Yanacocha NSR Royalty Project - Peru

We consider our Yanacocha property in Peru our most important NSR royalty property. The Yanacocha royalty covers a strategically located 61,000-hectare (approximately 200 square miles) property position adjacent to the largest gold producing district in South America – the Yanacocha district. There are significant mining operations to the south and north of our property and development projects to both the east and west.

Solitario currently receives no income from this royalty; however, Minera Yanacocha (51%-owned by Newmont Mining Corporation and 44%-owned by Buenaventura), manager of Solitario’s royalty property, continues to conduct districtwide exploration, including important new geologic and geophysical work on our property. We are hopeful that Newmont’s focused efforts will lead to the establishment of resources and eventually production on our property.