Solis Completes Magnetometry Survey at Cinto

Chocolate
(previously Guaneros)

Regional
Norte
 Phase 1

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the Public Report.
  
  In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• Magnetometer geophysical data acquisition is the subject of this ASX release.

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).

• No historical or new drilling has been reported in this announcement.

• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximise sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• No drilling reported herein.

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.

• No drilling reported in this announcement.

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples.
• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

• No drill core or systematic rock channel sampling is reported in this announcement.

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.

• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• No drilling data is reported in this announcement.

• The measures taken to ensure sample security.

• The results of any audits or reviews of sampling techniques and data.

• There have been no detailed external audits or reviews undertaken.
• Solis has conducted an internal technical review of the available geological and other publicly available data.

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• Mineral tenure in Peru held by Solis is currently in good standing. A table of tenements currently under application or which have been granted is included in this release as APPENDIX 1 "Mining concessions table".

• Acknowledgment and appraisal of exploration by other parties.

• The Cinto Project has had no systematic exploration carried out by previous owners.
• Geological mapping provided in Figure 1 is derived from Peruvian Govt. Geological Mapping (INGEMMET).

• Deposit type, geological setting and style of mineralisation.

• Prospective potential copper porphyry mineralisation is interpreted to be hosted adjacent to the regional Incapuquio fault related to late-Cretaceous batholith intrusives. Very large known occurrences being mined include Cuajone, Quellaveco, and Toquepala (15km north of Cinto).

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • hole length
• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• No drillhole data is reported in this release.

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• No data aggregation was used in reported exploration results.

• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

• No drillhole or intercept data is reported in this announcement.

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• No drilling reported.

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.

• No drill assay results were reported in this announcement.

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• At Cinto, Solis commissioned and received remote sensing data using the WorldView3 acquisition platform in late 2022. Indexes observed in the data are band ratios that can be used to highlight areas with the potential to host different mineral phases. Spectral correlation mapping (SCM) involves calculating the correlation coefficient between the spectrum of an end member phase and the measured spectrum at each pixel in the dataset. The results range from -1 to 1 with a value of 1 indicating that the vectors have a perfect positive correlation and a value of -1 indicating that the vectors have a perfect negative correlation. A value of 0 would indicate no correlation.

• Combining indexes and SCM resulted in the alteration zones identified and shown on Figures 2 and 3 of this ASX release.
• At Cinto, the Company is carrying out its own geophysical programs (drone magnetometry and ground magnetometry).
  
  Preliminary data is shown in Figures 2 and 3. The Company relies on external experts to process the acquired magnetic data using modern techniques, ie, Magnetic Vector Inversion, to vector on areas for IP surveys or drill targeting. The Company uses its in- house expertise to interpret magnetic data combined with other data sets, ie, remote sensing, mapping and geochemistry, to perform composite exploration vectoring - usually supported by at least one ground-
  truthing dataset of existing alteration and/or mineralisation

• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• The Priority for Solis is the EIA and drill permitting which will progress on the Chancho al Palo and Ilo Este assets throughout the year. Solis will commence drill permitting processes at Cinto and advance where possible utilising non- invasive techniques on application areas and whilst awaiting drill permitting.