Newmont increases stake in Solitario to 9.95%

Solitario Resources (XPL) entered into an agreement with Newmont Overseas Exploration (NEM), for the purchase and sale of 4,166,667 shares of common stock of the Company, at a price of $0.60 per share for total proceeds of $2,500,000. 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.