Drilling at Cat Creek Intersects a Copper-Molybdenum Porphyry System Visible Molybdenite-Chalcopyrite Over Significant Core Widths

Solitario Resources Corp. (SLR) has released preliminary visual results from the first two holes of a maiden drill program on its 100%-owned Cat Creek copper-molybdenum project in Colorado. While assay numbers are not yet available and grades remain unknown, the company provided detailed observations from the initial drilling.

Hole CC-001, which reached a total depth of 415.5 m with an azimuth of 340° and a dip of -45°, encountered visible molybdenite in two distinct intervals. The first interval spanned 30 m from 250.5 m to 280.5 m, containing trace molybdenite. The second interval covered 58 m from 309.1 m to 372.0 m, where molybdenite was present in trace amounts in the upper half and showed increased abundance from 314 m to 372 m, coinciding with higher quartz-vein density. This section included four sub-intervals ranging from 2 m to 12 m, with up to 10 molybdenite-quartz veinlets per metre. No chalcopyrite was visually identified in CC-001, though handheld pXRF readings indicated copper concentrations of up to 500 ppm (0.05% Cu) in the lower 100 m. The hole was terminated at 415.5 m within a post-mineral dike.

Hole CC-002 reached a total depth of 641.0 m with an azimuth of 293° and a dip of -65°. It encountered visible molybdenite over a core length of 382.9 m, from 258.1 m to 641.0 m, described as trace through much of the interval. Better-defined intervals included 371.8 m to 395.4 m (23.6 m, 7 veins/m), 406.1 m to 416.2 m (10.1 m, 5 veins/m), 497.9 m to 501.5 m (3.6 m, 12 veins/m), and 577.1 m to 584.5 m (7.4 m, 12 veins/m). In the lower zone, visible chalcopyrite was identified over a 110.5 m core interval from 530.5 m to 641.0 m. This included 43.0 m of fracture coatings, 30.5 m of coatings plus disseminated mineralization, and 37.2 m of strong disseminations in matrix within an intrusive breccia, with the latter ending at the hole bottom.

Samples from CC-001 have been sent to the lab, while processing for CC-002 has just begun. Results are expected within two to three months. CEO commentary described the start as "outstanding" and the holes as having "potential discovery" characteristics, noting the system is open to expansion and potentially improved grades both at depth and along strike. The presence of copper was noted as a surprise, as a molybdenum-only porphyry was previously expected. Additionally, alteration at the bottom of CC-002 transitions from phyllic to potassic, suggesting the hole may have only clipped the top of the copper zone. The next step involves a larger IP survey scheduled for late fall or early next summer to guide the subsequent drill campaign.

Solitario Resources Corp. (SLR) has identified chalcopyrite over an 110.5 m core interval, including 37.2 m of strong matrix disseminations, at its Cat Creek property. This discovery occurs in a target previously modeled as molybdenum-only, with a phyllic to potassic alteration vector suggesting a copper core below the current hole depth. This represents a geological shift in the target model from molybdenum to copper-molybdenum.

The company remains a pre-resource explorer with a portfolio including Golden Crest, Bright Angel, Lik, and Florida Canyon. While a discovery hole at this stage can be material if it establishes a system larger than previously understood, this release extends the model but does not yet demonstrate scale in grade terms. No grade, true width, continuity, metallurgy, rhenium-in-core data, or resource estimates have been established. Consequently, the data cannot currently be converted into tonnes or contained metal.

The Cat Creek property had never been drilled prior to this activity, meaning there is no prior drill anchor for comparison. The relevant market expectation is anchored by the stock’s performance on September 2, 2026, when the price collapsed from $1.07 to $0.79, a 26% drop in a single day. That decline followed results from the Golden Crest Phase-1 program, which returned 0.02-0.40 g/t Au with no high-grade feeder, contrasting with prior grab-sample hype suggesting multi-gram gold over a 2.0 x 1.5 km area. The stock now trades near $0.90, close to its 52-week low. Management has previously discussed copper and pXRF analysis at Golden Crest in accordance with its assay discipline.

At a market capitalization of approximately US$83 million, a discovery-grade assay set released in two to three months could move the stock materially. Any market impact is expected to be a modest speculative pop on the copper surprise, likely faded, pending the real catalyst of assay results.

Solitario Resources Corp. (NYSE American: XPL; TSX: SLR) is an exploration-stage company with no revenue, funded by equity through at-the-market offerings and private placements, alongside support from strategic shareholders. The company holds 100% ownership of its Golden Crest gold project in South Dakota, which spans approximately 25,117 to 31,500 acres in the Homestake-Wharf district extensions. It also owns the Cat Creek Mo-Re-Cu porphyry project in Colorado, located within the Climax-Henderson-Questa belt, with first-ever drilling scheduled for 2026. Additionally, Solitario acquired the Bright Angel Cu-Au alkalic porphyry project in Colorado in September 2025.

The company maintains joint venture assets, including the Lik zinc deposit in Alaska, where Solitario holds a 50% interest alongside Teck, with the partner carrying the project to production. In Peru, Solitario holds a 39% interest in the Florida Canyon zinc project, with Nexa holding 61%; Nexa has carried over $90 million of spend on the project and is currently being acquired by Boliden.

Regarding its capital structure, the company has approximately 92.4 million shares outstanding. Management and directors hold approximately 7.7% of shares, excluding options, while Newmont holds approximately 9.4%. The company carries no debt.

As of the release, Solitario stated it has approximately US$7.0 million in cash. Context from the Q2-2026 financials as of June 30, 2026, shows cash and short-term investments of approximately US$9.0 million and working capital of approximately US$8.6 million. The company’s FY2026 exploration budget is approximately US$5.67 million, with a Q2 net loss of approximately US$1.83 million. The book value per share is approximately $0.27. Solitario remains a pre-resource explorer across all projects, with no resource or reserve tables provided in the investor deck for Golden Crest, Cat Creek, or Bright Angel.