Highlights

• Diamond drilling has commenced at the Cucho Copper Project in Peru, with an initial programme of approximately 5,000 metres across 10 diamond drill holes targeting three priority zones.

• Three target zones have been defined through integration of historical drilling results, geological mapping, surface geochemistry, and magnetic and induced polarisation geophysics.

• A total of 34 drill holes have been permitted at Cucho, providing flexibility to expand the programme as results are received.

• Recent exploration has expanded the target area, with copper-molybdenum-silver mineralisation identified approximately 1 kilometre northeast of the historical drilling area.

Solis Minerals Limited (ASX:SLM), an ASX-listed exploration company focused on copper and lithium projects in South America, has announced the commencement of diamond drilling at its Cucho Copper Project in Peru. The initial drill programme of approximately 5,000 metres across 10 holes is designed to test three priority target zones identified through the integration of historical data and Solis Minerals' own recent exploration work. The company has the right to acquire up to 100% of the Cucho project.

Historical Context and Target Definition

The Cucho project has a documented exploration history dating to 2008, when copper oxide occurrences were first identified. A scout diamond drilling programme conducted in 2014 comprised seven holes across approximately 2,000 metres, targeting near-surface oxide copper mineralisation. All seven holes intersected material mineralisation, with significant intercepts including broad intervals with average copper grades in the vicinity of 0.23 to 0.28% copper, with co-product molybdenum and silver. Historical drilling demonstrated both near-surface oxide zones and a transition to primary chalcopyrite-molybdenite sulphide mineralisation at depth, with several holes returning comparatively consistent grades throughout their drilled lengths.

More recently, Solis Minerals completed detailed geological mapping at a scale of 1:5,000 over an area of approximately 1,500 by 1,200 metres, focused northeast of the historically drilled area, collecting over 90 geochemical rock chip samples. The company also completed a drone-borne magnetic survey across a larger area of approximately 5,100 by 4,100 metres, which showed the highest magnetic anomalies associated with unaltered diorite and lower-to-moderate magnetics correlated with hydrothermal alteration.

Three-Zone Drilling Strategy

The initial drilling programme targets three distinct geological zones, each with a different scientific rationale. Target zone 1, described as a southwestern corridor, is a northeast-southwest molybdenum corridor that coincides with copper and sulphur anomalism, alteration changes, structures, and induced polarisation chargeability. Drilling here will assess whether the zone represents a mineralised feeder structure that could vector toward a deeper porphyry centre.

Target zone 2, a northern stockwork area, has direct surface evidence including mineralised quartz veinlets, quartz-magnetite-chalcopyrite veining, and sulphides coincident with copper-molybdenum anomalism and favourable geophysical responses. Drilling will test whether the stockwork mineralisation strengthens at depth and vectors toward a porphyry centre. Target zone 3, an eastern intrusive target, is defined by molybdenum anomalism, intrusive contacts, and a strong chargeability gradient. Drilling here will test for deeper copper-molybdenum mineralisation and help establish the eastern extent of the mineralised system.

Project Setting, Regional Context, and Brazil Update

The Cucho project is located within an active copper exploration district in the Peruvian Coastal Batholith, a large regional intrusive body that hosts multiple significant porphyry copper systems. The project area sits in proximity to exploration tenure held by several major and junior Mining participants active in the Peruvian copper space. Solis Minerals has noted that the regional context includes projects and tenure held by participants across the exploration and development spectrum, which highlights the district's recognised prospectivity for large-scale porphyry copper systems.

In parallel with the Cucho drilling programme, Solis Minerals has noted that assay results from drilling at its Mandacaru and Campo Grande lithium projects in Brazil have been delayed due to extended laboratory turnaround times at the relevant laboratory in Belo Horizonte. The company remains engaged with the laboratory and expects results in November 2026. Once received, results will be assessed and reported following completion of the company's technical review and quality assurance procedures.

Key Insights

The commencement of drilling at Cucho marks a meaningful transition from surface exploration to direct testing of the mineralised system at depth. The 2014 historical drilling provides an important geological foundation, demonstrating broad mineralisation across multiple holes, while Solis Minerals' more recent mapping and geophysics has added important context and defined targets northeast of the previously drilled area — suggesting potential for system-scale extensions.

The permitted flexibility of 34 drill holes provides the company with the optionality to follow up promising results quickly and expand the programme without the delay of seeking additional approvals. Observers may monitor drill results as they are released, particularly with respect to whether the current holes intersect sulphide mineralisation at depth and whether the geochemical and geophysical targets correspond to significant copper-molybdenum intervals.