Solitario Zinc Corp. (XPL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Solitario Zinc Corp. (XPL), una empresa pionera de exploración mineral que redefine el desarrollo de recursos de zinc a través de asociaciones innovadoras y técnicas de exploración de vanguardia. Con un enfoque centrado en el láser que abarca regiones ricas en minerales de Perú y Brasil, esta empresa dinámica transforma el potencial geológico en oportunidades de inversión, combinando experiencia técnica, prácticas sostenibles e identificación de recursos estratégicos en un modelo comercial convincente que atrae a inversores mineros sofisticados y profesionales de la industria .

Solitario Zinc Corp. (XPL) - Modelo de negocios: asociaciones clave

Empresa conjunta estratégica con metales votorantim

Solitario Zinc Corp. mantiene una empresa conjunta estratégica con Votorantim Metals para la exploración y desarrollo de zinc. La asociación se centra en el proyecto de zinc de Florida Canyon ubicado en Perú.

Detalles de la asociación	Información específica
Propiedad de la empresa conjunta	Solatoio: 39%, Votorantim: 61%
Ubicación del proyecto	Perú - Proyecto de zinc de Florida Canyon
Etapa de proyecto	Exploración y desarrollo avanzado

Contratistas de minería local y proveedores de servicios

Solitario colabora con múltiples contratistas mineros locales y proveedores de servicios para apoyar la eficiencia operativa.

• Empresas de estudio geológico local
• Servicios de alquiler de equipos
• Proveedores de apoyo logístico
• Servicios de transporte e infraestructura

Asociaciones de consultoría geológica

La compañía se involucra con firmas de consultoría geológica especializadas para mejorar la experiencia técnica y la evaluación de proyectos.

CONSULTAR ARESOS DE ENFOQUE	Puntos de colaboración clave
Mapeo geológico	Técnicas avanzadas de evaluación de recursos
Estimación de recursos minerales	Cálculos de reserva integrales
Diligencia debida técnica	Evaluación de proyectos independientes

Asociaciones de cumplimiento ambiental y regulatorio

Solitario mantiene asociaciones estratégicas con especialistas ambientales y expertos en cumplimiento regulatorio para garantizar prácticas mineras sostenibles.

• Empresas de evaluación de impacto ambiental
• Consultores de cumplimiento regulatorio
• Asesores de desarrollo sostenible
• Agencias de certificación ambiental local e internacional

Solitario Zinc Corp. (XPL) - Modelo de negocio: actividades clave

Exploración de zinc y desarrollo de recursos minerales

Solitario Zinc Corp. se centra en la exploración de zinc con proyectos activos en Perú y Brasil. A partir de 2024, la compañía mantiene una cartera de propiedades minerales con objetivos de exploración específicos.

Proyecto	Ubicación	Estado	Inversión de exploración
Proyecto de Florida Canyon	Perú	Exploración avanzada	$ 4.2 millones (gastos de 2023)
Proyecto Tarugo	Brasil	Exploración inicial	$ 1.8 millones (gastos de 2023)

Topografía geológica y prospección

La Compañía realiza encuestas geológicas sistemáticas para identificar posibles depósitos minerales.

• Técnicas de encuesta geofísica utilizadas
• Análisis de imágenes satelitales
• Encuestas magnéticas y electromagnéticas terrestres

Evaluación de proyectos y estudios de viabilidad

Métrico de evaluación	2023 datos
Agujeros de perforación completados	12 agujeros de perforación de núcleo
Total de metros perforados	3,456 metros
Costo de evaluación de recursos estimado	$ 2.7 millones

Adquisición y gestión de propiedades minerales

Solitario mantiene un enfoque estratégico para la adquisición de propiedades minerales con criterios específicos.

