SOLITARIO RESOURCES CORP.

XPLdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SOLITARIO RESOURCES CORP. earns about -16% on equity, but has diluted owners by 147702% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$2.37M¹	−$3.93M²	−$3.75M³	−$5.37M⁴	−$3.83M⁴
Operating cash flow	−$2.16M⁵	−$2.9M⁶	−$3.26M⁷	−$5.1M⁸	−$3.57M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$462,000⁹	$316,000⁹	$200,000¹⁰	$81,000¹¹	$82,000¹¹
Diluted shares	58,709	64,263	68.7M	81.0M	86.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$2.84

your share of equity

Profit it earned you last year

−$0.44

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $2.84 of net worth that earned you −$0.44 last year.

iii. Is this a good business?

Moat signal · return on equity

-16% avg · 5y

FY21 -10%FY22 -18%FY23 -14%FY24 -24%FY25 -16%

It earned an average -16% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+147702% shares · 5y

Share count is up 147702% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K/A · period ending 2021-12-31 · accession 0001654954-23-003530 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001654954-24-003525 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001654954-25-002628 (NetIncomeLoss)
10-K/A · period ending 2024-12-31 · accession 0001654954-26-002156 (NetIncomeLoss)
10-K/A · period ending 2021-12-31 · accession 0001654954-23-003530 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001654954-24-003525 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001654954-25-002628 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2024-12-31 · accession 0001654954-26-002156 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2021-12-31 · accession 0001654954-23-003530 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001654954-25-002628 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2024-12-31 · accession 0001654954-26-002156 (CashAndCashEquivalentsAtCarryingValue)