Solitario Receives Positive USFS Decision Memo Approving its Ponderosa Drilling Plan of Operations

Rhea-AI Summary

Solitario (NYSE American: XPL) received a U.S. Forest Service Decision Memo completing NEPA for its Ponderosa drilling plan on Golden Crest, South Dakota. Subject to incorporating additional design features, drilling may commence in mid‑May 2026.

Phase‑One is 5,000 metres of drilling, 49 drill platforms approved, and the mapped high‑grade area spans about 2.0 x 1.5 km. Company cash and marketable securities: US$8.3 million; shares outstanding: 92.1 million (Newmont 9.3%).

Positive

• USFS NEPA Decision enables drilling subject to design updates
• Phase‑One drilling plan of 5,000 metres scheduled
• Approval of 49 drill platforms across Ponderosa prospect
• Golden Crest land position: 31,500 acres strategic holding
• High‑grade surface footprint about 2.0 x 1.5 kilometres

Negative

• Modest cash and marketable securities of US$8.3 million
• Initial Phase‑One limited to 5,000 metres pending results
• Execution contingent on additional design features and filings

Key Figures

Phase-One drilling: 5,000 meters Drill platforms approved: 49 platforms Prospect area: 2.0 x 1.5 kilometers +5 more

8 metrics

Phase-One drilling 5,000 meters 2026 Phase-One Ponderosa drilling program

Drill platforms approved 49 platforms Ponderosa permit Decision Memo

Prospect area 2.0 x 1.5 kilometers High-grade gold surface grab sample footprint at Ponderosa

Golden Crest land 31,500 acres Golden Crest properties in South Dakota

Project spend Over $110 million Collective spend on Florida Canyon and Lik zinc projects

Shares outstanding 92.1 million Company shares outstanding referenced in release

Management & directors stake 8.0% Management and directors’ ownership (excluding options)

Newmont ownership 9.3% Newmont Corporation stake in Solitario

Market Reality Check

Price: $0.7600 Vol: Volume 170,401 vs 20-day ...

low vol

$0.7600 Last Close

Volume Volume 170,401 vs 20-day average 402,492 (relative volume 0.42x), indicating subdued trading ahead of this news. low

Technical Price at $0.76, trading above the 200-day MA of $0.69 before the announcement.

Peers on Argus

Sector peers showed mixed moves, with only USGO in the momentum scan, down 4.51%...

1 Down

Sector peers showed mixed moves, with only USGO in the momentum scan, down 4.51%, while XPL was down a modest 0.65%. This points to a stock-specific narrative around the permitting news rather than a broad sector rotation.

Historical Context

5 past events · Latest: Jan 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Project acquisition	Positive	+4.4%	Acquired Bright Angel gold-copper project with high-grade surface samples.
Dec 08	Investor presentation	Neutral	-1.6%	CEO conference webcast to review portfolio and Golden Crest plans.
Oct 21	Permit & drilling plans	Positive	-4.7%	Cat Creek drilling permits and mid‑2026 critical metals program.
Sep 15	Drill results update	Positive	-8.6%	High-grade Golden Crest silver intercept and Phase 2 Ponderosa plans.
Sep 12	Conference appearance	Neutral	-0.2%	CEO presentation at a major mining forum on strategy and drilling.

Pattern Detected

Across recent events, positive exploration and project expansion updates have sometimes been met with selling, with 2 of 3 clearly positive items followed by negative price reactions.

Recent Company History

Over the last six months, Solitario has advanced and diversified its exploration portfolio. On Oct 21, 2025, it secured drilling permits for the Cat Creek critical metals project, but shares fell despite the positive milestone. A Sep 15, 2025 Golden Crest drilling update with high-grade silver also coincided with a notable decline. By Jan 22, 2026, the company expanded into the Bright Angel gold-copper project, which was rewarded with a 4.4% gain. Today’s Ponderosa drilling approval fits this pattern of advancing multiple projects and permitting steps across the portfolio.

Market Pulse Summary

This announcement confirms U.S. Forest Service approval of Solitario’s Ponderosa Plan of Operations,...

