<SEC-DOCUMENT>0000917225-11-000020.txt : 20110414
<SEC-HEADER>0000917225-11-000020.hdr.sgml : 20110414
<ACCEPTANCE-DATETIME>20110414145118
ACCESSION NUMBER:		0000917225-11-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110413
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110414
DATE AS OF CHANGE:		20110414

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:		11759467

	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 STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): April 13, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; text-align: center">Colorado <BR> (State or other jurisdiction of<BR> incorporation or organization)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">001-32978 <BR> (Commission<BR> File Number)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">84-1285791 <BR> (I.R.S. Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">4251
Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(303) 534-1030</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">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>

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    <TD STYLE="width: 2%; font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 13%; font: bold 10pt Times New Roman, Times, Serif">ITEM 1.01</TD>
    <TD STYLE="width: 87%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 12pt">Entry into a Material Definitive Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On April 13, 2011, Solitario Exploration &amp;
        Royalty Corp. (the &ldquo;Company&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) with
        Roth Capital Partners, LLC (the &ldquo;Underwriter&rdquo;) pursuant to which the Company agreed to issue and sell, and the Underwriter
        agreed to purchase, an aggregate of 3,400,000 shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, par value
        $0.01 per share (the &ldquo;Offering&rdquo;).&nbsp; The public offering price is $2.50 per Share. The Underwriter will receive
        discounts and commissions of $0.15 per Share.&nbsp; The Company expects to receive gross proceeds of approximately $8.5 million
        from the Offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company,
        and net proceeds, after deducting such discounts and expenses, of approximately $7.8 million.&nbsp; Pursuant to the terms of the
        Underwriting Agreement, the Company granted the Underwriter a 30-day option to purchase an additional 510,000 Shares to cover over-allotments,
        if any.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Offering is being made pursuant to the Company&rsquo;s
        existing shelf registration statement on Form S-3 (File No. 333-172929), as amended (the &ldquo;Registration Statement&rdquo;),
        which was filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on March 18, 2011 and declared effective
        by the Commission on March 29, 2011 and is described in more detail in a prospectus supplement dated April 13, 2011 and an accompanying
        base prospectus dated March 29, 2011. Closing of the issuance and sale of the Shares is scheduled for April 18, 2011 subject to
        the satisfaction of customary closing conditions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Underwriting Agreement contains customary
        representations, warranties and agreements by the Company, and customary conditions, indemnification obligations of the Company
        and the Underwriter, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties,
        and termination provisions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Underwriting Agreement has been attached
        hereto as an exhibit to provide investors and security holders with information regarding its terms. It is not intended to provide
        any other factual information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement
        were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement,
        and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures
        exchanged between the parties in connection with the execution of the Underwriting Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A copy of the opinion of Hensley Kim &amp; Holzer,
        LLC relating to the legality of the issuance and sale of the Shares in the Offering is attached as Exhibit 5.1 hereto. A copy of
        the Underwriting Agreement is filed herewith as Exhibit 1.1 and incorporated into this Item 1.01 by reference.&nbsp; The foregoing
        description of the Offering by the Company and the documentation related thereto does not purport to be complete and is qualified
        in its entirety by reference to such Exhibit.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Calibri, Halvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">ITEM 8.01</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Other Events</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 39.1pt 0 0"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Reference
        is made to the description of the Offering in Item 1.01. The Company agreed in the Underwriting Agreement, and the Company&rsquo;s
        officers and directors have agreed with the Underwriter, subject to certain exceptions, not to offer and sell any shares of its
        common stock or securities convertible into or exercisable or exchangeable for shares of its common stock for a period of ninety
        (90) days following the Offering without the written consent of the Underwriter. However, the Company may issue securities (i)
        upon the exercise of certain options, warrants or other exchange rights as disclosed as outstanding in the Registration Statement,
        (ii) pursuant to its employee benefit and compensation plans and (iii) in connection with strategic alliances involving the Company
        and in other cases as specified in the Underwriting Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 39.1pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April
        12, 2011, the Company issued a press release announcing the Offering. On April 13, 2011, the Company issued a press release announcing
        the pricing of the Offering. Copies of the press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, and are
        each incorporated herein by reference.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">ITEM 9.01</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">FINANCIAL STATEMENTS AND EXHIBITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">Exhibits</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">1.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Underwriting Agreement, dated April 13, 2011, by and between the Company and Roth Capital Partners, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">5.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Opinion of Hensley Kim &amp; Holzer, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">99.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Press Release of Solitario Exploration &amp; Royalty Corp. dated April 12, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">99.2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Press Release of Solitario Exploration &amp; Royalty Corp. dated April 13, 2011</TD></TR>
<TR>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 14, 2011</P>

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    <TD STYLE="width: 7%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 92%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif">Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-decoration: underline">/s/ &nbsp;James R. Maronick</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">James R. Maronick, Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>EXHIBIT INDEX</B></P>