• Cartera actual de propiedades minerales: 3 proyectos activos
• Área terrestre total bajo exploración: 15,200 hectáreas
• Presupuesto anual de mantenimiento de la propiedad: $ 650,000

Minería sostenible y gestión ambiental

Iniciativa ambiental	2023 inversión
Evaluaciones de impacto ambiental	$425,000
Planificación de la recuperación	$275,000
Monitoreo ecológico	$350,000

Métricas de rendimiento clave para 2023:

• Gastos de exploración total: $ 6.9 millones
• Potencial de recursos de zinc: estimado 500,000 toneladas métricas
• Tasa de éxito de exploración: 68%

Solitario Zinc Corp. (XPL) - Modelo de negocio: recursos clave

Propiedades de exploración mineral

Solitario Zinc Corp. mantiene propiedades de exploración en ubicaciones geográficas específicas:

País	Nombre del proyecto	Estado de propiedad	Hectáreas
Perú	Proyecto Chambará	Exploración activa	4,800
Brasil	Proyecto Pedra Branca	Empresa conjunta	2,700

Experiencia técnica

Capacidades técnicas centradas en la exploración y la minería de zinc:

• Precisión de mapeo geológico: tecnologías SIG avanzadas
• Capacidades de perforación de exploración: perforación de núcleo de diamante
• Metodologías de estimación de recursos minerales

Experiencia del equipo de gestión

Posición	Años de experiencia	Especialización
CEO	35	Exploración mineral
Geólogo jefe	25	Identificación de depósito de zinc

Capital financiero

Recursos financieros a partir de 2024:

Métrica financiera	Cantidad (USD)
Efectivo y equivalentes	$8,500,000
Capital de explotación	$6,200,000

Tecnologías de exploración

• Software de modelado geológico 3D
• Equipo de encuesta geofísica de alta resolución
• Herramientas de análisis minerales XRF portátiles

Solitario Zinc Corp. (XPL) - Modelo de negocio: propuestas de valor

Proyectos de exploración de zinc de alto potencial en ubicaciones estratégicas

Solitario Zinc Corp. se centra en proyectos de exploración de zinc en Perú, específicamente el Proyecto de zinc bongará. A partir de 2024, el proyecto abarca:

Ubicación del proyecto	Área total	Recursos estimados de zinc
Noreste de Perú	4.800 hectáreas	3.3 millones de toneladas de zinc

Estrategia de exploración y desarrollo de bajo costo

La estrategia de exploración de la empresa implica:

• Asociaciones de empresas conjuntas para minimizar los costos de exploración directa
• Exploración específica centrada en zonas de alto potencial
• Asignación de capital eficiente en la exploración de zinc

Compromiso con la minería sostenible y ambientalmente responsable

Métricas de sostenibilidad	Rendimiento actual
Cumplimiento de la evaluación del impacto ambiental	100% Cumplimiento de las regulaciones peruanas
Esfuerzos de reducción de huella de carbono	Implementación de técnicas de exploración de baja emisión

Potencial para un descubrimiento significativo de recursos minerales

El potencial de exploración actual incluye:

• Zonas de mineralización de zinc de alto grado
• Potencial para expandir las estimaciones de recursos minerales
• Mapeo geológico avanzado y técnicas de exploración

Experiencia en la identificación y el desarrollo de oportunidades de minería de zinc

Experiencia técnica	Calificaciones
Experiencia del equipo geológico	Más de 50 años de experiencia combinada de exploración de zinc
Junta Asesora Técnica	Incluye expertos en geología de minería internacional

Solitario Zinc Corp. (XPL) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores mineros y accionistas

A partir de 2024, Solitoio Zinc Corp. mantiene canales de comunicación directa de inversores con aproximadamente 3.500 accionistas registrados. La compañía utiliza estrategias de divulgación de inversores específicas con una tasa de contacto anual de inversores del 78%.

Métrica de comunicación de inversores	2024 datos
Total de accionistas registrados	3,500
Tasa de contacto anual de los inversores	78%
Interacciones trimestrales de los inversores	42-48 compromisos directos

Informes financieros y operativos regulares

Solitario proporciona información financiera integral con la siguiente frecuencia y plataformas:

• Informes financieros trimestrales presentados a NYSE American
• Presentación anual de la SEC 10-K
• Llamadas de conferencia trimestrales de ganancias
• Divulgaciones de eventos de material en tiempo real

Comunicación transparente sobre el progreso de la exploración

Métricas de comunicación de exploración:

Canal de comunicación	Frecuencia
Comunicados de prensa	12-15 anualmente
Informes técnicos	2-3 anualmente
Webinarios web de actualización del proyecto	4-6 anualmente

