12:53:33 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Solitario Zinc Corp
Symbol SLR
Shares Issued 58,141,366
Close 2020-04-01 C$ 0.29
Market Cap C$ 16,860,996
Recent Sedar Documents

Solitario to cut overhead costs by $120K (U.S.) yearly

2020-04-03 09:06 ET - News Release

Ms. Valerie Kimball reports

SOLITARIO PROVIDES CORPORATE UPDATE AND DETAILS OF ITS STRONG FINANCIAL POSITION

In light of the extraordinary developments associated with the COVID-19 global outbreak, Solitario Zinc Corp. has provided an update on its financial status and other corporate activities. The company is well positioned, financially, to endure an extended period of market weakness, should that occur. The company and its employees are following government regulations and guidelines in the jurisdictions in which it operates as they relate to COVID-19. At this point, the company does not anticipate that its future corporate activities and project plans will be materially affected; however, there remains a high degree of uncertainty associated with the current COVID-19 situation.

Solitario's financial position

Financially, Solitario is well positioned, as follows:

  • Cash: approximately $7.2-million (U.S.);
  • Marketable securities and notes: approximately $1-million (U.S.);
  • 2020 corporate budget (full year, excluding discretionary drilling): approximately $1.3-million (U.S.);
  • Solitario's joint-venture partners continue to advance project development and financing on its high-grade Florida Canyon (Peru) and Lik (Alaska) zinc projects;
  • Debt: none;
  • Last equity financing: April, 2011.

Continued focus on cost containment

For the past two years, Solitario significantly reduced its general and administrative costs by introducing a number of cost-containment initiatives. In recognition of current market conditions, Solitario will further reduce future corporate overhead costs by approximately $120,000 (U.S.) annually. This will be accomplished through salary and fee reductions for all management, employee, director and contractor compensation.

Chris Herald, president and chief executive officer of Solitario, stated: "With management and directors currently owning 9.3 per cent of the Solitario's outstanding shares, we are directly aligned with shareholder interests and decisions are made for the benefit of the shareholders. Although these are unprecedented times, Solitario is financially solid to weather this storm. Not only do we have a strong balance sheet, but we have a low corporate burn rate and joint-venture partners that continue to advance our projects at a steady pace. I want to acknowledge all of our stakeholders, fellow management, directors, employees and consultants, as well as our joint-venture partners and local communities in which we operate, for their respective contributions and sacrifices to eliminate the COVID-19 pandemic."

About Solitario Zinc Corp.

Solitario is a well-financed, emerging, zinc exploration and development company.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.