XPL

Solitario is an exploration-stage precious-metals company that, by its own 10-K, has 'no reported mineral reserves as defined by SEC rules' and concedes it is 'impossible to ensure' any project becomes commercially viable. There is no operating business to value: revenue has been zero for years, and the company has posted net losses every year shown (FY2021 -$2.37M through FY2025 -$3.83M), with operating cash flow of -$3.57M in FY2025. The MD&A is explicit that any sale, joint venture or development will occur 'if at all, on an infrequent basis.' This is a venture bet on Golden Crest, Florida Canyon (a carried interest it doesn't 100% control) and Lik — not a going concern with predictable economics.

The balance sheet is superficially clean — $24.7M equity against just $215K current liabilities and no meaningful current debt (the long-term/current debt figures in the data are stale FY2013-14 entries, not current) — but liquidity is alarmingly thin: only $82K of cash at year-end. The company funds itself placement-to-placement, issuing 1.0M ATM shares for $730K and 7.1M private shares for $4.41M in 2025 alone. Shares outstanding rose 13% YoY to 92.2M, and the -$66.8M accumulated deficit shows decades of capital consumed. ROE of -15.5% is structural, not cyclical — the company burns equity to drill, by design.