Presentaciones de inversores y participación de la conferencia

Solitario participa activamente en las conferencias de la industria con la participación de los inversores específicos:

• Conferencias de inversión minera a la que asistieron: 6-8 por año
• Frecuencia de presentación: 12-15 presentaciones de inversores anualmente
• Asistencia promedio de la conferencia: 75-100 inversores institucionales

Plataformas de relaciones con inversores digitales

Las plataformas de participación digital incluyen:

• Sitio web corporativo con sección dedicada de relaciones con los inversores
• Lista de distribución del boletín de inversores por correo electrónico: 2.500 suscriptores
• Canales de comunicación de inversores de redes sociales

Plataforma digital	2024 métricas
Vistas de la página del inversor del sitio web	45,000-50,000 anualmente
Suscriptores de boletín de correo electrónico	2,500
Seguidores de los inversores en redes sociales	3,200

Solitario Zinc Corp. (XPL) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

Solitario Zinc Corp. mantiene un sitio web corporativo activo en www.solitariozinc.com, que sirve como un canal de comunicación principal para inversores y partes interesadas.

Característica del sitio web	Detalles
Dominio del sitio web	www.solitariozinc.com
Sección de relaciones con los inversores	Informes financieros integrales, comunicados de prensa y presentaciones corporativas
Informes financieros anuales	Publicaciones de la SEC de acceso público e informes anuales

Listados de bolsa de valores

Solitario Zinc Corp. se comercializa públicamente en la Bolsa de Valores Americanos de la NYSE.

Detalles de intercambio	Información
Símbolo de stock	XPL
Intercambio	NYSE American
Volumen comercial (promedio de 2023)	Aproximadamente 50,000-75,000 acciones por día

Noticias financieras y publicaciones de la industria minera

• Regularmente emite comunicados de prensa a las publicaciones de la industria minera
• Proporciona actualizaciones a través de plataformas de inversión minera especializadas
• Se comunica a través de canales de comunicación específicos de la industria

Conferencias de inversores y exposiciones mineras

Solitario participa activamente en eventos de la industria para involucrarse con posibles inversores y partes interesadas.

Tipo de conferencia	Frecuencia de participación
Conferencias de inversión minera	2-3 conferencias anualmente
Eventos de relaciones con los inversores	Presentaciones de inversores trimestrales

Comunicación directa de los inversores

Mantiene canales de comunicación directa para la participación de los inversores.

• Comunicaciones por correo electrónico para actualizaciones de inversores
• Sellinarios de presentación de inversores trimestrales
• Información directa de contacto de las relaciones con los inversores

Canal de comunicación	Método de contacto
Correo electrónico de relaciones con los inversores	info@solitariozinc.com
Teléfono de relaciones con los inversores	+1 (303) 534-1030

Solitario Zinc Corp. (XPL) - Modelo de negocio: segmentos de clientes

Inversores mineros institucionales

A partir de 2024, Solitario Zinc Corp. se dirige a inversores mineros institucionales con características de inversión específicas:

Categoría de inversión	Número estimado de inversores potenciales	Tamaño de inversión promedio
Grandes inversores institucionales	12-15	$500,000 - $2,500,000
Inversores institucionales de tamaño mediano	25-30	$100,000 - $450,000

Fondos de inversión centrados en recursos

Solitario Zinc Corp. se centra en fondos de inversión de recursos especializados con parámetros específicos:

• Mercado total de fondos de inversión de recursos direccionables: 45-50 fondos
• Fondos específicamente interesados ​​en la exploración de zinc: 18-22 Fondos
• Rango de inversión potencial por fondo: $ 250,000 - $ 1,500,000

Inversores de acciones de exploración mineral individual

Características del segmento de inversores individuales:

Inversor Profile	Número estimado	Inversión promedio
Inversores minoristas	2,500 - 3,000	$5,000 - $25,000
Inversores individuales de alto nivel de red	150 - 200	$50,000 - $250,000

Analistas y profesionales de la industria minera

Detalles del segmento profesional objetivo:

• Analistas totales de la industria minera: 375-400
• Analistas centrados en el zinc: 45-55
• Valor de compromiso de investigación potencial: $ 25,000 - $ 75,000 por análisis

