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1. Barrick Gold (GOLD) for mineral discovery.

2. A startup Newmont (NEM), purely dedicated to finding new gold and silver deposits.

3. A publicly traded gold prospector, aiming to find deposits for major miners like Barrick Gold (GOLD).

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• Gold and Silver Exploration: Identifying and evaluating potential gold and silver mineral deposits through geological surveys and drilling programs.
• Mineral Property Development: Acquiring and developing mineral properties, including conducting feasibility studies to assess economic viability for future mining operations.

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Solitario Resources Corp. (XPL) is a mineral exploration and development company focused on acquiring, exploring, and advancing precious and base metal properties. Unlike producing mining companies, Solitario does not operate active mines and therefore does not generate revenue from the sale of minerals or products to traditional customers.

Instead, Solitario's business model involves discovering and advancing mineral deposits, then realizing value from these projects primarily through:

• Entering into joint ventures where a larger mining company funds further exploration and development.
• Selling its interest in a project to another mining company.
• Being acquired by a larger mining entity.

In this context, Solitario's "major customers" are primarily other mining companies that acquire or partner to develop its exploration projects.

Currently, the most significant partner that fulfills a role akin to a "major customer" (by funding development on a key project) is:

• Nevada Gold Mines LLC: This entity is a joint venture between Barrick Gold Corporation (NYSE: GOLD) and Newmont Corporation (NYSE: NEM). Nevada Gold Mines is currently funding exploration and development expenditures at Solitario's Golden Summit project in Alaska. While technically a joint venture partner, their substantial investment into the project that Solitario originated and advanced makes them the primary entity to which Solitario "sells" the opportunity and advancement of its project.

Beyond this specific partnership, Solitario's potential "major customers" for other projects (or for future stages of existing projects) are generally large to mid-tier mining companies seeking to expand their resource base through property acquisitions or joint ventures.

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Christopher E. Herald, Director, President and Chief Executive Officer

Mr. Herald has served as a director of Solitario Resources 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 held the positions of Chief Executive Officer of Crown from June 1999 and President from November 1990, until Crown was acquired by Kinross Gold in August 2006 for over 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. and a director of Adamera Minerals. Mr. Herald holds an M.S. in Geology from the Colorado School of Mines and a B.S. in Geology from the University of Notre Dame.

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 since June 1999. He also held the same roles for Crown Resources from June 1999 until its acquisition by Kinross Gold in August 2006. Before that, Mr. Maronick served as Vice President – Finance and Secretary/Treasurer of Consolidated Nevada Gold Fields Corporation from November 1994 to September 1997. He graduated with honors from the University of Notre Dame in 1977 with a BA in accounting and earned his Masters degree in Finance with highest honors from the University of Denver in 1986.

Walter H. Hunt, Chief Operating Officer

Walter H. Hunt serves as the Chief Operating Officer for Solitario Resources Corp. No further background information related to his professional experience in the mining or corporate sector for Solitario Resources Corp. was available in the provided search results.

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The key risks to Solitario Resources (symbol: XPL) primarily stem from its nature as an exploration-stage mining company with a business model heavily reliant on successful discoveries and external partnerships.

1. Pre-Revenue Nature and Mineral Exploration Risks: Solitario Resources is an exploration-stage company that has not yet developed any property to production, meaning it generates no revenue from mining operations. Its business model hinges entirely on the successful discovery of economically viable precious and base metal deposits, which is an inherently uncertain and capital-intensive process. There is no guarantee that its exploration efforts will result in a discovery, or that any discovered deposit can be economically mined.
2. Dependence on Joint Ventures and External Funding: The company's strategy involves strategic partnerships and joint ventures with larger mining firms to share risks, costs, and leverage industry expertise. This makes Solitario's operational and financial success dependent on the financial condition, operational expertise, and corporate priorities of its partners. Furthermore, as a pre-revenue company, Solitario relies on available cash, marketable assets, and its ability to raise capital through borrowing or equity sales to fund its ongoing exploration and development activities.
3. Volatility of Commodity Prices: Solitario focuses on exploring for gold, silver, and zinc deposits. The market prices for these commodities are subject to significant volatility, which can profoundly impact the economic viability of its projects, the valuation of its assets, and its ability to attract further investment or potential buyers for its properties.

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Solitario Resources (XPL) is a mineral exploration company primarily focused on gold and zinc projects across North and South America.

