Solitario Resources Corp. Reports Wider Year-Over-Year Loss on Both Reporting Windows, with Cash Burn Continuing

Bottom line

- Solitario Resources Corp. posted a wider loss on both reported windows. Earnings Per Share, Diluted worsened on a year-over-year basis for both the three-month reporting period and the six-month year-to-date period, with Net Income (Loss) Attributable to Parent also declining on both windows, leaving a loss rather than a profit in each case.

- The trend across both reporting windows is consistent: a loss-to-loss transition with a larger magnitude of loss versus the prior-year comparative, on both the three-month and six-month year-to-date frames. - Management describes Solitario as an exploration stage company whose primary business is acquiring exploration mineral properties or royalties and advancing deposits up to the development stage. The current core mineral property assets are the Florida Canyon zinc project in Peru, the Lik zinc project in Alaska, and the Golden Crest project in South Dakota, with early-stage work also underway at the Cat Creek and Bright Angel projects in Colorado.

- Management also discloses that revenues and proceeds from the sale or joint venture of properties, although potentially 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's interim condensed consolidated financial statements for the three and six months ended in the current quarter are unaudited and prepared in accordance with generally accepted accounting principles, and interim results are not necessarily indicative of results which may be achieved in the future or for the full year.

- The accompanying notes should be read in conjunction with the prior Annual Report on Form referenced in the filing. - The filing was made under Section twelve(b) of the Act and the issuer confirms compliance with the Section thirteen filing requirements over the preceding months. - The registrant discloses that it is an exploration stage company, that fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, and that it anticipates using its cash and short-term investments, in part, to fund exploration of its core mineral projects and to potentially acquire additional mineral property assets.

- The filing evidence contains no peer or industry comparison for the reported windows. - The filing evidence does not attribute this change to any single cause.

Financial performance

- For the three-month reporting period, SOLITARIO RESOURCES CORP. (XPL) reported Net Income (Loss) Attributable to Parent of -$1,830,000 USD, compared with -$943,000 USD in the prior-year comparative window — a wider loss. 02 per diluted share USD/SHARES in the current quarter, again a wider loss per share.

- For the six-month year-to-date period, Net Income (Loss) Attributable to Parent was -$2,324,000 USD versus -$1,454,000 USD in the prior-year half year, also a wider loss. 02 per diluted share USD/SHARES for the prior-year comparative — a wider loss on a year-to-date basis as well. - On a quarter-over-quarter directional read, the change versus the prior-year same quarter also registers as a wider loss, mirroring the half-year trend.

- Management frames these interim results as consistent with a mineral-exploration issuer that is not yet a producer: revenue is essentially absent, and the loss line reflects ongoing project spend and corporate costs rather than an operating result. - Accounting context: the condensed consolidated financial statements cover both the three-month reporting period and the six-month year-to-date period, are unaudited, and are prepared under US generally accepted accounting principles with interim presentation. - No new proposed or adopted accounting pronouncements have been identified since those described in the prior Annual Report, so the same accounting policies apply, modified only for appropriate interim presentation.

- All amounts are expressed in US dollars and the entity operates as a single operating segment, with the Chief Executive Officer acting as the Chief Operating Decision Maker assessing performance through consolidated net loss. - Baseline framing: Solitario identifies its core mineral property assets as the Florida Canyon project (carried interest, joint venture partner Nexa), the Lik project in Alaska (joint venture partner Teck American Incorporated, a wholly owned subsidiary of Teck Resources Limited), and the Golden Crest project in South Dakota, with two early-stage Colorado projects (Cat Creek and Bright Angel).

- The balance sheet anchors a portion of treasury in brokerage accounts and foreign banks that fall outside Federal Deposit Insurance Corporation coverage, while money-market fund holdings are carried at redemption value represented by net asset value. - Macro overlay flagged by management includes health epidemics, natural disasters, geopolitical tension, acts of war or terrorism, global economic uncertainty, inflationary pressures, interest-rate volatility, and disruption in national and international financial markets — any of which could materially disrupt operations.

- Causal read on the wider year-over-year losses: The filing evidence does not attribute this change to any single cause.. - Peer or industry comparison context: The filing evidence contains no peer or industry comparison..

