Employee Stock Compensation Plans	9 Months Ended
Sep. 30, 2025
Employee Stock Compensation Plans
Employee Stock Compensation Plans	10. Employee Stock Compensation Plans 2013 Plan: On June 18, 2013, Solitario’s shareholders approved the 2013 Solitario Exploration & Royalty Corp. Omnibus Stock and Incentive Plan, as amended (the “2013 Plan”), which expired in April 2023. Under the terms of the 2013 Plan, a total of 5,750,000 shares of Solitario common stock were reserved for awards to directors, officers, employees and consultants. The 2013 Plan permitted the Board of Directors of the Company (the “Board of Directors”) or a committee appointed by the Board of Directors to grant awards in the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The 2013 Plan has expired and no additional awards may be granted under the 2013 Plan, although awards made prior to the 2013 Plan’s expiration will remain outstanding in accordance with their terms. As of September 30, 2025 and December 31, 2024, there were options outstanding under the 2013 Plan to acquire 2,145,000 and 3,173,500 shares, respectively, of Solitario common stock. Of these, as of September 30, 2025 and December 31, 2024, there were a total of vested options exercisable to acquire 2,145,000 and 2,672,250 shares, respectively, of Solitario common stock, with exercise prices between $0.60 and $0.69 per share. As of September 30, 2025, the outstanding stock options under the 2013 Plan have an intrinsic value of $204,000 and a weighted average life of 1.85 years. No options under the 2013 Plan were exercised during the three months ended September 30, 2025. During the nine months ended September 30, 2025, options previously granted under the 2013 Plan for 1,028,500 shares were exercised with an exercise price of $0.20 per share for proceeds of $206,000 and had an intrinsic value of $437,000 on the date of exercise. During the three and nine months ended September 30, 2024, options previously granted under the 2013 Plan for 200,000 and 250,000 shares were exercised with exercise prices between $0.20 per share and $0.28 per share, for proceeds of $40,000 and $54,000, respectively, which had intrinsic values of $132,000 and $144,000, respectively, on the dates of exercise. 2023 Plan: On June 20, 2023, Solitario’s shareholders approved the 2023 Solitario Stock and Incentive Plan (the “2023 Plan”). Under the terms of the 2023 Plan, a total of 5,000,000 shares of Solitario common stock are reserved for awards to directors, officers, employees and consultants. Awards may take the form of stock options, stock appreciation rights, restricted stock and restricted stock units. The terms and conditions of the awards are pursuant to the 2023 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. The 2023 Plan has a term of 10 years. As of September 30, 2025 and December 31, 2024, there were options outstanding under the 2023 Plan to acquire 2,175,000 and 2,175,000 shares, respectively, of Solitario common stock. Of these, as of September 30, 2025 and December 31, 2024, there were options that are vested and exercisable to acquire 1,087,500 and 556,250 shares, respectively, of Solitario common stock, with exercise prices between $0.51 and $0.85 per share. As of September 30, 2025, the outstanding stock options under the 2023 Plan have an intrinsic value of $10,000 and a weighted average life of 3.67 years. During the three and nine months ended September 30, 2025 Solitario did not grant any awards under the 2023 Plan. Solitario did not grant any options from the 2023 Plan during the three months ended September 30, 2024. During the nine months ended September 30, 2024, Solitario granted options for 2,125,000 shares of Solitario common stock, with an exercise price of $0.85 per share, a five-year term, which vest 25% on the date of grant and 25% on each anniversary date for the next three years and a grant date fair value of $1,120,000 based upon a five-year life, volatility of 71.5% and risk-free interest rate of 4.3%. During the three and nine months ended September 30, 2025 and 2024, no options were exercised under the 2023 Plan. Stock-based compensation expense During the three and nine months ended September 30, 2025, Solitario recorded stock-based compensation expense of $113,000 and $364,000, respectively, included in general and administrative expense. During the three and nine months ended September 30, 2024, Solitario recorded stock-based compensation expense of $125,000 and $540,000, respectively, included in general and administrative expense. At September 30, 2025, the total unrecognized stock-based compensation expense related to non-vested options was $477,000 and is expected to be recognized over a period of 20 months.