Addressable Markets:

Gold:

• Global Gold Market: The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.80% from 2024 to 2032. Another estimate places the global gold market at USD 1256.9 billion in 2025, projected to reach USD 1733.43 billion by 2034, with a CAGR of 4.1%.
• North America Gold Market: The North America precious metal market, where gold is the largest revenue-generating metal, was valued at USD 145,102.4 million in 2024. It is expected to grow at a CAGR of 9.9% from 2025 to 2030, reaching a projected revenue of US$ 259,164.5 million by 2030. Specifically, the North America Gold Mining market was valued at USD 43.5 billion in 2024 and is expected to reach USD 63 billion by 2035, at a CAGR of 3.42% from 2025 to 2035.
• Latin America Gold Market: The Latin America precious metal market generated a revenue of USD 19,704.0 million in 2024. This market is expected to grow at a CAGR of 7% from 2025 to 2030, reaching a projected revenue of US$ 30,002.7 million by 2030.

Zinc:

• Global Zinc Market: The global zinc market size was valued at USD 25.3 billion in 2023 and is projected to grow to USD 48.51 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period (2025-2032). Another report states the global zinc market expanded from USD 36.26 billion in 2024 to USD 38.14 billion in 2025, with projections reaching USD 54.11 billion by 2032, at a CAGR of 5.13%. In terms of volume, the global zinc market stood at approximately 14014 thousand tonnes in 2024 and is anticipated to grow to approximately 19272 thousand tonnes in 2035, at a CAGR of 2.96%.
• North America Zinc Market: The North America zinc market is valued at USD 4 billion in 2024 and is expected to reach USD 7.5 billion by 2035, reflecting a CAGR of 5.88% from 2025 to 2035. The North America zinc mining market is expected to reach a projected revenue of US$ 7447.4 million by 2030, with a CAGR of 1.2% from 2023 to 2030.
• Latin America Zinc Market: The unwrought zinc market in Latin America and the Caribbean is projected to expand at a CAGR of +1.7% in value from 2024 to 2035, reaching $10.2 billion.

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

1. Exploration Success at the Golden Crest Gold Project: Solitario Resources' 100% owned Golden Crest Gold Project in South Dakota is a primary focus for future growth. The company has reported early exploration success and plans to initiate a maiden drill program. A significant discovery, evidenced by drill results, has the potential to substantially increase the project's value and eventually lead to a revenue-generating asset or a lucrative sale or partnership.
2. Advancement of the Florida Canyon Zinc Project (Peru): Solitario holds a 39% interest in the advanced-stage Florida Canyon high-grade zinc project in Peru, a joint venture with Nexa Resources. The terms of this agreement are favorable, with Solitario being carried to production and the partner providing construction financing. Progressing this project towards a positive mine decision and eventual production could represent a significant future revenue stream.
3. Advancement of the Lik Zinc Project (Alaska): The Lik high-grade zinc project in Alaska, a 50%/50% joint venture with Teck Resources, is another key development asset. Solitario operates this project, and its advancement towards a mine decision and potential production would contribute to the company's future revenue opportunities.
4. Strategic Partnerships and Asset Monetization: As an exploration company, Solitario's future financial growth is highly dependent on its ability to successfully explore and advance its mineral properties. Success in these endeavors could lead to new strategic partnerships, favorable royalty agreements, or the outright sale of a project, which would generate substantial financial returns and contribute to future revenue generation.

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Share Issuance

• In June 2025, Solitario Resources completed a private placement, issuing 7,142,855 shares at US$0.63 per share, raising total gross proceeds of US$4.5 million.

Inbound Investments

• Newmont Overseas Exploration invested approximately US$1.0 million in Solitario's June 2025 private placement, increasing its total holdings to a 9.40% stake.
• Wexford Capital Partners invested US$3.5 million in the June 2025 private placement, acquiring a 6.2% interest in the company.
• Newmont Overseas Exploration, an existing shareholder, made prior strategic investments in Solitario, including one in August 2023.

Outbound Investments

• Solitario recorded a gain on the sale of Highlander Silver Corp. shares.
• The company's marketable equity securities, which include holdings in Kinross Gold Corp., were valued at US$1,322,000 at the end of 2024.
• Historically, Solitario has met capital needs partly through the sale of shares in Vendetta Mining Corp., Vox Royalty Corp., and Kinross Gold Corporation.

Capital Expenditures

• Solitario has budgeted approximately US$3,910,000 for full-year exploration expenditure in 2025, primarily focused on drilling at the Golden Crest Project.
• Exploration expenses for 2024 totaled US$4,148,000, with significant spending on drilling and geologic evaluation at the Golden Crest project.
• During the third quarter of 2025, Solitario acquired two early-stage projects, the Cat Creek Project and the Bright Angel Project, both located in Colorado.