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<SEC-DOCUMENT>0000917225-09-000031.txt : 20091014
<SEC-HEADER>0000917225-09-000031.hdr.sgml : 20091014
<ACCEPTANCE-DATETIME>20091014163105
ACCESSION NUMBER:		0000917225-09-000031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20091014
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091014
DATE AS OF CHANGE:		20091014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		091119442

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
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<P ALIGN="LEFT"></P>
<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B> <BR>
Washington, D.C. 20549 </P>
<B><P ALIGN="CENTER">Form&nbsp;8-K</P>
</B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): October 13, 2009 </P>
</FONT><B><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>
</B><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter) </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=503>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Colorado<BR>
(State or other jurisdiction of<BR>
incorporation or organization) </FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">001-32978<BR>
(Commission<BR>
File Number) </FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">84-1285791<BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">4251 Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=484>
<TR><TD WIDTH="66%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Registrant's telephone number, including area code:</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">Not Applicable <BR>
(Former name or former address, if changed since last report) </P>
<P ALIGN="LEFT">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">  Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">x</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">  Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">  Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act </P>
<P ALIGN="LEFT">  (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">   Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act </P>
<P ALIGN="LEFT">  (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>


<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><STRONG><P ALIGN="LEFT"><A NAME="id_0_4">Item 1.01.</FONT></STRONG></TD>
<TD WIDTH="83%" VALIGN="TOP">
<B><FONT SIZE=2><EM><P ALIGN="LEFT">Entry into a Material Definitive</B></EM><I><STRONG>&nbsp;</I></STRONG><B><EM>Agreement</B></EM><I><STRONG>.</I></FONT></STRONG></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 13, 2009, Solitario Exploration &amp; Royalty Corp., a Colorado corporation ("Solitario"), and Metallic Ventures Gold Inc., an Ontario corporation ("Metallic Ventures") entered into an amendment (the "Amendment") to their definitive arrangement agreement dated August 24, 2009 (the "Agreement"), whereby Solitario increased its bid to acquire, through a friendly statutory plan of arrangement under Canadian Law, all outstanding shares of Metallic Ventures. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amendment provides for increasing the number of shares of Solitario common stock that Solitario will issue to Metallic Ventures shareholders from 17.0 million to 19.5 million and the cash consideration from US$15.5 million to US$18 million.  In the event that the transaction is not completed, Metallic Ventures has agreed to pay Solitario an increased termination fee of US$2.2 million, under certain circumstances.  The parties also agreed to extend the termination deadline from December 31, 2009 to February 28, 2010.  The plan of arrangement, which is expected to close in the first quarter of 2010, is subject to approval by shareholders of both companies and other customary conditions. All other terms of the Agreement remain the same.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the statutory plan of arrangement pursuant to the Agreement, as amended (the "Arrangement "), assuming no currently outstanding options are exercised, each common share of Metallic Ventures not owned by Solitario will be exchanged for (i) a cash payment in the amount of US$0.34621 and (ii) 0.375061 of a share of common stock of Solitario, with an aggregate maximum cash consideration of US$18.0 million and an aggregate maximum of 19.5 million shares of Solitario common stock.  </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to offer Metallic Venture shareholders the increased number of shares, Solitario and certain of its Officers, Directors and employees agreed to voluntarily cancel approximately 1.9 million previously granted options concurrently with the signing of the Amendment.  </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an inducement for each party to enter into the Amendment, contemporaneously with the execution of the Amendment, certain directors and officers of Metallic Ventures, representing approximately 65% of Metallic Ventures outstanding shares, entered into amended shareholder support agreements, in substantially the forms attached hereto as Exhibits 10.1 and 10.2 (the "Amended Support Agreements").  Pursuant to the Amended Support Agreements, each of the Metallic Ventures shareholders a party thereto agreed, among other things, to vote all of his Metallic Ventures shares: (a)&nbsp;in favor of the adoption of the Agreement, as amended; and (b)&nbsp;generally against any action or agreement that is intended, or would reasonably be expected, to delay, prevent or adversely affect the Arrangement. The Amended Support Agreements become terminable upon any termination of the Agreement, as amended, in accordance with their terms and certain oth
er circumstances set forth therein.</P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement, as amended, may be terminated by either Solitario or Metallic Ventures under certain circumstances set forth in the Agreement, including, among other circumstances, the failure of the Arrangement to be consummated on or before February 28, 2010. If the Agreement is terminated (a) in certain circumstances following the receipt by Metallic Ventures of a superior proposal, or (b) as a result of Metallic Ventures board of directors changing its recommendation in favor of the Arrangement, the Agreement or the transactions contemplated by the Agreement, Metallic Ventures will be obligated to pay a termination fee to Solitario in the amount of US$2.2 million. </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description of the Amendment, the Agreement or the Amended Support Agreements do not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 2.1 hereto and the Agreement, which is filed as Exhibit 2.2 hereto and incorporated into this report by reference. </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forward-Looking Statements</P>
</U><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report contains forward-looking statements that involve risks and uncertainties. Solitario cautions readers that any forward-looking information is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about expectations and intentions and other statements that are not historical facts.</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are the failure to obtain the necessary approvals of Solitario's and Metallic Ventures' shareholders.  Additional important factors that may affect future results are detailed in Solitario's filings with the Securities and Exchange Commission (the "SEC"), including Solitario's recent filings on Forms 10-K and 10-Q.  Solitario disclaims any intent or obligation to update these forward-looking statements.</P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Information</P>
</U><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders are urged to read the joint proxy statement/management information circular regarding the proposed transaction when it becomes available, because it will contain important information. Shareholders will be able to obtain a free copy of the joint proxy statement/management information circular, as well as other filings containing information about Solitario, without charge, at the Securities and Exchange Commission's internet site http://www.sec.gov. Copies of the joint proxy statement and other filings with the Securities and Exchange Commission can also be obtained, without charge, by directing a request to Solitario at 1-303-534-1030. </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The respective directors and executive officers of Solitario and Metallic Ventures and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Solitario's directors and executive officers is available in the 2008 Annual Report on Form 10-K filed with the Securities and Exchange Commission by Solitario on March 13, 2009, and information regarding Metallic Venture's directors and executive officers will be included in the joint proxy statement/management information circular. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement and other relevant materials to be filed with the Securities and Exchange Commission when they become available. </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No regulatory authority has approved or disapproved the content of this report. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this report.</P>
</FONT><P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><STRONG><P ALIGN="LEFT">Item 3.02. </FONT></STRONG></TD>
<TD WIDTH="83%" VALIGN="TOP">
<B><FONT SIZE=2><EM><P ALIGN="LEFT">Unregistered Sales of Equity Securities.</B></FONT></EM></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Agreement, as amended, including approval by shareholders of both companies and other customary conditions, upon consummation of the Arrangement Solitario will issue to the shareholders of Metallic Ventures up to 19,500,000 shares of its common stock pursuant to an exemption from registration under Section 3(a)(10) of the Securities Act of 1933, as amended, for the issuance and exchange of securities approved after a public hearing upon the fairness of the terms and conditions of the exchange by a court authorized by law to grant such approval. </P>
<P ALIGN="LEFT"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><STRONG><P ALIGN="LEFT">Item 5.02. </FONT></STRONG></TD>
<TD WIDTH="83%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="LEFT">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrent with the signing of the Amendment, the following Named Executive Officers voluntarily cancelled options to allow Solitario to have enough unreserved shares of its 50,000,000 authorized shares of common stock to increase the number of shares of Solitario common stock to issuable pursuant to the Arrangement to 19,500,000 shares from 17,000,000 shares:</P>
<U><P ALIGN="LEFT">Named Executive Officer</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Options</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Price</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expiration Date</U><BR>
Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$2.77&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/27/2011<BR>
Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$4.53&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/17/2012<BR>
James R. Maronick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$2.77&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/27/2011<BR>
James R. Maronick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$4.53&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/17/2012<BR>
Walter H. Hunt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$2.77&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/27/2011<BR>
Walter H Hunt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdn$4.53&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/17/2012</P>
<P ALIGN="LEFT">No consideration was given or received by the Named Executive Officer to cancel the above awards.  </P>
<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, other holders of 1,016,000 options (for a total of 1,936,000 options) also voluntarily cancelled their options concurrent with the signing of the Amendment.  </P>
<P ALIGN="LEFT"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><STRONG><P ALIGN="LEFT">Item  9.01. </FONT></STRONG></TD>
<TD WIDTH="83%" VALIGN="TOP">
<B><FONT SIZE=2><EM><P ALIGN="LEFT">Financial Statements and Exhibits.</B></EM><I><STRONG>&nbsp;<A NAME="id_0_7"><A NAME="id_0_8"></A></I></FONT></STRONG></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="LEFT"></A></P>
<TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">2.1</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Amendment No. 1 dated October 13, 2009, to the Arrangement Agreement, dated August 24, 2009, among Solitario Exploration &amp; Royalty Corp. and Metallic Ventures Gold, Inc.  </DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">2.2</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Arrangement Agreement, dated August 24, 2009, among Solitario Exploration &amp; Royalty Corp. and Metallic Ventures Gold, Inc.*  (incorporated by reference to Exhibit 2.1 to Solitario's Form 8-K filed on August 24, 2009).</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">10.1</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="JUSTIFY">Amended Support Agreement dated October 13, 2009 between Solitario Exploration &amp; Royalty Corp. and Richard D. McNeely.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">10.2</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Amended Support Agreement dated October 13, 2009 between Solitario Exploration &amp; Royalty Corp. and Jeffrey R. Ward.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P ALIGN="LEFT">*</TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Schedules have been omitted pursuant to Item&nbsp;601(b)(2) of Regulation&nbsp;S-K. Solitario undertakes to furnish supplemental copies of any of the omitted schedules upon request by the Securities and Exchange Commission.</DIR>
</FONT></TD>
</TR>
</TABLE>