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    <TD STYLE="width: 13%; font-family: Times New Roman, Times, Serif; text-decoration: underline">&nbsp; Exhibits</TD>
    <TD STYLE="width: 87%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Exhibit Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">1.1</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Underwriting Agreement, dated April 13, 2011, by and between the Company and Roth Capital Partners, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">5.1</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Opinion of Hensley Kim &amp; Holzer, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Press Release of Solitario Exploration &amp; Royalty Corp. dated April 12, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">99.2</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">Press Release of Solitario Exploration &amp; Royalty Corp. dated April 13, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right">Exhibit 5.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">April 13, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Wheat Ridge, Colorado 80033</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This opinion letter is furnished to you
in connection with your filing of a Registration Statement on Form S-3 (as amended or supplemented, the &ldquo;Registration Statement&rdquo;)
pursuant to the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the registration of up to $75,000,000
of any combination of (i)&nbsp;shares of common stock, par value $.01 per share (&ldquo;Common Stock&rdquo;), of Solitario Exploration
&amp; Royalty Corp., a Colorado corporation (the &ldquo;Company&rdquo;), (ii)&nbsp;shares of preferred stock, par value $.01 per
share, of the Company (the &ldquo;Preferred Stock&rdquo;), (iii)&nbsp;debt securities of the Company (the &ldquo;Debt Securities&rdquo;),
(iv)&nbsp;warrants to purchase shares of Common Stock or Preferred Stock and/or Debt Securities (the &ldquo;Warrants&rdquo;), and
(v)&nbsp;units comprised of shares of Common Stock and/or Preferred Stock, Warrants, Debt Securities and/or other securities of
the Company in any combination (the &ldquo;Units&rdquo;). The Common Stock, Preferred Stock, Debt Securities, Warrants and Units
are sometimes referred to collectively herein as the &ldquo;Securities.&rdquo; The Registration Statement was declared effective
by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 29, 2011. Reference is made to our opinion letter dated
March&nbsp;18, 2011 and included as Exhibit 5.1 to the Registration Statement. We are delivering this supplemental opinion letter
in connection with the prospectus supplement (the &ldquo;Prospectus Supplement&rdquo;) filed on April&nbsp;13, 2011 by the Company
with the SEC pursuant to Rule 424 under the Securities Act. The Prospectus Supplement relates to the offering by the Company of
up to 3,910,000 shares of Common Stock (the &ldquo;Shares&rdquo;) including up to 510,000 Shares that may be sold pursuant to the
exercise of an over-allotment option, covered by the Registration Statement. We understand that the Shares are to be offered and
sold to the underwriter of the offering for resale to the public in the manner described in the Prospectus Supplement pursuant
to that certain underwriting agreement dated as of April 13, 2011by and between the Company and Roth Capital Partners, LLC (the
&ldquo;Underwriting Agreement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We have reviewed such matters of law
and made such inquiries and reviewed such documents and records as we have deemed necessary or appropriate to enable us to express
an opinion on the matters covered hereby, and we have also examined and relied upon representations, statements or certificates
of public officials and officers and representatives of the Company. In expressing the opinion set forth below, we have assumed,
with your consent, that all documents submitted to us as originals are authentic, all documents submitted to us as certified or
photostatic copies conform to the original documents, and all signatures on all documents submitted to us for examination are genuine
and made by natural persons with legal capacity.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We render no opinion herein as to matters
involving the laws of any jurisdiction other than the State of Colorado and the federal securities laws of the United States of
America. This opinion is limited to the facts as they presently exist and the effect of the present state of the laws of the State
of Colorado and the federal securities laws of the United States of America. We assume no obligation to revise or supplement this
opinion in the event of future changes in such laws or the interpretations thereof or such facts. We express no opinion as to the
application of the securities or blue sky laws of any states with respect to the offer or sale of the Securities. Without limiting
the generality of the foregoing, except as set forth herein, we express no opinion in connection with the matters contemplated
by the Registration Statement, and no opinion may be implied or inferred, except as expressly set forth herein. Based upon the
foregoing, and subject to the limitations, qualifications and assumptions contained herein, we are of the opinion that the Shares,
when sold as contemplated in the Underwriting Agreement, and in accordance with the Registration Statement and the Prospectus Supplement,
and upon the receipt by the Company of the consideration to be paid therefor, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This opinion is based upon the laws and
legal interpretations in effect, and the facts and circumstances existing, on the date hereof, and we assume no obligation to revise
or supplement this opinion should any such law or legal interpretation be changed by legislative action, judicial interpretation
or otherwise or should there be any change in such facts and circumstances.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our opinion is furnished specifically
for you, and may not be relied upon, assigned, quoted or otherwise used in any manner or for any purpose by any other person or
entity. Notwithstanding the preceding sentence, we hereby consent to the use of this opinion as Exhibit 5.1 to the Company&rsquo;s
Current Report on Form 8-K dated April&nbsp;13, 2011 which is incorporated by reference into the Registration Statement and to
the references to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and Prospectus Supplement.
In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section
7 of the Securities Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/115% Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR>
    <TD>/s/ HENSLEY KIM &amp; HOLZER, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: -12pt; margin-right: 0; margin-left: 12pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">HENSLEY KIM &amp; HOLZER, LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh991s.htm
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">Exhibit 99.1</P>

