v3.25.4

Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Income Taxes | 6. Income Taxes As a result of being in a tax-loss position, Solitario has not recorded a tax provision for the years ending on December 31, 2025 or 2024. The net deferred income tax assets/liabilities in the December 31, 2025 and 2024 consolidated balance sheets include the following components:
(in thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Loss carryovers |  | $ | 13,037 |  |  | $ | 12,806 |
Mineral Property |  |  | 1,669 |  |  |  | 1,669 |
Capitalized Exploration Costs |  |  | 2,194 |  |  |  | 1,771 |
Stock option compensation expense |  |  | 323 |  |  |  | 292 |
Other |  |  | 268 |  |  |  | 162 |
Unrealized loss on short-term investments |  |  | 213 |  |  |  | 29 |
Lease Liability |  |  | 2 |  |  |  | 12 |
Valuation allowance |  |  | (17,701 | ) |  |  | (16,722 | )
Total deferred tax assets |  |  | 5 |  |  |  | 19 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Lease Asset |  |  | 2 |  |  |  | 11 |
Basis difference on fixed assets |  |  | 3 |  |  |  | 8 |
Total deferred tax liabilities |  |  | 5 |  |  |  | 19 |
Net deferred tax liabilities |  | $ | - |  |  | $ | - |
Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2, Significant Accounting Policies, the provision for income taxes for the years ended December 31, 2025, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income from operations as a result of the following differences:
(in thousands) |  | 2025 |  |  |  |
Expected income tax benefit |  | $ | (805 | ) |  |  | 21.0 | %
Equity based compensation |  |  | - |  |  |  | - |
Foreign tax rate differences - Canada |  |  | (1 | ) |  |  | 0.03 | %
Foreign tax rate differences - Peru |  |  | (17 | ) |  |  | 0.44 | %
US/Colorado state income tax, net of federal tax benefit |  |  | (115 | ) |  |  | 2.98 | %
Change in valuation allowance – U.S. |  |  | 1,098 |  |  |  | (28.68 | )%
Change in valuation allowance – Canada |  |  | (138 | ) |  |  | 3.60 | %
Change in valuation allowance – Peru |  |  | 17 |  |  |  | (0.44 | )%
Prior year return reconciliation |  |  | (38 | ) |  |  | 0.97 | %
Permanent differences and other |  |  | (1 | ) |  |  | 0.02 | %
Income tax (benefit) expense |  | $ | - |  |  |  | - |
The provision for income taxes for the years ended December 31, 2024, differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income from operations as a result of the following differences presented in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:
(in thousands) |  | 2024 |
Expected income tax benefit |  | $ | (1,127 | )
Foreign tax rate differences |  |  | (7 | )
State income tax |  |  | (181 | )
Change in valuation allowance |  |  | 1,421 |
Prior year return reconciliation |  |  | (104 | )
Permanent differences and other |  |  | (2 | )
Income tax (benefit) expense |  | $ | - |
Solitario has U.S. Federal net operating loss (NOL) carryovers of $28,891,000 as of December 31, 2025. Under the Tax Cuts and Jobs Act (“TCJA”) Federal NOL’s incurred in taxable years beginning in 2018 and later have an indefinite carryforward period, but the use of the NOL carryover is limited to 80% of taxable income in the subsequent year. Federal NOL carryovers incurred prior to 2018 expire after 20 years. Solitario has $12,769,000 of Federal NOL carryovers incurred prior to 2018 which begin expiring in 2027. Solitario has State NOL carryovers in Colorado, Montana, and Alaska of $30,698,000 which begin expiring in 2026. The majority of Solitario’s state taxes relate to Colorado. Solitario has Canadian and Peruvian NOL carryovers of $18,719,000 which begin expiring in 2027. Solitario has U.S. Federal and State capital loss carryovers of $414,000 which begin expiring in 2026. NOL carryovers and capital loss carryovers are a benefit to Solitario in the form of future tax savings and such carryovers are recorded as deferred tax assets, subject to a valuation allowance. Solitario has provided a valuation allowance of 100% of its net deferred tax assets due to the uncertainty of generating future profits that would allow for the realization of such deferred tax assets. The domestic and foreign components of net loss before income taxes for 2025 were: United States $3,770,000; Canada $5,000; and Peru, $57,000. The domestic and foreign components of net loss before income taxes for 2024 were: United States $5,345,000; Canada $2,000; and Peru, $22,000. The tax years that remain subject to examination in the major tax jurisdictions in which Solitario operates are three years for the United States, four years for Canada and four years for Peru.

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