Here are 1-3 brief analogies for Solitario Resources (XPL):

• They're like a junior oil and gas exploration company, but focused on finding major zinc deposits instead of oil fields.
• Think of them as the research and development (R&D) division for a major mining company like Teck Resources or Glencore, but solely dedicated to discovering new zinc mines.

• Mineral Exploration: Identifying, acquiring, and evaluating potential zinc and other base metal deposits in North and South America.
• Mineral Property Development: Advancing promising mineral projects through geological studies and permitting, aiming for eventual extraction.

Based on the description, Solitario Resources (XPL), formerly Solitario Zinc Corp., is an exploration-stage company focused on the acquisition and exploration of zinc and other base metal properties. As an exploration company, it does not currently have major customers in the traditional sense of selling mineral products (like zinc concentrate or refined metals) to other companies or individuals.

Exploration stage companies like Solitario are primarily involved in identifying and developing mineral resources. Their activities are focused on geological surveys, drilling, and evaluating the economic viability of deposits. They typically do not generate revenue from product sales but rather through financing activities, property sales, or joint venture agreements with larger mining companies that would eventually be the ones to extract and sell the minerals.

Therefore, Solitario Resources does not have major customers as it is not yet in the production or sales phase of mining.

Christopher Engle Herald, President, Chief Executive Officer, Director

Mr. Herald has served as a director of Solitario Resources Corp. since August 1992, Chief Executive Officer since June 1999, and President since August 1993. He also served as a director of Crown Resources from April 1989 to August 2006, and as Chief Executive Officer of Crown from June 1999 and President from November 1990 until Crown was acquired by Kinross Gold Corporation in 2006 in a transaction valued in excess of US$200 million. Prior to joining Crown, Mr. Herald was a Senior Geologist with Echo Bay Mines and Anaconda Minerals. He currently serves as non-executive Chairman of Viva Gold Corp.

James R. Maronick, Chief Financial Officer, Principal Accounting Officer, Secretary and Treasurer

Mr. Maronick has served as Chief Financial Officer and Secretary/Treasurer of Solitario Resources Corp. since June 1999. He also held the positions of Chief Financial Officer and Secretary/Treasurer of Crown Resources Corporation from June 1999 to August 2006, when Crown was acquired by Kinross Gold. Before that, Mr. Maronick was Vice President – Finance and Secretary/Treasurer of Consolidated Nevada Gold Fields Corporation from November 1994 to September 1997.

Gil Atzmon, Independent Chairman of the Board

Mr. Atzmon was the founder, Chairman, Chief Executive Officer, and a Director of Zazu Metals prior to its acquisition by Solitario in June 2017. He possesses over 30 years of experience in the mineral resources sector, with a background spanning mining executive, investment banker, mining fund manager, and geologist roles. Mr. Atzmon also served as Vice President, Corporate Development of Ivanhoe Mines Ltd. from 2001 to 2002.

John A. Labate, Independent Director

Mr. Labate is an experienced executive with over three decades of financial management and accounting expertise. He previously held the position of Chief Financial Officer for Fortitude Gold from March 2021 to June 2024, and for Gold Resource Corporation from May 2015 to March 2021. Additionally, he served as Senior Vice President and Chief Financial Officer of Golden Star Resources Ltd., a gold mining company, from August 2008 to February 2012.

James K. Hesketh, Independent Director

Mr. Hesketh served as President, CEO, and Director of Canyon Resources Corporation, a NYSE MKT listed mining company, from 2005 to 2008, which subsequently merged with Atna Resources in 2008. He also served as President, CEO, and Director of Atna Resource, Ltd. from March 2008 to December 2016. Currently, Mr. Hesketh is the President, CEO, and Director of Viva Gold Corp. Earlier in his career, he was Principal Mining Engineer and Vice President of NM Rothschild & Sons (Denver) Inc. from 2000 to 2004.

