Solitario Resources Corp. Reports Increased Net Loss and Higher Exploration Expenses for Q2 2026

Solitario Resources Corp. reported a net loss of $1.83 million, or $0.02 per share, for the three months ended June 30, 2026, compared to a net loss of $943,000, or $0.01 per share, for the same period in 2025. The increase in net loss was primarily attributed to higher exploration expenses, which rose to $1.51 million from $671,000 year-over-year, and an increase in general and administrative expenses, which increased to $451,000 from $388,000. Additionally, the company experienced a decrease in realized and unrealized gains on marketable equity securities, reporting $56,000 in gains compared to $201,000 in the prior year.

For the six months ended June 30, 2026, Solitario's net loss was $2.32 million, or $0.03 per share, compared to a loss of $1.45 million, or $0.02 per share, in the same period of 2025. The increase in loss was driven by a rise in exploration expenses to $1.69 million from $910,000, while general and administrative expenses decreased slightly to $827,000 from $878,000. The company also reported a decrease in realized and unrealized gains on marketable equity securities, totaling $58,000 compared to $586,000 in the previous year.

Solitario's total assets increased to $26.24 million as of June 30, 2026, up from $25.03 million at the end of 2025. The increase was primarily due to higher cash and cash equivalents, which rose to $509,000 from $82,000, and an increase in short-term investments, which grew to $8.5 million from $7.57 million. The company’s working capital also improved to $8.58 million from $7.80 million, reflecting cash proceeds from stock sales under its at-the-market (ATM) program and a private placement completed in May 2026.

During the second quarter, Solitario continued its exploration activities, particularly at its Golden Crest project, where drilling commenced earlier than in the previous year, leading to increased expenditures. The company has budgeted approximately $5.67 million for exploration in 2026, with a focus on its core projects, including the Florida Canyon project in Peru and the Lik project in Alaska. Solitario's management anticipates that exploration expenditures will continue to rise as they advance their projects and potentially acquire additional mineral properties.

Looking ahead, Solitario plans to utilize its cash and short-term investments to fund ongoing exploration activities and may consider additional capital raises if necessary. The company remains focused on its strategic objectives, including the exploration of its mineral properties and the evaluation of potential acquisitions, while navigating the challenges posed by fluctuating commodity prices and market conditions.