2. This presentation includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of
Solitario, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such
statements. Development of Solitario’s properties are subject to the success of exploration, completion and implementation of an
economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance
with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership
controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual
results to differ materially from Solitario’s expectations are disclosed under the heading "Risk Factors” and elsewhere in Solitario’s
documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission
and other regulatory authorities. This presentation contains estimates of mineralized material based upon measured, indicated and
inferred mineral resource categories that are recognized and required by Canadian regulations, but the SEC does not recognize
them and U.S. reporting companies are normally prohibited from including resource estimates in their U.S. filing. U.S. investors
are cautioned not to assume that any part, or all, of mineralized material or mineral resources categories will ever be converted into
reserves. The economic significance of Proven and Probable Reserves differ substantially from mineralized material and measured
and indicated mineral resources. Furthermore economic viability has yet to be established by a feasibility report for mineralized
material and the Company has not yet determined that any part of the mineralized material can be legally mined. This presentation
also contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the
SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that
mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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3. Mt. Hamilton Gold Project: U.S. Production on the Horizon
• Robust economics: $575 operating cash costs – $72 million capital cost
• 39% resource expansion recently announced:
M&I now @ 751,000 AuEq; inferred @ 154,000 AuEq
• Feasibility completed; permitting underway; additional drilling ongoing
Bongará High-Grade Zinc Project: World Class Zinc Asset
• Prefeasibility underway; feasibility in early-2014
• $10 million in partner funding in 2012 – strong exploration results
• Solitario’s 30% interest funded to production by partner – Votorantim Metais
High Impact Exploration Potential
• Pedra Branca PGM NPI-Royalty structured joint venture with Anglo Platinum
• Pachuca silver-gold project in world’s largest silver district
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4. • Issued & Outstanding Shares: 34.5 million
Options: 2.4
Warrants 1.6
Fully Diluted Shares: 38.5 million
• Market cap: $55 million
• Total net cash and securities: $8 million
• Listings: NYSE MKT: XPL; TSX: SLR
• Major shareholders: Management (11.3%); Newmont
Mining (7.9%); Sprott (7.7%); AGF Investments Inc (3.9%);
The Vanguard Group (3.5%); U.S. Global (2.7%)
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6. • SRK Feasibility Study completed
February 2012
• Robust economics; development-stage
gold project
• Open pit/heap leach
• Excellent potential to increase
resource base
• Solitario owns 80% interest and is the
project manager
• Permitting activities in progress in
mining friendly Nevada
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7. ✔ Feasibility (SRK): completed in 14 months Q1-2012
✔ Funding to construction: completed $15 million in financing
- June 2012 – $10 million from sale of 2.4% NSR-Royalty to Sandstorm Gold
- August 2012 – $5.0 million from a secured credit facility with RMB
✔ Resource expansion (M & I): nearly doubled since acquisition
410 ,000 AuEq - Q4-2010
584,000 AuEq - Q1-2012 (42% increase)
751,000AuEq - Q3-2012 (29% increase)
70-hole program recently completed
Wheeler Ridge drilling – Q2-2013
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15. Q4-2012
• Reclamation and Water Management Permits – Nevada
• Plan of Operations – US Forest Service
2013-2014
• Keep NEPA Permitting Process on Track for a Record of
Decision in H1-2014
• Initiate Drilling at Wheeler Ridge (Q2-2013): Excellent
Potential - Never Drilled
• Optimize Production Rate – Potential to Increase Feasibility
Rate by 15%
• Finance Construction – Estimated $75 Million
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16. • Solitario carried to production (30%) with no participation
in any funding costs until cash flow is achieved
• Joint ventured with Votorantim Metais – world’s 5th largest
zinc producer with a zinc smelter in Peru
• Advanced exploration project approaching $60 million in
partner investments (+400 drill holes; +100,000 meters)
• Potential for +20 million tonnes of 9% Zn + Pb and
0.4 opt Ag
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17. Mine Production: Initial production of 1.0 million going to
1.5 million tonnes per year
Concentrate: 108,000 tonnes Zn;
16,000 tonnes Pb; 400,000 oz Ag
Recoverable Ore Value: ~ $175/tonne
at $1.00/lb Zn & Pb; $25/oz Ag
Costs: Second quartile of world zinc
productions costs
First Mine Production: 2016
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18. Work Completed
Feasibility: Pre-feasibility 2012; Feasibility completion Q1-2014
Access Road: 15 km completed; 17 km planned for 2013
Underground Workings: 700 meters completed in 2011-2012;
1000 meters planned for 2013 including new second tunnel
Drilling: 23,000 meters surface / underground completed in 2012;
25,000 meters surface / underground planned for 2013
Metallurgical Testing: positive results – 93% recovery
Permitting - Social Engagement: positive, work continues
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20. Karen Milagros
Target
• High potential
Karen & Milagros Area
for increasing
resources Falla San Target
• Yellow areas
indicate
Sam Area
> 3.0% Zn
mineralization San Jorge Area
Underground Access
To San Jorge Ore Body
San Jorge Target
200 meters
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21. • Property situated around one of the world’s greatest silver districts
- Past production: 1.4 billion ounces of silver and 7.0 million ounces of gold
• Recent drilling and surface work in the Pachuca Norte area
confirms similar mineralization to the historic district
• 13,500-meter drilling program recently completed with
high-grade results
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24. • Joint ventured with Anglo Platinum (51% interest earned) –
world’s largest platinum producer
• Solitario substantially carried to production with Anglo
Platinum funding next $8.5 million and Solitario’s share
of construction financing
• Advanced exploration project with $12 million in past
exploration expenditures (318 drill holes)
• Potential for 2 million ounces of platinum-palladium
• 2012 program: $1.5 million
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25. • Geologic resource estimation, preliminary metallurgical
testing and initial infrastructure scoping underway
• Anglo Platinum has funded $8.5 million in expenditures to date
• Major geophysical program in 2012 to define new targets
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26. • Mt. Hamilton Gold Project
- Significant future cash flow
- Outstanding resource growth potential
- NPV ($1,700 gold): $261 million (5% discount rate)
- Demonstrated financeability
• Bongará Zinc Project
- Project development accelerating
- Emerging as a world-class zinc project
- Financed to production by Votorantim Metais
• Diversified pipeline of projects
• Long history of minimal share dilution
• Experienced management and exploration team
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27. Corporate Headquarters: Investor Relations:
4251 Kipling St., Suite 390 Debbie Mino-Austin
Wheat Ridge, Colorado 80033 Director – Investor Relations
Telephone: 303-534-1030 dwmino@ slrxpl.com
info@solitarioxr.com 800-229-6827 (U.S. & Canada)
(001)-713-682-4070 (Int’l)
Website:
www.solitarioxr.com Analyst Coverage:
Executive Officers: Northern Securities Inc.
Kwong-Mun Achong Low, Mining Analyst
Christopher E. Herald, CEO
416-644-8153 kachonglow@northernai.com
James R. Maronick, CFO
Walter H. Hunt, COO
Roth Capital Partners, LLC
Stock Exchange Listings: Brian W. Post, Research Analyst
NYSE MKT: XPL | TSX: SLR 949-720-7178 bpost@roth.com
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