SOLITARIO RESOURCES CORP.

Previous wording

Our current geographic focus for the evaluation of potential mineral property assets is in North and South America; however, we have conducted property evaluations for potential acquisition in other parts of the world. At September 30, 2025, we consider our Golden Crest Project in South Dakota, our carried interest in the Florida Canyon Project in Peru, and our interest in the Lik Project in Alaska to be our core mineral property assets. In addition, we own the Cat Creek Project in Colorado and the Bright Angel Project in Colorado, neither of which have been explored to the degree of any of our three core assets, identified above. We are conducting exploration activities in the United States on our own at the Golden Crest Project, the Cat Creek Project and the Bright Angel Project, and through joint ventures operated by our partners in Peru at the Florida Canyon Project and in Alaska at the Lik Project. From time to time we also conduct potential acquisition evaluations in other countries located in South and North America.

Current wording

Our current geographic focus for the evaluation of potential mineral property assets is in North and South America; however, we have conducted property evaluations for potential acquisition in other parts of the world. At March 31, 2026, we consider our Golden Crest project in South Dakota, our carried interest in the Florida Canyon project in Peru, and our interest in the Lik project in Alaska to be our core mineral property assets. In addition, we own the Cat Creek project in Colorado and the Bright Angel project in Colorado, neither of which have been explored to the degree of any of our three core assets, described above. We are conducting exploration activities in the United States on our own at the Golden Crest project, the Cat Creek project and the Bright Angel project and through joint ventures operated by our partners in Peru at the Florida Canyon project and in Alaska at the Lik project. From time-to-time, we also conduct potential acquisition evaluations in other countries located in South and North America.

Previous wording

As of September 30, 2025, we have balances of cash and short-term investments that we anticipate using, in part, to (i) fund costs and activities intended to further the exploration of our Lik Project, Florida Canyon Project, Golden Crest Project, Cat Creek Project and Bright Angel Project; (ii) conduct reconnaissance exploration and (iii) potentially acquire additional mineral property assets. The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of advanced mineral exploration projects or other related assets at potentially attractive terms.

Current wording

As of March 31, 2026, we have balances of cash and short-term investments that we anticipate using, in part, to (i) fund costs and activities intended to further the exploration of our Lik project, Florida Canyon project, Golden Crest project, the Cat Creek project and the Bright Angel project; (ii) conduct reconnaissance exploration and (iii) potentially acquire additional mineral property assets. The fluctuations in precious metal and other commodity prices contribute to a challenging environment for mineral exploration and development, which has created opportunities as well as challenges for the potential acquisition of advanced mineral exploration projects or other related assets at potentially attractive terms.

Previous wording

Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024

Current wording

Comparison of the quarter ended March 31, 2026 to the quarter ended March 31, 2025

Previous wording

We had a net loss of $1,870,000 or $0.02 per basic and diluted share for the three months ended September 30, 2025 compared to a net loss of $2,276,000 or $0.03 per basic and diluted share for the three months ended September 30, 2024. As explained in more detail below, the primary reasons for the decrease in our net loss in the three months ended September 30, 2025 compared to the net loss during the three months ended September 30, 2024 were (i) a decrease in exploration expense to $1,645,000 during the three months ended September 30, 2025 compared to exploration expense of $2,067,000 during the three months ended September 30, 2024; (ii) a decrease in general and administrative expense to $379,000 during the three months ended September 30, 2025 compared to general and administrative expense of $383,000 during the three months ended September 30, 2024; and (iii) no loss on derivative instruments during the three months ended September 30, 2025 compared to a loss on derivative instruments of $22,000 during the three months ended September 30, 2024. Partially offsetting these decreases in net loss were (i) a decrease in interest and dividend income to $82,000 during the three months ended September 30, 2025 compared to interest and dividend income of $94,000 during the three months ended September 30, 2024; and (ii) a reduction in the realized and unrealized gain on sale on marketable equity securities to $80,000 during the three months ended September 30, 2025 compared to a realized and unrealized gain on marketable equity securities of $110,000 during the three months ended September 30, 2024. Each of the major components of these items is discussed in more detail below.

