Solitario Exploration & Royalty

In the high-stakes world of mineral exploration, the story often begins long before the first drill hits the ground. For Solitario, this story began with its predecessor, Crown Resources. The key players leading the charge were Christopher E. Herald, who has served as President and CEO since the 90s, and Walter H. Hunt, the long-time COO. They steered the company through the complexities of exploration, focusing on identifying valuable mineral deposits. A significant chapter for Solitario was its relationship with Crown Resources, which was acquired by Kinross Gold in 2006. This event was part of two major transactions that ultimately brought in approximately US$250 million, providing substantial capital and shaping the company's future. Solitario itself became a publicly traded company in July 1994 through an initial public offering on the Toronto Stock Exchange, later listing on the NYSE American exchange. This strategic move provided access to broader capital markets, fueling its exploration-heavy business model. The company's approach often involves forming joint ventures with major mining companies like Newmont, Teck Resources, and Nexa Resources to manage risk and fund development. Originally focused on zinc, with significant high-grade projects in Peru and Alaska, Solitario has strategically transitioned to gold exploration. This pivot was highlighted by the 2021 acquisition of the Golden Crest gold project in South Dakota. This property is now the company's primary focus, representing a bold bet on a historically significant and gold-rich region. This shift demonstrates a dynamic strategy, balancing a portfolio of joint-ventured zinc assets with a focused, high-potential gold exploration play.