Key Business Risks for Solitario Resources (XPL)

1. Exploration and Development Risk: As an exploration-stage company, Solitario Resources faces the fundamental risk that its exploration activities may not result in the discovery of commercially viable mineral deposits. The success of its business depends heavily on its ability to identify and develop economically mineable zinc and other base metal resources, which is inherently uncertain and involves significant geological and technical challenges. Even if deposits are found, there is no guarantee that they can be developed into productive mines.
2. Financing Risk: Exploration and potential development of mineral properties are capital-intensive activities. Solitario Resources will require significant funding to continue its exploration programs, conduct feasibility studies, and potentially develop any discovered deposits. There is a substantial risk that the company may not be able to secure adequate financing on favorable terms, or at all, which could severely limit or halt its operations and future growth.
3. Commodity Price Volatility: Solitario Resources' potential future revenues and the economic viability of its projects are highly dependent on the market prices of zinc, lead, and silver. These commodity prices are subject to significant fluctuations due to a variety of factors beyond the company's control, including global supply and demand, economic conditions, and speculative trading. A sustained decline in the prices of these metals could render discovered deposits uneconomical to develop or operate, negatively impacting the company's prospects.

The addressable markets for Solitario Resources' main products, zinc, lead, and silver, can be summarized as follows:

Zinc

• Globally, the zinc market was valued at approximately USD 27.2 billion in 2024 and is projected to reach USD 52.14 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period (2026-2033). Another estimate places the global zinc market size at USD 60.48 billion in 2022, forecasted to reach USD 86.58 billion by 2030, with a CAGR of 4.4% from 2023 to 2030.
• The global zinc mining market generated USD 66,085.3 million in 2022 and is expected to reach USD 91,334.1 million by 2030, at a CAGR of 4.1% from 2023 to 2030.
• In North America, the zinc market is a significant player, driven by robust industrial demand and sustainable mining practices, holding approximately 35% of the global market share. The North America Electrolytic Zinc Market was valued at US$ 24.5 billion in 2026 and is projected to reach US$ 34.1 billion by 2033, growing at a CAGR of 4.8% from 2026 to 2033.
• For Latin America, the zinc oxide market in Latin America and the Caribbean was valued at $384 million in 2024 and is forecast to grow to $487 million by 2035.

Lead

• The global lead market was valued at USD 24 billion in 2023 and is projected to reach USD 36 billion by the end of 2032, with a CAGR of nearly 6% between 2024 and 2032. Another report states the global lead market was valued at USD 22.39 billion in 2025 and is projected to rise to USD 35.84 billion by 2035, expanding at a CAGR of 6% during the forecast period.
• The global lead mining market was estimated at USD 9,249.6 million in 2022 and is projected to reach USD 11,152.3 million by 2030, growing at a CAGR of 2.4% from 2023 to 2030.
• North America leads the global lead market, primarily due to high demand from the automotive industry. The North America lead-acid battery market generated a revenue of USD 13,726.3 million in 2023 and is expected to reach a projected revenue of US$ 17,286.4 million by 2030.
• In Latin America, the lead-acid battery market was valued at USD 6,062.6 million in 2023 and is expected to reach a projected revenue of US$ 9,337.2 million by 2030, with a CAGR of 5.9% from 2024 to 2030. The lead ore market in Latin America and the Caribbean generated $9.4 billion in 2024 and is forecast to increase to $11.6 billion by 2035. The Peru lead mining market generated a revenue of USD 622.8 million in 2022 and is expected to reach USD 804.5 million by 2030.

Silver

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033). Another estimate places the global silver market size at USD 23.51 billion in 2025, set to grow to USD 36.51 billion by 2035, at a CAGR of 4.50%.
• The global silver ore market size was $7.95 billion in 2025 and is expected to grow to $11.01 billion in 2030, at a CAGR of 7.1%.
• North America was the largest region in the silver ore market in 2025. The unwrought silver market in Northern America contracted to $4.2 billion in 2024 but is forecast to grow at a CAGR of +2.5% in value through 2035, reaching $5.6 billion.
• Latin America now anchors the global silver supply chain, producing over 55% of the world's total output. The silver ore market in Latin America and the Caribbean was valued at $1.7 billion in 2024 and is forecast to increase to $2.1 billion by the end of 2035. The precious metal market in Latin America generated a revenue of USD 19,704.0 million in 2024 and is expected to reach USD 30,002.7 million by 2030, with silver being the largest revenue-generating metal with a 48.64% share in 2024.

