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 June 30, 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 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 September 30, 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 locations in South and North America.

Previous wording

As of June 30, 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.

Current wording

As of September 30, 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, 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.

Previous wording

The extent to which our business, including our exploration and other activities and the market for our securities, may be impacted by public health threats, rising geopolitical tension, general economic uncertainty and market volatility will depend on future developments, which are highly uncertain and cannot be predicted at this time. Please see Part I, Item 1A, “Risk Factors,” in our 2025 Annual Report.

Current wording

The extent to which our business, including our exploration and other activities and the market for our securities, may be impacted by public health threats, geopolitical tensions, general economic uncertainty and market volatility will depend on future developments, which are highly uncertain and cannot be predicted at this time. Please see Part I, Item 1A, “Risk Factors,” in our 2025 Annual Report.

Previous wording

We had a net loss of $1,830,000 or $0.02 per basic and diluted share for the three months ended June 30, 2026 compared to a net loss of $943,000 or $0.01 per basic and diluted share for the three months ended June 30, 2025. As explained in more detail below, the primary reasons for the increase in our net loss in the three months ended June 30, 2026 compared to the net loss during the three months ended June 30, 2025 were (i) an increase in exploration expense to $1,508,000 during the three months ended June 30, 2026 compared to exploration expense of $671,000 during the three months ended June 30, 2025;(ii) an increase in general and administrative expense to $451,000 during the three months ended June 30, 2026 compared to general and administrative expense of $388,000 during the three months ended June 30, 2025; and (iii) a decrease in the realized and unrealized gain on marketable equity securities to $56,000 during the three months ended June 30, 2026 compared to a realized and unrealized gain on marketable equity securities of $201,000 during the three months ended June 30, 2025. Partially offsetting these increases in our net loss compared to the prior year period were (i) an increase in interest and dividend income to $77,000 during the three months ended June 30, 2026 compared to interest and dividend income of $52,000 during the three months ended June 30, 2025; and (ii) no loss on derivative instruments during the three months ended June 30, 2026 compared to a loss on derivative instruments of $130,000 during the three months ended June 30, 2025. Each of the major components of these items is discussed in more detail below.

Current wording

We had a net loss of $2,328,000 or $0.02 per basic and diluted share for the three months ended September 30, 2026 compared to a net loss of $1,870,000 or $0.02 per basic and diluted share for the three months ended September 30, 2025. As explained in more detail below, the primary reasons for the increase in our net loss in the three months ended September 30, 2026 compared to the net loss during the three months ended September 30, 2025 were (i) an increase in exploration expense to $2,070,000 during the three months ended September 30, 2026 compared to exploration expense of $1,645,000 during the three months ended September 30, 2025; (ii) a decrease in interest and dividend income to $66,000 during the three months ended September 30, 2026 compared to interest and dividend income of $82,000 during the three months ended September 30, 2025; and (iii) a reduction in the realized and unrealized gain on marketable equity securities to $29,000 during the three months ended September 30, 2026 compared to a realized and unrealized gain on marketable equity securities of $80,000 during the three months ended September 30, 2025. Partially offsetting these increases in net loss were (i) a decrease in general and administrative expense to $352,000 during the three months ended September 30, 2026 compared to general and administrative expense of $379,000 during the three months ended September 30, 2025; and (ii) a decrease in depreciation to $1,000 during the three months ended September 30, 2026 compared to depreciation expense of $8,000 during the three months ended September 30, 2025. Each of the major components of these items is discussed in more detail below.

Previous wording

Our net exploration expense increased to $1,508,000 during the three months ended June 30, 2026 compared to exploration expense of $671,000 during the three months ended June 30, 2025 primarily as a result of (i) an increase in exploration expense at our Golden Crest project to $1,404,000 during the three months ended June 30, 2026 compared to $635,000 during the three months ended June 30, 2025 as a result of earlier commencement of drilling at the Golden Crest project during the second quarter of 2026, compared to the drilling in the second quarter of 2025; (ii) an increase in exploration expense at our Lik project in Alaska during the three months ended June 30, 2026 of $25,000 compared to exploration expenditures of $19,000 during the three months ended June 30, 2025; (iii) an increase in exploration expense at our Cat Creek project to $28,000 during the three months ended June 30, 2026 compared with $10,000 during the same period of 2025 and (iv) an increase in exploration expense at our Bright Angel project to $44,000 during the three months ended June 30, 2026, with no exploration expenses during the same period of 2025. Drilling commenced in May 2026 at our Golden Crest project which resulted in approximately $1,140,000 in drilling expenditures in the three months ended June 30, 2026 compared to $347,000 in drilling expenditures in the three months ended June 30, 2025 as drilling did not commence until June in the three months ended June 30, 2025. We have budgeted approximately $5,673,000 for the full-year exploration expenditure for 2026, which includes approximately $2,217,000 for drilling at the Golden Crest Project. We expect our full-year exploration expenditure for 2026 to be higher than our full-year exploration expenditure for 2025.

