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SOLIS MINERALS LTD (SLM) - Unlocking Copper Potential: Solis Minerals' Strategic Exploration in Southern Peru

• Andrew Musgrave

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Copper exploration is heating up in one of the world's richest mining districts, and Solis Minerals is right in the thick of the action. CEO Mitch Thomas joins us to share the exciting developments at their flagship Ilo Este project in Southern Peru, where a 5,000-metre diamond drilling campaign is currently underway.

The timing couldn't be better for this ASX-listed explorer as they target what could potentially be the high-grade core of an extensive porphyry system. Drawing on nearly 10,000 metres of historical drilling data from previous campaigns by Rio Tinto and Latin Resources, Solis is employing cutting-edge geophysical and geochemical analysis to pinpoint targets that were previously overlooked. As Mitch explains, "We are, or the previous drill holes were, in the cloud of a porphyry and the objective of the current drilling program is to really find the high-grade source."

What sets Solis apart is their strategic position in Peru's Southern Copper Belt – a region described as "the dominant source of supply of copper globally." This isn't just about geological potential; it's about practical advantages too. The company benefits from existing infrastructure, including concentrators, a refinery, smelter, and port facilities, providing a clear pathway to market for any discovery. Their portfolio extends beyond Ilo Este to include the promising Cinto project (acquired from BHP) adjacent to the 60-year-old Toquepala mine, and Chancho Al Palo, where assay results are pending.

With drilling updates expected in the coming weeks, assay results in September, and plans to drill Cinto before year-end, Solis is entering what Mitch calls "a very exciting period for the company." For investors looking for exposure to copper – a metal essential to global electrification – this emerging explorer offers a compelling opportunity to get in on the ground floor of what could become Peru's next significant copper discovery. 

Subscribe now to stay updated on Solis Minerals' progress as they pursue their ambitious exploration strategy in one of the world's premier copper jurisdictions.

Andrew Musgrave Host

Welcome again to ASX Briefs, the podcast that gives investors quick, sharp insights into Australia's most dynamic listed companies. And today we're joined by Mitch Thomas, the CEO of Solis Minerals Limited. Solis is an emerging exploration company with a focus on unlocking copper potential in Peru, a region that hosts some of the world's largest copper mines, including its 100% owned copper gold asset in Southern Peru. 
 
 Mitch, thanks for joining me today and welcome to the ASX Briefs podcast. 

Mitch Thomas Guest

Thank you very much, Andrew. 

Andrew Musgrave Host

Now Mitch for investors that may be unfamiliar with Solis Minerals. Can you just give us a brief overview of the company? 

Mitch Thomas Guest

Yeah, sure thing. So, look at a very high level. So we're ASX listed and predominantly copper explorer, focused on Southern Peru, and it's a very good time to be having a chat, because we're actually drilling our flagship development or exploration project at the moment, called Ilo Este, and this is in the Southern Peru Copper Belt and, for listeners of yours that may be unfamiliar, this southern part of Peru is the dominant source of supply, one of the dominant sources of supply of copper globally, and home to some of the world's largest copper mines. And I think what I would say in addition to that, in addition to being geologically rich, it's also very, I guess, productive, cost-effective place to do business. I mean, there's hydropower, the workforce is very mature from a mining perspective, so a great place to be looking for something, that we're looking for, which is a large copper deposit. One thing I'll also mention is that all of our projects so I mentioned Ilo Este we've got another project that we've just finished drilling, so we're awaiting assays, and we have another project later this year that we hope to drill, called Cinto. 

But our recurring theme is that we like to keep a hundred percent of our 100 ownership of our projects to give us options as we move forward around. You know, partnerships, earnings and the like, and so, look, maybe just to wrap up there from a company perspective, I'm really just trying to push, I guess, our exploration strategy to define a tier one, you know, copper discovery in the not too distant future, and given that we're drilling Ilo Este at the moment, we feel we could be on the verge of something quite big. And so, yeah, from a company perspective, that's, I guess, a quick snapshot. And if I can just quickly on a personal level, look, I lived in Peru for three years working for Rio Tinto. I speak Spanish and, I think, most importantly, have a very strong personal desire to, I guess, move the needle in this part of the world with Solis Minerals. 

Andrew Musgrave Host

Okay, fantastic. And you touched on Ilo Este, so you've obviously kicked off that 5,000 metre drilling campaign, targeting both historical mineralisation and newly defined zones. Can you just walk us through the scope of the program and what you're hoping to uncover? 

Mitch Thomas Guest

Yes. So overall, look, it's an approximately 5,000 metre diamond drill program. So, you know, we're looking to get down to depth, which, with the historical drilling, hasn't always been the case. So, we're really looking to kind of test the continuity of the mineralisation. But I think the key point that you mentioned is that there is historical drilling here. So, at a very high level, there have been two programs executed, one by Rio Tinto in the early 2000s and then one by Latin Resources in the mid-2010s, and the benefit that that gives us, I mean the advantage in terms of what we're trying to achieve is massive. We've got nearly 10,000 meters of drilling to inform us. 

And look, I won't probably go into too much of the math or maybe I can mention some of the holes, but you know we've got examples of holes and look, I'll mention one which is an RC hole from Rio Tinto which was 160 metres at you know, 0.2% copper and 0.16 gram per tonne gold from surface. And look, this is a I guess you know consistent numbers with other holes that we have in the region. But the point is to say is that, you know, stand alone, that's not a hole that's going to underwrite a development project, but what the hypothesis that we have is that we are, or the previous drill holes were, were, I guess, in the cloud of a porphyry and the objective of the current drilling program is to really find the high grade source of this porphyry. And so, I guess, with the passing of time and improvements in technology over the past two to three years, we've applied, I guess, the latest IP magnetometry, also a lot of geochem analysis at surfaced to define these targets that we feel will be the high, I guess, the high-grade source of this large, large system. So, you know, we've got untested targets that we're drilling at the moment, so overall, entering a very exciting period for the company and you know we've got a lot of eyes on us Now. 

