Solitario Resources Corp. Reports Net Loss of $943,000 for Q2 2025

Solitario Resources Corp. reported a net loss of $943,000, or $0.01 per share, for the three months ended June 30, 2025, compared to a net loss of $762,000, also $0.01 per share, for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $1,454,000, or $0.02 per share, slightly improved from a loss of $1,492,000, or $0.02 per share, in the prior year. The increase in net loss for the second quarter was attributed to higher exploration expenses, which rose to $671,000 from $487,000 year-over-year, and a significant unrealized loss on marketable equity securities of $1,150,000 compared to a gain of $248,000 in the previous year.

Solitario's total assets increased to $26.7 million as of June 30, 2025, up from $23.0 million at the end of 2024. This growth was primarily driven by an increase in cash and short-term investments, which rose to $9.0 million from $6.0 million. The company’s working capital also improved to $9.2 million, compared to $5.6 million at the end of 2024, largely due to successful private placements that generated approximately $4.4 million in net proceeds. The company’s total shareholders’ equity increased to $26.0 million from $22.5 million during the same period.

Operationally, Solitario has focused 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 has commenced drilling at the Golden Crest Project, which contributed to the increase in exploration expenses. Solitario has budgeted approximately $3.9 million for exploration activities in 2025, with a significant portion allocated to drilling at Golden Crest. The company continues to evaluate potential acquisitions of mineral properties and assets, although it has not developed any properties to date.

In terms of marketable equity securities, Solitario sold its holdings of 100,000 shares of Kinross Gold Corp. for net proceeds of $998,000 during the second quarter, realizing a gain of $1.3 million. The company also sold 34,055 shares of Vox Royalty for $106,000. As of June 30, 2025, Solitario's investments in marketable equity securities were valued at $401,000, down from $1.3 million at the end of 2024, reflecting market fluctuations and the sale of its Kinross shares.

Looking ahead, Solitario anticipates utilizing its cash and short-term investments to fund ongoing exploration activities and potential acquisitions. The company remains cautious about the impact of market conditions and commodity price fluctuations on its operations. Management has indicated that while they expect exploration expenditures to remain consistent with previous years, the ability to secure additional financing will be crucial for future growth and development initiatives.