What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-05 compared with 2025-03-12 · 106 added, 76 removed, 800 unchanged (19% of the section changed)

15 unchanged sentences

Property Description and Location

(map of Golden Crest project)

The Golden Crest project is in the northern Black Hills of western South Dakota in Lawrence County.

A map of the project location is shown above.

A map of the project location is shown below.

The Golden Crest project is comprised of 1,592 unpatented lode claims, with an associated area of approximately 30,388 acres.

6 unchanged sentences

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 $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.

Solitario has fulfilled its $3,000,000 work commitment for the first five years ending on December 31, 2025.

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.

2 unchanged sentences

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.

Location Map of Golden Crest and Unpatented Claims

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.

20 unchanged sentences

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:

The closest population center is Spearfish, South Dakota (population 13,800), which is the largest city in Lawrence County (population:

Spearfish is located along Interstate Highway 90, linking Rapid City, South Dakota to Gillette, Wyoming.

6 unchanged sentences

Solitario maintains an office in Spearfish, South Dakota.

The state of South Dakota ranks third among US states for historic gold production, totaling approximately 51 million ounces produced through 2020, most of which came from the world class Homestake Mine in Lead.

The state of South Dakota ranks among the top US states for historic gold production, totaling approximately 51 million ounces produced through 2020, most of which came from the world class Homestake Mine in Lead.

The first documented gold discovery in the Black Hills was made by prospectors attached to the Custer Expedition of 1874, who discovered placer gold in gravel bars along French Creek near the present site of Custer, South Dakota.

3 unchanged sentences

Gold mining has occurred continuously in the district for 149 years, a record unmatched by any other US gold mining district.

Despite the importance of the Lead Gold District among American mining camps, during the last 149 years very little regional exploration has been conducted on the property which comprises the Golden Crest project.

Despite the importance of the Lead Gold District among American mining camps, over the approximately 150 prior years very little regional exploration has been conducted on the property which comprises the Golden Crest project.

Although the Golden Crest project is adjacent to the Lead Gold District, the lack of regional exploration is apparently due to the widespread cover of the gold bearing Precambrian rocks by younger sedimentary formations.

40 unchanged sentences

The topography of most of the property is flat to very gently rolling so the lateral transport of the surficial rocks is minimal.

Apart from the float rock which is highly resistant to weathering, the inference of the subcropping geology is limited to areas where the topography is less flat and those areas where road cuts or road beds expose “C” horizon soils.

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 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.

Exploration work during the past five 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 and gravity ground geophysics, and core drilling in 2024 and 2025.

Mineralization

8 unchanged sentences

Upper and Lower Deadwood Formation).

Ore-forming magmatic hydrothermal fluids ascended from mineralizing centers may have passed through overlying Paleozoic carbonate sections along subvertical faults and fractures, becoming progressively cooler and diluted by ground water, and depositing trace elements and gold.

Ore-forming magmatic hydrothermal fluids ascended from mineralizing centers appear to have passed through overlying Paleozoic carbonate sections along subvertical faults and fractures, becoming progressively cooler and diluted by ground water, and depositing trace elements and gold.

This extensive hydrothermal fluid interaction is interpreted to have resulted in widespread low-temperature alteration of limestones, silicification and geochemical anomalism +/- gold mineralization in the Pahasapa Formation.

1 unchanged sentence

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 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.

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.

Additional surface sampling was conducted in the immediate area of the high-grade samples and eight continuous three-meter (total 24 meters) rock-chip channel samples were also collected.

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.

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

Additional surface sampling and trenching was conducted in 2022.

The map below depicts the high-grade gold cut in the trenches at Downpour.

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

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.

Solitario also expanded its exploration search area at the Downpour Prospect in 2023 and 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.

12 unchanged sentences

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:

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

The Geyser Zone is V-shaped and is believed to represent two intersecting structural trends.

Detailed surface sampling was conducted in all directions around the Geyser zone.

This work resulted in the discovery of six more anomalous zones, four to the northeast and two to the southwest (see “Ponderosa Trend Map with Planned Drill Holes” below).

Ponderosa Trend Map with Planned Drill Holes

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

GC Drill Hole Location Map

Solitario has drilled eleven core holes totaling 4346 meters in 2024 and seven core holes totaling 2652 meters in 2025.

Except for the first three holes drilled in 2024 and 2025, that were drilled from the same platform, the remaining twelve holes were widely spaced (see “GC Drill Hole Location Map” above).

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.

The stratigraphy, alteration and assay results encountered in the 2024/2025 drill core, supports the notion that Solitario’s land position has many similarities to the geology and mineralization of the Homestake – Wharf gold system 4-10 miles to the northeast.

Highlights and important geologic/exploration observations include:

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

Six of eleven drill holes intersected gold grades exceeding one gpt and six other holes contained anomalous gold in excess of 0.10 gpt gold, and/or pathfinder elements.