Current wording

Our net exploration expense increased to $2,070,000 during the three months ended September 30, 2026 compared to exploration expense of $1,645,000 during the three months ended September 30, 2025 primarily as a result of (i), the initiation of a drilling program at our Cat Creek project with total exploration costs of $918,000 during the three months ended September 30, 2026, compared to our exploration activity at the Cat Creek project of reconnaissance work during the three months ended September 30, 2025 totaling $9,000; and (ii) an increase in exploration expense at our Bright Angel project in Colorado to $104,000 during the three months ended September 30, 2026 compared to $6,000 during the three months ended September 30, 2025. Partially offsetting these increases in exploration expense were (i) decreased exploration expense at our Golden Crest project to $971,000 during the three months ended September 30, 2026 compared to $1,522,000 during the three months ended September 30, 2025 as a result of fewer holes being drilled during the 2026 period compared to the same period of 2025; and (ii) a reduction in expenditures at our Lik project in Alaska to $72,000 during the three months ended September 30, 2026 compared to $102,000 during the three months ended September 30, 2025. We have budgeted approximately $5,673,000 for the full-year exploration expenditure for 2026, which includes an aggregate of approximately $2,217,000 for drilling at the Golden Crest and Cat Creek projects. We expect our full-year exploration expenditure for 2026 to be higher than our full-year exploration expenditure for 2025.

Previous wording

General and administrative costs, excluding stock option compensation costs, discussed below, were $351,000 during the three months ended June 30, 2026 compared to $263,000 during the three months ended June 30, 2025. The major components of our general and administrative costs were (i) salaries and benefit expense of $185,000 during the three months ended June 30, 2026 compared to salary and benefit costs of $79,000 during the three months ended June 30, 2025 as a result of salary increases and bonuses paid in 2026; (ii) legal and accounting expenditures of $54,000 in the three months ended June 30, 2026 compared to $61,000 in the three months ended June 30, 2025; (iii) office rent and expenses of $39,000 during the three months ended June 30, 2026 compared to $17,000 during the three months ended June 30, 2025; and (iv) travel and shareholder relation costs of $73,000 during the three months ended June 30, 2026 compared to $106,000 during the three months ended June 30, 2025. We anticipate the full-year general and administrative costs will be comparable for 2026 and 2025.

Current wording

General and administrative costs, excluding stock option compensation costs, discussed below, were $258,000 during the three months ended September 30, 2026 compared to $266,000 during the three months ended September 30, 2025. The major components of our general and administrative costs were (i) salaries and benefit expense of $60,000 during the three months ended September 30, 2026 compared to salary and benefit costs of $79,000 during the three months ended September 30, 2025; (ii) legal and accounting expenditures of $47,000 in the three months ended September 30, 2026 compared to $55,000 in the three months ended September 30, 2025; (iii) office rent and other expenses of $44,000 during the three months ended September 30, 2026 compared to $36,000 during the three months ended September 30, 2025; (iv) current income tax expense of $54,000 during the three months ended September 30, 2026, with no similar amount during the three months ended September 30, 2025; and (v) travel and shareholder relation costs of $53,000 during the three months ended September 30, 2026 compared to $96,000 during the three months ended September 30, 2025. We anticipate the full-year general and administrative costs will be comparable for 2026 and 2025.

