Solis Minerals Secures $4.5 Million for Drilling in Peru’s Copper Regions

Solis Minerals Limited has secured A$4.5 million in a placement aimed at financing drilling activities in southern Peru. The funds will facilitate drilling at Ilo Este and Chancho al Palo, alongside preparatory work at the Cinto Project. CEO Mitch Thomas emphasizes the company’s robust land position and anticipates a productive exploration year ahead.

Solis Minerals Limited has announced a successful capital raising through a placement that will generate A$4.5 million from institutional and sophisticated investors, including a commitment from Directors to invest A$205,000 pending shareholder approval. The proceeds will primarily fund drilling at the Ilo Este and Chancho al Palo copper targets in southern Peru, and facilitate pre-drilling efforts at the Cinto Project, alongside regional exploration and working capital needs.

The company has received a drilling permit for the Chancho al Palo target from Peru’s Ministry of Energy and Mines (MINEM), with additional approvals anticipated shortly. The placement involves the issuance of 52,941,177 CHESS Depository Interests (CDIs) at A$0.085 each, coupled with a one-for-two unlisted option exercisable at 16 cents, and is designed to enhance the company’s financial position as it progresses to the next phase of exploration.

Newly appointed CEO, Mitch Thomas, highlighted the company’s strategic holdings comprising nearly 70,000 hectares in Peru’s Coastal Copper Belt. He expressed gratitude for the strong backing received from sophisticated investors, affirming Solis Minerals’ commitment to advancing drilling operations and other exploration activities throughout 2025, which promises to be a pivotal year for the company.

Proceeds from the placement will support not only drilling but also vital geochemical and geophysical work at various other projects. Solis aims to leverage these funds to systematically explore and define new drill targets, ensuring continued advancement in its copper portfolio. The placement will be processed in two tranches, with further details expected at a shareholder meeting in late March 2025.

In summary, Solis Minerals is in a favorable position following a successful A$4.5 million placement aimed at advancing its drilling programs in Peru’s copper-rich regions. With regulatory approvals underway, the company is poised to enhance its exploration initiatives and capitalize on the emerging opportunities within its substantial copper portfolio, setting the stage for a dynamic year in 2025.

Original Source: www.tradingview.com