Solitario Resources Reports Net Loss of $2.3M for Q3 2024, Increases Exploration Expenses

Solitario Resources Corp. reported a net loss of $2,276,000, or $0.03 per share, for the three months ended September 30, 2024, compared to a net loss of $1,292,000, or $0.02 per share, for the same period in 2023. For the nine months ended September 30, 2024, the net loss increased to $3,768,000, or $0.05 per share, from a loss of $2,712,000, or $0.04 per share, in the prior year. The increase in net loss was primarily attributed to higher exploration expenses, which rose to $2,908,000 in 2024 from $1,748,000 in 2023, and increased general and administrative expenses of $1,511,000, up from $1,073,000.

Total operating expenses for the third quarter of 2024 were $2,458,000, significantly higher than $1,207,000 in the same quarter of 2023. For the nine-month period, operating expenses totaled $4,440,000, compared to $2,840,000 in 2023. The increase in exploration expenses was largely due to ongoing drilling at the Golden Crest Project, which accounted for $1,957,000 in Q3 2024, up from $731,000 in Q3 2023.

Solitario's total other income for the third quarter of 2024 was $182,000, a notable improvement from a loss of $85,000 in the same quarter of 2023. For the nine months ended September 30, 2024, total other income was $672,000, compared to $128,000 in the prior year. This increase was driven by a realized gain of $54,000 from the sale of marketable equity securities, with no comparable sales in 2023.

The company’s cash and short-term investments as of September 30, 2024, amounted to $6,484,000, with $6,398,000 held in a money market account. Working capital decreased to $7,222,000 from $9,309,000 at the end of 2023. Solitario anticipates needing additional capital for exploration and development activities.

In terms of strategic developments, Solitario initiated exploration on the Cat Creek Project during the nine months ended September 30, 2024, and added 98 claims to the Golden Crest Project at a cost of $43,000. The company also recorded a stock-based compensation expense of $125,000 for Q3 2024, up from $58,000 in Q3 2023, reflecting the grant of 2,125,000 options in 2024.

Solitario's marketable equity securities increased in value, totaling $1,398,000 as of September 30, 2024, compared to $1,032,000 at the end of 2023. The company’s exploration activities are primarily focused on precious metals and base metals across its core projects in North and South America, including the Florida Canyon Project in Peru and the Lik Project in Alaska.