Financial Performance - Net loss for the three months ended March 31, 2024, was $730,000, compared to a net loss of $380,000 for the same period in 2023, indicating an increase in loss of about 92.11%[17]. - Solitario reported a net loss of $730,000 or $0.01 per share for Q1 2024, compared to a net loss of $380,000 or $0.01 per share for Q1 2023, indicating an increase in net loss of 92.1%[70]. - Net cash used in operations increased to $991,000 for the three months ended March 31, 2024, compared to $685,000 for the same period in 2023[87]. Assets and Equity - Total assets decreased from $26,757,000 on December 31, 2023, to $25,705,000 on March 31, 2024, representing a decline of approximately 3.93%[13][14]. - Current assets decreased from $9,941,000 to $8,904,000, a reduction of about 10.43%[13]. - Shareholders' equity decreased from $25,950,000 on December 31, 2023, to $25,293,000 on March 31, 2024, a decline of approximately 2.53%[15]. - Solitario's shareholders' equity decreased to $25,293,000 at March 31, 2024, from $25,950,000 at December 31, 2023, primarily due to a net loss of $730,000[57]. - Working capital decreased to $8,657,000 as of March 31, 2024, down from $9,309,000 as of December 31, 2023[83]. Cash and Investments - Cash and cash equivalents decreased from $440,000 at the end of Q1 2023 to $141,000 at the end of Q1 2024, a decline of approximately 68.07%[19]. - As of March 31, 2024, the company has $7,659,000 in cash and short-term investments, with $7,518,000 in a money market account[81]. - The company anticipates using its cash and short-term investments to fund exploration activities and potentially acquire additional mineral property assets[24]. - Net cash provided from the sale of short-term investments was $918,000 in Q1 2024, compared to $809,000 in Q1 2023[89]. Operating Expenses - Total operating expenses increased from $757,000 in Q1 2023 to $833,000 in Q1 2024, marking an increase of approximately 10.03%[17]. - General and administrative costs were $413,000 in Q1 2024, slightly higher than $409,000 in Q1 2023, with travel and shareholder relation costs increasing to $186,000 from $139,000[73]. - Exploration expenses rose from $275,000 in Q1 2023 to $354,000 in Q1 2024, an increase of about 28.73%[35]. - Exploration expenses increased to $354,000 in Q1 2024 from $275,000 in Q1 2023, primarily due to higher costs at the Golden Crest Project, which rose to $335,000 from $241,000[71]. Marketable Securities - As of March 31, 2024, Solitario's marketable equity securities had a fair value of $1,040,000, up from $1,032,000 at December 31, 2023, reflecting an unrealized gain of $8,000[39]. - The company recorded an unrealized gain on marketable equity securities of $8,000 in Q1 2024, a significant decrease from $329,000 in Q1 2023[75]. - The company did not sell any marketable equity securities during the three months ended March 31, 2024, maintaining its investment strategy[39]. - The company did not sell any marketable equity securities during the three months ended March 31, 2024 or 2023[89]. Shareholder Activity - The company reported a weighted average of 79,624,000 shares outstanding for Q1 2024, compared to 64,801,000 shares for Q1 2023, reflecting an increase of approximately 22.76%[17]. - The company sold 1,651,309 shares of common stock under the ATM Agreement at a price of $0.68 per share, generating net proceeds of $1,085,000 in April 2024[61]. - The company entered into an ATM Agreement allowing for the sale of up to $10.0 million in common stock, but did not sell any shares during Q1 2024[86]. Internal Controls and Risk Factors - As of March 31, 2024, the management assessed the effectiveness of internal control over financial reporting and determined it to be effective based on COSO criteria[107]. - There were no changes in internal control over financial reporting during the quarter ended March 31, 2024, that materially affected its effectiveness[108]. - As of March 31, 2024, there were no material changes to the Risk Factors associated with the business compared to the 2023 Annual Report[110]. Other Financial Information - Solitario recorded an asset retirement obligation of $125,000 related to its Lik Project in Alaska[36]. - The total lease liability for Solitario's Wheat Ridge office lease is projected to be $85,000 through February 2026[42]. - As of March 31, 2024, the intrinsic value of outstanding stock options under the 2013 Plan is $491,000, with a weighted average life of 2.59 years[52]. - Solitario's deferred tax assets are fully offset by a valuation allowance, indicating uncertainty in realizing these assets[46]. - No options were exercised from the 2013 Plan during the three months ended March 31, 2023, indicating a potential lack of liquidity or market interest[52]. - There were no unregistered sales of equity securities during the quarter ended March 31, 2024[111]. - None of the Company's directors or officers adopted, modified, or terminated any trading arrangements during the quarter ended March 31, 2024[112].