<P STYLE="font: 9pt Arial; margin: 0; text-align: center; color: Red"></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>April 12, 2011</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SOLITARIO ANNOUNCES COMMON STOCK OFFERING</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Denver, Colorado: </B>Solitario Exploration &amp; Royalty Corp.
(NYSE Amex: <B>XPL;</B> TSX: <B>SLR</B>) today announced that <FONT STYLE="color: #333333">it intends to offer shares of its common
stock in an underwritten public offering. The offering is subject to market conditions, and there can be no assurance as to whether
or when the offering may be completed, or as to the actual size or terms of the offering.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #333333">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">Roth Capital Partners, LLC is acting as the sole
manager for the offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">Solitario intends to use the net proceeds from this
offering for the completion of the feasibility study, advancement of permitting and exploration drilling at its Mt. Hamilton project,
exploration in Peru and Mexico, the repayment of certain of its outstanding short-term margin borrowing and general corporate purposes,
including possible acquisition and exploration of new mining properties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The offering is being made pursuant to a shelf registration statement
on Form S-3 previously filed with the Securities and Exchange Commission (SEC) on March 18, 2011, which became effective on March
29, 2011. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the
SEC's website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating
to this offering may be obtained from Roth Capital Partners, LLC Syndicate Department, 24 Corporate Plaza, Newport Beach, CA 92660,
at 800-678-9147 and Rothecm@roth.com. Before you invest, you should read the preliminary prospectus supplement and the accompanying
prospectus in that registration statement and other documents Solitario has filed or will file with the SEC for more complete information
about Solitario and the offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, these securities; nor shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Solitario</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario is earning an 80% interest in the
advanced Mt. Hamilton gold-silver project in eastern Nevada. Solitario is currently moving the project through feasibility. Solitario
also holds a significant carried interest in the high-grade Bongar&aacute; zinc project in Peru where its partner, Votorantim Metais
is funding the project through production to earn a 70% interest in the project from Solitario. Solitario is a gold, silver, platinum-palladium,
and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru. Besides Votorantim, Solitario has
significant business relationships with Minera Buenaventura, Newmont Mining and Anglo Platinum. Solitario has approximately US$14
million in net cash and marketable securities. Solitario is traded on the NYSE Amex (&quot;XPL&quot;) and on the Toronto Stock
Exchange (&quot;SLR&quot;). Additional information about Solitario is available online at www.solitarioxr.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">FOR MORE INFORMATION, CONTACT:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Debbie Mino-Austin</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Director &ndash; Investor Relations</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(832) 630-0516</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(303) 534-1030</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release includes certain &quot;Forward-Looking
Statements&quot; within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization
and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Development of Solitario&rsquo;s properties are subject
to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits
and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political
risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become
politically unstable. Important factors that could cause actual results to differ materially from Solitario&rsquo;s expectations
are disclosed under the heading &quot;Risk Factors&quot; and elsewhere in Solitario&rsquo;s documents filed from time to time with
Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exh992.htm
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<HTML>
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</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">Exhibit 99.2</P>

<P STYLE="font: 9pt Arial; margin: 0; text-align: center; color: Red"><B></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>April 13, 2011</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SOLITARIO PRICES COMMON STOCK OFFERING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Denver, Colorado: </B>Solitario Exploration &amp; Royalty Corp.
(NYSE Amex: <B>XPL;</B> TSX: <B>SLR</B>) today announced <FONT STYLE="color: #333333">that it has priced an underwritten public
offering of 3,400,000 shares of common stock at a price to the public of $2.50 per share. Solitario expects that the net proceeds
of the offering, after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately
$7.8 million. Solitario intends to use the net proceeds from this offering for the completion of the feasibility study, advancement
of permitting and exploration drilling at its Mt. Hamilton project, exploration in Peru and Mexico, the repayment of certain of
its outstanding short-term margin borrowing and general corporate purposes, including possible acquisition and exploration of new
mining properties. In connection with the offering, Solitario has granted the underwriter a 30-day option to purchase up to an
additional 510,000 shares to cover over-allotments, if any. The offering is expected to close on or about April 18, 2011, subject
to satisfaction of customary closing conditions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #333333">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">Roth Capital Partners acted as sole manager for the
offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #333333">The offering is being made pursuant
to a shelf registration statement on Form S-3 </FONT>previously filed with the Securities and Exchange Commission (SEC) on March
18, 2011, which became effective on March 29, 2011. A preliminary prospectus supplement relating to the offering has been filed
with the SEC and is available on the SEC's website located at www.sec.gov. Electronic copies of the final prospectus supplement,
when available, may be obtained by either contacting the underwriter (as set forth below) or by accessing the SEC&rsquo;s website,
www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Roth Capital Partners, LLC</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Attn: Syndicate Department</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">24 Corporate Plaza</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Newport Beach, CA 92660</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Phone: 800-678-9147</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Email: Rothecm@roth.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of any such jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Solitario</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario is earning an 80% interest in the
advanced Mt. Hamilton gold-silver project in eastern Nevada. Solitario is currently moving the project through feasibility. Solitario
also holds a significant carried interest in the high-grade Bongar&aacute; zinc project in Peru where its partner, Votorantim Metais
is funding the project through production to earn a 70% interest in the project from Solitario. Solitario is a gold, silver, platinum-palladium,
and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru. Besides Votorantim, Solitario has
significant business relationships with Minera Buenaventura, Newmont Mining and Anglo Platinum. Solitario has approximately US$14
million in net cash and marketable securities. Solitario is traded on the NYSE Amex (&quot;XPL&quot;) and on the Toronto Stock
Exchange (&quot;SLR&quot;). Additional information about Solitario is available online at www.solitarioxr.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">FOR MORE INFORMATION, CONTACT:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Debbie Mino-Austin</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Director &ndash; Investor Relations</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(832) 630-0516</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(303) 912-2341</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release includes certain &quot;Forward-Looking
Statements&quot; within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization
and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Development of Solitario&rsquo;s properties are subject
to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits
and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political
risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become
politically unstable. Important factors that could cause actual results to differ materially from Solitario&rsquo;s expectations
are disclosed under the heading &quot;Risk Factors&quot; and elsewhere in Solitario&rsquo;s documents filed from time to time with
Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