Current wording

We had a net loss of $494,000 or $0.01 per basic and diluted share for the three months ended March 31, 2026 compared to a net loss of $511,000 or $0.01 per basic and diluted share for the three months ended March 31, 2025. As explained in more detail below, the primary reasons for the decrease in the net loss in the three months ended March 31, 2026 compared to the loss in the three months ended March 31, 2025 were (i) a decrease in exploration expense to $182,000 during the three months ended March 31, 2026 compared to exploration expense of $239,000 during the three months ended March 31, 2025; (ii) a decrease in general and administrative expense to $376,000 during the three months ended March 31, 2026 compared to general and administrative expense of $490,000 during the three months ended March 31, 2025; (iii) no realized and unrealized loss on derivative instruments during the three months ended March 31, 2026 compared to a realized and unrealized loss on derivative instruments of $206,000 during the three months ended March 31, 2025; and (iv) an increase in interest and dividend income to $65,000 during the three months ended March 31, 2026 compared to interest and dividend income of $46,000 during the three months ended March 31, 2025. Partially offsetting this decrease in the net loss was a decrease in realized and unrealized gain on marketable equity securities to $2,000 during the three months ended March 31, 2026 compared to a realized and unrealized gain on marketable equity securities of $385,000 during the three months ended March 31, 2025. Each of the major components of these items is discussed in more detail below.

Previous wording

Exploration expense (in thousands) by project consisted of the following:

Current wording

Exploration expense by project for the three months ended March 31, 2026 and 2025 consisted of the following:

Previous wording

General and administrative costs, excluding stock option compensation costs, discussed below, were $266,000 during the three months ended September 30, 2025 compared to $258,000 during the three months ended September 30, 2024. The major components of our general and administrative costs were (i) salaries and benefit expense of $79,000 during the three months ended September 30, 2025 compared to salary and benefit costs of $79,000 during the three months ended September 30, 2024; (ii) legal and accounting expenditures of $55,000 in the three months ended September 30, 2025 compared to $50,000 in the three months ended September 30, 2024; (iii) office rent and expenses of $36,000 during the three months ended September 30, 2025 compared to $34,000 during the three months ended September 30, 2024; and (iv) travel and shareholder relation costs of $96,000 during the three months ended September 30, 2025 compared to $95,000 during the three months ended September 30, 2024. We anticipate the full-year general and administrative costs will be comparable for 2025 and 2024.

Current wording

General and administrative costs, excluding stock option compensation costs, discussed below, were $309,000 during the three months ended March 31, 2026 compared to $364,000 during the three months ended March 31, 2025. The major components of these costs were related to (i) salaries and benefit expense of $73,000 during the three months ended March 31, 2026 compared to salary and benefit costs of $118,000 during the three months ended March 31, 2025, as a result of a reduction in staff in 2026; (ii) legal and professional expenditures of $67,000 during the three months ended March 31, 2026 compared to legal and professional expenditures of $54,000 during the three months ended March 31, 2025; (iii) office rent and expenses of $28,000 during the three months ended March 31, 2026 compared to $29,000 during the three months ended March 31, 2025; and (iv) travel and shareholder relation costs of $141,000 during the three months ended March 31, 2026 compared to $163,000 during the three months ended March 31, 2025. We anticipate the overall full-year general and administrative costs will be comparable between 2026 and 2025.

Previous wording

We recorded $113,000 of stock option compensation expense for the amortization of unvested grant date fair value with a credit to additional paid-in-capital during the three months ended September 30, 2025 compared to $125,000 of stock option compensation expense during the three months ended September 30, 2024. These non-cash charges related to the expense for vesting on stock options outstanding during the three months ended September 30, 2025 and 2024. The expense related to the amortization of grant date fair values of outstanding unvested options for the three months ended September 30, 2025 and 2024 was comparable. See Note 10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