<P ALIGN="LEFT"></P>
<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<B><P ALIGN="CENTER"></A>SIGNATURES</B> </P>
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </P>
<P ALIGN="LEFT">October 14, 2009 </P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=0 WIDTH=288>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="LEFT">Solitario Exploration &amp; Royalty Corp.</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">&nbsp; </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">By: </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">/s/&nbsp;James R. Maronick</U></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">James R. Maronick, Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">5</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<FONT SIZE=2><STRONG><P ALIGN="CENTER">EXHIBITS</P>
</FONT></STRONG><P ALIGN="LEFT"></P>
<TABLE BORDER CELLSPACING=0 WIDTH=576>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">2.1</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Amendment No. 1 dated October 13, 2009, to the Arrangement Agreement, dated August 24, 2009, among Solitario Exploration &amp; Royalty Corp. and Metallic Ventures Gold, Inc.  </DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">2.2</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Arrangement Agreement, dated August 24, 2009, among Solitario Exploration &amp; Royalty Corp. and Metallic Ventures Gold, Inc.*  (incorporated by reference to Exhibit 2.1 to Solitario's Form 8-K filed on August 24, 2009).</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">10.1</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="JUSTIFY">Amended Support Agreement dated October 13, 2009 between Solitario Exploration &amp; Royalty Corp. and Richard D. McNeely.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">10.2</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Amended Support Agreement dated October 13, 2009 between Solitario Exploration &amp; Royalty Corp. and Jeffrey R. Ward.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<P ALIGN="LEFT">*</TD>
<TD WIDTH="89%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P ALIGN="LEFT">Schedules have been omitted pursuant to Item&nbsp;601(b)(2) of Regulation&nbsp;S-K. Solitario undertakes to furnish supplemental copies of any of the omitted schedules upon request by the Securities and Exchange Commission.</DIR>
</FONT></TD>
</TR>
</TABLE>

<P ALIGN="LEFT"></P>
<P ALIGN="CENTER">6</P>
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<P ALIGN="RIGHT">Exhibit 2.1</P>
<B><P ALIGN="CENTER">AMENDMENT NO. 1 TO </P>
<P ALIGN="CENTER">ARRANGEMENT AGREEMENT</P>
<P ALIGN="CENTER">DATED AUGUST 24, 2009</P>
</B><P ALIGN="CENTER">among</P>
<B><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>
</B><P ALIGN="CENTER">- and -</P>
<B><P ALIGN="CENTER">METALLIC VENTURES GOLD INC.</P>
</B><P ALIGN="CENTER">October 13, 2009</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Fogler, Rubinoff LLP</P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY">AMENDMENT NO. 1 TO </P>
<B><P ALIGN="CENTER">THE ARRANGEMENT AGREEMENT</P>
</B><STRONG><P ALIGN="JUSTIFY">THIS AMENDMENT NO. 1 TO THE ARRANGEMENT AGREEMENT </STRONG>among Solitario Exploration &amp; Royalty Corp. and Metallic Ventures Gold Inc. entered into as of August 24, 2009 (the "<STRONG>Original Agreement</STRONG>") is entered into as of October 13, 2009 (this "<STRONG>Agreement</STRONG>") among:</P><DIR>
<DIR>
<DIR>
<DIR>

<STRONG><P ALIGN="JUSTIFY">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</STRONG>, a Colorado corporation (hereinafter referred to as "<STRONG>Solitario</STRONG>")</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="CENTER">- and -</P><DIR>
<DIR>
<DIR>
<DIR>

<STRONG><P ALIGN="JUSTIFY">METALLIC VENTURES GOLD INC.</STRONG>, an Ontario corporation (hereinafter referred to as "<STRONG>MVG</STRONG>")</P></DIR>
</DIR>
</DIR>
</DIR>

