Solitario Resources Corp.

Thank you to Denver Gold Group for hosting this outstanding conference, and we've been coming here for many, many years and appreciate it. This will be a fairly fast-paced presentation as we have five projects that I wanna talk about, and we're really focused on what we think are high-potential Tier One-type properties. I'll be doing a lot of forward-looking statements. There's more risk in our filings, and be forewarned.

The five projects I'm gonna talk about: probably the one that's caught the most attention is the Golden Crest gold project in South Dakota. We think it has an exceptional potential for a major gold deposits underneath that. It had never really been explored before we got there. Our funding partner on that project has been Newmont. Over the last three years, they provided $3.8 million into the company for helping us explore it.

We have two advanced-stage zinc properties. Both of them are high quality, high-grade deposits. It's the Lik deposit in Alaska, joint ventured with Teck, and also the Florida Canyon deposit in Peru, which is joint ventured with Nexa, which appears to be, right now they’re in a transaction with Boliden. Boliden’s acquiring Nexa wholly, and Boliden’s quite a bit bigger company, so that could be a positive development for us.

And then we added in the last few years two really interesting projects. Both of them are in Colorado. Both of them has historic roots to Anaconda, Anaconda Copper, that did surface work and some exploration on them fifty years ago, where the data was never published. We were able to access that old data, and we think they have great potential.

Have a good list of shareholders, with Newmont being our biggest shareholder at 9.4%. A good list of institutions that own Solitario, including Zebra Trust and Conwave. And management and directors own 7.7% of the stock, so we're directly aligned with all shareholders.

Golden Crest is right next to what was the most prolific gold district in the United States for 120 years, and that's the Homestake-Wharf mining district. It's undergoing a revival of exploration there between ourselves and Dakota Gold, which is operating to the east of us. They've announced nearly a ten-million-ounce resource on their Richmond Hill deposit. The four principal mines there is the Wharf Mine, which was a ten-million-ounce deposit and growing. The Homestake Mine had a sixty-eight-million-ounce endowment. Richmond Hill was just under ten million. And Gilded Edge, which Nigo Ego has a four-million-ounce endowment.

Our land package is quite large, 25,000 acres. It sits to the southwest of the old districts. We think it's clearly an extension of that district. The difference between the old district and ours is the old district has the Precambrian and the older rocks exposed. Our land package has about 200 to 300 meters of limestones on top that are mineralized at surface. They’re not our primary target. Our primary target is the lower Paleozoic, which is where Wharf is mining, and also the Precambrian, which was the historic Homestake Mine.

We started off with great surface expression of gold here, and I've got to say, it really had never been explored at all. All of these new prospects that we found were our discoveries. They're extensive. We don't think they're necessarily the main target there, but they lead us to what we think could be very interesting deposits underground.

So to date, we've drilled about thirty holes. We've had some good results, and we've had, being a greenfields prospect, some not so good results. And our latest round of drilling was not as we anticipated. We announced several of the holes of our ten-hole program didn't live up to our expectations or I think the market's, and our stock suffered because of that. But I can tell you, since then we did a fairly significant drone magnetic survey that has me, I'd say, more excited about this property and about our ability to target good drill hole locations than we've had in the past here. And I'll show a couple slides on that later on.

This is the one showing the mag. And what this points out to us, we never had a three-dimensional view of this property. We had the flat surface, good gold anomalies, two parallel anomalies, eleven kilometers long and one to two kilometers wide, where we took 48,000 soil samples and about 8,000 rock samples. So we have a really well-defined gold anomaly on surface that doesn't necessarily connect up directly underneath them to deposits. With this mag, we now have something to really aim the drill rig. And again, we just got this information in the last two months.

And the areas that are red on this, we think demonstrate on the two on the left-hand side, the Downpour Wild Rose and the Holland, these mag anomalies we think are associated with tertiary intrusives, which are real important for the Wharf-type target. Wharf has a lot of tertiary intrusives. It's also important for the Gilded Edge and the Richmond Hill. There was tertiary mineralization there. And so for the first time, we have this mag data that's going to help us greatly locate our future drill holes on this property.

