Solitario Resources Corp. · AMEX:XPL
Solitario Resources — Mining Forum Europe 2025
26 slides from Solitario Resources's conference presentation, Apr 2, 2025
Slide 1: Focused on High Quality Tier 1 Gold and Zinc Assets
Focused on High Quality Tier 1 Gold and Zinc Assets Solitario Resources Corp. April 2, 2025 – Mining Forum Europe
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, stat
Slide 3: Value and Upside: Three Tier One Assets
Value and Upside Three Tier One Assets SIGNIFICANTLY UNDERVALUED HIGH-GRADE ZINC ASSETS Value Zn EXCEPTIONAL POTENTIAL FOR MAJOR GOLD DEPOSITS AT GOLDEN CREST Upside Au Strategic Investment NYSE Market: XPL | TSX: SLR | SolitarioResources.com 3
Slide 4: Northern Black Hills, S. Dakota Prolific Gold Endowment
Northern Black Hills, S. Dakota Prolific Gold Endowment NYSE Market: XPL | TSX: SLR | SolitarioResources.com 4
Slide 5: Golden Crest: High-Profile Project Attracting Attention from Major Gold Producers and Institutions
Golden Crest: High-Profile Project Attracting Attention from both Major Gold Producers and Institutions – US $9.0 Million in Financing (Late 2023 and 2024) • 6.9 million shares – 8.3% • Edgepoint: 7.3 million shares – 8.8% • Konwave AG: 1.6 million shares – 1.9% • Other Institutions: 1.2 million sha
Slide 6: Northern Black Hills: A Super Giant Gold Province
Northern Black Hills: A Super Giant Gold Province NYSE Market: XPL | TSX: SLR | SolitarioResources.com 6
Slide 7: High-Grade Gold Across Golden Crest Project
High-Grade Gold Across Golden Crest Project Surface Rock Samples Trenches Downpour: T-1: 36 meters @ 17.6 gpt gold T-2: 60 meters @ 8.5 gpt gold Geyser: T-1: 234 meters @ 0.82 gpt gold T-3: 27 meters @ 3.22 gpt gold NYSE Market: XPL | TSX: SLR | SolitarioResources.com 7
Slide 8: Exceptional Maiden Drilling Results
Exceptional Maiden Drilling Results • 36,500-acre property – never been drilled prior to Solitario • Six of eleven holes intersected significant gold mineralization • Mineralization in three Upper Limestone units: high-grade surrounded by low-grade • Mineralization in Lower Deadwood: high-grade surr
Slide 9: Three Drill Holes Completed to Date at Downpour
Three Drill Holes Completed to Date at Downpour GC-001 NYSE Market: XPL | TSX: SLR | SolitarioResources.com 9
Slide 10: GC-002 GC-003
GC-002 GC-003 NYSE Market: XPL | TSX: SLR | SolitarioResources.com 10
Slide 11: GC-008 – New Wharf-Style Gold Discovery
GC-008 – New Wharf-Style Gold Discovery • Wharf mining complex produced over three million ounces of 15-50 gpt high-grade gold • Last Two Meters of Drill Hole GC-008 intersected 3.4 GPT Gold in Lower Deadwood Formation • First ever gold discovered in Lower Deadwood outside of the historic district *
Slide 12: Basement Gravity Suggests District Controls
Basement Gravity Suggests District Controls Richmond Hill 9.9 Moz footprint Homestake +68.0 Moz Wharf Complex 9.3 Moz footprint Gilt Edge +4.0 Moz Golden Crest Anomaly - +40 km2 Gold & pathfinder elements in soils Ponderosa Anomaly - +40 km2 Gold & pathfinder elements in soils NYSE Market: XPL | TSX
Slide 13: Permitting Still at Early Stage for Priority Targets
Permitting Still at Early Stage for Priority Targets Ponderosa POO Golden Crest Permitting POO Nearly Permitted Complete NYSE Market: XPL | TSX: SLR | SolitarioResources.com 13
Slide 14: Downpour - Wild Rose Trend
