Solitario Resources (XPL) Risk Analysis

The Bright Angel property is located in north-central Colorado. Solitario signed a lease to acquire a 100% interest in the property in September 2025. The Bright Angel geologic target is a gold-copper porphyry system. At Bright Angel, mineralized porphyry stockwork at surface contains significant values of gold and copper, with minor silver values. Surface mineralization has been traced over an area approximately 750 meters by 600 meters. Bright Angel was originally discovered in the late-1960’s when a private party completed 186 very shallow (~15 meters) and widely spaced drill holes. Twelve of the more mineralized holes were deepened to depths of up to 200 meters. Two of the holes reportedly intersected significant grades of gold and copper but are not reported here as Solitario is unable to verify the historic drill hole assay results. However, Solitario’s select surface rock grab samples (see “Surface Rock Assays” table below) produced gold/copper grades consistent with the grades in the upper 15 meters of the reported historic drill holes. Drilling will be required to confirm drill hole grades reported in the historic files. Anaconda leased the property in 1970 and drilled eleven widely spaced core holes ranging in depth from 270 to 783 meters. Anaconda intersected thick sections of 0.1% to 0.3% Cu in six of their core holes but generally did not assay for gold as gold price was fixed at $38 per ounce at that time and its exploration priority was a primary copper resource. Anaconda continued to hold the lease for 10 years before exiting the mineral exploration business, when the property was dropped. The property has sat idle for the past 50 years until Solitario acquired the rights to earn 100% interest in the minerals from a private entity in September 2025. To date, Solitario has completed a surface reconnaissance rock sampling program and has initiated drill hole permitting. Results of the surface sampling program have been encouraging with consistently anomalous to strong values of gold and copper. Solitario has submitted a Notice of Intent to the U.S. Forest Service to commence an exploration drilling program at Bright Angel and has recently submitted a Plan of Operations. Plans are also underway to conduct a drone magnetic survey and possibly an Induced Polarization geophysical survey in the upcoming field season.  42Surface Rock Assays Sample #  Cu %   Au ppm   Ag ppm   Sample #  Cu %   Au ppm   Ag ppm TBST-1   0.38    1.16    2.17   5942   0.43    0.07    0.47 TBST-2   0.044   0.04    0.3   5943   0.09    0.08    1.49 TBST-3   0.57    0.14    0.96   5944   0.73    0.35    4.95 TBST-4   0.85    0.74    1.35   5945   0.53    0.13    3.59 TBST-5   1.12    2.15    1.56   5946   0.15    0.31    1.47 TBST-6   1.17    0.37    3.04   5947   0.06    0.15    1.01 TBST-7   3.22    0.29    15     5948   3.30    0.37    27.00 TBST-8   8.45    0.67    38.8   5949   0.26    0.31    1.50 TBST-9   3.97    0.16    38     5950   0.57    0.10    0.62 5937    0.03    0.27    1.27   5951   0.02    0.02    0.24 5938    0.19    0.03    0.18   5952   0.34    0.09    1.08 5939    0.22    0.09    0.67   5953   1.00    0.12    8.88 5940    0.43    0.12    0.56   4747   0.00    0.03    0.17 5941    0.49    0.09    0.58

Core recoveries were typically high within the massive sulfides, but lower, more variable recoveries were obtained in the unmineralized and weakly mineralized sections. The entire core obtained from the Lik deposit, usually NQ-size, was logged on site. All of the core containing sulfide mineralization was cut using diamond saws and half of the core was sent for assay. Reference samples were not included in the sample stream. Sample lengths in massive sulfides were typically from two to three feet, but occasionally up to nine feet. Sample lengths were controlled by geology and the location of depth markers in the core boxes. Most of the samples were assayed by Bondar Clegg Laboratory Group (“Bondar Clegg”) of Vancouver British Columbia. At various times, the laboratory-maintained preparation facilities in Anchorage and Fairbanks Alaska. In the initial years, when the bulk of the drilling was completed, it is believed that sample preparation and analysis were carried out in Vancouver. Bondar Clegg was not a registered laboratory at that time. However, Bondar Clegg was a recognized, reputable laboratory and was experienced in the use of atomic absorption spectrophotometry. As the entire core was logged and sampled in an isolated field camp, security was not a major concern because access to the camp was closely controlled. It is noted that four different companies (WGM, GCO, Noranda and Moneta Gold Inc.) have completed drilling programs at the Lik property and all of them have obtained consistent results. The work was considered completed to industry standards in use at the time of the work. Sample preparation was completed in the assay laboratory.

