peru. Seek advice from Appendix 2 for historic drilling assays.

⁷ Porphyry Deposits, Undated (hyperlink: https://app.ingemmet.gob.pe/biblioteca/pdf/Econ-44.pdf)

Assays confirmed oxide and sulphide copper zones, with vital intercepts introduced in Desk 1:

Desk 1: Abstract drillhole assay knowledge from scout drilling programme. Coordinates of drill collars, path, and depth of drill holes introduced in Appendix 2.

 

Drilling has demonstrated a well-developed copper oxide blanket extending from floor to roughly 50-70 metres depth in most holes, transitioning into major sulphide mineralisation at better depths. This vertical zonation is obvious in holes COP14-01 via COP14-05 (Determine 5 included as a reference for COP14-02), the place the very best copper grades are constantly discovered within the higher sections. For instance, COP14-01 returned 169.7m at 0.24% Cu from floor (with an oxide zone from floor to 67m), whereas COP14-05 intersected 96.7m of oxides at 0.28% Cu from 37.2m. These intervals are characterised by oxidised copper minerals resembling malachite and chrysocolla, usually related to quartz veining and limonitic fractures.

Beneath the oxide zone, mineralisation transitions into disseminated chalcopyrite and molybdenite hosted in quartz-sericite altered granodiorite, with sulphide-rich veinlets changing into extra prevalent. That is mirrored in deeper intercepts resembling 178.7m at 0.23% Cu and 0.022% Mo in COP14-02, and 132.2m at 0.15% Cu in COP14-03. The presence of molybdenite and elevated molybdenum grades in these intervals helps the interpretation of a mature porphyry system with a well-developed hypogene core (the central zone of major mineralisation and alteration fashioned by deep, high-temperature hydrothermal fluids).

It was famous that drill cores COP14-06 and COP14-07 deviate from this sample, returning constant grades all through their size (175.4m at 0.28% Cu and 269.1m at 0.25% Cu respectively), with out the pronounced oxide-to-sulphide transition seen in different holes. This implies a extra pervasive sulphide system in these areas, doubtlessly reflecting deeper erosion or a unique structural setting throughout the stockwork zone.

Host rock alteration varies from intense propylitic alteration within the higher zones to quartz-sericite and biotite alteration at depth, according to the central potassic and phyllic zones of a porphyry system. The mineralisation is spatially related to zones of quartz veining and brecciation, and geophysical IP anomalies point out that the system stays open to the north and northeast.

These outcomes present a compelling geological narrative for Cucho and assist continued exploration concentrating on the untested extensions of stockwork. 

Limitations of the 2014 drilling programme

The 2014 drilling marketing campaign, whereas profitable in confirming the presence of great copper mineralisation, was constrained by a number of components that restricted its effectiveness. A 2014 Cucho Technical Report, ready below NI-43-101 requirements, concluded that “the principle geochemical and geophysical anomalies have been left with out verification by drilling” and “essentially the most promising northern and northeastern elements of this stockwork marked by IP anomalies, up to now stay unverified, in addition to its central half with high-contrasting geochemical anomalies” for the next causes:

1. Restricted meterage and incomplete mineralisation delineation

The drilling programme was restricted to roughly 2,000 meters, which proved inadequate to totally delineate the mineralisation. In consequence, the marketing campaign was unable to contour the mineralised zone with confidence. The restricted variety of drill holes and their spatial distribution left massive parts of the geochemical and geophysical anomalies untested, notably in essentially the most promising northern and northeastern extensions of the stockwork, as indicated by IP anomalies.

Moreover, the absence of pre-constructed drill pads and the reliance on a single drill rig restricted the scope and adaptability of the drilling. This method didn’t enable for deeper or extra strategically positioned holes, and the utmost depth achieved was typically lower than 280 meters, doubtlessly lacking deeper mineralisation.

2. Impromptu drill gap placement

Drill holes have been primarily based on logistical comfort relatively than optimum geological concentrating on (Determine 8). The dearth of ready drill platforms meant that holes have been drilled the place entry was best, not the place geological proof urged the very best potential. This method led to the principle geochemical and geophysical anomalies being left unverified by drilling, doubtless leading to an underestimation of copper content material and lacking doubtlessly higher-grade zones.

3. Unverified geochemical anomalies

Many of the vital geochemical anomalies recognized in prior exploration phases stay untested by drilling. This was due, largely, to the gadgets listed above and a scarcity of consolidated concessions north of the traditionally drilled space. These concessions have now been added to the Mission permitting unrestricted drilling of those anomalies (Figures 7 and eight).

