Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Solitario Exploration & Royalty Corp. | ' |
Entity Central Index Key | '0000917225 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 37,184,350 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Consolildated_Balance_Sheets
Consolildated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,368 | $616 |
Investments in marketable equity securities, at fair value | 1,313 | 3,110 |
Royalty sale receivable | ' | 4,000 |
Prepaid expenses and other | 122 | 210 |
Total current assets | 4,803 | 7,936 |
Mineral properties | 11,438 | 9,327 |
Investments in marketable equity securities, at fair value | 2,477 | 3,983 |
Equity method investment | 270 | 1,165 |
Other assets | 830 | 1,072 |
Total assets | 19,818 | 23,483 |
Current liabilities: | ' | ' |
Accounts payable | 381 | 398 |
Short-term margin loan | ' | 1,500 |
Current portion long-term debt | 714 | 727 |
Deferred income taxes | ' | 963 |
Other | 127 | 103 |
Total current liabilities | 1,222 | 3,691 |
Long-term debt, net of discount | 3,972 | 2,437 |
Deferred gain on sale of mineral property | 7,000 | 7,000 |
Warrant liability | 185 | 1,138 |
Total non-current liabilities | 11,157 | 10,575 |
Preferred stock, $0.01 par value, authorized 10,000,000 shares (none issued and outstanding at September 30, 2013 and December 31, 2012) | ' | ' |
Common stock, $0.01 par value, authorized 100,000,000 shares (37,184,350 and 34,479,958, respectively, shares issued and outstanding at September 30, 2013 and December 31, 2012) | 372 | 345 |
Additional paid-in capital | 50,196 | 47,107 |
Accumulated deficit | -44,309 | -42,678 |
Accumulated other comprehensive income | 1,089 | 3,914 |
Total Solitario shareholders’ equity | 7,348 | 8,688 |
Noncontrolling interest | 91 | 529 |
Total shareholders’ equity | 7,439 | 9,217 |
Total liabilities and shareholders’ equity | $19,818 | $23,483 |
Consolildated_Balance_Sheets_P
Consolildated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,184,350 | 34,479,958 |
Common stock, shares outstanding | 37,184,350 | 34,479,958 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Property and joint venture revenue | $200 | $200 | $200 | $200 |
Costs, expenses and other: | ' | ' | ' | ' |
Exploration expense | 76 | 507 | 774 | 1,585 |
Depreciation and amortization | 5 | 15 | 21 | 42 |
General and administrative | 413 | 571 | 1,557 | 1,863 |
(Gain) loss on derivative instruments | -64 | 22 | -67 | 76 |
Property abandonment and impairment | ' | 24 | 13 | 24 |
Interest expense | ' | 105 | ' | 246 |
Interest and dividend income | ' | -53 | -56 | -100 |
Gain on sale of assets | ' | 1 | -11 | -8 |
Total costs, expenses and other | 430 | 1,192 | 2,231 | 3,728 |
Gain on sale of marketable equity securities | 38 | ' | 308 | 1,464 |
Gain (loss) on warrant liability | 96 | -729 | 953 | -729 |
Equity in net loss of equity method investment | -158 | -93 | -896 | -339 |
Total other income | -24 | -822 | 365 | 396 |
Loss before income tax | -254 | -1,814 | -1,666 | -3,132 |
Income tax benefit | 47 | 436 | 23 | 432 |
Net loss | -207 | -1,378 | -1,643 | -2,700 |
Less net loss attributable to noncontrolling interest | 5 | 19 | 12 | 286 |
Net loss attributable to Solitario shareholders | ($202) | ($1,359) | ($1,631) | ($2,414) |
Loss per common share attributable to Solitario shareholders: | ' | ' | ' | ' |
Basic and diluted | ($0.01) | ($0.04) | ($0.05) | ($0.07) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic and diluted | 36,463 | 34,466 | 35,244 | 34,308 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income Loss | ' | ' | ' | ' |
Net Loss | ($207) | ($1,378) | ($1,643) | ($2,700) |
Unrealized (loss) gain on marketable equity securities, net of deferred taxes | -272 | 968 | -2,825 | -1,621 |
Comprehensive loss | -479 | -410 | -4,468 | -4,321 |
Comprehensive loss attributable to Solitario shareholders | -474 | -391 | -4,456 | -4,035 |
Comprehensive loss attributable to noncontrolling interests | -5 | -19 | -12 | -286 |
Comprehensive loss | ($479) | ($410) | ($4,468) | ($4,321) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net loss | ($1,643) | ($2,700) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Unrealized (gain) loss on derivative instruments | -67 | 76 |
Depreciation and amortization | 21 | 42 |
Loss on equity method investment | 896 | 339 |
(Gain) loss on warrant liability | -953 | 729 |
Employee stock option expense | 206 | 523 |
Deferred income tax expense | -23 | -432 |
Amortization of discount on long-term debt | ' | 187 |
Property abandonment and impairment | 13 | 24 |
Gain on asset and equity security sales | -319 | -1,472 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | 76 | 272 |
Accounts payable and other current liabilities | -18 | 277 |
Net cash used in operating activities | -1,811 | -2,135 |
Investing activities: | ' | ' |
Additions to mineral properties | -1,640 | -2,557 |
Other assets, net | 45 | -86 |
Proceeds from mineral property sale receivable | 4,000 | 6,000 |
Proceeds from asset sales | 107 | 68 |
Proceeds from sale of marketable equity securities | 358 | 1,591 |
Net cash provided by investing activities | 2,870 | 5,016 |
Financing activities: | ' | ' |
Short-term borrowing | 1,117 | 1,565 |
Repayment of short-term borrowing | -2,617 | -3,171 |
Repayment of long-term debt | -750 | -750 |
Proceeds from long-term debt | 2,000 | 1,500 |
Deferred offering costs | ' | -588 |
Contribution from noncontrolling interest | 250 | ' |
Proceeds from sale of common stock | 2,060 | 275 |
Proceeds from exercise of options | 183 | ' |
Noncontrolling interest contribution, net | ' | 50 |
Distribution to noncontrolling interest | -50 | ' |
Payment to noncontrolling interest | -500 | -169 |
Net cash provided by financing activities | 1,693 | -1,288 |
Net increase in cash and cash equivalents | 2,752 | 1,593 |
Cash and cash equivalents, beginning of period | 616 | 432 |
Cash and cash equivalents, end of period | 3,368 | 2,025 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest, capitalized to mineral property | 137 | ' |
Capitalized non-cash interest | 420 | ' |
Capitalized depreciation | 23 | ' |
Repayment of loan to noncontrolling interest | ' | 373 |
Royalty sale receivable | ' | 4,000 |
Warrant liability | ' | 650 |
Issuance of stock for mineral property | 41 | ' |
Issuance of stock to noncontrolling interest | 126 | 71 |
Transfer of contra-noncontrolling interest to noncontrolling interest upon earn-in | ' | 531 |
Disproportionate share entry from noncontrolling interest to additional paid-in-capital upon earn-in | ' | $2,983 |
Business_and_Significant_Accou
Business and Significant Accounting Policies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Business and Significant Accounting Policies | ' | ||||
1. Business and Significant Accounting Policies | |||||
Business | |||||
Solitario Exploration & Royalty Corp. (“Solitario”) is a development stage company (but not a company in the “Development Stage”) under Industry Guide 7, as issued by the United States Securities and Exchange Commission, with a focus on developing the Mt. Hamilton project located in Nevada. In addition to its Mt. Hamilton project, Solitario acquires and holds a portfolio of precious and base metal exploration properties for future sale, joint venture or to create a royalty prior to the establishment of proven and probable reserves. Although Solitario intends to develop the Mt. Hamilton project, Solitario has never developed a mineral property. At September 30, 2013, Solitario's mineral properties are located in the United States, Mexico, Brazil and Peru. | |||||
The accompanying interim condensed consolidated financial statements of Solitario for the three and nine months ended September 30, 2013 and 2012 are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America. They do not include all disclosures required by generally accepted accounting principles for annual financial statements, but in the opinion of management, include all adjustments, consisting only of normal recurring items, necessary for a fair presentation. Interim results are not necessarily indicative of results, which may be achieved in the future or for the full year ending December 31, 2013. | |||||
These financial statements should be read in conjunction with the financial statements and notes thereto which are included in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. The accounting policies set forth in those annual financial statements are the same as the accounting policies utilized in the preparation of these financial statements, except as modified for appropriate interim financial statement presentation. | |||||
Investment in Kinross | |||||
Solitario has a significant investment in Kinross Gold Corporation (“Kinross”) at September 30, 2013 and December 31, 2012, which consists of the following: | |||||
(in thousands) | 30-Sep-13 | December 31, | |||
2012 | |||||
Shares | 600 | 670 | |||
Fair value | |||||
Current assets | $1,313 | $3,110 | |||
Long term assets | $1,717 | $3,402 | |||
During the three and nine months ended September 30, 2013 and 2012, Solitario sold the following shares of Kinross: | |||||
(in thousands) | Three months ended | Nine months ended | |||
30-Sep | 30-Sep | ||||
2013 | 2012 | 2013 | 2012 | ||
Shares sold | 10 | - | 70 | 180 | |
Proceeds | $45 | $ - | $358 | $1,591 | |
Gain on sale | $38 | $ - | $308 | $1,464 | |
As of September 30, 2013 Solitario has no outstanding short-term margin loans and as of December 31, 2012, Solitario had borrowed $1,500,000 in short-term margin loans against its holdings of Kinross shares. The short-term margin loans are discussed below under, “Short-term debt.” As of November 4, 2013 we own 600,000 shares of Kinross common stock which have a value of approximately $3.01 million based upon the market price of $5.01 per Kinross share. Solitario’s investment in Kinross common stock represents a significant concentration of assets, with the inherent risk that entails. Any significant decline in the market value of Kinross common shares could have a material impact on our liquidity and capital resources. | |||||
Equity method investments | |||||
Solitario accounts for its 49% investment in Pedra Branca do Mineracao, Ltd. (“PBM”) under the equity method. During the three and nine months ended September 30, 2013 Solitario recorded a reduction of $158,000 and $896,000, respectively, in its equity method investment for Solitario’s share of the loss of PBM. During the three and nine months ended September 30, 2012 Solitario recorded a reduction of $93,000 and $339,000, respectively, in its equity method investment for Solitario’s share of the loss of PBM. During the three and nine months ended September 30, 2013 and 2012 PBM had no revenues. | |||||
Employee stock compensation plans | |||||
