Solitario Resources Corp. heads into mid-May with its most interesting story unfolding in the ownership register, not the short-interest data.
Newmont Corporation — the world's largest gold miner — added 1,587,300 shares to its position in the most recent reporting period, lifting its stake to 9.09% of the company. That makes it XPL's largest single holder. Newmont's accumulation is the clearest signal of strategic interest in Solitario's asset base, particularly the Florida Canyon Zinc Project held jointly with Nexa Resources and the company's exploration portfolio targeting high-grade gold mineralisation in the Homestake Formation. For a micro-cap explorer trading at $0.87, a top-five global miner anchoring the register is notable context. The stock has added 5.1% on the week and 1.5% over the past month, closing at $0.8726 on May 12.
The short positioning here tells a story of almost no conviction either way. Short interest is just 0.19% of the free float — well below the threshold where bear positioning becomes meaningful — and it has been declining steadily, down 14% over the past month. Availability is effectively unlimited: ORTEX places it at 9,999%, meaning the lending pool is essentially untapped. Cost to borrow has ticked up about 41% over the past week to 3.3%, but in absolute terms that remains unremarkable for a sub-$100m name. There is no squeeze pressure here, no crowded short thesis, and no meaningful borrow demand.
The only analyst with formal coverage is HC Wainwright, which has maintained a Buy rating and a $1.20 price target repeatedly — most recently reiterated in March 2026. That target implies roughly 38% upside to current levels. Roth MKM initiated coverage in mid-2024 with a $2.00 target, though that figure predates the current price level by nearly two years and should be treated with caution given the stock's subsequent trading range. Solitario's factor scores add some texture: the DTC rank is in the 92nd percentile, and the short score rank sits at the 79th percentile, both suggesting the lending market is pricing in some degree of scarcity — at odds with the extremely loose actual availability, and likely a function of the stock's thin float and low absolute short volume.
Also worth noting on the news wire: Solitario disclosed a purchase and sale of 305,195 shares at $0.77 per share for gross proceeds of $235,000, reported May 13. The transaction adds to a pattern of modest CEO accumulation — Christopher Herald has made three separate open-market purchases since April 2025, most recently in December at $0.90, reflecting consistent buying at prices below the analyst target.
The next scheduled earnings event is August 4. Between now and then, the primary watch items are any updates on Florida Canyon drilling progress and whether Newmont's latest filing represents the ceiling or a continuing build in its strategic position.
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