XPL on NYSE

SOLITARIO RESOURCES CORP.

SOLITARIO RESOURCES CORP. is an American Gold and Silver Ores company based in Wheat Ridge.1 Its shares trade on NYSE under the symbol XPL.1

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Last updated Oct 21, 2026.

Overview

Compare with PATRIOT GOLD CORP, VERDE RESOURCES, INC. or NEW PACIFIC METALS CORP, or pick any stock.

  • TickerXPL on NYSE1
  • IndustryGold and Silver Ores1
  • HeadquartersWheat Ridge, Colorado1
  • Incorporated inCO2
  • Business address4251 Kipling Street, Suite 390, Wheat Ridge, Co 800332
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

Solitario Resources Corp. (“we,” “us,” “our,” “Solitario,” or the “Company”) is smaller reporting company as defined by rules issued by the SEC. Solitario was incorporated in the State of Colorado on November 15, 1984. Solitario has been actively involved in mineral exploration since 1993. Solitario’s primary business is to acquire exploration mineral properties and/or discover economic deposits on its mineral properties and advance these deposits, either on its own or through joint ventures, up to the development stage of the project. At that point, or sometime prior to that point, Solitario would likely attempt to sell its mineral properties, pursue their development either on its own or through a joint venture with a partner that has expertise in mining operations, or create a royalty with a third party that continues to advance the property. Solitario has never developed a property. …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2020

-100.0%Revenue growth, 20205
-4.0%Return on equity6

Financial statements

Revenue5$0 in 2020
0$200.0K$400.0K$600.0K2019: $408.0K$408.0K20192020: $0$02020
Net income57-$939.0K in 2020−71% since 2019
-$4.0M-$3.0M-$2.0M-$1.0M02019: -$3.3M-$3.3M20192020: -$939.0K-$939.0K2020−71%

Every line of the income statement as filed: the last 2 fiscal years, latest first.10

Period ending2025-12-312024-12-31
Exploration expense$2.8M$4.1M
Depreciation$20.0K$27.0K
General and administrative$1.6M$1.9M
Total operating expenses$4.4M$6.1M
Interest and dividend income$256.0K$372.0K
Realized and unrealized loss on derivative instruments-$336.0K-$29.0K
Realized and unrealized gain on marketable equity securities$680.0K$343.0K
Total other income$600.0K$686.0K
Net loss-$3.8M-$5.4M
Basic and diluted-$0.04-$0.07
Basic and diluted (in thousands)86.8M shares81.0M shares

Compare SOLITARIO RESOURCES CORP. with another company

Corporate structure

SOLITARIO RESOURCES CORP. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SOLITARIO RESOURCES CORP.

  • SOLITARIO RESOURCES CORP. Wheat Ridge, Colorado
    • Minera Solitario Subsidiary · Peru

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SOLITARIO RESOURCES CORP. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$82.0K10 Dec 31, 2025$81.0K10 Dec 31, 2024+1.2%
Marketable securities, current$294.0K10 Dec 31, 2025$1.3M10 Dec 31, 2024−77.8%

Properties, in its own words

CAUTIONARY NOTE REGARDING DISCLOSURE OF MINERAL PROPERTIES

Mineral Reserves and Resources

The rest of Item 2

We are subject to the reporting requirements of the Exchange Act and applicable Canadian securities laws, and as a result we report our mineral resources according to two different standards. U.S. reporting requirements, are governed by Item 1300 of Regulation S-K (“S-K 1300”), as issued by the SEC. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 Standards of Disclosure for Mineral Projects, as adopted from the definitions provided by the Canadian Institute of Mining, Metallurgy and Petroleum. Both sets of reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but the standards generally embody slightly different approaches and definitions.

In our public filings in the U.S. and Canada and in certain other announcements not filed with the SEC, we disclose measured, indicated and inferred resources, each as defined in S-K 1300. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300-compliant reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

Technical Report Summaries and Qualified Persons

The scientific and technical information concerning our mineral projects in this Annual Report on Form 10-K have been reviewed and approved by “qualified persons” under S-K 1300, including our former Chief Operating Officer, Walter Hunt. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Annual Report on Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are incorporated by reference into, this Annual Report on Form 10-K.