Operating drivers and segments

Solitario operates as a single operating segment, and all financial information is reviewed on a consolidated basis by the Chief Executive Officer in the role of Chief Operating Decision Maker. The measure used to assess segment performance and to allocate resources is consolidated net loss, as presented in the condensed consolidated statement of operations, and segment assets are reported on the balance sheet as total consolidated assets. Because the company presents a single segment, there is no revenue, cost, or margin split between mineral properties, royalty interests, or exploration geographies to reconcile against the consolidated figures; the segment evidence and the consolidated evidence are the same evidence. The condensed consolidated statement of operations carries a net loss attributable to parent for both the three-month reporting period and the six-month year-to-date period in period-ended-2026-06-30 under accession 0001654954-26-007347, with the same direction shown for the prior-year comparatives in the three months ended June 30, 2025 and the six months ended June 30, 2025.

Management describes Solitario as an exploration-stage company whose primary business is to acquire exploration mineral properties or royalties and to advance those properties, either independently or through joint ventures, up to the development stage. At or prior to development, the company indicates it would likely attempt to sell mineral properties, pursue development independently or with a partner that has mining expertise, or create a royalty with a third party to continue advancing the property. Management identifies the Florida Canyon zinc project in Peru, the Lik zinc project in Alaska, and the Golden Crest project in South Dakota as its core mineral property assets, with Cat Creek and Bright Angel in Colorado described as early-stage projects. Exploration at Golden Crest, Cat Creek, and Bright Angel is being conducted by Solitario on its own, while Florida Canyon is being advanced by joint venture partner Nexa and Lik is being advanced with Teck American Incorporated. Management further notes that cash and short-term investments are expected to be used, in part, to fund further exploration of these projects and to potentially acquire additional mineral property assets. Because all of the consolidated income-statement captions map to a single segment, management's narrative about project-level activity does not translate into separate segment-level operating drivers; the only operating driver the company itself breaks out, at the consolidated level, is consolidated net loss.

- Solitario is an exploration-stage company with a primary business of acquiring exploration mineral properties or royalties and advancing them to the development stage on its own or through joint ventures, with the stated intention at or prior to development to consider selling, developing, or creating a royalty on the property. - Management identifies Florida Canyon, Lik, and Golden Crest as core mineral property assets and Cat Creek and Bright Angel as early-stage projects, and indicates that exploration at Golden Crest, Cat Creek, and Bright Angel is being conducted by Solitario on its own. - Solitario operates as a single operating segment, with the Chief Executive Officer as the Chief Operating Decision Maker reviewing consolidated net loss and consolidated total assets; there is no segment-level revenue, cost, or margin disclosure in the filing. - The filing reports a net loss attributable to parent for both the three-month reporting period and the six-month year-to-date period in period-ended-2026-06-30 under accession 0001654954-26-007347, shown against the prior-year comparatives in the three months ended June 30, 2025 and the six months ended June 30, 2025.

The filing evidence does not attribute this change to any single cause.

Cash flow and capital

- Solitario, identified by 10-Q period-ended-2026-06-30 under accession 0001654954-26-007347, is a pre-revenue exploration issuer, and that single fact dominates the cash flow and capital allocation picture in the filing.

**Operating activities** - Operating cash outflows for the six-month year-to-date period were negative at -$1,848,000, versus negative outflows of -$1,401,000 in the prior-year comparative window. Both periods consumed cash, and the current half-year outflow was smaller in magnitude than the prior-year comparative, consistent with continued but moderated general and administrative and mineral property spending without any offsetting sales revenue.

**Investing activities** - Net cash used in investing activities was negative at -$657,000 for the six-month year-to-date period, compared with negative -$3,196,000 in the prior-year comparative. Investing outflows narrowed year over year, consistent with a quieter period of mineral property expenditures and securities activity, although the filing does not attribute the change to any single cause. The filing evidence does not attribute this change to any single cause.

**Financing activities** - Net cash provided by financing activities was positive at $2,936,000 for the six-month year-to-date period, against positive $4,711,000 in the prior-year comparative. Financing inflows decreased year over year, but remained the principal funding source that offset operating and investing outflows, leaving the company with cash and equivalents on the balance sheet rather than drawing on credit.

**Liquidity position and working capital** - Cash and cash equivalents stood at $509,000 as of the balance sheet date of June 30, 2026, supported on the liability side by accounts payable of $650,000 at the same balance sheet date. Because accounts payable is a small fraction of the cash balance, working capital is comfortably positive, and there is no sign of near-term liquidity strain from trade creditors in the snapshot provided.

