What changed in this filing

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Item 1. Business

2022-03-30 compared with 2021-03-05 · 120 added, 291 removed, 17 unchanged (96% of the section changed)

and Company Formation

Solitario Zinc

(“Solitario”

or the “Company”) is an

exploration stage company as defined in Industry Guide 7, as issued

Solitario was incorporated in the State of Colorado on

November 15, 1984 as a wholly owned subsidiary of Crown Resources

Corporation ("Crown").

In July 1994, Solitario became a publicly

traded company on the Toronto Stock Exchange (the "TSX") through

its initial public offering.

Solitario has been actively involved

in mineral exploration since 1993.

Solitario’s primary

business is to acquire exploration mineral properties and/or

discover economic deposits on its mineral properties and advance

these deposits, either on its own or through joint ventures, up to

the development stage of the project.

At that point, or sometime

prior to that point, Solitario would likely attempt to sell its

mineral properties, pursue their development either on its own or

through a joint venture with a partner that has expertise in mining

operations, or create a royalty with a third party that continues

to advance the property.

Business and Company Formation

Solitario Zinc Corp.

(“Solitario” or the “Company”) is an exploration stage company as defined by rules issued by the SEC.

Solitario was incorporated in the State of Colorado on November 15, 1984 as a wholly owned subsidiary of Crown Resources Corporation ("Crown").

In July 1994, Solitario became a publicly traded company on the Toronto Stock Exchange (the "TSX") through its initial public offering.

Solitario has been actively involved in mineral exploration since 1993.

Solitario’s primary business is to acquire exploration mineral properties and/or discover economic deposits on its mineral properties and advance these deposits, either on its own or through joint ventures, up to the development stage of the project.

At that point, or sometime prior to that point, Solitario would likely attempt to sell its mineral properties, pursue their development either on its own or through a joint venture with a partner that has expertise in mining operations, or create a royalty with a third party that continues to advance the property.

Solitario has never developed a property.

Solitario’s primary focus is on the acquisition and

exploration of zinc-related exploration mineral properties.

However, Solitario evaluates and will potentially acquire other

base and precious metal properties and assets.

In addition to

focusing on its mineral exploration properties and the evaluation

of mineral properties for acquisition, Solitario also evaluates

potential strategic transactions as a means to acquire an interest

in new precious and base metal properties and assets with

exploration potential or other potential corporate transactions

that Solitario determines to be favorable to

Solitario has

recorded revenue from the sale of mineral properties and assets,

including the sale of certain mineral royalties in January of 2019

(discussed below) and the sale in April of 2018 of its interest in

the royalty on the Yanacocha property.

Revenues from the sale or

joint venture of properties or assets, although significant when

they occur, have not been a consistent annual source of revenue and

would only occur in the future, if at all, on an infrequent

currently considers its carried interest in the Florida Canyon

project in Peru and its interest in the Lik project in Alaska to be

its core mineral property assets.

Solitario’s primary focus is on the acquisition and exploration of precious metal, zinc and other base metal exploration mineral properties.

In addition to focusing on its mineral exploration properties and the evaluation of mineral properties for acquisition, Solitario also evaluates potential strategic transactions as a means to acquire an interest in new precious and base metal properties and assets with exploration potential or other potential corporate transactions that Solitario determines to be favorable to Solitario.

Solitario has recorded revenue in the past from the sale of mineral properties, including from (i) the sale of certain mineral royalty properties to SilverStream SEZC, a private Cayman Island royalty and streaming company (“SilverStream”) for Cdn$600,000 in January 2019 (the “Royalty Sale”), (ii) the sale of its interest in the royalty on its Yanacocha property in June of 2018 and (iii) joint venture property payments.

Revenues and / or proceeds from the sale or joint venture of properties or assets, although often significant when they occur, have not been a consistent annual source of cash and would only occur in the future, if at all, on an infrequent basis.

Solitario currently considers its carried interest in the Florida Canyon project in Peru, its interest in the Lik project in Alaska and its Golden Crest project in South Dakota to be its core mineral property assets.

Nexa Resources, Ltd.

(“Nexa”), Solitario’s joint venture partner,

completed a 39-hole 17,033-meter drilling program at Florida Canyon

during 2019 (discussed below).

