Marketable Equity Securities

9 Months Ended

Sep. 30, 2025

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.

SOLITARIO RESOURCES CORP. 10-Q