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Marketable Equity Securities

6 Months Ended

Jun. 30, 2025

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, 2025 and December 31, 2024, Solitario owned the following marketable equity securities:

		June 30, 2025								December 31, 2024
		shares				Fair value (000’s)				shares				Fair value (000’s)
Kinross Gold Corp.			-			$	-				100,000			$	927
Vendetta Mining Corp.			7,750,000				85				7,750,000				81
Vox Royalty Corp.			100,000				316				134,055				314
Total						$	401							$	1,322

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

(in thousands)		June 30, 2025				December 31, 2024
Marketable equity securities at cost		$	1,284			$	1,440
Cumulative unrealized loss on marketable equity securities			(883	)			(118	)
Marketable equity securities at fair value		$	401			$	1,322

The following table represents changes in marketable equity securities:

(in thousands)		Three months ended June 30,								Six months ended June 30,
		2025				2024				2025				2024
Cost of marketable equity securities sold		$	156			$	-			$	156			$	-
Realized gain on marketable equity securities sold			1,351				54				1,351				54
Gross proceeds from the sale of marketable equity securities sold			(1,507	)			(54	)			(1,507	)			(54	)
Net gain on marketable equity securities			202				302				586				310
Change in marketable equity securities at fair value		$	1,305			$	248			$	921			$	256

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,
		2025				2024				2025				2024
Unrealized gain (loss) on marketable equity securities		$	(1,150	)		$	248			$	(765	)		$	256
Realized gain on marketable equity securities sold			1,351				54				1,351				54
Net gain on marketable equity securities *		$	202			$	302			$	586			$	310

* Certain amounts in the three months ended June 30, 2025 may not add due to rounding.

During the three and six months ended June 30, 2025, Solitario sold its holdings of 100,000 shares of Kinross common stock for gross proceeds of $1,401,000, which was netted by the settlement of $403,000 to close out its $10.00 Kinross covered call covering all 100,000 shares of Kinross previously held by Solitario, which had a May 16, 2025 settlement date, resulting in net proceeds of $998,000, after fees and commissions. Solitario recorded a gain on sale of $1,319,000 on the date of sale. See also Note 7 “Derivative Instruments” below. Also, during the three and six months ended June 30, 2025, Solitario sold 34,055 of its Vox Royalty shares for proceeds of $106,000 and recorded a gain on sale of $32,000 on the date of sale. During the three and six months ended June 30, 2024, Solitario sold 100,000 shares of Highlander Silver Corp. (“Highlander”) common stock for proceeds of $54,000 and recorded a gain on sale of $54,000 on the date of sale.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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