Analysis

This announcement confirms U.S. Forest Service approval of Solitario’s Ponderosa Plan of Operations, supporting a 5,000-meter Phase-One drill program from 49 permitted platforms over a 2.0 x 1.5 km high-grade gold footprint. It advances the Golden Crest strategy alongside other projects like Cat Creek, Bright Angel, Lik, and Florida Canyon. Investors may focus on execution of the 2026 drilling campaign, future assay results, and how the company deploys its portfolio and partnerships to create value.

Key Terms

nepa, plan of operations, esg

3 terms

nepa regulatory

"The Decision Memo documents the completion of the NEPA process for the project."

The National Environmental Policy Act (NEPA) is a U.S. law that requires federal agencies to evaluate and report the environmental impacts of major projects, like permitting, construction, or resource development. For investors, NEPA is important because its reviews and required studies can delay, alter, or block projects—much like a safety inspection that must be passed before a vehicle is allowed on the road—affecting timelines, costs and the potential revenue of affected companies.

plan of operations regulatory

"Subject to Solitario incorporating several additional design features into the Plan and submitting these modifications"

A plan of operations is a clear roadmap a company lays out describing what it will do, when, and how much resources it will use to reach business goals—like a recipe that lists steps, ingredients and timing. Investors use it to judge whether the company’s strategy is realistic, how it will spend raised money, what milestones to expect, and what risks or delays could affect returns.

esg technical

"Solitario has a long history of committed Environmental, Social and Responsible Governance ("ESG") of its business."

ESG stands for Environmental, Social, and Governance, which are key factors investors consider when evaluating how sustainable and responsible a company is. It involves assessing how a company manages its impact on the environment, treats its employees and communities, and operates transparently and ethically. Investors use ESG criteria to identify businesses that align with their values and have the potential for long-term success.

AI-generated analysis. Not financial advice.

DENVER, CO / ACCESS Newswire / February 26, 2026 / Solitario Resources Corp. ("Solitario") (NYSE American:XPL)(TSX:SLR) is pleased to announce that the U.S Forest Service - Northern Hills District, has issued its Decision Memo for Solitario's Ponderosa drilling program in South Dakota. The Decision Memo documents the completion of the NEPA process for the project. Subject to Solitario incorporating several additional design features into the Plan and submitting these modifications to the US Forest Service, Solitario can proceed with its drilling program in mid-May.

The Ponderosa prospect displays the largest high-grade gold area discovered to date on the Golden Crest property position. Surface rock grab samples containing multi-gram gold are scattered over an area nearly 2.0 x 1.5 kilometers in size. Forty-nine drill platforms were approved in the Ponderosa permit.

Chris Herald, President and CEO of Solitario, stated: "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-One of the 2026 drilling program consists of 5,000 meters of drilling, and we are prepared to quickly expand the scope of Phase-One drilling should early results warrant. We now look forward to reporting our progress and results.

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. The U.S. Forest Service has thoroughly vetted our proposed surface activities and impacts, solicited stakeholder input and incorporated modifications to the original plan as required under US Forest Service regulations. In addition, the South Dakota Department of Agriculture & Natural Resources has also provided input and guidance to our proposed drilling activities to ensure compliance with all state regulations, especially as it pertains to ensuring ground water quality. We are confident that we will be able to execute our program in a safe and responsible manner."

About Solitario

Solitario is a natural resource exploration company focused on high-quality Tier-1 gold, copper, zinc, silver and critical metals (molybdenum and rhenium) projects. Solitario's 100%-owned Golden Crest properties in South Dakota constitute strategic land holdings (31,500 acres) along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold. Golden Crest is scheduled for a major drilling campaign in 2026.

In addition to its Golden Crest project, Solitario holds a 100% interest in the Cat Creek critical minerals project (molybdenum-rhenium) and 100% interest in its Bright Angel gold-copper project, both in Colorado. Solitario also has a 50% joint venture interest (Teck Resources 50%) in the high-grade Lik zinc deposit in Alaska and a 39% joint venture interest (Nexa Resources 61%) in the high-grade Florida Canyon zinc project in Peru. Both Florida Canyon and Lik represent advanced exploration projects with over $110 million spent collectively on the properties. Solitario is carried to production on its Florida Canyon project through its joint venture arrangement with Nexa.

