Solitario Resources Corp (NYSE American: XPL) is a mineral exploration company that acquires and explores precious metal, zinc, and other base metal properties in the United States and Peru. The company generates no operating revenue. It funds operations through equity issuances, including at-the-market offerings and private placements, while capitalizing exploration expenditures on its mineral properties. Solitario was incorporated in Colorado on November 15, 1984, and has been active in mineral exploration since 1993. Its active projects as of the FY2025 10-K (filed March 5, 2026) include Golden Crest, Lik (zinc-silver-lead), Florida Canyon (zinc-silver-lead, Peru), Cat Creek, and Bright Angel (Colorado, leased from Tenmile Resources in August 2025). The company has never developed a property into production. Its stated exit strategy is to sell properties, enter joint ventures with mining operators, or create royalties with third parties that advance properties toward production.

Revenue model

Solitario produces no revenue from mining or royalties. Operations are funded through equity capital raises, including at-the-market share issuances and private placements. Total exploration expense was $2.847 million in FY2025 and $4.148 million in FY2024, with Golden Crest accounting for $2.477 million of FY2025 spending.

Products and services

Solitario holds mineral exploration properties targeting precious metals, zinc, silver, and lead. Key properties as of FY2025 include: Golden Crest; Lik (indicated resources of 8,800 thousand tonnes at 8.07% zinc, 50.10 g/t silver, and 2.68% lead); Florida Canyon, Peru (measured and indicated resources of 952 thousand tonnes at 10.62% zinc); Cat Creek; and Bright Angel (Colorado, leased August 2025, subject to a 2.0% Net Smelter Return royalty retained by the underlying owner, reducible to 1.0% for $1,000,000).

Customers and end markets

Solitario has no customers or product sales. Its end-market exposure is indirect, through the eventual sale, joint venture, or royalty monetization of mineral properties into the zinc, silver, lead, and precious metals markets.

Value-chain role

Solitario operates exclusively at the exploration stage of the mining value chain. It acquires mineral claims and concessions, conducts geological sampling, drilling, and assaying using contract geologists, and seeks to advance properties to a development-ready stage before selling, joint venturing, or royalty-streaming them to mining operators. It has no production, processing, or refining activities.

Geographic exposure

Operations are conducted in the United States (Colorado: Golden Crest, Cat Creek, Bright Angel) and Peru (Florida Canyon). Headquarters are in Wheat Ridge, Colorado, as of the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-05

Industry: Gold and Silver Ores Peers: Ameritrust Corp US Gold Corp Idaho Strategic Resources Inc PureBase Corp United States Antimony Corp