DENVER, CO / ACCESS Newswire / October 21, 2025 / Solitario Resources Corp. ("Solitario" or the "Company") (NYSE American:XPL)(TSX:SLR) is pleased to announce that it has secured drilling permits for its Cat Creek critical metals project in Colorado. The Cat Creek project represents a high-quality undrilled molybdenum-rhenium porphyry system. ...

Core Insights - Solitario Resources Corp. has reported a significant discovery of 1,445 grams per tonne silver (46.5 oz) in drill hole GC-012, indicating a high-grade interval of precious metal mineralization [1] Company Summary - The high-grade silver interval is noted to represent an unrecognized style of precious metal mineralization for the Golden Crest project [1] - This mineralization is also described as unique compared to the historic Homestake and Wharf mining areas [1]

Core Points - Solitario Resources Corp. will have President and CEO Chris Herald present at the 37th Annual Mining Forum Americas 2025 Conference [1] - The presentation is scheduled for September 16, 2025, at 9:20 am Mountain Time [1] - The focus of the presentation will be on a strategic overview of Solitario's activities and recent drilling results from the Golden Crest gold project in South Dakota [1] Company Activities - The company is actively engaged in a drilling program for 2025 at its Golden Crest gold project [1] - Recent drilling results will be highlighted during the upcoming presentation [1] Industry Context - The Mining Forum Americas 2025 Conference serves as a platform for industry leaders to discuss developments and opportunities within the mining sector [1]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents Solitario's unaudited condensed consolidated financial statements, management's discussion, market risk disclosures, and controls and procedures [Item 1. Financial Statements](index=2&type=section&id=Item%201%20Financial%20Statements) This section presents Solitario's unaudited financial statements, detailing Q2 2025 increased net loss and six-month period performance [Condensed Consolidated Balance Sheets](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section details Solitario's financial position, including assets, liabilities, and equity as of June 30, 2025 | (in thousands of U.S. dollars) | June 30, 2025 | December 31, 2024 | | :----------------------------- | :------------ | :---------------- | | **Assets** | | | | Cash and cash equivalents | $195 | $81 | | Short-term investments | $8,823 | $4,523 | | Marketable equity securities | $401 | $1,322 | | Total current assets | $9,648 | $5,992 | | Mineral properties | $16,701 | $16,701 | | Total assets | $26,663 | $23,040 | | **Liabilities** | | | | Accounts payable | $461 | $258 | | Kinross call option liability | $- | $67 | | Total current liabilities | $490 | $368 | | Total liabilities | $635 | $520 | | **Shareholders' Equity** | | | | Common stock | $900 | $816 | | Additional paid-in capital | $89,592 | $84,714 | | Accumulated deficit | $(64,464) | $(63,010) | | Total shareholders' equity | $26,028 | $22,520 | - Total assets increased by **$3,623,000 (15.7%)** from December 31, 2024, to June 30, 2025, primarily driven by increases in cash and short-term investments[13](index=13&type=chunk)[14](index=14&type=chunk) - Total current liabilities increased by **$122,000 (33.1%)** from December 31, 2024, to June 30, 2025, mainly due to an increase in accounts payable and the elimination of the Kinross call option liability[14](index=14&type=chunk)[15](index=15&type=chunk) - Total shareholders' equity increased by **$3,508,000 (15.6%)** from December 31, 2024, to June 30, 2025, largely due to additional paid-in capital from stock issuances[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section outlines Solitario's financial performance for the three and six months ended June 30, 2025 and 2024 | (in thousands of U.S. dollars, except per share amounts) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :----------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Exploration expense | $671 | $487 | $910 | $841 | | General and administrative | $388 | $656 | $878 | $1,128 | | Total operating expense | $1,066 | $1,149 | $1,802 | $1,982 | | Interest and dividend income | $52 | $106 | $98 | $201 | | Loss on derivative instruments | $(130) | $(21) | $(336) | $(21) | | Realized and unrealized gain