Drill program begins at Solis' Cinto in Peru

Solis Minerals has secured final exploration permits to commence diamond drilling at its 100%-owned Cinto copper project in southern Peru, with 17 drill pads approved and mobilisation underway for an initial ~2,500m program targeting three porphyry anomalies along the Incapuquio fault adjacent to Southern Copper’s Toquepala and Anglo American’s Quellaveco. After two years of geophysics, geochemistry and IP surveys, management expects initial operational updates before year-end and visual/assay results from January 2026, with additional assay releases from other assets imminent. The project’s proximity to world-class operations heightens its upside if results are positive, but the campaign is early-stage and drill outcomes will be the primary catalyst for any re-rating.

Analysis

Solis Minerals has received final exploration permitting to begin diamond drilling at its 100%-owned Cinto copper project in southern Peru, with 17 drill pads approved and mobilisation underway for an initial ~2,500 metres targeting three porphyry anomalies identified by recent IP chargeability surveys. The project sits on the Incapuquio fault zone and is adjacent to Southern Copper’s Toquepala and Anglo American’s Quellaveco, which management cites to underline the district-scale prospectivity but does not alter the intrinsic exploration risk of early-stage drilling. Management reports two years of preparatory work including surface geophysics, geochemistry and June IP results, and expects operational updates before year-end with visual drilling observations and potential assay results in January 2026; assays from other assets are also imminent. Market signals are mildly positive with a modest expected impact, implying the primary near-term valuation catalysts will be drilling progress, first visual indications and assay results rather than the permit milestone itself.

Key Decisions for Investors

• Consider a small, speculative position in SLM/SLMFF ahead of the Cinto drilling campaign to capture upside from positive drill results, sizing the position to reflect high exploration risk
• Establish explicit position limits or stop-loss levels and a time-bound thesis tied to the first visual drilling updates and assay releases expected in January 2026, and reduce exposure if results are negative or materially delayed
• Monitor near-term catalysts closely: drilling commencement notices, pad preparation progress, first visuals from holes and the assay releases from Cinto and the company’s other assets, treating these as the primary re-rating events
• Risk-averse investors should refrain from adding exposure until meaningful assay data confirm mineralisation, given the campaign is early-stage and market impact is expected to be modest