XPL 10-K & 10-Q changes, risk factors and insider trading

Our Florida Canyon and Lik projects have reported mineral resources in accordance with SEC rules. The estimation of mineral resources is imprecise and depends upon subjective factors. The mineral resource figures presented in our public filings are estimates made by our technical personnel and independent mining consultants with whom we contract. Mineral resource estimates are a function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and gold, zinc and other precious metal market prices. While the Company believes that its mineral resource estimates are developed using well-established practices and with appropriate controls, mineral resource estimation is an imprecise and subjective process. The accuracy of these estimates is a function of the quality of available data and of engineering and geological interpretation, judgment and experience. Assumptions about gold, zinc and other previousprecious metal market prices are subject to great uncertainty as those prices fluctuate widely. Declines in the market prices of gold, silver, zinc or lead may render mineral resources containing relatively lower grades of mineralization uneconomic to exploit, and we may be required to reduce mineral resource estimates, discontinue exploration at one or more of our properties or write down assets as impaired. Should we encounter mineralization or geologic formations at any of our projects that are different from those predicted, we may adjust our mineral resource estimates and alter our exploration or development plans.

OurEach of our Golden CrestCrest, projectCat isCreek anand Bright Angel projects are early-stage exploration projectprojects with no mineral resources or mineral reserves as defined by SEC rules. There can be no assurance that additional geologic work will result in reported mineral resources or mineral reserves in the future. If we are unsuccessful in identifying mineral reserves in the future, we may not be able to sell or otherwise realize any profit from our propertyinterests interests.in those projects.

Our Golden Crest project, which was acquired duringin 2021, has no reported mineral resources or reserves as defined by SEC rules. Similarly, our Cat Creek project, which was acquired during 2023 and our Bright Angel project, which we acquired in 2025 have no reported mineral resources or mineral reserves as defined by SEC rules. We have conducted limited geologicexploration activities at the Golden Crest project consisting primarily of soil and rock sampling, geophysical studies and limited initial drilling of eleveneighteen exploration holes. We have conducted limited geologic activities at the both the Cat Creek project and the Bright Angel project consisting primarily of soil and rock sampling. Additional geologic, environmental, and economic workwork, including a drilling program would be required to allow us to report mineral resources at any of the Golden CrestCrest, project,Cat Creek, or the Bright Angel projects, including additional drilling and completion of a preliminary economic study. Furthermore, significant additional work would be required to prepare a feasibility or other study to allow us to report mineral reserves at the Golden Crest project.projects. There can be no assurance that if such work is completed, the results would allow us to report either mineral resources or mineral reserves in the future. The lack of mineral resources or mineral reserves at the Golden CrestCrest, projectCat Creek and Bright Angel projects could prohibit us from any near-term sale or joint venture of our interest in either of the Golden Crest projectprojects and we may not be able to realize any proceeds and or profit from our interests in the Golden Crest project,projects, which could materially adversely affect our financial position or results of operations.

Our operations and the value of our mineral properties are significantly affected by changes in the market price of commodities since the evaluation of whether a mineral deposit is commercially viable is heavily dependent upon the market price of the commodities related to any specific project. Because our core assets are currently in zinczinc, gold and goldcopper related projects, as well as potentially molybdenum at the Cat Creek project, the spot price of these commodities is particularly important to the value of our assets and future prospects. The price of commodities also affects the value of exploration projects we own or may wish to acquire or joint venture. These commodity prices fluctuate on a daily basis and are affected by numerous factors beyond our control. The supply and demand for commodities, the level of interest rates, the rate of inflation, investment decisions by large holders of these commodities, including governmental reserves, and stability of exchange rates can all cause significant fluctuations in prices. Currency exchange rates relative to the United States dollar can affect the cost of doing business in a foreign country in United States dollar terms, which is our functional currency. Consequently, the cost of conducting exploration in the countries where we operate, accounted for in United States dollars, can fluctuate based upon changes in currency exchange rates and may be higher than we anticipate in terms of United States dollars because of a decrease in the relative strength of the United States dollar to currencies of the countries where we operate. We currently do not hedge against currency or commodity fluctuations. The prices of commodities as well as currency exchange rates have fluctuated widely and future significant price declines in commodities or changes in currency exchange rates could have a material adverse effect on our financial position or results of operations.

The capital required for exploration and development of mineral properties is substantial. In the past we have financed operations through public and private sales of our common stock, the sale of interests in mineral properties (including the sale of our interest in the former Mt. Hamilton project in 2015),properties, the utilization of joint venture arrangements with third parties (generally providing that the third party will obtain a specified percentage of our interest in a certain property or a subsidiary owning a property in exchange for the expenditure of a specified amount), the sale of other assets including short-term investments, the sale of marketable equity securities we hold, and funds from the issuance of long-term debt. We expect to need to raise additional capital, or enter into new joint venture arrangements, in order to fund our obligations with respect to our properties and our exploration activities required to determine whether mineral deposits on our projects are commercially viable. New financing or acceptable joint venture partners may or may not be available on a basis that is acceptable to us. The inability to obtain new financing or joint venture partners on acceptable terms may prohibit us from continued exploration or development of our existing mineral properties or any new mineral property assets we may acquire. Without the successful sale or future development of our mineral properties through joint ventures, or on our own, we will not be able to realize any profit from our interests in such properties, which could have a material adverse effect on our financial position or results of operations.

In the natural resources and mineral property sector, competition for desirable properties and projects, investment capital, and human capital is intense. The Company is a small participant in the natural resources sector due to its limited financial and human capital resources. We are at a disadvantage with respect to many of our competitors in the acquisition, exploration and development or sale of mineral property assets and mining projects. Our competitors with greater financial resources than us are better able to withstand the uncertainties and fluctuations associated with sustained downturns in the market and to acquire high quality exploration and mining properties when market conditions are favorable. In addition, we compete with other companies in the mineral properties sector to attract and retain key executives and other personnel with technical skills and experience in the mineral exploration business. There can be no assurance that we will continue to retain skilled and experienced employees or to acquire additional exploration projects. The realization of any of these risks from competitors could have a material adverse effect on our financial position or results of operations.

An investment in our common stock involves a high degree of risk. The liquidity of our shares, or the ability of a shareholder to buy or sell our common stock, may be significantly limited for various unforeseeable periods. The average combined daily volume of our shares traded on the NYSE American and the Toronto Stock Exchange (“TSX”) during 20242025 was approximately 103,000201,000 shares. The market price of our shares of common stock has historically fluctuated within a wide range. The price of our common stock may be affected by many factors, including an adverse change in our business, a decline in the price of gold, zinc or other commodity prices, negative news on our projects, negative investment sentiment for mining and commodity equities and general economic trends.

