What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-03-22 compared with 2023-03-16 · 83 added, 61 removed, 710 unchanged (17% of the section changed)

21 unchanged sentences

All the remaining claims are owned by Solitario and were staked throughout 2021 and 2022.

Solitario acquired its interest in the GC Claims in May 2021 by entering into the Golden Crest Agreement with GC LLC.

Terms of the Golden Crest Agreement include scheduled payments 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 acquired its lease interest in the GC Claims in May 2021 by entering into the GC Agreement with GC LLC.

Terms of the GC Agreement include scheduled payments 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.

To continue the lease, Solitario has agreed to pay, at its option, the underlying owner escalating annual payments over a five-year period that total $340,000 and annual payments of $150,000 thereafter.

1 unchanged sentence

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

Solitario has fulfilled its $600,000 work commitment for the first two years.

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.

Solitario has fulfilled its $1,200,000 work commitment for the first three years.

On March 30, 2022, Amendment 1 to the GC Agreement was signed that provided all work commitment periods will be on a calendar-year basis.

The term of the GC 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 will retain a 2.0% Net Smelter Return royalty.

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

GC LLC reserves a three-mile area of interest to its original claim position.

GC LLC reserves a three-mile area of interest to its original claim position and the terms of the GC Agreement applies to this area of interest.

In February of 2022, Solitario entered into a lease agreement (the “Easter Agreement”) whereby Solitario acquired exclusive exploration rights to the Easter Claims in the Black Hills region of South Dakota.

1 unchanged sentence

Terms of the Easter Agreement include $10,000 paid upon signing, scheduled annual payments to the underlying owner totaling $180,000 through the tenth anniversary, and $30,000 per year thereafter.

Solitario has agreed to escalating work commitments, at Solitario’s option, on the Easter Claims totaling $660,000 during the first five years of the lease, with the first year totaling $20,000.

On March 30, 2023, Amendment 1 to the Easter Agreement was signed reducing all future work commitments on the Easter Claims to 1,000 feet of drilling, upon approval of drilling permits.

All other terms of the Easter Agreement are substantially the same as the Golden Crest Agreement, except there is no area of interest.

6 unchanged sentences

Elevations in the immediate area range from approximately 1,500 m to 2000 m.

Spearfish Creek, a stream with a perennial flow, is situated east of the property while most other creeks on the property are generally dry in the summer months.

Spearfish Creek, a stream with a perennial flow, is situated on the eastern-side of the property while most other creeks on the property are generally dry in the summer months.

Vegetation consists of mixed forest composed of deciduous hardwoods and conifers with sporadic meadows and locally dense underbrush.

37 unchanged sentences

Thin stratigraphic units including the Ordovician Winnipeg and Whitewood Formations and Devonian Englewood Formation are present.

The Deadwood Formation is the most important Paleozoic host for Tertiary replacement gold mineralization and paleoplacer gold deposits.

The Deadwood Formation is the most important Paleozoic host for Tertiary replacement gold mineralization and paleoplacer gold deposits in the historic district.

The Mississippian Pahasapa Group contains three recognizable members that correlate to the Lodgepole Limestone, Mission Canyon Limestone and Charles Formation of the regional Madison Group.

This carbonate package contains several evaporite horizons that can be well-mineralized on the Golden Crest property.

The Pahasapa Group is overlain in stratigraphic unconformity by the Minnelusa Formation, a package of Pennsylvanian-aged shallow marine and continental red beds and evaporite successions up to 180 m thick.

13 unchanged sentences

The objective of these holes was to test for the presence of the Precambrian Homestake Formation that hosts the prolific past-producing 42 million-ounce Homestake gold deposit.

Two of the three holes intersected the Homestake Formation.

Homestake reported that two of the three holes intersected the Homestake Formation.

From approximately 2017 to 2020, GC LLC conducted surface exploration consisting of collecting 251 rock float samples mainly exposed in and near recently constructed logging roads.

7 unchanged sentences

The inability to observe outcrop limits the ability to detect and interpret the geometry and thickness of zones of alteration, so a soil sampling program was initiated property-wide to assist in the identification of new target areas for mapping and more detailed rock sampling.

Exploration work during the past two years has consisted of grid soil sampling, select grab rock sampling of float and less commonly bedrock, hand-dug trenching, geologic mapping and Induced Polarization ground geophysics.