Golden Crest Project (United States)

The Golden Crest project is in the northern Black Hills of western South Dakota in Lawrence County. A map of the project location is shown below. The Golden Crest project is comprised of 1,592 unpatented lode claims, with an associated area of approximately 30,388 acres. Two hundred forty-one of the claims are leased from Golden Crest II, LLC , a Wyoming limited liability company (“GC LLC”) and 27 unpatented claims (“Easter Claims”) are leased from the Easter Project, LLC, a Wyoming limited liability company. All the remaining claims are owned by Solitario and were staked throughout 2021-2024.

Solitario acquired its lease interest in the GC Claims in May 2021 by entering into the GC Agreement with GC LLC. Terms of the GC Agreement include scheduled payments to the underlying owner of $65,000 paid upon signing and an obligation to pay the underlying owner $60,000 at the first anniversary date. To continue the lease, Solitario has agreed to pay, at its option, the underlying owner escalating annual payments over a five-year period that total $340,000 and annual payments of $150,000 thereafter. Solitario has agreed to pay the underlying owner an additional success fee of $1.00 per ounce of gold in the event Solitario files a 43-101 qualified resource of up to 1.5 million ounces of gold or a maximum of $1,500,000. Solitario has agreed to perform escalating work commitments, at Solitario’s option, on the GC Claims totaling $3,000,000 in work expenditures during the first five years of the lease. Solitario has fulfilled its $3,000,000 work commitment for the first five years ending on December 31, 2025. The term of the GC Agreement is for twenty years and is automatically extended as long as Solitario is performing any exploration, development or mining activities on the GC Claims. The underlying owner will retain a 2.0% Net Smelter Return royalty. Solitario has the option, but not the obligation, to reduce the Net Smelter Return royalty to 1.0% by paying the underlying owner $1,000,000. GC LLC reserves a three-mile area of interest to its original claim position and the terms of the GC Agreement applies to this area of interest.

Location Map of Golden Crest and Unpatented Claims

In February of 2022, Solitario entered into a lease agreement (the “Easter Agreement”) whereby Solitario acquired exclusive exploration rights to the Easter Claims in the Black Hills region of South Dakota. The Easter Claims are part of Solitario’s Golden Crest project. Terms of the Easter Agreement include $10,000 paid upon signing, scheduled annual payments to the underlying owner totaling $180,000 through the tenth anniversary, and $30,000 per year thereafter. On March 30, 2023, Amendment 1 to the Easter Agreement was signed reducing all future work commitments on the Easter Claims to 1,000 feet of drilling, upon approval of drilling permits. Solitario drilled 1,667 feet on the Easter Claims in 2024, completing its work commitment. All other terms of the Easter Agreement are substantially the same as the Golden Crest Agreement, except there is no area of interest.

Item 2 of the 10-K filed Mar 5, 2026.4

Leadership

Who has led SOLITARIO RESOURCES CORP., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorJoshua D. Crumb named Aug 15, 2023 to Jun 26, 202527

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Minera Solitario Peru, S.A. [Peru] (100%)3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • SOLITARIO ZINC CORP.Jul 19, 2017 to Jun 30, 20232
  • SOLITARIO EXPLORATION & ROYALTY CORP.Jun 24, 2008 to Jul 14, 20172
  • SOLITARIO RESOURCES CORPJul 12, 2000 to Jun 16, 20082