We have reported losses in 2829 of our 3132 years of operations. We can provide no assurance that we will be able to operate profitably in the future or begin to generate significant and consistent sources of revenues or cash flows from operations. We have had net income in only three years in our history; (i) during 2015, as a result of the sale of our former Mt. Hamilton project; (ii) during 2003, as a result of a $5,438,000 gain on a derivative instrument related to our investment in certain Crown Resources Corp. warrants and (iii) during 2000, when we sold our former Yanacocha property. We cannot predict when, if ever, we will be profitable again or able to begin generating consistent revenues or cash flows from our operations or assets. If we do not operate profitably or identify and execute on outside sources of funding, we may be unable to fund our current or contemplated exploration activities, acquire new assets, or otherwise further our business plan.

We are dependent upon information technology systems in the conduct of our operations. Our information technology systems are subject to disruption, damage or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters and defects in design. Cybersecurity incidents, in particular, are evolving and include, but are not limited to, power outages, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, theft of assets, unauthorized release of confidential or otherwise protected information and the corruption of data. Various measures have been implemented to manage our risks related to information technology systems and network disruptions. However, given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to operational delays, the compromising of confidential or otherwise protected information, loss of assets, including our cash, short-term investments, or marketable equity securities, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

We are ana explorationsmaller stagereporting company as defined by rules issued by the SEC. We were incorporated in the state of Colorado on November 15, 1984. In July 1994, we became a publicly traded company on the TSX through our initial public offering. We have been actively involved in mineral exploration since 1993. Our primary focus is the acquisition and exploration of precious metals and zinc-related exploration mineral properties. We have historically held a portfolio of mineral exploration properties and assets for future sale, for joint venture or to create a royalty up to the development stage of the project (development activities include, among other things, completion of a feasibility study for the identification of proven and probable reserves, as well as permitting and preparing a deposit for mining). At that point, or sometime prior to that point, we would likely attempt to sell a given mineral property, pursue its development either on our own or through a joint venture with a partner that has expertise in mining operations, or obtain a royalty from a third party that continues to advance the property. Although our mineral properties may be developed in the future by us, through a joint venture or by a third party, we have never developed a mineral property. In addition to focusing on our current mineral exploration properties, from time to timetime-to-time we also evaluate potential strategic transactions for the acquisition of new precious and base metal properties and assets with exploration potential.

Our current geographic focus for the evaluation of potential mineral properties is in North and South America; however, we have conducted property evaluations for potential acquisition in other parts of the world. At December 31, 2024,2025, we consider our Golden Crest project in South Dakota, our carried interest in our Florida Canyon project in Peru, and our interest in the Lik project in Alaska to be our core mineral property assets. We also have an interest in our Cat Creek projectand Bright Angel projects in Colorado, anwhich are early-stage exploration project.projects. We are conducting independent exploration activities in Peru and through joint ventures operated by our partners in Peru and the United States. We conduct potential acquisition evaluations in other countries in both North and South America.

As of December 31, 2024,2025, we have balances of cash and short-term investments that we anticipate using, in part, to fund planned 20252026 exploration, to further the exploration of our Lik, Golden Crest andCrest, Cat Creek and Bright Angel projects, conduct reconnaissance exploration and to potentially acquire additional mineral properties. The fluctuations in commodity prices of base and precious metals have contributed to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of advanced mineral exploration projects or other related assets at potentially attractive terms.

In analyzing our activities, the most significant aspect relates to the results of our exploration and potential development activities and those of our joint venture partners on a property-by-property basis. When our exploration or potential development activities, including drilling, sampling and geologic testing, indicate a project may not be economically feasible or contain sufficient geologicgeological or economic potential we may impair or completely write-off the property. Another significant factor in the success or failure of our activities is the price of commodities. For example, when the price of zinc or gold is down, the value of zinc, gold or other precious metal-bearing mineral properties decreases; however, when the price of zinc or gold is up it may become more difficult and expensive to locate and acquire new zinc, gold or other precious metal-bearing mineral properties with potential to have economic deposits.

The potential sale, joint venture or development of our mineral properties will occur, if at all, on an infrequent basis. Historically, we have recorded revenues and met our need for capital in the past through (i) the sale of our investments in, and interest on, money market accounts and our short-term treasury notes and bank certificates of deposit (“CDs”); (ii) issuances of common stock; (iii) sales of our shares of our held marketable equity securities; (iv) sales of covered call options on common stock of Kinross we holdpreviously held; (v) sale of mineral property interests and assets; (vi) long-term debt secured by our mineral properties; (vii) short-term borrowing; and (viiivi) joint venture payments, including delay rental payments. During 20242025 we issued 1,802,0601,007,423 shares of common stock pursuant to our ATM program, described below, for net proceeds of $1,218,000,$730,000, after commissions and expenses. During 20232025 we issued a total of 13,298,4857,142,855 shares of our common stock in private transactions for net proceeds of $7,352,000.$4,411,000. We did not record any mineral property income from the sale of mineral properties during 20242025 or 2023.2024. We have reduced our exposure to the costs of our exploration activities in the past through the use of joint ventures. Although we anticipate the use of funding through our joint venture parties for some of our exploration activities will continue for the foreseeable future, we can provide no assurance that these or other sources of capital will be available in sufficient amounts to meet our needs, if at all.

Comparison of the year ended December 31, 20242025 to the year ended December 31, 20232024 We had a net loss of $3,833,000 or $0.04 per basic and diluted share for the year ended December 31, 2025 compared to a net loss of $5,368,000 or $0.07 per basic and diluted share for the year ended December 31, 2024 compared to a net loss of $3,754,000 or $0.05 per basic and diluted share for the year ended December 31, 2023.2024. As explained in more detail below, the primary reasons for the increasedecrease in net loss during 20242025 compared to 20232024 were (i) ana increasedecrease in our exploration expense to $4,148,000$2,847,000 during 20242025 compared to exploration expense of $2,378,000$4,148,000 during 20232024; (ii) ana increasedecrease in general and administrative expense to $1,879,000$1,566,000 during 20242025 compared to general and administrative expense of $1,712,000$1,879,000 during 20232024; and (iii) a realized and unrealized gain on marketable equity securities of $680,000 during 2025 compared to a realized and unrealized gain on marketable equity securities of $343,000 during 2024. Partially offsetting these factors that contributed to a decreased net loss during 2025 compared to 2024 were (i) a decrease in interest income to $256,000 during 2025 compared to interest income of $372,000 during 2024; and (ii) an increase in the loss on derivative instruments to $336,000 during 2025 compared to a loss on derivative instruments of $29,000 during 2024 compared to a gain on derivative instruments of $31,000 during 2023; and (iv) an unrealized gain on short-term investments of $56,000 during 2023 with no similar item in 2024. Partially offsetting these factors that contributed to an increased loss during 2024 compared to 2023 were (i) an increase in interest income to $372,000 during 2024 compared to interest income of $191,000 during 2023; (ii) a gain on sale of marketable equity securities of $54,000 during 2024, compared with no sales of marketable equity securities during 2023; and (iii) an unrealized gain of $289,000 on marketable equity securities during 2024 compared to an unrealized gain on marketable equity securities of $83,000 during 2023. Each of these items is discussed in greater detail below.

