Solitario Resources Corp. reported a net loss of $5.4 million, or $0.07 per share, for the fiscal year ending December 31, 2024, compared to a net loss of $3.8 million, or $0.05 per share, in the previous year. The increase in losses was primarily attributed to higher exploration expenses, which rose to $4.1 million from $2.4 million in 2023, as well as increased general and administrative costs. The company also experienced a loss on derivative instruments and a lack of unrealized gains on short-term investments, which further contributed to the financial downturn.
In terms of operational developments, Solitario has focused on its key projects, including the Golden Crest project in South Dakota, the Florida Canyon project in Peru, and the Lik project in Alaska. The company conducted significant exploration activities at the Golden Crest project, completing 11 drill holes totaling 4,346 meters in 2024, which yielded several intersections of gold mineralization. The exploration efforts at the Lik project were less intensive, with only one drill hole completed in 2023 and no drilling conducted in 2024, leading to a decrease in associated expenses.
Solitario's strategic initiatives included the acquisition of the Cat Creek project in Colorado, which is still in the early stages of exploration. The company has also engaged in joint ventures, particularly with Nexa Resources at the Florida Canyon project, where Nexa is responsible for all exploration expenditures. As of December 31, 2024, Solitario had a total of 81,638,418 shares outstanding, reflecting an increase from the previous year, and its market capitalization was approximately $65.9 million.
Looking ahead, Solitario plans to allocate approximately $3.9 million for exploration activities in 2025, with a significant portion directed towards the Golden Crest project. The company anticipates conducting a Phase-1 drilling program consisting of 15 exploration core holes, pending the receipt of necessary permits. Additionally, Solitario aims to continue evaluating potential acquisitions of mineral properties to enhance its portfolio. The company remains cautious about market conditions and commodity price fluctuations, which could impact its exploration and development strategies.
About SOLITARIO RESOURCES CORP.
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