Mr. Chris Herald reports

SOLITARIO COMPLETES PHASE-ONE DRILLING AT GOLDEN CREST - REPORTS INITIAL DRILL RESULTS FOR PONDEROSA

The assay results for Solitario Resources Corp.'s first three core holes in the Ponderosa area of its Golden Crest gold project in South Dakota have been received. Drilling began in mid-May at Golden Crest and was completed in late July.

Ten core holes totalling 2,949 metres were completed. Drilling focused in the Geyser area with six holes. Three core holes were completed to the east of Geyser on the Sleeping Beauty structural zone and one hole in the Holland target to the north. Assay results in the first three reported holes, PD-001, PD-002 and PD-007, intersected low-level gold mineralization (0.02 to 0.40 gram per tonne (gpt)) over multiple intervals in the Paleozoic limestones, but no high-grade feeder zones were cut. Hole PD-007, which was drilled out of the sequenced numbering system, intersected 1.3 metres (m) grading 1.37 gpt gold in older Precambrian rocks.

The remaining seven core holes are currently being assayed. Results of the next seven core holes are expected in late September or October.

Drone magnetic surveys

Additional exploration work and data analysis continue throughout much of the Golden Crest property to assist in future drill hole targeting. Drone magnetic surveys over three test areas were recently completed and provide encouraging new information on potential Tertiary-aged intrusive rocks at the Downpour-Wild Rose and Holland target areas. On the western margin of the Golden Crest property a large (five kilometres (km) by 1.5 km) low-level magnetic high was defined. This large magnetic high is thought to be associated with higher-temperature metamorphic rocks of the underlying Homestake banded iron formation.

At the former-producing Homestake mine, gold was preferentially deposited in higher-temperature metamorphic rocks associated with magnetite and pyrrhotite, both magnetic minerals. This could be an important vectoring tool to better locate future drill holes within this large-scale magnetic high. Previous Solitario drilling intersected lower-temperature metamorphic rocks of the Homestake banded iron formation peripheral to the magnetic high, but there are no drill holes within this magnetic high. Past drilling also intersected mineralized paleoplacer conglomerates (GC-010) that provide indirect evidence for the existence of possible Homestake-style mineralization in the vicinity.

Drone magnetic test surveys were also completed over the Downpour-Wild Rose and Holland mineralized zones, where mineralized Tertiary volcanics and limestones occur on surface. These zones displayed several magnetic highs, 200 to 1,000 m in diameter, which may be related to Tertiary-aged intrusives. Tertiary intrusives in contact with Lower Deadwood formation and within the underlying Precambrian formations are often associated with significant mineralization. Examples include the Wharf, Richmond Hill and Guilt Edge deposits. These newly acquired magnetic data are currently being incorporated into Solitario's database. Work continues on exploration modelling and will aid in future drill targeting.

Chris Herald, president and chief executive officer of Solitario, stated: "Although we did not intersect a high-grade feeder structure in the first three holes, we remain confident that the Golden Crest project hosts significant mineralization at depth. Our expanding geologic database continues to refine our drill targeting for future success.

"Importantly, the magnetic surveys recently completed opens up a large and entirely new target area that we believe is underlain by Homestake banded iron formation that could host Homestake-style mineralization on the western margin of the Golden Crest property. The magnetic signatures at the Downpour-Wild Rose and Holland target zones offer compelling new supportive geophysical evidence for Wharf-style mineralization associated with Tertiary intrusive rocks immediately along strike and to the south of Wharf's current exploration program at Annie Creek. This newly acquired data provides us with better drill hole targeting information to test both the all-important Homestake banded iron formation and Tertiary intrusive related mineralization."

Cat Creek critical metals drilling program

Upon the completion of drilling at Golden Crest, the drill rig was mobilized to the 100-per-cent-owned Cat Creek molybdenum-rhenium project in early August. Cat Creek is situated in south-central Colorado within the world-class Climax-Henderson-Questa molybdenum porphyry belt. Climax is the largest primary molybdenum deposit in the world, Henderson is third largest and Questa is considered the eighth-largest deposit.

The first hole at Cat Creek was recently completed, and is currently being logged and core samples prepared for assay. A second hole is under way. Additional information on the first hole will be released when core logging and sampling is completed. Assays are not expected for at least two months.

The Cat project was originally discovered by Anaconda Copper (formerly one of the largest mining companies in the world) in the early 1980s. Anaconda conducted significant surface exploration, including detailed geologic mapping, geochemical sampling and an induced polarization (IP) geophysical survey. The project was slated for drilling in mid-1983, but due to the sale of Anaconda by its parent, Atlantic Richfield (ARCO), all company-wide exploration activities were shut down in early 1983. The property was never drill tested and no further exploration activities were subsequently conducted on the property.

Molybdenum is one of the most valuable industrial metals and rhenium is classified as a critical metal by the U.S. Geological Survey. Both are extensively used in the defence and aerospace industries for their unique properties as a steel additive imparting extremely high melting temperature, hardness, and remarkable resistance to wear and corrosion. Molybdenum currently sells for approximately $40 per pound and rhenium prices are approximately $4 per gram.

Sample type, sampling methodology, chain of custody, and quality control and quality assurance (QA/QC)

All Golden Crest core samples have been prepared and analyzed, at ALS Global, in Reno, Nev., which is independent from Solitario. Thorough QA/QC protocols are followed on the project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are collected directly from the drill rig, logged, photographed and split into two samples, and half of each sample is submitted directly to American Assay Labs through secure chain of custody protocols. All activities prior to shipment are directly supervised by Solitario geologists. Samples are pulverized from a 250-gram (g) sample to 85 per cent passing 75 mesh. Approximately 225 g of pulp sample is prepared for fire assay. Assays are based on a 30 g fire assay aliquot for gold with atomic absorption (AA) finish. If the gold value from atomic absorption is more than 10 gpt, an additional 30 g of pulp sample is fire assayed for gold using a gravimetric finish.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Walt Hunt, a geologic consultant of Solitario, who is a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Solitario Resources Corp.

Solitario is a natural resource exploration company focused on high-potential Tier 1 gold, copper, zinc and critical metals (molybdenum and rhenium) projects. Solitario's 100-per-cent-owned Golden Crest properties in South Dakota constitute strategic landholdings (25,350 acres) along the western and southwestern extensions of the Homestake-Wharf mining district that has produced approximately 52 million ounces of gold.

In addition to its Golden Crest and Cat Creek projects, Solitario holds a 100-per-cent interest in the Bright Angel copper-gold project in Colorado that is currently undergoing drill hole permitting. Solitario also has a 50-per-cent joint venture interest (Teck Resources -- 50 per cent) in the high-grade Lik zinc deposit in Alaska and a 39-per-cent joint venture interest (Nexa Resources -- 61 per cent) 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 per cent (excluding options) and Newmont Corp., Solitario's largest shareholder, owns 9.4 per cent of the company's 94.6 million shares outstanding. Solitario's cash position stands at approximately $7.3-million (U.S.).

Solitario has a long history of committed environmental, social and responsible governance (ESG) of its business. The company realize ESG issues are also important to investors, employees and all stakeholders, including communities in which the company works. Solitario is committed to conducting its business in a manner that supports positive environmental and social initiatives and responsible corporate governance. Importantly, Solitario works with joint venture partners that not only value the importance of ESG issues in the conduct of their business on Solitario's joint venture projects but are leaders in the industry in this important segment of the company's business.

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