Newmont Increases Stake in Solitario to 9.95% With $2.5 Million Strategic Investment

DENVER, CO / ACCESSWIRE / August 2, 2023 / Solitario Resources Corp. ("Solitario" or the "Company") (NYSE American:XPL)(TSXV:SLR) is pleased to announce that it has entered into an agreement with Newmont Overseas Exploration Ltd. ("Newmont" or "Investor"), for the purchase and sale of 4,166,667 shares of common stock of the Company (the "Shares"), at a price of $0.60 per share for total proceeds of $2,500,000 (the "Offering"). With this financing, and including Newmont's previous share position in Solitario, Newmont becomes Solitario's largest shareholder controlling approximately 9.95% of the Company's currently outstanding shares.

The Company did not engage an underwriter or placement agent for the Offering, and there were no underwriter discounts or commissions or placement agent fees. The net proceeds of the Offering will be used to advance the Company's exploration activities at its core projects and for general corporate purposes.

The sale of the Shares was made pursuant to a stock purchase agreement between the Company and the Investor. The Shares were sold in a private placement on July 31, 2023, pursuant to one or more exemptions from registration with the Securities and Exchange Commission. In connection with the sale of the Shares the Company and Newmont entered into an Investor Rights Agreement granting Newmont certain rights, including a preemptive right, registration rights, anti-dilution rights, and certain rights with respect to the sale, financing and operation of the Company's Gold Crest property assets.

Chris Herald, President and CEO of Solitario, stated: "Newmont has been a long-term shareholder of Solitario. With this strategic investment financing, Newmont becomes our largest shareholder with a 9.95% equity interest. This financing enhances our existing cash and marketable securities balance to approximately US$6.1 million."

About Solitario

Solitario is a natural resource exploration company focused on high-quality Tier-1 gold and zinc projects. The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). In addition to its Florida Canyon and Lik joint venture projects, Solitario owns a 100% interest in the 33,000-acre Golden Crest gold project in South Dakota. At Golden Crest, Solitario has discovered over fifteen areas with significant gold mineralization at surface and is currently permitting a drilling program to test for gold in the sub-surface. Additional information about Solitario is available online at www.solitariozinc.com.