The Lik deposits are examples of a large group of deposits broadly referred to as sedimenthosted zinc-lead-silver deposits. The Lik deposit is hosted in the upper part of the Ikalukrok Unit of the Kuna Formation. At Lik, the immediate host rocks are carbonaceous and siliceous black shale, with subordinate black chert and fine- grained limestone. These rocks strike broadly north-south and dip at approximately 25° to 40° to the west. The massive sulphides are overlain conformably by rocks of the Siksikpuk Formation. The sequence is overridden by allochthonous rocks that form high hills north and west of the deposits. The mineralized sequence was initially interpreted to be cut by several minor faults. Recent drilling and interpretation demonstrated that some of the inferred faults may not exist, or the movement on the fault is minor. The most significant of these faults is the Main Break Fault. While the plunge of the northern end of the Lik deposit increases to approximately 25° to 42°, it is no longer thought that there is a break separating the Lik South and Lik North deposits. It is also unclear whether there is a change in strike north of the fault, or whether the change is more apparent due to topography. Additional drill data will be needed to clarify these relationships. There is another group of steeper faults that were interpreted to strike northerly or northwesterly with reverse throws of up to 100 m. Interpretation of drilling in 2008 appears to demonstrate that ........

The project is situated approximately 17 kilometers (10.4 miles) northwest of Teck’s operating Red Dog mine, one of the world’s largest, highest grade and lowest cost zinc mines. In 2014, a PEA has been completed that incorporated a variety of prefeasibility level studies into the analysis. These studies included resource estimation, mining and processing recovery estimates, a preliminary mining and processing plan, infrastructure layout, environmental considerations and economic analysis based on the base case parameters. The PEA envisioned an open pit mining operation with a 5,500 ton per day floatation mill for processing resulting in a nine-year mine life. Concentrates would be handled through the DeLong Mountain Regional Transportation System (the “DMTS”) road and port system that currently handles all concentrate produced by the nearby Red Dog zinc mine of Teck. The PEA analyzed the Lik project as a stand-alone operation and assumes construction of its own independent processing, tailings and port facilities. Alternate development scenarios might be developed utilizing infrastructure under the control of the nearby Red Dog operation. However, no agreements are in place to develop such plans and are therefore hypothetical. Solitario and Teck are in final discussions to potentially fund a 2023 exploration program, with Teck acting as project manager. The program, if approved, consists of drilling two core holes totaling approximately 716 meters (2,350 feet) to tes ........

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