Previous wording

We recorded $100,000 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 June 30, 2026 compared to $125,000 of stock option compensation expense during the three months ended June 30, 2025. These non-cash charges related to the expense for vesting on stock options outstanding during the three months ended June 30, 2026 and 2025. The primary reason for the decrease in stock option compensation expense during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was as a result of certain options from prior years becoming fully vested or forfeited in prior periods with no grant date fair value amortized on those option during the three months ended June 30, 2026 compared to 2025. The remaining expense related to the amortization of grant date fair values of outstanding unvested options for the three months ended June 30, 2026 and 2025 was comparable. See Note 10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

Current wording

We recorded $94,000 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, 2026 compared to $113,000 of stock option compensation expense during the three months ended September 30, 2025. These non-cash charges related to the expense for vesting on stock options outstanding during the three months ended September 30, 2026 and 2025. The expense related to the amortization of grant date fair values of outstanding unvested options for the three months ended September 30, 2026 and 2025 was comparable. See Note 10, “Employee Stock Compensation Plans,” above, for additional information on our stock option expense.

Previous wording

We recorded interest and dividend income of $77,000 during the three months ended June 30, 2026 compared to interest income of $52,000 during the three months ended June 30, 2025. This increase was primarily due to an increase in our funds held in our money market account during the three months ended June 30, 2026 compared to the funds held in our money market account during the three months ended June 30, 2025.

Current wording

We recorded interest and dividend income of $66,000 during the three months ended September 30, 2026 compared to interest income of $82,000 during the three months ended September 30, 2025. This decrease was primarily due to a decrease in our funds held in our money market account during the three months ended September 30, 2026 compared to the funds held in our money market account during the three months ended September 30, 2025.

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 six months ended June 30, 2026 and 2025, 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 and nine months ended September 30, 2026 and 2025, we recorded no property impairments.

Previous wording

We recorded no income tax expense or benefit during the three and six months ended June 30, 2026 or 2025 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 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.

Current wording

We recorded no deferred income tax expense or benefit during the three and nine months ended September 30, 2025 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 any currently payable or deferred income taxes during the remainder of 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

We had a net loss of $2,324,000 or $0.03 per basic and diluted share for the six months ended June 30, 2026 compared to a net loss of $1,454,000 or $0.02 per basic and diluted share for the six months ended June 30, 2025. As explained in more detail below, the primary reasons for the increase in our net loss were (i) an increase in exploration expense to $1,690,000 during the six months ended June 30, 2026 compared to exploration expense of $910,000 during the six months ended June 30, 2025 and (ii) a decrease in the realized and unrealized gain on marketable equity securities to $58,000 during the six months ended June 30, 2026, compared with a realized and unrealized gain on marketable equity securities of $586,000 during the six months ended June 30, 2025. Partially offsetting these increases in our net loss during the six months ended June 30, 2026 compared to the net loss during the six months ended June 30, 2025 were (i) a decrease in general and administrative expense to $827,000 during the six months ended June 30, 2026 compared to general and administrative expense of $878,000 during the six months ended June 30, 2025; (ii) no loss on derivative instruments during the six months ended June 30, 2026 compared to a loss on derivative instruments of $336,000 during the six months ended June 30, 2025; (iii) an increase in interest and dividend income to $142,000 during the six months ended June 30, 2026 compared to interest and dividend income of $98,000 during the six months ended June 30, 2025 and (iv) a decrease in depreciation to $7,000 during the six months ended June 30, 2026 compared to depreciation expense of $14,000 during the six months ended June 30, 2025. The significant changes for these items are discussed in more detail below.

Current wording

We had a net loss of $4,652,000 or $0.05 per basic and diluted share for the nine months ended September 30, 2026 compared to a net loss of $3,324,000 or $0.04 per basic and diluted share for the nine months ended September 30, 2025. As explained in more detail below, the primary reasons for the increase in our net loss were (i) an increase in exploration expense to $3,760,000 during the nine months ended September 30, 2026 compared to exploration expense of $2,555,000 during the nine months ended September 30, 2025; and (ii) a decrease in the realized and unrealized gain on sale of marketable equity securities to $87,000 during the nine months ended September 30, 2026 compared to a realized and unrealized gain of $666,000 during the nine months ended September 30, 2025. Partially offsetting these increases in the net loss during the nine months ended September 30, 2026 compared to the net loss during the nine months ended September 30, 2025 were (i) a decrease in general and administrative expense to $1,179,000 during the nine months ended September 30, 2026 compared to general and administrative expense of $1,257,000 during the nine months ended September 30, 2025; (ii) no loss on derivative instruments during the nine months ended September 30, 2026 compared to a loss on derivative instruments of $336,000 during the nine months ended September 30, 2025; and (iii) an increase in interest and dividend income to $208,000 during the nine months ended September 30, 2026 compared to interest and dividend income of $180,000 during the nine months ended September 30, 2025. The significant changes for these items are discussed in more detail below.