<STRONG><P ALIGN="JUSTIFY">WHEREAS:</P>
</STRONG><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solitario and MVG have agreed to proceed with a business combination by way of a statutory plan of arrangement pursuant to which, among other things, (i) Solitario shall acquire from the <STRONG>MVG Shareholders</STRONG> all of the issued and outstanding shares of MVG, and (ii) as consideration therefor, Solitario shall deliver to the MVG shareholders, on a pro rata basis, the <STRONG>Consideration Shares</STRONG> and the <STRONG>Cash Consideration</STRONG>, all upon and subject to the terms and conditions set forth in the Original Agreement.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of such transactions, the board of directors of MVG has agreed to submit the Plan of Arrangement and the other transactions contemplated in the Original Agreement to the MVG Shareholders and to the <STRONG>Court</STRONG> for approval, and the board of directors of Solitario has agreed to submit the Plan of Arrangement, including the issuance of the Consideration Shares pursuant to the Arrangement to its stockholders for approval.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrent with the execution and delivery of the Original Agreement, as a material inducement to Solitario to enter into the Original Agreement, the two principal MVG Shareholders have executed and delivered the <STRONG>Support Agreements</STRONG> pursuant to which, among other things, each such person has agreed, subject to certain exceptions, to vote, in his capacity as a holder of MVG Common Shares entitled to vote thereon, in favour of the MVG Arrangement Resolution.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrent with the execution and delivery of this Agreement, as a material inducement to Solitario to enter into this Agreement, each of the two principal MVG Shareholders have executed and delivered the <STRONG>Support Agreement</STRONG> Amendment pursuant to which, among other things, each such person has agreed, subject to certain exceptions, to vote, in his capacity as a holder of MVG Common Shares entitled to vote thereon, in favour of the MVG Arrangement Resolution, as amended by this Agreement.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used in the foregoing clauses shall have the meanings ascribed to such terms as set forth in Section 1.1 below.</P>
<STRONG><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE</STRONG>, in consideration of the premises and of the representations, warranties, covenants and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: </P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="CENTER"><A NAME="_Toc234348412"><A NAME="_Toc234378486"><A NAME="_Toc234818165"><A NAME="_Toc234904010"><A NAME="_Toc234904117"><A NAME="_Toc234905195"><A NAME="_Toc234905619"><A NAME="_Toc237229099"><A NAME="_Ref237421495"><A NAME="_Toc238383232">ARTICLE 1.<BR>
GENERAL</P>
</U><P ALIGN="JUSTIFY">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</A></A></A></P>
</B><P ALIGN="JUSTIFY">"<B>Agreement</B>" means this amendment no. 1 to the Original Agreement dated as of October 13, 2009 between Solitario and MVG with respect to the Arrangement and the amendment of the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Arrangement</STRONG>" means and refers to the arrangement pursuant to Section 182 of the OBCA set forth in the Plan of Arrangement as supplemented, modified or amended, and not to any particular article, section or other portion hereof, made at the direction of the Court in the Final Order, provided that (i) no amendments or variations made at the direction of the Court that are reasonably likely to affect the financial terms of the Arrangement or the conditions to the completion of the Arrangement will be included unless consented to by Solitario or counsel to Solitario, and (ii) no other amendments or variations made at the direction of the Court will be included unless they are acceptable to Solitario and MVG, each acting reasonably;</P>
<P ALIGN="JUSTIFY">"<STRONG>Articles of Arrangement</STRONG>" means<FONT COLOR="#800000"> </FONT>the articles of arrangement in respect of the Arrangement required under subsection 183(1) of the OBCA to be filed with the Director after the Final Order has been granted giving effect to the Arrangement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Business Day</STRONG>" means a day, other than a Saturday, Sunday or statutory holiday, when banks are generally open in the City of Toronto, in the Province of Ontario, for the transaction of banking business;</P>
<P ALIGN="JUSTIFY">"<STRONG>Canadian Securities Laws</STRONG>" means: (a) the <EM>Securities Act</EM> (Ontario) or the equivalent legislation in each Province and Territory of Canada; (b) the rules, regulations, instruments and policies adopted by the securities regulatory authority of any Province or Territory of Canada, as amended from time to time; and (c) the TSX Company Manual, each as amended from time to time;</P>
<P ALIGN="JUSTIFY">"<STRONG>Cash Consideration</STRONG>" means the $15,500,000 in cash that was to be paid by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares in the Original Agreement, which is being amended to mean the $18,000,000 in cash that is now to be paid by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares pursuant to this Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Closing</STRONG>" means the closing of the transactions contemplated by the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Commissions</STRONG>" means the applicable Canadian provincial securities commissions or regulatory authorities;</P>
<STRONG><P ALIGN="JUSTIFY">"Consideration Shares</STRONG>" means the 17,000,000 Solitario Common Shares that were to be issued by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares in the Original Agreement, which is being amended to mean the 19,500,000 Solitario Common Shares that are now to be issued by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares pursuant to this Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Consideration</STRONG>" means collectively, the Consideration Shares and the Cash Consideration; </P>
<P ALIGN="JUSTIFY">"<B>Court</B>" means the Ontario Superior Court of Justice (Commercial List);</P>
<P ALIGN="JUSTIFY">"<STRONG>Director</STRONG>" means the Director appointed pursuant to Section 278 of the OBCA;</P>
<P ALIGN="JUSTIFY">"<STRONG>Final Order</STRONG>" has the meaning ascribed to it in Section 1.2 of the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Interim Order</STRONG>" has the meaning ascribed to it in Section 1.2 of the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Joint Proxy Statement</STRONG>" has the meaning ascribed to it in Section 1.5 of the Original Agreement;</P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"<STRONG>MVG</STRONG>" means Metallic Ventures Gold Inc., a corporation incorporated under the OBCA;</P>
<P ALIGN="JUSTIFY">"<STRONG>MVG Arrangement Resolution</STRONG>" means the special resolution of the MVG Shareholders to be considered at the MVG Shareholders Meeting, to be substantially in the form set out in Exhibit B to the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>MVG Common Shares</STRONG>" means the issued and outstanding common shares of MVG;</P>
<P ALIGN="JUSTIFY">"<STRONG>MVG Shareholders</STRONG>" means the holders, from time to time, of the MVG Common Shares;</P>
<P ALIGN="JUSTIFY">"<STRONG>MVG Subsidiaries</STRONG>" means, collectively, Metallic U.S., Metallic Nevada Inc. and Metallic Goldfield Inc.;</P>
<P ALIGN="JUSTIFY">"<STRONG>OBCA</STRONG>" means the <EM>Business Corporations Act </EM>(Ontario), as amended;</P>
<P ALIGN="JUSTIFY">"<B>Original Agreement</B>" means the agreement dated as of August 24, 2009 between Solitario and MVG with respect to the Arrangement, including all Exhibits thereto;</P>
<P ALIGN="JUSTIFY">"<STRONG>Plan of Arrangement</STRONG>" means the plan of arrangement relating to the Arrangement in the form attached to the Original Agreement as Exhibit "A";</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario</STRONG>" means Solitario Exploration &amp; Royalty Corp., a corporation incorporated under the laws of the State of Colorado;</P>
<P ALIGN="JUSTIFY">"<B>Solitario</B> <STRONG>Arrangement Resolution</STRONG>" means the special resolution of the Solitario Stockholders to be considered at the Solitario Stockholders Meeting, to be substantially in the form set out in Exhibit C to the Original Agreement;</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario Common Shares</STRONG>" means the common shares of Solitario, $0.01 per share par value;</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario Option Plan</STRONG>" means the Solitario Resources Corporation 2006 Incentive Stock Option Plan (as amended);</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario Options</STRONG>" means the options to purchase Solitario Common Shares granted pursuant to the Solitario Option Plan;</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario Stockholders</STRONG>" means the holders, from time to time, of the Solitario Common Shares;</P>
<P ALIGN="JUSTIFY">"<STRONG>Solitario Stockholders Meeting</STRONG>" means the special meeting of stockholders of Solitario called for the purpose of considering, among other things, the issuance of the Consideration Shares in connection with the transactions contemplated by the Original Agreement and the Plan of Arrangement;</P>
<P ALIGN="JUSTIFY">"<B>Support Agreement</B>" means the support agreement dated August 24, 2009, between Solitario and each of the two principal MVG Shareholders; </P>
<P ALIGN="JUSTIFY">"<B>Support Agreement Amendment</B>" means the amendment dated the date hereof to the Support Agreement between Solitario and each of the two principal MVG Shareholders whereby the Support Agreement was amended to reflect the terms of the Arrangement as amended by this Agreement; and</P>
<P ALIGN="JUSTIFY">"<STRONG>Termination</STRONG> <STRONG>Date</STRONG>" originally had the meaning ascribed to it in Section 6.1(d) of the Original Agreement which meaning is amended by Section 1.2(c) of this Agreement.</P>
<B><P ALIGN="JUSTIFY"></A></A></A></A></A></A></A>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Original Agreement</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original Agreement is hereby amended as follows:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the definition of "Consideration Shares" in Section 1.1 of the Original Agreement is hereby deleted and replaced with the following: <BR>
"Consideration Shares" means the 19,500,000 Solitario Common Shares to be issued by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares;</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the definition of "Cash Consideration" in Section 1.1 of the Original Agreement is hereby deleted and replaced with the following:</P>
<P ALIGN="JUSTIFY">"Cash Consideration" means the $18,000,000 in cash to be paid by Solitario as part of the Consideration payable to the MVG Shareholders for their MVG Common Shares;</P>
<P ALIGN="JUSTIFY">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the definition of "Imputed Transaction Value in Section 1.1 of the Plan of Arrangement is hereby deleted and replaced with the following:</P><DIR>

<P ALIGN="JUSTIFY">"Imputed Transaction Value" shall be equal to the quotient obtained by dividing:<BR>
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the sum of</P><DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the product obtained when the Market Value is multiplied by 19,500,000; and<BR>
(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18,000,000</P></DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">by</P>
<P ALIGN="JUSTIFY">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of MVG Shares issued and outstanding on the close of business on the Business Day before the Effective Date; </P></DIR>

<P ALIGN="JUSTIFY">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by deleting the reference to 17,000,000 in the Solitario Arrangement Resolution set out in Exhibit C to the Original Agreement and replacing it with 19,500,000;</P>
<P ALIGN="JUSTIFY">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by deleting the reference to December 31, 2009 in Section 6.1(d) of the Original Agreement and replacing it with February 28, 2010, thereby amending the definition of Termination Date; </P>
<P ALIGN="JUSTIFY">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by deleting the references to $1.5 million in Section 6.4 of the Original Agreement and replacing them with references to $2.2 million; </P>
<P ALIGN="JUSTIFY">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by deleting the reference to $0.298 in  Section 1.1(h) of the Plan of Arrangement and replacing it with $0.34621; and</P>
<P ALIGN="JUSTIFY">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by deleting the reference to 0.326976 in Section 1.1(k) of the Plan of Arrangement and replacing it with 0.375061.</P></DIR>
</DIR>
</DIR>
</DIR>