Mineral Property Assets - Solitario's core mineral property assets include the Golden Crest project in South Dakota, the Florida Canyon project in Peru, and the Lik project in Alaska[21]. - Solitario holds a 50% operating interest in the Lik project, which is estimated to contain a large tonnage, high-grade deposit potentially mineable by open-pit methods[31]. - Nexa Resources, Solitario's joint venture partner at Florida Canyon, will increase its ownership to 70% by continuing to fund all project expenditures[31]. - The Florida Canyon project consists of 16 concessions covering 12,600 hectares, with Solitario holding a 39% interest and Nexa managing the project[141]. Financial Position and Risks - As of December 31, 2023, Solitario has incurred costs totaling $1,035,000 for staking, filing fees, legal, and other costs related to the Golden Crest project[33]. - The company anticipates using its cash and short-term investments to fund exploration of its projects and potentially acquire additional mineral property assets[22]. - The company has no reported mineral reserves as defined by SEC rules, which may hinder the ability to realize profits from property interests[47]. - The company may face significant financial risks due to the inherent uncertainties in mineral exploration, including potential impairments of investments[46]. - The market prices of gold and zinc are critical to the company's financial position, with fluctuations potentially leading to material adverse effects on operations[52]. - The company has reported losses in 27 of its 30 years of operations, with net income in only three years, indicating a significant historical financial challenge[81]. - The company has never paid cash dividends and does not intend to do so in the foreseeable future, meaning returns for shareholders will depend solely on stock price appreciation[82]. - The company may require additional funding for exploration and development, which could impair growth potential if not secured[56]. - Competition from other companies with greater resources may hinder the company's ability to effectively acquire and develop mineral properties[57]. - The title to mineral properties may be challenged, which could result in significant costs and adversely affect the company's financial position[61]. Exploration Activities - Solitario's exploration activities are subject to various risks, including fluctuations in commodity prices and macroeconomic uncertainties[28]. - The company has a total of six full-time employees and utilizes consultants and contractors for exploration activities[23]. - The company has fulfilled its $1,200,000 work commitment for the first three years of the GC Agreement, which includes a total of $3,000,000 in work expenditures over the first five years[102]. - The mineral exploration season at the Golden Crest project generally runs from early April to late November[107]. - Solitario plans to begin drilling at the Golden Crest project in the second quarter of 2024, pending permit approvals[130]. - Solitario plans to conduct a 5,000-meter drilling program in 2024, consisting of approximately eight to twelve exploration core holes, pending final permit approvals expected by the end of Q2 2024[137]. - The company has conducted various geochemical, geophysical, and geological activities intermittently from the late 1970s to 2011 to define drill targets[205]. Environmental and Regulatory Compliance - The company has a long history of committed environmental, social, and governance (ESG) practices, which are important to its stakeholders[27]. - The company has made expenditures to comply with increasingly restrictive environmental laws and regulations, which could substantially increase future operational costs[66]. - The final Environmental Assessment and Draft Decision of No Significant Impact for Solitario's Golden Crest Drilling Program was issued by the USFS in December 2023, allowing the project to proceed without additional environmental studies[135]. - The company is subject to changing laws and regulations, particularly regarding environmental compliance, which could delay operations and increase costs[64]. Joint Ventures and Partnerships - The company relies on joint ventures for project development, with significant dependence on the financial condition and operational expertise of its partners, which poses additional risks[72]. - The joint venture between the Company and Teck for the Lik property is governed by the Joint Operating Agreement, requiring unanimous approval for annual expenditures exceeding $1 million[187]. - Teck and the Company have