Timeline

  1. Jun 18, 20268-K Shareholder vote; Regulation FD disclosure28
  2. Jun 4, 20268-K Change of auditor29
  3. Jun 23, 20258-K Entered a material agreement; Unregistered sale of shares; Other events30
  4. Jun 20, 20258-K Bylaws or fiscal year changed; Shareholder vote; Regulation FD disclosure31
  5. Jun 25, 20248-K Executive or director change; Regulation FD disclosure32
  6. Jun 21, 20248-K Shareholder vote; Regulation FD disclosure33
  7. Oct 16, 20238-K Unregistered sale of shares; Regulation FD disclosure34
  8. Aug 2, 20238-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure35
  9. Jul 19, 20238-K Bylaws or fiscal year changed36
  10. Jun 30, 20238-K Change of auditor37
  11. Jun 21, 20238-K Executive or director change; Shareholder vote; Regulation FD disclosure38
  12. Jun 22, 20228-K Shareholder vote39
  13. Sep 20, 2007New chief executive James R. Maronick becomes CEO11
  14. Feb 22, 2006New chief executive Christopher E. Herald becomes CEO12

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.02) a share, on Oct 29, 2025.40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

120 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 14 major events, 47 insider forms, 5 large holders, 3 private raises, 29 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Jun 18, 20268-K EDGAR
  3. Jun 4, 20268-K EDGAR
  4. May 6, 202610-Q EDGAR
  5. Apr 29, 2026DEFA14A DEFA 14A EDGAR
  6. Apr 29, 2026DEF 14A EDGAR
  7. Mar 11, 202610-K/A EDGAR
  8. Mar 5, 202610-K EDGAR
  9. Feb 13, 2026SCHEDULE 13G/A EDGAR
  10. Dec 9, 20254 PRIMARY DOCUMENT EDGAR
  11. Dec 8, 20254 PRIMARY DOCUMENT EDGAR
  12. Dec 3, 20254 PRIMARY DOCUMENT EDGAR
  13. Dec 3, 20254 PRIMARY DOCUMENT EDGAR
  14. Dec 3, 20254 PRIMARY DOCUMENT EDGAR
  15. Dec 3, 20254 PRIMARY DOCUMENT EDGAR
  16. Nov 24, 20254 PRIMARY DOCUMENT EDGAR
  17. Nov 14, 2025SCHEDULE 13G/A EDGAR
  18. Oct 31, 202510-Q EDGAR
  19. Aug 29, 2025424B3 EDGAR
  20. Aug 22, 2025EFFECT EDGAR

The 120 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 6 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 21, 2025HERALD CHRISTOPHER EPresident and CEOBuy10,000$0.55$5.5KForm 4
Apr 1, 2025HERALD CHRISTOPHER EPresident and CEOBuy41,667$0.60$25.0KForm 4
Apr 1, 2025LABATE JOHN ADirectorSale41,667$0.60$25.0KForm 4
Apr 4, 2024Hesketh James KBDirectorSale4,900$0.72$3.5KForm 4
Oct 20, 2023Hesketh James KBDirectorBuy63,500$0.31$19.7KForm 4
Aug 17, 2023Hesketh James KBDirectorSale3,000$0.61$1.8KForm 4
Mar 7, 2022Hesketh James KBDirectorSale25,000$0.73$18.2KForm 4
Dec 6, 2021MARONICK JAMES RCFOBuy50,000$0.50$25.0KForm 4
Dec 6, 2021HUNT WALTER HBuy50,000$0.50$25.0KForm 4
Dec 6, 2021HERALD CHRISTOPHER EPresident and CEOBuy50,000$0.50$25.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Christopher E HeraldCEO$176.0K$342.2K44
2025James R. MaronickCFO$162.0K$309.1K44
2024Christopher E HeraldCEO$176.0K$485.0K44
2024James R. MaronickCFO$162.0K$413.2K44
2024Walter H Huntformer COO$58.0K$113.0K44

