Solitario Resources Corp. Reports $511,000 Net Loss in Q1 2025, Decrease from Previous Year

Solitario Resources Corp. reported a net loss of $511,000, or $0.01 per share, for the first quarter of 2025, a decrease from a net loss of $730,000, or $0.01 per share, in the same period of 2024. The reduction in net loss was attributed to a decrease in exploration expenses, which fell to $239,000 from $354,000 year-over-year, and an increase in unrealized gains on marketable equity securities, which rose to $385,000 compared to $8,000 in the prior year. However, general and administrative expenses increased slightly to $490,000 from $472,000, and the company recorded an unrealized loss on derivative instruments of $206,000, which was not present in the previous year.

Solitario's total assets as of March 31, 2025, were $22.966 million, a slight decrease from $23.040 million at the end of 2024. Current assets included cash and cash equivalents of $189,000, up from $81,000, and short-term investments totaling $3.973 million, down from $4.523 million. The company’s liabilities also saw changes, with current liabilities increasing to $530,000 from $368,000, primarily due to a rise in the Kinross call option liability, which increased to $273,000 from $67,000.

Operationally, Solitario continues to focus on its core mineral properties, including the Florida Canyon Project in Peru, the Lik Project in Alaska, and the Golden Crest Project in South Dakota. The company is actively conducting exploration activities at the Golden Crest and Cat Creek Projects, while joint venture partners are responsible for the Florida Canyon and Lik Projects. As of March 31, 2025, Solitario had 82,666,918 shares of common stock outstanding, reflecting ongoing engagement with its shareholders.

Looking ahead, Solitario plans to utilize its cash and short-term investments to fund exploration activities and potentially acquire additional mineral properties. The company anticipates a total exploration and development budget of approximately $3.91 million for 2025, which includes a proposed drilling program at the Golden Crest Project. However, the company acknowledges that fluctuations in commodity prices and other market conditions may impact its exploration activities and financial performance. Solitario's management remains cautious about the future, emphasizing the need for additional capital to support its exploration and development efforts.