Current wording

We recorded $67,000 of stock option expense for the amortization of unvested grant date fair value with a credit to additional paid-in-capital during the three months ended March 31, 2026 compared to $126,000 of stock option compensation expense during the three months ended March 31, 2025. The lower costs during the three months ended March 31, 2026 related to the grant date fair value of 2,125,000 options granted during 2024 which are being amortized over three years, resulting in higher initial costs during 2025. These non-cash charges for the amortization of grant date fair values are related to vesting of stock options outstanding during the three months ended March 31, 2026 and 2025. See Note 10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

Previous wording

We recorded realized and unrealized gain on the sale of our marketable equity securities of $80,000 during the three months ended September 30, 2025 compared to $110,000 during the three months ended September 30, 2024. During the three months ended September 30, 2025 we sold 30,000 shares of Vox Royalty common stock for proceeds of $124,000 and recorded a realized gain on sale of $60,000. We did not sell any marketable equity securities during the three months ended September 30, 2024. In addition, we recorded an unrealized gain on marketable equity securities of $20,000 during the three months ended September 30, 2025 related to changes in the market value of our holdings of Vox Royalty common stock of an increase of $50,000 partially offset by a reduction in market value of our holdings of Vendetta common stock of $30,000. During the three months ended September 30, 2024 we recorded an unrealized gain on our holdings of marketable equity securities of $110,000 related to an increase in the value of our Kinross common stock of $104,000, and an increase in the value of our Vox Royalty common stock of $34,000, which were partially offset by a decrease in the value of our Vendetta common stock of $28,000 during the three months ended September 30, 2024. See Note 3 “Marketable Equity Securities” to the condensed consolidated financial statements.

Current wording

We recorded a realized and unrealized gain on marketable equity securities of $2,000 during the three months ended March 31, 2026 compared to a realized and unrealized gain on marketable equity securities of $385,000 during the three months ended March 31, 2025 as further discussed above in Note 3 “Marketable Equity Securities” to the condensed consolidated financial statements. The gain during the three months ended March 31, 2026 was related to a realized gain of $37,000 on the sale of 10,000 shares of Vox Royalty common stock which was partially offset by unrealized loss of $29,000 on our holdings of Vendetta common stock during the three months ended March 31, 2026 and an unrealized loss of $6,000 on our holdings of Vox Royalty common stock during the three months ended March 31, 2026. The gain during the three months ended March 31, 2025 was primarily related to an increase of $334,000 in the value of our holdings of Kinross common stock; and (ii) an increase of $77,000 on our holdings of Vox Royalty common stock. These unrealized gains during the three months ended March 31, 2025 were partially offset by a $27,000 loss on our holdings of Vendetta Mining Corp. common stock.

Previous wording

During the three months ended September 30, 2024, we recorded a non-cash loss on derivative instruments of $22,000 with no similar amount during the three months ended September 30, 2025. The loss during the three months ended September 30, 2024 was related to certain Kinross calls we held during the three months ended September 30, 2024, which were settled upon the sale of our holdings of Kinross common stock.

Current wording

During the three months ended March 31, 2025, we recorded a non-cash loss on derivative instruments of $206,000 related to certain Kinross calls we sold during 2024. The Kinross calls were settled in the second quarter of 2025 upon the sale of our holdings of Kinross common stock. We had no derivative instruments during the three months ended March 31, 2026.

Previous wording

We regularly perform evaluations of our mineral property assets to assess the recoverability of our investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable utilizing guidelines based upon future net cash flows from the asset as well as our estimates of the geological potential of an early-stage mineral property and its related value for future sale, joint venture or development by us or others. During the three and nine months ended September 30, 2025 and 2024, we recorded no property impairments.

Current wording

We regularly perform evaluations of our mineral property assets to assess the recoverability of our investments in these assets. All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable utilizing guidelines based upon future net cash flows from the asset as well as our estimates of the geological potential of an early-stage mineral property and its related value for future sale, joint venture or development by us or others. During the three months ended March 31, 2026 and 2025, we recorded no property impairments.

Previous wording

We recorded no income tax expense or benefit during the three and nine months ended September 30, 2025 or 2024 as we provide a valuation allowance for the tax benefit arising out of our net operating losses for all periods presented. As a result of our administrative expenses and exploration activities, we anticipate we will not have currently payable income taxes during 2025. In addition to the valuation allowance discussed above, we provide a valuation allowance for our foreign net operating losses, which are primarily related to our exploration activities in Peru. We anticipate we will continue to provide a valuation allowance for these net operating losses until we are in a net tax liability position with regards to those countries where we operate or until it is more likely than not that we will be able to realize those net operating losses in the future.

