Solis Minerals (ASX:SLM): Brazil and Peru Exploration Drill Campaign

Aditi Sarkar

29 October 2026 05:58 PM AEDT

Solis Minerals (ASX:SLM): Brazil and Peru Exploration Drill Campaign

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Thirteen holes totalled about 2,926 metres across Brazil and Peru.
Laboratory assays had not been released for the programmes.
Exploration included Brazilian pegmatites and Peruvian copper targets.
Cash at 30 September was approximately A$4.0 million.

Solis Minerals Limited (ASX:SLM) said in its quarterly report for the period ended 30 September 2026 that it drilled about 2,926 metres across 13 holes during the period, split between its lithium targets in Brazil and its copper projects in Peru. No assay results have been reported yet.

Brazil lithium drilling

At the 100 per cent owned Brazil Lithium Project in Minas Gerais, Solis is targeting lithium-caesium-tantalum pegmatites. At Mandacaru, seven diamond holes totalling about 1,454 metres met pegmatites roughly 30 to 40 metres below surface, which the company said was broadly as expected. At Campo Grande, four holes totalling about 782 metres were drilled, although hole DDHCG00003 was terminated at 50.26 metres after equipment became stuck in a fractured fault zone. Solis Minerals (ASX:SLM) describes these matters as part of its September 2026 activities.

The company also collected more than 170 regional soil samples from five areas. Assays are pending for both drilling projects, so no grades or intercepts have been reported. Solis also stated that its drill spacing is not sufficient to support a resource estimate. The report notes that concessions in the Brazil project are still being transferred to the company following the acquisition completed in the third quarter of 2026. Solis Minerals (ASX:SLM) describes these matters as part of its September 2026 activities.

Peru copper programmes

At the Cinto copper project in Peru, two of an initial five planned holes, about 690 metres, had been drilled. Hole CI-001-2026 was completed at 608.9 metres, and CI-002-2026 was in progress at 81 metres. Eleven drill pads are permitted. The company referred to previously reported surface samples of up to 8.7 per cent copper, which are surface results rather than drilling outcomes. Solis Minerals (ASX:SLM) describes these matters as part of its September 2026 activities.

At Cucho, a 5,000 metre programme across three target zones was being mobilised after quarter end, with 34 holes permitted. Solis said the start was planned for October 2026.

Cash and corporate matters

Cash at 30 September 2026 was about A$4.0 million. Operating cash outflow for the quarter was A$1.88 million, including exploration payments of A$1.45 million and tenement payments of A$0.72 million. The company's own estimate of funding is about 2.1 quarters, which suggests further capital may be needed if spending continues at this pace.

During the quarter, the company issued 5,768,488 shares, including 4,545,455 consideration shares for Cucho. After quarter end, 526,316 shares were issued to director Chris Gale, and performance rights were issued: 6.8 million to directors and 8 million to employees. Daniel Coletta was appointed company secretary effective 14 October 2026.

The report contains two internal inconsistencies worth noting. Section 5.3.1 reports exploration and evaluation expenditure of A$4.0 million for the quarter, while the Appendix 5B shows exploration payments of A$1.45 million. Section 5.3.5 shows related-party payments of A$0.1 million, whereas the Appendix 5B shows A$53,000. Readers should treat these figures with caution until the company clarifies.

Milestones and risks

The next milestones listed are Mandacaru and Campo Grande assay results, which the company said will guide follow-up drilling; completion of the Cinto holes and decisions on further drilling from the permitted pads; the start of the Cucho programme; and regional soil results to prioritise further targets.

The key risks are that all Brazil and Cinto results are outstanding, so drilling outcomes cannot yet be judged, and that cash covers only about two quarters at current spending. Tenure transfers in Brazil are incomplete, and ground conditions have already caused one hole to be terminated early. The company also noted that exploration-stage data is not a basis for estimating resources.

Key Insights

Solis Minerals (ASX:SLM) reported 2026 activity alongside unresolved project milestones. Reported cash, technical work and approvals are different measures of progress; none alone establishes future production, sales or funding completion.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.