v3.25.4

Marketable Equity Securities

12 Months Ended

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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- Definition

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

+ References

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