Solis Minerals Lists on ASX and Updates on Mostazal Drilling in Chile

Vancouver, British Columbia--(Newsfile Corp. - December 23, 2021) - Solis Minerals Limited (ASX: SLM) (TSXV: SLMN) (FSE: 08W) ("Solis Minerals" or "the Company") is pleased to announce its successful listing on the Australian Securities Exchange (ASX) following its very well-supported IPO.

The Company raised a total of A$5.5 million through the issue of 27,500,000 Chess Depository Interests ("CDIs") at A$0.20, with one attaching option for every two shares subscribed in the IPO with an exercise price of AUD$0.30 for a period of two-years from the date of issue.

Upon closing, the Company has in excess of A$7.0 million cash at bank, and is very well placed to commence its highly anticipated maiden drilling program at the Mostazal Copper Project in Chile, one of the largest copper production nations in the world.

CEO Jason Cubitt commented: "We were pleased to see the support of past shareholders and we welcome many new shareholders to the company in the IPO. I'd like to thank the administrative and legal teams in both Canada and Australia for supporting this achievement and, in particular, thanks go to our lead manager in Australia, Euroz Hartleys, for managing distribution of the IPO. We now look forward to a busy field season commencing January 2022 and the potential for a significant new copper discovery."

Net proceeds from the IPO will be primarily allocated to funding the upcoming drill program at the Company's 100%-optioned Mostazal Copper Project in Chile's Atacama Desert where previous exploration has outlined significant near surface copper mineralisation.

Mostazal Copper Project Summary

The Mostazal property is located 80 kilometres (km) northeast of Copiapo, Chile (Figure 1) and within the Domeyko fault - a major structural control for some of the world's largest and most productive copper mines*, including Chuquicamata and Escondida, and 40 km south of Codelco's El Salvador mine (Appendix 1).

The first program of drilling will total approximately 2,900 metres diamond drilling in two phases, is expected to commence in mid-January continuing through until mid-March, and will initially target both porphyry and manto-style copper mineralisation.

As well as testing the copper at near surface, the Company intends to undertake the first-ever drill testing of an interpreted porphyry feeder system underlying a 4 km by 2.5 km, north-south-trending, belt of outcropping copper mineralisation, small-scale mine workings, and geochemical and geophysical anomalies. Four main target areas have been identified (Figure 2) on the basis of historical drilling, geochemical and geophysical surveys, and structural interpretation and modelling.

Figure 1: Mostazal Copper Project - historical drill testing of manto copper mineralisation by a previous operator.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1134/108454_4dcbbbecf4ec0b75_016full.jpg

Figure 2: Mostazal Copper Project - initial diamond drilling target locations over copper soil geochemistry.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1134/108454_4dcbbbecf4ec0b75_017.jpg

The Mostazal West target (Target Area 1) is located immediately west of stacked copper-bearing manto lenses and is characterised by the presence of a magnetic low and chargeability high geophysical anomalies. The Company is targetting a potential source of copper mineralisation beginning at a depth of 300 metres - about 100 metres deeper than prior drilling and immediately adjacent to the area of recent exploitation.

The Central target (Target Area 2) is located immediately beneath known manto copper lenses where historical, relatively shallow drilling (Figure 1) to a depth of approximately 150 metres, has encountered wide zones of high-grade copper mineralisation (Table 1). The Company is targetting to penetrate though stacked copper-bearing manto lenses to test for an interpreted buried porphyry/ feeder structure beginning at a depth of approximately 300 metres.

Table 1: Selected significant intersections from historic drilling at the Mostazal Copper Project¹.

• DDH-MZ-08: 16m @ 1.48% Cu from 56m
• DDH-MZ-10: 13m @ 1.23% Cu from 91m
• DDH-MZ-13: 8m @ 1.83% Cu from 55m
• DDH-MZ-27: 10m @ 1.59% Cu from 40m
• DDH-MZ-30: 16m @ 1.27% Cu from 74m
• DDH-MZ-32: 11m @ 2.52% Cu from 84m

Appointment of Directors

Effective from the date of the Company's admission to the official list ASX, and as noted in the Prospectus, the Company is pleased to welcome Mr. Michael Parker and Ms. Chaifika Eddine to the Board as Non-Executive Directors. Mr. Fred Tejada has stepped down from the Board. The Company thanks Mr. Tejada for his significant contributions and welcomes his continued role as a technical advisor.

About Solis Minerals Ltd.

Solis Minerals is a Latin American-focused mining exploration company. The Company is earning into a 100-per-cent interest in the Mostazal Copper Project in Chile's Atacama Desert, one of the world's premier copper production jurisdictions. The Company also holds a 100-per-cent interest in a package 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.

Issued on the directive of the board of Solis.

For further information please contact:

Jason Cubitt
President and CEO
Solis Minerals Limited
+01 (604) 209 1658

Stephen Moloney
Investor Relations
Corporate Storytime
+61 (0)408 228 889

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Derrick Strickland, P. Geo. (1000315), is a qualified person and has reviewed and approved the technical content of this news release. *The qualified person has been unable to verify the information on the adjacent properties. Mineralisation hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralisation hosted on the Company property.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by 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, labor 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.sedar.com. 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 in relation to Geological Information and Exploration Results is based on and fairly represent information compiled by Mr Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway 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 Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway has provided his prior written consent as to the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

All information relating to exploration results that have been previously released to the market is appropriately referenced in this document.

APPENDIX 1

Figure 3: Mostazal Copper Project location.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/1134/108454_4dcbbbecf4ec0b75_018full.jpg

APPENDIX 2

Table 2: Mostazal Copper Project historical diamond drilling collar details.

APPENDIX 3

JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)

¹ Refer to Solis Minerals' TSXV announcement dated 26 October 2021, and Appendix 2 and Appendix 3 for details and associated JORC tables.

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