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Derivative Instruments | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments |
Derivative Instruments | 7. Derivative Instruments: Covered call options From time-to-time Solitario has sold covered call options against its holdings of shares of common stock of Kinross Gold Corporation (“Kinross”) included in Marketable Equity Securities. The business purpose of selling covered calls is to provide additional income on a limited portion of shares of Kinross that Solitario may sell in the near term, which is generally defined as less than one year and any changes in the fair value of its covered calls are recognized in the statement of operations in the period of the change. During 2021, Solitario sold covered calls against its holdings of Kinross for cash proceeds of $8,000 all of which expired unexercised. During 2020, Solitario sold covered calls against its holdings of Kinross for cash proceeds of $103,000, and repurchased certain of its covered calls prior to expiration for $224,000. As of December 31, 2021, Solitario has no remaining liability related to Kinross call options. Vendetta Warrants At both December 31, 2021 and 2020 Solitario held Vendetta Warrants which give Solitario the right to purchase 3,450,000 Vendetta common shares for Cdn$0.13 per share through July 31, 2022. At December 31, 2021, and 2020 Solitario recorded Vendetta Warrants at their fair value of $3,000 and $49,000, respectively, based upon a Black Scholes model. The following items comprise gain (loss) on derivative instruments:
(in thousands) |  | Year ended December 31, |
|  | 2021 |  |  | 2020 |
Gain (loss) on Kinross calls – realized |  | $ | 8 |  |  | $ | (121 | )
Gain (loss) on Vendetta Warrants – unrealized |  |  | (46 | ) |  |  | 29 |
|  | $ | (38 | ) |  | $ | (92 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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