Previous wording

Our net exploration expense increased to $1,690,000 during the six months ended June 30, 2026 compared to $910,000 during the six months ended June 30, 2025. The primary reasons for the increase were (i) exploration expenditures at our Golden Crest project increased to $1,553,000 during the six months ended June 30, 2026 compared to $851,000 during the six months ended June 30, 2025 as our drilling program in 2026 started earlier in the six months ended June 30, 2026, with drilling and related expenditures of approximately $1,140,000 through June 30, 2026 compared with $347,000 through June 30, 2025; (ii) an increase in our exploration expenditures at our Cat Creek project to $29,000 during the six months ended June 30, 2026 compared to $15,000 during the six months ended June 30, 2025 and (iii) expenditures at our Bright Angel project of $64,000 during the six months ended June 30, 2026, with no similar amount during the six months ended June 30, 2025. We anticipate a significant increase in exploration expenditures at our Cat Creek project in the second half of 2026 primarily due to planned drilling on the project, as discussed above.

Current wording

Our net exploration expense increased to $3,760,000 during the nine months ended September 30, 2026 compared to $2,555,000 during the nine months ended September 30, 2025. The primary reasons for the increase were (i) an increase in exploration expenditures at our Golden Crest Project to $2,524,000 during the nine months ended September 30, 2026 compared to $2,373,000 during the nine months ended September 30, 2025, primarily because of an increased number of drill holes completed during 2026 compared to 2025; (ii) an increase in expenditures at our Cat Creek Project to $947,000 during the nine months ended September 30, 2026 when we completed drilling two holes during 2026 compared to $24,000 during the nine months ended September 30, 2025, which was not drilled in 2025; and (iii) an increase in the permitting and exploration activities at our Bright Angel project to $168,000 during the nine months ended September 30, 2026 compared to $6,000 of limited exploration activities at Bright Angel during the nine months ended September 30, 2025. Partially offsetting these increases in exploration expenditures were (i) a decrease in our exploration expenditures at our Lik Project in Alaska to $102,000 during the nine months ended September 30, 2026 compared to $132,000 during the nine months ended September 30, 2025. Although we do not expect significant additional exploration expenditures at Golden Crest and Cat Creek during the fourth quarter of 2026 as our drilling programs at both Golden Crest and Cat Creek ended shortly before the end of September 2026, pending the receipt of drilling permits at the Bright Angel project, we may have additional exploration expenditures through the remainder of 2026.

Previous wording

General and administrative costs, excluding stock option compensation costs discussed below, were $660,000 during the six months ended June 30, 2026 compared to $627,000 during the six months ended June 30, 2025. The major components of the costs were (i) salary and benefit expense during the six months ended June 30, 2026 of $258,000 compared to salary and benefit expense of $197,000 during the six months ended June 30, 2025; (ii) legal and accounting expenditures of $121,000 during the six months ended June 30, 2026, compared to $114,000 during the six months ended June 30, 2025; (iii) office and other costs of $67,000 during the six months ended June 30, 2026 compared to $46,000 during the six months ended June 30, 2025; and (iv) travel and shareholder relation costs of $214,000 during the six months ended June 30, 2026 compared to $270,000 during the six months ended June 30, 2025.

Current wording

General and administrative costs, excluding stock option compensation costs discussed below, were $918,000 during the nine months ended September 30, 2026 compared to $893,000 during the nine months ended September 30, 2025. The major components of the costs were (i) salary and benefit expense of $318,000 during the nine months ended September 30, 2026 compared to salary and benefit expense of $275,000 during the nine months ended September 30, 2025; (ii) legal and accounting expenditures of $168,000 during the nine months ended September 30, 2026, compared to $170,000 during the nine months ended September 30, 2025; (iii) office and other costs of $165,000, including $54,000 of current income tax expense, discussed above, during the nine months ended September 30, 2026 compared to office and other costs of $96,000 during the nine months ended September 30, 2025; and (iv) travel and shareholder relation costs of $267,000 during the nine months ended September 30, 2026 compared to $352,000 during the nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2026 and 2025, Solitario recorded $167,000 and $251,000, respectively, of stock option expense for the amortization of unvested grant date fair value with a credit to additional paid-in capital. The decrease during the six months ended June 30, 2026 was primarily related to a fewer options granted during 2025 compared to 2024, discussed above.