Solitario is working with its 50%

joint venture partner, Teck American Inc., a wholly-owned

subsidiary of Teck Resources Limited (both companies are referred

to in this Annual Report as “Teck”) and completed a

limited exploration program at the Lik project during 2019

consisting of mapping, geophysical work, relogging of prior

drilling core and environmental evaluation.

of December 31, 2020, Solitario has significant balances of cash

and short-term investments that Solitario anticipates using, in

part, to further the development of the Florida Canyon and Lik

projects and to potentially acquire additional mineral property

The fluctuations in precious metal and other commodity

prices contribute to a challenging environment for mineral

exploration and development, which has created opportunities as

well as challenges for the potential acquisition of early-stage and

advanced mineral exploration projects or other related assets at

potentially attractive terms.

and Uncertainties

Solitario faces

risks related to health epidemics and other outbreaks of

communicable diseases, which could significantly disrupt its

operations and may materially and adversely affect its business and

financial conditions.

Solitario’s

business could be adversely impacted by the effects of the

coronavirus (“COVID-19”) or other epidemics or

Solitario has recommended all of its employees and

contractors follow government guidelines for health and safety

policies for employees and contractors, including encouraging

tele-commuting and working from home where possible.

Solitario has

evaluated the effects of COVID-19 on its operations and taken

pro-active steps to address the impacts on its operations,

including reducing costs, in response to the economic uncertainty

associated with potential risks from COVID-19.

These reductions

included implementing salary reductions and evaluation and

reduction of 2020 exploration programs through its joint venture

partners at the Florida Canyon and Lik exploration projects.

Solitario’s 2021 tentative exploration programs include

provisions for the implementation of safeguards and protocols which

follow mandates and recommendations of appropriate government

authorities where we work.

Also, Solitario has evaluated the

potential impacts on its ability to access future traditional

funding sources on the same or reasonably similar terms as in past

Solitario will continue to monitor the effects of COVID-19

on its operations, financial condition and liquidity.

extent to which COVID-19 impacts Solitario’s business,

including our exploration and other activities and the market for

our securities, will depend on future developments, which are

highly uncertain and cannot be predicted at this time, and include

the duration, severity and scope of the COVID-19 outbreak and the

actions taken to contain or treat the outbreak.

Metals Corporation.

(“Nexa”), Solitario’s joint venture partner at Florida Canyon is continuing the furtherance of the Florida Canyon project and Solitario is monitoring the progress at Florida Canyon.

Solitario is working with its 50% joint venture partner, Teck American Inc., a wholly-owned subsidiary of Teck Resources Limited (both companies are referred to in this Annual Report as “Teck”) at its Lik Project.

Teck completed a limited exploration program at the Lik project during 2021 consisting of mapping, geophysical work, relogging of prior drilling core and environmental evaluation.

Solitario is conducting mineral exploration on its Golden Crest project on its own.

As of December 31, 2021, Solitario anticipates using its cash and short-term investments, in part, to fund further the development of the Florida Canyon, Lik and Golden Crest projects and to potentially acquire additional mineral property assets.

The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of early-stage and advanced mineral exploration projects or other related assets on potentially attractive terms.

Human Capital Management

As of December 31, 2021 Solitario had five full-time employees and five part-time seasonal employees.

In addition, we use consultants and contractors with specific skills to assist with exploration activities, administration, due diligence, environmental and regulatory compliance, corporate governance, and asset and operations management.

Our compensation programs are designed to align compensation of our employees with Solitario’s corporate objectives and performance and are designed to provide incentives to attract, retain and motivate our employees and contractors to achieve their highest potential over both the short-term and long-term.

The health and safety of our employees and others is a priority in how we manage and operate our business.

Overall oversite of the operations is the responsibility of Solitario’s Chief Executive Officer and the Board of Directors.

Officers and employees are required to review Solitario’s Code of Business Conduct and Ethics and acknowledge their understanding of the content and intent to comply on a periodic basis.

Solitario values the diversity and talents of its employees working together to achieve corporate goals and personal and professional goals and objectives.

We seek to cultivate a culture that is sensitive to the importance of diversity and inclusion in the workplace and are committed to continuous improvement in these areas.

Environmental, Social and Governance

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

ESG issues are important to Solitario’s investors, employees, and all stakeholders, including communities in which we work.

Solitario is pledged to operate our business in a manner that supports environmental and social initiatives and responsible corporate governance.

We work closely with its employees, government agencies, local communities and other stakeholders in the areas where we operate to include their interests and concerns to arrive at environmentally sound and socially responsible outcomes related to all of our operations.

