Solitario Resources Corp. Files 2023 Annual Report on Form 10-K

Ticker: XPL · Form: 10-K · Filed: Mar 22, 2024 · CIK: 917225

Solitario Resources Corp. 10-K Filing Summary
FieldDetail
CompanySolitario Resources Corp. (XPL)
Form Type10-K
Filed DateMar 22, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $1,580,000, $65,000, $60,000, $125,000
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Solitario Resources, Mining, Financial Report, SEC Filing

TL;DR

<b>Solitario Resources Corp. has filed its 2023 10-K report detailing financial and operational activities for the fiscal year ending December 31, 2023.</b>

AI Summary

SOLITARIO RESOURCES CORP. (XPL) filed a Annual Report (10-K) with the SEC on March 22, 2024. Solitario Resources Corp. filed its 2023 Form 10-K on March 22, 2024, reporting on its fiscal year ending December 31, 2023. The company's primary business is in Gold & Silver Ores (SIC 1040). The filing details various financial and operational aspects, including asset classifications and stock option plans. Key dates mentioned include the fiscal year end of December 31, 2023, and the filing date of March 22, 2024. The report covers financial data for the fiscal year 2023, with comparisons to previous periods where applicable.

Why It Matters

For investors and stakeholders tracking SOLITARIO RESOURCES CORP., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Solitario Resources Corp.'s financial health, operational performance, and strategic initiatives for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's asset base, liabilities, and potential challenges in the gold and silver mining sector, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — SOLITARIO RESOURCES CORP. shows moderate risk based on this filing. The company operates in the volatile gold and silver mining sector, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Solitario Resources Corp.'s exposure to commodity price volatility and operational risks.

Key Numbers

  • 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
  • 2024-03-22 — Filing Date (FILED AS OF DATE)
  • 1040 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
  • 0.01 — EPS (Earnings Per Share for FY 2023)
  • 10000000 — Total Assets (Total Assets for FY 2023)
  • 64801373 — Total Debt (Total Debt for FY 2023)
  • 79586358 — Net Income (Net Income for FY 2023)
  • 0.13 — Operating Margin (Operating Margin for FY 2023)

Key Players & Entities

  • SOLITARIO RESOURCES CORP. (company) — FILER
  • 20231231 (date) — CONFORMED PERIOD OF REPORT
  • 20240322 (date) — FILED AS OF DATE
  • GOLD & SILVER ORES (industry) — STANDARD INDUSTRIAL CLASSIFICATION
  • CO (location) — STATE OF INCORPORATION
  • WHEAT RIDGE (location) — CITY
  • SOLITARIO ZINC CORP. (company) — FORMER COMPANY
  • SOLITARIO EXPLORATION & ROYALTY CORP. (company) — FORMER COMPANY

FAQ

When did SOLITARIO RESOURCES CORP. file this 10-K?

SOLITARIO RESOURCES CORP. filed this Annual Report (10-K) with the SEC on March 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SOLITARIO RESOURCES CORP. (XPL).

Where can I read the original 10-K filing from SOLITARIO RESOURCES CORP.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SOLITARIO RESOURCES CORP..

What are the key takeaways from SOLITARIO RESOURCES CORP.'s 10-K?

SOLITARIO RESOURCES CORP. filed this 10-K on March 22, 2024. Key takeaways: Solitario Resources Corp. filed its 2023 Form 10-K on March 22, 2024, reporting on its fiscal year ending December 31, 2023.. The company's primary business is in Gold & Silver Ores (SIC 1040).. The filing details various financial and operational aspects, including asset classifications and stock option plans..

Is SOLITARIO RESOURCES CORP. a risky investment based on this filing?

Based on this 10-K, SOLITARIO RESOURCES CORP. presents a moderate-risk profile. The company operates in the volatile gold and silver mining sector, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

What should investors do after reading SOLITARIO RESOURCES CORP.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Solitario Resources Corp.'s exposure to commodity price volatility and operational risks. The overall sentiment from this filing is neutral.

Risk Factors

  • Commodity Price Volatility [high — market]: The company's financial performance is highly dependent on the market prices of gold and silver, which are subject to significant fluctuations.
  • Exploration and Development Risks [high — operational]: Mining operations involve substantial risks related to exploration success, resource estimation, and the technical challenges of extraction.
  • Environmental and Permitting Regulations [medium — regulatory]: The company must comply with stringent environmental laws and obtain necessary permits, which can impact operations and costs.

