Solis Minerals (ASX:SLM) has completed its due diligence campaign on the Cucho Copper Project in Peru, where the company is under a binding agreement with Quippo.
The binding agreement offers Solis the right to earn up to a 75% stake in a new joint venture company, which will hold 100% in Cucho under a staged earn-in. Solis has the option to acquire whole interest in the joint venture.
Completing due diligence at Cucho was one of the conditions of the agreement.
Under this campaign, Solis conducted a permitting and concession review, logistics and infrastructure review, geological modelling, core relogging and lithology review, a drone magnetometry survey, surface mapping, and an application for adjacent concessions.
Solis will begin a drilling campaign at Cucho in late Q2 2026, with around 14 drill pad locations currently being permitted for the program.
The company says the geological review confirms the assets “high exploration potential”.
CEO Mitch Thomas describes Cucho to be a “standout” asset within the company’s Peruvian portfolio.
“The broad mineralised copper intercepts, strong geophysical signatures, and clear structural controls highlight a system with genuine scale,” Thomas says.
“Permitting is advancing rapidly. Against a backdrop of record copper prices and strong market fundamentals, our first drilling at Cucho aims to demonstrate the potential of this porphyry system and advance Solis Minerals toward resource discovery in 2026.”
Solis has also renegotiated the terms surrounding its future milestone payments to align with the company’s exploration plans.
Cash payments due in February 2026 have been reduced from US$300,000 ($428,838) to US$100,000, with a share consideration of US$100,000 due this month.
A previously required payment of $1 million in Solis shares has been deferred and split into $500,000 payable after obtaining drilling permits and another $500,000 after drilling completion.
Solis will also pay an increased rate of US$300,000 cash upon receival of drilling permits, from the original US$200,000, and another $500,000 in shares that was deferred from the exercise phase. This will lead the company to a 30% stake in the joint venture company.
The share consideration from the drilling phase has been increased by $500,000, while the cash component remains at US$200,000.
Solis Minerals is a mineral explorer focused on uncovering discoveries prospective for copper mineralisation in South America.
The company will be in attendance at RIU Fremantle, held in Western Australia from 17-19 February. Mining.com.au is a media partner for the conference.
Write to Maddison Elliott at Mining.com.au
Images: Solis Minerals