Employee Stock Compensation Plans

9 Months Ended

Sep. 30, 2025

10. Employee Stock Compensation Plans

2013 Plan:

On June 18, 2013, Solitario’s shareholders approved the 2013 Solitario Exploration & Royalty Corp. Omnibus Stock and Incentive Plan, as amended (the “2013 Plan”), which expired in April 2023. Under the terms of the 2013 Plan, a total of 5,750,000 shares of Solitario common stock were reserved for awards to directors, officers, employees and consultants. The 2013 Plan permitted the Board of Directors of the Company (the “Board of Directors”) or a committee appointed by the Board of Directors to grant awards in the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The 2013 Plan has expired and no additional awards may be granted under the 2013 Plan, although awards made prior to the 2013 Plan’s expiration will remain outstanding in accordance with their terms.

As of September 30, 2025 and December 31, 2024, there were options outstanding under the 2013 Plan to acquire 2,145,000 and 3,173,500 shares, respectively, of Solitario common stock. Of these, as of September 30, 2025 and December 31, 2024, there were a total of vested options exercisable to acquire 2,145,000 and 2,672,250 shares, respectively, of Solitario common stock, with exercise prices between $0.60 and $0.69 per share. As of September 30, 2025, the outstanding stock options under the 2013 Plan have an intrinsic value of $204,000 and a weighted average life of 1.85 years.

No options under the 2013 Plan were exercised during the three months ended September 30, 2025. During the nine months ended September 30, 2025, options previously granted under the 2013 Plan for 1,028,500 shares were exercised with an exercise price of $0.20 per share for proceeds of $206,000 and had an intrinsic value of $437,000 on the date of exercise. During the three and nine months ended September 30, 2024, options previously granted under the 2013 Plan for 200,000 and 250,000 shares were exercised with exercise prices between $0.20 per share and $0.28 per share, for proceeds of $40,000 and $54,000, respectively, which had intrinsic values of $132,000 and $144,000, respectively, on the dates of exercise.

2023 Plan:

On June 20, 2023, Solitario’s shareholders approved the 2023 Solitario Stock and Incentive Plan (the “2023 Plan”). Under the terms of the 2023 Plan, a total of 5,000,000 shares of Solitario common stock are reserved for awards to directors, officers, employees and consultants. Awards may take the form of stock options, stock appreciation rights, restricted stock and restricted stock units. The terms and conditions of the awards are pursuant to the 2023 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. The 2023 Plan has a term of 10 years.

As of September 30, 2025 and December 31, 2024, there were options outstanding under the 2023 Plan to acquire 2,175,000 and 2,175,000 shares, respectively, of Solitario common stock. Of these, as of September 30, 2025 and December 31, 2024, there were options that are vested and exercisable to acquire 1,087,500 and 556,250 shares, respectively, of Solitario common stock, with exercise prices between $0.51 and $0.85 per share. As of September 30, 2025, the outstanding stock options under the 2023 Plan have an intrinsic value of $10,000 and a weighted average life of 3.67 years.

During the three and nine months ended September 30, 2025 Solitario did not grant any awards under the 2023 Plan. Solitario did not grant any options from the 2023 Plan during the three months ended September 30, 2024. During the nine months ended September 30, 2024, Solitario granted options for 2,125,000 shares of Solitario common stock, with an exercise price of $0.85 per share, a five-year term, which vest 25% on the date of grant and 25% on each anniversary date for the next three years and a grant date fair value of $1,120,000 based upon a five-year life, volatility of 71.5% and risk-free interest rate of 4.3%. During the three and nine months ended September 30, 2025 and 2024, no options were exercised under the 2023 Plan.

Stock-based compensation expense

During the three and nine months ended September 30, 2025, Solitario recorded stock-based compensation expense of $113,000 and $364,000, respectively, included in general and administrative expense. During the three and nine months ended September 30, 2024, Solitario recorded stock-based compensation expense of $125,000 and $540,000, respectively, included in general and administrative expense. At September 30, 2025, the total unrecognized stock-based compensation expense related to non-vested options was $477,000 and is expected to be recognized over a period of 20 months.