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

8 unchanged sentences

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

2024 Golden Crest Drill Hole Summary Assay Results

Significant Golden Crest Drill Hole Summary Assay Results (+0.50 gpt Gold)

Host Rock Type

23 unchanged sentences

Structure-Lodgepole

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

337.5 to 338.5

Lower Deadwood

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

for all other holes, true thickness is not estimated

Sampling, Analysis and Security of Samples

Three sizes of core were drilled during the 2024 and 2025 drilling programs.

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

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.

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

3 unchanged sentences

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.

All core samples 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.

21 unchanged sentences

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.

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

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).

Respec Company LLC (“Respec”) was engaged by the USFS to complete environmental studies and an analysis of Solitario’s proposed POO activities.

A draft environmental assessment (“EA”) was completed and published in May 2023.

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

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.

3 unchanged sentences

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.

Solitario submitted a second POO to the USFS in December 2022 for 44 drill hole platform locations (see above map:

“Ponderosa Trend Map with Planned Drill Holes”) situated southeast of the original Golden Crest 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.

Public scoping was completed in mid-2025.

As of March xx, 2026, the decision memo regarding approval of the POO under a Categorical Exclusion regulatory framework due to the limited environmental impacts proposed in the Ponderosa POO is pending.

Substantially all required reclamation for drilling completed to date has been satisfied.

All drill holes were plugged from the bottom-to-top with non-toxic approved impermeable materials according to State standards to prevent any transmission of ground water through the drill hole.

Re-seeding with native plant seeds was conducted soon after abandonment of each location and periodically treated to eliminate invasive weed species.

Re-vegetation of most drill sites is nearing completion, but the Company will continue to monitor progress to ensure complete re-vegetation of all sites.

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

5 unchanged sentences

Planned Exploration and Development

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.

For 2026, Solitario is planning to conduct a Phase-1, two-rig, 4,000-meter drilling program at Ponderosa consisting of approximately 20 exploration core holes.

Depending on drilling results, and additional funding, an expanded Phase-2, 6,000-meter drilling program is planned utilizing a third drill rig.

Florida Canyon Zinc Project (Peru)

12 unchanged sentences

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.

23 unchanged sentences

The requisite environmental and archeological studies were completed for all past work.

Nexa received a permit in 2021 to allow for drilling immediately south and east of the current Florida Canyon drilling area and is currently working on an additional permit for an expanded drilling program.

Although we believe that new permits will be obtained in a timely fashion, the timing of government approval of permits remains beyond our control.

Nexa may be required to obtain a new permit for additional drilling in the future..

The timing of government approval of permits remains beyond our control.

Accessibility, Climate, Local Resources, Infrastructure and Physiology

35 unchanged sentences

Underground exploration operations were conducted from 2011-2013.

A rigorous new total re-evaluation of Florida Canyon’s resource model completed in 2025 suggests that as much as a 30% increase in resources could be achieved within the current footprint of mineralization if more detailed drilling were conducted.

Additional infill-drilling is required to recognize this potential increase in 43-101 compliant resources.

The new resource model also identified new high-priority drill targets.

Of particular importance was the identification of chimney style mineralization above the near-horizontal mantos replacement deposits.

Nexa’s expenditures for 2025 were approximately $1.4 million.

1 unchanged sentence

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

12 unchanged sentences

Approximately 80% of mineralization defined at Florida Canyon is sulfide-dominant with the remainder being mixed sulfide-oxide, or oxide-dominant.

Processing sulfide mineralization is commercially more profitable.

Processing sulfide mineralization is estimated to be commercially more profitable.

Karst features are localized along the feeder faults and locally produce "breakout zones" where mineralization may extend vertically across thick stratigraphic intervals where collapse breccias have been replaced by ore minerals.

89 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.

9 unchanged sentences

Planned Exploration and Development

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.

Nexa is continuing its social work engagement with the local community and has initiated discussions with the community to sign a new social/exploration agreement.

Lik Zinc Project (Alaska)

31 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 annually from 2019 to 2023.

A sixth Addendum to the JEA is expected to be signed in 2025.

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

Addendums extending the JEA and providing funding for continued exploration and reclamation were signed annually from 2019 to 2025.

An eighth Addendum to the JEA is expected to be signed in 2026.

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

Accessibility, Climate, Local Resources, Infrastructure and Physiology

16 unchanged sentences

There is a camp located on the Lik property.

The camp has been used periodically over the last fifteen years.

The camp has been used periodically over the last twenty years.

In the past several years, portions of the camp have been decommissioned and reclaimed.

The supply of electric power and workforce accommodation will have to be developed.

58 unchanged sentences

Holes Lik-230 and 232 did not intersect significant mineralization.

In addition to the drilling, Teck also conducted traverse geologic mapping to the northwest of the Lik deposit and a ground gravity geophysics with survey data points at 400-meter (1,300-foot) centers.

In addition to the drilling, Teck also conducted traverse geologic mapping to the northwest of the Lik deposit and a ground gravity geophysics survey with data points at 400-meter (1,300-foot) centers.