agreed to annual exploration funding for the Lik project, with a Joint Exploration Agreement signed in July 2018 for a 50%/50% funding basis[188]. Geological and Resource Information - The Florida Canyon and Lik projects have reported mineral resources, but the potential for upgrading these to reserves depends on additional geological work and economic evaluations[48]. - The estimated mineral resources for the Florida Canyon deposit include 806,945 tonnes at 11.32% Zn and 1.39% Pb in the measured category, and 1,634,702 tonnes at 10.28% Zn and 1.31% Pb in the indicated category[173]. - The Lik deposit is a black shale-hosted stratiform zinc-lead-silver sedimentary-exhalative (SEDEX) deposit, with major sulfides including pyrite-marcasite, sphalerite, and galena[209]. - Significant drill hole intercepts include 58.8 meters at 12.0% zinc and 2.8% lead in the Sam zone, and 56.6 meters at 22.69% zinc and 1.15% lead in the San Jorge zone[156]. Cybersecurity and Operational Risks - The company has invested in cybersecurity controls and processes to mitigate risks associated with external attacks and data breaches[89]. - The company has limited insurance coverage for certain risks, which could have a material adverse effect on its financial position if uninsurable events occur[62]. - The company faces risks related to health epidemics and other outbreaks of communicable diseases, which could disrupt operations and adversely affect business[84].

Financial Performance - Net loss for the three months ended September 30, 2023, was $1,292,000, compared to a net loss of $1,057,000 for the same period in 2022, representing a 22.2% increase in losses[19]. - The company reported a basic and diluted loss per common share of $0.02 for the three months ended September 30, 2023, unchanged from the same period in 2022[19]. - The company reported a net loss of $1,292,000 or $0.02 per share for Q3 2023, compared to a net loss of $1,057,000 or $0.02 per share in Q3 2022[14]. - For the nine months ended September 30, 2023, the net loss was $2,712,000 or $0.04 per share, an improvement from a net loss of $3,262,000 or $0.05 per share in the same period of 2022[86]. Assets and Liabilities - Total assets as of September 30, 2023, increased slightly to $22,111,000 from $22,034,000 as of December 31, 2022, reflecting a growth of 0.35%[13][16]. - Current liabilities rose to $327,000 from $263,000, marking an increase of 24.4%[15]. - Total shareholders' equity slightly decreased to $21,599,000 from $21,646,000, a reduction of 0.22%[16]. - Cash and cash equivalents decreased to $168,000 as of September 30, 2023, down from $316,000 at the beginning of the period, a decline of 47%[20]. - Cash and short-term investments totaled $4,132,000 as of September 30, 2023, with $1,391,000 in USTS and $2,573,000 in a money market account[95]. - Working capital was $4,952,000 as of September 30, 2023, slightly down from $4,991,000 at the end of 2022, indicating sufficient liquidity for expected expenditures[97]. Exploration and Expenses - Exploration expenses for the nine months ended September 30, 2023, totaled $1,748,000, a decrease of 4.6% from $1,832,000 in the same period of 2022[19]. - Exploration expenses for Q3 2023 totaled $918,000, an increase of 40% from $655,000 in Q3 2022; total exploration costs for the nine months ended September 30, 2023, were $1,748,000, down from $1,832,000 in the same period of 2022[37]. - The company budgeted approximately $2,000,000 for full-year exploration expenditures in 2023, expecting to exceed 2022's exploration expenditures[76]. - Net exploration expense decreased to $1,748,000 for the nine months ended September 30, 2023, down from $1,832,000 for the same period in 2022, primarily due to reduced expenditures at the Lik project and reconnaissance exploration[87]. Cash Flow and Operating Activities - Cash used in operating activities for the nine months ended September 30, 2023, was $2,684,000, compared to $1,948,000 for the same period in 2022, indicating a 37.7% increase in cash outflow[20]. - Net cash used in operations increased to $2,684,000 for the nine months ended September 30, 2023, compared to $1,948,000 in the same period of 2022, primarily due to pre-payment to a joint venture partner and increased administrative expenses[103]. - The company anticipates continued use of funds from operations through the remainder of 2023, primarily for exploration activities related to the Golden Crest and Lik projects[103]. Shareholder Equity and Stock Options - Shareholders' equity as of September 30, 2023, totaled $21,599,000, with a net loss of $1,292,000 