Current wording

During the nine months ended September 30, 2026 and 2025, Solitario recorded $261,000 and $364,000, respectively, of stock option expense for the amortization of unvested grant date fair value with a credit to additional paid-in capital. The decrease during the nine months ended September 30, 2026 was primarily related to prior grants of options being fully amortized during 2026, with no new stock option grants during 2026.

Previous wording

During the six months ended June 30, 2026 Solitario recorded a realized gain of $175,000 and unrealized loss on marketable equity securities of $117,000 netting to a realized and unrealized gain of $58,000 compared to a realized gain of $1,351,000 and unrealized loss of $765,000 netting to a realized and unrealized gain on marketable equity securities of $586,000 during the six months ended June 30, 2025. These are detailed below.

Current wording

During the nine months ended September 30, 2026 we recorded a realized gain of $175,000 and unrealized loss on marketable equity securities of $88,000 netting to a realized and unrealized gain of $87,000 compared to a realized gain of $1,411,000 and unrealized loss of $745,000 netting to a realized and unrealized gain on marketable equity securities of $666,000 during the nine months ended September 30, 2025. Our realized gain on marketable equity securities of $175,000 during the nine months ended September 30, 2026 was from the sale of 44,300 shares of Vox Royalty shares for net proceeds of $270,000. The realized and unrealized gains and losses during the nine months ended September 30, 2025 are detailed below.

Previous wording

We recorded interest and dividend income of $142,000 during the six months ended June 30, 2026 compared to interest and dividend income of $98,000 during the six months ended June 30, 2025. The increase in interest income was primarily related to an increase in our average outstanding balance of money market holdings during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. We anticipate interest income will decrease during the remainder of 2026, as a result of the use of funds in the money market account to fund our exploration and general and administrative expenditures. See “Liquidity and Capital Resources” below for further discussion of our cash and short-term investment balances.

Current wording

We recorded interest and dividend income of $208,000 during the nine months ended September 30, 2026 compared to interest and dividend income of $180,000 during the nine months ended September 30, 2025. The increase in interest income was primarily related to an increase in our average outstanding balance of money market holdings during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. We anticipate interest income will decrease during the remainder of 2026, as a result of the use of funds in the money market account to fund our exploration and general and administrative expenditures. See “Liquidity and Capital Resources” below for further discussion of our cash and short-term investment balances.

Previous wording

During the six months ended June 30, 2025, we recorded a non-cash loss on derivative instruments of $336,000 related to the Kinross calls held during the six months ended June 30, 2025 as a result of the increase in the underlying value of our holdings of Kinross common stock, discussed above. These calls were settled during the six months ended June 30, 2025 upon the sale of our holdings of Kinross, with no similar loss or gain on derivative instruments during the six months ended June 30, 2026.

Current wording

During the nine months ended September 30, 2025, we recorded a non-cash loss on derivative instruments of $336,000 related to the Kinross calls held during the nine months ended September 30, 2025 as a result of the increase in the underlying value of our holdings of Kinross common stock, discussed above. These calls were settled during the nine months ended September 30, 2025 upon the sale of our holdings of Kinross, with no similar loss or gain on derivative instruments during the nine months ended September 30, 2026.

Previous wording

As of June 30, 2026, we have $9,009,000 in cash and short-term investments. Our short-term investments are comprised of $8,500,000 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.

Current wording

As of September 30, 2026, we have $7,073,000 in cash and short-term investments. Our short-term investments are comprised of $6,850,000 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 June 30, 2026, we owned 7,750,000 shares of Vendetta common stock and 5,700 shares of Vox common stock. At June 30, 2026, the Vendetta shares are recorded at their fair value of $55,000, and the Vox shares are recorded at their fair value of $27,000. During the six months ended June 30, 2026 we sold 44,300 shares of our Vox Royalty common stock for proceeds of $270,000 and recorded a realized gain on sale of $175,000. We sold our 100,000 shares of Kinross during the six months ended June 30, 2025 for net proceeds of $998,000, after settlement of our outstanding Kinross call, and recorded a realized gain on sale of $915,000, and we sold 34,055 shares of Vox Royalty shares for net proceeds of $106,000 and recorded a realized gain on sale of $33,000. 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.