Current wording

At March 31, 2026 and 2025, our net operating loss carry-forwards exceed our built-in gains on marketable equity securities resulting in a net tax asset position for which we provide a valuation allowance for all net deferred tax assets. We recorded no income tax expense or benefit during the three months ended March 31, 2026 or 2025. As a result of our exploration activities, we anticipate we will not have currently payable income taxes during 2026. In addition to the valuation allowance discussed above, we provide a valuation allowance for our foreign net operating losses, which are primarily related to our exploration activities in Peru. We anticipate we will continue to provide a valuation allowance for these net operating losses until we are in a net tax liability position with regard to those countries where we operate or until it is more likely than not that we will be able to realize those net operating losses in the future.

Previous wording

As of September 30, 2025, we have $7,945,000 in cash and short-term investments. Our short-term investment is comprised of $7,573,000 invested in a money market account with a brokerage firm. We anticipate we will roll over that portion of our short-term investments not used for exploration expenditures, operating costs or mineral property acquisitions as they become due during the remainder of 2025. We intend to utilize a portion of our cash and short-term investments in our exploration activities and the potential acquisition of mineral assets over the next several years.

Current wording

As of March 31, 2026, we have $8,442,000 in cash and short-term investments. Our short-term investments are comprised of $8,275,000 invested in a money market account with a brokerage firm. We anticipate we will roll over that portion of our short-term investments not used for exploration expenditures, operating costs or mineral property acquisitions as they become due during the remainder of 2026. We intend to utilize a portion of our cash and short-term investments in our exploration activities and the potential acquisition of mineral assets over the next several years.

Previous wording

Our marketable equity securities are carried at fair value, which is based upon market quotes of the underlying securities. At September 30, 2025, we owned 7,750,000 shares of Vendetta common stock, and 70,000 shares of Vox Royalty common stock. At September 30, 2025, the Vendetta shares are recorded at their fair value of $56,000, and the Vox Royalty shares are recorded at their fair value of $301,000. We sold our holdings of 100,000 shares of Kinross common stock for net proceeds of $998,000 during the nine months ended September 30, 2025, and sold 64,055 shares of Vox Royalty common stock for net proceeds of $230,000, each discussed above. During the nine months ended September 30, 2024 we sold all of our holdings of Highlander common stock for proceeds of $54,000. We anticipate we may sell some portion of our remaining holdings of marketable equity securities during the remainder of 2025 depending on cash needs and market conditions.

Current wording

Our marketable equity securities are carried at fair value, which is based upon market quotes of the underlying securities. At March 31, 2026, we owned 7,750,000 shares of Vendetta common stock and 40,000 shares of Vox common stock. At March 31, 2026, the Vendetta shares are recorded at their fair value of $28,000, and the Vox shares are recorded at their fair value of $209,000. During the three months ended March 31, 2026 we sold 10,000 shares of our Vox Royalty common stock for proceeds of $59,000 and recorded a realized gain on sale of $37,000. We did not sell any of our marketable equity securities during the three months ended March 31, 2025. We anticipate we may sell a portion of our holdings of marketable equity securities during the remainder of 2026 depending on cash needs and market conditions.

Previous wording

We had working capital of $7,885,000 at September 30, 2025 compared to working capital of $5,624,000 at December 31, 2024. The increase was largely attributable to the completion of the private placements of our common stock during June 2025 described above. Our working capital at September 30, 2025 consists primarily of our cash and cash equivalents, our short-term investments, discussed above, our investment in marketable equity securities of $357,000, and prepaid expenses and other current assets of $68,000, less our accounts payable of $467,000 and other current liabilities of $18,000. As of September 30, 2025, our cash balances along with our short-term investments and marketable equity securities are adequate to fund our expected expenditures over the next year.

