3. Marketable Equity Securities

Solitario's investments in marketable equity securities are carried at fair value, which is based upon quoted prices of the securities owned. The cost of marketable equity securities sold is determined by the specific identification method. Changes in fair value are recorded in the condensed consolidated statement of operations.

At June 30, 2026 and December 31, 2025, Solitario owned the following marketable equity securities:

The following tables summarize Solitario’s marketable equity securities and adjustments to fair value:

The following table represents changes in marketable equity securities:

* Certain amounts in the three months ended June 30, 2025 may not add due to rounding.

The following table represents the realized and unrealized (loss) gain on marketable equity securities:

During the three and six months ended June 30, 2026, Solitario sold 34,300 and 44,300 shares, respectively, of its holdings of Vox Royalty common stock for gross proceeds of $211,000 and $270,000, respectively, and recorded a gain on sale of $138,000 and $175,000, respectively.

During the three and six months ended June 30, 2025, Solitario sold its holdings of 100,000 shares of Kinross common stock for gross proceeds of $1,401,000, which was netted by the settlement of $403,000 to close out its $10.00 Kinross covered call covering all 100,000 shares of Kinross previously held by Solitario, which had a May 16, 2025 settlement date, resulting in net proceeds of $998,000, after fees and commissions. Solitario recorded a gain on sale of $1,319,000 on the date of sale. See also Note 7 “Derivative Instruments” below. Also, during the three and six months ended June 30, 2025, Solitario sold 34,055 of its Vox Royalty shares for proceeds of $106,000 and recorded a gain on sale of $32,000 on the date of sale.