Solis Minerals Ltd. has entered into option agreement to purchase the Mina Vermelha Project. Mina Vermelha is in the Borborema district of Rio Grande do Norte, and along the same mineralised regional trend as the Estrela Project. The Mina Vermelha tenement covers approximately 500 hectares with a granted mining lease of six hectares over one of the six currently known outcropping pegmatites on the lease.

Solis has confirmed grades in grab samples of 3.45% and 3.07% Li2O from outcropping pegmatites and a Caesium assay of 28.3% Cs from an area within the southernmost pegmatite with abundant pollucite (Caesium mineral) confirming the system is LCT (Lithium-Caesium-Tantalum) bearing. The project is located on tenement number 840.041/1985 and has a granted mining lease covering approximately six hectares of the south portion of the lease. No systematic exploration has been carried out on the asset to date.

Mina Vermelha acquisition tranches, Tranche, Payment Date, Cash, CAD CAD 1., Option Fee, Upon signing the option agreement, which will grant the Group a 12-month period to conduct due diligence on the New Project (Due Diligence Period), 500,000, 155,000, 2., Option Exercise Fee, Prior to the conclusion of the Due, Diligence Period (Option, Exercise Date), 10,000, 3,100,000, 3,100., First Deferred Consideration, The date that is 12 months from the, Option Exercise Date, 10,000, 3, 100,000, 4., Second Deferred Consideration, The Date that is 18 months from the, Option exercise Date, 5,000,000, 1,550,000, TOTAL, 25,500,000, 7,905,000.