<B><P ALIGN="JUSTIFY">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Provisions of  Original Agreement </P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as amended by the terms of this Agreement, all other provisions of the Original Agreement remain in effect, unamended. </P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348420"><A NAME="_Toc234378494"><A NAME="_Toc234818170"><A NAME="_Toc234904015"><A NAME="_Toc234904122"><A NAME="_Toc234905200"><A NAME="_Toc234905624"><A NAME="_Toc237229105"><A NAME="_Toc235953242"><A NAME="_Toc238383238">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, all references in this Agreement to "dollars" or "$" shall mean United States dollars.</P>
<B><U><P ALIGN="CENTER">ARTICLE 2.<BR>
<A NAME="_Toc234348424"><A NAME="_Toc234378498"><A NAME="_Toc234818172"><A NAME="_Toc234905626"><A NAME="_Toc237229107"><A NAME="_Ref237321957"><A NAME="_Toc235953244"><A NAME="_Toc238383240">REPRESENTATIONS AND WARRANTIES OF MVG</A></A></A></A></A></A></A></A></P>
</U><P ALIGN="JUSTIFY"><A NAME="_Toc234348428"><A NAME="_Toc234378502"><A NAME="_Toc234818174"><A NAME="_Toc234904019"><A NAME="_Toc234904126"><A NAME="_Toc234905203"><A NAME="_Toc234905628"><A NAME="_Toc237229109"><A NAME="_Toc235953246"><A NAME="_Toc238383242">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement Authorized and its Effect on Other Obligations</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY"><A NAME="_Toc234348429"><A NAME="_Toc234378503">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVG hereby represents and warrants to, and agrees and covenants with, Solitario that MVG has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder and under all documents and arrangements contemplated by this Agreement to which MVG is or will be a party. The execution and delivery of this Agreement by MVG and the performance by MVG of its obligations hereunder have been duly authorized by the board of directors of MVG and no other corporate proceeding on the part of MVG is necessary to authorize this Agreement or the transactions contemplated hereby, other than the approval of (i) the Joint Proxy Statement and other matters relating solely thereto, by the board of directors of MVG; (ii) materials to be filed with the Court in connection with the applications for the Interim Order and Final Order by the board of directors
 of MVG; (iii) any matters required by the Interim Order or the Final Order to be authorized by the board of directors of MVG or the MVG Shareholders; and (iv) the MVG Arrangement Resolution by the MVG Shareholders. This Agreement has been duly executed and delivered by MVG and is a valid and binding obligation of MVG, enforceable in accordance with its terms, except that such enforceability may be subject to (i) bankruptcy, insolvency, reorganization or other similar laws affecting or relating to enforcement of creditors' rights generally, (ii) general equitable principles and (iii) that the consummation of the Arrangement is subject to approval of the MVG Shareholders and the Court as provided in the Original Agreement. </A></A></P>
<P ALIGN="CENTER">5</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="CENTER">ARTICLE 3.<BR>
<A NAME="_Toc234348485"><A NAME="_Toc234378559"><A NAME="_Toc234818208"><A NAME="_Ref234898781"><A NAME="_Toc234905662"><A NAME="_Toc237229140"><A NAME="_Ref237323108"><A NAME="_Toc235953282"><A NAME="_Toc238383274">REPRESENTATIONS AND WARRANTIES OF SOLITARIO</A></A></A></A></A></A></A></A></A></P>
</U><P ALIGN="JUSTIFY"><A NAME="_Toc234348487"><A NAME="_Toc234378561"><A NAME="_Toc234818210"><A NAME="_Toc234904055"><A NAME="_Toc234904162"><A NAME="_Toc234905238"><A NAME="_Toc234905664"><A NAME="_Toc237229142"><A NAME="_Toc235953284"><A NAME="_Toc238383276">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement Authorized and its Effect on Other Obligations</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY"><A NAME="_Toc234348488"><A NAME="_Toc234378562">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solitario hereby represents and warrants to, and agrees and covenants with, MVG that Solitario has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder and under all documents and agreements contemplated by this Agreement to which Solitario is or will be a party. The execution and delivery of this Agreement by Solitario and the performance by Solitario of its obligations hereunder have been duly authorized by the board of directors of Solitario and no other corporate proceeding on the part of Solitario is necessary to authorize this Agreement or the transactions contemplated hereby, other than the approval of (i) the Joint Proxy Statement and other matters relating solely thereto, by the board of directors of Solitario; (ii) materials to be filed with the Court in connection with the applications for the Interim Order a
nd Final Order by the board of directors of Solitario; (iii) any matters required by the Interim Order or the Final Order to be authorized by the board of directors of Solitario or the Solitario Stockholders; and (iv) the Solitario Arrangement Resolution by the Solitario Stockholders. This Agreement has been duly executed and delivered by Solitario and is a valid and binding obligation of Solitario, enforceable in accordance with its terms, except that such enforceability may be subject to (i) bankruptcy, insolvency, reorganization or other similar laws affecting or relating to enforcement of creditors' rights generally, (ii) general equitable principles, and (iii) that the consummation of the Arrangement is subject to approval of the Solitario Stockholders and the Court as provided in the Original Agreement.</A></A></P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348492"><A NAME="_Toc234378566"><A NAME="_Toc234818212"><A NAME="_Ref234898739"><A NAME="_Toc234904057"><A NAME="_Toc234904164"><A NAME="_Toc234905240"><A NAME="_Toc234905666"><A NAME="_Toc237229144"><A NAME="_Toc235953286"><A NAME="_Toc238383278">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization</A></A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY"><A NAME="_Toc234348493"><A NAME="_Toc234378567">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital of Solitario consists of 50,000,000&nbsp;Solitario Common Shares, and 10,000,000 Solitario Preferred Shares. As a result of the voluntary cancellation of certain Solitario Options concurrently with the execution of this Agreement, as of October 13, <STRONG>29,750,242</STRONG> Solitario Common Shares and no Preferred Shares were issued and outstanding, and an aggregate of <STRONG>719,000 </STRONG>Solitario Common Shares were reserved for issuance pursuant to outstanding Solitario Options</A></A>, and as at such date, no other Solitario Common Shares are reserved for issuance pursuant to any outstanding rights or options. All of the issued and outstanding Solitario Common Shares have been duly authorized and validly issued, are fully paid and non-assessable, were not issued in violation of the ter
ms of any agreement or other understanding binding upon Solitario and were issued in compliance with all applicable charter documents of Solitario and all applicable Laws. There are, and have been, no pre-emptive rights with respect to the issuance of the Solitario Common Shares or any other capital stock of Solitario.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than as set forth above, as of the date of this Agreement, there are no outstanding subscriptions, options, warrants, convertible securities, calls, commitments, agreements or rights (contingent or otherwise) of any character to purchase or otherwise acquire from Solitario any shares of, or any securities convertible into, the capital stock of Solitario.</P>
<P ALIGN="CENTER">6</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="CENTER">ARTICLE 4.<BR>
<A NAME="_Toc234348694"><A NAME="_Toc234378768"><A NAME="_Toc234818259"><A NAME="_Toc234905713"><A NAME="_Toc237229197"><A NAME="_Toc235953336"><A NAME="_Toc238383334">MISCELLANEOUS</A></A></A></A></A></A></A></P>
</U><P ALIGN="JUSTIFY"><A NAME="_Toc234348699"><A NAME="_Toc234378773"><A NAME="_Toc234818262"><A NAME="_Toc234904107"><A NAME="_Toc234904214"><A NAME="_Toc234905283"><A NAME="_Toc234905716"><A NAME="_Toc237229200"><A NAME="_Toc235953339"><A NAME="_Toc238383337">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a reference is made in this Agreement to Sections or Exhibits, such reference shall be to a Section or Exhibit to this Agreement unless otherwise indicated. The words "include," "includes" and "including" when used therein shall be deemed in each case to be followed by the words "without limitation." Any references in this Agreement to "the date hereof" refers to the date of execution of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348700"><A NAME="_Toc234378774"><A NAME="_Toc234818263"><A NAME="_Toc234904108"><A NAME="_Toc234904215"><A NAME="_Toc234905284"><A NAME="_Toc234905717"><A NAME="_Toc237229201"><A NAME="_Toc235953340"><A NAME="_Toc238383338">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Agreement or the application thereof to any person or circumstance is held invalid or unenforceable in any jurisdiction, the remainder hereof, and the application of such provision to such person or circumstance in any other jurisdiction or to other persons or circumstances in any jurisdiction, shall not be affected thereby, and to this end the provisions of this Agreement shall be severable.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348701"><A NAME="_Toc234378775"><A NAME="_Toc234818264"><A NAME="_Toc234904109"><A NAME="_Toc234904216"><A NAME="_Toc234905285"><A NAME="_Toc234905718"><A NAME="_Toc237229202"><A NAME="_Toc235953341"><A NAME="_Toc238383339">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, by original or facsimile signature, all of which shall be considered one and the same original agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to each of the other parties, it being understood that all parties need not sign the same counterpart.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348702"><A NAME="_Toc234378776"><A NAME="_Toc234818265"><A NAME="_Toc234904110"><A NAME="_Toc234904217"><A NAME="_Toc234905286"><A NAME="_Toc234905719"><A NAME="_Toc237229203"><A NAME="_Toc235953342"><A NAME="_Toc238383340">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Original Agreement, and any other documents referred to herein or therein or contemplated hereby or thereby (a) constitutes the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof; (b) are not intended to confer upon any other person any rights or remedies hereunder (except that Section 7.4 of the Original Agreement is for the benefit of the directors and officers of MVG and the MVG Subsidiaries and is intended to confer rights on such persons); (c) shall not be assigned by operation of law or otherwise except as otherwise specifically provided; and (d) enures to the benefit of and is binding upon the parties hereto and their respective successors and permitted assigns.</P>
<P ALIGN="CENTER">7</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348703"><A NAME="_Toc234378777"><A NAME="_Toc234818266"><A NAME="_Toc234904111"><A NAME="_Toc234904218"><A NAME="_Toc234905287"><A NAME="_Toc234905720"><A NAME="_Toc237229204"><A NAME="_Toc235953343"><A NAME="_Toc238383341">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable to agreements made and to be performed within such province as to all matters, including without limitation validity, construction, effect, performance and remedies. The parties hereby irrevocably and unconditionally attorn to the exclusive jurisdiction of (A) the courts of the Province of Ontario or (B) Federal or State courts in the State of Nevada for any actions, suits or proceedings arising out of or relating to the enforcement of this Agreement or any agreement relating to the Arrangement and agree not to commence any action, suit or proceeding relating thereto except in such courts. The parties further agree that service of any process, summons, notice or document by Canadian or United States registered mail to its address set forth above shall be effective service of process for any
 action, suit or proceeding brought against such party in any such court. During the pendency of any disagreement, dispute, controversy or claim hereunder or relating hereto, each party shall continue to perform its obligations hereunder and to be bound hereby. No such disagreement, dispute, controversy or claim shall in any way excuse either party from performing all such obligations and continuing to be bound hereby.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_Toc234348705"><A NAME="_Toc234378779"><A NAME="_Toc234818268"><A NAME="_Toc234904113"><A NAME="_Toc234904220"><A NAME="_Toc234905289"><A NAME="_Toc234905722"><A NAME="_Toc237229206"><A NAME="_Toc235953345"><A NAME="_Toc238383343">4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party will bear its respective expenses and legal fees incurred with respect to this Agreement and the transactions contemplated hereby.</P>