Our primary exploration activities during 20242025 and 20232024 were related to our Golden Crest project in South Dakota and our Lik project in Alaska.Dakota. We recorded exploration costs of $3,884,000$2,477,000 at Golden Crest during 20242025 compared to $1,798,000$3,884,000 during 2023.2024. The Golden Crest expenditures during 2025 and 2024 were primarily related to the drilling programprograms where we completed seven drill holes during 2025 compared to 11 drill holes during 2024, with direct drilling costs of approximately $2,042,000.$1,176,000 Duringduring 20232025 ourcompared Goldento Crest$2,042,000 expendituresduring consisted primarily of geologic evaluation of claims for staking, mapping and soil and rock sampling with related assay costs.2024. In addition to these exploration costs, we capitalized $43,000 of mineral acquisition costs at Golden Crest for initial acquisition costs related to leasing, staking and filings on new claims acquired during 2024 compared to 20232025 when we had no staking, leasing or other initial acquisition costs and, accordingly we did not capitalize any initial acquisition costs during 2023.2025. All future exploration and filing costs related to our Golden Crest claims will be expensed as incurred.

In addition, Solitario’s share of exploration expenses at our Lik project in Alaska was $142,000$159,000 during 20242025 compared to exploration costs at our Lik project of $404,000$142,000 during 2023.2024. Teck completed a single drill hole during 2023, and thereThere was no drilling at Lik during 2024either which2025 accountedor for the decrease in expenses during 2024 compared to 2023. In addition,2024. Teck performed on-going geologic evaluation of the Lik project during both 20242025 and 2023,2024, which included on-site geophysics, mapping and analysis of prior drilling and permitting, as well as on-going site environmental monitoring, evaluation and clean-up as part of a 50/50 exploration program managed by Teck. The geophysical surveys were successful in defining a low-amplitude gravity anomaly that requires further follow-up work. We are planning additional geotechnical work for 20252026 as well as further environmental monitoring and clean-up at the site. We spent approximately $35,000 during 2024 at our Cat Creek project, a new early-stage exploration project, with no similar amount during 2023. Given that the exploration program at our Florida Canyon project in Peru is fully funded by our joint venture partner, Nexa, we incurred relatively small exploration expenses at Florida Canyon of $14,000 during 2024 compared to $41,000 in 2023.

The remaining exploration expenditures during 20242025 and 20232024 were reconnaissance work, including the evaluation of potential mineral properties for acquisition. Our planned 20252026 total exploration and development budget, excluding any new projects, in which we may acquire an interest, is approximately $3,910,000,$5,677,000, which reflects planned work at the Golden Crest project,work, including $1,911,000$2,217,000 for drilling at the Golden Crest project, depending$526,000 for drilling at the Cat Creek project and $520,000 for drilling at the Bright Angel project. All of the planned drilling during 2026 is dependent on permitting.receiving required permits and availability of third-party drilling contractors. Our planned exploration activities in 20252026 may be modified, as necessary for any drilling programs we may undertake at Golden Crest or projects we may acquire,undertake, changes related to any number of factors including, potential acquisition of new properties, joint venture funding, commodity prices and changes in the deployment of our capital.

We believe a discussion of our general and administrative costs should be viewed without the non-cash stock option compensation expense (discussed below). Excluding these costs, general and administrative costs were $1,213,000$983,000 during 20242025 compared to $1,465,000$1,213,000 during 2023.2024. The major components of our general and administrative costs were (i) salary and benefits expense which decreased to $399,000$350,000 during 20242025 compared to $795,000$399,000 during 2023,2024, as a result of fewer personnel and a decrease in bonuses to $27,000 in 2024 compared to a bonus of $382,000 during 2023; (ii) legal and accounting costs which decreased to $184,000 during 2025 compared to $220,000 during 2024 compared to $253,000 during 2023 primarily duereduced fees relatedfor toannual privatefinancial placementaudits financingsand duringquarterly 2023 compared to 2024 with no corresponding transactions.reviews; (iii) travel and investor relation costs which increaseddecreased to $321,000 during 2025 compared to $450,000 during 2024 compared to $287,000 during 2023 as a result of having an investor relations consulting contract during 20242024, aswhich wellexpired asnear additionalthe travelend and investor conferences attended duringof 2024 compared to 2023; and (iv) other costs related to office, insurance and miscellaneous costs which increaseddecreased to $143,000$128,000 during 20242025 compared to $130,000$144,000 during 20232024 as a result of additionalreduced activity and general cost increases. We anticipate general and administrative costs for 20252026 to be approximately $1,010,000$974,000 which would be lowercomparable thanto the costs incurred during 20242025; however, this amount may vary significantly during 20252026 depending on the outcome of our exploration activity at Golden Crest, Cat CreekCreek, Bright Angel and Lik projects and any strategic transactions we may attempt to execute upon.

We account for our employee stock options under the provisions of Accounting Standards Codification No. 718 (“ASC No. 718”). We recognize stock option compensation expense on the date of grant for 25% of the grant date fair value, and subsequently, based upon a straight-line amortization of the grant date fair value of each of our outstanding options. During the year ended December 31, 2024,2025, we recorded $666,000$583,000 of non-cash stock-based compensation for the amortization of our outstanding options grant date fair value with a credit to additional paid-in-capital compared to $247,000$666,000 of non-cash stock option compensation expense during 2023.2024. The amount was higherlower during 20242025 primarily due to the grant of 2,125,0001,600,000 options during 2025 with a total grant date fair value of $557,000, of which Solitario recognized 25% on the grant date of $139,000 compared to 2,125,000 options granted during 2024, with a grant date fair value of $1,120,000, of which Solitario recognized 25% on the grant date of $280,000 compared to 50,000 options granted during 2023, with a grant date fair value of $16,000.$280,000. The remaining compensation expense was related to the straight-line amortization of our outstanding options in 20242025 and 2023.2024. See Note 10, “Employee Stock Compensation Plans,” to our consolidated financial statements in Item 8, “Financial Statements and Supplementary Data to this Annual Report on Form 10-K” for an analysis of the changes in the fair value of our outstanding stock options and the components that are used to determine the fair value.