Exploration work during the past three years has consisted of grid soil sampling, select grab rock sampling of float and less commonly bedrock, hand-dug trenching, geologic mapping and Induced Polarization ground geophysics.

Mineralization

1 unchanged sentence

In excess of 90 million ounces of gold (recorded past production + unmined resources reported from published sources believed to be accurate, but not verified) are contained within five distinct styles of gold deposits in roughly a 300 square kilometer area.

This is thought to represent the greatest endowment per square kilometer of any gold district in the United States.

The repeated formation of large gold deposits over time in the same small geographic area argues for a fundamentally gold-enriched area of the earth’s crust that has persisted since the Archean time.

3 unchanged sentences

In the Ruby Basin camp at the Wharf Mine Complex, thick pre-mineral igneous sills acted as permeability barriers within the Deadwood Formation that resulted in the deposition of gold mineralization.

Alteration, gold and trace element enrichment in the Pahasapa formation at the Golden Crest project is viewed as a possible indication of replacement-style epithermal mineralization in stratigraphic units lower in the sedimentary sequence (e.g.

Upper and Lower Deadwood Formation).

4 unchanged sentences

with fourteen containing multi-gram gold per tonne and the remaining prospects returned values between 0.1 and one-gram gold.

Rock sampling at Golden Crest is usually of float grab samples, consequently their significance to underlying bedrock is not always certain.

However, we believe that virtually all the reported assay samples are derived from the immediate area in which they were collected.

Late in the 2021 field season, Solitario received very high-grade gold values from select surface grab rock samples at the Downpour target area.

1 unchanged sentence

In 2022, Solitario sampled an additional 127.5 meters of trenching at Downpour, where significant high-grade intervals were found as shown in the lefthand Downpour Target map below.

The majority of these samples were in bedrock or weathered bedrock.

Solitario also expanded its exploration search area at the Downpour Prospect in 2022 and successfully enlarged the potential target area for high-grade gold mineralization.

1 unchanged sentence

This prospect remains open in three directions.

Work conducted in 2023 suggests that the high-grade gold mineralization may extend another two- to three-kilometers to the northeast of Downpour.

We refer to this new area as Wild Rose.

Downpour trenching results with assay values in gpt gold.

4 unchanged sentences

Geyser, Spur and Zig Zag.

Based on these very favorable results, a trenching program was initiated in all three areas.

Based on these very favorable results, a trenching program was initiated.

At Spur, a 234-meter trench along an abandoned logging road yielded an average grade of 0.82 grams per tonne (“gpt”) gold.

At Zig Zag, a 27-meter-long trench resulted in an average grade of 3.22 gpt gold.

Extensive sampling conducted in 2023 northeast of the Geyser-Spur-Zig Zag area strongly suggests that high-grade gold mineralization extends another two kilometers and includes the newly discovered Sleeping Beauty and Holland zones.

Assay results for both the select rock grab samples and trenching samples are presented on the map below:

2 unchanged sentences

Revegetation is accomplished utilizing a seed mixture approved by the USFS.

No drilling has been conducted at the Golden Crest project by Solitario but is scheduled to begin before the end of the second quarter of 2023, pending permit approvals (see Exploration and Development section below).

No drilling has been conducted at the Golden Crest project by Solitario but is scheduled to begin in the second quarter of 2024, pending permit approvals (see Exploration and Development section below).

Sampling, Analysis and Security of Samples

19 unchanged sentences

Respec Company LLC (“Respec”) was engaged by the USFS to complete an Environmental Assessment (“EA”) on Solitario’s proposed POO activities.

A draft EA is nearing completion.

After a comment period the USFS, in coordination with Respec, will analyze and prepare responses to the public comments, make any required changes to the analysis, prepare a final EA and determine if a Finding of No Significant Impact (FONSI) is appropriate.

A USFS decision and an administrative record is anticipated to be filed by the end of the second quarter 2023.

A draft EA was completed and published in May 2023.

The USFS, in coordination with Respec, analyzed and prepared responses to the public comments, making any required changes to the analysis.

and then prepared a final EA and a determination if the project proposal conformed to a Finding of No Significant Impact (FONSI).

In December 2023, the USFS issued its final Environmental Assessment and Draft Decision of No Significant Impact on Solitario’s Proposed Golden Crest Drilling Program.

