Solitario Resources | 10-Q: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.01.

EBIT: As of FY2026 Q1, the actual value is USD -626 K.

Solitario Resources Corp. operates as a single operating segment, with all financial information presented on a consolidated basis .

Net Loss

• For the three months ended March 31, 2026, the net loss was - $494,000, compared to - $511,000 for the three months ended March 31, 2025 .

Total Operating Expenses

• Total operating expenses were $561,000 for the three months ended March 31, 2026, a decrease from $736,000 for the same period in 2025 .

Exploration Expense

• Exploration expense totaled $182,000 for the three months ended March 31, 2026, down from $239,000 in the prior year period .
  • Golden Crest project expenses were $149,000 in 2026 versus $216,000 in 2025 .
  • Lik project expenses were $5,000 in 2026 versus $11,000 in 2025 .
  • Cat Creek project expenses were $1,000 in 2026 versus $5,000 in 2025 .
  • Bright Angel project expenses were $20,000 in 2026 versus $0 in 2025 .
  • Reconnaissance expenses remained constant at $7,000 for both periods .

General and Administrative Expense (excluding stock option compensation)

• General and administrative expense (excluding stock option compensation) was $309,000 for the three months ended March 31, 2026, compared to $364,000 for the same period in 2025 .
  • Salaries and benefit expense decreased to $73,000 in 2026 from $118,000 in 2025 .
  • Legal and professional expenditures increased to $67,000 in 2026 from $54,000 in 2025 .
  • Office rent and expenses were $28,000 in 2026 versus $29,000 in 2025 .
  • Travel and shareholder relation costs decreased to $141,000 in 2026 from $163,000 in 2025 .

Stock-Based Compensation Expense

• Stock-based compensation expense was $67,000 for the three months ended March 31, 2026, a decrease from $126,000 for the same period in 2025 .

Depreciation

• Depreciation was $3,000 for the three months ended March 31, 2026, down from $7,000 for the same period in 2025 .

Interest and Dividend Income

• Interest and dividend income increased to $65,000 for the three months ended March 31, 2026, from $46,000 for the same period in 2025 .

Realized and Unrealized Gain on Marketable Equity Securities

• A gain of $2,000 was recorded for the three months ended March 31, 2026, which included a realized gain of $37,000 on the sale of Vox Royalty common stock, partially offset by an unrealized loss of - $29,000 on Vendetta common stock and an unrealized loss of - $6,000 on Vox Royalty common stock . This compares to a gain of $385,000 for the same period in 2025 .

Realized and Unrealized Loss on Derivative Instruments

• There was no loss on derivative instruments for the three months ended March 31, 2026, compared to a loss of - $206,000 for the same period in 2025 .

Net Cash Used in Operating Activities

• Net cash used in operating activities was - $473,000 for the three months ended March 31, 2026, an improvement from - $598,000 for the same period in 2025 .

Net Cash (Used) Provided by Investing Activities

• Net cash used in investing activities was - $643,000 for the three months ended March 31, 2026, primarily due to net purchase of short-term investments of - $702,000, partially offset by $59,000 from the sale of marketable equity securities . In contrast, the company had net cash provided by investing activities of $550,000 in 2025 from net sales of short-term investments .

Net Cash Provided by Financing Activities

• Net cash provided by financing activities was $1,201,000 for the three months ended March 31, 2026, primarily from the issuance of common stock via an ATM program . This was an increase from $156,000 provided in 2025 from the issuance of common stock upon exercise of stock options .

Working Capital

• Working capital was $8,579,000 as of March 31, 2026, up from $7,795,000 as of December 31, 2025 .

Marketable Equity Securities (Fair Value)

• The fair value of marketable equity securities was $237,000 as of March 31, 2026, compared to $294,000 as of December 31, 2025 .

Future Outlook and Strategy

Solitario Resources Corp. projects a full-year 2026 exploration and development budget of approximately $5,673,000, including potential drilling at the Golden Crest project ($2,217,000) and the Cat Creek project ($516,000), along with limited exploration at the Lik and Bright Angel projects . The company anticipates higher full-year exploration expenditures in 2026 compared to 2025, while overall general and administrative costs are expected to remain comparable between the two years . Solitario Resources Corp. plans to fund these activities and potential asset acquisitions using cash and short-term investments, and may issue additional shares through its ATM program based on cash needs and market conditions .