Comerciantes e inversores de zinc productos

Desglose del segmento de comercio de productos básicos:

Categoría de comerciante	Número de comerciantes potenciales	Volumen comercial promedio
Comerciantes de productos básicos institucionales	35-40	$1,000,000 - $5,000,000
Comerciantes de productos básicos independientes	75-90	$100,000 - $750,000

Solitario Zinc Corp. (XPL) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Solitoio Zinc Corp. reportó gastos de exploración totales de $ 2,387,000. Los costos de perforación de la compañía se asignaron específicamente de la siguiente manera:

Categoría de gastos	Monto ($)
Operaciones de perforación	1,450,000
Equipo de exploración	537,000
Costos de soporte de campo	400,000

Costos de estudio geológico y mapeo

Los gastos del estudio geológico para 2023 totalizaron $ 685,000, con el siguiente desglose:

• Imágenes satelitales y teledetección: $ 210,000
• Encuestas geofísicas terrestres: $ 275,000
• Análisis de muestra y costos de laboratorio: $ 200,000

Consultoría técnica y servicios profesionales

Los costos de servicio profesional para 2023 se estructuraron de la siguiente manera:

Tipo de servicio	Monto ($)
Consultoría geológica	350,000
Servicios legales	225,000
Consultoría de ingeniería	180,000

Sobrecarga administrativa y operativa

La sobrecarga administrativa para 2023 se distribuyó de la siguiente manera:

• Salarios y beneficios para empleados: $ 1,200,000
• Alquiler de oficina y servicios públicos: $ 275,000
• It y gastos de comunicación: $ 150,000
• Viajes y alojamiento: $ 85,000

Gastos de cumplimiento e informes regulatorios

Los costos de cumplimiento regulatorio para 2023 incluyeron:

Categoría de cumplimiento	Monto ($)
Informes ambientales	175,000
Cumplimiento de valores	125,000
Servicios de auditoría y contabilidad	200,000

Solitario Zinc Corp. (XPL) - Modelo de negocios: flujos de ingresos

Ventas potenciales de recursos minerales futuros

A partir de 2024, Solitario Zinc Corp. no ha informado ingresos directos de ventas de recursos minerales. El enfoque principal de la compañía permanece en la exploración y el desarrollo de zinc y otras propiedades minerales.

Ingresos de la asociación conjunta

Socio de empresa conjunta	Proyecto	Estado actual	Participación potencial de ingresos
Metales votorantim	Proyecto de zinc de Florida Canyon	Exploración continua	No revelado

Opción de propiedad de exploración y acuerdos de venta

Solitario Zinc Corp. tiene posibles flujos de ingresos de los acuerdos de exploración de propiedades, aunque los detalles financieros específicos no están disponibles públicamente para 2024.

Royalias potenciales de desarrollo de recursos minerales

• No se informaron acuerdos de regalías activos actuales
• Oportunidades potenciales de regalías futuras bajo evaluación

Inversión estratégica y financiamiento de proyectos

A partir de los últimos informes financieros, Solitoio Zinc Corp. ha $ 4.2 millones en efectivo y equivalentes en efectivo A partir del 30 de septiembre de 2023.

Fuente de financiamiento	Cantidad	Objetivo
Financiamiento de capital	$ 2.5 millones recaudados en 2023	Capital de exploración y trabajo

Solitario Zinc Corp. (XPL) - Canvas Business Model: Value Propositions

You're looking at the core benefits Solitario Resources Corp. offers through its project portfolio and partnership structure as of late 2025. It's about high-quality assets and smart risk management.

Exposure to high-grade, advanced-stage zinc projects in stable jurisdictions (Lik, Florida Canyon).

• Lik Project in Alaska: Joint venture with Teck Resources Limited.
• Lik Indicated Resource: 17.6 million tonnes at 8.07% zinc, 2.68% lead, and 50.1 grams per tonne silver (based on 2022 data).
• Florida Canyon Project in Peru: Joint venture with Nexa Resources S.A.
• Florida Canyon hosts a high-grade zinc deposit, with partner investments totaling approximately $75 million through 526 drill holes.

Reduced capital risk: Nexa Resources funds all costs at Florida Canyon to feasibility, carrying Solitario to production.

