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Marketable Equity Securities

6 Months Ended

Jun. 30, 2022

Marketable Equity Securities

Marketable Equity Securities

3. Marketable Equity Securities

Solitario’s investments in marketable equity securities are carried at fair value, which is based upon quoted prices of the securities owned. The cost of marketable equity securities sold is determined by the specific identification method. Changes in market value are recorded in the condensed consolidated statement of operations.

At June 30, 2022 and December 31, 2021 Solitario owns the following marketable equity securities:

		June 30 2022								December 31 2021
		shares				Fair value (000’s)				Shares				Fair value (000’s)
Kinross Gold Corp			100,000			$	358				100,000			$	581
Vendetta Mining Corp.			8,000,000				279				9,000,000				356
Vox Royalty Corp.			134,055				303				134,055				370
Total						$	940							$	1,307

The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:

(in thousands)		June 30, 2022				December 31, 2021
Marketable equity securities at cost		$	1,492			$	1,704
Cumulative unrealized loss on marketable equity securities			(552	)			(397	)
Marketable equity securities at fair value		$	940			$	1,307

The following table represents changes in marketable equity securities:

(in thousands)		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Cost of marketable equity securities sold		$	105			$	4			$	212			$	69
Realized (loss) gain on marketable equity securities sold			(78	)			6				(159	)			19
Proceeds from the sale of marketable equity securities sold			(27	)			(10	)			(53	)			(88	)
Net loss on marketable equity securities			(446	)			(142	)			(314	)			(251	)
Change in marketable equity securities at fair value		$	(473	)		$	(152	)		$	(367	)		$	(339	)

The following table represents the realized and unrealized (loss) gain on marketable equity securities:

(in thousands)		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
Unrealized (loss) gain on marketable securities		$	(368	)		$	(148	)		$	(155	)		$	(270	)
Realized (loss) gain on marketable equity securities sold			(78	)			6				(159	)			19
Net loss on marketable securities		$	(446	)		$	(142	)		$	(314	)		$	(251	)

During the three months ended June 30, 2022, Solitario sold 500,000 shares of Vendetta Mining Corp. (“Vendetta”) common stock for proceeds of $27,000 and recorded a loss on sale of $78,000 on the date of sale. During the six months ended June 30, 2022, Solitario sold 1,000,000 shares of Vendetta common stock for proceeds of $53,000 and recorded a loss on sale of $159,000 on the date of sale.

During the three months ended June 30, 2021, Solitario sold 143,000 shares of TNR Gold Corp (“TNR”). common stock for proceeds of $10,000 and recorded a gain on sale of $6,000. During the six months ended June 30, 2021, Solitario sold (i) 1,010,000 shares of Vendetta common stock for proceeds of $51,000 and recorded a loss on sale of $2,000; (ii) 430,000 shares of TNR. common stock for proceeds of $28,000 and recorded a gain on sale of $19,000 and (iii) 3,200 shares of Vox Royalty Corp. (“Vox”) for proceeds of $9,000 and recorded a gain on sale of $2,000.