The Company is traded on the NYSE American ("XPL") and on the Toronto Stock Exchange ("SLR"). Solitario's Management and Directors hold approximately 8.0% (excluding options) and Newmont Corporation owns 9.3% of the Company's 92.1 million shares outstanding. Solitario's cash balance and marketable securities stand at approximately US$8.3 million. Additional information about Solitario is available online at www.solitarioresources.com.

Solitario has a long history of committed Environmental, Social and Responsible Governance ("ESG") of its business. We realize ESG issues are also important to investors, employees, and all stakeholders, including communities in which we work. We are committed to conducting our business in a manner that supports positive environmental and social initiatives and responsible corporate governance. Importantly, we work with joint venture partners that not only value the importance of ESG issues in the conduct of their business on our joint venture projects but are leaders in the industry in this important segment of our business.

For More Information Please Contact:

Chris Herald, President and CEO
Solitario Resources Corp.
Tel. 303-534-1030 ext. 1

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, and as defined in the United States Private Securities Litigation Reform Act of 1995 (and the equivalent under Canadian securities laws),that are intended to be covered by the safe harbor created by such sections. Forward-looking statements are statements that are not historical facts. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and address activities, events or developments that Solitario expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Forward-looking statements involve numerous risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Solitario's Golden Crest land position does not cover any of the areas of historical gold production or historical unmined resources. Certain historical information concerning exploration and gold production in the Black Hills region has been obtained through both public and private sources and are believed to be substantially factual, but Solitario can give no assurances of the accuracy of such information. The existence of historic mines and resources adjacent to Solitario's land position do not necessarily support the existence of economic mineral deposits on Solitario's land position. Such forward-looking statements include, without limitation, statements regarding the Company's expectation of the projected timing and outcome of engineering studies; expectations regarding the receipt of all necessary permits and approvals to implement a mining plan, if any, at any of its mineral properties. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks relating to risks that Solitario's and its joint venture partners' exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of zinc, gold, lead and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors, and other activities; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; the possibility that environmental laws and regulations will change over time and become even more restrictive; and availability and timing of capital for financing the Company's exploration and development activities, including uncertainty of being able to raise capital on favorable terms or at all; risks relating to the impacts of pandemics or similar epidemics; as well as those factors discussed in Solitario's filings with the U.S. Securities and Exchange Commission (the "SEC") including Solitario's latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

SOURCE: Solitario Resources Corp.

View the original press release on ACCESS Newswire

FAQ

When will Solitario (XPL) begin drilling at Ponderosa after the USFS Decision Memo?

Drilling is expected to begin in mid‑May 2026, subject to final design filings. According to the company, the US Forest Service issued a Decision Memo completing NEPA and permitting contingent modifications before field work.

How large is Solitario's Phase‑One drilling program at Ponderosa (XPL)?

Phase‑One comprises 5,000 metres of drilling planned for 2026 to test multiple targets. According to the company, teams may rapidly expand the program if early results justify additional meters and platforms.

How many drill platforms did the USFS approve for Solitario's Ponderosa project (XPL)?

The US Forest Service approved 49 drill platforms for the Ponderosa permit area. According to the company, those platforms cover the mapped high‑grade footprint and support the planned Phase‑One drill program.

What is the size of the high‑grade surface area at the Ponderosa prospect (XPL)?

The high‑grade surface footprint spans roughly 2.0 by 1.5 kilometres across Golden Crest. According to the company, multi‑gram gold rock grabs are scattered across that approximate area, defining multiple drill targets.

Does Solitario (XPL) have cash to fund the initial Ponderosa drilling program?

Solitario reported approximately US$8.3 million in cash and marketable securities on hand. According to the company, that balance supports initial work but program expansion would depend on results and funding decisions.