on sale of marketable equity securities | $201 | $302 | $586 | $310 | | Total other income (loss) | $123 | $387 | $348 | $490 | | Net loss | $(943) | $(762) | $(1,454) | $(1,492) | | Loss per common share (Basic and diluted) | $(0.01) | $(0.01) | $(0.02) | $(0.02) | - Net loss increased by **$181,000 (23.7%)** for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to higher exploration expense and derivative losses[18](index=18&type=chunk) - Net loss decreased by **$38,000 (2.5%)** for the six months ended June 30, 2025, compared to the same period in 2024, mainly driven by lower general and administrative expenses and higher realized gains on marketable equity securities[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents Solitario's cash flows from operating, investing, and financing activities | (in thousands of U.S. dollars) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :----------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(1,401) | $(1,570) | | Net cash (used) provided by investing activities | $(3,196) | $414 | | Net cash provided by financing activities | $4,711 | $1,232 | | Net increase in cash and cash equivalents and restricted cash | $114 | $76 | | Cash, cash equivalents and restricted cash, end of period | $425 | $276 | - Net cash used in operating activities decreased by **$169,000 (10.8%)** for the six months ended June 30, 2025, compared to the same period in 2024[20](index=20&type=chunk) - Net cash used in investing activities significantly increased to **$(3,196,000)** for the six months ended June 30, 2025, from a net cash provided of **$414,000** in the prior year, primarily due to net purchases of short-term investments[20](index=20&type=chunk) - Net cash provided by financing activities increased by **$3,479,000 (282.4%)** for the six months ended June 30, 2025, mainly driven by common stock issuances from private placements[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=NOTES%20TO%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations and disclosures for the unaudited financial statements [1. Business and Significant Accounting Policies](index=4&type=section&id=1.%20Business%20and%20Significant%20Accounting%20Policies) This note describes Solitario's business operations and significant accounting policies - Solitario Resources Corp. is an exploration stage company focused on acquiring and exploring precious metal, zinc, and other base metal mineral properties, primarily in North and South America[21](index=21&type=chunk)[22](index=22&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Core mineral property assets include the Florida Canyon zinc project in Peru, the Lik zinc project in Alaska, and the Golden Crest project in South Dakota, along with the early-stage Cat Creek project in Colorado[24](index=24&type=chunk)[78](index=78&type=chunk) - The company adopted ASU 2023-05 (Joint Venture Formations) and ASU 2023-09 (Income Tax Disclosures) in Q1 2025, neither of which had a material impact on financial position or results[28](index=28&type=chunk)[29](index=29&type=chunk) - Solitario is assessing the impact of ASU 2024-03 (Expense Disaggregation Disclosures), effective for annual periods beginning after December 15, 2026[30](index=30&type=chunk)[31](index=31&type=chunk) [2. Mineral Properties](index=6&type=section&id=2.%20Mineral%20Properties) This note provides details on Solitario's mineral property assets and associated exploration expenditures | (in thousands) | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Lik Project | $15,611 | $15,611 | | Golden Crest Project | $1,078 | $1,078 | | Cat Creek Project | $12 | $12 | | Total exploration mineral properties | $16,701 | $16,701 | | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------- | :----------------

