Solitario Resources sells $235K in shares to Newmont to maintain 9.4% stake
What's the deal? Solitario Resources Corp., a natural resource exploration company, sold 305,195 shares of common stock to Newmont Overseas Exploration Ltd. at $0.77 per share, raising $235,000 in gross proceeds. The sale allows Newmont — a wholly owned subsidiary of Newmont Corporation — to maintain its roughly 9.4% ownership stake in Solitario.
The transaction was made under the terms of an Amended and Restated Investor Rights Agreement dated June 11, 2025. That agreement gives Newmont the right to buy shares at the average price of Solitario's at-the-market program sales from November 13, 2025, through April 6, 2026.
After the issuance, Newmont holds 8,759,162 shares of Solitario common stock.
Why now? Solitario has been selling shares through an at-the-market program, which dilutes existing shareholders over time. The investor rights agreement exists precisely for this scenario — letting Newmont buy enough new shares to keep its ownership percentage steady rather than getting diluted.
What could go wrong? Solitario is an exploration-stage company with no producing mines. It holds about $8.6M in cash and is focused on gold, zinc, copper, and critical metals projects — including its flagship 31,500-acre Golden Crest gold project in South Dakota. Exploration is inherently risky, and there's no guarantee any of these projects will reach production.
The company used no underwriter or placement agent for the sale, meaning no commissions or fees — but the modest size of the transaction underscores just how small-scale this business remains.
The signal: Newmont's decision to exercise its right to maintain its stake, even at a small dollar amount, signals continued strategic interest from one of the world's largest gold miners. For a junior explorer like Solitario, having a major mining company on the cap table provides credibility and a potential pathway to future partnerships or acquisitions.
Solitario said it will use the net proceeds to advance exploration at its core projects and for general corporate purposes. Its shares trade on the NYSE American under the ticker XPL and on the Toronto Stock Exchange as SLR.
Read more: pr-inside.com