for the quarter[61]. - The 2023 Solitario Stock and Incentive Plan reserves 5,000,000 shares for awards, with no awards granted as of September 30, 2023[55]. - As of September 30, 2023, there were options outstanding under the 2013 Plan for 5,195,000 shares, with an intrinsic value of $765,000[56]. - During the nine months ended September 30, 2023, Solitario recorded stock option compensation expense of $184,000, down from $271,000 in the same period of 2022[60]. Marketable Securities and Investments - Marketable equity securities at fair value increased to $910,000 as of September 30, 2023, from $949,000 at December 31, 2022, with a cumulative unrealized loss of $491,000[41]. - During the nine months ended September 30, 2023, Solitario sold no marketable equity securities, while realizing a net loss of $141,000 in Q3 2023[41][42]. - The company recorded a non-cash unrealized loss on marketable equity securities of $141,000 in Q3 2023, compared to an unrealized gain of $13,000 in Q3 2022[79]. - An unrealized loss on marketable equity securities was recorded at $39,000 for the nine months ended September 30, 2023, compared to a loss of $142,000 in the same period of 2022[90]. Private Placements and Financing - On July 31, 2023, Solitario completed a private placement of 4,166,667 shares at $0.60 per share, resulting in net proceeds of $2,422,000[63]. - On October 13, 2023, Solitario completed a private placement of 8,631,818 shares at $0.55 per share, generating total net proceeds of $4,747,500[66]. - The company received net proceeds of $2,422,000 from a private placement to Newmont during the nine months ended September 30, 2023, compared to $2,023,000 from the issuance of common stock under the ATM Program in the same period of 2022[106]. General and Administrative Costs - General and administrative costs decreased to $282,000 in Q3 2023 from $435,000 in Q3 2022, with a notable reduction in salaries and benefits[14]. - General and administrative costs increased to $889,000 during the nine months ended September 30, 2023, compared to $828,000 in the same period of 2022, driven by higher salary and benefit expenses[88]. Other Financial Information - A valuation allowance fully offsets Solitario's net deferred tax assets as of September 30, 2023, indicating uncertainty in realizing these assets[51]. - The company did not record any mineral property write-downs during the three and nine months ended September 30, 2023 and 2022[111]. - There were no changes in the company's internal control over financial reporting that materially affected its effectiveness during the quarter ended September 30, 2023[124].

Financial Performance - Net loss for the three months ended June 30, 2023, was $1,040,000, compared to a net loss of $1,691,000 for the same period in 2022, indicating an improvement of approximately 38.6%[19] - The company reported a basic and diluted loss per share of $0.02 for the three months ended June 30, 2023, compared to a loss of $0.03 for the same period in 2022[19] - As of June 30, 2023, Solitario recorded a net loss of $1,040,000 or $0.02 per share, compared to a net loss of $1,691,000 or $0.03 per share for the same period in 2022, indicating a reduction in losses[70] - The net loss for the six months ended June 30, 2023 was $1,420,000, or $0.02 per share, an improvement from a net loss of $2,205,000, or $0.03 per share, for the same period in 2022[88] Assets and Liabilities - Total assets decreased from $22,034,000 as of December 31, 2022, to $20,835,000 as of June 30, 2023, representing a decline of approximately 5.4%[13] - Current assets decreased from $5,254,000 to $3,990,000, a reduction of about 24.0%[13] - Total shareholders' equity decreased from $21,646,000 to $20,366,000, a decline of about 5.9%[17] - Working capital decreased to $3,716,000 as of June 30, 2023, compared to $4,991,000 as of December 31, 2022[102] Cash and Investments - Cash and cash equivalents increased from $316,000 at the beginning of the period to $496,000 at the end of June 30, 2023, reflecting a growth of approximately 56.9%[21] - Cash and short-term investments totaled $2,573,000 as of June 30, 2023, with $2,077,000 in USTS maturing in 30 days to 8 months[99] - The company anticipates continued use of funds from operations through the remainder of 2023, primarily for exploration related to its Golden Crest and Lik projects[107] - The company did not sell any marketable equity securities during the six months ended June 30, 2023, but anticipates potential sales depending on cash needs and market conditions[101] Exploration Activities - Exploration