Solitario Resources Corp.

What they do

Solitario acquires and explores precious and base metal properties and holds a portfolio of mineral exploration properties and assets for future sale, joint venture, or royalty creation. Its core assets at June 30, 2026 are the Golden Crest project in South Dakota, the carried interest in the Florida Canyon project in Peru, and the interest in the Lik project in Alaska. It also owns the Cat Creek and Bright Angel projects in Colorado. Exploration is conducted directly in the U.S. and through partner-operated joint ventures in Peru and Alaska.

Revenue drivers

• Mineral property sales — Historically the only recorded revenue source, from the sale of mineral properties; annual revenue fell from $502,000 in 2018 to $408,000 in 2019 and $0 in 2020.
• Florida Canyon carried interest (Peru) — A core asset held through a joint venture operated by a partner; no revenue is attributed to it in the reported figures.
• Lik project (Alaska) — A core joint-venture asset operated by a partner; no revenue is attributed to it in the reported figures.
• Golden Crest project (South Dakota) — The primary exploration focus operated directly by Solitario; no revenue is attributed to it in the reported figures.

Recent performance

For the three months ended June 30, 2026, Solitario reported a net loss of $1,830,000, or $0.02 per basic and diluted share, compared to a net loss of $943,000, or $0.01 per share, for the three months ended June 30, 2025. The wider loss was driven primarily by exploration expense rising to $1,508,000 from $671,000, general and administrative expense rising to $451,000 from $388,000, and realized and unrealized gains on marketable equity securities falling to $56,000 from $201,000. Annual net losses were $3.8M in 2023, $5.4M in 2024, and $3.8M in 2025, with operating cash flow of negative $3.3M, negative $5.1M, and negative $3.6M respectively. At June 30, 2026, total assets were $26.2M and shareholder equity was $25.4M, with cash and equivalents of $509,000.

Strategy

Management states it will use cash and short-term investments in part to fund exploration at the Lik, Florida Canyon, Golden Crest, Cat Creek, and Bright Angel projects, conduct reconnaissance exploration, and potentially acquire additional mineral property assets. The company has historically reduced exploration cost exposure through joint ventures and expects to continue using joint ventures to fund some exploration for the foreseeable future. It continues to evaluate other mineral properties for acquisition and potential strategic transactions involving precious and base metal assets. The geographic focus for potential acquisitions remains North and South America.

Risks

• No revenue and recurring losses — The company recorded no revenue in 2020 and has reported annual net losses and negative operating cash flow every year from 2021 through 2025.
• Low cash balance — Cash and equivalents were $509,000 at June 30, 2026, against second-quarter 2026 exploration and G&A expense of $1,508,000 and $451,000 respectively.
• No proven or probable reserves or development history — Management states the company has never developed a mineral property and holds properties for future sale, joint venture, or royalty prior to establishment of proven and probable reserves.
• Exploration-stage and commodity price exposure — The company is an exploration stage company as defined by SEC rules, and management cites fluctuations in precious metal and other commodity prices as creating a challenging environment for mineral exploration and development.

Outlook

Management states that as of June 30, 2026 it anticipates using cash and short-term investments, in part, to fund exploration at the Lik, Florida Canyon, Golden Crest, Cat Creek, and Bright Angel projects, conduct reconnaissance exploration, and potentially acquire additional mineral property assets. The company expects joint ventures to continue funding some exploration for the foreseeable future, but states it cannot assure that these or other sources of capital will be available in sufficient amounts. Management notes that future revenue from property sales or joint ventures, if any, would be infrequent and not a consistent source.