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 ...

For the transition period from to ______________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number. 001-39278 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 September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (303) 534-1030 SOLITARIO ZINC CORP. (Registrant's telephone number, including area code) (Exact name of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) (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, 2021 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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 4251 Kipling St. Suite 390, Whea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) X Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2020 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 001-32978 SOLITARIO ZINC CORP. (Exact name of registrant as specified in charter) | Colorado | 84-1285791 | | --- | --- | | (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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 | | --- | --- ...