During 2024 we sold 100,000 shares of Highlander Silver common stock for proceeds of $54,000 and recorded a realized gain on the sale of $54,000. We had no sales of marketable equity securities during 2023. See Note 3, “Marketable Equity Securities” to our consolidated financial statements in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-Kabove for additional discussion of our marketable equity securities. We may sell some of our marketable equity securities from time to time during 20252026 for working capital needs; however, we do not expect to sell all of our holdings of marketable equity securities during 2025.2026. Any proceeds we may receive from sales of marketable equity securities during 20252026 will be dependent on the quoted market price of the securities sold on the date of sale and may be at prices below the fair value at December 31, 2024.2025. See “Liquidity and Capital Resources” below.

We recorded $20,000 of depreciation and amortization during 2025 compared to $27,000 of depreciation and amortization during 2024 compared to $25,000 of depreciation and amortization during 2023.2024. The increasedecrease in depreciation and amortization is primarily related the purchase of operating equipment during 2024 with the increased depreciation partially offset asto older assets becamebecoming fully depreciated during 20242025 andcompared 2023.to 2024. We amortize our equipment over a five-year period. We anticipate our 20252026 depreciation and amortization expense will be similar to our 20242025 depreciation expense.

We recorded interest and dividend income of $256,000 during 2025 compared to interest and dividend income of $372,000 during 20242024. comparedThe to interest and dividend income of $191,000decrease during 2023. The increase during 20242025 was primarily related to ana increasedecrease in the average outstanding balances of our investments in our money market account during the majority of the year as a result of the net proceedsuse of $7,352,000cash receivedfor fromoperations, privatewhich placementwas partially offset by sales of our common stock during 2023.2025. In addition, average interest rates on short-term investments were higher during 2024 compared to average interest rates during 2023.2025. We anticipate our interest and dividend income will be lower in 20252026 as a result of reducedthe use of short-term investment balances for exploration and administrative costs during 2025 compared to 2024.2026.

At December 31, 20242025 we had $4,523,000$7,573,000 in our money market account held in a brokerage account. Solitario also held USTS during 2023 which matured during 2024. Solitario has no investment in USTS at December 31, 2024. Our short-term investments in the money market account are highly liquid and may be sold in their entirety at any time at their quoted market price and are classified as a current asset. We anticipate we will roll over that portion of our short-term investments not used for operating costs or mineral property acquisition efforts as they mature during 2025.2026.

Our marketable equity securities are classified as available-for-sale and are carried at fair value, which is based upon market quotes of the underlying securities. We owned 100,000 shares of Kinross common stock as of December 31, 2024, which are recorded at their fair value of $927,000. As of December 31, 2024,2025, we own 7,750,000 shares of Vendetta common stock recorded at their fair market value of $81,000,$57,000, and we own 134,05550,000 shares of Vox Royalty common stock recorded at their fair market value of $314,000.$237,000. Changes in the fair value of marketable equity securities are recorded as gains and losses in the statements of operations.

The nature of the mineral exploration business requires significant sources of capital to fund exploration, development and operation of mining projects. We anticipate using our working capital and any additional funds we might acquire to carry out our 20252026 planned expenditures. OurWe believe our existing resources are adequate to fund these expenditures. These expenditures include planned exploration for Golden Crest,Crest of approximately $3,211,000, including potential drilling, pending the receipt of required permits, as well as planned limited exploration at our Lik project for 2025 of approximately $400,000 at the project2026 of which Solitario will be responsible for 50% of expenditures. We do not expect any significant Solitario exploration expenditures at our Florida Canyon project where Nexa is responsible for all 20252026 planned expenditures. WePending receipt of permits, we also plan on limitedincreased exploration expenditure at ourboth the Cat Creek project and the Bright Angel project. We expect we will need additional capital if we decide to develop or operate any of our current exploration projects or any projects or assets we may acquire. We anticipate we would finance any such development through the use of our cash reserves, short-term investments, joint ventures, issuance of debt or equity, or the sale of other exploration projects or assets.

As of December 31, 2024,2025, options to acquire an aggregate of 5,348,5005,565,000 shares of our common stock were outstanding. Of that amount there are 3,228,5003,365,000 options that are vested and exercisable at December 31, 2024.2025. As of December 31, 2024,2025, our outstanding options include 1,078,5002,233,300 options that are in the money with a weighted average exercise price of $0.21$0.62 per share, which is below the market price of a share of Solitario common stock at December 31, 20242025 of $0.59$0.70 per share as quoted on the NYSE American exchange.American. During 2024,2025, options for 250,0001,028,500 shares were exercised for cash proceeds of $54,000.$206,000. See Note 10, “Employee Stock Compensation Plans” to our consolidated financial statements in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K for a discussion of the activity in our 2013 Plan and our 2023 Plan during 20242025 and 2023.2024. We do not anticipate that athe portionexercise of our outstanding stock options currently in the money at December 31, 20242025 will be exerciseda significant source of cash flow during 2025.2026.

On OctoberJune 13,18, 2023,2025, we completedclosed on a private placement of 8,631,8185,555,555 shares of our common stock (the “Shares”) at a price of $0.55$0.63 per share for net proceeds of $4,727,000$3,431,000 after certain legal and regulatory offering costs of $21,000.$69,000. The sale of the Shares was made through a subscription agreement between Solitarious and eacha respectivesingle third-party investor. TheNone Sharesof were issued pursuant to an exemption from registration under United States and Canadian securities laws. Noour officers, directors or other of our affiliates participated in the private placement. InvestorsThe investor in the private placement werewas provided certain registration rights with respect to the Shares they purchased. We did not engage an underwriter or placement agent for the private placement, and therefore there were no underwriter discounts or commissions or placement agent fees.