Figure 1: Downpour - Wild Rose Trend 6.93 g/t Figure 2: Initial Wild Rose 34.4 g/t EXPLANATION Fig 2 Inset High-Grade Gold Discovery Au in rock grabs 5.0 – 126 ppm Au 1.0 – 5.0 ppm Au Rock Assay Results 0.2 – 1.0 ppm Au 0.05 – 0.2 ppm Au <0.05 ppm Au 10.25 g/t 20.1 g/t 31.5 g/t 11.35 g/t STRATIGRAPH
Slide 15: NYSE Market: XPL | TSX: SLR | SolitarioResources.com
NYSE Market: XPL | TSX: SLR | SolitarioResources.com 15
Slide 16: Ponderosa Gold Anomaly
Ponderosa Gold Anomaly NYSE Market: XPL | TSX: SLR | SolitarioResources.com 16
Slide 17: $.78B Market Cap vs $23B Market Cap
$.78B Market Cap $23B Market Cap NYSE Market: XPL | TSX: SLR | SolitarioResources.com 17
Slide 18: Florida Canyon Zinc Project, Peru
Florida Canyon Zinc Project, Peru Joint ventured with Nexa Resources S.A. - Funded to Production Advanced exploration project with nearly $90 million in partner investments (526 drill holes; 134,416 meters) Preliminary Economic Assessment demonstrates robust economics Significant resource increase a
Slide 19: Funded to Production
Funded to Production All future costs - drilling, PEA updates, pre-feasibility costs, community relations, environmental expenses, metallurgical studies, engineering & feasibility - will be funded by Nexa to earn its 70%-interest in the project. ✓ Solitario will not pay back any of these costs. Afte
Slide 20: Florida Canyon Zn Project
Florida Canyon Zn Project Preliminary Infrastructure Layout Mine Plan – Oblique View NYSE Market: XPL | TSX: SLR | SolitarioResources.com 20
Slide 21: Florida Canyon's Resource Grade Higher than Nexa's Operating Zinc Mines
Florida Canyon’s Resource Grade is Significantly Higher than Nexa’s Operating Zinc Mines in Peru Florida Canyon’s Mineable PEA Resource Grade: 10% Zn Eq Nexa’s Peruvian Operations Grade(1): 5.0% Zn Eq (1) Average blended reserve/resource grade for Milpo’s three underground Peruvian zinc mines. Nexa
Slide 22: Lik Zinc Project, Alaska
Lik Zinc Project, Alaska 50/50 Joint venture with • Mining claims covering 6,075 acres located 11 miles from Teck’s Red Dog Mine, in mining friendly Solitario Lik Project Claims Teck Mining Claims jurisdiction Native Corporation Lands • Large tonnage, high-grade, potentially open-pittable resource,
Slide 23: Lik Zinc Project, Alaska
Lik Zinc Project, Alaska Proximity to Red Dog Mine Resources Red Dog Mine Lik Project NYSE Market: XPL | TSX: SLR | SolitarioResources.com 23
Slide 24: Capital Structure
Capital Structure Current Price US$0.76/C$1.03 Cash and ≈$5.8 Mil Securities Shares 82.8 Mil Outstanding Annual G&A US$1.4 Mil Options 4.2 Mil Warrants None Analysts Heiko Ihle, H.C. Wainwright XPL target price US$1.20 Fully Diluted 87.0 Mil Mike Niehuser, Roth Capital XPL target price US$1.80 52-We
Slide 25: 2025 Catalysts
2025 Catalysts • Drilling* four new high-quality drill targets at Ponderosa - Golden Crest • Offset drilling of GC-008 –Lower Deadwood mineralization; and GC-010 –high-grade in Homestake paleo-placer + 11 gpt gold • Reinterpretation of resource model at Florida Canyon • New target identification at
Slide 26: Contact: Christopher Herald, President and CEO
Lik Zinc Project, Alaska Florida Canyon Zinc Project, Peru Christopher Herald, Transfer Agent President and CEO Computershare Investor Services 4251 Kipling St., Suite 390 800-564-6253 Wheat Ridge, Colorado 80033 Investor Relations 303-534-1030 info@solitarioxr.com cherald@aol.com NYSE Market: XPL |