<B><P ALIGN="JUSTIFY">4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances</A></A></A></A></A></A></A></A></A></A></P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto will from time to time execute and deliver all such further documents and instruments and do all such acts and things as the other parties may reasonably require to effectively carry out or better evidence or perfect the terms and provisions of this Agreement.</P>
<STRONG><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF</STRONG>, the parties have caused this Agreement to be signed by their respective officers thereunder duly authorized, all as of the date first written above.</P>
<P ALIGN="JUSTIFY"></P>
<TABLE BORDER CELLSPACING=0 CELLPADDING=0 WIDTH=637>
<TR><TD WIDTH="43%" VALIGN="TOP" ROWSPAN=4 HEIGHT=53>
<P ALIGN="LEFT"><A NAME="_D3-58aa5450-ec08-4356-b8ef-f175e302c580"></TD>
<TD WIDTH="4%" VALIGN="TOP" ROWSPAN=4 HEIGHT=53><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=53>
<STRONG><P ALIGN="LEFT">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</STRONG></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P ALIGN="LEFT">Per:</TD>
<TD WIDTH="47%" VALIGN="TOP">
<P ALIGN="LEFT"> /s/ James R. Maronick</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<P ALIGN="LEFT">Name: James R. Maronick<BR>
Title: Chief Financial Officer</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<I><P ALIGN="LEFT">I have authority to bind the Corporation</I></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
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<TD WIDTH="53%" VALIGN="TOP" COLSPAN=2 HEIGHT=53>
<STRONG><P ALIGN="LEFT">METALLIC VENTURES GOLD INC.</STRONG></TD>
</TR>
<TR><TD WIDTH="6%" VALIGN="TOP">
<P ALIGN="LEFT">Per:</TD>
<TD WIDTH="47%" VALIGN="TOP">
<P ALIGN="LEFT"> /s/ Miles Bachman</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<P ALIGN="LEFT">Name: Miles Bachman<BR>
Title: President and Chief Executive Officer</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<I><P ALIGN="LEFT">I have authority to bind the Corporation</I></TD>
</TR>
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<B><P ALIGN="JUSTIFY"></P>
<P ALIGN="CENTER">8</P>
<P ALIGN="JUSTIFY"></P></B></BODY>
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<B><P ALIGN="RIGHT"><A NAME="_DV_M0"></A>Exhibit 10.1</P>
<P ALIGN="CENTER">SUPPORT AGREEMENT<A NAME="_DV_C1"> AMENDMENT</A></P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M1"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (this "<B>Agreement</B>") dated <A NAME="_DV_C3">October 13,<A NAME="_DV_M2"></A></A> 2009 between Solitario Exploration &amp; Royalty Corp.  ("<B>Acquiror</B>"), a corporation existing under the laws of the State of Colorado, and Richard D. McNeely ("<B>Shareholder</B>").</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M3"></A>WITNESSETH</B>:</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M4"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Acquiror <A NAME="_DV_C5">was<A NAME="_DV_M5"></A></A> contemplating the acquisition of all of the outstanding common shares of Metallic Ventures Gold Inc. (the "<B>Corporation</B>") for consideration <A NAME="_DV_C6"><STRIKE> <A NAME="_DV_M6"></A></A></STRIKE>consisting of an aggregate of 17,000,000 shares of common stock in the capital of Acquiror and $15,500,000 in cash payable to the shareholders of the Corporation, in connection with a plan of arrangement (the "<A NAME="_DV_C7"><B>Original</B> <A NAME="_DV_M7"></A></A><B>Acquisition</B>") and pursuant to the terms of an arrangement agreement dated August 24, 2009 between the Acquiror and the Corporation, as it may be amended from time to time in accordance with its terms<A NAME="_DV_C9">;</A></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_C10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, in order to induce the Acquiror to enter into and proceed towards completion of the Original Acquisition, the Shareholder entered into a Support Agreement with the Acquiror dated August 24, 2009; </A></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_C11">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Acquiror is now contemplating the acquisition of all of the outstanding common shares of the Corporation for amended consideration (the "<B>Consideration</B>") consisting of an aggregate of 19,500,000 shares of common stock in the capital of Acquiror and $18,000,000 in cash payable to the shareholders of the Corporation, in connection with a plan of arrangement (the "<B>Acquisition</B>") and pursuant to the terms of an arrangement agreement dated August 24, 2009 between the Acquiror and the Corporation, as amended by Amendment No. 1 dated October 13, 2009 and as it may be further amended from time to time in accordance with its terms (collectively, <A NAME="_DV_M8"></A></A>the "<B>Arrangement Agreement</B>");</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M9"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, in order to induce the Acquiror to enter into and proceed towards completion of the Acquisition, the Shareholder has agreed to enter into this <A NAME="_DV_C12">Support <A NAME="_DV_M10"></A></A>Agreement<A NAME="_DV_C13"> Amendment<A NAME="_DV_M11"></A></A>; and</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M12"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, the Shareholder is the registered and beneficial holder of, or has control or direction over 9,237,113 common shares (the "<B>Shares</B>") of the Corporation;</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M13"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE</B>, in consideration of the foregoing and the mutual covenants and agreements herein contained, the parties hereto agree as follows:</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M14"></A>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS IN ARRANGEMENT AGREEMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M15"></A>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement, shall have the respective meanings ascribed to them in the Arrangement Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M16"></A>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACQUIROR'S REPRESENTATIONS, WARRANTIES AND COVENANTS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M17"></A>The Acquiror hereby represents, warrants and covenants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations, warranties and covenants in entering into this Agreement:</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M18"></A>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder;</P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M19"></A>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the execution and delivery of this Agreement by the Acquiror and the consummation by the Acquiror of the transactions contemplated hereunder have been duly authorized by the board of directors or similar authority of the Acquiror and no other internal proceedings on the part of the Acquiror are necessary to authorize this Agreement or the transactions contemplated hereby.  This Agreement has been duly executed and delivered by the Acquiror and constitutes a legal, valid and binding agreement enforceable by the Shareholder against the Acquiror in accordance with its terms, subject, however to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings, the equitable power of the courts to stay proceedings before them and the execution of judgments and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the
 court from which they are sought;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M20"></A>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror covenants, undertakes and agrees to pay the Consideration to the Shareholder upon completion of the Acquisition.  This Agreement and the obligation of the Acquiror to purchase the common shares of the Corporation is conditional upon the Acquisition being completed on or before the Termination Date;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M21"></A>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror hereby covenants and irrevocably agrees in favour of the Shareholder that it will comply with its obligations set forth in the Arrangement Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M22"></A>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT TO VOTE SHARES AND TAKE CERTAIN OTHER ACTION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M23"></A>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder hereby covenants and irrevocably agrees in favour of the Acquiror that, from the date hereof until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, except as permitted by this Agreement, such Shareholder will vote:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M24"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in favour of approval and adoption of the Acquisition and the transactions contemplated thereby;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M25"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against approval of any proposal made in opposition to or competition with consummation of the Acquisition;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M26"></A>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any action or proposal that is intended to, or is reasonably likely to, result in the conditions of the Corporation's obligations under the Acquisition not being fulfilled;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M27"></A>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any action which would reasonably be expected to impede, interfere with, delay, postpone or materially adversely affect consummation of the transactions contemplated by the Acquisition.</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M28"></A>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, Shareholder shall be present, in person or by proxy, at all meetings of shareholders of the Corporation at which any of the matters referred to in Section 3.1 is to be voted upon.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M29"></A>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Acquisition is re-structured as a take-over bid or tender offer or any other transaction pursuant to which Acquiror will pay the Consideration to acquire the Corporation which requires acceptance by Shareholder or the deposit or tendering of the Shares, Shareholder shall accept the same and/or deposit or tender the Shares as directed by Acquiror.</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M30"></A>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Article 3 will prevent the Shareholder, if the Shareholder is a director or officer of the Corporation and solely in his or her capacity as such director or officer, from acting in accordance with the exercise of his or her capacity as such director or officer, from acting in accordance with the exercise of his or her fiduciary duties or other legal obligation to act in the best interests of the Corporation,  if such action is required in order for the Shareholder to fulfill his or her fiduciary duty as a director and/or officer of the Corporation.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M31"></A>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT TO RETAIN SHARES</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M32"></A>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the date hereof until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, except as permitted by this Agreement, the Shareholder shall not, without the prior written consent of the Acquiror:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M33"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transfer, assign, sell or otherwise dispose of or grant a security interest in any of the Shares or any right or interest therein nor enter into any agreement to do any of the foregoing ("<B>Transfer</B>"); or</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M34"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take any action that would make any representation or warranty of Shareholder contained herein untrue or incorrect or interfere with Shareholder's ability to perform its obligations under this Agreement.</P></DIR>
</DIR>
</DIR>
</DIR>

