What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-03-12 compared with 2024-03-22 · 138 added, 55 removed, 738 unchanged (21% of the section changed)

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Technical Report Summaries and Qualified Persons

The scientific and technical information concerning our mineral projects in this Annual Report on Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our Chief Operating Officer, Walter Hunt.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Annual Report on Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are incorporated by reference into, this Annual Report on Form 10-K.

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Two hundred forty-one of the claims are leased from Golden Crest II, LLC , a Wyoming limited liability company (“GC LLC”) and 27 unpatented claims (“Easter Claims”) are leased from the Easter Project, LLC, a Wyoming limited liability company.

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

All the remaining claims are owned by Solitario and were staked throughout 2021-2024.

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

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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 $1,200,000 work commitment for the first three years.

Solitario has fulfilled its $2,000,000 work commitment for the first four 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.

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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.

Solitario drilled 1,667 feet on the Easter Claims in 2024, completing its work commitment.

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

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The Golden Crest project is in forested highlands with subdued relief separated by steep-sided canyons.

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

Elevations in the immediate area range from approximately 1,500 meters to 2,000 meters.

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.

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Average precipitation is greater at the higher elevations of the property itself.

The mineral exploration season is generally from early-April to late-November.

The mineral exploration season is generally from early-May to late-November.

The closest population center is Spearfish, South Dakota (population 11,500), which represents the largest city in Lawrence County (population:

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Solitario acquired these claims in May of 2021.

Prior to Solitario’s acquisition of the GC Claims, GC LLC completed a minimal amount of work comprised mainly of rock sampling throughout the area.

Prior to Solitario’s acquisition of the GC Claims, GC LLC completed a minimal amount of work comprised mainly of rock sampling throughout the leased area.

GC LLC discovered gold bearing rocks, mainly along recently disturbed logging roads, in the area where Homestake collected and documented gold anomalies in dry stream sediments.

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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.

The upper Pahasapa was strongly karsted in the Black Hills prior to deposition of the Minnelusa, producing the world’s largest known paleo-cave systems.

This karsted carbonate package is an important lithologic host for alteration and mineralization across the Golden Crest project.

The thickness of the Paleozoic sedimentary package varies from east to west across the Lead District from less than 240 m thick east of Deadwood to over 365 m thick at Tinton in the west.

The thickness of the Paleozoic sedimentary package varies from east to west across the Lead District from less than 240 meters thick east of Deadwood to over 365 m thick at Tinton in the west.

Tertiary igneous rocks preferentially invade several shale horizons in the Deadwood Formation and have locally inflated the thickness of the Cambro-Ordovician section by up to 300 m.

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The Golden Crest project area is centered on a broad synform separating the Lead and Tinton domes in the west-central part of the Lead Gold District.

Geographically the synform constitutes a broad plateau 40 km long and up to 20 km across with little structural or topographic relief.

Geographically the synform constitutes a broad plateau 40 km long and up to 20 km across with generally subdued topographic and structural relief.

However, locally several major faults have moderately disrupted and offset stratigraphy.

The surface of the plateau is dominated by Upper Paleozoic rock units, the Mississippian Pahasapa Group and the Pennsylvanian Minnelusa Formation.

No Precambrian is exposed on the Golden Crest project property and only three diamond drill holes have been drilled into these Precambrian rocks.

No Precambrian is exposed on the Golden Crest project property and only three diamond drill holes were previously drilled into these Precambrian rocks.

Prior Exploration and Recent Work

The first known mineral exploration work on the property was a limited dry stream sediment survey conducted by Homestake from 1988 to 1993 over a 250 square kilometer area.

With the exception of about a dozen prospect pits that are thought to be well in excess of 120 years old, the first known mineral exploration work on the property was a limited dry stream sediment survey conducted by Homestake from 1988 to 1993 over a 250 square kilometer area.

The results of this survey pointed to a seven square kilometer area of anomalous gold values that was subsequently staked by the GC LLC and leased by Solitario.

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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.

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

Homestake reported that two of the three holes intersected the Homestake Formation, but no assay information was reported.

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.

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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 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.

Exploration work during the past four years has consisted of extensive grid soil sampling, select grab rock sampling of float and less commonly bedrock, hand-dug trenching, geologic mapping, limited Induced Polarization ground geophysics and core drilling in 2024.

Mineralization

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All of these prospects have returned anomalous gold assays, with fourteen containing multi-gram gold per tonne and the remaining prospects returned values between 0.1 and one-gram gold.

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

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

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

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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.

