XML 18 R9.htm IDEA: XBRL DOCUMENT

Marketable Equity Securities

12 Months Ended

Dec. 31, 2022

Marketable Equity Securities

Marketable Equity Securities

3. Marketable Equity Securities

During 2022 Solitario sold 1,250,000 shares of Vendetta common stock for proceeds of $63,000 and recorded a realized loss on sale of $201,000. During 2021, Solitario sold (i) 2,550,000 shares of Vendetta common stock for proceeds of $112,000 and recorded a realized loss on the sale of $269,000; (ii) 430,000 shares of TNR Gold Corp. (“TNR”) common stock for proceeds of $27,000 and recorded a realized gain on the sale of $19,000; and (iii) 3,200 shares of Vox Royalty Corp. (“Vox”) common stock for proceeds of $8,000 and recorded a realized gain on the sale of $2,000.

On July 31, 2019, Solitario purchased 3,450,000 Vendetta units for aggregate consideration of $233,000. Each unit consisted of one share of Vendetta common stock and one warrant which allows the holder to purchase one additional share of Vendetta common stock at a purchase price of Cdn$0.13 per share for a period of three years (the “Vendetta Warrants”). The Vendetta Warrants expired unexercised during 2022. During 2022 and 2021, Solitario recorded a loss on derivative instruments of $4,000 and $46,000, respectively, for the change in the value of the Vendetta Warrants.

At December 31, 2022 Solitario owns the following marketable equity securities:

		Year ended December 31, 2022								Year ended December 31, 2021
		shares				Fair value (000’s)				shares				Fair value (000’s)
Kinross Gold Corp			100,000			$	409				100,000			$	581
Vendetta Mining Corp.			7,750,000				229				9,000,000				356
Vox Royalty Corp.			134,055				311				134,055				370
Highland Silver Corp.			200,000				-				-				-
Total						$	949							$	1,307

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

(in thousands)		Year ended December 31,
		2022				2021
Marketable equity securities at cost		$	1,440			$	1,704
Cumulative unrealized loss on marketable equity securities			(491	)			(397	)
Marketable equity securities at fair value		$	949			$	1,307

The following table represents changes in marketable equity securities:

(in thousands)		Year ended December 31,
		2022				2021
Cost of marketable equity securities sold		$	264			$	395
Realized loss on marketable equity securities sold			(201	)			(248	)
Proceeds from the sale of marketable equity securities sold			(63	)			(147	)
Net loss on marketable equity securities			(295	)			(166	)
Additions to marketable equity securities			-				-
Change in marketable equity securities at fair value		$	(358	)		$	(313	)

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

(in thousands)		Year ended December 31,
		2022				2021
Unrealized (loss) gain on marketable equity securities		$	(94	)		$	82
Realized loss on marketable equity securities sold			(201	)			(248	)
Net loss on marketable equity securities		$	(295	)		$	(166	)

Other Income

During 2022, Solitario sold rights to certain exploration data on a non-owned mineral property upon which Solitario had previously done exploration activities. The data was sold to Highland Silver Corp., a Canadian exploration company (“Highland”) for $20,000 cash and 200,000 shares of Highland common stock. On the date of sale, the Highland common stock carried a restrictive legend. The shares were not available for trade on the date of sale and at December 31, 2022 and no value has been assigned to the common stock. Solitario recorded $20,000 of other income on the date of the sale. Any future changes to the value of the Highland common stock owned by Solitario will be recorded as changes in value of marketable equity securities.