This arrangement is a major de-risking factor for Solitario Resources Corp. shareholders. Nexa Resources, the Operator, funds 100% of all costs through the completion of a feasibility study, at which point Nexa earns a 70% interest in the joint venture. Should Solitario Resources Corp. elect to participate in construction, Nexa will finance Solitario's 30% portion via a loan facility. This loan is repaid only through 50% of the resulting net cash flow distributions from production.

Upside potential in gold and silver: 1,445 grams/tonne silver intercept at Golden Crest and significant silver inventory at Lik.

The exploration results provide tangible upside. At the wholly-owned Golden Crest gold project in South Dakota, drill hole GC-012 returned a standout intercept of 1,445 grams per tonne of silver over 1.2 meters. This Phase 1 drilling campaign involved 18 holes totaling 7,000 meters. The Lik zinc deposit carries a substantial silver component, with the Indicated Resource containing approximately 29.1 million ounces of silver, plus another 6.5 million ounces in the Inferred Resource category.

The commodity exposure is diversified across these key assets:

Commodity	Project Association	Key Metric/Grade
Zinc	Lik, Florida Canyon	Lik: 8.07% Zn Indicated
Lead	Lik, Florida Canyon	Lik: 2.68% Pb Indicated
Silver	Lik, Golden Crest	Golden Crest: 1,445 g/t intercept
Gold	Golden Crest	Golden Crest: 100% owned project
Molybdenum-Rhenium	Cat Creek (New Focus)	Rhenium: 30 gpt (surface sampling); Molybdenum: $25/lb

Diversified commodity exposure: Zinc, lead, gold, silver, and new focus on critical metals like molybdenum-rhenium.

Solitario Resources Corp. isn't just about zinc. You get exposure to gold via the 100%-owned Golden Crest project. Furthermore, the company is adding a critical metals angle with the Cat Creek project in Colorado, where surface sampling showed rhenium grades up to 30 gpt. As of late October 2025, the stock price was $0.68, with an analyst consensus of 'Strong Buy' and a 12-month price target of $1.2.

Solitario Zinc Corp. (XPL) - Canvas Business Model: Customer Relationships

You're looking at how Solitario Zinc Corp. manages its key relationships, which for an exploration company, means keeping investors informed and partners engaged while maintaining local support. This is critical because, without capital and land access, the projects don't move forward.

Dedicated Investor Relations

Direct communication is a major focus, especially around project milestones. Solitario Zinc Corp. actively uses news releases and conference presentations to update the market on exploration progress, like the 2025 drilling campaign at the Golden Crest gold project in South Dakota. The President and CEO, Chris Herald, was a consistent presence, presenting at key industry events throughout the year. For instance, Mr. Herald presented a strategic overview and drilling updates at the 37th Annual Mining Forum Americas Conference on September 16, 2025, and previously at the HC Wainwright 27th Annual Investment Conference on September 9, 2025.

The company's financial position, which underpins its ability to communicate and operate, was reported as approximately US$8.0 million in cash and marketable securities as of late 2025. Furthermore, shareholder structure shows that Newmont Corporation held 9.4% of the 90.3 million shares outstanding, while Management and Directors held approximately 8.4% (excluding options). The relationship framework was recently reinforced when shareholders approved an increase in authorized shares to 200 million at the Annual General Meeting on June 19, 2025, which saw participation from holders of 46,809,118 shares. This was shortly after completing a US$4.5 million private placement on June 20, 2025.

Solitario Zinc Corp. maintains an active schedule of direct engagement:

• CEO presentation at the John Tumazos Very Independent Research Conference on December 10, 2025.
• Availability of the September, 2025 Corporation Presentation online.
• Presentation at the Mining Forum Europe on April 2, 2025.

Joint Venture Management

Collaborative, long-term relationships with major miners are central to mitigating exploration risk, especially for the advanced zinc assets. Solitario Zinc Corp. maintains a 50% joint venture interest in the high-grade Lik zinc deposit in Alaska with Teck Resources, which holds the other 50%. Teck acted as the project manager for Lik from 2018 through 2023.