As shown on the Rock Grab Sample Assay Map on the righthand side below, mineralization at Downpour has now been identified over an 800-meter-long strike length, with a width of up to 500 meters wide.

Solitario also expanded its exploration search area at the Downpour Prospect in 2023 and successfully enlarged the potential target area for high-grade gold mineralization significantly to the northeast.

As shown on the Downpour-Wild Rose Trend map on the righthand side below, surface mineralization has now been traced over a length of nearly four kilometers and with a width of up to 500 meters.

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.

Wild Rose is defined by 101 reconnaissance surface grab samples of float and subcrop mineralization;

34 of these samples contained gold values in excess of 1.0 grams per ton (“gpt”) gold.

Downpour trenching results with assay values in gpt gold.

Greater Downpour area with rock grab sample assay results.

Downpour-Wild Rose Trend rock grab sample assay results.

In 2022, Solitario discovered a new area of significant mineralization within a generalized area called Ponderosa.

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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 Spur, a 234-meter trench along an abandoned logging road yielded an average grade of 0.82 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.

Extensive sampling in 2023 showed that three separate zones identified in 2022 (Geyser, Spur and Zig Zag) coalesce into a single zone that is now solely referred to as the Geyser.

The Geyser Zone is V-shaped and is believed to represent two intersecting structural trends (see map below).

The west limb is a broad rectilinear zone that trends north-south and is 1,200 meter long and up to 600 meters wide.

At its southern end, a distinct, structurally controlled zone branches off to the northeast for 1,100 meters forming the eastern limb of the V-shaped surface mineralization.

This zone varies from 200 to 400 meters in width.

The complete Geyser dataset from the 2022 and 2023 field seasons totals 515 rock grab samples.

Ninety-nine (99) of these samples have returned values in excess of 1.0 gpt gold, with 36 exceeding 10 gpt gold.

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

Geyser-Spur-Zig Zag prospect area with gold (gpt) assays for rock grab samples and trench samples.

All areas of trenching on the Golden Crest properties are manually completed using hand tools and are reclaimed as soon as sampling is complete.

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 in the second quarter of 2024, pending permit approvals (see Exploration and Development section below).

Expanded sampling conducted in 2023 northeast of the Geyser strongly suggests that the high-grade gold zone extend another two kilometers to the northeast and includes the Sleeping Beauty and Holland zones.

Based on surface exploration work through the end of the 2024 field season, the top 10 surface targets are:

Solitario’s first ever drilling at Golden Crest commenced in mid-July and ended in early December, 2024.

Eleven core holes were completed totaling 4345.7 meters.

With the exception of the first three holes that were drilled from the same platform, the remaining eight holes were widely spaced (see “2024 Drill Hole Location Map” below).

Three sizes of core were drilled.

All holes were started using PQ sized core (122.6 mm diameter).

The core size was usually reduced to HQ sized core (63.5 mm diameter) at approximately 50 meters and then sometimes, depending on drill hole conditions, core size was occasionally further reduced to NQ sized core (47.5 mm diameter).

2024 Drill Hole Location Map

Drill hole locations were selected based upon rock and soil geochemistry, geologic mapping and to a lesser extent, Induced Polarization geophysics.

The stratigraphy, alteration and assay results encountered in the 2024 drill core, supports the notion that Solitario’s land position has many similarities to the geology and mineralization of the Homestake – Wharf gold system several miles to the east.

Highlights and important geologic/exploration observations of the 11-hole program include:

Significant multi-gram gold mineralization intersected in four different areas (See “2024 GC Crest Drill Hole Summary Assay Results” below).

Six of eleven drill holes intersected gold grades exceeding one gpt;

the other five holes contained anomalous gold and/or pathfinder elements.

Strongly mineralized Wharf-style gold mineralization was intersected in the Lower Deadwood Formation in hole GC-008.

Favorable carbonate/evaporite stratigraphic horizons are excellent hosts to gold mineralization and were well mineralized over approximately 30 meters in GC-001, GC-002 and GC-003.

High-grade paleo-placer gold was intersected in a narrow interval between Precambrian-aged rocks and the Cambrian Lower Deadwood in GC-008, suggesting a Homestyle-style gold source.

A potential feeder structure within Paleozoic carbonate sequence was mineralized in GC-011.

A narrow multi-gram diatreme breccia consisting of Precambrian pulverized rock flour matrix (without silicification or pyritized), suggests a Precambrian gold source emplaced forcibly during Tertiary times.

Precambrian Banded Iron Formation (“BIF”) was intersected in both GC-009 and GC-010.

This is the only area outside of the immediate Homestake district that Homestake BIF has been identified.