On the Golden Crest side, we have a really good mag anomaly that we think is the Homestake Formation. And more importantly, there's two subsidiary major structures that crisscross this mag anomaly. And we think that's going to be the focus of gold mineralization at Golden Crest on the west side of the project. So this is good information that we didn't have available to us before. And I think the success rate is going to be greatly increased in the future.

This chart shows that we've found gold in five different horizons on the property, just in the same horizons that you see in the old district. And even we have one intercept that's in the lower Deadwood Formation, which is where Wharf is. It's 41 meters of basically a gram per ton. And we're going to be following this type of mineralization up in the future. Now, one of the, I think, really good things that has also happened in the last two years, Newmont has not only invested equity funds into our company, but they've also added some of their technical expertise to us. We've worked with their geophysicists, geochemists, and several of their geologists to help us map and define better targets on the project.

Now I'm going to talk to, we made a release on Monday. We just completed drilling at the Cat Creek copper moly deposit, copper moly prospect, which was found originally in 1980, in the early 1980s by Anaconda. They never drilled it because the company got sold before they put a drill rig on it. We got the data from that in a warehouse. It was a really good surface information, including IP, geophysics, geochemistry, and geology.

So our first two holes there, this was primarily a moly target when we started, but we intersected copper deeper in this system. Here's some of the samples. We have no assays yet, so we're not sure what the exact assays will be, but we had visible moly in significant thicknesses on this project. We're showing some of the core there. The bluish outlined areas there are molybdenum. You can see some of the golden yellow areas there. That's chalcopyrite. We hit chalcopyrite in the last 100 meters of our second drill hole, and it opens up a whole new, I think, dimension to this property.

It had never been drilled. We're going to follow up next year. We've stopped drilling there just in the last week in order so that we can drill another property, we hope, in the next couple weeks. We're not sure we're going to get there yet because we're right at the tail end of our permitting in terms of funding the bond information.

This is the trace of the two holes we drilled at Cat Creek. The lines on the red and yellow lines that extend out are quartz veins per meter there. And this is what you want to see in a copper-gold porphyry is a lot of quartz veinings. We see it there. We have good traces of molybdenum. And in the deepest part of the second hole, that's where the chalcopyrite shows up. We're going to be doing a lot more IP work because we only had two IP lines on this available to us when we started drilling. So early next field season, we're going to do quite a bit more IP geophysics because that'll, I think, greatly enhance our ability to locate good drill holes.

The third project I'll talk about is the Bright Angel project. It's in northern Colorado. And again, originally, it was found by a prospector who drilled several holes that had good historic gold-copper mineralization in it. Anaconda optioned it the next year, 1970. So this information is about 55 years old. Anaconda drilled 10 holes around it. About half the holes had quite interesting copper mineralization. They never analyzed for gold back then. Gold was at $38 an ounce. And they were a copper company.

So we're not quite sure how the gold will trace relative to certainly the Anaconda drilling. But there was certainly gold in the original couple holes that the prospector drilled. And as I mentioned again, we're right at the finish line of our bonding here. And hopefully we can get a drill rig on there in the next couple weeks. If we don't get it in there in the next couple weeks, drilling is going to have to wait until next field season because this is at a higher elevation and winter conditions are going to set in certainly by the mid-late November. So we hope we get one or two holes at Bright Angel to help us get a head start on next year's drill season.

Now what makes Bright Angel, I think, most interesting, it's not your typical copper porphyry, which is a big mushroom-shaped ore deposit that extends for one or two kilometers. We think this is an alkalic pipe-like structure or deposition similar to what you might see at Acadia, which is a large 20 million ounce deposit in, or deposits I should say, in Australia that was originally discovered by Newcrest in the 90s and now is operated by Newmont, or the Red Chris in BC, which is also alkalic pipe-like feature. We see this as being more of a lenticular pipe that has great depth potential, but what makes it special is the grades in these alkalic copper systems for gold are exceptional and it's not uncommon to have half gram plus gold numbers associated with this.

