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Mineral Property

9 Months Ended

Sep. 30, 2016

Property, Plant and Equipment [Abstract]

Mineral Property

2. Mineral Property

The following table details Solitario’s investment in Mineral Property:

(in thousands)	September 30,	December 31,
	2016	2015
Exploration
La Promesa (Peru)	$ 6	$ 6
Montana royalty property	40	-
Canta Colorado (Peru)	3	3
Norcan (Mexico)	-	5
Aconchi (Mexico)	-	5
Total exploration mineral property	$49	$19

All exploration costs on our other exploration properties, none of which have proven and probable reserves, including any additional costs incurred for subsequent lease payments or exploration activities related to our projects are expensed as incurred. During the nine months ended September 30, 2016, Solitario acquired certain net smelter royalties on non-producing exploration leases in Montana previously owned by Atna Resources, Ltd. for $40,000.

Discontinued projects

During the nine months ended September 30, 2016, Solitario closed its exploration office in Mexico. Solitario sold its Norcan and Aconchi exploration projects in Mexico for a retained a 1% royalty on both the Norcan and Aconchi properties. Solitario recorded a mineral property write-down of $10,000 related to the Norcan and Aconchi properties during the nine months ended September 30, 2016. In addition, Solitario recorded a loss on other assets in Mexico of $14,000 related to the exit from its exploration activities in Mexico during the nine months ended September 30, 2016.

Solitario did not record any mineral property write-downs during the three and nine months ended September 30, 2015.

Capitalization of Mt. Hamilton cost during 2015

On February 22, 2012, Solitario earned an 80% interest in MH-LLC as a result of the completion of a feasibility study on Mt. Hamilton prepared by SRK Consulting (US), Inc. of Lakewood, Colorado (“SRK”). In October 2014, SRK, on behalf of Solitario completed an updated feasibility study on Mt. Hamilton. Solitario sold its interest in Mt. Hamilton on August 25, 2015 through the Transaction. Capitalization of costs for the three and nine months ended September 30, 2015, prior to the Transaction, is detailed in the following table

(in thousands)	Three months ended September 30,	Nine months ended September 30,
	2015	2015
Development expenditures	$201	$692
Capitalized interest	154	493
Property payments	-	190
Capitalized depreciation	2	7
Total capitalized costs	$ 357	$ 1,382

Exploration expense

The following items comprised exploration expense:

(in thousands)	Three months ended September 30,		Nine months ended September 30,
	2016	2015	2016	2015
Geologic and field expenses	$72	$ 9	$320	$24
Administrative	60	7	154	24
Total exploration costs	$ 132	$ 16	$ 474	$ 48