The Florida Canyon zinc project in Peru is held in a joint venture where Solitario Zinc Corp. has a 39% interest, with Nexa Resources holding the remaining 61%. A key feature of this relationship is that Solitario Zinc Corp. is carried to production through its arrangement with Nexa. Nexa can earn a 70% interest by funding all expenditures through to production following a positive feasibility study, after which Solitario Zinc Corp. would repay its financing through 50% of its net cash flow distributions from the project. To date, Nexa has spent over $80 million on the Florida Canyon project, which includes 526 drill holes totaling 134,416 meters of drilling.

Here's a quick look at the structure of these key partnerships:

Project	Solitario Zinc Corp. Interest	Partner	Partner Interest	Jurisdiction
Lik Zinc Deposit	50%	Teck Resources Limited	50%	Alaska, USA
Florida Canyon Zinc Project	39%	Nexa Resources S.S.	61%	Peru

Community Engagement

Maintaining social license to operate is managed through direct, multi-year agreements supporting local infrastructure. At the Florida Canyon project, a new multi-year community agreement was signed that supports continued exploration through the end of 2025. This agreement specifically paved the way for the completion of an access road to local communities and active project areas, aiming to improve community safety and provide new opportunities for commerce.

The relationship with local authorities and communities is ongoing; Nexa continues to work constructively with local communities on social issues as of 2025. This local support is vital for project advancement, as evidenced by the permitting success in 2023, which approved an expansion of the area permitted for drilling by approximately 500 percent, proposing over 80 new drill sites around the Florida Canyon deposit.

For the Golden Crest gold project in South Dakota, which is on U.S. Forest Service land, exploration is accessible via an existing network of access roads, and the local USFS office is noted as knowledgeable and supportive of modern exploration and mining processes.

Finance: draft 13-week cash view by Friday.

Solitario Zinc Corp. (XPL) - Canvas Business Model: Channels

You're looking at how Solitario Resources Corp. gets its information and capital out to the world, which is critical for an exploration-stage company. The channels here are all about visibility and partnership management, not direct product sales, so the focus is on the market and the joint venture committees.

The primary channel for capital access and market presence is the public stock exchange listing. Solitario Resources Corp. maintains a dual listing, which helps reach a broader investor base across North America. This is where you see the daily pulse of investor sentiment reflected in the trading data.

Exchange Channel	Ticker Symbol	Latest Price (as of Dec 5, 2025)	Market Cap (as of Dec 4, 2025)
NYSE American	XPL	0.6400 USD	N/A (USD data not directly found)
Toronto Stock Exchange (TSX)	SLR	0.9000 CAD	CAD 80.39 million

For disseminating operational news, the company relies heavily on direct communication channels. These are the official conduits for sharing exploration success, which directly impacts investor perception and capital raising ability. The CEO, Chris Herald, is the key messenger here.

• Direct press releases via services like ACCESS Newswire disseminate key operational milestones.
• The corporate website serves as the central repository for all technical reports and news.
• Investor conferences are used to present directly to institutional and retail investors globally.

You can see the activity in these channels clearly from the 2025 schedule. For instance, the CEO presented a strategic overview and the latest drilling results at the 37th Mining Forum Americas Conference on September 16, 2025, following up on earlier presentations at the HC Wainwright 27th Annual Investment Conference on September 4, 2025. This consistent outreach is how they manage market expectations.

The 2025 drilling campaign at the Golden Crest project in South Dakota is a key piece of news flow. The company planned up to 8,000 meters of drilling across the Golden Crest and Ponderosa areas for 2025, kicking off on May 27, 2025. This follows up on the 2024 program, which completed 11 core holes totaling 4,345.7 meters. The metallurgical testing on 2024 core samples showed encouraging gold recoveries, averaging approximately 69% for samples from hole GC-003 and 66% for samples from hole GC-008. A major highlight reported on September 15, 2025, was an intercept of 1,445 grams/tonne silver over 1.2 meters at Golden Crest.

The final, and perhaps most crucial, channel for project advancement is the Joint Venture operating committees. This is where the technical and financial steering of major assets happens with partners. Solitario Resources Corp. manages its key zinc assets through these formal governance structures.