<P STYLE="margin: 0"></P>

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<SEQUENCE>5
<FILENAME>exh11.htm
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="font-size:1px;margin-top:24px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1.1
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3,400,000 Shares </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SOLITARIO EXPLORATION&nbsp;&amp; ROYALTY CORP. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Stock
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>UNDERWRITING AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;13, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Roth Capital Partners, LLC </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 Corporate Plaza </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Beach, CA 92660
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Solitario Exploration&nbsp;&amp; Royalty Corp., a Colorado corporation (the &#147;<U>Company</U>&#148;), proposes, subject to the terms and conditions stated herein, to issue and sell to Roth Capital
Partners, LLC (the &#147;<U>Underwriter</U>&#148;) an aggregate of 3,400,000 authorized but unissued shares (the &#147;<U>Firm Shares</U>&#148;) of Common Stock, par value $.01 per share (the &#147;<U>Common Stock</U>&#148;), of the Company. The
Company has granted the Underwriter the option to purchase an aggregate of up to 510,000 additional authorized but unissued shares of Common Stock (the &#147;<U>Option Shares</U>&#148;) as may be necessary to cover over-allotments made in connection
with the offering. The Firm Shares and Option Shares are collectively referred to as the &#147;<U>Shares</U>.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Company and the Underwriter hereby confirm their agreement as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>1. Registration Statement and
Prospectus.</I></B> The Company has prepared and filed with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) a registration statement on Form S-3 (File No.&nbsp;333-172929) under the Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;) and the rules and regulations (the &#147;<U>Rules and Regulations</U>&#148;) of the Commission thereunder, and such amendments to such registration statement (including post effective amendments) as may have been
required to the date of this Agreement and a preliminary prospectus supplement or &#147;red herring&#148; pursuant to Rule 424(b) under the Securities Act. Such registration statement, as amended (including any post effective amendments) has been
declared effective by the Commission. Such registration statement, including amendments thereto (including post effective amendments thereto) at the time of effectiveness thereof (the &#147;<U>Effective Time</U>&#148;), the exhibits and any
schedules thereto at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and
Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called the &#147;<U>Registration Statement</U>.&#148; If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under
the Securities Act (the &#147;<U>Rule 462 Registration Statement</U>&#148;), then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement. </FONT></P>

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<P STYLE="font-size: 1px; margin-top: 12px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is filing
with the Commission pursuant to Rule 424 under the Securities Act a final prospectus supplement relating to the Shares to a form of prospectus included in the Registration Statement. The form of prospectus included in the Registration Statement at
the time it was declared effective, as it may have been amended, modified or supplemented and filed with the Commission after such effective date and prior to the date hereof pursuant to Rule 424(b)(3), is hereinafter called the &#147;<U>Base
Prospectus</U>,&#148; and such final prospectus supplement, as filed, along with the Base Prospectus, is hereinafter called the &#147;<U>Final Prospectus</U>.&#148; Such Final Prospectus and any preliminary prospectus supplement or &#147;red
herring&#148; relating to the Shares in the form in which they shall be filed with the Commission pursuant to Rule 424(b) under the Securities Act (including the Base Prospectus as so supplemented) is hereinafter called a
&#147;<U>Prospectus</U>.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of this Agreement, all references to the Registration Statement, the Rule 462
Registration Statement, the Base Prospectus, the Final Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Interactive Data Electronic
Applications system. All references in this Agreement to amendments or supplements to the Registration Statement, the Rule 462 Registration Statement, the Base Prospectus, the Final Prospectus or the Prospectus shall be deemed to mean and include
the subsequent filing of any document under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), that is deemed to be incorporated therein by reference therein or otherwise deemed by the Rules and Regulations to be
a part thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>2. Representations and Warranties of the Company Regarding the Offering. </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company represents and warrants to, and agrees with, the Underwriter, as of the date hereof and as of the Closing
Date (as defined in Section&nbsp;4(c) below) and as of each Option Closing Date (as defined in Section&nbsp;4(b) below), except as otherwise indicated, as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) At each time of effectiveness, at the date hereof, at the Closing Date and on each Option Closing Date, if any, the
Registration Statement and any post-effective amendment thereto complied or will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations and did not, does not and will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined in Section&nbsp;2(a)(iii)(A)(1) below) as of the
date hereof, at the Closing Date and on each Option Closing Date, if any, any roadshow or investor presentations delivered to and approved by the Underwriters for use in connection with the marketing of the offering of the Shares (the
&#147;<U>Marketing Materials</U>&#148;) as of the time of their use and at and at the Closing Date and on each Option Closing Date, if any, and the Prospectus, as amended or supplemented, as of its date, at the time of filing pursuant to Rule 424(b)
under the Securities Act, at the Closing Date, and on each Option Closing Date, if any, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
immediately preceding sentences shall not apply to statements in or omissions from the Registration Statement or any Prospectus in reliance upon, and in conformity with, written information
furnished to the Company by the Underwriter specifically for use in the preparation thereof, which written information is described in Section&nbsp;7(f). The Registration Statement contains all exhibits and schedules required to be filed by the
Securities Act or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the
knowledge of the Company, are contemplated or threatened by the Commission. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The Company has not
distributed any prospectus or other offering material in connection with the offering and sale of the Shares other than the Time of Sale Disclosure Package and the Marketing Materials. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) (A) The Company has provided a copy to the Underwriter of each Issuer Free Writing Prospectus (as defined below)
used in the sale of Shares.&nbsp;The Company has filed all Issuer Free Writing Prospectuses required to be so filed with the Commission, and no order preventing or suspending the effectiveness or use of any Issuer Free Writing Prospectus is in
effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission.&nbsp;When taken together with the rest of the Time of Sale Disclosure Package or
the Final Prospectus,&nbsp;since its first use&nbsp;and at all relevant times since then, no Issuer Free Writing Prospectus has, does or will include (1)&nbsp;any untrue statement of a material fact or omission&nbsp;to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (2)&nbsp;information that&nbsp;conflicted, conflicts or will conflict with the information contained in the
Registration Statement or the Final Prospectus. The representations and warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions from the Time of Sale Disclosure Package, the Final Prospectus or any
Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Underwriter specifically for use in the preparation thereof.&nbsp;As used in this paragraph and elsewhere in this Agreement:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) &#147;<U>Time of Sale Disclosure Package</U>&#148; means the Base Prospectus, the Prospectus&nbsp;most
recently filed with the Commission before the time of this Agreement, including any preliminary prospectus supplement deemed to be a part thereof, each Issuer Free Writing Prospectus, and&nbsp;the description of the transaction provided by the
Underwriter&nbsp;included on <B>Schedule I</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) &#147;<U>Issuer Free Writing Prospectus</U>&#148; means
any &#147;issuer free writing prospectus,&#148; as defined in Rule 433 under the Securities Act, relating to the Shares that (A)&nbsp;is required to be filed with the Commission by the Company, or (B)&nbsp;is exempt from filing pursuant to Rule
433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#146;s records pursuant to Rule 433(g) under the
Securities Act. </FONT></P>


