Solis Minerals Executes Option to Acquire Jaguar Lithium Project in Brazil

Mr. Jason Cubitt reports:

Highlights

Solis signs binding agreement effective May 29, 2023 to acquire the "Jaguar" project in Bahia state, north-east Brazil

Jaguar pegmatite has confirmed Spodumene grades in oxidised pegmatite up to 4.95% Li2O from rock chip samples

Extensive pegmatite body mapped over 1km of strike, with widths in excess of 50m with coarse visible Spodumene exposed across pegmatite body

Solis' largest shareholder, Latin Resources, to provide exploration guidance and country experience

The Jaguar pegmatite is located proximal to a large granitic source, and its geological setting is consistent with other hard rock lithium provinces in Brazil

Jaguar project is located on a granted mining lease with permits in place to commence drilling. Solis has secured a drill rig and plans to initiate drilling in June

Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) (FSE: 08W) ("Solis Minerals" or "the Company") is pleased to provide shareholders with an update on its entry into a binding option agreement to purchase the "Jaguar" hard rock Lithium project in Bahia State Brazil.

Executive Director Matthew Boyes quoted:

"Brazil is fast becoming a significant player in the hard rock Lithium space. Solis's primary objective is to quickly position itself by acquiring highly prospective underexplored projects in the northeast of Brazil. The Jaguar pegmatite hosts confirm LCT-bearing pegmatites with some of the coarsest and most abundant Spodumene occurrences I have seen. These tenements in what may be a new Lithium province are a fantastic addition to our already large tenement position in the northeast of Brazil, and with drilling to commence immediately, I am excited by this opportunity to better understand the potential of this very exciting system."

Sampling and Li2O grade confirmation

A series of surface samples were collected from the exposed portion of the Jaguar pegmatite within an artisanal open pit or "Garimpo" located at the Jaguar project (see Table 1 and Figures 1 & 2). Samples were taken from the Spodumene-rich pegmatite quartz core primarily to confirm the grade of the visible Spodumene mineralisation. All samples were assayed at SGS GEOSOL Laboratories Ltda Brazil (see Appendix 2 for additional information on the quality of assay data and laboratory tests). A field campaign will commence in the coming weeks to complete systematic geochemical sampling of all the known outcrops plus mapping and target generation for follow-up drill programmes; Solis has secured a drill rig and plans to commence drilling in June.

Table 1: Results of grab samples taken from the Jaguar artisanal working.*Samples were selectively taken from outcropping Spodumene crystals strictly to confirm Lithium contents within weathered minerals, samples are not to be considered representative on the entire exposed width of the exposed pegmatite body within the workings

Project Location

The tenements 871427/2006 and 873426/2021 are located in the province of Bahia in northeast Brazil. The tenements cover a combined area of 1,143Ha with mineral extraction rights granted for the extraction of dimension on the northernmost tenement. The Jaguar project is located 86km from Petrolina and Juazeiro, two major regional cities on the San Francisco River, which forms the border between Pernambuco and Bahia states. Road access is via a paved highway and 4km of unsealed track to the project. Hydro-generated power is distributed along the main highway and located within 4.5km of the northern 871427 tenement. Land use is restricted to goat pasture and vegetation and is typical of a semi-arid tropical environment.

Figure 1: Artisanal workings with exposed pegmatite and Spodumene mineralisation visible, Geologist standing in front of face for scale * Samples RSA0401,402,403,404 were collected from positions along exposed face

Figure 2: Large white weathered spodumene crystals within Jaguar artisanal workings-G Pick for scale

Figure 3: Location map showing infrastructure and tenements acquired at the Jaguar project

Figure 4: Tenement map with satellite image and mapped pegmatite body with proposed drill hole locations

Terms of Agreement

As consideration for the acquisition of 100% of the tenements 871427/2006 and 872376/2021 from Marico Mineracao ltda and Igramar Industria de Ganitos e Marmores Ltda ("Vendors"), Onca Mineracao Ltda a 100% owned subsidiary of Solis has agreed to;

pay the Vendors an upfront option fee of USD$300,000 ("Option Fee") which will grant Solis (via Onça) a 90-day period to conduct due diligence on the Jaguar project ("Due Diligence Period");

Pay to the Vendors, prior to the expiry of the Due Diligence Period and at the election of Onça, a fee of USD$700,000 in order to exercise the option and acquire a 100% interest in the Jaguar project ("Option Exercise Fee"); and

within 12 months from payment of the Option Exercise Fee, pay USD$2,900,000 ("Deferred Consideration"); and

simultaneously with payment of the Option Exercise Fee and subject to the exercise of the option, utilising Solis's Listing Rule 7.1 placement capacity, issue to the Vendor (or its nominees) 3,000,000 performance rights ("Performance Rights") which convert on a one-for-one basis into fully paid ordinary shares in the capital of SLM ("Shares") upon delineation of an inferred (or greater) mineral resource of 10Mt at 1.0% Li2O or greater within 24 months from the issue of the Performance Rights.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company recently acquired a 100% interest in the Borborema Lithium Project in NE Brazil, covering 24,800 ha, and holds a 100% interest in 32,400 ha of combined licences and applications of highly prospective IOCG (iron oxide copper/gold) and porphyry copper projects in southwestern Peru within the country's prolific coastal copper belt - a source of nearly half of Peru's copper production.

This Announcement has been authorised for release to the TSX-V by the Board of Solis Minerals.

For further information, please contact:

Australia Matt BoyesChief Executive OfficerSolis Minerals Limited+61 8 6117 4798

Stephen MoloneyInvestor RelationsCorporate Storytime+61 (0) 403 222 052

North America Jason CubittNon-Executive Director Solis Minerals Limited+01 (604) 209 1658

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The transaction is subject to review and approval by the TSX Venture Exchange.

Securities of the issuer will remain halted until relevant documentation is received and reviewed by the TSX Venture Exchange.

Forward-Looking Statements

This news release contains certain forward-looking statements that relate to future events or performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected, including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

Qualified Person Statement

The technical information in this news release was reviewed by Fred Tejada, P.Geo, a Qualified Person as defined by National Instrument 43-101 (NI 43-101). Mr. Tejada is an arm's length consultant to the Company.

Competent Person Statement

The information in this ASX release concerning Geological Information and Exploration Results is based on and fairly represents information compiled by Mr Anthony Greenaway, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee of Solis Minerals Ltd. and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Mineral Resources and Ore Reserves". Mr Greenaway consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Mr Greenaway has provided his prior written consent regarding the form and context in which the Geological Information and Exploration Results and supporting information are presented in this Announcement.

All information about exploration results that were previously released to the market is appropriately referenced in this document.

APPENDIX 1

Borborema and Jaguar Project licence areas

Licences - acquired by Onca Mineracao Ltd (100% owned subsidiary of Solis Minerals Ltd).

Table 1: Licence areas acquired with total ground accumulated licence areas from Borborema and Bahia provinces Brazil

APPENDIX 2

Section 2 Reporting of Exploration Results(Criteria listed in the preceding section also apply to this section)