SOLITARIO RESOURCES CORP.

Solitario Resources Corp. (NYSE American: XAU) operates as a mineral exploration company focused on the acquisition and exploration of precious metal, zinc, and other base metal properties. The company maintains its primary web presence at www.solitarioxr.com and conducts operations across North and South America, with particular emphasis on projects in Peru, Alaska, Colorado, and South Dakota.

The company's core business model centers on identifying exploration mineral properties, advancing them through exploration activities, and ultimately selling these properties, pursuing joint venture arrangements with experienced mining operators, or creating royalty agreements with third parties. Solitario has never developed a property itself but rather positions itself as an explorer that advances projects to the development stage before transitioning them to partners with mining operations expertise.

Solitario's primary mineral property assets include a 50% operating interest in the Lik zinc-lead-silver project in northwest Alaska, a 39% interest in the Florida Canyon zinc project in northern Peru, and a 100% interest in the Golden Crest project in South Dakota. The company also holds an 85% interest in the Chambara project in Peru and recently acquired two early-stage projects: the Cat Creek project and the Bright Angel project, both located in Colorado. The Florida Canyon project benefits from a carried interest arrangement whereby the joint venture partner funds all exploration expenditures and has committed to financing Solitario's development costs through a future loan facility if the project advances to production.

As of December 31, 2025, Solitario employed three full-time employees and three part-time seasonal employees in the United States, supplemented by contract geologists, managers, and administrators to execute exploration and evaluation activities. The company operates in a single reportable segment focused on mineral exploration. Solitario finances its operations through the sale of short-term investments, issuances of common stock, sales of marketable securities held in portfolio, and proceeds from property sales or joint venture arrangements. The company has no reported mineral reserves as defined by SEC rules and generates revenue only infrequently from property sales or joint venture transactions.