6.  Exploration alternative

The Cucho Copper Mission presents a compelling case for the presence of great mineralisation throughout the prevailing drilled space (the Central Zone) and lengthening into undrilled anomalies throughout the North, West and South Zones (Determine 7). Whereas the present drilled space – primarily based on simply 2,000 meters of scout drilling within the Central Zone – demonstrates promising grades and mineral continuity, it represents solely 7% of the mineralisation footprint. The rest of three x 1.8-kilometre mineralised space stays undrilled, providing substantial upside.

Geophysical surveys, together with magnetometry, IP chargeability and resistivity knowledge, have recognized a number of high-priority targets (Determine 7). Notably, a big chargeability anomaly to the north and northeast reinforces the interpretation of a hid porphyry copper-molybdenum system, doubtlessly the supply of the mineralisation noticed within the drilled zones (Determine 8). This anomaly stays untested by drilling, regardless of its coincidence with floor geochemical signatures and geological indicators.

Floor geochemistry additional helps the exploration mannequin, with broad zones of high-grade copper anomalies (>1% copper) that haven’t but been drill examined. These anomalies are notably concentrated within the Central and North Zones, the place molybdenum values additionally stay steady round 0.015%, reinforcing the continuity of the mineral system. The presence of enriched copper zones beneath leached caps, as indicated by geophysical research and floor sampling, means that deeper drilling may reveal higher-grade mineralisation than at the moment encountered (Determine 6).

The geological setting – throughout the Coastal Batholith and that includes granodioritic and porphyritic intrusions – mirrors that of different main copper deposits. 

In abstract, the undrilled anomalies at Cucho characterize a big alternative to broaden the identified mineralisation. With sturdy geophysical and geochemical assist, beneficial geological analogues, and minimal floor constraints, focused drilling in these zones may unlock substantial copper and molybdenum mineralisation.

Determine 5: Core from historic drillhole COP14-02 displaying quartz veining, copper sulphides and stockwork inside granite porphyry. Core proven commences at a depth of 122.85 metres and ends at 125.85 metres. Related drillhole assay outcomes: 178.7 metres @ 0.23% Cu, 0.022% Mo and 0.9 g/t Ag (from 38.6 metres) (Desk 1).

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Determine 6: Cucho lengthy part with projection of drill core traces on geophysical IP chargeability anomalies. Drill gap COP14-03 hint is projected from exterior of the anomaly depicted. Seek advice from Determine 8 for location of lengthy part.

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Determine 8 highlights a big potential porphyry system with concentric zoning of copper and molybdenum anomalies. Floor molybdenum concentrations and drill gap copper grades are highest throughout the central portion of the outlined goal space, suggesting a sturdy mineralised core. The presence of >24 mV/V induced polarization anomalies additional helps the interpretation of disseminated sulphide mineralisation at depth, making these zones prime candidates for follow-up drilling.

Cucho illustrates a basic eroded porphyry system, with a leached cap transitioning into an oxide zone after which right into a sulphide-rich core. This mannequin aligns with noticed drill outcomes, the place most holes intersected increased copper grades within the higher sections, according to oxide mineralisation, adopted by lower-grade sulphide zones at depth. Notably, drill holes COP14-06 (Determine 9) and COP14-07 present constant grades all through their size, indicating a extra pervasive sulphide system or deeper erosion degree in these areas.

In abstract, the mixing of floor geochemistry, drill knowledge, and geophysical anomalies presents a compelling case for focused infill and step-out drilling. Future drilling ought to give attention to verifying the untested extensions of the stockwork, refining the oxide-sulphide transition, and delineating the total extent of the mineralised system to assist useful resource estimation and growth planning.

Determine 7: Plan of Cucho exploration concessions displaying historic drilling over geology and untested geophysical IP anomalies.

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Determine 8: Plan of enormous geophysical chargeability anomalies at Cucho with drill gap traces overlaid with geochemistry pattern assays.

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6.1 Exploration goal

Cucho doubtlessly incorporates a big, porphyry-style venture, primarily based on the size of the geophysical and geochemical anomalies, geological mapping, and the restricted drilling accomplished so far. The potential amount and grade of mineralisation are conceptual in nature at this stage, as there was inadequate exploration to estimate a Mineral Useful resource, and it’s unsure if additional exploration will outcome within the estimation of a Mineral Useful resource.