Core Viewpoint - Solitario Resources (XPL) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements [4]. Company Performance and Outlook - The recent upgrade for Solitario reflects an improvement in the company's underlying business, which is expected to drive the stock price higher as investors recognize this trend [5][10]. - For the fiscal year ending December 2025, Solitario is projected to earn -$0.07 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 7.1% over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Solitario's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Financial Performance - Net loss for the three months ended March 31, 2025, was $511,000, a reduction of 30% from the net loss of $730,000 for the same period in 2024[13]. - Total operating expenses decreased to $736,000 for Q1 2025, down 11.6% from $833,000 in Q1 2024[13]. - Shareholders' equity decreased to $22,291,000 as of March 31, 2025, from $22,520,000 as of December 31, 2024, a decline of 1.02%[12]. - Net cash used in operations decreased to $598,000 in Q1 2025 from $991,000 in Q1 2024, mainly due to lower exploration expenses and reduced cash use for accounts payable[79]. - Interest and dividend income decreased to $46,000 in Q1 2025 from $95,000 in Q1 2024, attributed to reduced short-term investment balances used for exploration and administrative expenditures[69]. Exploration Activities - Solitario anticipates using cash and short-term investments to fund exploration activities for its core mineral projects, including the Florida Canyon Project and Lik Project[19]. - The company has not developed any properties to date and primarily focuses on acquiring and exploring mineral properties[15]. - Solitario's exploration activities are subject to various macro-economic risks, including inflationary pressures and volatility in financial markets[24]. - As of March 31, 2025, Solitario's total exploration mineral properties amounted to $16,701,000, unchanged from December 31, 2024[30]. - Exploration expenses for the three months ended March 31, 2025, were $239,000, a decrease of 7% from $354,000 in the same period of 2024[31]. Marketable Securities - The company reported an unrealized gain on marketable equity securities of $385,000 for Q1 2025, compared to an unrealized gain of $8,000 in Q1 2024[13]. - The fair value of Solitario's marketable equity securities increased to $1,706,000 as of March 31, 2025, up from $1,322,000 at December 31, 2024, representing a 29% increase[37]. - Solitario recorded a cumulative unrealized loss on marketable equity securities of $266,000 as of March 31, 2025[37]. - The fair value of 100,000 shares of Kinross common stock increased from $927,000 at December 31, 2024 to $1,261,000 at March 31, 2025, while 134,055 shares of Vox common stock increased from $314,000 to $391,000 during the same period[67]. Cash and Investments - Cash and cash equivalents increased to $189,000 as of March 31, 2025, from $81,000 at the beginning of the period, marking a significant increase of 133.3%[14]. - As of March 31, 2025, the company had $4,162,000 in cash and short-term investments, with $3,973,000 in a money market account[73]. - Working capital decreased to $5,404,000 at March 31, 2025, from $5,624,000 at December 31, 2024, primarily due to changes in cash and current liabilities[75]. - The company provided $550,000 from net sales of short-term investments in Q1 2025, compared to $918,000 in Q1 2024[80]. Stock Options and Compensation - As of March 31, 2025, there were options outstanding under the 2013 Plan to acquire 2,395,000 shares, with an intrinsic value of $98,000[50]. - The total stock-based compensation expense for Q1 2025 was $126,000, up from $59,000 in Q1 2024, attributed to the amortization of options granted in 2024[66]. - The intrinsic value of outstanding stock options under the 2023 Plan as of March 31, 2025, was $4,000, with a weighted average life of 4.42 years[52]. Future Outlook - The company’s full-year 2025 exploration and development budget is approximately $3,910,000, which includes a potential drilling program at the Golden Crest Project budgeted at $1,911,000[64]. - The company anticipates continued use of funds from operations through 2025, primarily for exploration activities related to the Golden Crest and Lik Projects[79]. - The company plans to use cash and short-term investments to fund exploration activities for its core mineral projects, including the Florida Canyon Project and Lik Project[19]. Risk Factors - Solitario's exploration activities are primarily focused in North and South America, with core assets including the Golden Crest Project, Florida Canyon Project, and Lik Project[59]. - The company emphasizes the importance of considering risk factors that could lead to actual results differing from forward-looking statements[93]. - There are no material changes to the risk factors outlined in the 2024 Annual Report[93].