Current wording

Our marketable equity securities are carried at fair value, which is based upon market quotes of the underlying securities. At September 30, 2026, we owned 7,750,000 shares of Vendetta Mining Corp. common stock and 5,700 shares of Vox Royalty common stock. At September 30, 2026, the Vendetta Mining Corp. shares are recorded at their fair value of $82,000, and the Vox Royalty shares are recorded at their fair value of $29,000. During the nine months ended September 30, 2026 we sold 44,300 shares of our Vox Royalty common stock for proceeds of $270,000 and recorded a realized gain on sale of $175,000. We sold our 100,000 shares of Kinross during the nine months ended September 30, 2025 for net proceeds of $998,000, after settlement of our outstanding Kinross call, and recorded a realized gain on sale of $915,000, and we sold 64,055 shares of Vox Royalty shares for net proceeds of $230,000 and recorded a realized gain on sale of $92,000. 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 $8,584,000 at June 30, 2026 compared to working capital of $7,795,000 at December 31, 2025. Our working capital at June 30, 2026 consists primarily of our cash and cash equivalents, our short-term investments, discussed above, our investment in marketable equity securities of $82,000, and other current assets of $143,000, less our accounts payable of $650,000. The increase in our working capital from December 31, 2025 is primarily the result of our receipt of cash proceeds from sales of our common stock under the ATM Program and in a private placement that we completed in May 2026. As of June 30, 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.

Current wording

We had working capital of $6,464,000 at September 30, 2026 compared to working capital of $7,795,000 at December 31, 2025. Our working capital at September 30, 2026 consists primarily of our cash and cash equivalents, our short-term investments discussed above, our investment in marketable equity securities of $111,000, and other current assets of $61,000 less our accounts payable of $781,000. The decrease in our working capital from December 31, 2025 is primarily the result of use of cash for our exploration activities, discussed above, which was partially offset by our receipt of cash proceeds from sales of our common stock under the ATM Program and in the private placements that we completed during the nine months ended September 30, 2026. As of September 30, 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 June 30, 2026, there were options outstanding from the 2013 Plan to acquire an aggregate of 1,825,000 shares of Solitario common stock, all with an exercise price of $0.60 per share. As of 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 $0.60 and $0.69 per share. As of both June 30, 2026 and December 31, 2025 there were options outstanding under 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 and six months ended June 30, 2026 or 2025. During the three and six months ended June 30, 2026, options for 90,000 shares of Solitario common stock were exercised under the 2013 Plan with exercise prices between $0.69 and $0.67 per share for proceeds of $61,000. During the three and six months ended June 30, 2025, options for 250,000 and 1,028,500 shares, respectively, of Solitario common stock were exercised under the 2013 Plan with an exercise price of $0.20 per share for proceeds of $50,000 and $206,000, respectively. We do not anticipate the exercise of options to be a significant source of capital during the remainder of 2026.

Current wording

As of September 30, 2026, there were options outstanding from the 2013 Plan to acquire an aggregate of 1,655,000 shares of Solitario common stock, all with an exercise price of $0.60 per share. As of 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 $0.60 and $0.69 per share. As of September 30, 2026 and December 31, 2025 there were options outstanding under the 2023 Plan to acquire 3,410,000 and 3,600,000 shares, respectively, 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 and nine months ended September 30, 2026 and 2025. No options were exercised during the three months ended September 30, 2026 and 2025. During the nine months ended September 30, 2026, options for 90,000 shares of Solitario common stock were exercised under the 2013 Plan with exercise prices between $0.69 and $0.67 per share for proceeds of $61,000. During the nine months ended September 30, 2025, options for 1,028,500 shares of Solitario common stock were exercised under the 2013 Plan with an exercise price of $0.20 per share for proceeds of $206,000. During the three and nine months ended September 30, 2026 options for 360,000 shares of Solitario common stock, with exercise prices of $0.85 and $0.60 were forfeited. 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 six months ended June 30, 2026 increased to $1,848,000 compared to $1,401,000 of net cash used in operations for the six months ended June 30, 2025 primarily as a result of (i) an increase in exploration expenses to $1,690,000 during the six months ended June 30, 2026 compared to exploration expenses of $910,000 during the six months ended June 30, 2025. Partially offsetting this increase in the use of cash were (i) a decrease in general and administrative expense during the six months ended June 30, 2026 to $827,000 compared to $878,000 during the six months ended June 30, 2025; (ii) an increase in interest and dividend income to $142,000 during the six months ended June 30, 2026 compared to interest income of $98,000 during the six months ended June 30, 2025; (iii) a reduction in the use of cash for prepaid expenses and other current assets to $82,000 for the six months ended June 30, 2026 compared to the use of cash of $163,000 for prepaid expenses and other current assets during the six months ended June 30, 2025. and (iv) a provision of cash from an increase in accounts payable and other current liabilities during the six months ended June 30, 2026 of $435,000 compared to a provision of cash for an increase in accounts payable and other current liabilities of $181,000 during the six months ended June 30, 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 and Cat Creek project as well as our Bright Angel and Lik projects and reconnaissance exploration. See “Results of Operations” above for further explanation of some of these variances.