As a result of this decision, Solitario did not have to do any additional environmental studies beyond its comprehensive EA.

Following this decision, a 45-day period ensued allowing for interested parties that commented on the original draft EA to object to the FONSI decision.

The objection period has ended and currently the USFS is responding to the objections.

Completion of the objection review is anticipated by the end of March 2024.

Solitario is committed to a “best practices” policy for all of its exploration activities, whether on private or public lands.

For example, all proposed drill hole locations will be located adjacent to or on logging roads or other logging related surface disturbances.

For example, all proposed drill hole locations are located adjacent to or on logging roads or other logging related surface disturbances.

In this way drill hole sites will minimize or eliminate new surface disturbance on public land.

4 unchanged sentences

For 2024, Solitario is planning to conduct a 5,000-meter drilling program consisting of approximately eight to twelve exploration core holes.

The initiation of this program is dependent upon receiving permit approvals, which are expected before the end of the second quarter of 2023 (see Section 11 above for drill hole permitting process and status).

Solitario will also continue its surface exploration program at the Golden Crest project consisting of prospecting for new areas of mineralization through the collection of select rock grab samples, systematic soil sampling, trenching and geophysics.

The initiation of this program is dependent upon receiving final permit approvals, which are expected before the end of the second quarter of 2024 (see Section 11 above for drill hole permitting process and status).

Solitario will also continue its surface exploration program on a more limited scale at the Golden Crest project consisting of prospecting for new areas of mineralization and better defining existing areas through the collection of select rock grab samples, systematic soil sampling, trenching and geophysics.

Florida Canyon Zinc Project (Peru)

26 unchanged sentences

According to Peruvian law, concessions may be held indefinitely, subject only to payment of annual fees to the government.

In June 2023, payments of approximately $360,000 to the Peruvian government will be due in order to maintain all the Florida Canyon mineral rights of Minera Bongará S.A.

In June 2024, total payments of approximately $744,910 to the Peruvian government will be due in order to maintain all the Florida Canyon mineral rights of Minera Bongará S.A.

Nexa is responsible for paying these costs as part of its earn-in expenditure.

The joint venture reviews its land holdings annually to determine if additional claims need to be added, or lower priority claims dropped.

Peru imposes a sliding scale royalty varying from 1% to 12% of the operating profit of a mining operation.

12 unchanged sentences

The area of the majority of past drilling and the most prospective mineralization, Florida Canyon, was previously inaccessible by road, the work to date having been done by either foot or helicopter access.

Nexa has now completed approximately 40 kilometers of access road and is planning to complete the road access to local communities and the mineralized area of the project in 2023.

In 2023, Nexa completed road access to local communities and portions of the mineralized areas.

Nexa has now completed approximately 40 kilometers of access road.

Nexa maintains project field offices in Pedro Ruiz and a drill core processing facility and operations office in the nearby community of Shipasbamba.

6 unchanged sentences

Dense jungle or forest vegetation covers the project area.

With the exception of the partially completed access road and approximately 700 meters of tunneling, no permanent infrastructure facilities have been constructed within the project area

With the exception of the completed access road and approximately 700 meters of tunneling, no permanent infrastructure facilities have been constructed within the project area.

We discovered the Florida Canyon mineralized zone of the Florida Canyon project in 1996.

2 unchanged sentences

Cominco withdrew from the joint venture in February 2001, and at that time Solitario retained its 100% interest in the project.

We maintained the claims from 2001 to 2006, until the 2006 letter agreement was signed.

Nexa conducted surface drilling on an annual basis from 2006 to 2013 and from 2018 to 2019, and underground tunneling and drilling from 2010 to 2013.

We maintained the claims from 2001 to 2006, until the 2006 letter agreement was signed with Nexa.

Nexa conducted surface drilling on an annual basis from 2006 to 2013 and from 2018 to 2019, and 2023, Underground tunneling and drilling was conducted from 2010 to 2013.

All significant work on the property has been conducted by our joint venture partners, Cominco and Nexa, and is described below in Section 5, “Prior Exploration and Recent Work.”

13 unchanged sentences

Underground exploration operations were conducted from 2011-2013.

Nexa has more recently continued surface exploration work consisting of geologic mapping and sampling that has identified new surface zinc mineralization to the south and east of Florida Canyon and also 15 kilometers to the north and northwest in areas called San Jose and Naranjitos (see Chambara Project below).