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<P STYLE="font-size: 1px; margin-top: 6px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B) At
the time of filing of the Registration Statement and at the date hereof, the Company was not and is not an &#147;ineligible issuer,&#148; as defined in Rule 405 under the Securities Act or an &#147;excluded issuer&#148; as defined in Rule 164 under
the Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C) Each Issuer Free Writing Prospectus satisfied, as of its issue date and at all
subsequent times through the Prospectus Delivery Period (as defined below in Section&nbsp;4(a)(i)), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under the Securities Act, including any legend, record-keeping
or other requirements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) The financial statements of the Company, together with the related notes, included
or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act and fairly present
the financial condition of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with U.S. generally accepted accounting principles consistently applied
throughout the periods involved; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. No other financial statements, pro forma financial information or schedules are
required under the Securities Act to be included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) To the Company&#146;s knowledge, Ehrhardt Keefe Steiner&nbsp;&amp; Hottman PC, which has expressed its opinion with
respect to the financial statements and schedules filed as a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, is an independent public accounting firm with
respect to the Company within the meaning of the Securities Act and the Rules and Regulations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) The
Company had a reasonable basis for, and made in good faith, each &#147;forward-looking statement&#148; (within the meaning of Section&nbsp;27A of the Securities Act or Section&nbsp;21E of the Exchange Act) contained or incorporated by reference in
the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing Materials. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vii) All statistical or market-related data included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, or included in the Marketing
Materials, are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources, to the extent required. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii) The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act and is listed on the NYSE Amex
LLC (&#147;<U>NYSE Amex</U>&#148;) and on the<BR>
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Toronto Stock Exchange (&#147;<U>TSX</U>&#148;). There is no action pending by the Company or, to the Company&#146;s knowledge, by the NYSE Amex or the TSX to delist the Common Stock from the
NYSE Amex or the TSX, nor has the Company received any notification that the NYSE Amex or the TSX is contemplating terminating such listing. When issued, the Shares will be listed on the NYSE Amex and the TSX. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix) The Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that
would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) The Company is not and, after giving effect to the offering and sale of the Shares and the application of the net
proceeds thereof, will not be an &#147;investment company,&#148; as such term is defined in the Investment Company Act of 1940, as amended. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Any certificate signed by any officer of the Company and delivered to the Underwriter or to the Underwriter&#146;s counsel shall be deemed a representation and warranty by the Company to the
Underwriter as to the matters covered thereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>3. Representations and Warranties Regarding the Company.
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company represents and warrants to and agrees with, the Underwriter, except as set forth in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Each of
the Company and its subsidiaries has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation. Each of the Company and its subsidiaries has the power and authority (corporate
or otherwise) to own its properties and conduct its business as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign
corporation in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have or is reasonably likely to result
in a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole, or in its ability to perform its obligations under
this Agreement (&#147;<U>Material Adverse Effect</U>&#148;). Except for those of the Company&#146;s subsidiaries set forth on <B>Schedule II</B> attached hereto, none of the Company&#146;s subsidiaries is a &#147;significant subsidiary&#148; (as
such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The Company
has the power and authority to enter into this Agreement and to authorize, issue and sell the Shares as contemplated by this Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal
and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be<BR>
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limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) The execution, delivery and performance of this Agreement and the consummation of the transactions herein
contemplated will not (A)&nbsp;result in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any property or
asset of the Company or any subsidiary is bound or affected (B)&nbsp;conflict with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others
any right of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) (a &#147;<U>Default Acceleration Event</U>&#148;) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or
other instrument (the &#147;<U>Contracts</U>&#148;) or obligation or other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company or any subsidiary is bound or affected, except to the extent
that such conflict, default or Default Acceleration Event is not reasonably likely to result in a Material Adverse Effect, or (C)&nbsp;result in a breach or violation of any of the terms and provisions of, or constitute a default under, the
Company&#146;s articles of incorporation, as amended, or by-laws, as amended. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Neither the Company nor any
of its subsidiaries is in violation, breach or default under its articles of incorporation, as amended, by-laws, as amended, or other equivalent organizational or governing documents. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) No consents, approvals, orders, authorizations or filings are required on the part of the Company and its subsidiaries
in connection with the execution, delivery or performance of this Agreement and the issue and sale of the Shares, except (A)&nbsp;the registration under the Securities Act of the Shares, (B)&nbsp;such consents, approvals, authorizations,
registrations or qualifications as may be required under state or foreign securities or Blue Sky laws and the rules of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) in connection with the purchase and distribution of
the Shares by the Underwriter and (C)&nbsp;the necessary filings and approvals from the NYSE Amex and the TSX to list the Shares. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vi) The Company has an authorized capitalization as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued and outstanding shares of
capital stock of the Company are duly authorized and validly issued, fully paid and nonassessable, and have been issued in compliance with all applicable securities laws, and conform to the description thereof in the Registration Statement, the Time
of Sale Disclosure Package and the Prospectus. All of the issued shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned
directly or indirectly by the Company to the extent forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, free and clear of all liens, encumbrances, equities or claims. Except for the issuances of options
or restricted stock in the ordinary course of business, since the respective dates as of which information is provided in the Registration Statement, the Time of Sale<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
Disclosure Package or the Prospectus, the Company has not entered into or granted any convertible or exchangeable securities, options, warrants, agreements, contracts or other rights in existence
to purchase or acquire from the Company any shares of the capital stock of the Company. The Shares, when issued, will be duly authorized and validly issued, fully paid and nonassessable, will be issued in compliance with all applicable securities
laws, and will be free of preemptive, registration or similar rights and will conform to the description of the capital stock of the Company contained in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) Each of the Company and its subsidiaries has (A)&nbsp;filed all returns (as hereinafter defined) required to be
filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof and (B)&nbsp;paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on
or assessed against the Company or such respective subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether
or not disputed, and for all periods to and including the dates of such consolidated financial statements. No issues have been raised and are currently pending by any taxing authority in connection with any of the returns or taxes asserted as due
from the Company or its subsidiaries, and no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term &#147;<U>taxes</U>&#148; mean all
federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation,
premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term
&#147;<U>returns</U>&#148; means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(viii) Since the respective dates as of which information is given (including by incorporation by reference) in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus,
(a)&nbsp;neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b)&nbsp;the Company has
not declared or paid any dividends or made any distribution of any kind with respect to its capital stock, (c)&nbsp;there has not been any change in the capital stock of the Company or any of its subsidiaries (other than a change in the number of
outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or the issuance of restricted stock awards or restricted stock units under the Company&#146;s existing stock awards plan, or any
new grants thereof in the ordinary course of business), (d)&nbsp;there has not been any material change in the Company&#146;s long-term or short-term debt, and (e)&nbsp;there has not been the occurrence of any Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix) There is not pending or, to the knowledge of the Company, threatened, any action, suit or proceeding to which the
Company or any of its subsidiaries is a party or of which any property or assets of the Company or its subsidiaries is the<BR>
 </FONT></P>