Mineral Property Assets - Solitario's core mineral property assets include the Golden Crest project in South Dakota, the Florida Canyon project in Peru, and the Lik project in Alaska[21]. - Solitario holds a 50% interest in the Lik project, which is estimated to contain a large tonnage, high-grade deposit potentially mineable by open-pit methods[32]. - The Florida Canyon project has a significant mineral resource, with Solitario being fully carried to production by its joint venture partner Nexa, which will increase its ownership to 70% by funding all project expenditures[32]. - The Florida Canyon and Lik projects have reported mineral resources, but their potential for upgrading to mineral reserves depends on additional geological work and economic evaluation[52]. - The Golden Crest and Cat Creek projects are early-stage exploration projects with no reported mineral resources or reserves, requiring significant additional work for potential future reporting[55][56]. - The Lik Zinc project consists of 47 contiguous mining claims covering approximately 6,075 acres, with annual rental payments to the State of Alaska for 2025 estimated at $9,000[203]. Financial Position and Funding - As of December 31, 2024, Solitario anticipates using cash and short-term investments to fund exploration projects and evaluate additional mineral property assets[22]. - The company anticipates needing to raise additional capital or enter into new joint venture arrangements to fund exploration activities and obligations related to its mineral properties[62]. - The company has recorded revenue in the past from the sale of mineral properties, but such revenues have not been a consistent annual source of cash[20]. - The company has reported losses in 28 of its 31 years of operations, with net income in only three years: 2015, 2003, and 2000[82]. - As of December 31, 2024, the company holds $4,523,000 in money market funds and approximately $44,000 in uninsured cash deposits, which could be adversely affected by the failure of financial institutions[87]. - The company has the authority to issue up to 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, with an ATM program allowing the sale of up to $10,000,000 in shares[84]. Exploration Activities - The company has four full-time employees and utilizes consultants and contractors for exploration activities and administration[23]. - Solitario's exploration activities included extensive grid soil sampling and limited core drilling in 2024[124]. - The company is committed to best practices in exploration activities, minimizing surface disturbance and ensuring reclamation after sampling[155]. - Solitario plans a Phase-1 drilling program of approximately 4,000 meters in 2025, consisting of about 15 exploration core holes, with potential for a Phase-2 program depending on results and funding[156]. - Eleven core holes were completed in the 2024 drilling program, totaling 4,345.7 meters, with six holes intersecting gold grades exceeding 1 gpt[140][143]. Environmental and Regulatory Compliance - The company has a long history of committed environmental, social, and governance (ESG) practices, which are important to its investors and stakeholders[26]. - There were no material environmental incidents or known non-compliance with applicable environmental regulations during 2024[43]. - The company’s exploration activities are subject to various governmental regulations, and failure to comply could result in the loss of exploration or mining rights[42]. - The USFS issued a final Environmental Assessment and Draft Decision of No Significant Impact for the Golden Crest drilling program, allowing drilling to commence in June 2024[153]. - Environmental permits for exploration and development projects in Peru have been obtained, with additional permits being pursued for expanded drilling programs[168]. Market and Economic Risks - Solitario's exploration activities are subject to various macro-economic risks, including health epidemics, geopolitical tensions, and financial market volatility[27]. - The company’s operations are significantly affected by changes in the market price of commodities, particularly gold and zinc, which fluctuate daily and are influenced by factors beyond its control[57]. - The company does not hedge against currency or commodity fluctuations, which could materially affect its financial position[57]. - Exploration activities outside the United States