Solis Minerals set for high-impact lithium drilling - ICYMI

Solis Minerals Ltd(ASX:SLMTSX-V:SLMNOTCQB:SLMFF) View Price & Profile Solis Minerals set for high-impact lithium drilling - ICYMI

Published: 21:04 28 May 2026 EDT

Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) earlier this week outlined plans to commence maiden diamond drilling at its Mandacaru lithium project in Brazil in June 2026, while also providing investors with an update on its copper exploration activities in Peru.

Chief executive Mitch Thomas told Proactive that the company had rapidly progressed preparations at Mandacaru following its acquisition of the project from Rio Tinto around one month ago. The acquisition included access to several years of exploration work completed by the global mining major during a weaker lithium market environment.

Thomas said the company had completed extensive surface mapping, secured all required land access agreements and selected its drilling contractors ahead of the upcoming campaign. The drilling program is expected to run for approximately two to three months, with Solis Minerals planning to provide shareholders with regular operational updates, including assays and visual observations from the field.

He noted that the company had also engaged a former Rio Tinto geologist who originally worked on the project and had already transferred significant geological knowledge to the Solis exploration team.

According to Thomas, the lithium market outlook remains attractive due to ongoing growth in electric vehicle adoption and battery storage demand. He said Solis Minerals remains “bullish on the demand” for both lithium and copper and aims to position itself as part of the future supply chain for energy transition metals.

Alongside its Brazilian lithium strategy, Solis Minerals has also secured drilling approvals for its Cinto copper project in southern Peru. Thomas described Cinto as a large porphyry copper target, although he indicated the company’s immediate priority remains advancing exploration in Brazil due to current market momentum in lithium.

The company believes its near-term drilling activity could become an important catalyst for investors over the remainder of 2026, particularly as drilling results and exploration updates begin to emerge from Mandacaru.

Thomas also highlighted the management team’s previous experience in the region, noting that concessions adjacent to the current drilling area were involved in a company transaction valued at approximately $600 million last year.

Solis Minerals currently has a market capitalisation of approximately $23 million.

Interview highlights

Solis Minerals is preparing to begin its maiden diamond drilling program at the Mandacaru lithium project in Brazil in June 2026. The Mandacaru project was acquired from Rio Tinto approximately one month ago. Rio Tinto completed three years of exploration work on the project prior to the acquisition. Solis Minerals has completed surface mapping, secured land access agreements and appointed drilling contractors. The planned drilling campaign is expected to last two to three months. The company has engaged a former Rio Tinto geologist who originally worked on the project. Solis Minerals remains bullish on long-term lithium and copper demand driven by EVs and battery storage growth. Drilling approvals have now been secured for the Cinto copper project in Peru. The company’s current operational focus is on lithium exploration in Brazil. Solis Minerals currently has a market capitalisation of approximately $23 million.

Proactive: Welcome back to Proactive Investors. Ladies and gentlemen, I'm your host, Kerry Stevenson. I've asked Mitch Thomas, CEO of Solis Minerals, ASX code SLM, to join us today. Solis Minerals has a large copper portfolio in Peru and a lithium project in Brazil. The reason I wanted to speak with Mitch today is because the company is preparing to launch its first diamond drilling program at the lithium project. Let’s give our audience an update on why this is an important step forward for Solis.

Mitch Thomas: Very good to chat again, Kerry, and thanks for having me on. I should clarify that we recently delisted from the TSX, which was positive for shareholders because it allows us to focus more money and resources on exploration, which is what we’re discussing today.

Mandacaru was acquired about a month ago from Rio Tinto. The work they completed over three years, during a relatively flat lithium market, was a great opportunity for us. We effectively inherited extensive exploration work from one of the best mining companies in the world in a region we know very well.

That work has now culminated in Mandacaru becoming our first drill target. We’ve completed extensive surface mapping over the last month, secured all land access agreements and selected our diamond drilling partners. Everything is lined up for drilling in June 2026 and I’ll be there personally. We’re very excited to commence the program.

Proactive: How long is the program expected to take? Also, don’t you now have a geologist who worked for Rio Tinto on the project?

Mitch Thomas: Correct. We expect drilling productivity of around 20 metres per shift using a dual-shift strategy, potentially seven days a week, so around 40 metres per day. Factoring in downtime and maintenance, the drilling campaign should run for approximately two to three months.

News flow is critical for us, so we plan to keep shareholders updated through assays, laboratory results and visual updates from the field.

Regarding the former Rio Tinto geologist, we were fortunate to connect with him. He’s very senior and based in Belo Horizonte, the main city in Minas Gerais. He originally discovered these projects and spent three years conducting sampling and field work. He’s already spent several weeks onsite with our team transferring that knowledge, which saves us considerable time and money.

Proactive: It feels like a good time to be getting back into lithium. What’s your view on the market?

Mitch Thomas: We’re definitely lithium bulls. You only need to walk around major cities and see the number of electric vehicles and home battery systems being adopted. We believe in all forms of energy and are energy agnostic, but renewables and batteries will play a major role going forward. Lithium and copper both have significant roles to play, so we’re bullish on demand and want to be part of the supply story.

Proactive: Do you also have an update on your copper projects?

Mitch Thomas: Yes, we do. It took longer than expected to secure approvals, but we’ve now received all approvals required to commence drilling at Cinto, our large porphyry target in southern Peru.

The market response to our lithium projects has been very strong and lithium is currently on a positive trajectory, so the board’s current mandate is to focus on lithium exploration in Brazil. However, when the timing is right, we will sequence Cinto into our plans because it remains an excellent copper target and copper fundamentals are also very strong.

Proactive: Let’s wrap it up. Why should investors be paying attention to Solis Minerals right now?

Mitch Thomas: We have excellent projects and near-term drilling, which means strong news flow ahead. Our team has done this before — we sold a company last year for $600 million and those concessions were adjacent to where we’ll begin drilling in June 2026. We feel like we’re just getting started and we’re looking forward to an exciting remainder of 2026.

Proactive: What’s the company’s current market capitalisation?

Mitch Thomas: Around $23 million.

Proactive: There you go — perhaps some bargain hunting for investors. Not financial advice of course, so do your own research. That’s Solis Minerals, ASX code SLM. Mitch, thanks so much for joining us on Proactive today.

Mitch Thomas: Thanks, Kerry. See you soon.