On June 18, 2013 Solitario’s shareholders approved the 2013 Solitario Exploration and Royalty Corp. Omnibus Stock and Incentive Plan (the “2013 Plan”). Under the terms of the 2013 Plan, the Board of Directors may grant awards for up to 1,750,000 shares to Directors, officers, employees and consultants. Such 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 2013 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. | |||||
During the nine months ended September 30, 2013, Solitario granted stock options for 120,000 shares with an exercise price of $1.14, the closing price of a share of Solitario common stock as quoted on the NYSE-MKT on the date of the grant. The options have a term of five years, vested 25% on the date of grant and 25% on each subsequent anniversary date, and a grant date fair value of $78,000, based upon a Black-Scholes model with a 68% expected volatility, an expected life of five years and a risk free interest rate of 1.24%. There were no options exercised from the 2013 Plan during the three and nine months ended September 30, 2013. | |||||
On June 27, 2006 Solitario’s shareholders approved the 2006 Stock Option Incentive Plan (the “2006 Plan”). Under the terms of the 2006 Plan, the Board of Directors may grant up to 2,800,000 options to Directors, officers and employees with exercise prices equal to the market price of Solitario’s common stock at the date of grant. | |||||
There were no new options granted under the 2006 Plan during the three and nine months ended September 30, 2013 and 2012. There were no options exercised during the three months ended September 30, 2013. During the nine months ended September 30, 2013 options for 112,500 shares were exercised at a price of Cdn$1.55 per share for proceeds of $176,000 and 5,000 options were exercised at a price of Cdn$1.49 per share for proceeds of $7,000. No options were exercised during the three and nine months ended September 30, 2012. | |||||
Solitario’s outstanding options on the date of grant have a five year term, and vest 25% on date of grant and 25% on each of the next three anniversary dates. Solitario recognizes stock option compensation expense on the date of grant for 25% of the grant date fair value, and subsequently, based upon a straight line amortization of the unvested grant date fair value of each of its outstanding options. During the three and nine months ended September 30, 2013, Solitario recorded $13,000 and $206,000, respectively, of stock option expense for the amortization of grant date fair value with a credit to additional paid-in-capital. During the three and nine months ended September 30, 2012, Solitario recorded $174,000 and $523,000, respectively, of stock option expense for the amortization of grant date fair value with a credit to additional paid-in-capital. | |||||
Revenue recognition | |||||
Solitario records delay rental payments as revenue in the period received. Solitario received $200,000 in delay rental payments on its Bongará property during the three and nine months ended September 30, 2013 and 2012, respectively. Any payments received for the sale of property interests without reserves are recorded as a reduction of the related property’s capitalized cost. Proceeds which exceed the capitalized cost of the property without reserves are recognized as revenue. Payments received on the sale of properties with reserves are recognized as revenue to the extent the proceeds exceed the proportionate basis in the assets sold. Gain on the sale of a mineral property revenue stream is deferred to the extent there is a guarantee for the future revenue stream until such time as the potential funding obligation for the guarantee is reduced or released. | |||||
Earnings per share | |||||
The calculation of basic and diluted earnings and loss per share is based on the weighted average number of common shares outstanding during the three and nine months ended September 30, 2013 and 2012. During the three and nine months ended September 30, 2013 and 2012, Solitario excluded 2,600,900 and 2,433,400, respectively, potentially dilutive shares related to outstanding common stock options from the calculation because the effects were anti-dilutive. During the three and nine months ended September 30, 2013 and 2012, Solitario excluded an additional 1,624,748 shares related to warrants from the calculation of earnings per share because the effects were anti-dilutive. | |||||
Marketable equity securities | |||||
Solitario's investments in marketable equity securities are classified as available-for-sale and 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 accumulated other comprehensive income within shareholders' equity, unless a decline in fair value is considered other than temporary, in which case the decline is recognized as a loss in the consolidated statement of operations. | |||||
The following tables summarize Solitario’s marketable equity securities and accumulated other comprehensive income related to its marketable equity securities: | |||||
(in thousands) | September 30, 2013 | December 31, 2012 | |||
Marketable equity securities at fair value | $3,790 | $7,093 | |||
Cost | 1,301 | 851 | |||
Accumulated other comprehensive income for | 2,489 | 6,242 | |||
unrealized holding gains | |||||
Deferred taxes on accumulated other comprehensive | 1,400 | 2,328 | |||
income for unrealized holding gains | |||||
Accumulated other comprehensive income | $1,089 | $3,914 | |||
The following table represents changes in marketable equity securities: | |||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Gross cash proceeds | $ 45 | $ - | $ 358 | $1,591 | |
Cost | 7 | - | 50 | 127 | |
Gross gain on sale included in earnings during the period | 38 | - | 308 | 1,464 | |
Deferred taxes on gross gain on sale included in earnings | -14 | - | -115 | -546 | |
Reclassification adjustment to unrealized gain in other | -24 | - | -193 | -918 | |
comprehensive income for net gains included in earnings | |||||
Gross unrealized holding (loss) gain arising during the period | -187 | 1,544 | -3,445 | -1,121 | |
included in other comprehensive loss. | |||||
Deferred taxes on unrealized holdings loss included in | -61 | (576) | 813 | 418 | |
other comprehensive loss | |||||
Net unrealized holding loss (gain) | -248 | 968 | -2,632 | -703 | |
Other comprehensive loss (gain) from marketable equity | ($272) | $968 | ($2,825) | ($1,621) | |
Securities |
Mineral_Property
Mineral Property | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Mineral Property | ' | ||||
2. Mineral Property | |||||
The following table details Solitario’s investment in Mineral Property: | |||||
(in thousands) | September 30, | December 31, | |||
2013 | 2012 | ||||
Development (United States) | |||||
Mt. Hamilton | $11,399 | $9,275 | |||
Exploration | |||||
Pachuca (Mexico) | 20 | 20 | |||
Norcan (Mexico) | 6 | 6 | |||
Aconchi (Mexico) | 5 | 5 | |||
Canta Colorado (Peru) | 3 | 3 | |||
La Promesa (Peru) | 5 | 5 | |||
Cerro Azul (Peru) | - | 3 | |||
Atico (Peru) | - | 5 | |||
Jaripo (Mexico) | - | 5 | |||
Total exploration | 39 | 52 | |||
Total mineral property | $11,438 | $9,327 | |||
Mt. Hamilton | |||||
On February 22, 2012, Solitario announced the completion of a feasibility study related to its Mt. Hamilton project (the “Feasibility Study”) prepared by SRK Consulting (US), Inc. of Lakewood, Colorado (“SRK”). As a result of the completion of the Feasibility Study, Solitario earned an 80% interest in MH-LLC, owner of the Mt. Hamilton project, and intends to develop the Mt. Hamilton project, subject to a number of factors including obtaining necessary permits and availability of required capital, none of which is currently in place. Solitario began capitalizing its development costs incurred at its Mt. Hamilton project subsequent to the completion of the Feasibility Study. | |||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Development expenditures | $ 601 | $ 1,448 | $ 1,369 | $ 2,211 | |
Capitalized interest | 184 | - | 557 | - | |
Property payments | 75 | 50 | 175 | 325 | |
Capitalized depreciation | 7 | 12 | 23 | 18 | |
Total capitalized costs | $ 867 | $ 1,510 | $ 2,124 | $ 2,554 | |
On May 23, 2013, Solitario entered into an agreement to modify two of its mineral leases on mining claims included in the Mt. Hamilton project covered by the Feasibility Study, whereby Solitario acquired an additional 32 mining claims under one of the leases and reduced its cash payments to maintain the leases from $160,000 per year to the following payments: | |||||
June 1, | June 1, | June 1, | Remaining years (2) | ||
2013 | 2014 | 2015(1) | |||
Solitario common stock shares | 35,000 | 35,000 | 66,500 | - | |
Target value of Solitario shares (3)(4) | $ 50,000 | $ 50,000 | $ 95,000 | $ - | |
Cash | 50,000 | 50,000 | 75,000 | 190,000 | |
Minimum lease payment value | $100,000 | $100,000 | $170,000 | $190,000 | |
Annual work commitments | - | - | - | $150,000 | |
(1) The leases may be terminated after June 1, 2015. | |||||
(2) The annual payments accelerate $2,000 per year after June 1, 2016. | |||||
(3) The target value is determined based upon the 20-day average price on the NYSE-MKT prior to the relevant payment date. | |||||
(4) To the extent the market value of the shares delivered is below the target value, the difference is paid in cash. | |||||
During the nine months ended September 30, 2013, Solitario delivered 35,000 shares under the amended lease terms, with a target value of $41,000 and paid $59,000 in cash. The total amount of the payments in cash and shares were capitalized to mineral property. See Note 9, “Shareholders’ equity, comprehensive loss and noncontrolling interest.” | |||||
Exploration expense | |||||
Solitario capitalizes initial property acquisition costs on its exploration properties. All exploration costs on our exploration properties, none of which have proven and probable reserves, including any additional costs incurred for subsequent lease payments or exploration activities related to our projects are expensed as incurred. The following items comprised exploration expense: | |||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Geologic and field expenses | $ 28 | $432 | $ 521 | $1,003 | |
Administrative | 48 | 81 | 253 | 274 | |
Mt. Hamilton exploration and development | - | (6) | - | 308 | |
Total exploration costs | $ 76 | $ 507 | $774 | $1,585 | |
Discontinued projects | |||||
During the nine months ended September 30, 2013, Solitario recorded $13,000 of mineral property write-downs related to its Cerro Azul property in Peru, and its Atico and Jaripo projects in Mexico. During the three and nine months ended September 30, 2012, Solitario recorded $24,000 of mineral property write-downs related to its Triunfo and Espanola properties. |
Other_Assets
Other Assets | 9 Months Ended | ||
Sep. 30, 2013 | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||
Other Assets | ' | ||
3. Other assets | |||
The following items comprised other assets: | |||
(in thousands) | September 30, | December 31, | |
2013 | 2012 | ||
Deferred offering costs RMB Loan | $371 | $518 | |