Current wording

We had working capital of $8,579,000 at March 31, 2026 compared to working capital of $7,795,000 at December 31, 2025. Our working capital at March 31, 2026 consists primarily of our cash and cash equivalents, our short-term investments, discussed above, our investment in marketable equity securities of $237,000, and other current assets of $171,000, less our accounts payable of $271,000. As of March 31, 2026, our cash balances along with our short-term investments and marketable equity securities are adequate to fund our expected expenditures over the next year.

Previous wording

As of September 30, 2025 and December 31, 2024, there were options outstanding from the 2013 Plan to acquire an aggregate of 2,145,000 and 3,173,500 shares, respectively, of Solitario common stock, with exercise prices between $0.69 per share and $0.60 per share. As of September 30, 2025 and December 31, 2024 there were options outstanding from the 2023 Plan to acquire 2,175,000 and 2,175,000 shares, respectively, of Solitario common stock with exercise prices between $0.51 per share and $0.85 per share. During the nine months ended September 30, 2025, options for 1,028,500 shares of Solitario common stock were exercised from the 2013 Plan with an exercise price of $0.20 per share for proceeds of $206,000. During the nine months ended September 30, 2024, options for 250,000 shares of Solitario common stock were exercised from the 2013 Plan with an exercise price of $0.20-$0.28 per share for proceeds of $54,000. We do not anticipate the exercise of additional options during the remainder of 2025 to be a significant source of cash, if at all.

Current wording

As of both March 31, 2026 and December 31, 2025, there were options outstanding from the 2013 Plan to acquire an aggregate of 1,965,000 shares of Solitario common stock, with exercise prices between $0.69 per share and $0.60 per share. As of both March 31, 2026 and December 31, 2025 there were options outstanding from the 2023 Plan to acquire 3,600,000 shares of Solitario common stock with exercise prices between $0.51 per share and $0.85 per share. We did not grant any options during the three months ended March 31, 2026 or 2025. No options were exercised during the three months ended March 31, 2026. During the three months ended March 31, 2025, options for 778,500 shares of Solitario common stock were exercised under the 2013 Plan with an exercise price of $0.20 per share for proceeds of $156,000. We do not anticipate the exercise of options to be a significant source of capital during the remainder of 2026.

Previous wording

Net cash used in operations during the nine months ended September 30, 2025 decreased to $3,064,000 compared to $3,350,000 of net cash used in operations for the nine months ended September 30, 2024 primarily as a result of (i) a decrease in exploration expenses to $2,555,000 during the nine months ended September 30, 2025 compared to exploration expenses of $2,908,000 during the nine months ended September 30, 2024; (ii) a decrease in general and administrative expense during the nine months ended September 30, 2025 to $1,257,000 compared to $1,511,000 during the nine months ended September 30, 2024; and (iii) a provision of cash from an increase in accounts payable and other current liabilities during the nine months ended September 30, 2025 of $176,000 compared to a provision of cash for an increase in accounts payable and other current liabilities of $12,000 during the nine months ended September 30, 2024. Partially offsetting these decreases in the use of cash for operations were (i) a reduction in interest and dividend income to $180,000 during the nine months ended September 30, 2025 compared to interest income of $295,000 during the nine months ended September 30, 2024; and (ii) a use of cash for prepaid expenses and other current assets of $2,000 for the nine months ended September 30, 2025 compared to the provision of cash of $171,000 for a reduction in prepaid expenses and other current assets during the nine months ended September 30, 2024. Based upon projected expenditures in our 2025 budget, we anticipate continued use of funds from operations through the remainder of 2025, primarily for exploration related to our Golden Crest Project, Lik Project, Cat Creek Project and our Bright Angel Project. See “Results of Operations” above for further explanation of some of these variances.

