Solitario Resources (XPL) AI Stock Analysis

• Market Cap: $75.87M
• Dividend Yield: N/A
• Average Volume (3M): 444.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: N/A
• EPS Growth: 5.25%
• Country: US
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 92,214,990
• 10 Day Avg. Volume: 884,198
• 30 Day Avg. Volume: 444,246
• PEG Ratio: 0.47
• Price to Book (P/B): 2.45
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -16.79
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.25K
• Enterprise Value/Ebitda: -17.09
• 1Y Price Target: $1.80
• Price Target Upside: 119.51% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.09
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $0.80 ▼(-2.32% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held down primarily by weak financial performance—no revenue, persistent net losses, and negative free cash flow—despite a relatively strong low-debt balance sheet. Technicals are supportive with price above key moving averages and positive MACD, but momentum indicators are elevated, and valuation is constrained by negative earnings and no dividend support.

Positive Factors

Low financial leverage

Extremely low debt versus equity materially reduces solvency and interest-rate exposure, extending operational flexibility. Over months this durability preserves optionality to pursue JV earn-ins or asset sales without high refinancing risk, a structural strength for an explorer.

JV/partner-driven exploration model

A business model centered on joint ventures and partner earn-ins transfers capital intensity and technical risk to funded partners. Structurally this lowers the company's cash burn needs, accelerates project advancement, and increases chances of monetization without large internal capex.

Stable assets and equity base

A fairly stable asset and equity base provides a durable platform to support exploration programs and negotiation leverage in farm-outs or sales. Stability in capital resources helps preserve long-term project optionality despite current operational losses.

Negative Factors

No revenue and recurring losses

A sustained absence of operating revenue combined with recurring net losses means the company cannot self-fund operations or demonstrate commercial traction. Over months this forces dependence on external financing and can materially dilute equity or constrain project timelines.

Consistent negative operating and free cash flow

Persistent negative OCF and FCF, including deterioration in 2025, signals ongoing cash burn and elevates funding risk. Structurally this limits the firm's ability to advance projects independently and increases the likelihood of repeated financings under adverse terms.

Persistent negative returns on equity

Negative ROE across multiple years indicates the equity base is not generating shareholder value from operations or exploration milestones. Over time this undermines investor confidence and weakens bargaining power in JV or asset-sale negotiations.

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 Resources does not primarily generate revenue from selling finished products; instead, its economic model is typical of an exploration-stage mining company and is focused on creating value by discovering and advancing mineral deposits and then monetizing those assets. Key ways it can make money include: (1) Project monetization through joint ventures and option agreements: Solitario may partner with other mining companies that fund exploration and development work (“earn-in” spending) in exchange for an interest in a project. These agreements can provide Solitario with cash payments, reimbursement of certain costs, or carried interests (where a partner funds a portion of expenditures) depending on the contract terms. If specific payment amounts, royalties, or earn-in milestones are not publicly available in the provided context, they are null. (2) Asset sales or divestitures: As projects are advanced (e.g., through drilling and technical studies), Solitario may sell a project or a portion of its interest to another company for cash and/or equity consideration. (3) Equity stakes and marketable securities: Consideration from partnerships or sales may include shares of partner companies; gains (or losses) can occur if Solitario later sells those securities. (4) Future production-linked economics (royalties/streams): Exploration companies sometimes retain royalties or similar interests when vending projects; however, whether Solitario has any specific royalty/streaming income is null unless explicitly disclosed. Because exploration companies often have limited or no operating revenue prior to a mine entering production, Solitario historically may rely on financing activities (such as equity issuance) to fund operations; financing proceeds are not operating revenue, but they can be a significant source of cash to sustain exploration and corporate activities. Significant partnerships or project-specific terms contributing to earnings are null here unless specified by an identified, current public disclosure.

Solitario Resources Financial Statement Overview

Summary

Balance sheet strength (very low debt and stable assets/equity) is a clear positive, but it is outweighed by an operating profile with no revenue, recurring net losses, and consistently negative operating/free cash flow with deterioration in 2025 vs 2024—indicating ongoing cash burn and sustainability risk.

Income Statement

The company reports no revenue across the annual periods provided, which limits visibility into operating scale and business traction. Profitability is consistently negative, with net losses persisting every year (2020–2025), and the loss profile remains material in 2024–2025 despite some year-to-year fluctuation. The primary positive is that losses did not steadily worsen into 2025 versus 2024, but overall earnings quality and profitability are weak due to the sustained lack of revenue and ongoing net losses.

Balance Sheet

The balance sheet is a relative strength: debt is extremely low versus equity in every year, indicating minimal financial leverage and reduced solvency risk. Assets and equity are fairly stable over time, suggesting the company has maintained its capital base despite ongoing losses. The key weakness is persistent negative returns on equity across all years, reflecting that the equity base is not currently generating profits.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow negative every year shown, signaling ongoing cash burn to sustain operations. Free cash flow volatility is notable (including a sharp deterioration in 2025 versus 2024), which can increase funding risk if sustained. A modest positive is that free cash flow generally tracks net income closely (losses largely translate into cash outflows), but overall cash-flow sustainability remains a concern.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-60.00K	-69.00K	-66.00K	-2.31M	-1.23M
EBITDA	-4.37M	-5.30M	-3.69M	-3.86M	-2.30M
Net Income	-3.83M	-5.37M	-3.75M	-3.93M	-2.37M
Balance Sheet
Total Assets	25.03M	23.04M	26.76M	22.03M	23.62M
Cash, Cash Equivalents and Short-Term Investments	376.00K	5.93M	9.67M	5.22M	6.86M
Total Debt	7.00K	50.00K	89.00K	35.00K	72.00K
Total Liabilities	360.00K	520.00K	807.00K	388.00K	436.00K
Stockholders Equity	24.67M	22.52M	25.95M	21.65M	23.18M
Cash Flow
Free Cash Flow	-3.60M	-5.15M	-3.26M	-3.24M	-2.79M
Operating Cash Flow	-3.57M	-5.10M	-3.26M	-2.90M	-2.16M
Investing Cash Flow	-1.78M	3.94M	-4.41M	701.00K	90.00K
Financing Cash Flow	5.35M	1.27M	7.56M	2.05M	1.92M

Solitario Resources Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XPL, the sentiment is Neutral. The current price of 0.82 is below the 20-day moving average (MA) of 0.82, above the 50-day MA of 0.77, and above the 200-day MA of 0.71, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 50.79 is Neutral, neither overbought nor oversold. The STOCH value of 31.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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%
XPL	49 Neutral	$75.87M	-15.77	-20.21%	―	―	5.25%
USGO	49 Neutral	$145.21M	―	―	―	―	37.18%
WWR	46 Neutral	$85.27M	-2.36	-14.21%	―	―	-80.01%
IONR	46 Neutral	$248.86M	―	-1.77%	―	―	-10.45%