Solitario to begin drilling at Ponderosa in mid-May

Executive Summary

• Solitario Resources Corp. has received a positive Decision Memo from the U.S. Forest Service (USFS) approving its Ponderosa drilling plan of operations at the Golden Crest property in South Dakota.
• The approval is subject to Solitario incorporating specific additional design features into the plan and submitting these modifications to the USFS.
• Drilling is scheduled to commence in mid-May, marking the start of Phase 1 of the 2026 drilling program.

Key Details

• Regulatory Status: The USFS Northern Hills district completed the National Environmental Policy Act (NEPA) process for the Ponderosa project.
• Conditions for Proceeding: Solitario must incorporate several additional design features into the plan and submit these modifications to the USFS before drilling can begin.
• Drilling Schedule: The company is prepared to proceed with the drilling program in mid-May.
• Project Scope (Phase 1): The initial phase consists of 5,000 metres of drilling.
• Expansion Potential: The company reserves the right to quickly expand the scope of Phase 1 drilling if early results warrant.
• Target Area: The Ponderosa prospect is located on the Golden Crest property and displays the largest high-grade-gold area discovered to date on the position.
• Geological Context: Surface rock grab samples containing multigram gold are scattered over an area nearly 2.0 by 1.5 kilometres in size.
• Permitted Activity: Forty-nine drill platforms were approved in the Ponderosa permit.
• Environmental Compliance: The USFS vetted surface activities and impacts, solicited stakeholder input, and incorporated modifications. The South Dakota Department of Agriculture and Natural Resources also provided input to ensure compliance with state regulations, specifically regarding groundwater quality.

Notable Quotes

• Chris Herald, President and CEO: "We are excited to initiate drilling on the Ponderosa area of the Golden Crest project, where we have defined multiple outstanding drill targets during the past couple of years. Phase 1 of the 2026 drilling program consists of 5,000 metres of drilling, and we are prepared to quickly expand the scope of phase 1 drilling should early results warrant."
• Chris Herald, President and CEO: "Our exploration team designed a comprehensive program that protects the environment, including water and surface resources, and the safety and health of our employees and other parties using the forest... We are confident that we will be able to execute our program in a safe and responsible manner."