expenses for the six months ended June 30, 2023, were $830,000, down from $1,177,000 in the same period of 2022, a decrease of about 29.5%[19] - For the three months ended June 30, 2023, total exploration costs were $555,000, a decrease of 41.6% from $951,000 in the same period of 2022[37] - Net exploration expense decreased to $555,000 for the three months ended June 30, 2023, down from $951,000 for the same period in 2022, primarily due to reduced expenditures at the Lik project[78] - The company has budgeted approximately $2,000,000 for full-year exploration expenditures in 2023, including $1,723,000 for the Golden Crest project and $574,000 for the Lik project[78] Marketable Securities - Solitario's marketable equity securities at fair value increased to $1,051,000 as of June 30, 2023, compared to $949,000 at December 31, 2022[42] - During the three months ended June 30, 2023, Solitario recorded a net loss of $227,000 on marketable securities, compared to a loss of $446,000 in the same period of 2022[44] - The unrealized loss on marketable equity securities was $227,000 in Q2 2023, compared to $368,000 in Q2 2022, reflecting improved performance[70] - An unrealized gain on marketable equity securities of $102,000 was recorded for the six months ended June 30, 2023, compared to an unrealized loss of $155,000 in the same period of 2022[93] General and Administrative Expenses - General and administrative expenses increased to $315,000 in Q2 2023 from $277,000 in Q2 2022, reflecting higher operational costs[70] - General and administrative costs for the three months ended June 30, 2023 were $257,000, slightly down from $264,000 in the same period of 2022[79] - General and administrative costs for the six months ended June 30, 2023 were $664,000, compared to $638,000 for the same period in 2022, with increases in salary and benefit expenses[91] Strategic Transactions - The company is actively evaluating potential strategic transactions for acquiring new mineral properties and assets with exploration potential[23] - Solitario's joint venture partner, Nexa Resources, is continuing exploration at the Florida Canyon project, while the Lik project is being evaluated in collaboration with Teck American Incorporated[25] - Solitario entered into a Stock Purchase Agreement with Newmont for the sale of 4,166,667 shares at $0.60 per share, generating proceeds of $2,500,000 to support exploration activities[70] Internal Controls and Compliance - The company carried out an evaluation of the effectiveness of its disclosure controls and procedures, concluding they were effective as of June 30, 2023[125] - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2023 that materially affected its internal control[127] - As of June 30, 2023, there were no material changes to the Risk Factors associated with the company's business[129]

Financial Performance - Net loss for the three months ended March 31, 2023, was $380,000, an improvement from a net loss of $514,000 in the same period of 2022, reflecting a reduction of 26.06%[17] - As of March 31, 2023, the company reported a net loss of $380,000, a decrease from a net loss of $514,000 for the same period in 2022, resulting in a loss per share of $0.01 for both years[63] - General and administrative costs rose to $476,000 in Q1 2023 from $387,000 in Q1 2022, driven by increased salaries and benefits expenses[66] - Net cash used in operations increased to $685,000 for the three months ended March 31, 2023, compared to $597,000 for the same period in 2022, driven by higher exploration expenses[81] Assets and Investments - Total assets decreased to $21,671,000 as of March 31, 2023, down from $22,034,000 at the end of 2022, representing a decline of 1.64%[12] - Current assets totaled $4,907,000, a decrease of 6.60% from $5,254,000 in the previous year[12] - Total shareholders' equity decreased to $21,333,000 as of March 31, 2023, down from $21,646,000 at the end of 2022, a decline of 1.45%[15] - The company holds $3,163,000 in short-term investments, primarily in U.S. Treasury Securities, as of March 31, 2023[31] - As of March 31, 2023, Solitario's marketable equity securities had a fair value of $1,278,000, up from $949,000 on December 31, 2022, representing a 35% increase[39] - The cumulative unrealized loss on marketable equity securities decreased to $162,000 as of March 31, 2023, from $491,000 at the end of 2022, indicating improved market conditions[41] - The company owned marketable equity securities valued at $1,278,000, including 7,750,000 shares of Vendetta common stock valued at $373,000 and 100,000 shares of Kinross