Nexa’s expenditures for 2023 were approximately $4.0 million.

The two major work activities for 2022 were:

1) advancement and upgrading of the access road to the project area and adjacent communities as part of their community outreach program;

and 2) a significant metallurgical testing program (see section 9 below:

“Prefeasibility Studies”).

Four major work activities were completed in 2023.

These included:

1) completion and upgrading of the access road to the project area and adjacent communities as part of their community outreach program;

2) completion of the Phase 5 permitting allowing for an additional 169 new drilling platforms and permission to drill 54 previously permitted platforms, and 360 meters of new underground tunnels at San Jorge;

3) signing of a new two-year community exploration agreement with the local communities;

and, 4) initial drilling in the Florida Sur area to test for potential extensions of the Florida Canyon deposit.

Mineralization

29 unchanged sentences

The underground drilling was tightly spaced and designed to allow for feasibility-level reserve estimation.

The detailed drilling produced higher grades and tonnages in that portion of the zone that was tested compared to surface drilling results.

From November 2018 to October 2019, Nexa completed a 39-hole, 17,033-meter core drilling program.

5 unchanged sentences

All three objectives were successfully achieved.

In 2023, Nexa completed two core holes totaling 1,362 meters to test for potential extensions of the San Jorge zone to the south.

One hole interested a thin intercept of 0.5 m of 2.05% Zn, 0.47 % Pb, and 2.58 g/t Ag.

All past drilling conducted is within a footprint measuring approximately 2.5 kilometers long in a north-south direction and a little over a kilometer in an east-west direction.

23 unchanged sentences

Prefeasibility Studies

Nexa, either through its engineering staff or contracted independent mining engineering firms, has conducted prefeasibility-level studies to provide estimates of deposit size and grade, mining and processing recoveries, sizing of appropriate scale of operations, infrastructure design, and capital and operating cost estimates at a level of detail varying from preliminary economic assessment to prefeasibility levels.

Nexa, either through its engineering staff or contracted independent mining engineering firms, has conducted studies to provide estimates of deposit size and grade, mining and processing recoveries, sizing of appropriate scale of operations, infrastructure design, and capital and operating cost estimates at a level of detail varying from preliminary economic assessment to prefeasibility levels.

Other prefeasibility work completed by Nexa included drilling 16 diamond core holes in 2013 to evaluate geotechnical and hydrological parameters of the mineralized areas for both engineering and environmental purposes.

5 unchanged sentences

Increasingly lower recoveries of zinc and lead resulted in direct proportion to the percentage of oxides present in the ore tested.

In 2022, Nexa initiated a much more rigorous metallurgical testing program that mainly focused on sulfide mineralization, which is the dominant ore type (78%).

In 2022, Nexa initiated a more rigorous metallurgical testing program that mainly focused on sulfide mineralization, which is the dominant ore type (78%).

This work indicated higher Zn and Pb recoveries as well as higher concentrate grades than was estimated previously.

Zn recovery for sulfide mineralization was estimated at 91.7% with a concentrate grade of 56.6% and lead recovery of 88.5% with a concentrate grade of 52.1%.

The impact of these more recent metallurgical testing results combined with the increase in sulfide resources reported in 2021 is expected to have a positive impact on project economics.

Solitario and Nexa jointly funded a PEA prepared by SRK for the entire project in 2017 that incorporated a variety of Nexa-generated studies into the analysis.

2 unchanged sentences

It was assumed that concentrates would be trucked to Nexa’s Cajamarquilla zinc smelter facility in Lima, Peru.

Although sulfide recoveries reported in the 2017 PEA were very good, SRK suggested that optimization of processing and metallurgical parameters may result in improved recoveries and concentrate grade.

In consideration of this recommendation, in 2022, Nexa initiated a much more rigorous metallurgical testing program that mainly focused on sulfide mineralization, which is the dominant ore type (78%).

This work indicated higher Zn and Pb recoveries as well as higher concentrate grades than was estimated previously.

Zn recovery for sulfide mineralization was estimated at 91.7% with a concentrate grade of 56.6% and lead recovery of 88.5% with a concentrate grade of 52.1%.

The impact of these recent metallurgical testing results combined with the increase in sulfide resources reported in 2021 is expected to have a positive impact on project economics.

