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Derivative Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments  
Derivative Instruments

7. Derivative Instruments

 

From time-to-time Solitario has sold covered call options against its holdings of shares of common stock of Kinross Gold Corp. (“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. In August 2024, Solitario sold covered calls against its holdings of Kinross for net proceeds of $39,000. Solitario has recorded a liability for its outstanding covered call of $273,000 and $67,000, respectively, at March 31, 2025 and December 31, 2024. Solitario recorded an unrealized loss on derivative instruments of $206,000 during the three months ended March 31, 2025 related to its Kinross calls. At March 31, 2025 Solitario has outstanding covered calls against all of its holdings of Kinross common stock with an exercise price of $10.00 per share and an expiration date of May 16, 2025.