common stock valued at $471,000[76] Exploration and Development - Exploration expenses increased to $275,000 for the three months ended March 31, 2023, compared to $226,000 in the prior year, marking a rise of 21.68%[35] - Exploration expenses increased to $275,000 in Q1 2023, up from $226,000 in Q1 2022, primarily due to higher costs at the Golden Crest project, which rose to $241,000 from $127,000[65] - The full-year exploration and development budget for 2023 is approximately $2,000,000, reflecting similar activity levels at the Golden Crest project compared to 2022[65] - Solitario anticipates using its cash and short-term investments to fund exploration activities and potentially acquire additional mineral property assets[24] - The company continues to evaluate potential strategic transactions for acquiring new mineral properties and assets with exploration potential[60] Cash and Liquidity - Cash and cash equivalents increased to $440,000 as of March 31, 2023, from $316,000 at the end of 2022, representing a growth of 39.62%[18] - As of March 31, 2023, the company had $440,000 in cash, which will be used for operational costs, exploration activities, and potential acquisitions[74] - The company received $809,000 in cash from the net sale of short-term investments during the three months ended March 31, 2023, compared to a cash use of $1,578,000 for net purchases in the same period of 2022[83] - The company anticipates continued use of funds from operations through the remainder of 2023, primarily for exploration related to the Golden Crest and Lik projects[82] Obligations and Commitments - The company has recorded an asset retirement obligation of $125,000 related to the Lik project for estimated reclamation costs[36] - Solitario has a recorded asset retirement obligation of $125,000 related to its Lik project in Alaska, highlighting ongoing commitments in its operational strategy[51] - The total lease payments for the Wheat Ridge office lease amount to $25,000 as of March 31, 2023, with cash lease payments of $11,000 made in both the current and prior year periods[42][43] - As of March 31, 2023, the total unrecognized stock option compensation cost related to non-vested options is $550,000, expected to be recognized over a weighted average period of 29 months[53] Market Conditions and Future Outlook - The company anticipates that interest income will decrease in 2023 due to the use of cash balances for operational costs and exploration[70] - The company does not expect the COVID-19 pandemic to materially affect its planned exploration activities for 2023[62] - No property impairments were recorded during the three months ended March 31, 2023 or 2022, indicating stable asset valuations[72] - No shares were sold under the ATM agreement during the three months ended March 31, 2023, while $2,023,000 was raised from the issuance of common stock under the ATM program in the same period of 2022[80] Reporting and Compliance - The company reported its Quarterly Report on Form 10-Q for the three months ended March 31, 2023, including financial statements and notes[107] - The Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022, were included in the report[107] - The Condensed Consolidated Statements of Operations for the three months ended March 31, 2023, and 2022, were provided[107] - The Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023, and 2022, were also included[107] - Certifications of the Chief Executive Officer and Chief Financial Officer were filed pursuant to the Sarbanes-Oxley Act of 2002[107] - There were no changes in internal control over financial reporting during the quarter ended March 31, 2023, that materially affected the company's internal control[100] - The company did not record any mineral property write-downs during the three months ended March 31, 2023 and 2022[89]

Financial Position and Funding - As of December 31, 2022, Solitario anticipates using its cash and short-term investments to fund exploration of its Golden Crest, Florida Canyon, and Lik projects, and potentially acquire additional mineral property assets[21]. - Solitario has incurred costs totaling $1,035,000 for staking, filing fees, legal, and other costs related to claims on the Golden Crest project as of December 31, 2022[33]. - The Golden Crest Agreement includes scheduled payments totaling $340,000 over five years and a success fee of $1.00 per ounce of gold for up to 1.5 million ounces[32]. - As of December 31, 2022, the company has invested $3,951,000 in U.S. Treasury securities and approximately $293,000 in uninsured deposit accounts[81]. - The