are subject to political and economic risks that could adversely affect the value of certain assets[59]. - Increased costs due to various factors could negatively impact the company's exploration efforts and future development potential[88]. Joint Ventures and Partnerships - The company relies on joint ventures for project development, making its results dependent on the financial condition and operational expertise of its partners[76]. - Solitario holds a 50% interest in the Lik property through a joint venture with Teck, with annual exploration funding agreed upon since 2018[205][206]. - Nexa's expenditures for 2024 are approximately $2.0 million, focusing on upgrading access roads and community outreach programs[176]. - The company may pursue acquisitions of new mineral property assets, which could require substantial capital and involve significant risks[78]. Insurance and Risk Management - The company has limited insurance coverage for various risks, which may lead to material adverse effects on its business if uninsurable events occur[65]. - The company does not maintain "Key-Man" life insurance policies for its key executives, which could adversely affect its operations if these individuals are lost[75]. - The company is dependent on information technology systems, which are subject to cybersecurity risks that could materially affect its operations[89]. - The company has invested in cybersecurity controls and processes to mitigate risks associated with potential cyber-attacks[90]. Geological and Technical Information - Over twenty gold-enriched target areas have been identified by Solitario, with fourteen containing multi-gram gold per tonne[129]. - Significant multi-gram gold mineralization was intersected in four different areas during the drilling program, with high-grade paleo-placer gold found in hole GC-008[143]. - The Geyser Zone has been redefined as a single V-shaped zone, with a total of 515 rock grab samples collected, of which 99 samples returned values exceeding 1.0 gpt gold, and 36 samples exceeded 10 gpt gold[135]. - The Florida Canyon district has defined several zones of strong zinc mineralization, with the largest drilling amounts in the San Jorge, Karen-Milagros, and 1021 zones[184]. - Estimated Mineral Resources at Florida Canyon include 806,945 tonnes measured at 11.32% zinc and 1.39% lead, and 1,634,702 tonnes indicated at 10.28% zinc and 1.31% lead[193].

Financial Performance - Net loss for the three months ended September 30, 2024, was $2.276 million compared to a net loss of $1.292 million for the same period in 2023, representing a 76.4% increase in losses[9] - The net loss for the nine months ended September 30, 2024, was $3.768 million or $0.05 per share, compared to a net loss of $2.712 million or $0.04 per share for the same period in 2023[86] - Total shareholders' equity decreased to $23.994 million from $25.950 million, a decline of 7.5%[8] - The company reported a net loss of $2,276,000 or $0.03 per share for the three months ended September 30, 2024, compared to a net loss of $1,292,000 or $0.02 per share for the same period in 2023[74] Exploration Activities - Solitario is actively exploring its core mineral properties, including the Florida Canyon Project and the Lik Project, and has initiated work on the new Cat Creek Project in Colorado[14] - The company anticipates using its cash and short-term investments to fund exploration activities and potentially acquire additional mineral property assets[15] - The company budgeted approximately $3,900,000 for total exploration expenditures in 2024, which includes $1,700,000 specifically for drilling at the Golden Crest Project[77] - Exploration expenses for the nine months ended September 30, 2024, were $2.908 million, up from $1.748 million in the same period of 2023, an increase of 66.2%[9] - Exploration expenses increased to $2,067,000 for the three months ended September 30, 2024, up from $918,000 in the same period of 2023, primarily due to drilling at the Golden Crest Project[75] Cash and Investments - Cash and cash equivalents at the end of the period were $186 million, a slight decrease from $168 million at the end of the previous year[10] - Solitario's cash, excluding restricted cash, was $86,000 as of September 30, 2024, down from $200,000 on December 31, 2023[26] - As of September 30, 2024, the company had $6,484,000 in cash and short-term investments, with $6,398,000 held in a