<B><P ALIGN="LEFT"><A NAME="_DV_M35"></A>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS, WARRANTIES, COVENANTS AND ACKNOWLEDGMENTS OF SHAREHOLDER</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M36"></A>Shareholder hereby represents and warrants to and covenants with Acquiror as follows:</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M37"></A>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholder is the beneficial and registered holder of or exercises control or direction over the Shares; (b) the Shares are, and will be, at all times up to the Effective Date, free and clear of any liens, claims, charges, security interests or any other rights of others; and (c) Shareholder has, and will have, at all times up to the Effective Date, the sole voting power and sole power of disposition with respect to the Shares.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M38"></A>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder has full power (corporate or otherwise) to execute and deliver this Agreement and to comply with and perform Shareholder's obligations hereunder. This Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement enforceable by the Acquiror against the Shareholder in accordance with its terms, subject, however to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings, the equitable power of the courts to stay proceedings before them and the execution of judgments and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the court from which they are sought;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M39"></A>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder shall execute and deliver any additional documents and further assurances as may reasonably be required by Acquiror to give effect to the intent of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M40"></A>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M41"></A>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by Acquiror </P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M42"></A>Acquiror, when not in material default in the performance of its obligations under this Agreement or the Arrangement Agreement, may, without prejudice to any of its rights hereunder and in its sole discretion, terminate this Agreement by written notice to the Shareholder if:</P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M43"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the representations and warranties of the Shareholder under this Agreement shall not be true and correct in all material respects; </P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M44"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shareholder shall not have complied with its covenants to Acquiror contained in this Agreement in all material respects; </P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M45"></A>provided, however, that such termination shall be without prejudice to any rights which Acquiror may have as a result of any default by the Shareholder prior to such termination.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M46"></A>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Shareholder</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M47"></A>The Shareholder, when not in material default in its performance of its obligations under this Agreement, may, without prejudice to any of its rights hereunder and in its sole discretion, terminate this Agreement by written notice to Acquiror if:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M48"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the representations and warranties of Acquiror under this Agreement shall not be true and correct in all material respects;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M49"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror shall have amended the Arrangement Agreement to provide for lesser consideration per Share under the Arrangement without the prior written consent of the Shareholder or in any respect which is material and adverse to the Shareholder without the prior written consent of the Shareholder, provided that Acquiror may, without the consent of the Shareholder amend the terms of the Arrangement (A) to increase the consideration (or the value of the consideration) under the Arrangement, or (B) extend the Effective Date to a date no later than the Termination Date; or (C) to the extent that Acquiror has the power to do so, to waive any condition of the Arrangement or the Arrangement Agreement; or</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M50"></A>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror shall not have complied with its covenants to the Shareholder contained herein in all material respects.</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M51"></A>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic Termination</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M52"></A>Unless extended by mutual agreement of the Shareholder, on the one hand, and Acquiror, on the other hand, this Agreement shall automatically terminate on the Effective Date.  In addition, this Agreement shall automatically terminate in the event that the Arrangement Agreement is terminated by any party thereto in accordance with its terms including, without limitation, Section 6.1 of the Arrangement Agreement.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M53"></A>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement to Terminate</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M54"></A>This Agreement may be terminated by a written instrument executed by each of Acquiror and the Shareholder.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M55"></A>6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M56"></A>If this Agreement is terminated in accordance with this Article 6, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of the representations, warranties, obligations, terms or conditions of this Agreement which occurred prior to such termination in which case any party to this Agreement shall be entitled to pursue any and all remedies at law or equity which may be available to it.</P>
<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M57"></A>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M58"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, this Agreement shall automatically be deemed to be modified so as to give effect to the original intent of the parties as closely as possible in order that the transactions contemplated hereby shall be consummated as originally contemplated to the greatest extent possible.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M59"></A>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BINDING EFFECT AND ASSIGNMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M60"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by either party without the prior written consent of the other party; provided, however, Acquiror may, in its sole discretion, assign its rights and obligations hereunder to any direct or indirect wholly owned subsidiary of or other affiliate of the Acquiror. Any assignment in violation of the preceding sentence shall be void. </P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M61"></A>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT AND MODIFICATION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M62"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be amended, modified or supplemented except by an instrument in writing signed on behalf of both of the parties.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M63"></A>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC PERFORMANCE; INJUNCTIVE RELIEF</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M64"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder acknowledges that Acquiror will be irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of Shareholder set forth herein. Therefore, it is agreed that, in addition to any other remedies that may be available to Acquiror upon any such violation, Acquiror shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other means available to Acquiror at law or in equity and Shareholder hereby waives any and all defences which could exist in its favour in connection with such enforcement and waives any requirement for the security or posting of any bond in connection with such enforcement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M65"></A>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M66"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices, or other communications under this Agreement shall be in writing and shall be deemed given if delivered personally, or by facsimile to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):</P><DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M67"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Shareholder to:</P><DIR>
<DIR>

