Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) has strengthened its South American energy metals portfolio during the June 2026 quarter, acquiring a district-scale Brazilian lithium project, securing permits for two Peruvian copper programs and raising A$6 million to fund drilling.
The company moved rapidly to advance the Brazil Lithium Project in the Araçuaí–Salinas Lithium Valley, where drilling began after quarter-end at the Mandacaru target.
Solis also ended the quarter with A$6.6 million in cash , providing funding to test its priority lithium and copper targets.
Brazil acquisition delivers drill-ready targets
During the quarter, Solis acquired 100% of Rio Tinto's Brazil Lithium Project for US$500,000 and a 1.75% net smelter return royalty.
The package covers about 93,000 hectares in Minas Gerais and includes the Mandacaru and Campo Grande targets, both of which have strong surface lithium mineralisation and well-defined geochemical and structural signatures.
Previous Rio Tinto exploration identified significant geochemical anomalies and weathered pegmatites containing spodumene pseudomorphs in float samples.
The project is adjacent to tenure held by PLS Group Ltd (ASX:PLS) in the Araçuaí–Salinas Lithium Valley, an emerging hard-rock lithium district.
Araçuaí–Salinas Lithium Valley in Minas Gerais, Brazil.
Drilling underway at Mandacaru
Following the end of the quarter, Solis began a 10-hole, 2,000-metre diamond drilling program at Mandacaru.
The program is testing a coherent lithium pegmatite system extending across an interpreted 800-metre corridor.
Targets were selected by combining surface mapping, soil and rock-chip geochemistry, auger drilling, structural interpretation and high-resolution drone imagery.
The presence of lithium-caesium-tantalum pathfinder anomalies, particularly elevated caesium values, is considered significant because it may indicate advanced magmatic fractionation associated with spodumene-bearing pegmatite systems.
Drilling is designed to determine the continuity and geometry of the pegmatites and test for spodumene mineralisation at depth.
Rio Tinto's former senior geologist, who supported the identification of Mandacaru and Campo Grande, also joined Solis' field team as a consultant during the exploration and drill-planning phase.
Mandacaru target, RT soil samples and auger locations.
Peru copper projects cleared for drilling
Solis also secured all necessary approvals to drill the Cinto and Cucho copper projects in Peru.
At the 100%-owned Cinto project, approvals cover 11 drill pads for a planned program of about 2,500 metres.
Drilling is expected to begin during the September quarter of 2026 and will test copper targets defined by coincident surface geochemistry, magnetic data and induced polarisation anomalies.
The initial holes will focus on priority geophysical and geochemical targets, with the option to expand the campaign if early results are encouraging.
Cucho, where Solis can earn up to 100% ownership, is a more advanced porphyry-style copper prospect. Historical drilling has confirmed copper mineralisation from surface, while several geophysical and geochemical targets remain untested.
The company is continuing to refine the Cucho drilling sequence using historical information, recent fieldwork and geophysical interpretation.
Planned drill program at the Cinto Copper Project, Peru.
A$6 million placement supports exploration
Solis raised A$6 million before costs through the issue of about 63.2 million shares at A$0.095 each to institutional and sophisticated investors.
PLS participated on a pro-rata basis to maintain its 5.1% interest and remain Solis' largest shareholder.
Funds will be directed toward drilling at the Brazil Lithium Project and Cinto, regional exploration and working capital.
The company reported exploration and evaluation expenditure of A$577,000 during the quarter and estimated funding for about 4.6 quarters based on its June operating cash outflows.
Next steps
Solis will continue the Mandacaru drilling program and assess the resulting geological and assay information to determine follow-up work across the broader Brazil Lithium Project.
The company also plans to begin drilling at Cinto during the September quarter and will continue refining the exploration strategy for Cucho.
About Solis Minerals
Solis Minerals is an exploration company focused on lithium, copper and other energy metals opportunities in South America.
Its portfolio includes the district-scale Brazil Lithium Project in Minas Gerais and the Cinto and Cucho copper projects in Peru. The company is led by a team with experience across exploration, project development and transactions in the South American mining sector.
