v3.25.4

Marketable Equity Securities | 12 Months Ended
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Dec. 31, 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 consolidated statement of operations. At December 31, 2025 and 2024, Solitario owned the following marketable equity securities:
|  | December 31, 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 |  |  |  | 57 |  |  |  | 7,750,000 |  |  |  | 81 |
Vox Royalty Corp. |  |  | 50,000 |  |  |  | 237 |  |  |  | 134,055 |  |  |  | 314 |
Total |  |  |  |  |  | $ | 294 |  |  |  |  |  |  | $ | 1,322 |
The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:
(in thousands) |  | December 31, 2025 |  |  | December 31, 2024 |
Marketable equity securities at cost |  | $ | 1,177 |  |  | $ | 1,440 |
Cumulative unrealized loss on marketable equity securities |  |  | (883 | ) |  |  | (118 | )
Marketable equity securities at fair value |  | $ | 294 |  |  | $ | 1,322 |
The following table represents changes in marketable equity securities:
(in thousands) |  | December 31, |
|  | 2025 |  |  | 2024 |
Cost of marketable equity securities sold |  | $ | 263 |  |  | $ | - |
Realized gain on marketable equity securities sold |  |  | 1,445 |  |  |  | 54 |
Gross proceeds from the sale of marketable equity securities sold |  |  | (1,708 | ) |  |  | (54 | )
Net gain on marketable equity securities |  |  | 680 |  |  |  | 343 |
Change in marketable equity securities at fair value |  | $ | (1,028 | ) |  | $ | 289 |
The following table represents the realized and unrealized gain (loss) on marketable equity securities:
(in thousands) |  | Year ended December 31, |
|  | 2025 |  |  | 2024 |
Unrealized (loss) gain on marketable equity securities |  | $ | (765 | ) |  | $ | 289 |
Realized gain on marketable equity securities sold |  |  | 1,445 |  |  |  | 54 |
Net gain on marketable equity securities |  | $ | 680 |  |  | $ | 343 |
During 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 cash 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, 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 2025, Solitario sold 84,055 shares of its Vox Royalty Corp. common shares for proceeds of $307,000 and recorded gain on the sale of $126,000 on the date of sale. During 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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