Here are 3-5 expected drivers of future revenue growth for Solitario Resources (symbol: XPL) over the next 2-3 years:

1. Advancement of the Florida Canyon Zinc Project: Solitario holds a 39% interest in the Florida Canyon zinc project in Peru, with Nexa Resources as the operator. Nexa is funding all project costs through the completion of a feasibility study, and can finance Solitario's 30% portion of construction costs, to be repaid through 50% of Solitario's net cash flow from production. Progress towards a feasibility study, a construction decision, and ultimately production at Florida Canyon would provide Solitario with future revenue streams. Nexa is currently upgrading its resource model for the Florida Canyon deposit, which will be important for planning future work in late 2025 and 2026.
2. Successful Exploration and Potential Monetization of the Golden Crest Gold Project: Solitario wholly owns the Golden Crest gold project in South Dakota, which it considers its flagship asset. The company completed a successful drilling campaign in 2024, discovering multi-gram gold mineralization. Drilling is slated to resume in late May 2025, with plans for a second drill rig in mid-summer to further test highly mineralized areas. Significant discoveries and resource delineation at Golden Crest could lead to a valuable asset sale or a joint venture agreement, generating revenue or significant value for Solitario.
3. Progress in Evaluating and Potentially Developing the Lik Zinc Project: Solitario holds a 50% interest in the Lik zinc-lead-silver project in Northwest Alaska, partnered with Teck American Incorporated. Solitario is actively working with Teck to further exploration and evaluate potential development plans for the project. Any positive advancements towards a development decision for the Lik project could result in future revenue generation for Solitario.
4. Strategic Transactions Involving Other Exploration Properties: Solitario also holds interests in other exploration projects, including the Chambara project in Peru, the Cat Creek project (molybdenum-rhenium) and the Bright Angel project in Colorado. Successful early-stage exploration and resource identification on these properties could make them attractive for sale or new joint venture agreements, providing intermittent revenue or cash infusions to Solitario. The company secured drilling permits for the Cat Creek project in October 2025.
5. Favorable Zinc and Gold Commodity Prices: While not a direct operational driver, sustained higher prices for zinc and gold would significantly enhance the economic viability and overall attractiveness of Solitario's mineral deposits. This increased value could facilitate more favorable development decisions, joint venture terms, or outright sales of its projects, thereby indirectly driving potential future revenue. Zinc prices are expected to be volatile, with some forecasts suggesting stability around $2,900–$3,000 per tonne by 2030, despite potential surpluses in the near term.

Share Issuance

• In June 2025, Solitario Resources Corp. completed a private placement that raised US$4.5 million in gross proceeds at US$0.63 per share. This capital injection increased the company's cash position to over US$9.0 million.
• The company's liquidity in 2025 was further supported by US$5.3 million of equity issuance.
• As of March 4, 2026, Solitario Resources Corp. had 92,214,987 common shares outstanding.

Inbound Investments

• Newmont Corporation and Wexford Capital Partners made strategic investments in Solitario Resources Corp. as part of the US$4.5 million private placement in June 2025. Newmont Overseas Exploration Ltd., a subsidiary of Newmont Corporation, held a 9.3% interest in Solitario as of March 10, 2026.
• Solitario Resources Corp. minimizes capital outlay and risk by engaging in joint ventures, such as its 50% interest in the Lik zinc project with Teck Resources Limited and its 39% carried-to-production interest in the Florida Canyon zinc project with Nexa Resources. Nexa Resources funds the exploration at the Florida Canyon project, shielding Solitario from significant capital expenditure and dilution.

Capital Expenditures

• In 2025, capital expenditures amounted to $798,000.
• Exploration expenses for 2025 totaled $4,148,000, with a significant portion directed towards drilling and geologic evaluation at the Golden Crest project, and additional costs incurred at the Lik project.
• Solitario Resources Corp. plans significant drilling campaigns for 2026 at its Golden Crest project, the Cat Creek critical minerals project (molybdenum-rhenium), and the Bright Angel gold-copper project in Colorado. The company anticipates using its cash and short-term investments to fund these exploration efforts and potentially acquire new mineral property assets.