At the Market Offering Agreement

Net cash used in operations during the year ended December 31, 20242025 increaseddecreased to $5,099,000$3,507,000 compared to $3,263,000$5,099,000 for the year ended December 31, 20232024 primarily as a result of (i) the increasedecrease in exploration expense at our Golden Crest project to $3,884,000$2,477,000 during 20242025 compared to $1,798,000$3,884,000 of exploration expense incurred at our Golden Crest project during 2023,2024, primarily related to increaseda reduction in drilling expenditures foras thewe drillingdrilled programfewer holes during 2025 at Golden Crest completedcompared duringto 2024; (ii) ana increasedecrease in general and administrative expense to $1,879,000$1,566,000 during 20242025 compared to general and administrative expense of $1,712,000$1,879,000 during 20232024; and (iii) a reduction in the use of cash resulting from a decrease in accounts payable and other current liabilities of $379,000$94,000 during 20242025 compared to ana provisionuse of cash from anda increasedecrease in accounts payable and other current liabilities of $328,000$379,000 during 2023.2024. Partially offsetting these expendituresreductions andin theoperational overall usesuse of cash in operations during 20242025 compared to 20232024 were (i) ana increasedecrease in interestthe cash provided from a reduction in prepaid expenses and dividendother incomecurrent assets to $372,000$5,000 during 20242025 compared to interest and dividend income of $191,000 during 2023; (ii) an increase in the cash provided from a reduction in prepaid expenses and other current assets of $207,000 during 2024 compared to cash provided from a reduction in prepaid expenses and other current assets of $20,000 during 2023; (iii) a decrease in our reconnaissance exploration expenditures to $73,000 during 2024 compared to reconnaissance exploration expenditures of $135,000 during 2023; and (ivii) aan decreaseincrease in our exploration expenditures at our LikLik, projectFlorida Canyon, Cat Creek and Bright Angel projects to $142,000$297,000 during 20242025 compared to combined exploration expenditures at thethese Lik projectprojects of $404,000$191,000 during 2023.2024; and (iii) a decrease in interest and dividend income to $256,000 during 2025 compared to interest and dividend income of $372,000 during 2024;. These items are discussed in further detail above under “Results of Operations.”

Net cash used by investing activities was $1,776,000 during 2025 compared to net cash provided by investing activities wasof $3,938,000 during 2024 compared to net cash used by investing activities of $4,409,000 during 2023.2024. The primary reasons for the decreaseincrease in cash used by investing activities are (i) an increase in the cash used for the net purchase of short-term investments of $3,050,000, primarily from the equity issuances of $5,141,000 during 2025, discussed below, compared to the cash provided by the sale of short-term investments of $3,913,000 during 2024 compared to the use of cash from the net purchase of short-term investments of $4,429,000 during 2023; and (ii) cash used for the settlement of the Kinross call of $403,000, discussed above. Partially offsetting these uses of cash for investing activities were (i) cash from the sale of marketable equity securities of $54,000$1,708,000 during 20242025 compared with no$54,000 of sales of marketable equity securities during 2023. Partially offsetting these items were2024; (iii) additions to mineral properties for initial acquisition costs of $55,000$31,000 during 2025 compared to 55,000 during 2024; and (iii) sale of derivative instruments of $38,000 during 2024 compared towith no initialsimilar acquisition costs for mineral propertiessales during 2023.2025. We anticipate we will continue to utilize proceeds from the sale of our short-term investments and any proceeds we may derive from potential sales of marketable equity securities to fund our operations during 2025.2026.

Our net cash provided by financing activities during 2025 was from (i) the sale of 7,142,855 shares of our common stock in private placement transactions for net cash of $4,411,000 discussed above under “Equity offering private placements;” (ii) the sale of 1,007,423 shares of our common stock under the ATM Program at an average price of $0.76 per share for net proceeds after expenses of $730,000,and (ii) the exercise of options for 1,028,500 shares of our common stock for net proceeds of $206,000. Our net cash provided by financing activities during 2024 was from (i) the sale of 1,802,060 shares of our common stock under the ATM Program at an average price of $0.70 per share for net proceeds after expenses of $1,218,000, and (ii) the exercise of options for 250,000 shares of our common stock for net proceeds of $54,000. Our net cash provided by financing activities during 2023 was from (i) the sale of 12,798,485 shares of our common stock from private placements for net cash of $7,097,000 discussed above under “Equity offering private placements,” after certain direct costs related to the amendment of certain terms of the ATM Program of $46,000 discussed above; and (ii) the exercise of options for 1,486,500 shares of our common stock for net proceeds of $459,000. We may utilize the ATM Program during 20252026 to supplement our existing cash resources,resources; howeverhowever, we intend to only use the ATM Program when we believe the market conditions based upon the quoted price of a share of our common stock is appropriate. AlthoughWe we anticipate that a portion of our outstanding stock options currently in the money at December 31, 2024 will be exercised during 2025, we havedo not plannedexpect that the exercise of options or the issuance of shares in private placements will be a significant source of cash during 2025.2026.

We do not have any ongoing mineral development activities, which are activities for the developmentpreparation of mineral properties with reserves for potential mining.

In 2025 and 2024 Solitario completed drilling of seven and eleven core holesholes, respectively, totaling 2,562 and 4,346 meters.meters, respectively. The results included several holes with multi-gram gold mineralization as six of the eleven holes intersected gold grades exceeding one gpt.mineralization. Higher grade paleo-placer grades were intersected as well as Precambrian rock formations, which provide some confirmation of Solitario’s theoretical geologic interpretation of potential economic mineralization at depth at Golden Crest During 20252026 SolitarioSolitario, pending permitting, is planning to conduct aan phase-one,initial 4,000-metertwo-phase drilling program of 4,000 to 6,000 meters consisting of up to 1520 additional exploration core holes.holes in the first phase. Depending on drilling resultsresults, and receiving permitspermits, Solitario may initiate a phase-twosecond phase drilling program during 2025 and 2026. In addition, we will be continuing a surface exploration program during 20252026 consisting of prospecting for new areas of mineralization through the collection of select rock grab samples, systematic soil sampling and, potentially, geophysics.

During 20242025 Nexa spent approximately $2.0$1.4 million on the Florida Canyon project including an upgrade to the access road to the project, social and community projects in the areas of health, education and commercial opportunities. Nexa also begancompleted a re-evaluation of the Florida CanyonCanyon’s resource model,model whichduring will2025 continuethat throughsuggests 2025.that as much as a 30% increase in resources could be achieved within the current footprint of mineralization if more detailed drilling were conducted. This re-evaluation isalso intended to evaluate the upside potential as well as identifyidentified new high-priority drill targets within the current footprint of the deposit.