money market account[96] - The fair value of Solitario's marketable equity securities increased to $1,398,000 as of September 30, 2024, from $1,032,000 on December 31, 2023[36] Operating Expenses - The company recorded a total operating expense of $4.440 million for the nine months ended September 30, 2024, compared to $2.840 million for the same period in 2023, an increase of 56.2%[9] - Total operating expenses for the three months ended September 30, 2024, were $2,458,000, compared to $1,207,000 for the same period in 2023, representing a 104% increase[9] - General and administrative costs for the three months ended September 30, 2024, were $258,000, slightly up from $224,000 in the same period of 2023[76] - General and administrative costs for the nine months ended September 30, 2024, were $971,000, compared to $889,000 for the same period in 2023[88] Stock-Based Compensation - Solitario's stock-based compensation expense increased to $540,000 for the nine months ended September 30, 2024, compared to $184,000 in the same period in 2023, reflecting a significant rise in compensation costs[10] - Stock-based compensation expense for the three and nine months ended September 30, 2024, was $125,000 and $540,000, respectively, compared to $58,000 and $184,000 in 2023[60] - The intrinsic value of outstanding stock options under the 2013 Plan was $718,000 as of September 30, 2024[54] Liabilities - Total current liabilities increased to $762 million from $632 million, a rise of 20.5%[8] - The company recorded an asset retirement obligation of $125,000 as of September 30, 2024, for estimated reclamation costs at the Lik Project[32] - Solitario has recorded an asset retirement and reclamation liability obligation of $145,000 related to its Lik and Golden Crest projects[49] Market Activity - Solitario sold 100,000 shares of Highlander Silver Corp. for proceeds of $54,000 during the nine months ended September 30, 2024, realizing a gain of $54,000[40] - The company sold 1,802,060 shares under the ATM Agreement at an average price of $0.70 per share, generating net proceeds of $1,218,000[65] - The company issued common stock net of issuing costs amounting to $1,218,000 during the period, compared to $2,422,000 in the same period last year[10] Future Outlook - The company anticipates a significant increase in exploration expenses for the full year of 2024 compared to 2023[76] - The company anticipates continued use of funds from operations through the remainder of 2024, primarily for drilling expenditures and exploration activities[103] - The company has no off-balance sheet obligations as of September 30, 2024[109]

Financial Performance - Cash and cash equivalents decreased from $200 million to $176 million, while total current assets decreased from $9,941 million to $9,659 million[30]. - Total operating expenses for the three months ended June 30, 2024, were $1,149 million, an increase from $876 million for the same period in 2023, representing a 31% increase[31]. - The net loss for the six months ended June 30, 2024, was $1,492 million, compared to a net loss of $1,420 million for the same period in 2023, indicating a 5% increase in losses[34]. - The company reported a total of $387 million in other income for the three months ended June 30, 2024, compared to a loss of $164 million in the same period of 2023[31]. - For the three months ended June 30, 2024, Solitario reported a net loss of $762,000 or $0.01 per share, an improvement from a net loss of $1,040,000 or $0.02 per share for the same period in 2023[116]. - The company reported a net loss of $1,492,000 or $0.02 per share for the six months ended June 30, 2024, compared to a net loss of $1,420,000 or $0.02 per share for the same period in 2023[146]. Shareholder Information - The weighted average shares outstanding increased from 64,807 thousand to 81,113 thousand, reflecting a 25% increase in shares[31]. - As of June 30, 2024, there were options outstanding under the 2013 Plan to acquire 3,728,500 shares of Solitario common stock, with an intrinsic value of $1,562,000[79]. - As of June 30, 2024, there were options for 2,175,000 shares outstanding under the 2023 Plan, with an intrinsic value of $104,000[80]. - Solitario granted options for 2,125,000 shares under the 2023 Plan with an exercise price of $0.85 per share, resulting in a grant date fair value of $1,120,000[107]. Exploration and Project Development - The company anticipates