Accumulated Mt. Hamilton advance royalty payments | 300 | 300 | |
Furniture and Fixtures, net of accumulated depreciation | 107 | 143 | |
Exploration bonds and other assets | 52 | 111 | |
Total other assets | $ 830 | $ 1,072 | |
In connection with the RMB Loan, Solitario recorded deferred offering costs that are being amortized on a straight-line basis to interest cost over 36 months, the term of the Facility Agreement. See Note 5, “Long-term debt,” below. |
Short_Term_Debt
Short Term Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Short Term Debt | ' | ||||
4. Short-term debt | |||||
Solitario maintains a secured credit line agreement with UBS Bank, USA (“UBS Bank”). During the three months ended September 30, 2013, Solitario repaid all amounts due on its secured line of credit and at September 30, 2013 Solitario has no balance outstanding on its secured line of credit. The credit line is secured by all of Solitario’s assets held in its UBS brokerage account, consisting primarily of 460,000 Kinross shares. The UBS Bank credit line carries an interest rate which floats, based upon a base rate of 2.25% plus the one-month London Interbank Offered Rate ("LIBOR"), which is 0.18% as of September 30, 2013. The average interest rate was approximately 2.45% for the period of the nine months ended September 30, 2013 that the secured line of credit was outstanding. See a discussion of Solitario’s UBS Bank line of credit under “Short-term debt” in the notes to the financial statements in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. At September 30, 2013, the equity value in Solitario's UBS brokerage account was 100%. | |||||
Solitario also maintains a short-term margin account with RBC Capital Markets, LLC ("RBC"). See a discussion of Solitario’s RBC margin account under “Short-term debt” in the notes to the financial statements in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. There were no balances outstanding at September 30, 2013 or December 31, 2012, or during the nine months ended September 30, 2013 on Solitario’s RBC margin account and the equity balance in Solitario's account at RBC was 100%. | |||||
The following tables summarize Solitario’s short-term debt: | |||||
(in thousands) | |||||
UBS short-term credit line | |||||
Beginning balance December 31, 2012 | $ 1,500 | ||||
Borrowing | 1,117 | ||||
Repayments | (2,617) | ||||
Ending balance September 30, 2013 | $ - | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest UBS short-term credit line | $ 3 | $5 | $ 19 | $36 | |
Interest RBC short-term margin loan | - | 7 | - | 21 | |
Total interest, short-term margin loans | $ 3 | $12 | $ 19 | $57 | |
During the three and nine months ended September 30, Solitario capitalized all of its interest to mineral property. See Note 2, “Mineral property,” above. |
Long_Term_Debt
Long Term Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long Term Debt | ' | ||||
5. Long-term debt | |||||
Augusta debt | |||||
The following is the schedule of debt payments due Augusta as of September 30, 2013 and December 31, 2012: | |||||
(in thousands) | September 30, | December | |||
Payment date | 2013 | 31, 2012 | |||
1-Jun-13 | $ - | $ 750 | |||
1-Jun-14 | 750 | 750 | |||
1-Jun-15 | 1,000 | 1,000 | |||
Unamortized discount | (154) | (264) | |||
Total | 1,596 | 2,236 | |||
Current portion | 714 | 727 | |||
Long-term debt | $882 | $1,509 | |||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest accretion on Augusta debt | $ 29 | $41 | $ 110 | $143 | |
During the three and nine months ended September 30, 2013, Solitario capitalized all of its interest to mineral property. See Note 2, “Mineral property,” above. | |||||
On April 22, 2013, Solitario entered into an agreement, (the “Letter Agreement”) between Solitario, Ely and DHI Minerals (US), Ltd. (“DHI”). The Letter Agreement modified certain terms and conditions of the letter of intent dated August 26, 2010 between Solitario, Ely and DHI, as amended, in the MH-LLC OA Side Agreement between Solitario Ely, DHI, RMBAH and RMBR dated August 10, 2012 (both agreements collectively the “LOI, as amended”). Under the LOI, as amended, on or before May 1, 2014 and May 1, 2015, Solitario is required to subscribe for Ely common stock, in an amount equal to the required Augusta debt payment due June 1, 2014 and June 1, 2015, respectively, at a price equal to the greater of (A) the weighted moving average price of Ely Common stock as quoted on the TSX Venture Exchange (the “TSX-V”) over the 20 trading days immediately preceding the date of the subscription agreement and (B) the Discounted Market Price (as that term is defined in the policies of the TSX-V) of Ely common stock on the last trading day immediately preceding the date of the subscription agreement, however, Ely has the right to reduce the amount of the subscriptions if it pays the remaining amount required to make the required Augusta debt payment. Ely is required to use the funds from the subscription to pay the Augusta debt. Solitario records the payment of the subscription price as a reduction of its Augusta debt obligation and records the value of the Ely common stock received as an increase to paid-in-capital. Under the Letter Agreement, Ely exercised its right to reduce Solitario’s required subscription of $750,000 due on May 1, 2013 to $500,000, the proceeds of which Ely used to pay a portion of the $750,000 payment due on June 1, 2013 due to Augusta. Ely paid the remaining $250,000 of the payment due to Augusta from their funds. Concurrent with the Letter Agreement, Solitario delivered a subscription agreement, (the “Subscription Agreement”) to Ely for the subscription of 5,131,150 shares of Ely common stock at a price of Cdn$0.10 as of April 22, 2013. Solitario paid Ely $500,000 in cash and received the 5,131,150 shares of Ely common stock after Ely’s acceptance of the Subscription Agreement. The delivery and acceptance of the Subscription Agreement, and payment of the subscription price of $500,000, satisfied Solitario’s obligations with respect to the June 1, 2013 payment due Augusta. Solitario recorded $500,000 for the fair value of the 5,131,150 shares of Ely common stock received as marketable equity securities and as an increase in its additional paid-in-capital. | |||||
RMB Facility Agreement | |||||
On August 10, 2012, Solitario entered into a Facility Agreement (the “Facility Agreement”) with RMB Australia Holdings Limited, an Australian corporation (“RMBAH”), and RMB Resources Inc., a Delaware corporation (“RMBR”) whereby Solitario may borrow up to $5,000,000 from RMBAH (with any amounts outstanding collectively being the “RMB Loan”) at any time during the 24 month period commencing on August 21, 2012, (the “Availability Period”), after which time any undrawn portion of the $5,000,000 commitment will be cancelled and will no longer be available for drawdown. In connection with the Facility Agreement, Solitario recorded a warrant discount related to the 1,624,748 warrants issued to RMBAH at the time Solitario entered into the Facility Agreement (the “RMB Warrants”). The warrant discount is being amortized to interest cost over 36 months, the term of the Facility Agreement. The RMB Loan amounts bear interest at the 90-day LIBOR rate plus 5%, payable in arrears on the last day of each quarterly interest period. The RMB Loan interest rate was 5.28% at September 30, 2013. The RMB Loan may be repaid at any time without penalty. Any amounts repaid may not be redrawn under the Facility Agreement. The RMB Loan is secured by a lien on Solitario’s 80% interest in MH-LLC as well as a general security interest in Solitario’s remaining assets. | |||||
The following table summarizes the RMB Loan: | |||||
RMB | RMB | RMB | |||
(in thousands) | Loan borrowing | Warrant discount | Long-term | ||
Debt | |||||
Beginning balance December 31, 2012 | $ 1,500 | ($573) | $927 | ||
Borrowing | 1,000 | 1,000 | |||
Amortization of discount to interest cost | - | 54 | 54 | ||
Ending balance March 31, 2013 | $2,500 | ($519) | 1,981 | ||
Borrowing | 1,000 | 1,000 | |||
Amortization of discount to interest cost | - | 54 | 54 | ||
Ending June 30, 2013 | $3,500 | ($465) | 3,035 | ||
Borrowing | - | - | |||
Amortization of discount to interest cost | - | 55 | 55 | ||
Ending September 30, 2013 | $3,500 | ($410) | 3,090 | ||
Solitario recorded the following interest cost related to the RMB Loan: | |||||
(in thousands) | Three months ended | Nine months ended | |||
30-Sep | 30-Sep | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest paid in cash | $ 48 | $ 8 | $ 118 | $ 8 | |
Amortization of the RMB Warrants discount | 55 | 23 | 163 | 23 | |
Amortization of RMB deferred financing costs | 49 | 21 | 147 | 21 | |
Total interest expense related to the RMB Loan | $152 | $52 | $428 | $52 | |
During the three and nine months ended September 30, 2013, Solitario capitalized all of its interest to mineral property. See Note 2, “Mineral property,” above. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Derivative Instruments | ' | ||||
6. Derivative instruments | |||||
RMB Warrants | |||||
In August 2012, pursuant to the Facility Agreement, the Company issued the RMB Warrants to RMBAH as partial consideration for financing services provided in connection with the Facility Agreement. Each RMB Warrant entitles the holder to purchase one share of Solitario common stock pursuant to the terms and conditions of the RMB Warrants (a “Warrant Share”). The RMB Warrants expire 36 months from their date of issuance and have an exercise price of $1.5387 per Warrant Share, subject to customary anti-dilution adjustments. Solitario has recorded a liability for the fair value of the RMB Warrants based upon a Black-Scholes model. Solitario adjusts the fair value of the warrants at each balance sheet date, with changes in value recorded in other income (loss) in the statement of operations. | |||||
The following tables summarize the RMB Warrants: | |||||
(in thousands) | |||||
RMB warrant liability balance December 31, 2012 | $ 1,138 | ||||
(Gain) on warrant liability | -953 | ||||
Ending balance September 30, 2013 | $ 185 | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
(Gain) loss on warrant liability | ($96) | $729 | ($953) | $729 | |
Black Scholes model | |||||
Life (months) | 23 | 35 | |||
Stock price per share | $0.86 | $1.85 | |||
Volatility (%) | 57 | 65 | |||
Risk-free interest rate (%) | 0.3 | 0.4 | |||
Ely and International Lithium Corp. Warrants | |||||
In connection with the equity investment in Ely during 2010, Solitario acquired warrants to purchase 1,666,666 shares of Ely common stock at Cdn$0.25 per share for a period of two years. The warrants expired unexercised during 2012. Solitario recorded an unrealized loss on derivative instrument of $22,000 and $73,000, respectively for the three and nine months ended September 30, 2012. Solitario also recorded a loss on International Lithium Corp. (“ILC”) warrants of $3,000 during the nine months ended September 30, 2012. | |||||
