Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - The Directors of Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) (FSE: 08W) ("Solis Minerals" or "the Company") is pleased to advise that the Company has closed Tranche 2 of the Placement, issuing a total of 9,521,818 shares at A$0.55 per share to raise gross proceeds of A$5,236,999.90. The Company's total issued equity capital post Tranche 2 allotment is 87,799,883 shares.

Assisting brokers received, in aggregate, fees of 6% of the funds raised under the Placement, being a total of $89,999.93 in connection with the closing of Tranche 2.

Tranche 2 of the Placement was approved by shareholders at a Special Shareholder Meeting of the Company held on 11 August 2023 in Perth, WA.

Additionally, the Company has granted 7,000,000 performance rights to its directors with the terms and conditions disclosed under Schedule 4 of the Notice of Special Meeting released to the ASX on 12 July 2023.

CDIs trading on the ASX issued on account of the shares cannot be converted into common shares of the Company for the purposes of trading such shares in Canada until four months and one day have elapsed from the issuance date.

Authorised by the Board of Solis Minerals Ltd.

About Solis Minerals Ltd.

Solis Minerals is a Latin American battery mineral-focused mining exploration company. The Company owns a 100% interest in the Borborema Lithium Project in NE Brazil, covering 25,600ha. It has recently executed an option to acquire 100% of the Jaguar Lithium project in Bahia state, Brazil. In addition, Solis also holds a 100% interest in 32,000ha 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.

For further information, please contact:

Matthew Boyes
Executive Director
Solis Minerals Limited
+61 (0) 498 189 338

Stephen Moloney
Investor Relations
Corporate Storytime
+61 (0) 403 222 052

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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