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Solitario Resources Corp. (XPL+1.72%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Solitario's exploration activities, focusing on its core mineral property assets, which include the Florida Canyon project in Peru, the Lik project in Alaska, and the Golden Crest project in South Dakota.
Solitario recorded a net loss of $5,368,000 for the year, compared to a net loss of $3,754,000 in the previous year. The increase in net loss is attributed to higher exploration expenses, particularly at the Golden Crest project, and increased general and administrative expenses.
Exploration expenses totaled $4,148,000, with significant expenditures on drilling and geologic evaluation at the Golden Crest project. Solitario also incurred exploration costs at the Lik project, while Nexa Resources Ltd. funded exploration at the Florida Canyon project.
General and administrative expenses increased to $1,879,000, driven by higher travel and investor relations costs. Stock-based compensation expense also rose due to new option grants.
Solitario's cash and short-term investments totaled $4,604,000 at year-end, with working capital of $5,624,000. The company anticipates using these funds for exploration and potential acquisitions.
Solitario's marketable equity securities, including holdings in Kinross Gold Corp., are valued at $1,322,000. The company recorded a gain on the sale of Highlander Silver Corp. shares during the year.
The company continues to focus on its exploration projects, with planned expenditures of $3,910,000 for 2025, primarily at the Golden Crest project. Solitario is also evaluating potential new acquisitions.
Solitario's joint ventures at the Florida Canyon and Lik projects remain active, with Nexa and Teck Resources Limited as partners, respectively. No significant exploration expenditures are planned at Florida Canyon for 2025, as Nexa is responsible for funding.
The filing includes details on Solitario's financial condition, results of operations, and risk factors, highlighting the company's focus on mineral exploration and potential development opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Solitario Resources Corp. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.