Homestake BIF hosts the entire 68-million-ounce gold endowment of the Homestake mine situated about 15 kilometers east of these drill holes.

Both strong and weak soil and rock surface sample anomalies can be pathfinders to strong mineralization at depth.

Structures appear to be very important to the deposition of gold mineralization in certain areas.

2024 Golden Crest Drill Hole Summary Assay Results

Host Rock Type

Mission Canyon

322.5 to 363.5

Lower Deadwood

344.2 to 363.5

Lower Deadwood

344.2 to 349.9

Lower Deadwood

355.1 to 363.5

Lower Deadwood

361.5 to 363.5

Lower Deadwood

391.6 to 392.0

Intrusive Breccia

394.7 to 395.2

160.4 to 163.1

Structure-Lodgepole

True thickness for holes GC-001, 002 and 003 estimated at 75-90%;

for all other holes, true thickness is not estimated

Sampling, Analysis and Security of Samples

All drill core is placed and marked in boxes by the independent drilling contractor.

The core boxes are then collected directly from the drill rig, transported to Solitario’s secure logging facility and is logged and photographed by Solitario’s geologists.

Core that is deemed to be potentially mineralized is split into two samples, and half of each sample submitted directly to American Assay Labs in Reno, Nevada, through secure chain of custody protocols.

The other half of the core is placed back into the core box for archive and potential further study and analysis.

Sample widths generally range from 0.4 to 2.2 meters in drill length.

Solitario geologists and technicians bag each individual sample interval and load each group of samples onto an independent trucking company truck.

All activities prior to shipment are directly supervised by Solitario geologists.

All core sample are transported, prepared and analyzed at the American Assay Laboratories in Reno, Nevada, which is independent from Solitario.

Thorough QA/QC protocols are followed on the project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes.

Samples are pulverized from a 250g sample to 85% passing 75 mesh.

Approximately 225g of pulp sample is prepared for fire assay.

Assays are based on a 30g fire assay aliquot for gold with Atomic Absorption finish.

If the gold value from Atomic Absorption is >10 gpt, an additional 30g of pulp sample is fire assayed for gold using a gravimetric finish.

The collection of all select surface grab rock samples was supervised by project geologists, including chain of custody.

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In all cases, chip channel and trenching samples are considered more representative than select grab samples.

Samples were analyzed by ALS Laboratories in Reno, NV, a laboratory accredited in accordance with the standards of ISO 17025:2017.

Surface samples were analyzed by ALS Laboratories in Reno, NV, a laboratory accredited in accordance with the standards of ISO 17025:2017.

The samples were crushed and pulverized, and sample pulps were analyzed using industry standard fire assay methods.

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Drill Hole Permitting, General Reclamation and ESG

Solitario submitted a Plan of Operations (“POO”) to the USFS in late-2021 for 25 widely spaced drill hole locations throughout our property position.

Solitario submitted its original Plan of Operations (“POO”) to the USFS in late-2021 for 25 widely spaced drill hole locations throughout our property position.

After USFS comments, and Solitario responses to those comments, the POO was deemed complete in May of 2022.

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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.

USFS completed its analysis of the objections and made the determination to allow drilling to begin in June 2024.

Several State approvals were also acquired during this period.

Solitario submitted a second POO to the USFS in December 2022 for 44 drill hole platform locations situated southeast of the original Golden Creast POO.

We refer to this area as Ponderosa.

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

As the end of February, 2025 the draft EA is nearing completion.

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

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

All rock and soil sampling, as well as hand-tool trenching, conducted to date has been reclaimed as soon as practical after taking of surface samples.

All rock and soil sampling, as well as hand-tool trenching, conducted to date has been reclaimed as soon as practical after taking surface samples.

We have monitored the impacts of these activities, and in all instances, virtually no visual impacts exist after completion of reclamation.

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Planned Exploration and Development

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 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.

For 2025, Solitario is planning to conduct a Phase-1, 4,000-meter drilling program consisting of approximately 15 exploration core holes.

Depending on drilling results and additional funding, an expanded Phase-2 drilling program is anticipated utilizing a second drill rig.

The initiation of the Phase-2 program is dependent upon receiving final permit approvals for Ponderosa, which are expected before the end of the second quarter of 2025.

Florida Canyon Zinc Project (Peru)

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The Florida Canyon project consists of 11 concessions comprising 8,700 hectares of mineral rights originally granted to Minera Bongará S.A., our subsidiary incorporated in Peru.

Approximately 3,900 hectares of low priority concessions were terminated in 2024.

The property is located in the Department of Amazonas, northern Peru.