We believe our joint venture partners not only value the importance of ESG issues in the conduct of their activities on our projects but are also industry leaders on these important issues.

Risks and Uncertainties

Solitario faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and adversely affect its business and financial conditions.

Solitario’s business could be adversely impacted by the on-going effects of the coronavirus (“COVID-19”) or other epidemics or pandemics.

Solitario has recommended all of its employees and contractors follow government guidelines for health and safety policies for employees and contractors, including encouraging tele-commuting and working from home where possible.

Solitario has evaluated the effects of the COVID-19 pandemic on its operations and projects and since the outbreak of the pandemic has taken pro-active steps to address the impact on its operations, including reducing certain activities, in response to the economic uncertainty associated with potential risks from the COVID-19 pandemic.

Solitario will continue to monitor the effects of the COVID-19 pandemic on its operations, financial condition and liquidity.

In the past, the COVID-19 pandemic has contributed to Solitario’s joint venture partners at its Lik and Florida Canyon projects altering exploration activities.

The extent to which the COVID-19 pandemic ultimately impacts Solitario’s business, including our exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of new outbreaks and governmental actions taken to contain or treat the any such outbreak.

Corporate Structure

Solitario Zinc Corp.

Zazu Metals Corporation.

[Canada] (100%)

Zazu Metals (AK) Corp.

[Alaska] (100%)

Lik Project (50%)

Minera Chambara, S.A.

Chambara Project

1 unchanged sentence

[Peru] (100%)

Minera Bongará, S.A.

Florida Canyon Project

1 unchanged sentence

[Peru] (100%)

Exploration Properties

a 50% operating interest in the Lik zinc-lead-silver property in

northwest Alaska, which is estimated to contain a large tonnage,

high-grade deposit potentially mineable by open-pit methods.

is a 50% partner with Solitario in the Lik deposit, with Teck

acting as the project manager for 2020.

A Preliminary Economic

Assessment (“PEA”) was completed on the Lik deposit in

Solitario also has

a 39% interest in the advanced, high-grade, Florida Canyon zinc

project located in northern Peru.

The project has a significant

mineral resource and Solitario is fully carried to production by

its joint venture partner Nexa, formerly Votorantim Metais

Holdings, SA (“Votorantim”) and Compañía

Minera Milpo S.A.A.

(“Milpo”).

Solitario and Nexa

completed a PEA on the Florida Canyon deposit in August 2017.

is one of the largest zinc producers in Peru.

Except for the

2018-2019 drilling program (discussed below) Nexa has funded 100%

of project expenditures since the inception of the Florida Canyon

joint venture in 2006.

Nexa will increase its ownership to a 70%

interest in the project from its current ownership of 61%, by

continuing to solely fund all project expenditures and committing

to place the project into production based upon a positive

feasibility study.

After earning 70%, and at the request of

Solitario, in the event Nexa makes the decision to develop the

Florida Canyon project, Nexa has agreed to finance Solitario's 30%

participating interest for any development costs through a loan

facility to Solitario.

Solitario would then repay the loan facility

through 50% of its net cash flow distributions from the

August of 2018, Solitario agreed to fund a portion of a 2018

2019 drilling program at the Florida Canyon project.

Solitario funded $1,580,000 of the 39-hole 17,033-meter drilling

program, which was completed in the fourth quarter of 2019 (the

“Drilling Program”).

The funding of the Drilling

Program will be treated as an advance on Solitario’s

commitment to fund 30% of any future construction and development

costs of Florida Canyon under the original joint venture agreement

discussed above.

Accordingly, in the event the Florida Canyon

project is developed, which cannot be assured at this time, the

funds paid to Nexa under this agreement will reduce the amount of

Solitario’s obligation to fund 30% of future development

costs, and / or repay loans from Nexa for future development costs

at the Florida Canyon project.

As of December 31, 2020, Solitario

has paid Nexa its entire funding commitment of $1,580,000, of which

$1,053,000 was charged to exploration during 2019.

December 31, 2020, Solitario also holds an 85% interest in the

Chambara exploration project in Peru.

Golden Crest Project [South Dakota] (100%)

Mineral Exploration Properties

We hold a 50% operating interest in the Lik zinc-lead-silver property in northwest Alaska, which is estimated to contain a large tonnage, high-grade deposit potentially mineable by open-pit methods.