At surface, we can see typically good stockwork porphyry mineralization of copper and gold. The surface is lower grade than the holes suggest that we see historically, but good gold numbers and this is a well-defined target that we'll be aiming at. We're also going to start an IP there in the next week to help us better define the extent of the copper porphyry system here.

And the last two projects I'll talk about are really strong zinc deposits that have had a lot of work on them. We discovered the Florida Canyon deposit about 20 years ago and partnered with Cominco originally and then more recently with Nexa. And between Cominco and Nexa, there's been $90 million spent on this property, 526 drill holes. It's a high grade 11% zinc deposit. It's a Mississippi Valley. It's a very clean concentrate. It's open to expansion in multiple directions. And there's also four other surface zinc targets that have never had a drill hole in it.

What's interesting right now in this joint venture with Florida Canyon is that Boliden, the Swedish company, is acquiring Nexa. They're in the process of doing that. It should close sometime in the first quarter. Boliden is about eight times bigger than Nexa. So their financial strength is greater. And we hope this project moves along at a faster pace in the future here. The other zinc project is the Lik zinc deposit real close to the Red Dog deposit in Alaska. It's a high grade open pitable deposit, potentially open pitable deposit located near Red Dog.

A little more information on the Florida Canyon. We have a PEA on it, had good economics, significant potential for resource expansion there. Every time we put a drill rig on it, resources have expanded at similar grades. And there's a lot more to come there in the future as long as there's a drill rig turning. When you look at the resource that was published back in 2019, we have about 2.5 million tons of M&I resource and almost 15 million tons of inferred.

Since then, Nexa did a bottom to top re-evaluation of the resource. And it's not 43-101 compliant, but they see a significant resource expansion based on the work they did in the last two years. And what they found was 30% of the high grade intercepts were not in the resource. And that was because a lot of them are vertical chimney types. And when they put this back together, there's a lot more to come there. And the vertical chimneys tend to be higher grade.

Finally, our joint venture with Nexa, once they complete a feasibility study, they'll own 70%, we'll own 30%, we're carried to production there. And once production's achieved, we'll be paying back that loan for construction, but we'll still get 15% of the cash flow starting day one. 50% of what's due us, which is 15%, we'll get from day one. So this is better than a lot of net profit royalty type situations. And this is an advanced project that I think we can see moving along to feasibility in a not real distant future. It's an all underground mine, high grade, 11%, and with open expansion.

And Lik is very close to the Red Dog deposit, which has been the largest and lowest cost zinc producer in the world for I think around 40 to 50 years. They're starting to run out of reserves there. They still have five years of reserves, but production's declining over the next five years. And this would be an excellent satellite deposit to move the open pit mining equipment over to. That's a Teck decision. And we don't have any agreement for access to the Red Dog infrastructure, but it makes a lot of sense that we could utilize that as this being a satellite deposit. There shows you how close Red Dog is. Lik is 11 miles from Red Dog.

Capital structure, 94.6 million shares. We've never had a reverse split. We've been public for thirty-five years now. High and low in our share price in the last year is ninety-eight cents US and a low of fifty-three cents. Pretty good market liquidity. We trade on the New York Stock Exchange. We have no debt. We have no warrants outstanding. And again, Newmont's our largest shareholder. Management directors own 7.7% of the shares.

So what do we see for 2027? Drilling at Golden Crest, I think it's gonna be well-focused on this new mag data and the surface geochem that we see. Continued drilling at Cat Creek. There hasn't been very many new copper moly discoveries certainly in the Western US in many, many years. This is a new one. We're looking forward to that. We're gonna finish our IP at Cat Creek early field season next year. We're gonna finish our IP at Bright Angel over the next several weeks. Hopefully drilling at Bright Angel, but I can't really promise it until we get the final permit issued, and it's so close. And assuming the completion of the Boliden Nexa transaction, hopefully some significant work done at Florida Canyon.

So with that, I'd like to thank you for the attention and thank you very much to Denver Gold.

All right. Thank you, Chris. This is all the time we have, but please feel free to follow up with Chris off the stage. And this concludes our