using cash and short-term investments to fund exploration activities for its core mineral projects, including Florida Canyon, Lik, and Golden Crest[37]. - Solitario's exploration mineral properties totaled $16,701 million as of June 30, 2024, slightly up from $16,646 million at the end of 2023[44]. - Solitario added a new area to its Golden Crest Project, covering approximately 98 claims, with an initial cost of $43,000 capitalized as mineral properties[55]. - The company acquired a new early-stage exploration project, the Cat Creek Project, with an initial lease acquisition cost of $12,000 capitalized[55]. - Total exploration costs for the three months ended June 30, 2024, were $487,000, a decrease from $555,000 in the same period of 2023[56]. - Solitario's total exploration costs for the six months ended June 30, 2024, were $841,000, slightly up from $830,000 in the same period of 2023[56]. Cash Flow and Investments - Net cash used in operating activities for the six months ended June 30, 2024, was $1,570 million, a decrease from $1,765 million in the same period of 2023[34]. - As of June 30, 2024, Solitario had cash and short-term investments totaling $8,224,000, primarily held in a money market account[128]. - The company sold 1,802,060 shares of common stock under the ATM Agreement at an average price of $0.70 per share, generating net proceeds of $1,218,000[111]. - The company sold 100,000 shares of Highlander Silver Corp. for proceeds of $54,000, recording a gain of $54,000 on the sale[69]. - Cash proceeds from the sale of Kinross calls were $39,000 in the first half of 2024, up 29% from $31,000 in the same period of 2023[159]. Stock-Based Compensation - The company recorded stock-based compensation expense of $415 million for the six months ended June 30, 2024, compared to $126 million for the same period in 2023, representing a significant increase[34]. - Stock option compensation expense increased to $356,000 for the three months ended June 30, 2024, compared to $59,000 for the same period in 2023, due to the grant of 2,125,000 options[91]. - Stock option expense increased to $415,000 for the six months ended June 30, 2024, compared to $126,000 in the same period of 2023, due to the grant of options for 2,125,000 shares[149]. Marketable Securities - As of June 30, 2024, Solitario's marketable equity securities at fair value totaled $1,288,000, up from $1,032,000 as of December 31, 2023, representing a 24.8% increase[59]. - During the three months ended June 30, 2024, Solitario recorded a net gain of $302,000 on marketable equity securities, compared to a net loss of $227,000 for the same period in 2023[60]. - The fair value of Kinross common stock held by Solitario increased to $832,000 at June 30, 2024, up from $605,000 at December 31, 2023, reflecting a gain of $227,000[125]. - The company recorded an unrealized gain on marketable equity securities of $256,000 during the six months ended June 30, 2024, compared to a gain of $102,000 for the same period in 2023[125]. - Cumulative unrealized loss on marketable equity securities decreased to $(152,000) as of June 30, 2024, from $(408,000) as of December 31, 2023[58]. General and Administrative Costs - General and administrative costs were $301,000 for the three months ended June 30, 2024, compared to $257,000 for the same period in 2023[90]. - Solitario's general and administrative costs for the six months ended June 30, 2024 were $713,000, slightly higher than $665,000 for the same period in 2023[124]. Tax and Regulatory Matters - The company anticipates no currently payable income taxes during 2024 due to net operating losses[94]. - A valuation allowance has been recorded that fully offsets the company's net deferred tax assets, indicating uncertainty in realizing these assets[103]. - The company does not expect the adoption of ASU No. 2023-09 to have a material impact on its consolidated financial position or results of operations[38]. - The company does not anticipate early adoption of ASU 2023-05, which clarifies accounting for joint venture formations, effective January 1, 2025[50]. Other Information - There were no material changes to the Risk Factors associated with the business as of June 30, 2024[172]. - The company did not record any mineral property write-downs during the three and six months ended June 30, 2024 and 2023[163]. - There were no related party transactions or balances as of June 30, 2024[183].