Teck is a 50% partner with Solitario in the Lik deposit, with Teck acting as the project manager from 2018 through 2022.

In late 2021Solitario engaged Gustavson & Associates to complete a S-K 1300 Technical Report Summary on the Lik Project (the “S-K 1300 Lik TRS” ).

A Preliminary Economic Assessment (“PEA”) was completed on the Lik deposit in 2014.

Solitario also has a 39% interest in the advanced, high-grade, Florida Canyon zinc project located in northern Peru.

The project has a significant mineral resource and Solitario is fully carried to production by its joint venture partner Nexa, formerly Votorantim Metais Holdings, SA (“Votorantim”) and Compañía Minera Milpo S.A.A.

Nexa is one of the largest zinc producers in Peru.

In late 2021Solitario engaged Gustavson & Associates to complete a S-K 1300 Technical Report Summary on the Florida Canyon Project (the “S-K 1300 Florida Canyon TRS”) .Solitario and Nexa completed a PEA on the Florida Canyon deposit in August 2017.

Except for the 2018-2019 drilling program for which Solitario voluntarily funded $1,580,000 of the 39-hole 17,033-meter drilling program, Nexa has funded 100% of project expenditures since the inception of the Florida Canyon joint venture in 2006.

Nexa will increase its ownership to a 70% interest in the project from its current ownership of 61%, by continuing to solely fund all project expenditures and committing to place the project into production based upon a positive feasibility study.

After earning 70%, and at the request of Solitario, in the event Nexa makes the decision to develop the Florida Canyon project, Nexa has agreed to finance Solitario's 30% participating interest for any development costs through a loan facility to Solitario.

Solitario would then repay the loan facility through 50% of its net cash flow distributions from the project.

During 2021 Solitario entered into a lease agreement (the “Golden Crest Agreement”) whereby Solitario acquired exclusive exploration rights in certain claims (the “GC Claims”) in the Black Hills region of South Dakota.

The GC Claims are part of Solitario’s Golden Crest project.

Terms of the Golden Crest Agreement include scheduled payments by Solitario to the underlying owner of $65,000 (paid upon signing) and an obligation to pay the underlying owner $60,000 at the first anniversary date.

Solitario recorded an initial acquisition cost of $125,000 during 2021 related to these required payments.

In addition, to continue the lease, Solitario has agreed to pay, at its option, the underlying owner escalating annual payments that over five years total $340,000 and annual payments of $150,000 thereafter, which will be expensed as paid.

Solitario has agreed to pay the underlying owner an additional success fee of $1.00 per ounce of gold in the event Solitario files a 43-101 qualified resource of up to 1.5 million ounces of gold or a maximum of $1,500,000.

Solitario has agreed to escalating work commitments, at Solitario’s option, on the GC Claims totaling $3,000,000 during the first five years of the lease, with the first year totaling $200,000.

The term of the Golden Crest Agreement is for twenty years and is automatically extended as long as Solitario is performing any exploration, development or mining activities on the GC Claims.

The underlying owner retained a 2.0% Net Smelter Return royalty.

Solitario will have the option, but not the obligation, to reduce the Net Smelter Return royalty to 1.0% by paying the owner $1,000,000.

In addition, during 2021, Solitario staked additional mineral claims, including some claims included in the area of interest of the GC Claims and claims not related to the GC Claims (the “SRC Claims”), as part of the Golden Crest project.

Solitario incurred costs for staking, filing fees, legal and other costs totaling $570,000 capitalized as initial acquisition costs related to the SRC Claims and the GC Claims.

At December 31, 2021, Solitario also holds an 85% interest in the Chambara exploration project in Peru.

Nexa holds the remaining 15%.

conduct exploration and property evaluation activities in Peru

either on our own using contract geologists, or through joint

ventures operated by our partners.

exploration activities and those of our joint venture partners are

carried out on a property-by-property basis.

These activities may

include prospecting, geologic mapping, sampling, geophysics and

When we determine that this work indicates a project may

not be economic or contain sufficient geologic or economic

potential, we may impair or completely write-off the property.

significant factor in the success or failure of our activities is

the price of commodities.

For example, when the price of zinc or

other commodities is down, we may determine that the value of our

mineral exploration properties decreases;

however, during such down

markets it may also become easier and less expensive to locate and

acquire new mineral exploration properties.

recorded revenue in the past from the sale of mineral properties

and assets, joint venture property payments and the sale of a

royalty on our formerly held Mt.