company may not have sufficient funding for exploration and development, which could impair operational results and growth potential[55]. - The company has never paid cash dividends and does not intend to do so in the foreseeable future, relying on stock price appreciation for returns[76]. Exploration Projects - Solitario holds a 50% operating interest in the Lik project, which is estimated to contain a large tonnage, high-grade deposit potentially mineable by open-pit methods[31]. - The Florida Canyon project has a significant mineral resource, and Solitario is fully carried to production by its joint venture partner Nexa, which will increase its ownership to 70% by funding all project expenditures[31]. - The Florida Canyon project consists of 16 concessions covering 12,600 hectares, with Solitario holding a 39% interest[126]. - The Lik Zinc project consists of 47 contiguous mining claims covering approximately 6,075 acres (2,460 ha)[165]. - Solitario plans to conduct a 4,000-5,000 meter drilling program in 2023, pending permit approvals[121]. - The company has committed to escalating work expenditures totaling $3,000,000 over the first five years of the Golden Crest lease, with $600,000 already fulfilled[89]. Mineral Resources and Reserves - The company has no reported mineral reserves as defined by SEC rules, which may hinder near-term revenues or sale proceeds[48]. - The Florida Canyon and Lik projects have reported mineral resources, but significant additional geological work is required to upgrade these to mineral reserves[50]. - The Florida Canyon project has estimated mineral resources of 2,441,647 tonnes in the Measured and Indicated categories, with a Zn grade of 10.62%[159]. - The Inferred mineral resources at Florida Canyon total 14,858,733 tonnes with a Zn grade of 9.63%[159]. - The Lik Mineral Resource Estimate totals 17.6 million tonnes with an indicated resource grade of 8.07% Zn, 2.68% Pb, and 50.1 g/t Ag[213]. - Inferred resources amount to 2.8 million tonnes with a grade of 8.64% Zn, 2.73% Pb, and 38.9 g/t Ag[213]. Operational Risks and Challenges - The company may face increased costs and operational delays due to changing climate change laws and regulations[65]. - The company faces competition from larger firms with greater financial resources, which may affect its ability to acquire and develop mineral properties[56]. - Operations outside the United States are subject to political and economic risks that could adversely affect financial performance[53]. - The company has limited insurance coverage for various risks, which could lead to significant unexpected costs[58]. - The company is subject to various risks related to information technology systems, including cybersecurity incidents that could lead to operational delays and financial losses[83]. - Exploration activities are subject to significant financial risks, and the inability to sell or joint venture mineral properties may lead to unrecoverable costs[46]. Environmental, Social, and Governance (ESG) Practices - The company has a long history of committed environmental, social, and governance (ESG) practices, which are important to its investors and stakeholders[27]. - Changes in laws and regulations, particularly environmental regulations, may increase operational costs and affect exploration activities[62]. Historical Performance - The company has reported losses in 26 of its 29 years of operations, with net income in only three years[75]. - Solitario recorded revenue in the past from the sale of mineral properties and assets, but these revenues have not been a consistent source of cash[19]. Joint Ventures and Partnerships - Teck and Solitario have agreed to annual exploration funding for the Lik project, with expenditures exceeding $1 million requiring unanimous approval[169]. - Nexa may earn an additional 9% interest in the Florida Canyon project by funding future exploration and development expenditures[127]. - The company is subject to risks associated with joint ventures, including reliance on partners for operational expertise and financial condition[69]. Geological Insights - The geological setting of the Golden Crest project includes significant Precambrian and Paleozoic rock formations, which are important for gold mineralization[100]. - The Black Hills region has a rich history of gold production, totaling approximately 51 million ounces through 2020, primarily from the Homestake Mine[97]. - Significant drill hole intercepts included 58.8 meters at 12.0% zinc and 2.8% lead in the Sam zone, and 56.6 meters at 22.69% zinc and 1.15% lead in the San Jorge zone[142].

