14 Apr 2011material agreement▲ GoodMajor
Solitario raised about $7.8 million in a public stock offering to fund feasibility work at Mt. Hamilton and exploration in Peru and Mexico.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Dec 2010material agreement▲ GoodMajor
Solitario and Ely Gold formalized their Mt. Hamilton joint venture, contributing their respective interests to a new LLC in which Solitario initially holds 10%, with the right to earn up to 80% by funding further exploration and feasibility work.
24 Nov 2010joint venture update▲ GoodMajor
Solitario began core drilling at its newly optioned Mt. Hamilton gold project in Nevada and paid a $300,000 advance royalty as it worked toward forming a joint venture with Ely Gold & Minerals, where it can earn up to an 80% interest.
1 Sept 2010capital raising announcement▲ GoodMajor
Solitario signed the original letter of intent to joint-venture Ely Gold & Minerals' Mt. Hamilton gold project in Nevada, where it could earn up to an 80% interest, and made an initial CDN$500,000 equity investment into Ely as part of the deal.
8 Feb 2010financial restatement▼ BadMajor
Solitario disclosed a second restatement, this time correcting how it had accounted for years of earn-in payments from Anglo Platinum on the Pedra Branca project, reclassifying them as a deferred liability rather than equity or expense credits.
3 Nov 2009business combination▼ BadMajor
Metallic Ventures Gold walked away from Solitario's bid after accepting a superior offer from a rival bidder, but Solitario collected the $2.2 million break fee it had negotiated.
14 Oct 2009business combination● NeutralMajor
Solitario raised its bid for Metallic Ventures Gold to $18 million cash plus 19.5 million shares and extended the deal deadline, as a bidding contest for the target intensified.
27 Aug 2009business combination▲ GoodMajor
Solitario agreed to acquire Metallic Ventures Gold for about $15.5 million in cash and 17 million shares, its first attempt at a major corporate acquisition.
9 Feb 2009financial restatement▼ BadMajor
Solitario said it would restate financial statements back to 2006 after discovering its Canadian-dollar-denominated employee stock options should have been booked as liabilities rather than equity - a non-cash accounting error with no effect on cash, assets or reported fraud.
8 Dec 2008material agreement termination▼ BadMajor
Newmont walked away from its option on Solitario's Pachuca Real silver-gold project in Mexico, leaving Solitario with full ownership; separately, new drilling at the Pedra Branca project in Brazil expanded the high-grade Curiu deposit as Anglo Platinum's stake there grew toward 30%.
17 Apr 2008material agreement▲ GoodMajor
Solitario and Votorantim Metais formed a second Peruvian joint venture, on the regional Chambara zinc project, with Votorantim able to earn up to 70% by funding exploration and a feasibility study - expanding their partnership beyond the existing Bongara project.
17 Oct 2007material agreement● Neutral
Solitario hedged two-thirds of its Kinross Gold shareholding - its largest balance-sheet asset - through a zero-cost collar with UBS, locking in a floor price while capping the upside.
4 Oct 2007material agreement▲ GoodMajor
Anglo Platinum completed its initial $2.25 million earn-in for a 15% stake in Solitario's Pedra Branca platinum-palladium project in Brazil, with rights to earn up to 65%; the same day, Votorantim Metais made a $100,000 payment on its option over Solitario's Bongara zinc project in Peru, where it can earn up to 70%.
16 Mar 2007material agreement● Neutral
Solitario adopted change-in-control severance agreements for its CEO, CFO and VP, each entitled to a lump sum of 2.5 times salary if the company changes hands.
7 Sept 2006material agreement● Neutral
Solitario retained board vice-chairman Mark E. Jones III as a paid consultant for $160,000, replacing a management-services arrangement that had run through his former employer, Crown Resources Corporation.
20 Jan 2005material agreement▲ GoodMajor
Solitario and Newmont signed definitive agreements formalizing their South American gold exploration alliance and the Cdn$4.59 million Newmont private placement, and restated the royalty terms on Solitario's land package around Newmont's Yanacocha mine.
23 Nov 2004material agreement▲ GoodMajor
Solitario signed letters of intent for a broader strategic alliance with Newmont to explore South America - funded by a Cdn$4.59 million Newmont private placement into Solitario - and to amend its existing royalty on the land surrounding Newmont's giant Yanacocha gold mine in Peru, adding a $4 million work commitment from the mine's owners.
7 Oct 2004auditor change● Neutral
Solitario engaged Ehrhardt Keefe Steiner and Hottman as its new independent auditor.
8 Sept 2004auditor change▼ Bad
Solitario's auditor Deloitte & Touche resigned, citing material weaknesses in internal controls tied to the company's earlier restatement of its 2001-2002 financial statements.
7 Apr 2004farm in farm out agreement▲ GoodMajor
Solitario signed a deal letting Newmont earn up to a 65% interest in its La Tola gold property in Peru by funding $7 million of exploration, while Solitario keeps a royalty on any future production.