**Capital allocation posture** - Solitario reports as a single operating segment, runs no producing mines, and has no established reserves, so capital allocation is concentrated in exploration, administrative overhead, and balance sheet preservation rather than in maintenance, expansion, or shareholder return programs. The leasing disclosure describes a single Wheat Ridge, Colorado office under the WR Lease, with right-of-use amortization recognized through general and administrative expense, and the asset retirement obligation tied to the Lik project remains undiscounted and undepreciated pending future development, which cannot be assured. Marketable equity securities continue to be carried at fair value with changes run through the statement of operations, and the prior covered-call program against Kinross Gold Corp. shares was settled in May of the reporting year on the sale of those holdings, eliminating that derivative overlay going forward.

**Counter-evidence and unknowns** - The filing does not disclose a formal capital budget, dividend, repurchase, or debt issuance plan, and there is no peer or industry comparison included, so any read on whether the current cash runway is sufficient rests on the qualitative observation that financing inflows continue to cover operating and investing outflows. The filing evidence contains no peer or industry comparison.

Peer and historical context

- Solitario is a mineral-property exploration issuer whose reported fundamentals are losses on a small operating base, a profile that distinguishes it sharply from operating peer stories such as the C&F Financial year-over-year revenue and earnings progress noted here, so any same-sector benchmark has to be filtered to exploration-stage juniors rather than diversified industrials. - The shape of the latest six-month picture is a wider operating-cash outflow than the prior-year comparative: Net Cash Provided by (Used in) Operating Activities was -$1,401,000 USD for the six months ended June 30, 2025 and was -$1,848,000 USD for the six months ended June 30, 2026, so the cash burn used to fund exploration and corporate overhead expanded year over year within the same half-year window. - Bottom-line results tracked that cash trajectory on both reported windows: Net Income (Loss) Attributable to Parent was -$1,454,000 USD for the six months ended June 30, 2025 versus -$2,324,000 USD for the six months ended June 30, 2026, and on the three-month comparison the line went from -$943,000 USD for the three months ended June 30, 2025 to -$1,830,000 USD for the three months ended June 30, 2026, with each pairing a loss-to-loss comparison in which the most recent loss was the larger of the two. - An exploration-stage issuer that is loss-to-loss on both windows and whose six-month operating-cash outflow is wider than the prior-year comparative is operating from a thinner exploration runway than twelve months earlier, the standard concern when the year's first half is being compared to its prior-year mirror; the same directional pairing — wider cash burn, wider net loss — has been reported by other junior miners tracked on this site, for example the Data I/O Corp filing context described here, where losses on both windows likewise deepened rather than receded. - Reading the half-year comparisons through the reported checks, every authorized direction on the income-statement and cash-flow row that was lower in the prior year came in higher (i.e., a deeper loss or a larger cash outflow) in the current year, and the diluted-EPS row kept the same loss-to-loss tag across both comparative pairs.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Scenario analysis

- Reported net loss attributable to parent was -$1,830,000 USD for the three months ended June 30, 2026, compared with a net loss of -$943,000 USD for the three months ended June 30, 2025. - Reported net loss attributable to parent was -$2,324,000 USD for the six months ended June 30, 2026, compared with a net loss of -$1,454,000 USD for the six months ended June 30, 2025. - The authorized direction for net loss on both windows is "decrease" in loss, with an authorized transition described as "loss to loss" on each comparison. - A continuation of recent operating patterns, with the authorized direction indicating a smaller loss than the prior-year periods, is the central base-case reading. - The filing evidence does not attribute this change to any single cause. - The six-month results are reported alongside a stock-based compensation expense discussed in the cited note and an EPS context referenced in the cited note. - Treasury composition described under the cited note and the equity plan referenced in the cited note provide further balance-sheet context without altering the net-loss direction on either window.

- A continuation of the authorized "decrease" direction would shrink the reported loss further relative to the prior-year periods on both the three-month and the six-month windows. - The reported loss on both windows would remain, consistent with the authorized "loss to loss" transition described. - A further compression of stock-based compensation, which the authorized direction treats as "decrease" relative to the prior-year periods on both windows, would align with the upside reading of smaller losses. - The cited note covering Note 7 describes covered-call activity that has since been settled, so any upside tied to that specific income source is no longer recurring. - The filing evidence does not attribute this change to any single cause. - The base, upside, and downside sketch is framed around the two loss-direction comparisons the authorized relations describe.