Current wording

Net cash used in operations during the nine months ended September 30, 2026 increased to $3,887,000 compared to $3,064,000 of net cash used in operations for the nine months ended September 30, 2025 primarily as a result of (i) an increase in exploration expenses to $3,760,000 during the nine months ended September 30, 2026 compared to exploration expenses of $2,555,000 during the nine months ended September 30, 2025. Partially offsetting this increase in the use of cash were (i) a decrease in general and administrative expense during the nine months ended September 30, 2026 to $1,179,000 compared to $1,257,000 during the nine months ended September 30, 2025; (ii) an increase in interest and dividend income to $208,000 during the nine months ended September 30, 2026 compared to interest and dividend income of $180,000 during the nine months ended September 30, 2025; and (iii) a provision of cash from an increase in accounts payable and other current liabilities during the nine months ended September 30, 2026 of $566,000 compared to a provision of cash for an increase in accounts payable and other current liabilities of $176,000 during the nine months ended September 30, 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 and Cat Creek projects as well as our Bright Angel and Lik 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 2026, although 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.

Current wording

We will continue to liquidate a portion of our short-term investments as needed to fund our exploration and operating activities and any potential mineral property acquisitions during the remainder of 2026, although 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

During the six months ended June 30, 2026, we received $2,647,000 in net proceeds from the issuance of common stock under the ATM Program, and we received $228,000 from a private placement by Newmont. We also received $61,000 from the exercise of stock options during the six months ended June 30, 2026. During the six months ended June 30, 2025, we received $94,000 in net proceeds from the issuance of common stock under the ATM Program, and we received $4,411,000 from the issuance of common stock from private placements. We also received $206,000 from the exercise of stock options during the six months ended June 30, 2025. See Note 11, Shareholders’ Equity, above.

Current wording

During the nine months ended September 30, 2026, we received $2,647,000 in net proceeds from the issuance of common stock under the ATM Program, and we received $331,000 from private placements of common stock to Newmont. We also received $61,000 from the exercise of stock options during the nine months ended September 30, 2026. During the nine months ended September 30, 2025, we received $512,000 in net proceeds from the issuance of common stock under the ATM Program, and we received $4,464,000 from the issuance of common stock from private placements. We also received $206,000 from the exercise of stock options during the nine months ended September 30, 2025. See Note 11, “Shareholders’ Equity”, above.

Previous wording

We did not record any mineral property write-downs during the three and six months ended June 30, 2026 and 2025.

Current wording

We did not record any mineral property write-downs during the three and nine months ended September 30, 2026 and 2025.

Previous wording

Solitario’s valuation of mineral properties is a critical accounting estimate. We review and evaluate our mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, geologic results, geo-technical difficulties, or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the mineral properties may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required. There has been no change to our assumptions, estimates or calculations during the three and six months ended June 30, 2026.

Current wording

Solitario’s valuation of mineral properties is a critical accounting estimate. We review and evaluate our mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, geologic results, geo-technical difficulties, or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the mineral properties may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required. There has been no change to our assumptions, estimates or calculations during the three and nine months ended September 30, 2026.

Previous wording

As of June 30, 2026, and for the three and six months ended June 30, 2026, we have no related party transactions or balances.

Current wording

As of September 30, 2026, and for the three and nine months ended September 30, 2026, we have no related party transactions or balances.