During 2024,2025, Teck completed its ZTEM inversion process and an airborne geophysical program it completed in 2024. Teck also worked on a 3D geologic model and previously completed ground gravity geophysical survey as well as ongoing environmental site work. Teck believes there is potential for additional drill targets, based on ZTEM inversion modelling, geologic mapping, and ground gravity. Solitario and Teck are in final discussions to fundfinalize a 20252026 work program, with Teck acting as project manager. Currently, no drilling is anticipated for 20252026 at the Lik project.

Solitario leased a 100% interest in the Cat Creek project in south-central Colorado from a private third party in 2023. SolitarioSolitario, haspending only conducted very limited work on the property to date and during 2024 secured permits for two drill hole locations. Solitariopermitting, is planning a limited explorationtwo to four-hole drilling program at Cat Creek for 2025 and currently although no decision has been made to drill atthe Cat Creek duringproject for 2026 based upon its surface geologic work from 2024 and 2025.

Our 20252026 total exploration budget is approximately $3,910,000$5,673,000 for our planned exploration expenditures.expenditure. This amount does not include any significant expenditures for our Florida Canyon project where our joint venture partner, Nexa, is responsible for 100% of exploration costs. It includes $3,557,000$3,211,000 planned exploration expense at our Golden Crest project, including approximately $1,911,000$2,217,000 for drilling, pending permitting. The total exploration budget also includes exploration expenditure, pending permitting, at the Bright Angel project and at the Cat Creek project. We will continue the evaluation of potential new acquisitions of properties primarily in the United States around the Golden Crest project as well as other regions of North and South America. We expect to carry out our exploration activities during 20252026 utilizing Teck at Lik, Nexa at Florida Canyon, and our own employees and contract geologists at the Golden Crest andCrest, Cat Creek and Bright Angel projects.

As of MarchJune 31,30, 2026, there were no material changes to the Risk Factors associated with our business disclosed in Part I, Item 1A of our 2025 Annual Report.

The following discussion should be read in conjunction with the information contained in the consolidated financial statements of Solitario for the years ended December 31, 2025 and 2024, and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Solitario’s 2025 Annual Report. Solitario's financial condition and results of operations as of and through MarchJune 31,30, 2026 are not necessarily indicative of what may be expected in future periods. Unless otherwise indicated, all references to dollars are to U.S. dollars.

We are an exploration stage company as defined by rules issued by the SEC, with a focus on the acquisition of precious and base metal properties with exploration potential and the development or purchase of royalty interests. Currently our primary focus is the acquisition and exploration of our precious metals, zinc and other base metal exploration mineral properties. However, we continue to evaluate other mineral properties for acquisition, and we hold a portfolio of mineral exploration properties and assets for future sale, joint venture or on which to create a royalty prior to the establishment of proven and probable reserves. Although our mineral properties may be developed in the future by us, through a joint venture or by a third party, we have never developed a mineral property. In addition to focusing on our current mineral exploration properties, from time-to-time we also evaluate potential strategic transactions for the acquisition of new precious and base metal properties and assets with exploration potential.

Our current geographic focus for the evaluation of potential mineral property assets is in North and South America; however, we have conducted property evaluations for potential acquisition in other parts of the world. At MarchJune 31,30, 2026, we consider our Golden Crest project in South Dakota, our carried interest in the Florida Canyon project in Peru, and our interest in the Lik project in Alaska to be our core mineral property assets. In addition, we own the Cat Creek project in Colorado and the Bright Angel project in Colorado, neither of which have been explored to the degree of any of our three core assets, described above. We are conducting exploration activities in the United States on our own at the Golden Crest project, the Cat Creek project and the Bright Angel project and through joint ventures operated by our partners in Peru at the Florida Canyon project and in Alaska at the Lik project. From time-to-time, we also conduct potential acquisition evaluations in other countries located in South and North America.

As of MarchJune 31,30, 2026, we have balances of cash and short-term investments that we anticipate using, in part, to (i) fund costs and activities intended to further the exploration of our Lik project, Florida Canyon project, Golden Crest project, the Cat Creek project and the Bright Angel project; (ii) conduct reconnaissance exploration and (iii) potentially acquire additional mineral property assets. The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of advanced mineral exploration projects or other related assets at potentially attractive terms.

Comparison of the quarterthree months ended MarchJune 31,30, 2026 to the quarterthree months ended MarchJune 31,30, 2025 We had a net loss of $494,000$1,830,000 or $0.02 per basic and diluted share for the three months ended June 30, 2026 compared to a net loss of $943,000 or $0.01 per basic and diluted share for the three months ended MarchJune 31, 2026 compared to a net loss of $511,000 or $0.01 per basic and diluted share for the three months ended March 31,30, 2025. As explained in more detail below, the primary reasons for the decreaseincrease in theour net loss in the three months ended MarchJune 31,30, 2026 compared to the net loss in the three months ended March 31, 2025 were (i) a decrease in exploration expense to $182,000 during the three months ended MarchJune 31,30, 2025 were (i) an increase in exploration expense to $1,508,000 during the three months ended June 30, 2026 compared to exploration expense of $239,000$671,000 during the three months ended MarchJune 31,30, 2025; (ii) aan decreaseincrease in general and administrative expense to $376,000$451,000 during the three months ended MarchJune 31,30, 2026 compared to general and administrative expense of $490,000$388,000 during the three months ended MarchJune 31, 2025; (iii) no realized and unrealized loss on derivative instruments during the three months ended March 31, 2026 compared to a realized and unrealized loss on derivative instruments of $206,000 during the three months ended March 31,30, 2025; and (iviii) an increase in interest and dividend income to $65,000 during the three months ended March 31, 2026 compared to interest and dividend income of $46,000 during the three months ended March 31, 2025. Partially offsetting thisa decrease in the net loss was a decrease in realized and unrealized gain on marketable equity securities to $2,000$56,000 during the three months ended MarchJune 31,30, 2026 compared to a realized and unrealized gain on marketable equity securities of $385,000$201,000 during the three months ended MarchJune 31,30, 2025. Partially offsetting these increases in our net loss compared to the prior year period were (i) an increase in interest and dividend income to $77,000 during the three months ended June 30, 2026 compared to interest and dividend income of $52,000 during the three months ended June 30, 2025; and (ii) no loss on derivative instruments during the three months ended June 30, 2026 compared to a loss on derivative instruments of $130,000 during the three months ended June 30, 2025. Each of the major components of these items is discussed in more detail below.

