Solitario(US:XPL)2022-05-04 15:36Financial Performance - Net loss for the three months ended March 31, 2022, was $514,000, slightly improved from a net loss of $528,000 in the same period of 2021[17]. - The company reported a basic and diluted loss per common share of $0.01 for both the three months ended March 31, 2022, and 2021[17]. - The net loss for the three months ended March 31, 2022, was $514,000, a slight improvement from a net loss of $528,000 for the same period in 2021, indicating a reduction of about 2.7%[65]. - Cash used in operations increased to $597,000 in Q1 2022 from $382,000 in Q1 2021, driven by higher exploration and administrative expenses[87]. - General and administrative costs increased to $387,000 in Q1 2022 from $280,000 in Q1 2021, marking an increase of approximately 38.2%[66]. - General and administrative costs increased to $374,000 for the three months ended March 31, 2022, compared to $252,000 for the same period in 2021, primarily due to higher salaries and legal expenses[70]. Assets and Liabilities - Total assets increased to $25,141,000 as of March 31, 2022, compared to $23,619,000 as of December 31, 2021, representing an increase of 6.4%[15]. - Current assets rose to $8,689,000, up from $7,159,000, marking an increase of 21.4%[13]. - Shareholders' equity increased to $24,724,000 as of March 31, 2022, compared to $23,183,000 at the end of 2021, an increase of 6.6%[15]. - Total liabilities decreased to $505,000 as of March 31, 2022, from $436,000 at the end of 2021, a decrease of 15.8%[15]. - Working capital increased to $8,422,000 as of March 31, 2022, up from $6,883,000 at the end of 2021, reflecting improved financial health[83]. Exploration and Development - Exploration expenses increased to $226,000 for the three months ended March 31, 2022, compared to $147,000 in the prior year, reflecting a rise of 53.7%[34]. - The total exploration and development budget for 2022 is projected at $2,350,000, indicating a significant increase in anticipated activities compared to previous years[67]. - The company anticipates that exploration expenditures for the full year 2022 will exceed those of 2021, reflecting a proactive approach to mineral exploration[67]. - The company anticipates continued use of funds for exploration activities, particularly for the Golden Crest and Lik projects throughout 2022[87]. - The company holds significant interests in the Florida Canyon project in Peru, the Lik project in Alaska, and the Golden Crest project in South Dakota, which are considered core mineral property assets[21]. Marketable Securities - As of March 31, 2022, Solitario's marketable equity securities had a fair value of $1,413,000, up from $1,307,000 on December 31, 2021, representing an increase of 8.1%[39]. - The cumulative unrealized loss on marketable equity securities decreased from $397,000 on December 31, 2021, to $184,000 on March 31, 2022[40]. - The company recorded an unrealized gain on marketable equity securities of $213,000 in Q1 2022, contrasting with an unrealized loss of $122,000 in Q1 2021[65]. - The company recorded a loss of $81,000 on the sale of marketable equity securities in Q1 2022, compared to a gain of $13,000 in Q1 2021[72]. Cash Flow and Investments - Cash and cash equivalents decreased to $345,000 at the end of the period from $462,000 at the beginning, a decline of 25.4%[18]. - Cash from investing activities showed a net outflow of $1,562,000 in Q1 2022, compared to a net inflow of $1,016,000 in Q1 2021, primarily due to the purchase of short-term investments[88]. - As of March 31, 2022, the company had $345,000 in cash and $6,614,000 in short-term investments, indicating a strong liquidity position[79][80]. - The company sold 2,650,724 shares under the ATM Agreement in Q1 2022, generating net proceeds of approximately $2,023,000[86]. - For the three months ended March 31, 2022, the company received net cash of $2,023,000 from the issuance of common stock under the ATM Program, compared to $98,000 in the same period of 2021, representing a significant increase of approximately 1,961%[89]. Stock Options and Compensation - As of March 31, 2022, the total unrecognized stock option compensation cost related to non-vested options is $67,000, expected to be recognized over a weighted average period of 18 months[53]. - Stock option expense decreased to $13,000 in Q1 2022 from $28,000 in Q1 2021, as certain option grants became fully vested[71]. Compliance and Controls - The company’s disclosure controls and procedures were deemed effective as of March 31, 2022, following an evaluation by the Chief Executive Officer and Chief Financial Officer[102]. - There were no changes in internal control over financial reporting during the quarter ended March 31, 2022, that materially affected the company's financial reporting[104]. - The company has no related party transactions or balances as of March 31, 2022, maintaining a clean financial slate[97]. - There were no changes to exploration activities or environmental compliance as of March 31, 2022, compared to disclosures in the Annual Report for the year ended December 31, 2021[94]. - The company did not record any mineral property write-downs during the three months ended March 31, 2022, and 2021, indicating stable asset valuation[94].