Covered Call Options | |||||
From time to time Solitario has sold covered call options against its holdings of Kinross. The business purpose of selling covered calls is to provide additional income on a limited portion of shares of Kinross that Solitario may sell in the near term, which is generally defined as less than one year. Solitario has not designated its covered calls as hedging instruments as described in ASC 815, “Derivatives and Hedging,” and any changes in the fair value of its covered calls are recognized in the statement of operations in the period of the change. During the three and nine months ended September 30, 2013, Solitario recorded the following liabilities and gain or loss on derivative instruments related to Kinross covered call options and Ely and ILC warrants: | |||||
(in thousands) | KGC | KGC | KGC | ||
Feb-13 | Feb-14 | February 2014 | |||
$11 call | $7 call | $8 call | |||
Shares of Kinross | 100 | 100 | 50 | ||
Balance December 31, 2012 | $ 3 | $ - | $ - | ||
Sale of call | 55 | 35 | |||
(Gain) on derivative instrument | -3 | -40 | -24 | ||
Ending liability balance September 30, 2013 | $ - | $ 15 | $ 11 | ||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
(Gain) Loss on derivative instruments | 2013 | 2012 | 2013 | 2012 | |
(Gain) loss on Kinross $7 February 2014 call | ($40) | $ - | ($40) | $ - | |
(Gain) loss on Kinross $8 February 2014 call | -24 | - | -24 | - | |
(Gain) loss on Kinross $11 February 2013 call | - | - | -3 | 3 | |
Total Kinross Calls | (64) | - | (67) | 3 | |
(Gain) loss on Ely & ILC warrants | - | 22 | - | 73 | |
Total (gain) loss on derivative instruments | $ (64) | $ 22 | $ (67) | $ 76 |
Fair_Value
Fair Value | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Fair Value | ' | ||||
7. Fair value | |||||
For certain of Solitario’s financial instruments, including cash and cash equivalents, payables and short-term debt, the carrying amounts approximate fair value due to their short term maturities. Solitario’s marketable equity securities and Kinross calls are carried at their estimated fair value primarily based on quoted market prices. The RMB Warrants are carried at their estimated fair value based on a Black-Scholes option pricing model. | |||||
Solitario accounts for its financial instruments under ASC 820, "Fair Value Measurements." ASC 820 establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820 also requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: | |||||
· | Level 1: quoted prices in active markets for identical assets or liabilities; | ||||
· | Level 2: quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or | ||||
· | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. During the nine months ended September 30, 2013 and 2012 there were no reclassifications in financial assets or liabilities between Level 1, 2 or 3 categories. | |||||
The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of September 30, 2013: | |||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |
Assets | |||||
Marketable equity securities | $3,790 | $ - | $- | $3,790 | |
Liabilities | |||||
RMB warrants | - | 185 | - | 185 | |
Kinross calls | 26 | - | - | 26 | |
The following is a listing of Solitario’s financial assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2012: | |||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |
Assets | |||||
Marketable equity securities | $7,093 | $ - | $- | $7,093 | |
Liabilities | |||||
RMB warrants | - | 1,138 | - | 1,138 |
Income_Taxes
Income Taxes | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
8. Income Taxes | |||||
Solitario accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes.” Under ASC 740, income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes are also recognized for operating losses and tax credits that are available to offset future taxable income and income taxes, respectively. A valuation allowance is provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||
Primarily as a result of the built-in-gain in the value of Solitario's holdings of Kinross common stock recognized as other comprehensive income, Solitario estimated that its deferred tax liabilities exceeded its realizable deferred tax assets by $963,000 at December 31, 2012. As of September 30, 2013, Solitario’s deferred tax assets exceed its built in gain associated with its investment in marketable equity securities and Solitario has provided a valuation allowance of $552,000, which has been recorded in other comprehensive income. Accordingly, Solitario has recorded no deferred tax liabilities as of September 30, 2013. | |||||
The following table summarizes the changes in deferred income taxes during the three and nine months ended September 30, 2013 and 2012: | |||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Income tax benefit | $ 47 | $ 436 | $ 23 | $ 432 | |
Deferred tax (expense) benefit on unrealized losses on | ($47) | $(576) | $ 928 | $ 964 | |
marketable equity securities in other comprehensive income | |||||
Statement_of_Shareholders_Equi
Statement of Shareholders’ Equity, Comprehensive Loss and Noncontrolling Interest | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
Statement of Shareholders’ Equity, Comprehensive Loss and Noncontrolling Interest | ' | ||||||||
9. Shareholders’ Equity, comprehensive loss and noncontrolling interest | |||||||||
(in thousands, except | Accumulated | Total | |||||||
Share amounts) | Common | Common | Additional | Other | Solitario | Non- | Total | ||
Stock | Stock | Paid-in | Accumulated | Comprehensive | Shareholder | Controlling | Shareholders’ | ||
Shares | Amount | Capital | Deficit | Income | Equity | Interest | Equity | ||
Balance at December 31, 2012 | 34,479,958 | $345 | $47,107 | ($42,678) | $3,914 | $8,688 | $529 | $9,217 | |
Exercise of stock options for cash | 117,500 | 1 | 182 | 183 | 183 | ||||
Issuance of shares to noncontrolling | 50,000 | - | 77 | - | - | 77 | (77) | - | |
shareholder for future earn-in | |||||||||
Issuance of cash to noncontrolling shareholder for future earn-in | - | - | - | - | - | - | -250 | -250 | |
Stock option expense | - | - | 125 | - | - | 125 | - | 125 | |
Net loss | - | - | - | -991 | - | -991 | -3 | -994 | |
Net unrealized loss on marketable | - | - | - | - | -884 | -884 | - | -884 | |
equity securities | |||||||||
Balance at March 31, 2013 | 34,647,458 | 346 | 47,491 | -43,669 | 3,030 | 7,198 | 199 | 7,397 | |
Credit for payment to receive Ely shares | - | - | 500 | - | - | 500 | 250 | 750 | |
as well as Augusta debt payment | |||||||||
Distribution to noncontrolling interest | - | - | - | - | - | - | -50 | -50 | |
Issuance of shares for mineral property | 35,000 | 1 | 40 | - | - | 41 | - | 41 | |
Stock option expense | - | - | 68 | - | - | 68 | - | 68 | |
Net loss | - | - | - | -438 | - | -438 | -4 | -442 | |
Net unrealized loss on marketable | - | - | - | - | -1,669 | -1,669 | - | -1,669 | |
equity securities | |||||||||
Balance at June 30, 2013 | 34,682,458 | 347 | 48,099 | -44,107 | 1,361 | 5,700 | 395 | 6,095 | |
Common stock issued for cash | 2,451,892 | 25 | 2,035 | 2,060 | 2,060 | ||||
Issuance of shares to noncontrolling | 50,000 | - | 49 | - | - | 49 | (49) | - | |
shareholder for future earn-in | |||||||||
Issuance of cash to noncontrolling shareholder for future earn-in | - | - | - | - | - | - | -250 | -250 | |
Stock option expense | - | - | 13 | - | - | 13 | - | 13 | |
Net loss | - | - | - | -202 | - | -202 | -5 | -207 | |
Net unrealized loss on marketable | - | - | - | - | -272 | -272 | - | -272 | |
equity securities | |||||||||
Balance at September 30, 2013 | 37,184,350 | $372 | $50,196 | ($44,309) | $1,089 | $7,348 | $91 | $7,439 | |
On July 26, 2013, Solitario closed a private placement of 2,451,892 shares of its common stock at a price of $0.84 per share for total proceeds of $2,060,000 (the “Offering”). The Offering was unanimously approved by our Board of Directors and, as part of the Offering, insiders subscribed for and acquired 606,665 shares (the “Insider Shares”) for a total purchase of $510,000. The offer and sale of the Insider Shares was unanimously approved by the Audit Committee of the Board of Directors. All shares in the Offering were offered and sold on the same terms and conditions. | |||||||||
During the three and nine months ended September 30, 2013, Solitario paid DHI Minerals (US), Ltd. (“DHI”) $250,000 and $500,000, respectively, in cash and delivered 50,000 and 100,000, respectively, shares of Solitario common stock to DHI, in accordance with the terms of the letter of intent between Solitario, DHI and Ely. See Note 10, “Ely Gold investment and the Mt. Hamilton joint venture” to the consolidated financial statements included in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. During the nine months ended September 30, 2013 MH-LLC made a $250,000 distribution to its members and Solitario received $200,000 and DHI received $50,000. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
10. Segment Reporting | |||||||||
Solitario operates in two segments, (i) mineral exploration and (ii) mining development and operations. Solitario is capitalizing Mt. Hamilton development costs subsequent to February 22, 2012, as detailed above in Note 2, “Mineral properties.” The following summarizes Solitario segment activity for the three and nine months ended September 30, 2013 and 2012: | |||||||||
(in thousands) | Three months ended September 30, | ||||||||
Mt Hamilton | Exploration | Corporate and Other | Consolidated | ||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||
Property and joint venture revenue | $ - | $ - | $ - | $ - | $ 200 | $ 200 | $ 200 | $ 200 | |
Exploration expense | - | -6 | 76 | 513 | - | - | 76 | 507 | |
Interest expense (2) | - | 41 | - | - | - | 64 | - | 105 | |
Other loss (income) (1)(3) | 7 | 16 | -17 | -8 | 388 | 1,394 | 378 | 1,402 | |
Pre-tax loss (income) | $ 7 | $51 | $ 59 | $ 505 | $ 188 | $ 1,258 | $254 | $1,814 | |
-1 | Exploration expense other includes loss on unconsolidated subsidiary. | ||||||||
-2 | Interest cost and Mt. Hamilton depreciation have been capitalized to Mt. Hamilton mineral properties in 2013. See Note 2, “Mineral Property”. | ||||||||
-3 | Corporate and other include gain on warrant liability and gain on sale of marketable equity securities. | ||||||||
(in thousands) | Nine months ended September 30, | ||||||||
Mt Hamilton | Exploration | Corporate and Other | Consolidated | ||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||
Property and joint venture | $ - | $ - | $ - | $ - | $ 200 | $ 200 | $ 200 | $ 200 | |
revenue | |||||||||
Exploration expense | - | 308 | 774 | 1,277 | - | - | 774 | $ 1,585 | |
Interest expense (2) | - | 143 | - | - | - | 103 | - | 246 | |
Other loss (income) (1)(3) | 22 | 43 | 771 | 692 | 299 | 766 | 1,092 | 1,501 | |
Pre-tax loss | $ 22 | $ 494 | $1,545 | $1,969 | $ 99 | $ 669 | $ 1,666 | $ 3,132 | |
