Solitario Completes US$4.75 Million Private Placement

DENVER, CO / ACCESSWIRE / October 16, 2023 / Solitario Resources Corp. ("Solitario" or the "Company") (NYSE American:XPL)(TSX:SLR) is pleased to announce that on October 13, 2023, it completed a private placement of 8,631,818 shares of common stock of the Company (the "Shares"), at a price of US$0.55 per share for total net proceeds of US$4,747,500 (the "Offering"). The Offering involved qualified non-US investors and was pursuant to one or more exemptions from registration under U.S., Canadian and other applicable law.

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, and no warrants were issued. 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.

Chris Herald, President and CEO of Solitario, stated: "This financing significantly enhances our existing cash and marketable securities balance to approximately US$9.5 million and allows us to more rapidly advance and fund our core exploration projects in 2024."

Additional information regarding the private placement will be included in one or more reports to be filed by the Company with the Securities and Exchange Commission, and this press release is subject to the further detail provided in such reports.

The offer and sale of the foregoing securities were made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable Canadian and state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable Canadian and state securities laws.

About Solitario

Solitario is a natural resource exploration company focused on high-quality Tier-1 gold and zinc exploration projects. The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). In addition to its advanced Florida Canyon and Lik joint venture zinc projects, Solitario owns a 100% interest in the 33,000-acre Golden Crest gold project in South Dakota. Additional information about Solitario is available online at www.solitarioxr.com.