Current wording

Net cash used in operations during the three months ended March 31, 2026 decreased to $473,000 compared to $598,000 of net cash used in operations for the three months ended March 31, 2025 primarily as a result of (i) the decrease in exploration expense during the three months ended March 31, 2026 to $182,000 compared to $239,000 during the three months ended March 31, 2025; (ii) a reduction in general and administrative expenditures, excluding non-cash stock option expense, to $309,000 during the three months ended March 31, 2026 compared to general and administrative expenditures, excluding non-cash stock option expense, of $364,000 during the three months ended March 31, 2025; (iii) an increase in interest income to $65,000 during the three months ended March 31, 2026 compared to interest income of $46,000 during the three months ended March 31, 2025; and (iv) a reduction in the use of cash for the increase in accounts payable and other current liabilities during the three months ended March 31, 2026 of $56,000 compared to a use of cash for the decrease in accounts payable and other current liabilities of $51,000 during the three months ended March 31, 2025. Partially offsetting this reduction in the use of cash was an increase in the use of cash of $110,000 for an increase in prepaid expenses and other current assets during the three months ended March 31, 2026, with no similar use during the three months ended March 31, 2025. Based upon projected expenditures in our 2026 budget, we anticipate continued use of funds from operations through the remainder of 2026, primarily for exploration related to our Golden Crest project, our Lik project, our Cat Creek and Bright Angel projects and reconnaissance exploration. See “Results of Operations” above for further explanation of some of these variances.

Previous wording

We will continue to liquidate a portion of our short-term investments as needed to fund our operations and any potential mineral property acquisitions during the remainder of 2025. We are not currently planning any potential mineral property acquisition or strategic corporate investment during the remainder of 2025. However, any such activity could involve a significant change in our cash provided or used for investing activities, depending on the structure of any potential transaction.

Current wording

During the three months ended March 31, 2026, we used $702,000 in cash, for the net purchases of short-term investments compared to $550,000 which was provided from the net sales of our short-term investments during the three months ended March 31, 2025. In addition, we received $59,000 in proceeds from the sale of 10,000 shares of Vox Royalty common stock during the three months ended March 31, 2026. There were no other significant provisions or use of cash from investing activities during the three months ended March 31, 2026 or 2025. We anticipate we may sell a portion of our marketable equity securities during the remainder of 2026. We will liquidate a portion of our short-term investments as needed to fund our operations and any potential mineral property acquisitions during the remainder of 2026. We are not currently planning any potential mineral property acquisition or strategic corporate investment during the remainder of 2026. However, any such activity could involve a significant change in our cash provided or used for investing activities, depending on the structure of any potential transaction.

Previous wording

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and applicable Canadian securities laws, and as a result we subject to reporting our mineral resources according to two different standards. U.S. reporting requirements are governed by Item 1300 of Regulation S-K (“S-K 1300”) 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 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.

Current wording

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and applicable Canadian securities laws, and as a result we are subject to reporting our mineral resources according to two different standards. U.S. reporting requirements, are governed by Item 1300 of Regulation S-K (“S-K 1300”) 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 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.

Previous wording

We did not record any mineral property write-downs during the three and nine months ended September 30, 2025 and 2024.

Current wording

We did not record any mineral property write-downs during the three months ended March 31, 2026 and 2025.

Previous wording

As of September 30, 2025, and for the three and nine months ended September 30, 2025, we have no related party transactions or balances.

Current wording

As of March 31, 2026, and for the three months ended March 31, 2026, we have no related party transactions or balances.

Previous wording

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 1934 Act, with respect to our financial condition, results of operations, business prospects, plans, objectives, goals, strategies, future events, capital expenditures, and exploration and development efforts. Words such as “anticipates,” “expects,” “intends,” “forecasts,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and similar expressions identify forward-looking statements. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described herein and the risk factors included under the heading "Risk Factors" in Part I, Item 1A of our 2024 Annual Report to which there have been no material changes. These forward-looking statements appear in a number of places in this report and include statements with respect to, among other things:

Current wording

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 1934 Act , with respect to our financial condition, results of operations, business prospects, plans, objectives, goals, strategies, budgets, future events, capital expenditures, and exploration and development efforts. Words such as “anticipates,” “expects,” “intends,” “forecasts,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and similar expressions identify forward-looking statements. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described herein and the risk factors included under the heading "Risk Factors" in Part I, Item 1A of our 2025 Annual Report to which there have been no material changes. These forward-looking statements appear in a number of places in this report and include statements with respect to, among other things: