10 unchanged sentences
Solitario has recorded revenue in the past from the sale of mineral properties, including the sale of certain mineral royalties.
−Removed: Revenues and / or proceeds from the sale or joint venture of properties or assets, although 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.
+Added: 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 Golden Crest project in South Dakota, 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.
2 unchanged sentences
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.
−Removed: Teck completed a drilling program and conducted mapping and ground gravity geophysical activities at the Lik project during 2022 and 2023.
−Removed: Solitario is conducting mineral exploration on its Golden Crest project on its own.
−Removed: As of December 31, 2023, Solitario anticipates using its cash and short-term investments, in part, to further fund the exploration of its Golden Crest, Florida Canyon, and Lik projects and to potentially acquire additional mineral property assets.
+Added: During 2024, Solitario began work on a new early-stage project, the Cat Creek project in Colorado.
+Added: Solitario is conducting mineral exploration on its Golden Crest project and the Cat Creek project on its own.
+Added: As of December 31, 2024, Solitario anticipates using its cash and short-term investments, in part, to further fund the exploration of its Golden Crest, Florida Canyon, Lik and Cat Creek projects and to potentially evaluate and 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
−Removed: As of December 31, 2023, Solitario had six full-time employees and three part-time seasonal employees.
+Added: As of December 31, 2024, Solitario had four full-time employees and three 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.
1 unchanged sentence
The health and safety of our employees and others is a priority in how we manage and operate our business.
−Removed: Overall oversite of the operations is the responsibility of Solitario’s Chief Executive Officer and the Board of Directors.
+Added: Overall oversight 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.
9 unchanged sentences
Solitario is subject to various risks and uncertainties that are specific to the nature of its business and the exploration of its mineral properties.
−Removed: Solitario also faces various macro risks and uncertainties, such as risks related to health epidemics, pandemics, and other outbreaks or resurgences of communicable diseases, the occurrence of natural disasters, rising geopolitical tension and instability, acts of war or terrorism, global economic uncertainty, inflationary pressures, increased interest rates, and volatility and disruption in national and international financial markets.
+Added: Solitario also faces various macro-economic risks and uncertainties, such as risks related to health epidemics, pandemics, and other outbreaks or resurgences of communicable diseases, the occurrence of natural disasters, rising geopolitical tension and instability, acts of war or terrorism, global economic uncertainty, inflationary pressures, interest rate volatility, and volatility and disruption in national and international financial markets.
These risks and uncertainties could significantly disrupt Solitario’s operations and may materially and adversely affect its business and financial condition.
1 unchanged sentence
Solitario will continue taking proactive steps to monitor and address the impacts of these risks and uncertainties on its operations, financial condition, and liquidity.
−Removed: Such steps may include, for example, modifying the scope of exploration projects to the extent necessary to respond to public-health emergencies, a step Solitario and its joint venture partners took to address the impacts of the COVID-19 pandemic;
+Added: Such steps may include, for example, modifying the scope of exploration projects to the extent necessary to respond to public-health emergencies;
reducing costs and increasing operational efficiency in response to inflationary stress and economic downturn;
4 unchanged sentences
Golden Crest Project [South Dakota] (100%)
+Added: Cat Creek Project [Colorado] (100%)
Zazu Metals Corporation.
30 unchanged sentences
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.
+Added: During 2024, Solitario paid the underlying owner a bonus payment of $25,000, per the terms of the lease, because an initial drill hole contained a minimum of at least 10 meters of two (2) grams per tonne of gold.
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.
−Removed: In order to maintain the lease in good standing, Solitario has agreed to escalating work commitments, on the GC Claims and a related area of interest around the GC Claims totaling $3,000,000 during the first five years of the lease, with the first and second-year minimum expenditures totaling $600,000 ending June 2022.
+Added: In order to maintain the lease in good standing, Solitario has agreed to escalating work commitments, on the GC Claims and a related area of interest around the GC Claims totaling $3,000,000 during the first five years of the lease, with the first second and third-year minimum expenditures totaling $1,200,000 for the period ending December 2024.
Solitario has exceeded the minimum exploration expenditures required through 2024.
6 unchanged sentences
Nexa holds the remaining 15% interest.
−Removed: We conduct exploration and property evaluation activities in Peru and in the United States in Alaska and South Dakota either on our own using contract geologists, or through joint ventures operated by our partners.
+Added: During 2023 Solitario entered into a lease agreement with Cat Creek LLC, the underlying owner of certain mineral claims in Colorado covering the Cat Creek project (the “Cat Creek Agreement”).
+Added: During 2024 Solitario capitalized its initial payments of $12,000 related to the Cat Creek project.
+Added: Per the terms of the Cat Creek Agreement, to maintain the lease, Solitario has agreed to pay, at its option, additional annual payments totaling $127,000 through July 2028, of which $12,000 has been paid through December 31, 2024.
+Added: In addition, to maintain the lease, Solitario has agreed to escalating work commitments on the Cat Creek claims and the related area of interest around the Cat Creek claims totaling $2,270,000 through December 31, 2029, with additional work commitments totaling $750,000 per year until December 2033.
+Added: Solitario has exceeded the minimum exploration expenditure required through 2024.
+Added: The underlying owner retained a 2.0% Net Smelter Return royalty.
+Added: 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.
+Added: We conduct exploration and property evaluation activities in Peru and in the United States 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.
11 unchanged sentences
(“Vendetta”), Vox Royalty Corp.
−Removed: (“Vox”) and Kinross Gold Corporation (“Kinross”);
+Added: (“Vox Royalty”) and Kinross Gold Corporation (“Kinross”);
(iv) sales of covered call options on common stock of Kinross we hold;
3 unchanged sentences
mineral exploration.
−Removed: We currently conduct, whether directly or through our joint venture partners, 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.
−Removed: As of March 21, 2024, we had six full-time employees located in the United States and no full-time employees outside of the United States.
+Added: We currently conduct, whether directly or through our joint venture partners, exploration activities in Peru, Alaska, Colorado and South Dakota and evaluate properties for potential acquisition and evaluation of strategic corporate opportunities throughout North and South America.
+Added: As of March 10, 2025, we had four 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.
6 unchanged sentences
We are required to obtain licenses, permits and other authorizations in order to maintain our various mineral property rights and interests and to conduct our exploration programs.
−Removed: Our failure to comply with any of these requirements could result in the loss of our ability to conduct mining activities in a particular location, which could have a material adverse impact on our business.
+Added: Our failure to comply with any of these requirements could result in the loss of our ability to conduct exploration or mining activities in a particular location, which could have a material adverse impact on our business.
Environmental Regulations
16 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.