The geophysical survey was also conducted to the northwest of the Lik deposit and was successful in defining a low-amplitude gravity anomaly that requires further follow-up work.

154 unchanged sentences

Planned Exploration and Development

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.

Current project plans for 2026 are still under consideration within the joint venture.

Chambara Zinc Property (Peru)

10 unchanged sentences

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.

Minera Chambara currently holds 12 concessions totaling 9,880 hectares that 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.

16 unchanged sentences

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.

Cat Creek Molybdenum-Rhenium Project (Colorado)

The Cat Creek property is situated in south-central Colorado.

The geologic target is a potential molybdenum-rhenium porphyry system.

The project was originally discovered by Anaconda Copper Company (“Anaconda”) (formerly one of the largest mining companies in the world) in the early 1980’s.

Anaconda conducted significant surface exploration, including detailed geologic mapping, geochemical sampling and an Induced Polarization (“IP”) geophysical survey (see figure below).

The project was slated for drilling in mid-1983, but due to the sale of Anaconda by its parent, Atlantic Richfield (ARCO), all company-wide exploration activities were shut down in early 1983.

The property was never drill tested and no further exploration activities were subsequently conducted on the property.

Solitario signed a lease to acquire a 100% interest in the property from a private third party in May 2023.

The next annual payment is $20,000.

No decision has been made to drill.

Confirmatory surface exploration work was conducted on the property in 2023 to validate the existing Anaconda database.

Solitario initiated permitting for exploration drilling with the US Forest Service in late-2023 and completed the process in late-2024.

Permitting on both the Federal and State levels has been completed, and all permits necessary for core drilling have been obtained.

Colorado is home to two of the three largest and highest-grade primary molybdenum mines in the world, Freeport McMoran’s operating Climax and Henderson mines.

Cat Creek is situated less than 150 miles south of these two mines, and 80 miles north of the Questa molybdenum mine, a significant past producer.

Anaconda’s IP geophysical survey revealed a strong circular-shaped conductive body at depth underlain by a very resistive body.

This mushroom-shaped geophysical pattern is consistent with an underlying mineralized porphyry system approximately 800 meters in diameter, comparable to other large productive molybdenum mines in Colorado.

In addition to the molybdenum potential, this system appears to be exceptionally well endowed with rhenium.

Both molybdenum and rhenium have been designated as critical metals by the U.S.

Solitario plans to conduct a 1000-meter maiden drilling program in mid-summer 2026.

Cat Creek Project Induced-Polarization Geophysical Section

Bright Angel Gold-Copper Project (Colorado)

The Bright Angel property is located in north-central Colorado.

Solitario signed a lease to acquire a 100% interest in the property in September 2025.

The Bright Angel geologic target is a gold-copper porphyry system.

At Bright Angel, mineralized porphyry stockwork at surface contains significant values of gold and copper, with minor silver values.

Surface mineralization has been traced over an area approximately 750 meters by 600 meters.

Bright Angel was originally discovered in the late-1960’s when a private party completed 186 very shallow ( ~ 15 meters) and widely spaced drill holes.

Twelve of the more mineralized holes were deepened to depths of up to 200 meters.

Two of the holes reportedly intersected significant grades of gold and copper but are not reported here as Solitario is unable to verify the historic drill hole assay results.

However, Solitario’s select surface rock grab samples (see “Surface Rock Assays” table below) produced gold/copper grades consistent with the grades in the upper 15 meters of the reported historic drill holes.

Drilling will be required to confirm drill hole grades reported in the historic files.

Anaconda leased the property in 1970 and drilled eleven widely spaced core holes ranging in depth from 270 to 783 meters.

Anaconda intersected thick sections of 0.1% to 0.3% Cu in six of their core holes but generally did not assay for gold as gold price was fixed at $38 per ounce at that time and its exploration priority was a primary copper resource.

Anaconda continued to hold the lease for 10 years before exiting the mineral exploration business, when the property was dropped.

The property has sat idle for the past 50 years until Solitario acquired the rights to earn 100% interest in the minerals from a private entity in September 2025.

To date, Solitario has completed a surface reconnaissance rock sampling program and has initiated drill hole permitting.

Results of the surface sampling program have been encouraging with consistently anomalous to strong values of gold and copper.

Solitario has submitted a Notice of Intent to the U.S.

Forest Service to commence an exploration drilling program at Bright Angel and has recently submitted a Plan of Operations.

Plans are also underway to conduct a drone magnetic survey and possibly an Induced Polarization geophysical survey in the upcoming field season.

Surface Rock Assays

Discontinued Projects

We had no mineral property impairments in 2024 and 2023.

No discontinued projects were recognized in 2025 and 2024.

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, 2025 and 2024.

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

There has been no change to Solitario’s mineral resources as a result of exploration work performed during 2025 and 2024.

Lik (1)(3)(5)

85 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