Solitario(US:XPL)2025-10-30 23:03Financial Performance - Net loss for the three months ended September 30, 2025, was $1,870,000, a decrease of 17.8% compared to a net loss of $2,276,000 for the same period in 2024[19] - Net loss for the nine months ended September 30, 2025, was $3,324,000, a decrease of 11.8% compared to a net loss of $3,768,000 for the same period in 2024[19] - For the three months ended September 30, 2025, the company reported a net loss of $1,870,000 or $0.02 per share, compared to a net loss of $2,276,000 or $0.03 per share for the same period in 2024, indicating a decrease in net loss of approximately 18%[83] - The company recorded a net gain of $666,000 on marketable equity securities for the nine months ended September 30, 2025, compared to $420,000 in the same period of 2024[49] Assets and Liabilities - Total assets increased to $25,372,000 as of September 30, 2025, compared to $23,040,000 as of December 31, 2024, representing an increase of 10.1%[14] - Current assets rose to $8,370,000, up from $5,992,000, marking a 39.8% increase[14] - Total current liabilities increased to $485,000 as of September 30, 2025, compared to $368,000 at December 31, 2024, representing a 31.8% increase[16] - Solitario's accumulated deficit increased to $66,334,000 as of September 30, 2025, compared to $63,010,000 at the end of 2024[17] - As of September 30, 2025, Solitario's total exploration mineral properties amounted to $16,706,000, slightly up from $16,701,000 as of December 31, 2024[39] Cash and Investments - Cash and cash equivalents increased to $602,000 at the end of the period, compared to $186,000 at the end of September 2024, reflecting a significant improvement[21] - As of September 30, 2025, the company had $7,945,000 in cash and short-term investments, with $7,573,000 invested in a money market account[103] - The company anticipates using cash and short-term investments to fund exploration activities for its core mineral projects, including the Florida Canyon Project and Lik Project[26] - Solitario's investments in money market funds amounted to $7,573,000 as of September 30, 2025, included in short-term investments[36] Exploration and Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $3,834,000, down 13.7% from $4,440,000 in the same period of 2024[19] - Exploration expenses for the three months ended September 30, 2025, were $1,645,000, a decrease of 20.4% from $2,067,000 in the same period of 2024[40] - Exploration expenses decreased to $2,555,000 during the nine months ended September 30, 2025, down from $2,908,000 in the same period of 2024, primarily due to reduced drilling activities[96] - The company budgeted approximately $3,910,000 for full-year exploration expenditures in 2025, which includes around $1,911,000 allocated for drilling at the Golden Crest Project[85] Shareholders' Equity and Stock Options - Shareholders' equity increased from $22,520,000 at December 31, 2024, to $24,742,000 at September 30, 2025[68] - The total unrecognized stock-based compensation expense related to non-vested options is $477,000, expected to be recognized over 20 months[67] - As of September 30, 2025, the intrinsic value of outstanding stock options under the 2013 Plan is $204,000[62] - The company recorded stock-based compensation expense of $364,000 for the nine months ended September 30, 2025, compared to $540,000 for the same period in 2024[99] Market Activity - The company issued common stock, net of issuing costs, amounting to $4,976,000 during the nine months ended September 30, 2025, compared to $1,218,000 in the same period of 2024[21] - The average price per share sold under the ATM Agreement for the three months ended September 30, 2025, was $0.76, resulting in net proceeds of $418,000 after commissions and sale expenses[74] - The company sold an aggregate of 572,013 shares under the ATM Agreement during the three months ended September 30, 2025, compared to 1,802,060 shares sold in the same period of 2024[74] Reclamation and Liabilities - Solitario recorded an asset retirement obligation of $125,000 for the Lik Project, reflecting estimated reclamation costs[41] - The company has recorded a reclamation liability of $20,000 for remaining reclamation activities at the Golden Crest Project as of September 30, 2025[44] - As of September 30, 2025, Solitario has recorded an asset retirement and reclamation liability obligation of $145,000 related to its Lik Project and Golden Crest Project[60] General and Administrative Expenses - General and administrative expenses decreased to $1,257,000 for the nine months ended September 30, 2025, compared to $1,511,000 for the same period in 2024, reflecting cost management efforts[95] - The company recorded a decrease in general and administrative expenses to $379,000 for the three months ended September 30, 2025, compared to $383,000 for the same period in 2024[84]