Filing Stats: 4,544 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-03-22 09:30:17

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value XPL NYSE American Secur
  • $1,580,000 — for which Solitario voluntarily funded $1,580,000 of the 39-hole 17,033-meter drilling pr
  • $65,000 — by Solitario to the underlying owner of $65,000 (paid upon signing) and an obligation t
  • $60,000 — obligation to pay the underlying owner $60,000 at the first anniversary date which was
  • $125,000 — recorded an initial acquisition cost of $125,000 during 2021 related to these required p
  • $340,000 — ual payments that over five years total $340,000 and annual payments of $150,000 thereaf
  • $150,000 — s total $340,000 and annual payments of $150,000 thereafter, which will be expensed as p
  • $1.00 — ying owner an additional success fee of $1.00 per ounce of gold in the event Solitari
  • $1,500,000 — million ounces of gold or a maximum of $1,500,000. In order to maintain the lease in good
  • $3,000,000 — interest around the GC Claims totaling $3,000,000 during the first five years of the leas
  • $600,000 — cond-year minimum expenditures totaling $600,000 ending June 2022. Solitario has exceede
  • $1,000,000 — urn royalty to 1.0% by paying the owner $1,000,000. In addition, Solitario staked additio
  • $1,035,000 — ng fees, legal and other costs totaling $1,035,000 capitalized as initial acquisition cost
  • $37,000 — 31, 2023 and 2022, are total assets of $37,000 and $31,000, respectively, related to S
  • $31,000 — d 2022, are total assets of $37,000 and $31,000, respectively, related to Solitario's o

Filing Documents

Business

Business 3 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 14 Item 1C Cybersecurity 14 Item 2

Properties

Properties 16 Item 3

Legal Proceedings

Legal Proceedings 39 Item 4 Mine Safety Disclosures 39 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6 [Reserved] 40 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50 Item 9A

Controls and Procedures

Controls and Procedures 50 Item 9B Other Information 50 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10 Directors, Executive Officers and Corporate Governance 51 Item 11

Executive Compensation

Executive Compensation 51 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13 Certain Relationships and Related Transactions, and Director Independence 52 Item 14 Principal Accounting Fees and Services 52 PART IV Item 15 Exhibits, Financial Statement Schedules 53 Item 16 Form 10-K Summary 53

SIGNATURES

SIGNATURES 54 2 Table of Contents PART I This Annual Report on Form 10-K contains statements that constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements can be identified by the fact that they do not relate strictly to historical information and include the words "expects", "believes", "anticipates", "plans", "may", "will", "intend", "estimate", "continue" or other similar expressions. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those currently anticipated. These risks and uncertainties include, but are not limited to, items discussed below in Item 1A "Risk Factors" in this Annual Report on Form 10-K. Forward-looking statements speak only as of the date made. We undertake no obligation to publicly release or update forward-looking statements, whether as a result of new information, future events or otherwise. You are, however, advised to consult any further disclosures we make on related subjects in our quarterly reports on Form 10-Q and any current reports made on Form 8-K to the United States Securities and Exchange Commission (the "SEC").

Business

Item 1. Business Business and Company Formation Solitario Resources Corp. ("Solitario" or the "Company") is an exploration stage 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. Solitario's primary focus is on the acquisition and exploration of precious metal, zinc and other base metal exploration mineral properties. In addition to focusing on its mineral exploration properties and the evaluation of mineral properties for acquisition, Solitario also from time to time evaluates potential strategic transactions as a means to acquire an interest in new precious and base metal properties and assets with exploration potential or other potential corporate transactions that Solitario determines to be favorable to Solitario. Solitario has recorded revenue in the past from the sale of mineral properties, including the sale of certain mineral royalties. Revenues and / or proceeds from the sale or joint venture of properties or assets, although significant when they occur, have not been a consistent annual source of cash and would only occur in the future, if at all, on an infrequent basis. Solitario currently considers its Golden Crest project in South Dakota, its carried interest in the Florida Canyon project in Peru, and its inte

Risk Factors

Item 1A. Risk Factors In addition to considering the other information in this Annual Report on Form 10-K, you should consider carefully the following factors. The risks described below are the significant risks we face and include all material risks of which we are aware. Additional risks not presently known to us or risks that we currently consider immaterial may also adversely affect our business. 6 Table of Contents 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. The exploration for mineral deposits involves significant financial and other risks over an extended period of time. Few properties that are explored are ultimately developed into producing mines. Major expenditures are required to determine if any of our mineral properties may have the potential to be commercially viable, be salable or joint ventured. From time to time, we may acquire a mineral property asset and later determine to abandon that project for various reasons, and as a result costs incurred to acquire the asset, and any costs incurred for initial exploration efforts will be lost. Moreover, significant expenses and risks, including drilling and determining the feasibility of a project, are required prior to the establishment of reserves. It is impossible to ensure that the current or proposed exploration programs on properties in which we have an interest will be commercially viable or that we will be able to sell, joint venture or develop our properties. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are the particular attributes of the depo

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