Financial Performance - Net loss for the three months ended March 31, 2024, was $730,000, compared to a net loss of $380,000 for the same period in 2023, indicating an increase in loss of about 92.11%[17]. - Solitario reported a net loss of $730,000 or $0.01 per share for Q1 2024, compared to a net loss of $380,000 or $0.01 per share for Q1 2023, indicating an increase in net loss of 92.1%[70]. - Net cash used in operations increased to $991,000 for the three months ended March 31, 2024, compared to $685,000 for the same period in 2023[87]. Assets and Equity - Total assets decreased from $26,757,000 on December 31, 2023, to $25,705,000 on March 31, 2024, representing a decline of approximately 3.93%[13][14]. - Current assets decreased from $9,941,000 to $8,904,000, a reduction of about 10.43%[13]. - Shareholders' equity decreased from $25,950,000 on December 31, 2023, to $25,293,000 on March 31, 2024, a decline of approximately 2.53%[15]. - Solitario's shareholders' equity decreased to $25,293,000 at March 31, 2024, from $25,950,000 at December 31, 2023, primarily due to a net loss of $730,000[57]. - Working capital decreased to $8,657,000 as of March 31, 2024, down from $9,309,000 as of December 31, 2023[83]. Cash and Investments - Cash and cash equivalents decreased from $440,000 at the end of Q1 2023 to $141,000 at the end of Q1 2024, a decline of approximately 68.07%[19]. - As of March 31, 2024, the company has $7,659,000 in cash and short-term investments, with $7,518,000 in a money market account[81]. - The company anticipates using its cash and short-term investments to fund exploration activities and potentially acquire additional mineral property assets[24]. - Net cash provided from the sale of short-term investments was $918,000 in Q1 2024, compared to $809,000 in Q1 2023[89]. Operating Expenses - Total operating expenses increased from $757,000 in Q1 2023 to $833,000 in Q1 2024, marking an increase of approximately 10.03%[17]. - General and administrative costs were $413,000 in Q1 2024, slightly higher than $409,000 in Q1 2023, with travel and shareholder relation costs increasing to $186,000 from $139,000[73]. - Exploration expenses rose from $275,000 in Q1 2023 to $354,000 in Q1 2024, an increase of about 28.73%[35]. - Exploration expenses increased to $354,000 in Q1 2024 from $275,000 in Q1 2023, primarily due to higher costs at the Golden Crest Project, which rose to $335,000 from $241,000[71]. Marketable Securities - As of March 31, 2024, Solitario's marketable equity securities had a fair value of $1,040,000, up from $1,032,000 at December 31, 2023, reflecting an unrealized gain of $8,000[39]. - The company recorded an unrealized gain on marketable equity securities of $8,000 in Q1 2024, a significant decrease from $329,000 in Q1 2023[75]. - The company did not sell any marketable equity securities during the three months ended March 31, 2024, maintaining its investment strategy[39]. - The company did not sell any marketable equity securities during the three months ended March 31, 2024 or 2023[89]. Shareholder Activity - The company reported a weighted average of 79,624,000 shares outstanding for Q1 2024, compared to 64,801,000 shares for Q1 2023, reflecting an increase of approximately 22.76%[17]. - The company sold 1,651,309 shares of common stock under the ATM Agreement at a price of $0.68 per share, generating net proceeds of $1,085,000 in April 2024[61]. - The company entered into an ATM Agreement allowing for the sale of up to $10.0 million in common stock, but did not sell any shares during Q1 2024[86]. Internal Controls and Risk Factors - As of March 31, 2024, the management assessed the effectiveness of internal control over financial reporting and determined it to be effective based on COSO criteria[107]. - There were no changes in internal control over financial reporting during the quarter ended March 31, 2024, that materially affected its effectiveness[108]. - As of March 31, 2024, there were no material changes to the Risk Factors associated with the business compared to the 2023 Annual Report[110]. Other Financial Information - Solitario recorded an asset retirement obligation of $125,000 related to its Lik Project in Alaska[36]. - The total lease liability for Solitario's Wheat Ridge office lease is projected to be $85,000 through February 2026[42]. - As of March 31, 2024, the intrinsic value of outstanding stock options under the 2013 Plan is $491,000, with a weighted average life of 2.59 years[52]. - Solitario's deferred tax assets are fully offset by a valuation allowance, indicating uncertainty in realizing these assets[46]. - No options were exercised from the 2013 Plan during the three months ended March 31, 2023, indicating a potential lack of liquidity or market interest[52]. - There were no unregistered sales of equity securities during the quarter ended March 31, 2024[111]. - None of the Company's directors or officers adopted, modified, or terminated any trading arrangements during the quarter ended March 31, 2024[112].