Solis Minerals Limited (TSXV: SLMN) (ASX: SLM) ('Solis' or the 'Company') is pleased to announce the completion of a new magnetic drone survey and the reprocessing of historical magnetic data at Ilo Norte culminating in the identification of multiple high-priority targets.

In addition to the survey completion, and as previously announced1, Solis has applied for an additional 3,700 hectares of highly prospective ground in the Ilo Norte region and is also ground-checking new anomalies in both Ilo Norte and Ilo Este.

Executive Director, Matt Boyes, commented: 'The Peruvian exploration season has well and truly moved into high gear. We have now identified and secured additional tenements at Ilo Norte. We have also undertaken remote satellite data acquisition and processing, enabling us to focus on the most prospective areas now that exploration access is available.

Our tenements occupy what we believe to be a very prospective corridor for copper porphyry-hosted mineralisation within an Andean belt that hasn't been fully explored. Recent significant improvements in geophysical data processing technologies have enabled us to generate high-priority, undrilled targets from existing data sets. We are now ground-checking at both Ilo Norte and Ilo Este. These will be drill tested as soon as permitted.'

Solis has undertaken a magnetic vector inversion (MVI) with Fathom Geophysics of historical aerial magnetic data in the Ilo Norte area using modern software and filters. Analysis of the results, including structure analysis, has outlined several magnetic susceptibility anomalies associated with high-angle cross-structures across the main Andean structural trend. Some of these occur in ground acquired by Solis after its 2023 WorldView-3 (WV-3) satellite spectral imagery program. Other magnetic anomalies undercover have been identified in the southeast of the area and were applied for during June 2023. Magnetic anomalies are often associated with magnetite-bearing intrusions or skarns in porphyry settings and are a valuable vector for porphyry copper-style mineralisation.

Magnetic anomalies (yellow) coincide with radial symmetry filter results at anomalies S2 and S4 and are considered more prospective. The radial symmetry filter highlights round features in the data, allowing the location of areas more likely to be intrusive bodies or discrete alteration zones. The radially symmetric features in the MVI area appear to line up along the NW-trending (Andean structures) and NNE- to NE-trending structures (cross-structures). This is consistent with what is expected for intrusive activity in the area.

Solis has recently flown a drone magnetometry survey over the southern portion of the Ilo Norte tenement package, an area previously not covered by historical surveys. Some 150 km lines of east-west and four north-south tie lines were flown in four days, covering an area of approximately 31km2 . The survey focused on following previous exploration, including remote sensing anomalies, prospective structures, and geological mapping. The objective was to identify structural architecture and magnetic highs and lows potentially associated with covered porphyries or their associated alteration. Four targets were identified, and geological mapping and geochemical sampling are underway. Once field checked, induced polarisation geophysical surveys may be undertaken over areas considered more favourable as drilling targets.

Brazilian Lithium Projects

Jaguar Lithium Project

Solis has negotiated an extension to the due diligence period2 over the Jaguar asset until 1 September 2023 due to slow production rates experienced during the current drilling programme.

Borborema Lithium Project

An exploration team will mobilise in August to commence fieldwork on the Borborema Lithium Project. Solis controls more than 25,600ha of prospective tenements in the northern Brazilian states of Rio Grande do Norte and Paraiba.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company owns a 100% interest in the Borborema Lithium Project in NE Brazil, covering 25,600ha. It has recently executed an option to acquire 100% of the Jaguar Lithium Project in Bahia state, Brazil. In addition, Solis also holds a 100% interest in 35,700ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - a source of nearly half of Peru's copper production.

This announcement has been authorised for release to the TSX-V and ASX by the Board of Solis Minerals.

Contact:

Matt Boyes

Executive Director

Solis Minerals Limited

Tel: +61 8 6117 4798

Refer to ASX announcement 31 May 2023 for further details of the Jaguar Lithium Project acquisition terms.

Refer to ASX announcement 22 December 2021, Solis' Prospectus and Independent Expert's Report p67, for details of historical drilling programs at Ilo Este. The Company confirms that it is not aware of any new information or data that materially affects the Prospectus and Independent Expert's Report.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedarplus.ca. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Matthew Boyes, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Boyes is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Mineral Resources and Ore Reserves'. Mr Boyes consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Boyes has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

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