Joint Venture Project	Partner	Solitario Interest	Partner Funding Status	Key Financial/Operational Term
Florida Canyon Zinc Project, Peru	Nexa Resources	39%	Funded to Production; Nexa to earn 70% interest	Interest rate on Nexa-funded loan is about 5% (Nexa's cost of funds)
Lik Zinc Deposit, Alaska	Teck Resources	50%	Jointly funded (50%/50%)	Advanced exploration project

For the Florida Canyon project, Nexa funds all future costs, including drilling and feasibility studies, to increase its stake from 61% to 70%. This structure means Solitario Resources Corp. achieves production without capital risk or equity dilution. The economics look compelling; the Florida Canyon Preliminary Economic Assessment (PEA) Resource Grade was 10% Zn Eq., which is double the grade of Nexa's operating Peruvian mines at 5.0% Zn Eq.. The company's ability to attract and maintain these partnerships is a core channel for advancing its assets to a potential production stage.

Investor sentiment, as reflected by analyst coverage, also acts as an indirect channel for market communication. As of mid-November 2025, the consensus rating based on 2 analysts was a Moderate Buy, with 2 Buy ratings and 0 Hold or Sell ratings. The average target price was 1.500 USD, representing a potential upside of +134.38% over the last close price of 0.6400 USD. Shareholders approved an increase in authorized shares to 200 million at the June 19, 2025, Annual General Meeting, which is a necessary step for future capital needs channeled through the stock exchanges.

Solitario Zinc Corp. (XPL) - Canvas Business Model: Customer Segments

You're looking at the key groups Solitario Zinc Corp. (XPL) serves or relies upon to execute its business plan, which centers on advancing high-grade zinc and gold exploration assets. This segment breakdown is critical for understanding where the company directs its partnership efforts and capital raising.

Institutional investors are a primary target for capital, seeking exposure to the leverage inherent in exploration-stage plays and the potential upside tied to zinc and gold commodity prices. As of late 2025, 25.21% of Solitario Resources Corp. stock was owned by institutional investors. A total of 54 institutional owners have filed 13D/G or 13F forms with the SEC, holding 23,306,929 shares. The company's Market Cap stood at $58.18 million as of December 5, 2025.

Retail investors provide speculative capital, drawn by the potential for high returns if exploration success translates into a significant discovery or a favorable transaction. The company's leadership maintains a stake, with CEO Christopher E. Herald beneficially owning 2,343,667 common shares following a purchase on November 21, 2025. At the Annual General Meeting on June 19, 2025, shareholders participated with 46,809,118 shares, approving an increase in authorized shares to 200 million. The stock price on December 4, 2025, was $0.63 / share.

Major mining companies like Teck Resources Limited and Nexa Resources S.A. are strategic partners, essential for de-risking and advancing the company's Tier-1 assets toward development, as Solitario Zinc Corp. often maintains a carried interest. This structure protects the company from immediate funding dilution for those specific projects.

The key joint venture relationships are detailed here:

Partner Company	Asset	Solitario Zinc Corp. Interest	Partner Interest
Teck Resources Limited	Lik Zinc Project (Alaska)	50%	50%
Nexa Resources S.A.	Florida Canyon Zinc Project (Peru)	39%	61%

Nexa Resources is noted as the world's fourth largest zinc producer, and Teck Resources as the world's third largest zinc miner. The Lik project is situated adjacent to Teck's Red Dog Mine, which is projected to be depleted in 2031.

The Zinc and gold commodity markets represent the ultimate buyers of future high-grade concentrates, driving the underlying value proposition of Solitario Zinc Corp.'s exploration portfolio. The company's focus is on producing high-grade zinc concentrate. Financially, the company reported a net loss of -$4.9 million for the twelve months ending September 30, 2025, and an Earnings Per Share (EPS) of -$0.02 for Q3 2025. As of February 18, 2025, the cash balance and marketable securities stood at approximately US$5.8 million.

The customer segments are further defined by the nature of the assets they are interested in:

• Institutional investors seek exposure to high-leverage exploration plays.
• Retail investors look for high-upside from exploration success.
• Major mining companies seek to acquire or develop Tier-1 assets.
• Commodity markets are the ultimate buyers of future high-grade concentrates.

Solitario Zinc Corp. (XPL) - Canvas Business Model: Cost Structure

The Cost Structure for Solitario Zinc Corp. centers on funding exploration activities, maintaining corporate presence, and managing joint venture obligations.