Drill core obtained during the 2007, 2008 and 2011 drilling campaigns was logged on site. The entire core containing sulfide mineralization was sawn using diamond saws and half of the core was sent for assay. All massive and high-sulfide cores were sampled. Visual methods were used to select sample boundaries and lengths. The mineralization at Lik is considered to be appropriately logged and sampled. It is not evident that logging or sampling is leading to any bias in the sample results. An examination of logging showed that core recovery in sulfide areas was generally very high. Core drilled in 2007 was placed in the sample bags, the air was evacuated and replaced with nitrogen. The samples were sent to Kotzebue by charter and then by licensed carrier to Anchorage. The samples were stored under refrigeration in Anchorage. The samples were dispatched to G & T Metallurgical Services Ltd. (“G & T”) of Kamloops, British Columbia, an ISO 9001:2000 certified laboratory for precious metals and base metals. As well as completing metallurgical testing, G & T crushed and analyzed the samples. The 2008 diamond drill core was not required for metallurgical testing and core was handled normally. Sawn samples were securely bagged and boxed on site and dispatched to a facility of ALS Laboratory Group (“ALS Chemex”) located in Fairbanks, Alaska, for sample preparation. Transportation of the samples was through third-party companies that provided secure transportation services. The pulps were analyzed at ALS Chemex located in Fairbanks or Elko, Nevada. Zazu did not participate in any part of the sample preparation or analysis except for cutting core and selecting sample intervals. 38Check samples from the 2007 drilling program and all samples from the 2008 drilling campaign were sent to the preparation and assaying facilities of ALS Chemex (ISO 17025 accreditation). Other QA/QC procedures employed by Zazu included the use of blanks (unmineralized core from outside of the mineralized zone) and quartered core duplicates. Zazu was unable to obtain acceptable reference samples for the 2007 field season and reference samples were not included as part of the 2007 ongoing QA/QC program. Reproducibility between G & T and ALS Chemex was found to be good.

There have been five metallurgical test work reports issued to date on the Lik ores. The most recent and comprehensive processing and metallurgical testing programs include work performed by G&T and by SGS. Samples collected during drilling in 2007 and 2008 were composited into one Master Composite for testing at G&T in 2008, and later testing by SGS was carried out in 2010 on the remainder of the Master Composite. These key testing results have formed the basis for this economic evaluation of the Lik deposit. Results are summarized in the table below: Summary of SGS 2010 and G&T 2008 Metallurgical Test Results TestElementFeedLead ConcentrateZinc ConcentrateGradeGradeRecoveryGradeRecovery SGS 2010Pb%2.8352.0069.101.889.70Zn%9.567.392.9154.6083.10Ag gpt37555.56826.6 G&T 2008Pb%2.3670.3070.31.579.4Zn%8.474.171.2052.2086.9Ag gpt34684.86426.9 Average Used for Mass Balance and NSR EstimatesPb%2.6061.1569.71.739.6Zn%9.025.782.0653.4085.0Ag gpt36625.26626.8 The metallurgical flowsheet for this PEA includes conventional crushing, grinding, and floatation processing methods. Run-of–Mine (ROM) ore will be delivered to a primary crushing plant and stored in a coarse ore stockpile awaiting reclaim into the grinding circuit. Crusher ore will be reclaimed and delivered to a two-stage grinding circuit equipped with a Semi-Autogenous Grinding (SAG) mill and a ball mill in closed circuit with cyclones. 39Recoveries from these modeled methods and metallurgical testing conducted to date are anticipated to be 85% of zinc to the zinc concentrate and 69.7% of the lead to the lead concentrate. Silver may also be recovered and payable at times in the zinc concentrate and, more significantly, in the lead concentrate. Silver recoveries may improve if a pyrite circuit was utilized.