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Marketable Equity Securities
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024, Solitario owned the following marketable equity securities:

 

 

 

September 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

 

 

 

56

 

 

 

7,750,000

 

 

 

81

 

Vox Royalty Corp.

 

 

70,000

 

 

 

301

 

 

 

134,055

 

 

 

314

 

Total

 

 

 

 

 

$357

 

 

 

 

 

 

$1,322

 

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

 

(in thousands)

 

 September 30,

2025

 

 

 December 31,

2024

 

Marketable equity securities at cost

 

$1,220

 

 

$1,440

 

Cumulative unrealized loss on marketable equity securities

 

 

(863)

 

 

(118)

Marketable equity securities at fair value

 

$357

 

 

$1,322

 

 

The following table represents changes in marketable equity securities:

 

(in thousands)

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of marketable equity securities sold

 

$64

 

 

$-

 

 

$220

 

 

$-

 

Realized gain on marketable equity securities sold

 

 

60

 

 

 

-

 

 

 

1,411

 

 

 

54

 

Gross proceeds from the sale of marketable equity securities sold

 

 

(124)

 

 

-

 

 

 

(1,631)

 

 

(54)

Net gain on marketable equity securities

 

 

80

 

 

 

110

 

 

 

666

 

 

 

420

 

Change in marketable equity securities at fair value

 

$(44)

 

$110

 

 

$(965)

 

$366

 

 

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

 

(in thousands)

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Unrealized gain (loss) on marketable equity securities

 

$20

 

 

$110

 

 

$(745)

 

$366

 

Realized gain on marketable equity securities sold

 

 

60

 

 

 

-

 

 

 

1,411

 

 

 

54

 

Net gain on marketable equity securities

 

$80

 

 

$110

 

 

$666

 

 

$420

 

 

During the nine months ended September 30, 2025, Solitario sold its holdings of 100,000 shares of Kinross Gold Corp. (“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 common stock 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 nine months ended September 30, 2025, Solitario sold 30,000 shares and 64,055 shares, respectively, of its Vox Royalty common shares for proceeds of $124,000 and $230,000, respectively, and recorded a gain on sale of $60,000 and $92,000, respectively, on the date of sale. Solitario did not sell any marketable equity securities during the three months ended September 30, 2024. During the nine months ended September 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.