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Nexa may earn an additional 9% interest (up to a 70% shareholding interest) in Minera Bongará S.A., by sole-funding future annual exploration and development expenditures until a production decision is made.

The option to earn the 70% interest can be exercised by Nexa at any time by committing to place the project into production based upon a completed feasibility study.

The option to earn a 70% interest can be exercised by Nexa at any time by committing to place the project into production based upon a completed feasibility study.

Nexa is the project manager.

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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.

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.”

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Nexa’s expenditures for 2024 were approximately $2.0 million.

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.

Nexa completed significant upgrading of the access road to the project area and adjacent communities as part of their community outreach program.

Nexa also continued its social initiatives that benefited education, health and commercial activities in the local communities in which the project is located.

A rigorous new total re-evaluation of Florida Canyon’s resource model to better evaluate the upside potential remaining at Florida Canyon was initiated and is continuing.

This remodeling of the resource will aid in identifying new high-priority drill targets within the current footprint of the deposit.

Mineralization

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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.

One hole interested a thin intercept of 0.5 meters 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.

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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.

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Planned Exploration and Development

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.

Nexa is continuing its extensive remodeling of the Florida Canyon deposit and expects to complete this in the second quarter of 2025.

The new resource model will guide the scale future drilling activities.

Social work engagement with the local community will also continue.

Lik Zinc Project (Alaska)

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The claims are located in the southwestern DeLong Mountains in the Wulik River drainage.

To retain the state claims, the Company is required to make annual rental payments to the State of Alaska.

The estimated rental payments for 2022 are $9,000.

To retain the state claims, the required annual rental payments to the State of Alaska for 2025 are approximately $9,000.

Property holders are also required to perform assessment work with the amount dependent on the area of the State claims.

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This hole did not intersect significant mineralization.

In 2024, Teck completed its ZTEM inversion process from the airborne geophysical program it completed in 2024.

Teck also worked on a 3D geologic model and previously completed ground gravity geophysical survey.

Teck believes there is potential for additional drill targets, based on ZTEM inversion modelling, geologic mapping, and ground gravity.

2023 ZTEM In-Phase TPR 360 Hz (2024 Interpretation)

Mineralization

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March 3, 2014;

prepared by JDS Energy and Mining Inc (“JDS”).

prepared by JDS Energy and Mining Inc.

Metallurgical Testing and Mineral Processing

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Planned Exploration and Development

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

Currently, no drilling is anticipated for 2024.

Current project plans for 2025 include additional ground gravity geophysics and assessment of future historic camp reclamation work.

Solitario and Teck are in discussions to finalize the 2025 work program, with Teck acting as project manager.

No drilling is planned for 2025.

Chambara Zinc Property (Peru)

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

Minera Chambara dropped selected concessions in 2013 and 2016 and acquired the rights to 13 new concessions totaling 11,600 hectares in 2017.

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.

In 2023 and 2024, Nexa dropped lower potential concessions.

Minera Chambara currently holds 12 concessions totaling 9,661 hectares 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.

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There are no reported mineral reserves or mineral resources at the Chambara project.

Other Mineral Properties

Solitario leased a 100% interest in the Cat Creek project in south-central Colorado from a private third party in 2023.

Solitario has only conducted very limited work on the property to date but has secured permits for two drill hole locations.

The next annual payment is $16,000.

No decision has been made to drill.

Discontinued Projects

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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, 2024 and 2023.

There has been no change to Solitario’s mineral resources as a result of exploration work performed during 2024.

Lik (1)(3)(5)

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“Assay” means to test minerals by chemical or other methods for the purpose of determining the amount of valuable metals contained.

“Amphiobile” means any of a class of rock-forming silicate or aluminosilicate minerals typically occurring as fibrous or columnar crystals.

“Anticline” means folds in which each half of the fold dips away from the crest.

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“Pahasapa” means a formation as a geologic unit of primarily limestone and dolomite that is exposed in the Black hills of South Dakota of Mississippian aged limestones and dolomites.

”Plagioclaste” means a group of feldspar minerals that form a solid solution series ranging from pure albite, Na(AlSi 3 O 8 ), to pure anorthite, Ca(Al 2 Si 2 O 8 ).

“Pyrite” means a compound of iron sulfide (FeSO2) commonly found in mineral rich areas.

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“Sediment” means solid material settled from suspension in a liquid.

“Sedimentary Exhalative Deposits (SEDEX)” means ore deposits which have been formed by the release of ore-bearing hydrothermal fluids into a water reservoir.

“Silicification” means the process in which organic matter becomes saturated with silica (silicon dioxide).

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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