6.2 Work-to-date in assist of the exploration goal

Potential for a big, doubtlessly bulk tonnage venture is supported by:

• Technical Report from 2014 accomplished to NI 43-101 requirements.

• 2,000 metres of diamond drilling (7 holes) within the Central Zone.

• In depth geophysical (IP, magnetics) and geochemical anomalies over a 3 x 1.8 km space.

• Geological mapping and floor sampling confirming porphyry-style mineralisation.

• Analogous scale and grade to main porphyry copper deposits of this age within the Americas.

6.3  Deliberate work & timeframe

The following section of exploration will embody:

• Step-out and infill drilling of high-grade floor anomalies and geophysical targets.

• Useful resource definition drilling within the Central, North, and West Zones.

• Up to date geophysical surveys, geophysical-deposit modelling and metallurgical take a look at work.

The Firm goals to check the validity of the exploration potential of the Mission and report a Mineral Useful resource estimate inside 12 – 18 months, topic to allowing, drilling and funding.

Determine 9: Drill core from historic gap COP14-06 displaying quartz veining, copper sulphides and stockwork. Core proven commences at a depth of 122.00 metres and ends at 125.00 metres. Related drillhole assay outcomes: 175.4 metres @ 0.28% Cu, 0.012% Mo and 1.3 g/t Ag (from floor) inc. 91.2 metres @ 0.33% Cu, 0.007% Mo and 0.8 g/t Ag (from floor) (Desk 1).

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7.   Tenure Package deal

The Cucho Copper Mission includes a contiguous 3,600 ha efficient space of mining concession block, protecting the core mineralised system and areas appropriate for potential future mine infrastructure. The tenure has been secured via staged consolidation since 2008. All concessions are in good standing. Desk 2 presents the concessions that kind the Cucho Copper Mission.

Desk 2: Cucho Mission concessions bundle

 

Social and group concerns have been reviewed with no antagonistic findings. A group assist settlement for exploration actions is in place having been not too long ago renewed in April 2025. There aren’t any recognized overlaps with protected or reserved areas.

8.   Infrastructure

Cucho advantages from excellent present infrastructure:

• Proximity to port: 44 kilometres from the Pacific Ocean and ~100 kilometres from the Chancay mega port, a significant logistics hub at the moment working.

• Highway entry: Related by provincial roads with simple routes for upgrading.

• Topography: Low-relief, low-rainfall desert terrain extremely conducive to mining infrastructure and cost-effective growth.

• Land entry: Group landholder that has formally expressed curiosity in mineral exploration.

• Energy and water: Entry to close by hydropower technology and water sources. Excessive UV publicity supplies photovoltaic / photo voltaic technology optionality.

9.   Alternatives

Solis Minerals considers Cucho to characterize a transformative copper exploration acquisition, with a number of value-enhancing alternatives, together with:

1. Mineralisation scale: Drilling so far has solely examined a fraction of the mineralised footprint. Clear extensions to the north, northeast, south and at depth stay untested.

2. Speedy delineation: Historic drilling has intercepted broad widths of copper mineralisation with the chance for potential early useful resource supply.

3. District-scale potential: Giant IP anomalies and the presence of an untested granite porphyry supply intrusion spotlight potential for a significant copper-molybdenum porphyry discovery.

4. Grade enhancement: Floor geochemistry identifies a number of areas of >1% copper anomalies not but drill-tested. Greater grade zones exist inside broad intersections reported that will probably be focused as a part of future exploration programmes.

5. Metallurgical optionality: Excessive leach recoveries from oxide materials assist potential heap leach growth alongside typical sulphide flotation.

6. Speedy development: With historic baseline knowledge and beneficial land entry, Cucho will be superior to drilling inside 6 – 9 months. 

7. Heap leaching: The Central Zone of the Mission (Determine 8) signifies potential for a considerable oxide copper useful resource. The mineralisation is at floor, which considerably reduces stripping necessities and enhances the economics of open-pit mining and leach pad placement. Beneficial mineralogy (chrysocolla, malachite, copper pitch) and low deleterious components (Ca, Mn, Fe, S), assist sturdy leach potential. It’s supposed to research the chance for a standalone or hybrid leaching / SXEW circuit in parallel with the proposed preliminary drilling marketing campaign.

