History
Solitario spent two decades exploring through partner-funded joint ventures, sold Mt. Hamilton for $24 million, turned to zinc via Zazu, and later deepened Newmont's investment in the company.
2004-2008: Partnering with the majors
Solitario set out to explore for metals by getting larger mining companies to pay for the work. In April 2004 Newmont agreed to earn up to 65% of the La Tola gold property in Peru by funding $7 million of exploration, with Solitario keeping a royalty on any future production. In November 2004 the two signed letters of intent for a wider South American alliance, backed by a Cdn$4.59 million Newmont private placement into Solitario. They also agreed to amend Solitario's royalty on the land around Newmont's Yanacocha mine, adding a $4 million work commitment from the mine's owners. Definitive agreements followed in January 2005.
The record then picks up in 2007 with more partners. Anglo Platinum completed a $2.25 million earn-in for 15% of the Pedra Branca project in Brazil, with rights to earn up to 65%. Votorantim Metais held an option on the Bongara zinc project in Peru and, in April 2008, formed a second joint venture on the Chambara zinc project. In December 2008 Newmont dropped its option to earn an interest in the Pachuca Real silver-gold project in Mexico.
2009-2010: Restatements and a failed bid
In February 2009 Solitario said it would restate its accounts back to 2006, because employee stock options priced in Canadian dollars should have been booked as liabilities. This was a non-cash error. A second restatement in February 2010 corrected how Anglo Platinum's Pedra Branca earn-in payments had been recorded.
Between these, Solitario tried its first big acquisition. In August 2009 it agreed to buy Metallic Ventures Gold for about $15.5 million in cash and 17 million shares, and in October raised the offer to $18 million plus 19.5 million shares. In November Metallic accepted a better offer from a rival, but Solitario collected the $2.2 million break fee.
It then turned to Nevada. In September 2010 Solitario signed a letter of intent on Ely Gold & Minerals' Mt. Hamilton gold project, making a CDN$500,000 equity investment in Ely. Drilling began in November, and in December the joint venture was formalized, with Solitario holding 10% and able to earn up to 80%.
2011-2015: Building and selling Mt. Hamilton
Solitario paid for Mt. Hamilton partly with shares. In April 2011 it agreed to sell 3.4 million shares at $2.50 through Roth Capital, expecting about $7.8 million net; shares on issue rose from 29.75 million at the end of 2010 to 34.2 million a year later. In May 2011 the venture bought down 2 percentage points of an underlying royalty for $2.52 million.
A February 2012 feasibility study for the Centennial deposit showed life-of-mine cash costs of $535 per gold-equivalent ounce. In June 2012 Sandstorm Gold paid $10 million for a 2.4% royalty on the project, financing that did not dilute shareholders. In August 2012 Solitario secured a $5 million credit facility from RMB Australia Holdings, drawing $1.5 million at first. In June 2014 it furnished an SRK technical report with mineral resources for Bongara, and in October 2014 an SRK feasibility study for Mt. Hamilton.
In June 2015 Solitario agreed to sell its 80% of Mt. Hamilton to Waterton for $24 million. The sale closed in August, and it repaid the RMB facility in full and cancelled a large block of Ely Gold shares it held.
2017-2021: A turn to zinc
The record is quiet for 2016. In May 2017, cash-rich after the sale, Solitario agreed to buy Zazu Metals, owner of the Lik zinc deposit in Alaska, in an all-stock deal giving Zazu holders about 34% of the combined company. It closed in July and the company was renamed Solitario Zinc Corp. Shares on issue rose from about 38.7 million to 58.4 million over 2017. In August 2017 Solitario furnished a preliminary economic assessment of Florida Canyon (formerly Bongara), prepared by SRK, though the filing text gave no economic results.
The record is then quiet until February 2021, when partner Nexa Resources, successor to Votorantim's zinc business, produced a new Florida Canyon resource estimate that lifted total inferred zinc-equivalent metal 64% over 2017, with the inferred sulfide portion up 105%. In May 2021, after a regulatory review, Solitario amended its Florida Canyon technical report and retracted an unsupported mine-life study it had shown investors. It also noted it had picked up an early-stage Arizona gold property, Gold Coin.
2023-2026: Newmont returns as an investor
In August 2023 Newmont invested $2.5 million for 4,166,667 shares and received an Investor Rights Agreement, covering participation in future equity raises, rights over the Golden Crest gold properties, and information rights. In October 2023 Solitario closed a private placement of 8,631,818 shares at $0.55, raising $4.75 million, sold without a placement agent. In June 2025 Newmont invested a further $999,999 for 1,587,300 shares, lifting its stake to about 9.4%, and its Golden Crest rights were upgraded to a right of first refusal over a broader area.
As of June 2026, Solitario held about 50% of the Lik zinc deposit in Alaska with Teck Resources and about 39% of Florida Canyon, where Nexa holds 61%, plus the early-stage Gold Coin property. It had by then been renamed Solitario Resources Corp., with 94,684,463 shares on issue.
Written from the 31 story beats below (2004 to 23 June 2025), which come from the company's own announcements and filings.