Solitario Resources Corp. Reports Improved Net Loss of $494,000 in Q1 2026

Solitario Resources Corp. reported a net loss of $494,000, or $0.01 per share, for the first quarter of 2026, a slight improvement from a net loss of $511,000, or $0.01 per share, in the same period of 2025. The company attributed this reduction in loss primarily to decreased exploration expenses, which fell to $182,000 from $239,000 year-over-year, and a reduction in general and administrative expenses, which decreased to $376,000 from $490,000. Additionally, Solitario experienced an increase in interest and dividend income, rising to $65,000 from $46,000, while it did not incur any realized or unrealized losses on derivative instruments in the latest quarter, contrasting with a loss of $206,000 in the prior year.

Solitario's total assets increased to $25.86 million as of March 31, 2026, up from $25.03 million at the end of 2025. This growth was driven by an increase in cash and cash equivalents, which rose to $167,000 from $82,000, and short-term investments, which increased to $8.28 million from $7.57 million. The company’s shareholders' equity also improved, reaching $25.44 million compared to $24.67 million at the end of the previous fiscal year. The increase in equity was supported by the issuance of 1,640,425 shares under its at-the-market offering program, generating net proceeds of $1.2 million.

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 also conducting exploration activities at its Cat Creek and Bright Angel projects in Colorado. As of March 31, 2026, Solitario's exploration expenses were primarily allocated to the Golden Crest project, which accounted for $149,000 of the total exploration costs. The company plans to allocate approximately $5.67 million for exploration and development activities throughout 2026, with specific budgets set for drilling programs at its key projects.

Looking ahead, Solitario anticipates utilizing its cash and short-term investments to fund ongoing exploration activities and potential acquisitions of mineral properties. The company remains cautious about the fluctuating prices of precious metals and other commodities, which can impact its exploration efforts and financial performance. Solitario's management has indicated that while they expect exploration expenditures to increase in 2026 compared to 2025, they will continue to evaluate joint ventures and other funding sources to support their operations. The company has also noted that it will need additional capital if it decides to develop any of its current exploration projects.