Solis Minerals Announces $4.5 Million Placement Bolsters Funding Ahead of Drilling in Copper-Rich Region of Peru

Core Viewpoint - Solis Minerals Limited has announced a successful placement to raise A$4.5 million to fund drilling and exploration activities in Peru's copper-rich regions, particularly focusing on the Ilo Este and Chancho Al Palo targets [3][5][7]. Funding and Placement Details - The placement involves issuing 52,941,177 CHESS Depository Interests (CDIs) at A$0.085 per share, with a 1 for 2 unlisted option exercisable at A$0.16 over two years [3][9]. - The placement received strong support from both new and existing sophisticated investors and institutions, including a commitment from Directors to invest A$205,000, pending shareholder approval [4][10]. Use of Proceeds - Proceeds from the placement will be allocated to: - Drilling at Ilo Este and Chancho Al Palo copper targets [5][7]. - Pre-drilling work at the Cinto Project to enable drilling in the second half of 2025 [5][7]. - Regional exploration to define drill targets at other projects, including Chocolate and Canyon [5][7]. - General working capital purposes [5][7]. Company Position and Strategy - The company has established a significant landholding of nearly 70,000 hectares in the Coastal Copper Belt of Peru, identifying a pipeline of priority copper targets through systematic exploration [6][13]. - The company is in a strong financial position ahead of drilling activities, with remaining approvals for drilling expected imminently [7][10]. - 2025 is anticipated to be a pivotal year for the company, with a strong news flow expected from the drilling program across multiple prospects [7]. Market Context - Solis Minerals is focused on unlocking the potential of its copper portfolio in South America, which is a key player in the global copper export market [13][14]. - The company currently holds 81 exploration concessions totaling 69,200 hectares, with a strategic focus on growth opportunities in the mineral-rich region [13][14].