<P ALIGN="LEFT"><A NAME="_DV_M68"></A>Richard D. McNeely <BR>
1200 Goldstone Road<BR>
Reno, Nevada 89506<A NAME="_DV_M69"></A><BR>
Facsimile:&#9;<BR>
E-mail:&#9;&#9; <U>richmcneely@rtci.net</U>&#9; <BR>
</P></DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M70"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Acquiror, to:</P><DIR>
<DIR>

<ADDRESS><A NAME="_DV_M71"></A>Solitario Exploration &amp; Royalty Corp.<BR>
4251 Kipling Street<BR>
Wheat Ridge, Colorado   80033<BR>
USA</ADDRESS></DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M72"></A>Attention:  President</P><DIR>
<DIR>

<ADDRESS><A NAME="_DV_M73"></A>Facsimile:&#9; (303) 534-1809<BR>
E-mail: &#9;cherald@aol.com</ADDRESS></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M74"></A>or to such other address as any party hereto may designate for itself by notice given as herein provided.  Notices will be valid only if in writing and sent by personal delivery, courier, electronic transmission or facsimile, and effectively delivered only when actually received at the address set forth above.</P>
<P ALIGN="CENTER">5</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M75"></A>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M76"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable to agreements made and to be performed within such province.  The parties hereby irrevocably and unconditionally attorn to the exclusive jurisdiction of (y) the courts of the Province of Ontario or (z) Federal or State courts in the State of Nevada for any actions, suits or proceedings arising out of or relating to the enforcement of this Agreement or any agreement relating to a Transaction and agree not to commence any action, suit or proceeding relating thereto except in such courts. The parties further agree that service of any process, summons, notice or document by Canadian or United States registered mail to its address set forth above shall be effective service of process for any action, suit or proceeding brought against such party in any such court.  During th
e pendency of any disagreement, dispute, controversy or claim hereunder or relating hereto, each party shall continue to perform its obligations hereunder and to be bound hereby.  No such disagreement, dispute, controversy or claim shall in any way excuse either party from performing all such obligations and continuing to be bound hereby. </P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M77"></A>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M78"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The failure of any party to this Agreement to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, shall not constitute a waiver by such party of its right to exercise any such or other right, power or remedy or to demand such compliance.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M79"></A>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE AGREEMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M80"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M81"></A>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIALITY</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M82"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable securities laws, the parties agree to maintain, and to cause their respective representatives to maintain, the existence and terms of this Agreement in the strictest confidence.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M83"></A>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M84"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed by facsimile signature and in one or more counterparts, all of which shall be considered one and the same agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M85"></A>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF HEADINGS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M86"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section headings herein are for convenience only and shall not affect the construction or interpretation of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M87"></A>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENUREMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M88"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement enures to the benefit of and is binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.</P>
<P ALIGN="CENTER"><A NAME="_DV_M89"></A>6</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M90"></A>IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date first above written.</P>
<P ALIGN="JUSTIFY"></P>
<TABLE BORDER CELLSPACING=0 CELLPADDING=3 WIDTH=579>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=3><P ALIGN="LEFT">SOLITARIO EXPLORATION &amp; ROYALTY CORP. </B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">By:</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"> /s/ James R. Maronick</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">James R. Maronick</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<TABLE BORDER CELLSPACING=0 CELLPADDING=3 WIDTH=579>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">/s/ Miles Bachman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"> /s/ Richard D. McNeely</FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Witness </FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<B><FONT SIZE=3><P ALIGN="LEFT">RICHARD D. MCNEELY</B></FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Witness name: Miles Bachman </FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER"><A NAME="_DV_M91"></A>7</P>
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<B><P ALIGN="RIGHT"><A NAME="_DV_M0"></A>Exhibit 10.2</P>
<P ALIGN="CENTER">SUPPORT AGREEMENT<A NAME="_DV_C1"> AMENDMENT</A></P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M1"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (this "<B>Agreement</B>") dated <A NAME="_DV_C3">October 13,<A NAME="_DV_M2"></A></A> 2009 between Solitario Exploration &amp; Royalty Corp.  ("<B>Acquiror</B>"), a corporation existing under the laws of the State of Colorado, and Jeffrey R. Ward ("<B>Shareholder</B>").</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M3"></A>WITNESSETH</B>:</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M4"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Acquiror <A NAME="_DV_C5">was<A NAME="_DV_M5"></A></A> contemplating the acquisition of all of the outstanding common shares of Metallic Ventures Gold Inc. (the "<B>Corporation</B>") for consideration <A NAME="_DV_C6"><STRIKE> <A NAME="_DV_M6"></A></A></STRIKE>consisting of an aggregate of 17,000,000 shares of common stock in the capital of Acquiror and $15,500,000 in cash payable to the shareholders of the Corporation, in connection with a plan of arrangement (the "<A NAME="_DV_C7"><B>Original</B> <A NAME="_DV_M7"></A></A><B>Acquisition</B>") and pursuant to the terms of an arrangement agreement dated August 24, 2009 between the Acquiror and the Corporation, as it may be amended from time to time in accordance with its terms<A NAME="_DV_C9">;</A></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_C10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, in order to induce the Acquiror to enter into and proceed towards completion of the Original Acquisition, the Shareholder entered into a Support Agreement with the Acquiror dated August 24, 2009; </A></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_C11">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, Acquiror is now contemplating the acquisition of all of the outstanding common shares of the Corporation for amended consideration (the "<B>Consideration</B>") consisting of an aggregate of 19,500,000 shares of common stock in the capital of Acquiror and $18,000,000 in cash payable to the shareholders of the Corporation, in connection with a plan of arrangement (the "<B>Acquisition</B>") and pursuant to the terms of an arrangement agreement dated August 24, 2009 between the Acquiror and the Corporation, as amended by Amendment No. 1 dated October 13, 2009 and as it may be further amended from time to time in accordance with its terms (collectively, <A NAME="_DV_M8"></A></A>the "<B>Arrangement Agreement</B>");</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M9"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, in order to induce the Acquiror to enter into and proceed towards completion of the Acquisition, the Shareholder has agreed to enter into this <A NAME="_DV_C12">Support <A NAME="_DV_M10"></A></A>Agreement<A NAME="_DV_C13"> Amendment<A NAME="_DV_M11"></A></A>; and</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M12"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS</B>, the Shareholder is the registered and beneficial holder of, or has control or direction over 24,873,204 common shares (the "<B>Shares</B>") of the Corporation;</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M13"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE</B>, in consideration of the foregoing and the mutual covenants and agreements herein contained, the parties hereto agree as follows:</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M14"></A>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS IN ARRANGEMENT AGREEMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M15"></A>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Agreement that are not defined herein and that are defined in the Arrangement Agreement, shall have the respective meanings ascribed to them in the Arrangement Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M16"></A>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACQUIROR'S REPRESENTATIONS, WARRANTIES AND COVENANTS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M17"></A>The Acquiror hereby represents, warrants and covenants to the Shareholder as follows, and acknowledges that the Shareholder is relying upon such representations, warranties and covenants in entering into this Agreement:</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M18"></A>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder;</P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M19"></A>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the execution and delivery of this Agreement by the Acquiror and the consummation by the Acquiror of the transactions contemplated hereunder have been duly authorized by the board of directors or similar authority of the Acquiror and no other internal proceedings on the part of the Acquiror are necessary to authorize this Agreement or the transactions contemplated hereby.  This Agreement has been duly executed and delivered by the Acquiror and constitutes a legal, valid and binding agreement enforceable by the Shareholder against the Acquiror in accordance with its terms, subject, however to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings, the equitable power of the courts to stay proceedings before them and the execution of judgments and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the
 court from which they are sought;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M20"></A>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror covenants, undertakes and agrees to pay the Consideration to the Shareholder upon completion of the Acquisition.  This Agreement and the obligation of the Acquiror to purchase the common shares of the Corporation is conditional upon the Acquisition being completed on or before the Termination Date;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M21"></A>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror hereby covenants and irrevocably agrees in favour of the Shareholder that it will comply with its obligations set forth in the Arrangement Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M22"></A>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT TO VOTE SHARES AND TAKE CERTAIN OTHER ACTION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M23"></A>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shareholder hereby covenants and irrevocably agrees in favour of the Acquiror that, from the date hereof until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, except as permitted by this Agreement, such Shareholder will vote:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M24"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in favour of approval and adoption of the Acquisition and the transactions contemplated thereby;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M25"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against approval of any proposal made in opposition to or competition with consummation of the Acquisition;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M26"></A>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any action or proposal that is intended to, or is reasonably likely to, result in the conditions of the Corporation's obligations under the Acquisition not being fulfilled;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M27"></A>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any action which would reasonably be expected to impede, interfere with, delay, postpone or materially adversely affect consummation of the transactions contemplated by the Acquisition.</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M28"></A>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, Shareholder shall be present, in person or by proxy, at all meetings of shareholders of the Corporation at which any of the matters referred to in Section 3.1 is to be voted upon.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M29"></A>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Acquisition is re-structured as a take-over bid or tender offer or any other transaction pursuant to which Acquiror will pay the Consideration to acquire the Corporation which requires acceptance by Shareholder or the deposit or tendering of the Shares, Shareholder shall accept the same and/or deposit or tender the Shares as directed by Acquiror.</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M30"></A>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Article 3 will prevent the Shareholder, if the Shareholder is a director or officer of the Corporation and solely in his or her capacity as such director or officer, from acting in accordance with the exercise of his or her capacity as such director or officer, from acting in accordance with the exercise of his or her fiduciary duties or other legal obligation to act in the best interests of the Corporation,  if such action is required in order for the Shareholder to fulfill his or her fiduciary duty as a director and/or officer of the Corporation.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M31"></A>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT TO RETAIN SHARES</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M32"></A>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the date hereof until the earlier of (i) the Effective Date and (ii) the termination of this Agreement in accordance with Article 6, except as permitted by this Agreement, the Shareholder shall not, without the prior written consent of the Acquiror:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M33"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transfer, assign, sell or otherwise dispose of or grant a security interest in any of the Shares or any right or interest therein nor enter into any agreement to do any of the foregoing ("<B>Transfer</B>"); or</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M34"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take any action that would make any representation or warranty of Shareholder contained herein untrue or incorrect or interfere with Shareholder's ability to perform its obligations under this Agreement.</P></DIR>
</DIR>
</DIR>
</DIR>

