XPLMEDIUM SIGNALFINANCIAL10-K

Solitario's share count increased 13% to 92.2 million shares while the company improved its financial position with higher cash, lower liabilities, and reduced losses.

The share increase suggests potential dilutive equity raises that helped fund operations and improve liquidity. The company's status change from "exploration stage" to "smaller reporting company" indicates regulatory classification shifts that may affect reporting requirements and investor perception.

Comparing 2026-03-05 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

Solitario significantly strengthened its balance sheet with current assets growing 34% to $8.0M while current liabilities dropped 42% to $215K, substantially improving working capital. Operating cash flow improved 30% (losses reduced from -$5.1M to -$3.6M) and net losses decreased 29% from -$5.4M to -$3.8M. The overall picture shows a mining exploration company that has improved its financial stability through what appears to be equity financing, though the 13% share count increase suggests dilution to existing shareholders.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-41.6%
$368K$215K

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
+33.7%
$6.0M$8.0M

Current assets grew 33.7% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+30%
-$5.1M-$3.6M

Operating cash flow surged 30% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+28.6%
-$5.4M-$3.8M

Net income grew 28.6% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-12
ADDED
Suite 410, Wheat Ridge, CO 80033 (Address of principal executive offices) (Zip Code) 4251 Kipling St .
There were 92,214,987 shares of common stock, $0.01 par value, outstanding on March 4, 2026.
( we, us, our, Solitario, or the Company ) is smaller reporting company as defined by rules issued by the SEC.
Solitario currently considers its carried interest in the Florida Canyon zinc project in Peru (the Florida Canyon project ), its interest in the Lik zinc project in Alaska (the Lik project ), and its Golden Crest project in South Dakota (the Golden Crest project ) to be its core mineral property assets.
( Nexa ), Solitario s joint venture partner, is continuing the exploration and furtherance of the Florida Canyon project and Solitario is monitoring progress at the Florida Canyon project.
Solitario is working with its 50% joint venture partner in the Lik project, Teck American Incorporated, a wholly owned subsidiary of Teck Resources Limited (both companies are referred to as Teck ), to further the exploration and evaluate potential development plans for the Lik project.
In addition, Solitario holds and interest in the Chambara project in Peru and also has two early-stage projects, the Cat Creek project in Colorado (the Cat Creek project ) and the Bright Angel project in Colorado (the Bright Angel project ) acquired by Solitario in the third quarter of 2025.
Solitario is conducting mineral exploration on its Golden Crest project, the Cat Creek project and the Bright Angel project on its own.
As of December 31, 2025, Solitario anticipates using its cash and short-term investments, in part, to further fund the exploration of its Golden Crest, Florida Canyon, Lik, Cat Creek and Bright Angel projects, and to potentially evaluate and acquire additional mineral property assets.
Solitario values the backgrounds and talents of its employees working together to achieve corporate goals and personal and professional goals and objectives.
REMOVED
There were 81,638,418 shares of common stock, $0.01 par value, outstanding on March 11, 2025.
( Solitario or the Company ) is an exploration stage company as defined by rules issued by the SEC.
Solitario currently considers its Golden Crest project in South Dakota, its carried interest in the Florida Canyon project in Peru, and its interest in the Lik project in Alaska to be its core mineral property assets.
( Nexa ), Solitario s joint venture partner at Florida Canyon, is continuing the furtherance of the Florida Canyon project and Solitario is monitoring the progress at Florida Canyon.
Solitario is working with its 50% joint venture partner, Teck American Inc., a wholly owned subsidiary of Teck Resources Limited (both companies are referred to in this Annual Report as Teck ), at its Lik project.
During 2024, Solitario began work on a new early-stage project, the Cat Creek project in Colorado.
Solitario is conducting mineral exploration on its Golden Crest project and the Cat Creek project on its own.
As of December 31, 2024, Solitario anticipates using its cash and short-term investments, in part, to further fund the exploration of its Golden Crest, Florida Canyon, Lik and Cat Creek projects and to potentially evaluate and acquire additional mineral property assets.
Human Capital Management As of December 31, 2024, Solitario had four full-time employees and three part-time seasonal employees.
[Colorado] Golden Crest Project [South Dakota] (100%) Cat Creek Project [Colorado] (100%) - Zazu Metals Corporation.
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