Solitario Zinc

What Solitario Zinc does

Solitario Resources Corp., doing business as Solitario Zinc, is a U.S.-domiciled, publicly traded mineral exploration and development company focused on the Americas. Its portfolio targets zinc, gold, molybdenum, rhenium, and copper across two structural groupings: (i) two historical, non-operated joint-venture zinc assets — the Lik project in Alaska operated by Teck Resources and the Florida Canyon project in Peru operated by Nexa Resources — through which Solitario retains economic exposure while partners fund and run operations, and (ii) a wholly-owned U.S. asset cluster comprising the 31,500-acre Golden Crest gold project in South Dakota, the Cat Creek molybdenum-rhenium project in Colorado (situated in the Climax-Henderson-Questa porphyry belt), and the newly added Bright Angel gold-copper project in Colorado. The company is dual-listed under XPL on NYSE American (since 2006) and SLR on the Toronto Stock Exchange (since 1994), is incorporated in Colorado, and is headquartered in Wheat Ridge with a 11–50 employee footprint. Core technology is standard mineral exploration and drilling practice used to advance prospects from target generation through resource definition; no proprietary software platform or product stack exists.

Solitario is pre-revenue and does not generate operating income from production. Its business model is to advance exploration properties using capital raised through equity issuances and, on its JV assets, partner-funded work programs; revenue mechanics are therefore not commodity sales but capital markets activity and successful JV farming. Newmont Overseas Exploration Ltd. holds approximately 9.4% of shares outstanding under an Amended Investor Rights Agreement, making it the single largest disclosed shareholder and a continuing source of strategic capital (most recently $235,000 in May 2026). Recent equity rounds include a $4.5M placement in June 2025 with Newmont and Wexford Capital, a $4.75M exempt offering in October 2023, and a $2.5M round in August 2023; the company exited the disclosure window with $8.0M in cash and marketable securities against a roughly $81M market capitalization at ~$0.88/share.

The 2026 work program is the most active in the company's recent history: a 49-platform, 5,000-meter Phase-One drill program at Ponderosa (Golden Crest) was approved via a U.S. Forest Service Decision Memo in February 2026 and advanced through June, the Bright Angel Plan of Operations was filed in March 2026, and Cat Creek drilling is scheduled for July 2026. Investor marketing is conducted through the company website, press releases distributed via financial news outlets, and CEO presentations at Mining Forum Europe (Zurich, April 2026), PDAC 2026, and the H.C. Wainwright Global Investment Conference; research coverage is led by H.C. Wainwright (buy rating, $1.20 price target) and Roth Capital. Institutional accumulation from XTX Topco (+185% in Q4) and Renaissance Technologies (+15.9% increase) signals growing external conviction in the exploration thesis.

Name

Solitario Zinc

Legal name

Solitario Resources Corp.

Website

https://solitarioxr.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Solitario Resources Corp. (d/b/a Solitario Zinc) is a U.S.-domiciled, publicly traded mineral exploration and development company (NYSE American: XPL, TSX: SLR) advancing zinc, gold, molybdenum, rhenium, and copper projects across the Americas, with two non-operated zinc JVs (Teck in Alaska, Nexa in Peru) and a wholly-owned U.S. portfolio led by the 31,500-acre Golden Crest gold project in South Dakota.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Geophysical Surveying and Mapping Services (541360)

akta.pro primary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Mineral exploration services
• Zinc exploration projects
• Gold mining exploration
• Critical metals exploration
• Mining joint ventures

Headquarters

HQ city

Wheat Ridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Pre-Revenue Exploration: Solitario is a pre-revenue exploration company focused on discovering and developing zinc, gold, molybdenum, and rhenium deposits in the Americas. The company generates no operating revenue and relies on equity financings and joint venture partnerships to fund exploration activities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Solitario Resources Corp. is a mineral exploration and development company that acquires, explores, and advances zinc, gold, molybdenum, copper, and rhenium properties across the Americas. The company holds direct interests in five exploration projects — three 100%-owned US properties (Golden Crest gold in South Dakota, Bright Angel gold-copper and Cat Creek critical metals in Colorado) and two joint-venture zinc assets (Florida Canyon in Peru with Nexa Resources and Lik in Alaska with Teck Resources). The company is pre-revenue and monetizes exploration upside through joint-venture partnerships and equity capital raises rather than current mineral sales.