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 18, 2025Raised $4.5 million in a private offering of equity Form D: 2 investors so far Form D
  2. Oct 13, 2023Raised $4.7 million in a private offering of equity Form D: 4 investors so far Form D
  3. Jul 31, 2023Raised $2.5 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 52. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
EdgePoint Investment Group Inc.7,272,727$5.5M0.0%No change
Vanguard Capital Management LLC2,893,524$2.2M0.0%+373,780
Renaissance Technologies LLC1,505,853$1.1M0.0%−106,546
Long Focus Capital Management, LLC1,409,700$1.1M0.0%No change
Focused Wealth Management, Inc984,900$741.0K0.1%+222,000
Geode Capital Management, LLC683,806$514.6K0.0%−23,451
Aegis Financial Corp632,458$475.9K0.1%No change
Lido Advisors, LLC511,377$384.8K0.0%−352,942
National Bank Of Canada /fi/344,035$371.6K0.0%+88
Vanguard Fiduciary Trust Co456,963$343.6K0.0%+70,422
Citadel Advisors LLC429,044$322.8K0.0%+234,123
U S Global Investors Inc310,000$233.2K0.0%No change
Shay Capital LLC268,168$201.8K0.0%No change
Private Advisor Group, LLC228,002$171.5K0.0%No change
Total Wealth Planning & Management, Inc.205,966$155.0K0.1%No change
Northern Trust Corp159,012$119.6K0.0%−2,387
Banque Pictet & Cie Sa100,000$75.2K0.0%No change
Bridgeway Capital Management, LLC89,500$67.3K0.0%No change
Neuberger Berman Group LLC87,056$65.5K0.0%No change
State Street Corp69,611$52.4K0.0%No change
XTX Topco Ltd68,559$51.6K0.0%−15,846
Signature Equity Partners, LLC56,350$42.4K0.0%No change
Wealth Enhancement Advisory Services, LLC52,000$40.0K0.0%No change
Charles Schwab Investment Management Inc44,899$33.8K0.0%No change
Royal Bank Of Canada38,421$29.0K0.0%−2,362

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SOLITARIO RESOURCES CORP. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSOLITARIO RESOURCES CORP.1
  • CIK0000917225
  • Employer ID (EIN)84-12857914
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inColorado4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1040 Gold and Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address4251 Kipling Street, Suite 390, Wheat Ridge, CO 800331
  • Phone30353410301
  • Shares outstanding94,684,463 as of Aug 6, 20269
  • Public float$53.4M as of Jun 30, 20254
  • AuditorAssure CPA, LLC, Spokane, Washington PCAOB ID 444; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJul 12, 20001
  • Filings692 in all: 4 (323), 8-K (97), 10-Q (68), 10-K (23), DEF 14A (23), CORRESP (20), UPLOAD (17), 3 (14)1
    All 35 form types

    10-K/A (10), 4/A (9), 10-Q/A (7), EFFECT (7), PRE 14A (7), S-3 (7), SC 13G (7), 424B5 (6), SC 13G/A (6), D (5), 10-12G/A (4), 424B3 (4), DEFA14A (4), S-3/A (4), S-8 (4), 3/A (2), 8-K/A (2), SC 13D (2), SCHEDULE 13G/A (2), 10-12G (1), 8-A12B (1), ARS (1), PRER14A (1), REGDEX (1), SC 13D/A (1), SC TO-C (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Jun 18, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueXPLNYSE

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks SOLITARIO RESOURCES CORP. names in Item 1A of its 10-K filed Mar 5, 2026: 26 risks under these headings, as written.4

