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Solitario Resources
Solitario Resources holds a 50% stake in the Florida Canyon zinc project in Peru. Led by CEO Chris Herald, the firm is listed on the NYSE American and TSX.
Solitario Resources
Solitario Resources was founded in 1984 and has been under the continuous leadership of President and CEO Chris Herald since 1994. The company focuses on the acquisition, exploration, and development of base and precious metal deposits. Its most significant asset is a 50% interest in the Florida Canyon zinc project in Peru, a joint venture with Nexa Resources, one of the world's largest zinc producers. The partnership structure allows Solitario to advance a large-scale project while sharing development capital requirements with a major industry operator. Solitario's portfolio centers on zinc, a metal critical for galvanizing steel and increasingly tied to renewable energy infrastructure. The firm also holds the Lik zinc deposit in Alaska and the Golden Crest gold project in South Dakota. The Florida Canyon asset is the anchor, with a feasibility study completed in 2018 outlining a large, long-life mine. Solitario targets early-stage to advanced exploration properties, typically in mining-friendly jurisdictions in the Americas, including Peru, the United States, and historically, Mexico. Unlike operating miners, Solitario's business model relies on joint-venture partnerships where funding and development are largely carried by larger partners, allowing the company to retain significant project upside while limiting dilution. As a micro-cap exploration company listed on both the NYSE American and the Toronto Stock Exchange, Solitario maintains a lean corporate structure. The firm reported zero debt and a treasury of roughly $9 million in cash as of its most recent public filings in early 2024, sufficient to fund its share of the Florida Canyon pre-feasibility update and generative exploration. The company's governance includes independent directors with backgrounds in geology, finance, and mining law. January 2024: Announced the appointment of a new independent director and the granting of incentive stock options to its exploration team, signaling a continued focus on talent retention and project advancement (per the firm, January 2024). Solitario's structural differentiator is its strategy of pro-rata carried interest in joint ventures with major mining companies. At Florida Canyon, Nexa Resources funds the majority of ongoing work. This allows Solitario to advance a $500-million-plus development-stage asset while preserving capital for additional exploration. The company's dual listing on both the NYSE American and the TSX provides access to two deep pools of mining-focused institutional investors, an unusual advantage for a firm of its size.
General information
Firm type
Asset Manager
Year founded
1984
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Wheat Ridge
Corporate office
Wheat Ridge, CO, United States
Principals
Christopher Herald
President, CEO & Director
Sector focus
Frequently asked questions
Who runs investment decisions at Solitario Resources?
President and CEO Chris Herald has led Solitario since 1994, overseeing its strategic shift from gold to a zinc-focused portfolio centered on the Florida Canyon joint venture in Peru. He holds a Ph.D. in geology and brings more than three decades of mineral exploration experience to the firm. Investment decisions, including project acquisitions and joint-venture structuring, are made by Herald alongside the board of directors.
What is Solitario's most significant asset?
Solitario's cornerstone asset is a 50% interest in the Florida Canyon zinc project in northern Peru, a joint venture with Nexa Resources. A 2018 feasibility study outlined a large-scale, high-grade zinc mine. Nexa, one of the world's largest zinc producers, funds the majority of ongoing development costs, carrying Solitario's share toward a construction decision.
How does Solitario finance its exploration activities?
Solitario relies on a joint-venture model where larger partners, such as Nexa Resources, fund the majority of project costs. At Florida Canyon, this arrangement significantly reduces Solitario's cash obligations. The firm supplements its funding through modest equity raises, warrant exercises, and maintains a debt-free balance sheet, reporting approximately $9 million in cash in early 2024 (per the firm's public filings).
Where does Solitario Resources explore and invest?
Solitario targets mining-friendly jurisdictions in the Americas. Its primary asset, Florida Canyon, is located in Peru. The firm also holds the Lik zinc deposit in Alaska and the Golden Crest gold project in South Dakota. The company has historical exploration assets in Mexico, reflecting a geographic focus on North and South America.
Is Solitario Resources an operating mining company?
No, Solitario is a mineral exploration and development company, not a producer. It generates no revenue from mining operations. Its business model centers on advancing projects through feasibility and permitting, then relying on joint-venture partners to fund and manage mine construction—a carried-interest approach typical of junior explorers.
What metals does Solitario target, and why zinc?
Solitario's primary focus is zinc, a base metal used in galvanizing steel and increasingly connected to clean energy infrastructure, including wind turbines and solar panels. The firm also explores for precious metals such as gold, as seen with its Golden Crest project. The strategic emphasis on zinc reflects a view of long-term supply deficits as large mines deplete and new production struggles to come online.
What is Solitario's relationship with Nexa Resources?
Nexa Resources is Solitario's joint-venture partner on the Florida Canyon zinc project in Peru. Nexa is a major global zinc producer with operations across Latin America. Under the agreement, Nexa holds a 50% interest and funds the bulk of the project's ongoing technical work, carrying Solitario's financial obligations toward a future production decision.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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