10.  Transaction phrases

Solis Minerals has entered right into a binding settlement with Quippu Exploraciones SAC (“Q-Ex” or the “Vendor”), a non-public entity which holds a 100% curiosity and rights to all of the Cucho exploration concessions (Desk 2). Q-Ex are Peruvian skilled geologists who found the Mission in 2008. Q-Ex has beforehand executed exploration and three way partnership agreements for different Peruvian exploration tasks with Rio Tinto, Anglo American and Freeport-McMoRan.

Pursuant to the staged settlement outlined beneath, Solis Minerals has the correct to earn as much as a 75% curiosity within the issued share capital of a brand new three way partnership firm (“JVCo”) which can maintain 100% of the Mission. Transaction milestones are summarised in Desk 3. Underneath the phrases of the settlement:

• Signing: Solis Minerals pays an upfront signing / exclusivity charge of USD$100,000 in money to offer 90 days of exclusivity to finish detailed due diligence.

• Train: upon electing to proceed with the earn-in, the Firm pays a further USD$300,000 in money upfront and problem A$1,000,000 in abnormal shares primarily based on a 30-day VWAP following completion of floor actions, leading to a 20% fairness curiosity within the JVCo. These shares will probably be topic to a six-month escrow interval Solis Minerals has 12 months from the train fee to finish floor actions.

• Drill permits: following the approval of all drilling permits, Solis Minerals pays USD$200,000 in money, sustaining its 20% fairness curiosity.

• Drilling: upon completion of a 5,000-metre drilling program and a choice to proceed to the following exploration stage, Solis Minerals pays an additional USD$200,000 in money and problem A$2,000,000 in shares primarily based on a 30-day VWAP, growing its JVCo fairness to 51%. These shares may even be topic to a six-month escrow interval. Solis Minerals has 12 months from the receipt of permits to finish the drilling program.

• Milestone 1: JORC and PEA: will probably be achieved when Solis Minerals reviews a JORC-compliant useful resource of at the least 40Mt at 0.3% copper (or 120,000 tonnes contained copper equal) and publishes a preliminary financial evaluation (PEA). Upon completion, Solis Minerals will problem A$1,500,000 in shares, growing its fairness to 60%. Solis Minerals has 18 months to finish this milestone, and Q-Ex retains discretion to obtain the proceeds in money or shares.

• Milestone 2: PFS: will probably be achieved when Solis Minerals publishes a prefeasibility research (PFS) and completes a further 10,000 metres of drilling. Upon completion, the Firm will problem A$3,000,000 in shares, growing its fairness to 75%. Solis Minerals has 18 months to finish this milestone, and Q-Ex retains discretion to obtain the proceeds in money or shares.

Moreover, if Q-Ex’s fairness curiosity falls beneath 10%, this curiosity will probably be transformed to a 2% internet smelter return (NSR) royalty. The Firm has the choice to purchase again half (or 1%) of the two% NSR for US$5 million. Solis Minerals might buy 100% of the venture fairness for US$10 million at any time limit inside seven years of Signing. Q-Ex will probably be free-carried by Solis Minerals till achievement of Milestone 2, at which level the Firm will maintain a 75% curiosity within the Mission. 

Desk 3: Abstract of Cucho key transaction milestones and phrases

 

11.  Subsequent steps

The signing / exclusivity charge has been paid from present money reserves. Shareholder approval will probably be hunted for the difficulty of all shares in reference to every stage outlined above. Every stage of the earn- in will solely be progressed on the premise that due diligence helps a robust probability of future worth technology.

A staged method for due diligence and earn-in is designed to de-risk Cucho, with technical milestones and funding thresholds at every stage. Milestones and timelines have been established to make sure a disciplined, value-driven method to venture development:

2025: Due Diligence
The primary section will give attention to finishing a complete due diligence evaluation of the Cucho Copper Mission. Over a 90-day interval, Solis Minerals will conduct detailed technical, authorized, and industrial assessments to substantiate the Mission’s potential and determine dangers; most of which has already been accomplished. Concurrently, planning will begin for the preliminary exploration program together with development of drilling permits. Solis Minerals intends to finish detailed floor mapping and a drone survey to enhance 2026 drill goal setting.

2026: Floor Work and Allowing
Following profitable due diligence, the following steps will contain refining drill targets for a deliberate 5,000- metre drilling program. Throughout this era, Solis Minerals will proceed the method for acquiring obligatory drilling permits.