Hamilton property.

Proceeds from

the sale or joint venture of properties and royalty sales, although

potentially significant when they occur, have not been a consistent

source of cash and may only occur in the future, if at all, on an

infrequent basis.

Accordingly, while we conduct exploration

activities on our projects, we need to maintain and replenish our

capital resources.

Historically, we have met our need for capital

through (i) sales of covered call options on our common stock of

Kinross Gold Corporation (“Kinross”) we hold;

sale of our investments in, and interest on, our short term

Treasury Notes and Bank CDs;

(iii) the sale of mineral property

royalties to SilverStream SEZC, a private Cayman Island royalty and

streaming company (“SilverStream”) for $408,000 during

2019, (iv) sales of our shares of common stock of Vendetta Mining

(v) the sale of our Yanacocha royalty to Newmont

Mining Corporation for $502,000 during 2018;

(vi) proceeds received

from the sale of our former Mt.

We conduct exploration and property evaluation activities in Peru and the United States in Alaska and South Dakota either on our own using contract geologists, or through joint ventures operated by our partners.

Our exploration activities and those of our joint venture partners are carried out on a property-by-property basis.

These activities may include prospecting, geologic mapping, sampling, geophysics and drilling.

When we determine that this work indicates a project may not be economically feasible or contain sufficient geologic or economic potential, we may impair or completely write-off the property.

A significant factor in the success or failure of our activities is the price of commodities.

For example, when the price of zinc or other commodities is down, we may determine that the value of our mineral exploration properties decreases;

however, during such down markets it may also become easier and less expensive to locate and acquire new mineral exploration properties.

We have recorded revenue in the past from the sale of mineral properties and assets, joint venture property payments and the sale of a royalties.

Proceeds from the sale or joint venture of properties and royalty sales, although potentially significant when they occur, have not been a consistent source of cash and may only occur in the future, if at all, on an infrequent basis.

Accordingly, while we conduct exploration activities on our projects, we need to maintain and replenish our capital resources.

Historically, we have met our need for capital through (i) the sale of our investments in, and interest on, our short-term Treasury Notes and Bank CDs;

(ii) issuances of common stock;

(iii) sales of our shares of common stock of Vendetta Mining Corp.

(“Vendetta”), Vox Royalty Corp.

(“Vox”) and Kinross Gold Corporation (“Kinross”);

(iv) sales of covered call options on our common stock of Kinross we hold;

(v) the sale of mineral property royalties to SilverStream for $408,000 during 2019, (vi) the sale of our Yanacocha royalty to Newmont Mining Corporation for $502,000 during 2018;

(vii) proceeds received from the sale of our interest in our former Mt.

Hamilton project in 2015;

joint venture delay rental payments;

(vii) a royalty sale for

$10,000,000 in 2012;

and (Ix) issuances of common stock.

reduced our exposure to the costs of our exploration activities

through the use of joint ventures.

operate in one segment:

and (vii) joint venture delay rental payments.

We have reduced our exposure to the costs of our exploration activities through the use of joint ventures.

We operate in one segment:

mineral exploration.

We currently conduct

exploration activities in Peru and Alaska and evaluate properties

for potential acquisition and evaluation of strategic corporate

opportunities throughout North and South America.

As of March 5,

2021, we had three full-time employees located in the United States

and no full-time employees outside of the United States.

contract managers, geologists, administrators and laborers to

execute our Latin American and North American project work and

acquisition evaluations.

number of companies are engaged in the acquisition, exploration and

development of mineral properties, many of which have substantially

greater technical and financial resources than we have and,

accordingly, we may be at a disadvantage in being able to compete

effectively for the acquisition, exploration and development of

mineral properties.

We are not aware of any single competitor or

group of competitors that dominate the exploration and development

of mineral properties.

In acquiring mineral properties for

exploration and development, we rely on the experience, technical

expertise and knowledge of our employees, contractors and advisors,

which is limited by the size of our company compared to many of our

competitors who may have greater resources, including more

employees or employees with more specialized knowledge and

development and exploration activities are subject to various

national, state/provincial, and local laws and regulations, which

govern prospecting, development, mining, production, exports,

taxes, labor standards, occupational health, waste disposal,

protection of the environment, mine safety, hazardous substances

and other matters.  Similarly, if any of our properties

are developed and/or mined those activities are also subject to

significant governmental regulation and oversight.