Product overview

Solitario Zinc is a mineral exploration and development company focused on zinc and critical metals across the Americas. The company operates a portfolio of exploration projects including zinc projects (Florida Canyon in Peru operated by Nexa, and Lik in Alaska operated by Teck) and gold/critical metals projects (Golden Crest in South Dakota, Bright Angel in Colorado, and Cat Creek in Colorado). The company does not have a unified software product platform; rather, it holds direct interests in mining exploration properties with joint venture partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Golden Crest Gold Project

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Teck ResourcescoreStrategic or Co-development PartnerTeck operates the Lik zinc project in Alaska, one of Solitario's key joint venture properties. This partnership leverages Teck's operational capabilities and reduces Solitario's capital requirements for the project.
• Nexa ResourcescoreStrategic or Co-development PartnerNexa operates the Florida Canyon zinc project in Peru, Solitario's other major joint venture property. The partnership provides operational expertise for developing the zinc deposit.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Trilogy Metals: Trilogy Metals is a US-focused junior exploration company advancing the Upper Kobuk Mineral Projects in Alaska for copper, zinc, lead, gold, and silver. Highly comparable profile to Solitario: small market cap, pre-revenue, partnered with a major (Ambler Metals JV with South32), and reliant on permitting milestones to drive valuation.
• InZinc Mining: InZinc Mining is a Canada-listed junior focused on the exploration and development of zinc and related base-metal projects. Directly comparable to Solitario on commodity focus (zinc), stage (pre-resource/early exploration), and business model (equity-funded drill programs targeting tier-1 zinc districts).
• Group Eleven Metals: Group Eleven Metals is a junior zinc-focused explorer with projects in Ireland and Nevada. Closely comparable as a small-cap, zinc-tilted explorer with multiple drill-stage projects and a similar reliance on equity capital and JV partnerships to advance assets.
• Liberty Gold: Liberty Gold is a US-focused gold exploration and development company advancing Black Pine and other oxide-gold projects in the Great Basin. Comparable as a small-cap, equity-funded, drill-stage junior with similar capital-structure dynamics and US permitting dependencies.
• SolGold: SolGold is a junior exploration company developing the Cascabel copper-gold project in Ecuador. Similar junior-explorer profile to Solitario: pre-revenue, tier-1 porphyry target, partnered with majors (BHP/Newmont historically), and equity-funded drilling to drive valuation milestones.
• Alexco Resource Corp: Alexco Resource is a Canada-listed silver-zinc explorer/developer with assets in the historic Keno Hill district. Comparable as a small-cap, zinc-and-related-metals focused exploration company with multiple project interests and equity-financed drilling.

Broad incumbents

• Hudbay Minerals: Hudbay Minerals is an established mid-tier copper/zinc producer with operating mines in the Americas. Relevant as a vertically integrated incumbent in the same zinc/copper commodity basket Solitario targets — useful for benchmarking capex, project economics, and the strategic value of junior zinc assets.
• Hecla Mining: Hecla Mining is a long-established US-listed silver and zinc producer with operating mines and exploration interests. Comparable as a zinc-focused operator that provides insight into long-term zinc economics and the strategic value of zinc-rich exploration projects like Lik and Florida Canyon.
• Teck Resources: Teck Resources is a major diversified miner and Solitario's JV partner operating the Lik zinc project in Alaska. Important as both a counterparty (the operator that effectively funds development of a Solitario asset) and as a benchmark for the strategic value of large zinc resources.
• Newmont: Newmont is the world's largest gold miner and holds a 9.4% strategic stake in Solitario via Newmont Overseas Exploration. Functions both as a key shareholder/investor (validated under the Amended Investor Rights Agreement) and as a potential acquirer of gold projects like Golden Crest or Bright Angel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/CorpZinc
• LinkedInlinkedin.com/company/solitario-exploration-&-royalty-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solitario Zinc