Exploration expense (in thousands) by project for the three months ended March 31, 2026 and 2025 consisted of the following:

General and administrative costs, excluding stock option compensation costs, discussed below, were $309,000$351,000 during the three months ended MarchJune 31,30, 2026 compared to $364,000$263,000 during the three months ended MarchJune 31,30, 2025. The major components of theseour general and administrative costs were related to (i) salaries and benefit expense of $73,000$185,000 during the three months ended MarchJune 31,30, 2026 compared to salary and benefit costs of $118,000$79,000 during the three months ended MarchJune 31,30, 2025,2025 as a result of asalary reductionincreases inand staffbonuses paid in 2026; (ii) legal and professionalaccounting expenditures of $67,000$54,000 duringin the three months ended MarchJune 31,30, 2026 compared to legal$61,000 and professional expenditures of $54,000 duringin the three months ended MarchJune 31,30, 2025; (iii) office rent and expenses of $28,000$39,000 during the three months ended MarchJune 31,30, 2026 compared to $29,000$17,000 during the three months ended MarchJune 31,30, 2025; and (iv) travel and shareholder relation costs of $141,000$73,000 during the three months ended MarchJune 31,30, 2026 compared to $163,000$106,000 during the three months ended MarchJune 31,30, 2025. We anticipate the overall full-year general and administrative costs will be comparable betweenfor 2026 and 2025.

We recorded $67,000$100,000 of stock option compensation expense for the amortization of unvested grant date fair value with a credit to additional paid-in-capital during the three months ended MarchJune 31,30, 2026 compared to $126,000$125,000 of stock option compensation expense during the three months ended MarchJune 31, 2025. The lower costs during the three months ended March 31, 2026 related to the grant date fair value of 2,125,000 options granted during 2024 which are being amortized over three years, resulting in higher initial costs during30, 2025. These non-cash charges for the amortization of grant date fair values are related to the expense for vesting ofon stock options outstanding during the three months ended MarchJune 31,30, 2026 and 2025. The primary reason for the decrease in stock option compensation expense during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was as a result of certain options from prior years becoming fully vested or forfeited in prior periods with no grant date fair value amortized on those option during the three months ended June 30, 2026 compared to 2025. The remaining expense related to the amortization of grant date fair values of outstanding unvested options for the three months ended June 30, 2026 and 2025 was comparable. See Note 10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

We recorded a realized andnon-cash unrealized gainloss on marketable equity securities of $2,000$82,000 during the three months ended MarchJune 31,30, 2026 compared to a realized andan unrealized gainloss on marketable equity securities of $385,000$1,150,000 during the three months ended MarchJune 31,30, 2025 as further discussed above in Note 3 “Marketable Equity Securities” to the condensed consolidated financial statements.2025. The gainnon-cash unrealized loss on marketable equity securities of $82,000 during the three months ended MarchJune 31,30, 2026 was related toas a realized gainresult of $37,000(i) ona decrease in the salefair value of 10,0005,700 shares of Vox Royalty common stock which was partially offset by unrealized loss of $29,000$3,000 based on ourquoted holdingsmarket of Vendetta common stock during the three months ended March 31, 2026 and an unrealized loss of $6,000 on our holdings of Vox Royalty common stock during the three months ended March 31, 2026. The gain during the three months ended March 31, 2025 was primarily related to an increase of $334,000 in the value of our holdings of Kinross common stock;prices, and (ii) anthe increasetransfer of $77,000$138,000 of prior unrealized gain to realized gain on ourthe holdingssale of 34,300 shares of Vox Royalty common stock. These unrealizeddecreases gainswere partially offset by (i) an increase in the fair value of our 7,750,000 shares of Vendetta Mining Corp. (“Vendetta”) common stock of $27,000 during the three months ended MarchJune 31,30, 20252026 were partially offset by a $27,000 lossbased on ourquoted holdingsmarket prices and (ii) an unrealized increase of Vendetta$32,000 Miningin Corp.the commonvalue stock.of the 34,300 shares of Vox Royalty sold during the three months ended June 30, 2026.

During the three months ended MarchJune 31,30, 2025, we recorded a non-cash loss on derivative instruments of $206,000$130,000 relatedwith tono certaincomparable income or loss during the three months ended June 30, 2026, as we no longer held Kinross calls we sold during 2024.calls. The Kinross calls were settled in the second quarter of 2025 upon the sale of our holdings of Kinross common stock.stock, Wediscussed hadabove. noSee derivativeNote instruments7, during“Derivative theInstruments,” threeabove monthsfor endeda Marchdiscussion 31,of 2026.our Kinross calls.

We regularly perform evaluations of our mineral property assets to assess the recoverability of our investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable utilizing guidelines based upon future net cash flows from the asset as well as our estimates of the geological potential of an early-stage mineral property and its related value for future sale, joint venture or development by us or others. During the three and six months ended MarchJune 31,30, 2026 and 2025, we recorded no property impairments.

At March 31, 2026 and 2025, our net operating loss carry-forwards exceed our built-in gains on marketable equity securities resulting in a net tax asset position for which we provide a valuation allowance for all net deferred tax assets. We recorded no income tax expense or benefit during the three and six months ended MarchJune 31,30, 2026 or 2025.2025 as we provide a valuation allowance for the tax benefit arising out of our net operating losses for all periods presented. As a result of our administrative expenses and exploration activities, we anticipate we will not have currently payable income taxes during 2026. In addition to the valuation allowance discussed above, we provide a valuation allowance for our foreign net operating losses, which are primarily related to our exploration activities in Peru. We anticipate we will continue to provide a valuation allowance for these net operating losses until we are in a net tax liability position with regard to those countries where we operate or until it is more likely than not that we will be able to realize those net operating losses in the future.

As of MarchJune 31,30, 2026, we have $8,442,000$9,009,000 in cash and short-term investments. Our short-term investments are comprised of $8,275,000$8,500,000 invested in a money market account with a brokerage firm. We anticipate we will roll over that portion of our short-term investments not used for exploration expenditures, operating costs or mineral property acquisitions as they become due during the remainder of 2026. We intend to utilize a portion of our cash and short-term investments in our exploration activities and the potential acquisition of mineral assets over the next several years.