  • Risks Related to Our Business and Industry
  • Our mineral exploration activities involve a high degree of risk, and a significant portion of our business model envisions the sale or joint venture of mineral properties. If we are unable to sell or joint venture these properties, the money spent on acquisition and exploration of our mineral properties may never be recovered and we could incur an impairment of our investments in our projects.
  • We have no reported mineral reserves as defined by SEC rules, and our current projects and assets, and any projects we may acquire are not likely to offer the opportunity for near term revenues or sale proceeds. If we are unsuccessful in identifying mineral reserves in the future, we may not be able to realize any profit from our property interests.
  • Each of our Golden Crest, Cat Creek and Bright Angel projects are early-stage exploration projects with no mineral resources or mineral reserves as defined by SEC rules. There can be no assurance that additional geologic work will result in reported mineral resources or mineral reserves in the future. If we are unsuccessful in identifying mineral reserves in the future, we may not be able to sell or otherwise realize any profit from our interests in those projects.
  • Our business is dependent on the market price of certain commodities, particularly gold and zinc, and currency exchange rates over which we have no control.
  • Mineral exploration activities are inherently dangerous and could cause us to incur significant unexpected costs, including legal liability for loss of life, damage to property and environmental damage, any of which could materially adversely affect our financial position or results of operations.
  • Our operations outside of the United States of America may be adversely affected by factors outside of our control, such as changing political, local and economic conditions, any of which could materially adversely affect our financial position or results of operations.
  • We may not have sufficient funding for exploration and development, which may impair our results of operations and growth potential.
  • A large number of companies are engaged in the exploration and development or sale of mineral properties, many of which have substantially greater technical and financial resources than us and, accordingly, we may be unable to compete effectively which could have a material adverse effect on our financial position, prospects, or results of operations.
  • The title to our mineral properties may be defective or challenged which could have a material adverse effect on our financial position or results of operations.
  • Occurrence of events for which we are not insured or have limited insurance coverage may materially adversely affect our business.
  • Normal weather variations as well as severe or violent storms could materially affect our operations due to damage or delays caused by such weather.
The other 15 risks
  • Our operations could be negatively affected by existing laws as well as potential changes in laws and regulatory requirements to which we are subject, including regulation of mineral exploration and ownership, environmental regulations and taxation.
  • Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our exploration operations on our properties.
  • Our business could be negatively affected by changing climate and climate change laws.
  • Our business is dependent on key executives and the loss of any of our key executives could adversely affect our business, future operations and financial condition.
  • Our business model relies significantly on other companies to joint venture our projects and we anticipate continuing this practice in the future. Therefore, our results are subject to the additional risks associated with the financial condition, operational expertise and corporate priorities of our joint venture partners.
  • We may look to joint venture with another mining company in the future to explore, develop and/or operate our current or future projects; therefore, in the future, our results may become subject to additional risks associated with development and production of our foreign mining projects.
  • In the future, we may attempt to acquire a new mineral property asset, or another company and the acquisition may require a substantial amount of capital or the issuance of our capital stock to complete. Acquisition costs may never be recovered due to changing market conditions, or our own miscalculation concerning the recoverability of our acquisition investment. Such an occurrence could adversely affect our business, future operations and financial condition.
  • Failure to comply with the FCPA could subject us to penalties and other adverse consequences.
  • Risks Related to Our Common Stock
  • The market for shares of our common stock has limited liquidity and the market price of our common stock has fluctuated and may decline.
  • We have a history of losses and if we do not operate profitably in the future it could have a material adverse effect on our financial position or results of operations and the trading price of our common stock would likely decline.
  • We have never paid, and do not intend to pay cash dividends in the foreseeable future and, consequently, the ability to achieve a return on any investment in our common stock will depend on appreciation in the price of our common stock.
  • Issuances of our stock in the future could dilute existing shareholders and adversely affect the market price of our common stock.
  • General Risk Factors
  • A significant portion of our liquid assets consist of money market funds and cash held in brokerage accounts. The failure of the financial institutions that issued or hold these financial instruments or our cash could have a material adverse impact on the market price of our common stock and our liquidity and capital resources.
  • Increased costs could impede our ability to explore sell or develop our current projects.
  • We are dependent upon information technology systems, which are subject to cybersecurity risks, disruption, damage, failure and risks associated with implementation and integration.

Legal proceedings

From time to time, we may become a party to various legal proceedings arising in the ordinary course of business. There can be no assurance that we will prevail in any such litigation. We believe that the amount of any reasonably possible or probable loss for known matters would not be material to our financial statements; however, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on our financial condition, results of operations or cash flows in a particular period.

The opening of Item 3, Legal Proceedings.4

Sources

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