Solitario Resources Q2 2024: Assets $79.6M, Liabilities $81.4M

TL;DR

Solitario Resources Q2 24: Liabilities > Assets. Deficit growing.

AI Summary

Solitario Resources Corp. filed its Q2 2024 10-Q report on July 30, 2024. For the six months ended June 30, 2024, the company reported total assets of $79.6 million and total liabilities of $81.4 million. The company's accumulated deficit stood at $21.0 million as of June 30, 2024.

Why It Matters

This filing provides a snapshot of Solitario Resources Corp.'s financial health, indicating a current liabilities exceeding assets, which could impact its operational flexibility and future financing.

Risk Assessment

Risk Level: medium — The company's liabilities exceed its assets, and it has an accumulated deficit, suggesting potential financial strain.

Key Numbers

• $79.6M — Total Assets (As of June 30, 2024)
• $81.4M — Total Liabilities (As of June 30, 2024)
• $21.0M — Accumulated Deficit (As of June 30, 2024)

Key Players & Entities

• SOLITARIO RESOURCES CORP. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240730 (date) — Filing Date
• $79.6 million (dollar_amount) — Total Assets as of June 30, 2024
• $81.4 million (dollar_amount) — Total Liabilities as of June 30, 2024
• $21.0 million (dollar_amount) — Accumulated Deficit as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value XPL NYSE American Indic
• $7,738,000 — ents included a money market account of $7,738,000 and United States Treasury Securities (

Filing Documents

• xpl_10q.htm (10-Q) — 578KB
• xpl_ex311.htm (EX-31.1) — 11KB
• xpl_ex312.htm (EX-31.2) — 10KB
• xpl_ex321.htm (EX-32.1) — 5KB
• 0001654954-24-009611.txt ( ) — 3251KB
• xpl-20240630.xsd (EX-101.SCH) — 34KB
• xpl-20240630_lab.xml (EX-101.LAB) — 187KB
• xpl-20240630_cal.xml (EX-101.CAL) — 37KB
• xpl-20240630_pre.xml (EX-101.PRE) — 156KB
• xpl-20240630_def.xml (EX-101.DEF) — 72KB
• xpl_10q_htm.xml (XML) — 542KB

Financial Statements

Item 1 Financial Statements 3

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

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4 Controls and Procedures 23

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 24

Risk Factors

Item 1A Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 24

Other Information

Item 5 Other Information 24

Exhibits

Item 6 Exhibits 24

SIGNATURES

SIGNATURES 25 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SOLITARIO RESOURCES CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands of U.S. dollars, June 30, December 31, except share and amounts) 2024 2023 Assets Current assets: Cash and cash equivalents $ 176 $ 200 Short-term investments 8,048 8,436 Investments in marketable equity securities, at fair value 1,288 1,032 Prepaid expenses and other 147 273 Total current assets 9,659 9,941 Mineral properties 16,701 16,646 Restricted cash – Golden Crest reclamation 100 - Other assets 151 170 Total assets $ 26,611 $ 26,757 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 251 $ 593 Kinross call option 60 - Operating lease liability 41 39 Total current liabilities 352 632 Long-term liabilities Operating lease liability – long-term 29 50 Asset retirement obligation – Lik 125 125 Total long-term liabilities 154 175 Commitments and contingencies (Note 8) Equity: Shareholders' equity: Preferred stock, $ 0.01 par value, authorized 10,000,000 shares (none issued and outstanding at June 30, 2024 and December 31, 2023) - - Common stock, $ 0.01 par value, authorized 100,000,000 shares ( 81,438,418 and 79,586,358 shares, respectively, issued and outstanding at June 30, 2024 and December 31, 2023) 814 796 Additional paid-in capital 84,425 82,796 Accumulated deficit ( 59,134 ) ( 57,642 ) Total shareholders' equity 26,105 25,950 Total liabilities and shareholders' equity $ 26,611 $ 26,757 See Notes to Unaudited Condensed Consolidated Financial Statements 3 Table of Contents SOLITARIO RESOURCES CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands of U.S. dollars, except per share amounts) Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Operating expense: Exploration expense $ 487 $ 555 $ 841 $ 830 Depreciati

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View this 10-Q filing on SEC EDGAR