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subject before or by any court or governmental agency, authority or body, or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect or adversely affect the
consummation of the transactions contemplated by this Agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) The Company and each of its subsidiaries
holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders (&#147;<U>Permits</U>&#148;) of any governmental or self-regulatory agency, authority or body required for the
conduct of its business, and all such Permits are in full force and effect, in each case except where the failure to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi) The Company and its subsidiaries have good and marketable title to all property (whether real or personal) described
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus as being owned by them that is material to the business of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or
defects, except as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus or those that are not reasonably likely to result in a Material Adverse Effect. The property held under lease by the Company and its
subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company and its
subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xii) The Company and each of its subsidiaries owns or possesses or has valid right to use all
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (&#147;<U>Intellectual Property</U>&#148;) necessary for
the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the
Company or any of its subsidiaries will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property of others, except where such action, use, license or fee is not reasonably likely to result in a Material
Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xiii) The Company and each of its subsidiaries has complied with, is not in violation of, and has not received any notice of violation relating to any law, rule or regulation relating to the conduct of
its business, or the ownership or operation of its property and assets, including, without limitation, (A)&nbsp;the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering laws, rules or regulations, (B)&nbsp;any
laws, rules or regulations related to health, safety or the environment, including those relating to the regulation of hazardous substances, (C)&nbsp;the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder, (D)&nbsp;the
Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (E)&nbsp;the Employment Retirement Income Security Act of 1974 and the rules and regulations thereunder, in each case except where the failure to be in compliance is
not reasonably likely to result in a Material Adverse Effect. </FONT></P>


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<P STYLE="font-size: 1px; margin-top: 6px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiv)
Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, representative, agent or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<U>OFAC</U>&#148;); and the Company will not directly or indirectly use the proceeds of the offering of the Shares contemplated hereby, or lend, contribute
or otherwise make available such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xv) The Company and each of its subsidiaries carries, or is covered by, insurance in such amounts and covering such risks
as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries. Neither the Company nor any subsidiary has been refused any coverage under
insurance policies sought or applied for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that would not have a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xvi) No labor
dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, that is reasonably likely to result in a Material Adverse Effect. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xvii) Neither the Company, its subsidiaries nor, to its knowledge, any other party&nbsp;is in violation, breach or
default of any Contract that is reasonably likely to result in a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xviii) No supplier,
customer,&nbsp;distributor or sales agent of the Company has&nbsp;notified the Company&nbsp;that it intends to&nbsp;discontinue or&nbsp;decrease the rate of business done&nbsp;with&nbsp;the Company, except where such decrease is not reasonably
likely to result in a Material Adverse Effect. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xix) There are no claims, payments, issuances, arrangements or
understandings for services in the nature of a finder&#146;s, consulting or origination fee with respect to the introduction of the Company to the Underwriter or the sale of the Shares hereunder or any other arrangements, agreements, understandings,
payments or issuances with respect to the Company that may affect the Underwriter&#146;s compensation, as determined by the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xx) The Company has not made any direct or indirect payments (in cash, securities or otherwise) to (i)&nbsp;any person,
as a finder&#146;s fee, investing fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who provided capital to the Company, (ii)&nbsp;any FINRA member, or (iii)&nbsp;any person or
entity that has any direct or indirect affiliation or association with any FINRA member within the 12-month period prior to the date on which the Prospectus relating to the Shares most recently was filed with the Commission (&#147;<U>Filing
Date</U>&#148;) or thereafter. </FONT></P>