2026: First Spherical Drilling
As soon as permits are secured, the Firm will execute a 5,000-metre drilling marketing campaign concentrating on high- precedence, untested anomalies throughout the Mission space. The outcomes of this drilling will probably be evaluated to find out the potential for copper sources and to tell selections concerning additional Mission development.

2026/2027: Useful resource Definition and Preliminary Research
With the completion of first spherical drilling, Solis Minerals will compile and analyse the brand new knowledge with the goal of creating a maiden JORC-compliant useful resource estimate. This will probably be accompanied by the discharge of a PEA, offering the market with an preliminary view of the Mission’s scale and financial potential.

2027: Second Spherical Drilling and Prefeasibility Research
The ultimate deliberate stage will see an additional 10,000 metres of drilling to broaden the useful resource base and assist extra superior technical research. This section will culminate within the completion and launch of a PFS.

⁸ Milestones 1 & 2 are payable in money (A$) or shares on the Vendor’s discretion 

Desk 4: Cucho Copper Mission indicative exploration calendar.

To view an enhanced model of this graphic, please go to:
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The schedule in Desk 4 is an announcement of present intentions as on the date of this announcement and relies on well timed allowing approvals, financing and profitable exploration at every stage. Solis Minerals’ present workforce – encompassing exploration, allowing, HSE and group relations – will probably be leveraged to speed up growth of the Cucho Copper Mission.

Registration of Solis Minerals as an Australian firm

As introduced on 16 September 2025, Solis Minerals obtained shareholder approval at its Annual Basic Assembly to undertake a continuance of its operations out of the Province of British Columbia and into Australia. The continuance is anticipated to finish in November or December 2025. Solis Minerals confirms that the Cucho transaction doesn’t fall inside Part 14 of ASX Steering Notice 35, nor does it represent a cloth change in Solis Minerals’ circumstances that might render invalid the proposed continuance decision.

12.  Portfolio concerns

Cucho is a superb complement to Solis Minerals’ present portfolio and one other key lever towards the Firm’s goal to Uncover copper-gold sources that may host large-scale mining in one of many world’s main copper-gold areas. Concurrent drilling on the flagship Ilo Este venture (100% Solis Minerals) and deliberate drilling on the extremely potential Cinto venture (100% Solis Minerals) present a wonderful pipeline of stories stream and alternatives for shareholders.

Further tasks, together with Canyon and Chocolate, and every other worth accretive inorganic alternatives, place Solis Minerals as a wonderful incubator for large-scale copper-gold publicity in South America.

ENDS

About Solis Minerals Restricted 

Solis Minerals is an rising exploration firm, centered on unlocking the potential of its South American copper portfolio. The Firm is led by a highly-credentialled and confirmed workforce with wonderful expertise throughout the mining lifecycle in South America. Solis is actively contemplating a spread of copper alternatives. South America is a key participant within the international export marketplace for copper and Solis, below its management workforce, is strategically positioned to capitalise on development alternatives inside this mineral-rich area.

Ahead-Wanting Statements

This information launch incorporates sure forward-looking statements that relate to future occasions or efficiency and replicate administration’s present expectations and assumptions. Such forward-looking statements replicate administration’s present beliefs and are primarily based on assumptions made and data at the moment obtainable to the Firm. Readers are cautioned that these forward-looking statements are neither guarantees nor ensures and are topic to dangers and uncertainties which will trigger future outcomes to vary materially from these anticipated, together with, however not restricted to, market circumstances, availability of financing, precise outcomes of the Firm’s exploration and different actions, environmental dangers, future steel costs, working dangers, accidents, labour points, delays in acquiring governmental approvals and permits, and different dangers within the mining business. All of the forward-looking statements made on this information launch are certified by these cautionary statements and people in our steady disclosure filings. These forward-looking statements are made as of the date hereof, and the Firm doesn’t assume any obligation to replace or revise them to replicate new occasions or circumstances save as required by relevant legislation.

Certified Particular person Assertion

The technical info on this information launch was reviewed by Dr. Paul Pearson, a Fellow of the Australian institute of Mining and Metallurgy (AusIMM), a professional particular person as outlined by Nationwide Instrument 43-101 (NI 43-101). Paul Pearson is the Head of Exploration of the Firm.