Total assets (4)(5) | $14,012 | $14,216 | $1,195 | $1,768 | $4,610 | $8,415 | $19,818 | $24,399 | |
Capital Expenditures (2) | $ 2,124 | $ 2,589 | $ 4 | $ 3 | $ 5 | $ 51 | $ 2,133 | $ 2,643 | |
-1 | Exploration expense other includes loss on unconsolidated subsidiary. | ||||||||
-2 | Interest cost and Mt. Hamilton depreciation have been capitalized to Mt. Hamilton in 2013. See Note 2, “Mineral properties.” | ||||||||
-3 | Corporate and other include gain on warrant liability and gain on sale of marketable equity securities. | ||||||||
-4 | Exploration total assets include investment in unconsolidated subsidiary. | ||||||||
-5 | Corporate and other total assets include investment in marketable equity securities. |
Business_and_Significant_Accou1
Business and Significant Accounting Policies (Policies) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
1. Business and Significant Accounting Policies | ' | ||||
1. Business and Significant Accounting Policies | |||||
Business | |||||
Solitario Exploration & Royalty Corp. (“Solitario”) is a development stage company (but not a company in the “Development Stage”) under Industry Guide 7, as issued by the United States Securities and Exchange Commission, with a focus on developing the Mt. Hamilton project located in Nevada. In addition to its Mt. Hamilton project, Solitario acquires and holds a portfolio of precious and base metal exploration properties for future sale, joint venture or to create a royalty prior to the establishment of proven and probable reserves. Although Solitario intends to develop the Mt. Hamilton project, Solitario has never developed a mineral property. At September 30, 2013, Solitario's mineral properties are located in the United States, Mexico, Brazil and Peru. | |||||
The accompanying interim condensed consolidated financial statements of Solitario for the three and nine months ended September 30, 2013 and 2012 are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America. They do not include all disclosures required by generally accepted accounting principles for annual financial statements, but in the opinion of management, include all adjustments, consisting only of normal recurring items, necessary for a fair presentation. Interim results are not necessarily indicative of results, which may be achieved in the future or for the full year ending December 31, 2013. | |||||
These financial statements should be read in conjunction with the financial statements and notes thereto which are included in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. The accounting policies set forth in those annual financial statements are the same as the accounting policies utilized in the preparation of these financial statements, except as modified for appropriate interim financial statement presentation. | |||||
Investment in Kinross | ' | ||||
Investment in Kinross | |||||
Solitario has a significant investment in Kinross Gold Corporation (“Kinross”) at September 30, 2013 and December 31, 2102, which consists of the following: | |||||
(in thousands) | 30-Sep-13 | December 31, | |||
2012 | |||||
Shares | 600 | 670 | |||
Fair value | |||||
Current assets | $1,313 | $3,110 | |||
Long term assets | $1,717 | $3,402 | |||
During the three and nine months ended September 30, 2013 and 2012, Solitario sold the following shares of Kinross: | |||||
(in thousands) | Three months ended | Nine months ended | |||
30-Sep | 30-Sep | ||||
2013 | 2012 | 2013 | 2012 | ||
Shares sold | 10 | - | 70 | 180 | |
Proceeds | $45 | $ - | $358 | $1,591 | |
Gain on sale | $38 | $ - | $308 | $1,464 | |
As of September 30, 2013 Solitario has no outstanding short-term margin loans and as of December 31, 2012, Solitario had borrowed $1,500,000 in short-term margin loans against its holdings of Kinross shares. The short-term margin loans are discussed below under, “Short-term debt.” As of November xx, 2013 we own 600,000 shares of Kinross common stock which have a value of approximately $3.25 million based upon the market price of $4.00 per Kinross share. Solitario’s investment in Kinross common stock represents a significant concentration of assets, with the inherent risk that entails. Any significant decline in the market value of Kinross common shares could have a material impact on our liquidity and capital resources. | |||||
Equity method investments | ' | ||||
Equity method investments | |||||
Solitario accounts for its 49% investment in Pedra Branca do Mineracao, Ltd. (“PBM”) under the equity method. During the three and nine months ended September 30, 2013 Solitario recorded a reduction of $158,000 and $896,000, respectively, in its equity method investment for Solitario’s share of the loss of PBM. During the three and nine months ended September 30, 2012 Solitario recorded a reduction of $113,000 and $494,000, respectively, in its equity method investment for Solitario’s share of the loss of PBM. . During the three and nine months ended September 30, 2013 and 2012 PBM had no revenues. | |||||
Employee stock compensation plans | ' | ||||
Employee stock compensation plans | |||||
On June 18, 2013 Solitario’s shareholders approved the 2013 Solitario Exploration and Royalty Corp. Omnibus Stock and Incentive Plan (the “2013 Plan”). Under the terms of the 2013 Plan, the Board of Directors may grant awards for up to 1,750,000 shares to Directors, officers, employees and consultants. Such 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 2013 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors. | |||||
During the nine months ended September 30, 2013, Solitario granted a stock option for 120,000 shares with an exercise price of $1.14, the closing price of a share of Solitario common stock as quoted on the NYSE-MKT on the date of the grant. The option has term of five years, vested 25% on the date of grant and 25% on each subsequent anniversary date, and a grant date fair value of $78,000, based upon a Black-Scholes model with a 68% expected volatility, an expected life of five years and a risk free interest rate of 1.24%. There were no options exercised from the 2013 Plan during the three and nine months ended September 30, 2013. | |||||
On June 27, 2006 Solitario’s shareholders approved the 2006 Stock Option Incentive Plan (the “2006 Plan”). Under the terms of the 2006 Plan, the Board of Directors may grant up to 2,800,000 options to Directors, officers and employees with exercise prices equal to the market price of Solitario’s common stock at the date of grant. | |||||
There were no new options granted under the 2006 Plan during the three and nine months ended September 30, 2013 and 2012. There were no options exercised during the three months ended September 30, 2013. During the nine months ended September 30, 2013 options for 112,500 shares were exercised at a price of Cdn$1.55 per share for proceeds of $176,000 and 5,000 options were exercised at a price of Cdn$1.49 per share for proceeds of $7,000. No options were exercised during the three and nine months ended September 30, 2012. | |||||
Solitario’s outstanding options on the date of grant have a five year term, and vest 25% on date of grant and 25% on each of the next three anniversary dates. Solitario recognizes stock option compensation expense on the date of grant for 25% of the grant date fair value, and subsequently, based upon a straight line amortization of the unvested grant date fair value of each of its outstanding options. During the three and nine months ended September 30, 2013, Solitario recorded $14,000 and $206,000, respectively, of stock option expense for the amortization of grant date fair value with a credit to additional paid-in-capital. During the three and nine months ended September 30, 2012, Solitario recorded $174,000 and $523,000, respectively, of stock option expense for the amortization of grant date fair value with a credit to additional paid-in-capital. | |||||
Earnings per share | ' | ||||
Earnings per share | |||||
The calculation of basic and diluted earnings and loss per share is based on the weighted average number of common shares outstanding during the three and nine months ended September 30, 2013 and 2012. During the three and nine months ended September 30, 2013 and 2012, Solitario excluded 2,600,900 and 2,433,400, respectively, potentially dilutive shares related to outstanding common stock options from the calculation because the effects were anti-dilutive. During the three and nine months ended September 30, 2013 and 2012, Solitario excluded an additional 1,624,748 shares related to warrants from the calculation of earnings per share because the effects were anti-dilutive. | |||||
Marketable equity securities | ' | ||||
Marketable equity securities | |||||
Solitario's investments in marketable equity securities are classified as available-for-sale and 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 accumulated other comprehensive income within shareholders' equity, unless a decline in fair value is considered other than temporary, in which case the decline is recognized as a loss in the consolidated statement of operations. | |||||
The following tables summarize Solitario’s marketable equity securities and accumulated other comprehensive income related to its marketable equity securities: | |||||
(in thousands) | September 30, 2013 | December 31, 2012 | |||
Marketable equity securities at fair value | $3,790 | $7,093 | |||
Cost | 1,301 | 851 | |||
Accumulated other comprehensive income for | 2,489 | 6,242 | |||
unrealized holding gains | |||||
Deferred taxes on accumulated other comprehensive | 1,430 | 2,328 | |||
income for unrealized holding gains | |||||
Accumulated other comprehensive income | $1,059 | $3,914 | |||
The following table represents changes in marketable equity securities: | |||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Gross cash proceeds | $ 45 | $ - | $ 358 | $1,591 | |
Cost | 7 | - | 50 | 127 | |
Gross gain on sale included in earnings during the period | 38 | - | 308 | 1,464 | |
Deferred taxes on gross gain on sale included in earnings | -14 | - | -115 | -546 | |
Reclassification adjustment to unrealized gain in other | -24 | - | -193 | -918 | |
comprehensive income for net gains included in earnings | |||||
Gross unrealized holding loss arising during the period | -187 | -1,385 | -3,445 | -1,121 | |
included in other comprehensive loss. | |||||
Deferred taxes on unrealized holdings loss included in | -98 | 516 | 776 | 418 | |
other comprehensive loss | |||||
Net unrealized holding loss | -285 | -869 | -2,669 | -703 | |
Other comprehensive loss from marketable equity | ($309) | ($869) | ($2,862) | ($1,621) | |
Securities |
Business_and_Significant_Accou2
Business and Significant Accounting Policies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Investment Value Kinross | ' | ||||
(in thousands) | 30-Sep-13 | December 31, | |||
2012 | |||||
Shares | 600 | 670 | |||
Fair value | |||||
Current assets | $1,313 | $3,110 | |||
Long term assets | $1,717 | $3,402 | |||