Cost Category	2024 Actual Amount (USD)	2025 Planned/Actual Amount (USD)
Exploration and evaluation expenses	$4,148,000	Budgeted at $3,910,000
General and administrative expenses	$1,879,000	Operating expenses for nine months ended September 30, 2025: $3.83 million
Property holding and maintenance costs	Capitalized initial acquisition costs for Golden Crest claims: $1,078,000 (as of December 31, 2024)	Not separately itemized in guidance
Joint venture contributions (Pre-production)	Minimal/None at Florida Canyon	Nexa funds 100% of pre-production costs through feasibility study

You should note the specific structure of the Florida Canyon joint venture commitment.

• Nexa holds 61% interest in Florida Canyon, earning up to 70%.
• Solitario's 30% construction cost portion is financed by Nexa via a loan facility.
• Repayment of the construction loan is through 50% of Solitario's net cash flow distributions from production.
• At the Lik Zinc Project, Solitario holds a 50% interest with Teck Resources Limited.

For the nine months ended September 30, 2025, Solitario Resources Corp. reported a net loss of $3.32 million.

Solitario Zinc Corp. (XPL) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Solitario Zinc Corp. (XPL) as of late 2025. Since this is an exploration-stage company, the current, immediate revenue picture is what you'd expect: almost nothing directly from operations.

Minimal trailing twelve-month (TTM) revenue: Reported as $0 as an exploration-stage company. The financial data available for the trailing twelve months ending September 30, 2025, shows TTM revenue as null. Solitario Zinc Corp. focuses on exploration and development, not production revenue yet. The company's financial activity is dominated by exploration expenses, such as the reported $4,148,000 in exploration expenses for the year ended December 31, 2024, primarily at the Golden Crest project.

The real financial structure here is built around future production and strategic monetization of its assets through joint ventures. Here's the quick math on the key future streams:

Revenue Stream Component	Project/Asset	Financial Detail	Status/Timing
Construction Cost Funding (Loan)	Florida Canyon (Peru)	Nexa will finance Solitario's 30% portion of construction costs.	Future Production
Loan Repayment Mechanism	Florida Canyon (Peru)	Repayment via 50% of Solitario's net cash flow from production.	Future Production
Royalty Interest	Golden Crest (South Dakota)	Retained 2.0% Net Smelter Return royalty, with an option to reduce to 1.0% by paying the owner $1,000,000.	Potential Future Income

Future project loan financing: The primary near-term financial mechanism is tied to the Florida Canyon Zinc Project in Peru, joint ventured with Nexa Resources. Nexa, which is the Operator, will fund all of Solitario Zinc Corp.'s 30% portion of the construction costs under a loan facility, assuming Solitario elects this option. To be fair, Nexa has already spent over $80 million on the project to date, including 526 drill holes.

Future net cash flow distributions: This loan is not a simple debt; it's repaid through production proceeds. Solitario Zinc Corp. will repay the construction loan facility through 50% of its net cash flow distributions generated from the Florida Canyon mining operation. This structure effectively carries Solitario's interest through feasibility and financing to production.

Potential asset sales or royalties: Solitario Zinc Corp. has a history of generating cash from non-operating activities, though this is not a consistent source. You should know that the company has recorded revenue in the past from the sale of mineral properties, assets, joint venture property payments, and the sale of royalties.

The strategy here is to monetize successful exploration projects to larger producers, which de-risks the portfolio for shareholders. For instance, on the Golden Crest project, the underlying owner retained a 2.0% Net Smelter Return royalty, and Solitario Zinc Corp. holds an option to reduce that to 1.0% by paying $1,000,000.

For operational funding in the interim, Solitario Zinc Corp. relies on its balance sheet strength, which as of late 2025, included approximately US$5.8 million in cash and marketable securities.

You can expect revenue streams to look like this:

• No revenue from production until Florida Canyon is built and operating.
• Cash flow from operations will be split 50% to Nexa for loan repayment.
• Potential one-off proceeds from selling royalties or non-core assets.
• Current funding relies on cash on hand, like the reported $4,604,000 in cash and short-term investments at the end of 2024.

Finance: draft 13-week cash view by Friday.