Competent Particular person Assertion

The data on this ASX launch regarding Geological Data and Exploration Outcomes is predicated on and pretty represents info compiled by Paul Pearson, a Competent One who is a Fellow of the Australasian Institute of Mining and Metallurgy. Paul Pearson is Head of Exploration of Solis Minerals Ltd. and has adequate expertise which is related to the model of mineralisation and forms of deposit into consideration and to the exploration actions undertaken to qualify as a Competent Particular person as outlined within the 2012 Version of the “Australian Code for Reporting of Mineral Sources and Ore Reserves”. Paul Pearson consents to the inclusion on this report of the issues primarily based on info within the kind and context through which it seems. Paul Pearson has offered his prior written consent concerning the shape and context through which the Geological Data and Exploration Outcomes and supporting info are introduced on this Announcement.

Disclaimer Concerning Historic Outcomes

Some historic outcomes have been reported below NI 43-101 and should not JORC-compliant. A Competent Particular person has not executed adequate work to categorise these outcomes below the JORC Code. These outcomes are thought of indicative and haven’t been independently validated. 

APPENDIX 1: CASE STUDIES

Case research – Cerro Verde mine, Peru (Freeport McMoran 53.5% (operator), Sumitomo Steel Mining 21% and Peruvian buyers 25.5%)

The Cerro Verde mine, positioned about 30 – 35 kilometres southwest of Arequipa, is certainly one of Peru’s largest and most vital copper operations (Determine 10). It’s a large open-pit porphyry copper- molybdenum deposit, first exploited for oxide copper early within the twentieth century and later expanded right into a world-class sulphide operation. The mine is operated by a three way partnership led by Freeport-McMoRan (53.5%), with Sumitomo Steel Mining and Peruvian buyers additionally holding vital stakes. A serious growth accomplished in 2015 remodeled Cerro Verde into one of many world’s largest concentrator- primarily based copper operations.

Cerro Verde’s orebody incorporates an estimated 4.6 billion tonnes grading roughly 0.35% copper, 0.1% molybdenum and 1.52 g/t silver⁹. Whereas these grades are low in contrast with many different copper deposits, the venture stays extremely aggressive on the worldwide value curve. Life-of-mine web site internet money prices have been estimated at US$2.23 per pound. These figures replicate economies of scale, environment friendly mining, and vital by-product contributions from molybdenum and silver.

The mine operates with a twin processing flowsheet that mixes each leaching and focus. Traditionally, oxide and secondary sulphide ore have been handled via heap leaching adopted by SX/EW, producing as much as 200 million kilos of cathode copper per 12 months. Whereas a few of these leach amenities are being dismantled because the open pit expands, Cerro Verde nonetheless maintains a big run-of-mine leach operation. The majority of copper manufacturing, nevertheless, comes from its typical crush-grind-flotation concentrator, which after successive expansions now processes over 400,000 tonnes per day of ore. The plant additionally features a molybdenum circuit, producing vital by-product credit that additional scale back prices.

Cerro Verde’s success lies within the mixture of scale, infrastructure, and by-product income. Its large concentrator ensures low unit prices regardless of low grades, whereas entry to energy and logistics close to Arequipa assist environment friendly operations. By-product molybdenum, gold, and silver gross sales considerably offset web site prices, pushing Cerro Verde constantly into the decrease half of the worldwide copper value curve. Like Constancia, it demonstrates how low-grade copper deposits in Peru will be become world-class, long-life producers via strategic funding in scale and processing effectivity.

Determine 10: Cerro Verde copper operation in Peru. This Case Examine has been offered for illustrative functions. Comparisons with different tasks or mines, together with these which can be in manufacturing or at a extra superior stage of growth, should not supposed to indicate that the Firm will obtain comparable outcomes, recoveries, or financial outcomes. The potential amount and grade of any useful resource at Cucho is conceptual in nature, and there was inadequate exploration to estimate a Mineral Useful resource. It’s unsure if additional exploration will outcome within the estimation of a Mineral Useful resource. Traders shouldn’t place undue reliance on such comparisons.

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⁹ Freeport-McMoran, Technical Report 31 December 2024 (hyperlink: https://fcx.com/websites/fcx/recordsdata/paperwork/operations/TRS-CerroVerde.pdf) 

APPENDIX 2: CUCHO COPPER PROJECT HISTORICAL DRILL RESULTS

 

 

Coordinates, path, and depth of drill holes:

 

APPENDIX 3

JORC Code, 2012 Version – Desk 1

 

 

 

 

Part 2 Reporting of Exploration Outcomes (Standards listed within the previous part additionally apply to this part)

  

 

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