$XPL

SOLITARIO EXPLORATION & ROYALTY CORP.

CIK:0000917225|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expense:
Exploration expense	$ 1,508	$ 671	$ 1,690	$ 910
Depreciation	4	7	7	14
General and administrative	451	388	827	878
Total operating expense	1,963	1,066	2,524	1,802
Other income (loss)
Interest and dividend income	77	52	142	98
Loss on derivative instruments	0	(130)	0	(336)
Realized and unrealized gain on marketable equity securities	56	201	58	586
Total other income (loss)	133	123	200	348
Net loss	$ (1,830)	$ (943)	$ (2,324)	$ (1,454)
Loss per common share:
Basic and diluted	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.02)
Weighted average shares outstanding:
Basic and diluted.	93,679	84,116	92,675	82,908

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (2,324)	$ (1,454)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	7	14
Amortization of right of use lease asset	7	20
Realized and unrealized gain on marketable equity securities	(58)	(586)
Loss on derivative instruments	0	336
Stock-based compensation expense	167	251
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(82)	(163)
Accounts payable and other current liabilities	435	181
Net cash used in operating activities	(1,848)	(1,401)
Investing activities:
Purchase of short-term investments, net	(927)	(4,300)
Cash from the sale of marketable equity securities	270	1,507
Cash paid for settlement of derivative instruments		(403)
Net cash used by investing activities	(657)	(3,196)
Financing activities:
Issuance of common stock ATM - net of issuing costs	2,647	94
Issuance of common stock Private Placement - net of issuing costs	228	4,411
Issuance of common stock upon exercise of stock options	61	206
Net cash provided by financing activities	2,936	4,711
Net increase in cash, cash equivalents and restricted cash	431	114
Cash, cash equivalents and restricted cash, beginning of period	312	311
Cash, cash equivalents and restricted cash, end of period	$ 743	$ 425

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 509	$ 82
Short-term investments	8,500	7,573
Investments in marketable equity securities, at fair value	82	294
Prepaid expenses and other current assets	143	61
Total current assets	9,234	8,010
Mineral properties	16,732	16,732
Restricted cash - mineral property reclamation bonds	234	230
Other assets	44	58
Total assets	26,244	25,030
Current liabilities:
Accounts payable	650	208
Operating lease liability	0	7
Total current liabilities	650	215
Long-term liabilities:
Asset retirement obligation and reclamation liabilities	145	145
Total long-term liabilities	145	145
Shareholders' equity:
Preferred stock, $0.01 par value, authorized 10,000,000 shares (none issued and outstanding at June 30, 2026 and December 31, 2025)	0	0
Common stock, $0.01 par value, authorized 200,000,000 shares (94,684,463 and 90,901,324 shares, respectively, issued and outstanding at June 30, 2026 and December 31, 2025)	947	909
Additional paid-in capital	93,669	90,604
Accumulated deficit	(69,167)	(66,843)
Total shareholders' equity	25,449	24,670
Total liabilities and shareholders' equity	$ 26,244	$ 25,030