Solis Minerals Limited (ASX: SLM), a Latin American focused copper-gold explorer, has announced it has received firm commitments to raise $5.9 million before costs, via a placement of CHESS Depository Interests (CDIs). The placement involves issuing up to 118,000,000 CDIs to new and existing institutional and sophisticated investors at an issue price of $0.05 per new share. The company said the placement received strong support from a range of sophisticated investors and institutions.
The funds raised will primarily be used to advance Solis Minerals’ copper portfolio in Peru, including the acquisition and exploration of the Cucho copper project. The capital will also support the completion of drilling at Ilo Este throughout Q4 2025 and the commencement of drilling at Cinto, targeted for late Q4 2025. Additionally, a portion of the funds will be allocated to general working capital.
According to Solis Minerals, acquiring the Cucho project, combined with their existing Ilo Este, Chancho al Palo, and Cinto projects, positions the company to deliver on its objective of discovering copper-gold resources that can host large-scale mining in a premier copper-gold region. The Chairman and CEO have committed to invest $150,000 as part of the Tranche 2 settlement, subject to shareholder approval.
CEO Mitch Thomas stated that Solis Minerals is delighted to receive strong support for the Placement, demonstrating the quality of the Cucho project and Solis Minerals’ broader projects in copper-rich Peru. The company anticipates strong news flow from its exploration programs throughout the remainder of 2025 and into 2026.
