Solitario Resources (XPL) AI Stock Analysis

• Market Cap: $70.88M
• Dividend Yield: N/A
• Average Volume (3M): 444.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.18
• Revenue Growth: N/A
• EPS Growth: 5.25%
• Country: US
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 90,901,320
• 10 Day Avg. Volume: 884,198
• 30 Day Avg. Volume: 444,246
• PEG Ratio: -0.42
• Price to Book (P/B): 2.14
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.34
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.02K
• Enterprise Value/Ebitda: -14.53
• 1Y Price Target: $1.20
• Price Target Upside: 53.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $0.78 ▲(0.38% Upside)

The score is primarily held down by weak financial performance (no revenue, ongoing losses, and persistent cash burn), despite a comparatively low-debt balance sheet. Technical indicators are mostly neutral with limited trend strength, and valuation metrics provide little support due to unprofitability and no dividend data.

Positive Factors

Low Leverage / Balance Sheet Strength

Minimal debt and a balance sheet funded largely by equity reduce solvency and refinancing risk, giving the company durable financial flexibility to hold or advance projects while seeking partners. Over months this preserves optionality despite no operating cash generation.

Monetization-Oriented Business Model

A clear pathway to monetize assets via JVs, earn-ins, asset sales, and equity consideration structurally de-risks capital needs. Partners funding exploration lets Solitario advance projects and retain upside without sole funding, supporting sustainable project development over time.

Focused on Gold and Zinc

Concentration on gold and zinc ties the portfolio to enduring commodity markets. This strategic focus helps attract partner interest and financing, as both metals have long-term demand drivers, supporting the firm's ability to monetize discoveries and secure JV partners.

Negative Factors

No Operating Revenue

Absence of operating revenue and persistent net losses means exploration activities do not self-fund, forcing reliance on external capital. Over the medium term this elevates dilution risk, constrains strategic choices, and can hamper the pace of project advancement without committed partners.

Persistent Negative Cash Flow

Consistent negative operating and free cash flow with high volatility indicates ongoing cash burn and limited internal funding. Structurally, this increases dependence on financings, heightens execution risk for exploration programs, and can delay meeting earn-in or milestone timelines.

Very Small Operational Scale

A four-person headcount signals limited in-house technical, permitting, and commercial capacity. Long-term this raises reliance on contractors and JV partners to execute work, slowing project throughput and increasing execution risk when trying to advance multiple properties concurrently.

Solitario Resources Business Overview & Revenue Model

Company Description

Solitario Zinc Corp., an exploration stage company, engages in the acquisition and exploration of zinc and other base metal properties in North and South America. The company holds a 50% operating interest in the Lik zinc-lead-silver property located in Northwest Alaska; 39% interest in the Florida Canyon zinc project located in northern Peru; and 85% interest in the Chambara exploration project located in Peru. It also holds interest in the Golden Crest project located in western South Dakota, Lawrence County. The company was formerly known as Solitario Exploration & Royalty Corp. and changed its name to Solitario Zinc Corp. in July 2017. Solitario Zinc Corp. was incorporated in 1984 and is based in Wheat Ridge, Colorado.

How the Company Makes Money

Solitario Exploration & Royalty makes money through a combination of exploration and royalty interests. The company invests in mineral exploration projects to discover viable mining opportunities, which can then be developed into producing mines or sold to other mining companies at a profit. Additionally, Solitario holds royalty interests in certain mining properties, where it earns a percentage of the revenue generated from the production of minerals without having to bear the operational costs of mining. These royalty agreements provide a steady revenue stream that supports the company's financial stability. Key partnerships with other mining companies often enhance exploration and development activities, contributing significantly to Solitario's earnings.

Solitario Resources Financial Statement Overview

Summary

Financials are weak overall: the income statement shows no revenue and persistent, sizable losses, and cash flow shows ongoing negative operating cash flow/free cash flow (recurring cash burn). The main offset is a relatively solid, low-leverage balance sheet, but continued losses increase future dilution/funding risk.

Income Statement

The company reports no revenue across the period provided, while losses have remained persistent. Profitability deteriorated from 2020 to 2024 (net loss widened meaningfully), and TTM (Trailing-Twelve-Months) remains deeply unprofitable despite a modest improvement versus 2024. With negative gross profit and very large operating losses relative to the cost base, the income statement profile reflects an early-stage/asset-development model with limited operating leverage and no visible path to near-term earnings.

Balance Sheet

The balance sheet is a relative strength: debt is minimal (debt-to-equity consistently near zero) and total assets are largely funded by equity, limiting solvency risk. However, equity has not been consistently compounding and profitability on equity is materially negative across all periods (TTM (Trailing-Twelve-Months) return on equity remains deeply negative), highlighting ongoing value dilution risk if losses continue and new capital is required.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative every year shown, indicating recurring cash burn. Free cash flow volatility is high (including a sharp deterioration in TTM (Trailing-Twelve-Months) versus 2024), and cash outflows broadly track reported losses rather than demonstrating improving cash efficiency. While low debt reduces refinancing pressure, the persistent negative free cash flow implies dependence on external funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-69.00K	-69.00K	-66.00K	-2.31M	-1.23M	-438.00K
EBITDA	-4.86M	-5.30M	-3.69M	-3.86M	-2.30M	-876.00K
Net Income	-4.92M	-5.37M	-3.75M	-3.93M	-2.37M	-939.00K
Balance Sheet
Total Assets	25.37M	23.04M	26.76M	22.03M	23.62M	23.80M
Cash, Cash Equivalents and Short-Term Investments	7.95M	5.93M	9.67M	5.22M	6.86M	8.02M
Total Debt	18.00K	50.00K	89.00K	35.00K	72.00K	17.00K
Total Liabilities	630.00K	520.00K	807.00K	388.00K	436.00K	299.00K
Stockholders Equity	24.74M	22.52M	25.95M	21.65M	23.18M	23.50M
Cash Flow
Free Cash Flow	-4.01M	-5.15M	-3.26M	-3.24M	-2.79M	-1.01M
Operating Cash Flow	-4.81M	-5.10M	-3.26M	-2.90M	-2.16M	-1.01M
Investing Cash Flow	47.00K	3.94M	-4.41M	701.00K	90.00K	976.00K
Financing Cash Flow	5.18M	1.27M	7.56M	2.05M	1.92M	65.00K

Solitario Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XPL, the sentiment is Positive. The current price of 0.78 is above the 20-day moving average (MA) of 0.73, above the 50-day MA of 0.67, and above the 200-day MA of 0.68, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 63.08 is Neutral, neither overbought nor oversold. The STOCH value of 58.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XPL.

Solitario Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
WWR	52 Neutral	$111.46M	-3.77	-14.20%	―	―	-80.01%
USGO	52 Neutral	$178.33M	-25.18	-144.93%	―	―	37.18%
XPL	46 Neutral	$70.88M	-13.48	-20.21%	―	―	5.25%
IONR	44 Neutral	$288.58M	-27.33	-4.25%	―	―	-10.45%