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Marketable Equity Securities | 6 Months Ended
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Jun. 30, 2023
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 fair value are recorded in the condensed consolidated statement of operations. At June 30, 2023 and December 31, 2022 Solitario owns the following marketable equity securities:
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | shares |  |  | Fair value (000’s) |  |  | Shares |  |  | Fair value (000’s) |
Kinross Gold Corp |  |  | 100,000 |  |  | $ | 477 |  |  |  | 100,000 |  |  | $ | 409 |
Vendetta Mining Corp. |  |  | 7,750,000 |  |  |  | 234 |  |  |  | 7,750,000 |  |  |  | 229 |
Vox Royalty Corp. |  |  | 134,055 |  |  |  | 325 |  |  |  | 134,055 |  |  |  | 311 |
Highlander Silver Corp. |  |  | 200,000 |  |  |  | 15 |  |  |  | 200,000 |  |  |  | - |
Total |  |  |  |  |  | $ | 1,051 |  |  |  |  |  |  | $ | 949 |
The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:
(in thousands) |  | June 30, 2023 |  |  | December 31, 2022 |
Marketable equity securities at cost |  | $ | 1,440 |  |  | $ | 1,440 |
Cumulative unrealized loss on marketable equity securities |  |  | (389 | ) |  |  | (491 | )
Marketable equity securities at fair value |  | $ | 1,051 |  |  | $ | 949 |
The following table represents changes in marketable equity securities:
(in thousands) |  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of marketable equity securities sold |  | $ | - |  |  | $ | 105 |  |  | $ | - |  |  | $ | 212 |
Realized (loss) gain on marketable equity securities sold |  |  | - |  |  |  | (78 | ) |  |  | - |  |  |  | (159 | )
Proceeds from the sale of marketable equity securities sold |  |  | - |  |  |  | (27 | ) |  |  | - |  |  |  | (53 | )
Net (loss) gain on marketable equity securities |  |  | (227 | ) |  |  | (446 | ) |  |  | (102 | ) |  |  | (314 | )
Change in marketable equity securities at fair value |  | $ | (227 | ) |  | $ | (473 | ) |  | $ | (102 | ) |  | $ | (367 | )
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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Unrealized (loss) gain on marketable securities |  | $ | (227 | ) |  | $ | (368 | ) |  | $ | (102 | ) |  | $ | (155 | )
Realized (loss) gain on marketable equity securities sold |  |  | - |  |  |  | (78 | ) |  |  | - |  |  |  | (159 | )
Net loss on marketable securities |  | $ | (227 | ) |  | $ | (446 | ) |  | $ | (102 | ) |  | $ | (314 | )
During the three and six months ended June 30, 2023, Solitario did not sell any marketable equity securities. 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.

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