Kinross Shares Sold | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
30-Sep | 30-Sep | ||||
2013 | 2012 | 2013 | 2012 | ||
Shares sold | 10 | - | 70 | 180 | |
Proceeds | $45 | $ - | $358 | $1,591 | |
Gain on sale | $38 | $ - | $308 | $1,464 | |
Summary Marketable Equity Securities | ' | ||||
(in thousands) | September 30, 2013 | December 31, 2012 | |||
Marketable equity securities at fair value | $3,790 | $7,093 | |||
Cost | 1,301 | 851 | |||
Accumulated other comprehensive income for | 2,489 | 6,242 | |||
unrealized holding gains | |||||
Deferred taxes on accumulated other comprehensive | 1,430 | 2,328 | |||
income for unrealized holding gains | |||||
Accumulated other comprehensive income | $1,059 | $3,914 | |||
Changes in Marketable Securities | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Gross cash proceeds | $ 45 | $ - | $ 358 | $1,591 | |
Cost | 7 | - | 50 | 127 | |
Gross gain on sale included in earnings during the period | 38 | - | 308 | 1,464 | |
Deferred taxes on gross gain on sale included in earnings | -14 | - | -115 | -546 | |
Reclassification adjustment to unrealized gain in other | -24 | - | -193 | -918 | |
comprehensive income for net gains included in earnings | |||||
Gross unrealized holding loss arising during the period | -187 | -1,385 | -3,445 | -1,121 | |
included in other comprehensive loss. | |||||
Deferred taxes on unrealized holdings loss included in | -98 | 516 | 776 | 418 | |
other comprehensive loss | |||||
Net unrealized holding loss | -285 | -869 | -2,669 | -703 | |
Other comprehensive loss from marketable equity | ($309) | ($869) | ($2,862) | ($1,621) | |
Securities |
Mineral_Property_Tables
Mineral Property (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Mineral Property Investment in Mineral Property | ' | ||||
(in thousands) | September 30, | December 31, | |||
2013 | 2012 | ||||
Development (United States) | |||||
Mt. Hamilton | $11,399 | $9,275 | |||
Exploration | |||||
Pachuca (Mexico) | 20 | 20 | |||
Norcan (Mexico) | 6 | 6 | |||
Aconchi (Mexico) | 5 | 5 | |||
Canta Colorado (Peru) | 3 | 3 | |||
La Promesa (Peru) | 5 | 5 | |||
Cerro Azul (Peru) | - | 3 | |||
Atico (Peru) | - | 5 | |||
Jaripo (Mexico) | - | 5 | |||
Total exploration | 39 | 52 | |||
Total mineral property | $11,438 | $9,327 | |||
Mineral Property Capitalized Development | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Development expenditures | $ 601 | $ 1,448 | $ 1,369 | $ 2,211 | |
Capitalized interest | 184 | - | 557 | - | |
Property payments | 75 | 50 | 175 | 325 | |
Capitalized depreciation | 7 | 12 | 23 | 18 | |
Total capitalized costs | $ 867 | $ 1,510 | $ 2,124 | $ 2,554 | |
Mineral Property Lease Modification | ' | ||||
June 1, | June 1, | June 1, | Remaining years (2) | ||
2013 | 2014 | 2015(1) | |||
Solitario common stock shares | 35,000 | 35,000 | 66,500 | - | |
Target value of Solitario shares (3)(4) | $ 50,000 | $ 50,000 | $ 95,000 | $ - | |
Cash | 50,000 | 50,000 | 75,000 | 190,000 | |
Minimum lease payment value | $100,000 | $100,000 | $170,000 | $190,000 | |
Annual work commitments | - | - | - | $150,000 | |
(1) The leases may be terminated after June 1, 2015. | |||||
(2) The annual payments accelerate $2,000 per year after June 1, 2016. | |||||
(3) The target value is determined based upon the 20-day average price on the NYSE-MKT prior to the relevant payment date. | |||||
(4) To the extent the market value of the shares delivered is below the target value, the difference is paid in cash. | |||||
Mineral Property Exploration Expense | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Geologic and field expenses | $ 28 | $432 | $ 521 | $1,003 | |
Administrative | 48 | 81 | 253 | 274 | |
Mt. Hamilton exploration and development | - | (6) | - | 308 | |
Total exploration costs | $ 76 | $ 507 | $774 | $1,585 |
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||
Other Assets | ' | ||
(in thousands) | September 30, | December 31, | |
2013 | 2012 | ||
Deferred offering costs RMB Loan | $371 | $518 | |
Accumulated Mt. Hamilton advance royalty payments | 300 | 300 | |
Furniture and Fixtures, net of accumulated depreciation | 107 | 143 | |
Exploration bonds and other assets | 52 | 111 | |
Total other assets | $ 830 | $ 1,072 |
Short_Term_Debt_Tables
Short Term Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Short Term Debt UBS | ' | ||||
(in thousands) | |||||
UBS short-term credit line | |||||
Beginning balance December 31, 2012 | $ 1,500 | ||||
Borrowing | 1,100 | ||||
Repayments, net of interest charges | (2,600) | ||||
Ending balance September 30, 2013 | $ - | ||||
Short Term Debt Interest | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest UBS short-term credit line | $ 3 | $5 | $ 19 | $36 | |
Interest RBC short-term margin loan | - | 7 | - | 21 | |
Total interest, short-term margin loans | $ 3 | $12 | $ 19 | $57 |
Long_Term_Debt_Tables
Long Term Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long Term Debt Augusta Debt | ' | ||||
(in thousands) | September 30, | December31, | |||
Payment date | 2013 | 2012 | |||
1-Jun-13 | $ - | $ 750 | |||
1-Jun-14 | 750 | 750 | |||
1-Jun-15 | 1,000 | 1,000 | |||
Unamortized discount | (154) | (264) | |||
Total | 1,596 | 2,236 | |||
Current portion | 713 | 727 | |||
Long-term debt | $883 | $1,509 | |||
Long Term Debt Interest Accretion Augusta Debt | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest accretion on Augusta debt | $ 29 | $41 | $ 110 | $143 | |
Interest Amortization RMB Loan | ' | ||||
RMB | RMB | RMB | |||
(in thousands) | Loan borrowing | Warrant discount | Long-term | ||
Debt | |||||
Beginning balance December 31, 2012 | $ 1,500 | ($573) | $927 | ||
Borrowing | 1,000 | 1,000 | |||
Amortization of discount to interest cost | - | 54 | 54 | ||
Ending balance March 31, 2013 | $2,500 | ($519) | 1,981 | ||
Borrowing | 1,000 | 1,000 | |||
Amortization of discount to interest cost | - | 54 | 54 | ||
Ending September 30, 2013 | $3,500 | ($465) | 3,035 | ||
Borrowing | - | - | |||
Amortization of discount to interest cost | - | 55 | 55 | ||
Ending September 30, 2013 | $3,500 | ($410) | 3,090 | ||
Long Term Debt Interest Cost RMB Loan | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
30-Sep | 30-Sep | ||||
2013 | 2012 | 2013 | 2012 | ||
Interest paid in cash | $ 48 | $ 8 | $ 118 | $ 8 | |
Amortization of the RMB Warrants discount | 55 | 23 | 163 | 23 | |
Amortization of RMB deferred financing costs | 49 | 21 | 147 | 21 | |
Total interest expense related to the RMB Loan | $152 | $52 | $428 | $52 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Assets and Liabilities at Fair Value Sept. 30 2013 | ' | ||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |
Assets | |||||
Marketable equity securities | $4,022 | $ - | $- | $4,022 | |
Liabilities | |||||
RMB warrants | - | 282 | - | 282 | |
Kinross calls | 26 | - | - | 26 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes Changes | ' | ||||
(in thousands) | Three months ended | Nine months ended | |||
September 30, | September 30, | ||||
2013 | 2012 | 2013 | 2012 | ||
Income tax benefit | $ 47 | $ 436 | $ 23 | $ 432 | |
Deferred tax benefit (expense) on unrealized losses on | ($47) | $(576) | $ 928 | $ 964 | |
marketable equity securities in other comprehensive income |
Statement_of_Shareholders_Equi1
Statement of Shareholders’ Equity, Comprehensive Loss and Noncontrolling Interest (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
Shareholders' Equity | ' | ||||||||
(in thousands, except | Accumulated | Total | |||||||
Share amounts) | Common | Common | Additional | Other | Solitario | Non- | Total | ||
Stock | Stock | Paid-in | Accumulated | Comprehensive | Shareholder | Controlling | Shareholders’ | ||
Shares | Amount | Capital | Deficit | Income | Equity | Interest | Equity | ||
Balance at December 31, 2012 | 34,479,958 | $345 | $47,107 | ($42,678) | $3,914 | $8,688 | $529 | $9,217 | |
Exercise of stock options for cash | 117,500 | 1 | 182 | 183 | 183 | ||||
Issuance of shares to noncontrolling | 50,000 | - | 77 | - | - | 77 | (77) | - | |
shareholder for future earn-in | |||||||||
Issuance of cash to noncontrolling shareholder for future earn-in | - | - | - | - | - | - | -250 | -250 | |
Stock option expense | - | - | 125 | - | - | 125 | - | 125 | |
Net loss | - | - | - | -991 | - | -991 | -3 | -994 | |
Net unrealized loss on marketable | - | - | - | - | -884 | -884 | - | -884 | |
equity securities | |||||||||
Balance at March 31, 2013 | 34,647,458 | $346 | $47,491 | ($43,669) | $3,030 | $7,198 | $199 | $7,397 | |
Credit for payment to receive Ely shares | - | - | 500 | - | - | 500 | 250 | 750 | |
as well as Augusta debt payment | |||||||||
Distribution to noncontrolling interest | - | - | - | - | - | - | -50 | -50 | |
Issuance of shares for mineral property | 35,000 | 1 | 40 | - | - | 41 | - | 41 | |
Stock option expense | - | - | 68 | - | - | 68 | - | 68 | |
Net loss | - | - | - | -438 | - | -438 | -4 | -442 | |
Net unrealized loss on marketable | - | - | - | - | -1,669 | -1,669 | - | -1,669 | |
equity securities | |||||||||
Balance at June 30, 2013 | 34,682,458 | $347 | $48,099 | ($44,107) | $1,361 | $5,700 | $395 | $6,095 | |
Common stock issued for cash | 2,451,892 | 25 | 2,035 | 2,060 | 2,060 | ||||
Issuance of shares to noncontrolling | 50,000 | - | 49 | - | - | 49 | (49) | - | |
shareholder for future earn-in | |||||||||
Issuance of cash to noncontrolling shareholder for future earn-in | - | - | - | - | - | - | -250 | -250 | |
Stock option expense | - | - | 13 | - | - | 13 | - | 13 | |
Net loss | - | - | - | -202 | - | -202 | -5 | -207 | |
Net unrealized loss on marketable | - | - | - | - | -272 | -272 | - | -272 | |
equity securities | |||||||||
Balance at September 30, 2013 | 37,184,350 | $372 | $50,196 | ($44,309) | $1,089 | $7,348 | $91 | $7,439 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Activity 3 Months | ' | ||||||||
(in thousands) | Three months ended September 30, | ||||||||
Mt Hamilton | Exploration | Corporate and Other | Consolidated | ||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||
Exploration expense | $ - | ($6) | $ 76 | $513 | $ - | $ - | $ 76 | $507 | |
Interest expense (2) | - | 41 | - | - | - | 64 | - | 105 | |
Other loss (income) (1)(3) | 7 | 16 | -17 | -8 | 188 | 1,194 | 178 | 1,202 | |
Pre-tax loss (income) | $ 7 | $51 | $ 59 | $ 505 | $ 188 | $ 1,258 | $254 | $1,814 | |
Segment Activity 9 Months | ' | ||||||||
(in thousands) | Nine months ended September 30, | ||||||||
Mt Hamilton | Exploration | Corporate and Other | Consolidated | ||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||
Exploration expense | $ - | $ 308 | $774 | $1,277 | $ - | $ - | $ 774 | $ 1,585 | |
Interest expense (2) | - | 143 | - | - | - | 103 | - | 246 | |
Other loss (income) (1)(3) | 22 | 43 | 771 | 692 | 99 | 566 | 892 | 1,301 | |
Pre-tax loss | $ 22 | $ 494 | $1,545 | $1,969 | $ 99 | $ 669 | $ 1,666 | $ 3,132 | |
Total assets (4)(5) | $14,012 | $14,216 | $1,195 | $1,768 | $4,610 | $8,415 | $19,818 | $24,399 | |