Financial Performance - Net loss for the three months ended September 30, 2022, was $1,057,000, compared to a net loss of $701,000 for the same period in 2021, representing an increase of 50.9%[16] - As of September 30, 2022, Solitario reported a net loss of $1,057,000 or $0.02 per share, compared to a net loss of $701,000 or $0.01 per share for the same period in 2021[75] - The company recorded a net loss of $3,262,000 or $0.05 per share for the nine months ended September 30, 2022, compared to a net loss of $1,897,000 or $0.03 per share for the same period in 2021[86] Assets and Liabilities - Total current assets decreased from $7,159,000 in December 2021 to $6,132,000 in September 2022, a decline of approximately 14.3%[12] - Total liabilities increased from $276,000 in December 2021 to $609,000 in September 2022, an increase of 120.3%[12] - Cash and cash equivalents decreased from $462,000 in December 2021 to $244,000 in September 2022, a decline of 47.3%[12] - Total shareholders' equity decreased from $23,183,000 in December 2021 to $22,235,000 in September 2022, a decline of 4.1%[14] - Working capital decreased to $5,523,000 as of September 30, 2022, down from $6,883,000 at the end of 2021, reflecting a 19.7% decline[97] Exploration Expenses - Exploration expenses increased to $655,000 for the three months ended September 30, 2022, up from $442,000 in the same period of 2021, a rise of 48.2%[16] - Total exploration expense for the nine months ended September 30, 2022, was $1,832,000, compared to $826,000 for the same period in 2021, marking a 121% increase[86] - Exploration expenditures at the Golden Crest project were $354,000 for the three months ended September 30, 2022, up from $94,000 in the same period in 2021, representing a 276% increase[77] - Exploration expenditures at the Lik project in Alaska were $669,000 for the nine months ended September 30, 2022, compared to $290,000 in the same period in 2021, a 130% increase[87] - Solitario anticipates full-year exploration expenditures for 2022 to exceed those of 2021, with a budget of approximately $2,350,000[76] Cash Flow and Investments - Net cash used in operating activities for the nine months ended September 30, 2022, was $1,948,000, compared to $1,723,000 for the same period in 2021, an increase of 13.1%[19] - Cash used in investing activities was $313,000 in 2022, a significant decrease from $1,452,000 in 2021, indicating a shift in investment strategy[103] - During the nine months ended September 30, 2022, Solitario sold 1,000,000 shares of Vendetta Mining Corp. for proceeds of $53,000, incurring a loss of $159,000 on the sale[43] Shareholder Information - The weighted average shares outstanding for basic and diluted shares increased from 58,446 in Q3 2021 to 64,769 in Q3 2022, an increase of 10.5%[16] - The company issued 2,650,724 shares under the ATM Agreement at an average price of $0.79 per share, resulting in net proceeds of $2,023,000 during the nine months ended September 30, 2022[67] Other Income and Expenses - General and administrative expenses rose to $435,000 in Q3 2022, compared to $207,000 in Q3 2021[75] - Interest income decreased to $29,000 in Q3 2022 from $34,000 in Q3 2021[75] - Stock option compensation expense rose to $245,000 for the three months ended September 30, 2022, compared to $32,000 in the same period in 2021, reflecting a 666% increase[80] - General and administrative costs for the nine months ended September 30, 2022, were $828,000, up from $639,000 in the same period of 2021, reflecting a 29.6% increase[88] Marketable Securities - Marketable equity securities at fair value decreased to $953,000 as of September 30, 2022, from $1,307,000 as of December 31, 2021, reflecting a cumulative unrealized loss of $539,000[41][43] - An unrealized loss on marketable equity securities was recorded at $142,000 for the nine months ended September 30, 2022, compared to a loss of $220,000 in 2021, indicating a 35.5% improvement[90] Compliance and Controls - The company has effective disclosure controls and procedures as of September 30, 2022, as evaluated by the CEO and CFO[118] - There were no changes in internal control over financial reporting during the quarter ended September 30, 2022[120] - No material changes to risk factors associated with the business were reported as of September 30, 2022[121]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number. 001-39278 SOLITARIO ZINC CORP. (Exact name of registrant as specified in its charter) Colorado 84-1285791 (State or other jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number. 001-39278 SOLITARIO ZINC CORP. (Exact name of registrant as specified in its charter) (State or other jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 Colorado 84-1285791 (I.R.S. Employer Identification No.) 4251 Kipling St. Suite 390, Wheat Ridge, CO 80033 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 534-1030 Securities registered pursuant to Section 12(b) of the Act: | T ...