 <P STYLE="font-size:1px;margin-top:6px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 6px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxi)
None of the net proceeds of the offering will be paid by the Company to any participating FINRA member or any affiliate or associate of any participating FINRA member, except as specifically authorized herein. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxii) Except as disclosed to the Underwriter in writing, to the Company&#146;s knowledge, no (i)&nbsp;officer or director
of the Company or its subsidiaries, (ii)&nbsp;owner of 5% or more of the Company&#146;s unregistered securities or that of its subsidiaries or (iii)&nbsp;owner of any amount of the Company&#146;s unregistered securities acquired within the 180-day
period prior to the Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Underwriter and its counsel if it becomes aware that any officer, director or stockholder of the Company or its
subsidiaries is or becomes an affiliate or associated person of a FINRA member participating in the offering. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxiii) Other than the Underwriter, no person has the right to act as an underwriter or as a financial advisor to the
Company in connection with the transactions contemplated hereby. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxiv) The statements set forth in the
Registration Statement, the Time of Sale Disclosure Package and the Prospectus under the captions &#147;Description of Common Stock&#148; insofar as they purport to constitute a summary of the terms of the Shares, and under the caption
&#147;Underwriting&#148;, insofar as it purports to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xxv) Except as set forth in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, there are no contracts, agreements or understandings between the Company and any person
granting such person the right (other than rights which have been waived in writing or otherwise satisfied) to require the Company to file a registration statement under the Securities Act with respect to any securities of the Company owned or to be
owned by such person or to require the Company to include such securities in the securities registered pursuant to the Registration Statement or in any securities being registered pursuant to any other registration statement filed by the Company
under the Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxvi) Except for 300,000 shares of Common Stock issued or issuable to DHI-Minerals
(US) Ltd. pursuant to the terms of the Limited Liability Company Operating Agreement of Mt. Hamilton LLC, the Company has not sold or issued any shares of Common Stock during the six-month period preceding the date of the Prospectus, including any
sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, stock option plans or other employee compensation plans or pursuant to outstanding options, rights or
warrants. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxvii) The Company and each of its subsidiaries (i)&nbsp;are in compliance with all, and have not
violated any, laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation any international, national, state, provincial, regional, or<BR>
</FONT></P>

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local authority, relating to the protection of human health or safety, the environment, or natural resources, or to hazardous or toxic substances or wastes, pollutants or contaminants (including,
without limitation, all health and safety laws) (&#147;<U>Environmental Laws</U>&#148;) applicable to such entity, which compliance includes, without limitation, obtaining, maintaining and complying with all permits and authorizations and approvals
required by Environmental Laws to conduct their respective businesses as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus,, and (ii)&nbsp;have not received notice of any actual or alleged violation of
Environmental Laws, or of any potential liability for or other obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD STYLE="width: 13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD STYLE="width: 5%; vertical-align: top; text-align: left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A)</FONT></TD>
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are no proceedings that are pending, or known to be contemplated, against the Company or any of its subsidiaries under Environmental Laws in which a governmental
authority is also a party. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company and its subsidiaries are not aware of any existing liabilities concerning hazardous or toxic substances or wastes, pollutants or contaminants that could
reasonably be expected to have a Material Adverse Effect on the capital expenditures, earnings or competitive position of the Company and its subsidiaries. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD STYLE="width: 13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD STYLE="width: 6%; vertical-align: top; text-align: left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C)</FONT></TD>
<TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the knowledge of the Company, no property which is or has been owned, leased, used, operated or occupied by the Company or its subsidiaries has been designated as a
Superfund site pursuant to the Comprehensive Environmental Response, Compensation of Liability Act of 1980, as amended (42 U.S.C. Section&nbsp;9601, et. seq.), or otherwise designated as a contaminated site under applicable state or local law.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxviii) The Company maintains a system of internal control over financial reporting (as such
term is defined in Rule 13a-15(f) under the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company&#146;s principal executive officer and principal financial officer, or under their supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Company&#146;s internal control
over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xxix) Since the date of the latest audited financial statements included in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, there has been no change in the
Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </FONT></P>