Prior to the 2022 S-K 1300 Florida Canyon TRS filing, Solitario filed on SEDAR in Canada a technical report entitled:

22 unchanged sentences

The effective date of the Mineral Resource Estimate is February 1 st , 2021.

The mineral resources are reported using a cutoff of US $41.40/t NSR for sub-level mining areas, US $42.93/t for cut and fill,

and US $40.61/t for room and pillar areas of the mine.

The mineral resources are reported using a cutoff of US $41.40/t NSR for sub-level mining areas, US $42.93/t for cut and fill, and US $40.61/t for room and pillar areas of the mine.

The minimum mining thickness was 3 m for sub-levels in cut and fill, and 4 m for room and pillars method.

2 unchanged sentences

Numbers may not sum correctly due to rounding.

Estimates for mineral resources are based on drill results received up to 30 October 2020, with 545 holes and a total length of 136,758.15 m stope shapes for support of economic potential were developed using the stope optimizer tool of Deswik (DSO).

Estimates for mineral resources are based on drill results received up to 30 October 2020, with 545 holes and a total length of 136,758.15 meters.

Stope shapes for support of economic potential were developed using the stope optimizer tool of Deswik (DSO).

Mining Operations

3 unchanged sentences

Planned Exploration and Development

Nexa plans to conduct a 4,000-to-5,000-meter core drilling program on the Florida Canyon project during 2023.

The program is focused on testing for southern extensions to the very well mineralized San Jorge and Sam structure and associated mantos bodies.

Drilling is also being considered in the Karen-Milagros and Sam areas to the north of the current resources.

Nexa plans to conduct a comprehensive evaluation of all its geologic data to develop a future drilling program.

Future drilling is expected to test extensions of the Florida Canyon area, but more importantly as many as four new totally un-drill tested prospect to the east and south.

Lik Zinc Project (Alaska)

32 unchanged sentences

In July 2018, the Company and Teck signed a Joint Exploration Agreement (“JEA”) whereby both parties agreed to fund a surface exploration program on a 50%/50% basis for 2018.

Addendums extending the JEA and providing funding for continued exploration were signed in 2019, 2020, 2021, 2022 and a fifth Addendum to the JEA is expected to be signed in 2023.

Teck has acted as manager of the exploration programs for the past four years.

Addendums extending the JEA and providing funding for continued exploration were signed annually from 2019 to 2023.

A sixth Addendum to the JEA is expected to be signed in 2024.

Teck has acted as manager of the exploration programs for the past five.

Accessibility, Climate, Local Resources, Infrastructure and Physiology

Access to the Lik property is by air to a gravel surfaced airstrip located on the property.

Access to the Lik property is by air to a gravel surfaced airstrip located on the property or helicopter.

The airstrip is capable of handling multi-engine cargo planes.

18 unchanged sentences

The Red Dog mine, operated by Teck, is located about 13 miles southeast of the deposit.

Potentially, concentrates could be moved along the access road from the Red Dog mine to the port on the Chukchi Sea.

Construction of a road would be required to connect the Lik deposit to the haul road from Red Dog to the port.

The port has a shipping season in excess of 100 days.

The Red Dog ore deposit was originally discovered in 1970 by a geologist undertaking mapping in the De Long Mountains area on behalf of the United States Geological Survey.

46 unchanged sentences

Details of these historical drilling campaigns are discussed above under the heading “History” and below under the heading “Drilling.”

Teck conducted a soil sampling survey, an Induced Polarization (“IP”) geophysical survey and geologic mapping in 2021.

The majority of this work was conducted northeast of the Lik deposit exploring for indications of potential new zinc deposits on trend with the Lik deposit in favorable stratigraphy.

Teck, on behalf of the Teck-Solitario joint venture, has conducted soil and rock sampling surveys, geologic mapping, Induced Polarization (“IP”), ground gravity and airborne-ZTEM geophysical surveys, and relogging of old core from 2018 through 2023.

The majority of this work was conducted northeast and west of the Lik deposit exploring for indications of potential new zinc deposits on trend with the Lik deposit in favorable stratigraphy.

A total of 381 soil samples were collected.

9 unchanged sentences

Drill hole location includes step-out drilling surrounding the currently defined deposit as well as location along strike to the northeast and theoretical targets more distant to the deposit.

This robust permitting submission allows for significant flexibility in the choice of drill sites for the next five years.