We are required

to obtain licenses, permits and other authorizations in order to

conduct our exploration programs.

Environmental

current and planned activities are subject to various national and

local laws and regulations governing protection of the environment.

These laws are continually changing and, in general, are becoming

more restrictive.

We are required to conduct our operations in

compliance with applicable laws and regulations.

Changes to current

local, state or federal laws and regulations in each jurisdiction

in which we conduct our exploration activities could, in the

future, require additional capital expenditures and increased

operating and/or reclamation costs.

Although we are unable to

predict what additional legislation, if any, might be proposed or

enacted, additional regulatory requirements could impact the

economics of our projects.

During 2020, we had no material

environmental incidents or non-compliance with any applicable

We currently conduct exploration activities in Peru, Alaska and South Dakota and evaluate properties for potential acquisition and evaluation of strategic corporate opportunities throughout North and South America.

As of March 28, 2022, we had five full-time employees located in the United States and no full-time employees outside of the United States.

We utilize contract managers, geologists, administrators and part-time laborers to execute our Latin American and North American project work and acquisition evaluations.

A large number of companies are engaged in the acquisition, exploration and development of mineral properties, many of which have substantially greater technical and financial resources than we have and, accordingly, we may be at a disadvantage in being able to compete effectively for the acquisition, exploration and development of mineral properties.

We are not aware of any single competitor or group of competitors that dominate the exploration and development of mineral properties.

In acquiring mineral properties for exploration and development, we rely on the experience, technical expertise and knowledge of our employees, contractors and advisors, which is limited by the size of our company compared to many of our competitors who may have greater resources, including more employees or employees with more specialized knowledge and experience.

Governmental Regulations

Mineral development and exploration activities are subject to various national, state/provincial, and local laws and regulations, which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters.

Similarly, if any of our properties are developed and/or mined those activities are also subject to significant governmental regulation and oversight.

We are required to obtain licenses, permits and other authorizations in order to conduct our exploration programs.

Environmental Regulations

Information about Geographic Areas

Included in the

consolidated balance sheets at December 31, 2020 and 2019, are

total assets of $20,000 and $59,000, respectively, related to

Solitario's operations located outside of the United

our Annual Report on Form 10-K, our quarterly reports on Form 10-Q,

current reports on Form 8-K, and any amendments to those reports

electronically with the SEC.

The SEC maintains a website

( http://www.sec.gov )

that contains periodic reports, proxy and information statements

and other information regarding registrants, including the Company,

that file electronically with the SEC.

copies of our Annual Report to Shareholders, our Annual Report on

Form 10-K, our quarterly reports on Form 10-Q, current reports on

Form 8-K, and any amendments to those reports are available free of

charge by writing to Solitario at its address on the front of this

In addition, electronic versions of the reports we file

with the SEC are available on our website, www.solitarioxr.com ,

as soon as practicable, after filing with the SEC.

Our current and planned activities are subject to various national and local laws and regulations governing protection of the environment.

These laws are continually changing and, in general, are becoming more restrictive.

We are required to conduct our operations in compliance with applicable laws and regulations.

Changes to current local, state or federal laws and regulations in each jurisdiction in which we conduct our exploration activities could, in the future, require additional capital expenditures and increased operating and/or reclamation costs.

We have reviewed and considered current federal legislation relating to climate change and do not believe it to currently have a material effect on our operations.

Future changes in U.S.

federal or state laws or regulations could have a material adverse effect upon us and our results of operations.

Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements could impact the economics of our projects.

During 2021, we had no material environmental incidents or non-compliance with any applicable environmental regulations.

Financial Information about Geographic Areas

Included in the consolidated balance sheets at December 31, 2021 and 2020, are total assets of $19,000 and $20,000, respectively, related to Solitario's operations located outside of the United States.

Available Information

We file our Annual Report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports electronically with the SEC.

The SEC maintains a website (http://www.sec.gov) that contains periodic reports, proxy and information statements and other information regarding registrants, including the Company, that file electronically with the SEC.

Paper copies of our Annual Report to Shareholders, our Annual Report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports are available free of charge by writing to Solitario at its address on the front of this Form 10-K.

In addition, electronic versions of the reports we file with the SEC are available on our website, www.solitarioxr.com, as soon as practicable, after filing with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business