10. Employee Stock Compensation Plans

2013 Plan:

On June 18, 2013, Solitario’s shareholders approved the 2013 Solitario Exploration & Royalty Corp. Omnibus Stock and Incentive Plan, as amended (the “2013 Plan”), which expired in April 2023. Under the terms of the 2013 Plan, a total of 5,750,000 shares of Solitario common stock were reserved for awards to directors, officers, employees and consultants. The 2013 Plan permitted the Board of Directors of the Company (the “Board of Directors”) or a committee appointed by the Board of Directors to grant awards in the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The 2013 Plan has expired and no additional awards may be granted under the 2013 Plan, although awards made prior to the 2013 Plan’s expiration will remain outstanding in accordance with their terms.

There were options outstanding under the 2013 Plan to acquire 1,825,000 and 1,965,000 shares, respectively, of Solitario common stock at June 30, 2026 and December 31, 2025. All of these options were vested and exercisable at June 30, 2026 and December 31, 2025, with exercise prices between $0.60 and $0.69 per share. As of June 30, 2026, the outstanding stock options under the 2013 Plan have an intrinsic value of $274,000 and a weighted average life of 1.19 years. During the three and six months ended June 30, 2026 options for 90,000 shares, granted under the 2013 Plan, were exercised with exercise prices between $0.67 and $0.69 for net proceeds of $61,000 and had an intrinsic value of $13,000 on the date of exercise. In addition, during the three and six months ended June 30, 2026 options for 50,000 shares expired unexercised. During the three months ended June 30, 2025, options granted under the 2013 Plan for 250,000 shares were exercised with an exercise price of $0.20 per share for proceeds of $50,000 and had an intrinsic value of $104,000 on the date of exercise. During the six months ended June 30, 2025, options granted under the 2013 Plan for 1,028,500 shares were exercised with an exercise price of $0.20 per share for proceeds of $206,000 and had an intrinsic value of $437,000 on the date of exercise.

2023 Plan:

On June 20, 2023, Solitario’s shareholders approved the 2023 Solitario Stock and Incentive Plan (the “2023 Plan”). Under the terms of the 2023 Plan, a total of 5,000,000 shares of Solitario common stock are reserved for awards to directors, officers, employees and consultants. Awards may take the form of stock options, stock appreciation rights, restricted stock and restricted stock units. The terms and conditions of the awards are pursuant to the 2023 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. The 2023 Plan has a term of 10 years.

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. Of these, as of June 30, 2026 and December 31, 2025, there were options that are vested and exercisable to acquire 1,900,000 and 1,412,500 shares, respectively, of Solitario common stock, with exercise prices between $0.51 and $0.85 per share. As of June 30, 2026, the outstanding stock options under the 2023 Plan have an intrinsic value of $204,000 and a weighted average life of 3.59 years. During the three and six months ended June 30, 2026 and 2025, Solitario did not grant any awards under the 2023 Plan and no options were exercised or expired under the 2023 Plan.

Stock-based compensation expense

During the three and six months ended June 30, 2026, Solitario recorded stock-based compensation expense of $100,000 and $167,000, respectively, included in general and administrative expense. During the three and six months ended June 30, 2025, Solitario recorded stock-based compensation expense of $125,000 and $251,000, respectively, included in general and administrative expense. At June 30, 2026, the total unrecognized stock-based compensation expense related to non-vested options was $581,000 and is expected to be recognized over a period of 21 months.