Capital Expenditures (2) | $ 2,124 | $ 2,589 | $ 4 | $ 3 | $ 5 | $ 51 | $ 2,133 | $ 2,643 |
Business_and_Significant_Accou3
Business and Significant Accounting Policies - Investment Value Kinross (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Shares | 600 | 670 |
Current assets | $1,313 | $3,110 |
Long term assets | $1,717 | $3,402 |
Business_and_Significant_Accou4
Business and Significant Accounting Policies - Kinross Shares Sold (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Shares sold | 10 | ' | 70 | 180 |
Proceeds | $45 | ' | $358 | $1,591 |
Gain on sale | $38 | ' | $308 | $1,464 |
Business_and_Significant_Accou5
Business and Significant Accounting Policies - Summary Marketable Equity Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Marketable equity securities at fair value | $3,790 | $7,093 |
Cost | 1,301 | 851 |
Accumulated other comprehensive income for unrealized holding gains | 2,489 | 6,242 |
Deferred taxes on accumulated other comprehensive income for unrealized holding gains | 1,400 | 2,328 |
Accumulated other comprehensive income | $1,089 | $3,914 |
Business_and_Significant_Accou6
Business and Significant Accounting Policies - Changes in Marketable Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Gross cash proceeds | $45,000 | ' | $358,000 | $1,591,000 |
Cost | 7,000 | ' | 50,000 | 127,000 |
Gross gain on sale included in earnings during the period | 38,000 | ' | 308,000 | 1,464,000 |
Deferred taxes on gross gain on sale included in earnings | -14,000 | ' | -115,000 | -546,000 |
Reclassification adjustment to unrealized gain in other comprehensive income for net gains included in earnings | -24,000 | ' | -193,000 | -918,000 |
Gross unrealized holding (loss) gain arising during the period included in other comprehensive loss. | -187,000 | 1,544,000 | -3,445,000 | -1,121,000 |
Deferred taxes on unrealized holdings loss included in other comprehensive loss | -61,000 | -576,000 | 813,000 | 418,000 |
Net unrealized holding loss (gain) | -248,000 | 968,000 | -2,632,000 | -703,000 |
Other comprehensive loss (gain) from marketable equity Securities | ($272,000) | $968,000 | ($2,825,000) | ($1,621,000) |
Business_and_Significant_Accou7
Business and Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 04, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Borrowed in Short Term Margin Loans | ' | ' | ' | ' | ' | ' | $1,500,000 |
Shares of Kinross Owned | ' | ' | ' | ' | 600,000 | ' | ' |
Value Kinross Common Stock at $5.01 per Share | ' | ' | ' | ' | 3,010,000 | ' | ' |
Reduction in 49% Investment in PBM | 158,000 | 93,000 | 896,000 | 339,000 | ' | ' | ' |
Shares Available for Grant Under 2013 Omnibus Stock and Incentive Plan | ' | ' | ' | ' | ' | 1,750,000 | ' |
Options Granted Under 2013 Plan at $1.14 per Share | ' | ' | 120,000 | ' | ' | ' | ' |
Grant Date Fair Value of Options Granted | ' | ' | 78,000 | ' | ' | ' | ' |
Options Available Under 2006 Plan | ' | ' | 2,800,000 | ' | ' | ' | ' |
Options Exercised Under 2006 Plan at Cdn $1.55 per Share | ' | ' | 112,500 | ' | ' | ' | ' |
Proceeds from Options Exercised Under 2006 Plan at $Cdn 1.55 per Share | ' | ' | 176,000 | ' | ' | ' | ' |
Options Exercised Under 2006 Plan at Cdn $1.49 per Share | ' | ' | 5,000 | ' | ' | ' | ' |
Proceeds from Options Exercised Under 2006 Plan at $Cdn 1.49 per Share | ' | ' | 7,000 | ' | ' | ' | ' |
Stock Option Expense for Amortization of Grant Date Fair Value | 13,000 | 174,000 | 206,000 | 523,000 | ' | ' | ' |
Potentially Dilutive Shares Excluded from Earnings Calculations | 2,600,900 | 2,600,900 | 2,433,400 | 2,433,400 | ' | ' | ' |
Shares Excluded Related to Warrants from Calculation of Earnings | 1,624,748 | 1,624,748 | 1,624,748 | 1,624,748 | ' | ' | ' |
Revenue Received from Bongara Property | $200,000 | ' | $200,000 | ' | ' | ' | ' |
MIneral_Property_Mineral_Prope
MIneral Property - Mineral Property Investment in Mineral Property (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Notes to Financial Statements | ' | ' |
Mt. Hamilton | $11,399,000 | $9,275,000 |
Exploration | ' | ' |
Pachuca (Mexico) | 20,000 | 20,000 |
Norcan (Mexico) | 6,000 | 6,000 |
Aconchi (Mexico) | 5,000 | 5,000 |
Canta Colorado (Peru) | 3,000 | 3,000 |
La Promesa (Peru) | 5,000 | 5,000 |
Cerro Azul (Peru) | ' | 3,000 |
Atico (Peru) | ' | 5,000 |
Jaripo (Mexico) | ' | 5,000 |
Total exploration | 39,000 | 52,000 |
Total mineral property | $11,438,000 | $9,327,000 |
MIneral_Property_Mineral_Prope1
MIneral Property - Mineral Property Capitalized Development (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Notes to Financial Statements | ' | ' | ' | ' |
Development expenditures | $601,000 | $1,448,000 | $1,369,000 | $2,211,000 |
Capitalized interest | 184,000 | ' | 557,000 | ' |
Property payments | 75,000 | 50,000 | 175,000 | 325,000 |
Capitalized depreciation | 7,000 | 12,000 | 23,000 | 18,000 |
Total capitalized costs | $867,000 | $1,510,000 | $2,124,000 | $2,554,000 |
MIneral_Property_Mineral_Prope2
MIneral Property - Mineral Property Lease Modification (Details) (USD $) | Jun. 01, 2016 | Jun. 01, 2015 | Jun. 01, 2014 | Jun. 01, 2013 |
Notes to Financial Statements | ' | ' | ' | ' |
Solitario common stock shares | ' | 66,500 | 35,000 | 35,000 |
Target value of Solitario shares (3)(4) | ' | $95,000 | $50,000 | $50,000 |
Cash | 190,000 | 75,000 | 50,000 | 50,000 |
Minimum lease payment value | 190,000 | 170,000 | 100,000 | 100,000 |
Annual work commitments | $150,000 | ' | ' | ' |
MIneral_Property_Mineral_Prope3
MIneral Property - Mineral Property Exploration Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Notes to Financial Statements | ' | ' | ' | ' |
Geologic and field expenses | $28,000 | $432,000 | $521,000 | $1,003,000 |
Administrative | 48,000 | 81,000 | 253,000 | 274,000 |
Mt. Hamilton exploration and development | ' | -6,000 | ' | 308,000 |
Total exploration costs | $76,000 | $507,000 | $774,000 | $1,585,000 |
Mineral_Property_Details_Narra
Mineral Property (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 23-May-13 | |
Notes to Financial Statements | ' | ' | ' | ' |
Initial Lease Maintenance Cost | ' | ' | ' | $160,000 |
Shares Delivered Under Amended Lease Term | ' | 35,000 | ' | ' |
Target Value of Shares Delivered | ' | 41,000 | ' | ' |
Cash Paid Under Amended Lease Terms | ' | 59,000 | ' | ' |
Mineral Property Write-Downs | $24,000 | $13,000 | $24,000 | ' |
Other_Assets_Other_Assets_Deta
Other Assets - Other Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred offering costs RMB Loan | $371,000 | $518,000 |
Accumulated Mt. Hamilton advance royalty payments | 300,000 | 300,000 |
Furniture and Fixtures, net of accumulated depreciation | 107,000 | 143,000 |
Exploration bonds and other assets | 52,000 | 111,000 |
Total other assets | $830,000 | $1,072,000 |
Short_Term_Debt_Short_Term_Deb
Short Term Debt - Short Term Debt UBS (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
UBS short-term credit line | ' | ' |
Beginning balance | ' | $1,500,000 |
Borrowing | 1,117,000 | ' |
Repayments | -2,617,000 | ' |
Ending balance | ' | ' |
Short_Term_Debt_Short_Term_Deb1
Short Term Debt - Short Term Debt Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Notes to Financial Statements | ' | ' | ' | ' |
Interest UBS short-term credit line | $3,000 | $5,000 | $19,000 | $36,000 |
Interest RBC short-term margin loan | ' | 7,000 | ' | 21,000 |
Total interest, short-term margin loans | $3,000 | $12,000 | $19,000 | $57,000 |
Short_Term_Debt_Details_Narrat
Short Term Debt (Details Narrative) | Sep. 30, 2013 |
Notes to Financial Statements | ' |
Kinross Shares in UBS Account | 460,000 |
Equity Value in UBS Brokerage Account at Interest Rate of 2.45% as a Percent | 100 |
Equity Balance RBC Brokerage Account as a Percent | 100 |
Long_Term_Debt_Long_Term_Debt_
Long Term Debt - Long Term Debt Augusta Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
1-Jun-13 | ' | $750,000 |
1-Jun-14 | 750,000 | 750,000 |
1-Jun-15 | 1,000,000 | 1,000,000 |
Unamortized discount | -154,000 | -264,000 |
Total | 1,596,000 | 2,236,000 |
Current portion | 714,000 | 727,000 |
Long-term debt | $882,000 | $1,509,000 |
Long_Term_Debt_Long_Term_Debt_1
Long Term Debt - Long Term Debt Interest Accretion Augusta Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Interest accretion on Augusta debt | $29 | $41 | $110 | $143 |
Long_Term_Debt_Interest_Amorti
Long Term Debt Interest Amortization RMB Loan (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
RMB Loan Borrowing | ' | ' | ' |
Beginning Balance | $3,500,000 | $2,500,000 | $1,500,000 |
Borrowing | ' | 1,000,000 | 1,000,000 |
Amortization of discount to interest cost | ' | ' | ' |
Ending Balance | 3,500,000 | 3,500,000 | 2,500,000 |
RMB Warrant Discount | ' | ' | ' |
Beginning Balance | -165,000 | -519,000 | -573,000 |
Borrowing | ' | ' | ' |
Amortization of discount to interest cost | 55,000 | 54,000 | 54,000 |
Ending Balance | -410,000 | -465,000 | -519,000 |
RMB Long Term Debt | ' | ' | ' |
Beginning Balance | 3,035,000 | 1,981,000 | 927,000 |
Borrowing | ' | 1,000,000 | 1,000,000 |
Amortization of discount to interest cost | 55,000 | 54,000 | 54,000 |
Ending Balance | $3,090,000 | $3,035,000 | $1,981,000 |
Long_Term_Debt_Long_Term_Debt_2
Long Term Debt - Long Term Debt Interest Cost RMB Loan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Interest paid in cash | $48,000 | $8,000 | $118,000 | $8,000 |
Amortization of the RMB Warrants discount | 55,000 | 23,000 | 163,000 | 23,000 |
Amortization of RMB deferred financing costs | 49,000 | 21,000 | 147,000 | 21,000 |
Total interest expense related to the RMB Loan | $152,000 | $52,000 | $428,000 | $52,000 |
Long_Term_Debt_Details_Narrati
Long Term Debt (Details Narrative) (USD $) | Jun. 01, 2013 | 1-May-13 | Apr. 22, 2013 | Aug. 10, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Required Subscription Due Before Reduction | ' | $750,000 | ' | ' |
Required Subscription After Reduction | ' | 500,000 | ' | ' |
Ely Payment Due to Augusta | 750,000 | ' | ' | ' |
Ely Payment to Augusta from Proceeds | 250,000 | ' | ' | ' |
Cash Delivered to Ely for Subscription Agreement | ' | ' | 500,000 | ' |
Ely Common Stock Delivered to Solitario | ' | ' | 5,131,150 | ' |
Funds Available from RMBAH | ' | ' | ' | $5,000,000 |
Warrants Related to Subscription Agreement | ' | ' | ' | 1,624,748 |
Derivative_Instruments_Derivat
Derivative Instruments - Derivative Instruments Summary RMB Warrants (Details) (RMB Warrant Liability, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
RMB Warrant Liability | ' |
Beginning Balance | $1,138,000 |
(Gain) on Warrant Liability | -953,000 |
Ending Balance | $185,000 |
Derivative_Instruments_Derivat1
Derivative Instruments - Derivative Instruments Summary RMB Warrants Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
(Gain) loss on warrant liability | ($96,000) | $729,000 | ($953,000) | $729,000 |
Black Scholes model | ' | ' | ' | ' |
Life (months) | ' | ' | 23 | 35 |
