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Mineral Properties

9 Months Ended

Sep. 30, 2025

2. Mineral Properties

The following table details Solitario’s capitalized mineral properties:

(in thousands)	September 30,		December 31,
	2025		2024
Exploration
Lik Project (Alaska – US)	$	15,611	$	15,611
Golden Crest Project (South Dakota – US)		1,078		1,078
Cat Creek Project (Colorado – US)		12		12
Bright Angel Project (Colorado – US)		5		-
Total exploration mineral properties	$	16,706	$	16,701

Solitario's mineral properties at September 30, 2025 and December 31, 2024 consist of use rights related to its exploration properties. The amounts capitalized as mineral properties include initial concession and lease or option acquisition costs. None of Solitario’s exploration properties have production (are operating) or have established proven or probable reserves. Solitario's mineral properties represent interests in properties that Solitario believes have exploration and development potential.

Exploration expense

The following items comprised exploration expense:

(in thousands)	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Geologic and field expenses	$	1,585	$	1,977	$	2,367	$	2,628
Administrative		60		90		188		280
Total exploration costs	$	1,645	$	2,067	$	2,555	$	2,908

Asset Retirement Obligation and Reclamation Liabilities

Solitario recorded an asset retirement obligation of $125,000 upon the acquisition of its interest in the Lik Project for Solitario’s estimated reclamation cost of the existing disturbance at the Lik Project. This disturbance consists of an exploration camp including certain drill sites and access roads at the camp. The estimate was based upon estimated cash costs for reclamation as determined by Solitario and its joint venture partner, Teck, and is supported by a permitting bond required by the State of Alaska, for which Solitario has retained a reclamation bond insurance policy in the event Solitario or Teck do not complete required reclamation.

Solitario has not applied a discount rate to the recorded Lik Project asset retirement obligation as the estimated time frame for reclamation is not currently known, as completion of reclamation is not expected to occur until the end of the related project life, which would follow future development and operations, the start of which cannot be estimated or assured at this time. Additionally, no depreciation will be recorded on the related asset for the asset retirement obligation until the Lik project goes into operation, which cannot be assured.

As of September 30, 2025 and December 31, 2024, Solitario has no reclamation liability at its Florida Canyon Project as Nexa is responsible for the costs at the Florida Canyon Project, including reclamation, if any.

Solitario is also involved in certain matters concerning its 2025 and 2024 drilling programs remediation at its Golden Crest Project. Generally, the bulk of remediation at the Golden Crest Project associated with its 2025 and 2024 drilling programs are carried out concurrently with drilling activities, with only ongoing contouring and reseeding of drill sites remaining as of September 30, 2025 related to the 2025 drilling program. The 2025 drilling program has essentially been completed as of September 30, 2025. Solitario has recorded a reclamation liability of $20,000 for remaining reclamation activities at Golden Crest as of September 30, 2025 included in asset retirement and reclamation liabilities related to the Golden Crest Project.

Activities at Solitario’s Cat Creek Project and Bright Angel Project through September 30, 2025 have consisted of claim staking and limited mapping and surface sampling which have not resulted in any material reclamation liabilities.