Solitario Resources is a junior mineral exploration company focused on gold and zinc. Solitario's model is to acquire exploration-stage mineral properties, advance them, and ultimately sell, joint venture, or convert them into royalties — the company has never built or operated a mine. Solitario's core assets include the Florida Canyon zinc project in Peru, where joint venture partner Nexa funds 100% of costs and Solitario holds a 39% carried interest with no required spending; the Lik zinc-lead-silver deposit in Alaska, a 50/50 joint venture with Teck; and the Golden Crest gold project in South Dakota, which Solitario wholly owns and is actively drilling. Solitario also holds two early-stage Colorado exploration projects and an 85%-owned zinc project in Peru. Solitario generates no regular operating revenue — cash comes from periodic property sales, joint venture proceeds, and equity issuances. The carried interest structure at Florida Canyon is central to Solitario's capital preservation strategy, as it retains meaningful upside without bearing development costs. Property and commodity values are the key financial drivers, and proceeds from transactions are infrequent and lumpy. Solitario runs lean, with only three full-time employees and heavy reliance on contract geologists. Its joint ventures with majors like Teck and Nexa help offset Solitario's limited capital and technical headcount relative to larger miners.