Stock price per share | ' | ' | 0.86 | 1.85 |
Volatility (%) | ' | ' | 57 | 65 |
Risk-free interest rate (%) | ' | ' | 0.3 | 0.4 |
Derivative_Instruments_Derivat2
Derivative Instruments - Derivative Instruments Kinross Covered Call Options Table 1 (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
KGC February 2013 $11 Call | ' |
Shares of Kinross | 100,000 |
Beginning balance | $3,000 |
Sale of call | ' |
(Gain) on derivative instrument | -3,000 |
Ending liability balance | ' |
KGC February 2014 $7 Call | ' |
Shares of Kinross | 100,000 |
Beginning balance | ' |
Sale of call | 55,000 |
(Gain) on derivative instrument | -40,000 |
Ending liability balance | 15,000 |
KGC February 2014 $8 Call | ' |
Shares of Kinross | 50,000 |
Beginning balance | ' |
Sale of call | 35,000 |
(Gain) on derivative instrument | -24,000 |
Ending liability balance | $11,000 |
Derivative_Instruments_Derivat3
Derivative Instruments - Derivative Instruments Gain Loss Kinross Covered Call Options Table 2 (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
(Gain) loss on Kinross $7 February 2014 call | ($40,000) | ' | ($40,000) | ' |
(Gain) loss on Kinross $8 February 2014 call | -24,000 | ' | -24,000 | ' |
(Gain) loss on Kinross $1 February 2013 call | ' | ' | -3,000 | -3,000 |
Total Kinross Calls | -64,000 | ' | -67,000 | 3,000 |
(Gain) loss on Ely & ILC warrants | ' | 22,000 | ' | 73,000 |
Total (gain) loss on derivative instruments | ($64,000) | $22,000 | ($67,000) | $76,000 |
Derivative_Instruments_Details
Derivative Instruments (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Unrealized Loss Ely Warrants 1,666,666 Shares Cdn $0.25 per Share | $22,000 | $73,000 |
Loss on International Lithium Warrants | ' | $3,000 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Notes to Financial Statements | ' | ' |
Marketable equity securities Level 1 | $3,790,000 | $7,093,000 |
Marketable equity securities Level 2 | ' | ' |
Marketable equity securities Level 3 | ' | ' |
Marketable equity securities Total | 3,790,000 | 7,093,000 |
Liabilities | ' | ' |
RMB warrants Level 1 | ' | ' |
RMB warrants Level 2 | 185,000 | 1,138,000 |
RMB warrants Level 3 | ' | ' |
RMB warrants Total | 185,000 | 1,138,000 |
Kinross calls Level 1 | 26,000 | ' |
Kinross calls Level 2 | ' | ' |
Kinross calls Level 3 | ' | ' |
Kinross calls Total | $26,000 | ' |
Income_Taxes_Income_Taxes_Chan
Income Taxes - Income Taxes Changes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax benefit | $47,000 | $436,000 | $23,000 | $432,000 |
Deferred tax (expense) benefit on unrealized losses on marketable equity securities in other comprehensive income | ($47,000) | ($576,000) | $928,000 | $964,000 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Amount Deferred Tax Liabilities Exceeds Deferred Tax Assets | ' | $963,000 |
Valuation Allowance on Built In Gain | $552,000 | ' |
Shareholders_Equity_Details
Shareholders Equity (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Common Stock | ' | ' | ' |
Beginning balance, Value | $347,000 | $346,000 | $345,000 |
Beginning balance, Shares | 34,682,458 | 34,647,458 | 34,479,958 |
Exercise of stock options for cash, Value | ' | ' | 1,000 |
Exercise of stock options for cash, Shares | ' | ' | 117,500 |
Issuance of shares to noncontrolling shareholder for future earn-in, Shares | 50,000 | ' | 50,000 |
Issuance of shares for mineral property, Value | ' | 1,000 | ' |
Issuance of shares for mineral property, Shares | ' | 35,000 | ' |
Common stock issued for cash, Value | 25,000 | ' | ' |
Common stock issued for cash, Shares | 2,451,892 | ' | ' |
Ending balance, Value | 372,000 | 347,000 | 346,000 |
Ending balance, Shares | 37,184,350 | 34,682,458 | 34,647,458 |
Additional Paid-In Capital | ' | ' | ' |
Beginning balance, Value | 48,099,000 | 47,491,000 | 47,107,000 |
Exercise of stock options for cash, Value | ' | ' | 182,000 |
Issuance of shares to noncontrolling shareholder for future earn-in, Value | 49,000 | ' | 77,000 |
Stock option expense | 13,000 | 68,000 | 125,000 |
Credit for payment to receive Ely shares as well as Augusta debt payment | ' | 500,000 | ' |
Issuance of shares for mineral property, Value | ' | 40,000 | ' |
Common stock issued for cash, Value | 2,035,000 | ' | ' |
Ending balance, Value | 50,196,000 | 48,099,000 | 47,491,000 |
Retained Earnings / Accumulated Deficit | ' | ' | ' |
Beginning balance, Value | -44,107,000 | -43,669,000 | -42,678,000 |
Net loss | -202,000 | -438,000 | -991,000 |
Ending balance, Value | -44,309,000 | -44,107,000 | -43,669,000 |
Other Comprehensive Income / Loss | ' | ' | ' |
Beginning balance, Value | 1,361,000 | 3,030,000 | 3,914,000 |
Net unrealized loss on marketable equity securities | -272,000 | -1,669,000 | -884,000 |
Ending balance, Value | 1,089,000 | 1,361,000 | 3,030,000 |
Total Solitario Shareholder Equity | ' | ' | ' |
Beginning balance, Value | 5,700,000 | 7,198,000 | 8,688,000 |
Exercise of stock options for cash, Value | ' | ' | 183,000 |
Issuance of shares to noncontrolling shareholder for future earn-in, Value | 49,000 | ' | 77,000 |
Stock option expense | 13,000 | 68,000 | 125,000 |
Credit for payment to receive Ely shares as well as Augusta debt payment | ' | 500,000 | ' |
Issuance of shares for mineral property, Value | ' | 41,000 | ' |
Common stock issued for cash, Value | 2,060,000 | ' | ' |
Net loss | -202,000 | -438,000 | -991,000 |
Net unrealized loss on marketable equity securities | -272,000 | -1,669,000 | -884,000 |
Ending balance, Value | 7,348,000 | 5,700,000 | 7,198,000 |
Noncontrolling Interest | ' | ' | ' |
Beginning balance, Value | 395,000 | 199,000 | 529,000 |
Issuance of shares to noncontrolling shareholder for future earn-in, Value | -49,000 | ' | -77,000 |
Issuance of cash to noncontrolling shareholder for future earn-in | -250,000 | ' | -250,000 |
Credit for payment to receive Ely shares as well as Augusta debt payment | ' | 250,000 | ' |
Distribution to noncontrolling interest | ' | -50,000 | ' |
Net loss | -5,000 | -4,000 | -3,000 |
Ending balance, Value | 91,000 | 395,000 | 199,000 |
Total Shareholders' Equity | ' | ' | ' |
Beginning balance, Value | 6,095,000 | 7,397,000 | 9,217,000 |
Exercise of stock options for cash, Value | ' | ' | 183,000 |
Issuance of cash to noncontrolling shareholder for future earn-in | -250,000 | ' | -250,000 |
Stock option expense | 13,000 | 68,000 | 125,000 |
Credit for payment to receive Ely shares as well as Augusta debt payment | ' | 750,000 | ' |
Distribution to noncontrolling interest | ' | -50,000 | ' |
Issuance of shares for mineral property, Value | ' | 41,000 | ' |
Common stock issued for cash, Value | 2,060,000 | ' | ' |
Net loss | -207,000 | -442,000 | -49,000 |
Net unrealized loss on marketable equity securities | -272,000 | -1,669,000 | -884,000 |
Ending balance, Value | $7,439,000 | $6,095,000 | $7,397,000 |
Statement_of_Shareholders_Equi2
Statement of Shareholders’ Equity, Comprehensive Loss and Noncontrolling Interest (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Jul. 26, 2013 | |
Notes to Financial Statements | ' | ' | ' |
Private Placement Shares at $0.84 per Share | ' | ' | 2,451,892 |
Proceeds from Private Placement | ' | ' | $2,060,000 |
Insider Shares in Private Placement | ' | ' | 606,665 |
Proceeds from Insider Shares | ' | ' | 510,000 |
Cash Paid to DHI Minerals | 250,000 | 50,000 | ' |
Shares Delivered to DHI Minerals | 50,000 | 100,000 | ' |
MH-LLC Distribution to Members | ' | 250,000 | ' |
Solitario Portion MH-LLC Distribution to Members | ' | 200,000 | ' |
DHI Portion MH-LLC Distribution to Members | ' | $50,000 | ' |
Segment_Reporting_Segment_Acti
Segment Reporting - Segment Activity 3 Months (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Property and Joint Venture Revenue Mt Hamilton | ' | ' | ' | ' |
Property and Joint Venture Revenue Exploration | ' | ' | ' | ' |
Property and Joint Venture Revenue Corporate and Other | 200,000 | 200,000 | ' | ' |
Property and joint Venture Revenue Consolidated | 200,000 | 200,000 | ' | ' |
Exploration Expense Mt Hamilton | ' | -6,000 | ' | 308,000 |
Exploration Expense Exploration | 76,000 | 513,000 | 774,000 | 1,277,000 |
Exploration Expense Corporate and Other | ' | ' | ' | ' |
Exploration Expense Consolidated | 76,000 | 507,000 | 774,000 | 1,585,000 |
Interest expense (2) Mt Hamilton | ' | 41,000 | ' | 143,000 |
Interest expense (2) Exploration | ' | ' | ' | ' |
Interest expense (2) Corporate and Other | ' | 64,000 | ' | 103,000 |
Interest expense (2) Consolidated | ' | 105,000 | ' | 246,000 |
Other loss (income (1)(3) Mt Hamilton | 7,000 | 16,000 | 22,000 | 43,000 |
Other loss (income) (1)(3) Exploration | -17,000 | -8,000 | 771,000 | 692,000 |
Other loss (income) (1)(3) Corporate and Other | 388,000 | 1,394,000 | 99,000 | 566,000 |
Other loss (income) (1)(3) Consolidated | 378,000 | 1,402,000 | 892,000 | 1,301,000 |
Pre-tax (income) loss Mt Hamilton | 7,000 | 51,000 | 22,000 | 494,000 |
Pre-tax (income) loss Exploration | 59,000 | 505,000 | 1,545,000 | 1,969,000 |
Pre-tax (income) loss Corporate and Other | 188,000 | 1,258,000 | 99,000 | 669,000 |
Pre-tax (income) loss Consolidated | $254,000 | $1,814,000 | $1,666,000 | $3,132,000 |
Segment_Reporting_Segment_Acti1
Segment Reporting - Segment Activity 9 Months (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Exploration expense Mt Hamilton | ' | ($6,000) | ' | $308,000 |
Exploration Expense Exploration | 76,000 | 513,000 | 774,000 | 1,277,000 |
Exploration Expense Corporate and Other | ' | ' | ' | ' |
Exploration Expense Consolidated | 76,000 | 507,000 | 774,000 | 1,585,000 |
Interest expense (2) Mt Hamilton | ' | 41,000 | ' | 143,000 |
Interest expense (2) Exploration | ' | ' | ' | ' |
Interest expense (2) Corporate and Other | ' | 64,000 | ' | 103,000 |
Interest expense (2) Consolidated | ' | 105,000 | ' | 246,000 |
Other loss (income) (1)(3) Mt Hamilton | 7,000 | 16,000 | 22,000 | 43,000 |
Other loss (income) (1)(3) Exploration | -17,000 | -8,000 | 771,000 | 692,000 |
Other loss (income) (1)(3) Corporate and Other | 388,000 | 1,394,000 | 99,000 | 566,000 |
Other loss (income) (1)(3) Consolidated | 378,000 | 1,402,000 | 892,000 | 1,301,000 |
Pre-tax loss Mt Hamilton | 7,000 | 51,000 | 22,000 | 494,000 |
Pre-tax loss Exploration | 59,000 | 505,000 | 1,545,000 | 1,969,000 |
Pre-tax loss Corporate and Other | 188,000 | 1,258,000 | 99,000 | 669,000 |
Pre-tax loss Consolidated | 254,000 | 1,814,000 | 1,666,000 | 3,132,000 |
Total assets (4)(5) Mt Hamilton | ' | ' | 14,012,000 | 14,216,000 |
Total assets (4)(5) Exploration | ' | ' | 1,195,000 | 1,768,000 |
Total assets (4)(5) Corporate and Other | ' | ' | 4,610,000 | 8,415,000 |
Total assets (4)(5) Consolidated | ' | ' | 19,818,000 | 24,399,000 |
Capital Expenditures (2) Mt Hamilton | ' | ' | 2,124,000 | 2,589,000 |
Capital Expenditures (2) Exploration | ' | ' | 4,000 | 3,000 |
Capital Expenditures (2) Corporate and Other | ' | ' | 5,000 | 51,000 |
Capital Expenditures (2) Consolidated | ' | ' | $2,133,000 | $2,643,000 |