Andrew Musgrave Host

The project sits in the world-class copper district, surrounded by majors like Southern Copper, Teck and Anglo-American, so how important is this proximity when it comes to validating the project's potential and attracting investor interest? 

Mitch Thomas Guest

I think it's very important. 

I mean, for us we're always trying to be very diligent and using, I guess, the funds that shareholders have given us in the most cost-effective manner. 

So, I guess you always want to be exploring close to where other deposits exist, and that's not just from a geological prospectivity point of view, it's also to leverage the existing infrastructure and in our case we've got a lot of concentrators in the region, we've got a refinery and a smelter and very good port facilities. So you know, in the, in the event that we do find something which is in the, which is the ambition in in the in the short term, we know that we we've got a, I guess a lower, a lower risk pathway to market, in that if we find something it can tack into this, you can, it can kind of tuck into this ecosystem quite easily. So, we feel very fortunate that we're in this part of the world, as you mentioned, a lot of large miners. So Southern Copper, which is part of Grupo Mexico, we've also got Teck, we've got Anglo-American and a host of other producers and we really are in a neighbourhood of, I guess tier one copper supply. 

Andrew Musgrave Host

Okay, and Solis isn't just focused on Ilo Este. You're building a South American copper portfolio including Ilo Norte and other tenements, so how do these projects fit into the longer-term growth strategy? 

Mitch Thomas Guest

So, you're correct. Look, we've got a broad, I guess, portfolio and you know, to be specific, it's really a pipeline. So, you know, we want to give our shareholders the best chance of finding that large project which can move the needle for our company and be a source of future copper supply. So, look, Ilo Este is the main project at the moment that we're drilling that we discussed, but the next cab off the rank is Cinto, and so this is a very interesting project for those unfamiliar with our story. So, look, it's next to Toquepala, which is an existing copper mine in Peru commenced production in the early 1960s, so we've got over 60 years of production and an absolute stalwart of the Peruvian, I guess, copper supply landscape. 

In terms of our project, Cinto, we've held it for about two or three years now. We actually picked it up from BHP, but we've got channel samples that are very strong and that's also related to the strong geochemistry at surface. So, there is copper and gold that is very evident as you're walking around. To complement that, we completed an IP program in June of 2025, so just a couple of months ago but we've defined some very attractive targets that we're now designing an 18-pad program off the back of and accelerating, permitting to hopefully be on the ground before the end of the year and, again, very, very interesting project that we are very excited to commence drilling. 

Andrew Musgrave Host

Okay, and you've mentioned that new geophysical and geological work has generated fresh drill targets, so can you elaborate on how modern exploration techniques are refining your approach compared to previous campaigns? 

Mitch Thomas Guest

Yeah, so look, I mean, like anything, I guess the amount of investment in mining also has a lot of flow onto the technology that's available. And you know, again, in our instance, Peru is a very developed mining economy, so we get access to some very good technology and with the projects that we've mentioned we are applying the latest, you know, in general geophysical, I guess technology available. And for Cinto, we've just completed IP. At Ilo Este, we've recently completed magnetometry and also IP over an area of the project which hasn't been drilled before. And again, it also comes back to the fact that, you know, as a junior trying to chase a porphyry, it's not easy work. You need to be very selective with how you apply your resources. So, you know, leveraging these technologies really gives us an advantage to make sure that we are getting, I guess, the best bang for our buck in terms of, you know, the dollars that we're putting into the ground. 

And I made this a bit of an anecdote and I'm focusing again back on Ilo Este. But the company that did our IP and this was over an untested area that Rio Tinto or Latin Resources didn't drill, but the company that did the IP, you know they completed the program and they normally keep themselves very professional. But their feedback to us was you absolutely have to drill this area because the response that they got from their IP analysis was very strong. And again, this is a company that works with MMG, so Las Bambas, but also work with Glencore, Rio Tinto and Anglo in the country. So again, very good to leverage good suppliers and good technology just to help make our drilling programs as efficient as possible. 

Andrew Musgrave Host

Okay, now lastly, for investors tuning in, what are the key catalysts they should be watching out for from the company over the next six to 12 months? 

Mitch Thomas Guest

Yes, a lot. Look, I think we can focus on the next six months. So obviously drilling at the moment at Ilo Este. So, 5,000 metre program, look, hoping to get a visual or a drilling update out in the next few weeks and then that will lead into assays in September. We also have assays pending from Chancho Al Palo, so the lab is working through those. We've actually prioritised Ilo Este but we aim to release Chancho Al Palo either later this month or in September. So, you know you've got two releases of assays from two projects which have been drilled and currently being drilled. And then, as mentioned, we've got Cinto with ambitions to drill before the end of the year. So, a very strong pipeline of news flow and value creation opportunities for our shareholders. 

Andrew Musgrave Host

Okay, Mitch. Well, it's been great to chat today and get an update on the company and all the activities, so we wish you the best and look forward to further updates in the upcoming months. 

Mitch Thomas Guest

Oh, thank you very much, Andrew, and speak soon. 

Andrew Musgrave Host

That concludes this episode of ASX Briefs. Don't forget to subscribe and we look forward to catching you on our next episode.