<B><P ALIGN="LEFT"><A NAME="_DV_M35"></A>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS, WARRANTIES, COVENANTS AND ACKNOWLEDGMENTS OF SHAREHOLDER</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M36"></A>Shareholder hereby represents and warrants to and covenants with Acquiror as follows:</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M37"></A>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholder is the beneficial and registered holder of or exercises control or direction over the Shares; (b) the Shares are, and will be, at all times up to the Effective Date, free and clear of any liens, claims, charges, security interests or any other rights of others; and (c) Shareholder has, and will have, at all times up to the Effective Date, the sole voting power and sole power of disposition with respect to the Shares.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M38"></A>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder has full power (corporate or otherwise) to execute and deliver this Agreement and to comply with and perform Shareholder's obligations hereunder. This Agreement has been duly executed and delivered by the Shareholder and constitutes a legal, valid and binding agreement enforceable by the Acquiror against the Shareholder in accordance with its terms, subject, however to limitations with respect to enforcement imposed by law in connection with bankruptcy or similar proceedings, the equitable power of the courts to stay proceedings before them and the execution of judgments and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the court from which they are sought;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M39"></A>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder shall execute and deliver any additional documents and further assurances as may reasonably be required by Acquiror to give effect to the intent of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M40"></A>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M41"></A>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by Acquiror </P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M42"></A>Acquiror, when not in material default in the performance of its obligations under this Agreement or the Arrangement Agreement, may, without prejudice to any of its rights hereunder and in its sole discretion, terminate this Agreement by written notice to the Shareholder if:</P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M43"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the representations and warranties of the Shareholder under this Agreement shall not be true and correct in all material respects; </P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M44"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shareholder shall not have complied with its covenants to Acquiror contained in this Agreement in all material respects; </P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M45"></A>provided, however, that such termination shall be without prejudice to any rights which Acquiror may have as a result of any default by the Shareholder prior to such termination.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M46"></A>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the Shareholder</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M47"></A>The Shareholder, when not in material default in its performance of its obligations under this Agreement, may, without prejudice to any of its rights hereunder and in its sole discretion, terminate this Agreement by written notice to Acquiror if:</P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M48"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of the representations and warranties of Acquiror under this Agreement shall not be true and correct in all material respects;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M49"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror shall have amended the Arrangement Agreement to provide for lesser consideration per Share under the Arrangement without the prior written consent of the Shareholder or in any respect which is material and adverse to the Shareholder without the prior written consent of the Shareholder, provided that Acquiror may, without the consent of the Shareholder amend the terms of the Arrangement (A) to increase the consideration (or the value of the consideration) under the Arrangement, or (B) extend the Effective Date to a date no later than the Termination Date; or (C) to the extent that Acquiror has the power to do so, to waive any condition of the Arrangement or the Arrangement Agreement; or</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M50"></A>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiror shall not have complied with its covenants to the Shareholder contained herein in all material respects.</P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M51"></A>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic Termination</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M52"></A>Unless extended by mutual agreement of the Shareholder, on the one hand, and Acquiror, on the other hand, this Agreement shall automatically terminate on the Effective Date.  In addition, this Agreement shall automatically terminate in the event that the Arrangement Agreement is terminated by any party thereto in accordance with its terms including, without limitation, Section 6.1 of the Arrangement Agreement.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M53"></A>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement to Terminate</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M54"></A>This Agreement may be terminated by a written instrument executed by each of Acquiror and the Shareholder.</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M55"></A>6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination</P>
</U><P ALIGN="JUSTIFY"><A NAME="_DV_M56"></A>If this Agreement is terminated in accordance with this Article 6, the provisions of this Agreement will become void and no party shall have liability to any other party, except in respect of a breach of the representations, warranties, obligations, terms or conditions of this Agreement which occurred prior to such termination in which case any party to this Agreement shall be entitled to pursue any and all remedies at law or equity which may be available to it.</P>
<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M57"></A>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M58"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, this Agreement shall automatically be deemed to be modified so as to give effect to the original intent of the parties as closely as possible in order that the transactions contemplated hereby shall be consummated as originally contemplated to the greatest extent possible.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M59"></A>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BINDING EFFECT AND ASSIGNMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M60"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by either party without the prior written consent of the other party; provided, however, Acquiror may, in its sole discretion, assign its rights and obligations hereunder to any direct or indirect wholly owned subsidiary of or other affiliate of the Acquiror. Any assignment in violation of the preceding sentence shall be void. </P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M61"></A>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT AND MODIFICATION</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M62"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be amended, modified or supplemented except by an instrument in writing signed on behalf of both of the parties.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M63"></A>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC PERFORMANCE; INJUNCTIVE RELIEF</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M64"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder acknowledges that Acquiror will be irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of Shareholder set forth herein. Therefore, it is agreed that, in addition to any other remedies that may be available to Acquiror upon any such violation, Acquiror shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other means available to Acquiror at law or in equity and Shareholder hereby waives any and all defences which could exist in its favour in connection with such enforcement and waives any requirement for the security or posting of any bond in connection with such enforcement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M65"></A>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M66"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices, or other communications under this Agreement shall be in writing and shall be deemed given if delivered personally, or by facsimile to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):</P><DIR>
<DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M67"></A>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Shareholder to:</P><DIR>
<DIR>

<P ALIGN="LEFT"><A NAME="_DV_M68"></A>Jeffrey R. Ward <BR>
300 S. Pointe Dr. #802<BR>
<A NAME="_DV_M69"></A>Miami Beach, Florida 33139<BR>
Facsimile:&#9;<BR>
E-mail:&#9;&#9; <U>jwardnm@cs.com</U>&#9; <BR>
</P></DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M70"></A>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to Acquiror, to:</P><DIR>
<DIR>

<ADDRESS><A NAME="_DV_M71"></A>Solitario Exploration &amp; Royalty Corp.<BR>
4251 Kipling Street<BR>
Wheat Ridge, Colorado   80033<BR>
USA</ADDRESS></DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M72"></A>Attention:  President</P><DIR>
<DIR>

<ADDRESS><A NAME="_DV_M73"></A>Facsimile:&#9; (303) 534-1809<BR>
E-mail: &#9;cherald@aol.com</ADDRESS></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY"><A NAME="_DV_M74"></A>or to such other address as any party hereto may designate for itself by notice given as herein provided.  Notices will be valid only if in writing and sent by personal delivery, courier, electronic transmission or facsimile, and effectively delivered only when actually received at the address set forth above.</P>
<P ALIGN="CENTER">5</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M75"></A>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M76"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable to agreements made and to be performed within such province.  The parties hereby irrevocably and unconditionally attorn to the exclusive jurisdiction of (y) the courts of the Province of Ontario or (z) Federal or State courts in the State of Nevada for any actions, suits or proceedings arising out of or relating to the enforcement of this Agreement or any agreement relating to a Transaction and agree not to commence any action, suit or proceeding relating thereto except in such courts. The parties further agree that service of any process, summons, notice or document by Canadian or United States registered mail to its address set forth above shall be effective service of process for any action, suit or proceeding brought against such party in any such court.  During th
e pendency of any disagreement, dispute, controversy or claim hereunder or relating hereto, each party shall continue to perform its obligations hereunder and to be bound hereby.  No such disagreement, dispute, controversy or claim shall in any way excuse either party from performing all such obligations and continuing to be bound hereby. </P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M77"></A>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M78"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The failure of any party to this Agreement to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, shall not constitute a waiver by such party of its right to exercise any such or other right, power or remedy or to demand such compliance.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M79"></A>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE AGREEMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M80"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M81"></A>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIALITY</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M82"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable securities laws, the parties agree to maintain, and to cause their respective representatives to maintain, the existence and terms of this Agreement in the strictest confidence.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M83"></A>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M84"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed by facsimile signature and in one or more counterparts, all of which shall be considered one and the same agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M85"></A>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFFECT OF HEADINGS</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M86"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section headings herein are for convenience only and shall not affect the construction or interpretation of this Agreement.</P>
<B><P ALIGN="JUSTIFY"><A NAME="_DV_M87"></A>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENUREMENT</P>
</B><P ALIGN="JUSTIFY"><A NAME="_DV_M88"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement enures to the benefit of and is binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.</P>
<P ALIGN="CENTER"><A NAME="_DV_M89"></A>6</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="JUSTIFY"><A NAME="_DV_M90"></A>IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date first above written.</P>
<P ALIGN="JUSTIFY"></P>
<TABLE BORDER CELLSPACING=0 CELLPADDING=3 WIDTH=579>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="50%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=3><P ALIGN="LEFT">SOLITARIO EXPLORATION &amp; ROYALTY CORP. </B></FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">By:</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"> /s/ James R. Maronick</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">James R. Maronick</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<TABLE BORDER CELLSPACING=0 CELLPADDING=3 WIDTH=579>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">/s/ Adele R. Ward</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT"> /s/ Jeffrey R. Ward</FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Witness </FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">
<B><FONT SIZE=3><P ALIGN="LEFT">JEFFREY R. WARD</B></FONT></TD>
</TR>
<TR><TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="LEFT">Witness name: Adele R. Ward</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER"><A NAME="_DV_M91"></A>7</P>
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