Our marketable equity securities are carried at fair value, which is based upon market quotes of the underlying securities. At MarchJune 31,30, 2026, we owned 7,750,000 shares of Vendetta common stock and 40,0005,700 shares of Vox common stock. At MarchJune 31,30, 2026, the Vendetta shares are recorded at their fair value of $28,000,$55,000, and the Vox shares are recorded at their fair value of $209,000.$27,000. During the threesix months ended MarchJune 31,30, 2026 we sold 10,00044,300 shares of our Vox Royalty common stock for proceeds of $59,000$270,000 and recorded a realized gain on sale of $37,000.$175,000. We didsold notour sell100,000 anyshares of Kinross during the six months ended June 30, 2025 for net proceeds of $998,000, after settlement of our marketableoutstanding equityKinross securitiescall, duringand therecorded threea monthsrealized endedgain Marchon 31,sale 2025.of $915,000, and we sold 34,055 shares of Vox Royalty shares for net proceeds of $106,000 and recorded a realized gain on sale of $33,000. We anticipate we may sell a portion of our holdings of marketable equity securities during the remainder of 2026 depending on cash needs and market conditions.

We had working capital of $8,579,000$8,584,000 at MarchJune 31,30, 2026 compared to working capital of $7,795,000 at December 31, 2025. Our working capital at MarchJune 31,30, 2026 consists primarily of our cash and cash equivalents, our short-term investments, discussed above, our investment in marketable equity securities of $237,000,$82,000, and other current assets of $171,000,$143,000, less our accounts payable of $271,000.$650,000. The increase in our working capital from December 31, 2025 is primarily the result of our receipt of cash proceeds from sales of our common stock under the ATM Program and in a private placement that we completed in May 2026. As of MarchJune 31,30, 2026, our cash balances along with our short-term investments and marketable equity securities are adequate to fund our expected expenditures over the next year.

As of bothJune March30, 31,2026, 2026there andwere options outstanding from the 2013 Plan to acquire an aggregate of 1,825,000 shares of Solitario common stock, all with an exercise price of $0.60 per share. As of December 31, 2025, there were options outstanding from the 2013 Plan to acquire an aggregate of 1,965,000 shares of Solitario common stock, with exercise prices between $0.69 per share$0.60 and $0.60$0.69 per share. As of both MarchJune 31,30, 2026 and December 31, 2025 there were options outstanding fromunder the 2023 Plan to acquire 3,600,000 shares of Solitario common stock with exercise prices between $0.51 per share and $0.85 per share. We did not grant any options during the three and six months ended MarchJune 31,30, 2026 or 2025. NoDuring the three and six months ended June 30, 2026, options for 90,000 shares of Solitario common stock were exercised duringunder the three2013 monthsPlan endedwith Marchexercise 31,prices 2026.between $0.69 and $0.67 per share for proceeds of $61,000. During the three and six months ended MarchJune 31,30, 2025, options for 778,500250,000 sharesand 1,028,500 shares, respectively, of Solitario common stock were exercised under the 2013 Plan with an exercise price of $0.20 per share for proceeds of $156,000.$50,000 and $206,000, respectively. We do not anticipate the exercise of options to be a significant source of capital during the remainder of 2026.

Net cash used in operations during the threesix months ended MarchJune 31,30, 2026 decreasedincreased to $473,000$1,848,000 compared to $598,000$1,401,000 of net cash used in operations for the threesix months ended MarchJune 31,30, 2025 primarily as a result of (i) thean decreaseincrease in exploration expenseexpenses to $1,690,000 during the threesix months ended MarchJune 31,30, 2026 to $182,000 compared to $239,000exploration expenses of $910,000 during the threesix months ended MarchJune 31,30, 2025;2025. Partially offsetting this increase in the use of cash were (iii) a reductiondecrease in general and administrative expenditures, excluding non-cash stock option expense, to $309,000expense during the threesix months ended MarchJune 31,30, 2026 to $827,000 compared to general and administrative expenditures, excluding non-cash stock option expense, of $364,000$878,000 during the threesix months ended MarchJune 31,30, 2025; (iiiii) an increase in interest and dividend income to $65,000$142,000 during the threesix months ended MarchJune 31,30, 2026 compared to interest income of $46,000$98,000 during the threesix months ended MarchJune 31,30, 2025; and (iviii) a reduction in the use of cash for prepaid expenses and other current assets to $82,000 for the six months ended June 30, 2026 compared to the use of cash of $163,000 for prepaid expenses and other current assets during the six months ended June 30, 2025. and (iv) a provision of cash from an increase in accounts payable and other current liabilities during the threesix months ended MarchJune 31,30, 2026 of $56,000$435,000 compared to a useprovision of cash for thean decreaseincrease in accounts payable and other current liabilities of $51,000$181,000 during the threesix months ended MarchJune 31, 2025. Partially offsetting this reduction in the use of cash was an increase in the use of cash of $110,000 for an increase in prepaid expenses and other current assets during the three months ended March 31, 2026, with no similar use during the three months ended March 31,30, 2025. Based upon projected expenditures in our 2026 budget, we anticipate continued use of funds from operations through the remainder of 2026, primarily for exploration related to our Golden Crest project, our Lik project, ourand Cat Creek andproject as well as our Bright Angel and Lik projects and reconnaissance exploration. See “Results of Operations” above for further explanation of some of these variances.

During the three months ended March 31, 2026, we used $702,000 in cash, for the net purchases of short-term investments compared to $550,000 which was provided from the net sales of our short-term investments during the three months ended March 31, 2025. In addition, we received $59,000 in proceeds from the sale of 10,000 shares of Vox Royalty common stock during the three months ended March 31, 2026. There were no other significant provisions or use of cash from investing activities during the three months ended March 31, 2026 or 2025. We anticipate we may sell a portion of our marketable equity securities during the remainder of 2026. We will continue to liquidate a portion of our short-term investments as needed to fund our operations and any potential mineral property acquisitions during the remainder of 2026.2026, Wealthough we are not currently planning any potential mineral property acquisition or strategic corporate investment during the remainder of 2026. However, any such activity could involve a significant change in our cash provided or used for investing activities, depending on the structure of any potential transaction.

As of MarchJune 31,30, 2026 and December 31, 2025, we had no off-balance sheet obligations.

We are not involved in any development activities, nor do we have any contractual obligations related to any potential development activities as of MarchJune 31,30, 2026. As of MarchJune 31,30, 2026, there have been no material changes to our contractual obligations for exploration activities, environmental compliance or other obligations from those disclosed in our Management’s Discussion and Analysis included in our 2025 Annual Report.

We did not record any mineral property write-downs during the three and six months ended MarchJune 31,30, 2026 and 2025.

Solitario’s valuation of mineral properties is a critical accounting estimate. We review and evaluate our mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, geologic results, geo-technical difficulties, or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the mineral properties may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required. There has been no change to our assumptions, estimates or calculations during the three and six months ended MarchJune 31,30, 2026.

As of MarchJune 31,30, 2026, and for the three and six months ended MarchJune 31,30, 2026, we have no related party transactions or balances.