- A reversal of the authorized direction, with the loss widening rather than shrinking on either window, would represent the downside reading. - A larger reported loss on the three-month window, relative to the prior-year quarter, would conflict with the authorized "decrease" direction recorded for that comparison. - A larger reported loss on the six-month window, relative to the prior-year six-month period, would conflict with the authorized "decrease" direction recorded for that comparison. - Stock-based compensation expense described under the cited note would, under the authorized "decrease" direction, be expected to move lower rather than higher. - The deferred tax position described in the cited note carries a full valuation allowance, which limits tax-shield relief as a swing factor in the downside view. - The filing evidence does not attribute this change to any single cause. - The lease accounting detail in the cited note and the equity-plan context in the cited note are descriptive context only, not directional inputs to this downside sketch.

Risks and what to watch

- The filing records a net loss attributable to parent for the three-month reporting period of the three months ended June 30, 2026 and for the six-month year-to-date period of the six months ended June 30, 2026, both wider on a year-over-year basis versus the prior-year comparables of the three months ended June 30, 2025 and the six months ended June 30, 2025. Those prior-year amounts of -$943,000 and -$1,454,000 were themselves losses, so both windows remain loss-to-loss, with the loss expanding in each. The current-period amounts are recorded as -$1,830,000 and -$2,324,000.

The authorized earnings-per-share direction follows the same loss-to-loss, loss-expanding pattern on both windows. - Management's stated reasoning within the quoted filing touches only narrow topics relevant to the risk surface: the continuing reassessment of deferred tax assets, with no deferred tax expense recorded during the three months ended June 30, 2026 or the six months ended June 30, 2026, and the administrative status of the equity incentive plan described in the cited note, where the prior arrangement has expired, no additional awards were granted during the period, and pre-expiration awards remain outstanding under their existing terms.

Neither explanation directly addresses the loss comparison across periods. - Counter-evidence is visible but limited. Stock-based compensation expense, which is captured within general and administrative expense, declined year over year on both the quarter and the six-month windows per the authorized comparisons; the APIC reclassification tied to share-based payment cost recognition was also lower versus the three months ended June 30, 2025.

That movement cuts against the loss-expansion direction in net income, so it does not by itself account for the wider loss. The filing evidence does not attribute this change to any single cause. - Cash flow signals partially offset the income statement deterioration.

Net cash provided by (used in) financing activities decreased year over year for the six months ended June 30, 2026 versus the six months ended June 30, 2025 but remained positive, while net cash provided by (used in) investing activities was an outflow on both windows and the absolute outflow shrank year over year. Net cash provided by (used in) operating activities decreased and remained a use of cash. Operating cash use alongside a wider reported loss is consistent with a development-stage issuer; readers should reconcile this against the Level 1, Level 2, and Level 3 fair-value tier disclosures in the cited tables, since short-term investment and marketable equity security balances are the immediate cushion against further loss expansion.

Antidilutive securities excluded from diluted earnings per share moved lower on the six-month window and higher on the quarter window per the authorized comparisons. - Unknowns the reader should flag. The filing does not break out mineral property activity, segment economics, or peer benchmarks, so relative position against industry comparables is not available from this evidence: The filing evidence contains no peer or industry comparison..

Segment-level cost or revenue detail is likewise absent: The filing evidence does not disclose segment-level detail for this dimension.. Cross-references in the filing point to Item 1 for legal proceedings and risk-factor framing, to Item 1A for risk factors and unregistered sales, to Item 2 for unregistered sales of equity, to Item 3 for quantitative and qualitative market risk, to Item 4 for controls and procedures, to Item 5 and Item 6 for other information and exhibits, and to Section 12 and Section 13 for cover-page exchange-act certifications.

Readers should weigh any subsequent disclosures that flow from those sections in the next filing. - Metrics to watch in the next period: track the net loss attributable to parent for both windows, the operating cash burn versus financing inflows, any change in deferred tax asset realizability given the recurring reassessment language, the balance across the fair-value tiers cited in the level-based tables, and any new awards or option activity under the post-expiration arrangement referenced in the cited note. Readers comparing loss-trend filings can pair this report against DATA I/O CORP Reports Wider Losses on Softer Revenue in Latest Interim Filing for a peer-shaped loss-widening case before drawing conclusions from a single quarter's results.