This robust permitting submission that allows for significant flexibility in the choice of drill sites for the next five years was approved in 2023.

Teck also completed one drill hole in 2023.

This hole did not intersect significant mineralization.

Mineralization

44 unchanged sentences

Managed by Teck

Zazu completed two diamond drilling programs during 2007 and 2008 to further test the Lik South deposit and to obtain samples for metallurgical testing.

52 unchanged sentences

The PEA analyzed the Lik project as a stand-alone operation and assumes construction of its own independent processing, tailings and port facilities.

Alternate development scenarios might be developed utilizing infrastructure under the control of the nearby Red Dog operation.

Alternate development scenarios might be developed utilizing Red Dog infrastructure under the control of Teck..

However, no agreements are in place to develop such plans and are therefore hypothetical.

21 unchanged sentences

Silver may also be recovered and payable at times in the zinc concentrate and, more significantly, in the lead concentrate.

Silver recoveries may improve if a pyrite circuit was utilized.

Reserves and Resources

19 unchanged sentences

Solitario and Teck are in final discussions to potentially fund a 2024 exploration program, with Teck acting as project manager.

The program, if approved, consists of drilling two core holes totaling approximately 716 meters (2,350 feet) to test for extensions to the currently defined Lik deposit.

An airborne ZTEM survey to measure for resistivity features at depth is also being considered.

The drilling and geophysical programs, if approved, would begin in June of 2023.

Currently, no drilling is anticipated for 2024.

Chambara Zinc Property (Peru)

7 unchanged sentences

Nexa originally contributed 52 mineral concessions within the area of interest totaling 52,000 hectares to Minera Chambara for a 15% interest in Minera Chambara.

We contributed 9,600 hectares of mineral claims and an extensive exploration data base in our possession for an 85% interest in Minera Chambara.

We contributed 9,600 hectares of mineral claims and an extensive exploration database in our possession for an 85% interest in Minera Chambara.

Existing and future acquired properties subject to the terms of the shareholders’ agreement will be controlled by Minera Chambara.

1 unchanged sentence

The current claim holdings of Minera Chambara are 48 concessions totaling 40,583 hectares of valid concessions that completely surround the Florida Canyon project area held by Minera Bongará.

According to Peruvian law, concessions may be held indefinitely, subject only to payment of annual fees to the government.

In June 2024, total payments of approximately $990,640 to the Peruvian government will be due in order to maintain all the Chambara mineral rights.

Nexa is responsible for paying these costs as part of its earn-in expenditure.

The joint venture reviews its land holdings annually to determine if additional claims need to be added, or lower priority claims dropped.

Peru imposes a sliding scale royalty varying from 1% to 12% of the operating profit of a mining operation.

The percentage royalty is determined by rule based on the operating margin;

however, the minimum royalty is 1% of the revenues.

As of December 31, 2023, Minera Chambara’s only assets are the properties and Minera Chambara has no debt.

Nexa may increase its shareholding interest to 49% through cumulative spending of $6,250,000 and may further increase its interest to 70% by funding a feasibility study and providing construction financing for Solitario's interest.

Nexa has not met the cumulative spending total as of December 31, 2022.

Nexa has not informed Solitario that it has met the cumulative spending total as of December 31, 2023.

If Nexa provides such construction financing, we would repay that financing, including interest, from 80% of Solitario's portion of the project cash flow.

The geology of the Chambara project area is the same as that found on the Florida Canyon property (see Section 4 and 6 of the Florida Canyon Project description).

Significant geochemical anomalies and outcropping mineralization have been identified at several locations on the Chambara property.

5 unchanged sentences

Discontinued Projects

We had no mineral property impairments in 2022.

During 2021 we recorded $17,000 of mineral property impairment related to our decision to abandon our Gold Coin project in Arizona.

We had no mineral property impairments in 2023 and 2022.

Mineral Resources

The following mineral resources summary represents resources attributable to Solitario’s interest in the mineral resources as provided in the S-K 1300 Florida Canyon TRS at Solitario’s current 39% interest at the Florida Canyon project in Peru and Solitario’s interest in the mineral resources provided in the S-K 1300 Lik TRS at Solitario’s current 50% interest at the Lik project in Alaska, in each case as of the end of the fiscal year ended December 31, 2022.

Lik (1)(3)(5)

88 unchanged sentences

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 2. Properties