 <P STYLE="font-size:1px;margin-top:6px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 6px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxx)
The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure
that material information relating to the Company and its subsidiaries is made known to the Company&#146;s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are
effective. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxxi) The operations of the Company and its subsidiaries are being conducted in material
compliance with applicable employment laws, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;<U>Employee Benefit
Laws</U>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Employee Benefit Laws is pending or, to the
knowledge of the Company, threatened. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxxii) Neither the Company nor any of its subsidiaries or affiliates,
nor any director, officer, or employee, nor, to the Company&#146;s knowledge, any agent or representative of the Company or of any of its subsidiaries or affiliates, has taken any action in furtherance of an offer, payment, promise to pay, or
authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a government or government-owned or
controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official
action or secure an improper advantage; and the Company and its subsidiaries and affiliates conduct their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and
procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xxxiii) SRK Consulting (US), Inc. (&#147;<U>SRK</U>&#148;) is an independent private engineering firm with respect to the Company whose updated NI 43-101 Preliminary Economic Assessment concerning the
Mt. Hamilton project (the &#147;<U>Technical Report</U>&#148;) is referenced in the Registration Statement, the Time of Sale Disclosure Package and Final Prospectus, and acts as independent engineers with respect to the Company. The Company has
provided a true and complete copy of the Technical Report. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxxiv) The Company&#146;s mining projects listed
on <B>Schedule III</B> (the &#147;<U>Projects</U>&#148;) are the Company&#146;s only material properties. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxxv) Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the
Company and its subsidiaries have good and defensible record title to all of the patented mining claims and millsites owned by them, in each case free from liens, encumbrances and defects that would materially affect the value thereof or materially
interfere with the use made or to be made thereof by<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
them.&nbsp;With respect to each of the unpatented mining claims, millsites, tunnel sites and mining concessions (collectively, the &#147;<U>Claims</U>&#148;) owned by the Company or any of its
subsidiaries and material to the development of the Projects: (i)&nbsp;subject to the paramount title of the United States of America or such other applicable foreign jurisdiction in which a particular property is located and the rights of third
parties to use of the surface, the Company or its subsidiaries hold the possessory interest therein; (ii)&nbsp;to the Company&#146;s knowledge, the Claims were properly laid out and monumented on available public domain land open to appropriation by
mineral location; (iii)&nbsp;for each of the Claims, location notices and certificates were timely and properly recorded and filed with appropriate governmental agencies, and all payments required in connection therewith were timely and properly
made; (iv)&nbsp;all claim maintenance and related fees have been timely paid as required by law in order to maintain the Claims; and (v)&nbsp;all affidavits of assessment work, notices of intent to hold, evidence of payment of claim maintenance
fees, and other filings required to maintain the Claims in good standing have been properly and timely recorded or filed with appropriate governmental agencies.&nbsp;Notwithstanding the foregoing, the Company makes no representation or warranty as
to (i)&nbsp;whether any of the unpatented mining claims contains a discovery of valuable minerals, (ii)&nbsp;the absence of any conflicting patented or unpatented mining claims, (iii)&nbsp;whether its current uses of or activities on the unpatented
mining claims, millsites and tunnel sites are sufficient to maintain those claims and millsites, (iv)&nbsp;the nature or sufficiency of its right to use the surface of the Claims, or (v)&nbsp;the rights to minerals within the tunnel sites vis-a-vis
third party surface locators.&nbsp;Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, the Company and its subsidiaries hold any leased real or personal property under valid and
enforceable leases with no exceptions that would materially interfere with the use made or to be made thereof by them. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xxxvi) With respect to the information set forth or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus:&nbsp;(i)&nbsp;the description of each
Project has been prepared in accordance with and complies in all material respects with the requirements of Industry Guide 7 of the Rules and Regulations; and (ii)&nbsp;the information relating to drilling activities, testing and sampling results
are true and correct in all material respects. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xxxvii) Except as set forth in the Registration Statement, the
Time of Sale Disclosure Package and the Prospectus, the Company and its subsidiaries (A)&nbsp;hold either mining claims or other property, proprietary or contractual interests or rights, recognized in the jurisdiction in which a particular property
is located in respect of the ore bodies and minerals located in properties in which the Company and its subsidiaries have an interest as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under
valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the Company and its subsidiaries to explore the minerals relating thereto; and (B)&nbsp;have all necessary surface
rights, access rights and other necessary rights and interests relating to the properties in which the Company and its subsidiaries have an interest as described in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus
granting the Company and its subsidiaries the right and ability to explore for minerals, <BR>
</FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
ore and metals as are appropriate in view of their respective rights and interests therein, with only such exceptions as do not materially interfere with the use made by the Company and its
subsidiaries of the rights or interests so held. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>4. Purchase, Sale and Delivery of Shares. </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and
conditions herein set forth, the Company agrees to issue and sell the Firm Shares to the Underwriter, and the Underwriter agrees to purchase the Firm Shares. The purchase price for each Firm Share shall be $2.35 per share (the &#147;<U>Per Share
Price</U>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company hereby grants to the Underwriter the option to purchase some or all of the
Option Shares and, upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Underwriter shall have the right to purchase all or any portion of the Option Shares at the Per Share Price as may
be necessary to cover over-allotments made in connection with the transactions contemplated hereby. This option may be exercised by the Underwriter at any time and from time to time on or before the thirtieth day following the date hereof, by
written notice to the Company (the &#147;<U>Option Notice</U>&#148;). The Option Notice shall set forth the aggregate number of Option Shares as to which the option is being exercised, and the date and time when the Option Shares are to be delivered
(such date and time being herein referred to as the &#147;<U>Option Closing Date</U>&#148;); <I>provided</I>, <I>however</I>, that the Option Closing Date shall not be earlier than the Closing Date (as defined below) nor earlier than the first
business day after the date on which the option shall have been exercised nor later than the fifth business day after the date on which the option shall have been exercised unless the Company and the Underwriter otherwise agree. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of the purchase price for and delivery of the Option Shares shall be made on an Option Closing Date in the same manner and at the
same office as the payment for the Firm Shares as set forth in subparagraph (c)&nbsp;below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The Firm
Shares will be delivered by the Company to the Underwriter against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Roth Capital Partners, LLC, 24 Corporate Plaza,
Newport Beach, CA 92660, or such other location as may be mutually acceptable, at 6:00 a.m. PST, on the third (or if the Firm Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the fourth) full
business day following the date hereof, or at such other time and date as the Underwriter and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, or, in the case of the Option Shares, at such date and time set forth in the
Option Notice. The time and date of delivery of the Firm Shares is referred to herein as the &#147;<U>Closing Date</U>.&#148; If the Underwriter elects, delivery of the Shares shall be made by credit through full fast transfer to the account at The
Depository Trust Company designated by the Underwriter. Certificates representing the Shares, in definitive form and in such denominations and registered in such names as the Underwriter may request upon at least two business days&#146; prior notice
to the Company, will be made available for checking and packaging not later than 10:30 a.m. PDT on the business day next preceding the Closing Date at the above addresses, or such other location as may be mutually acceptable. </FONT></P>


 <P STYLE="font-size:1px;margin-top:12px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 12px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>5. Covenants.
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company covenants and agrees with the Underwriter as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) To prepare the Prospectus in a form approved by the Underwriter and to file such Prospectus pursuant to Rule 424(b)
under the Securities Act not later than the Commission&#146;s close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the
Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) During the period beginning on the date hereof and ending on the later of the Closing
Date, the expiration of the over-allotment option, the last Option Closing Date or such date as determined by the Underwriter that the Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer (the
&#147;<U>Prospectus Delivery Period</U>&#148;), prior to amending or supplementing the Registration Statement, including any Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the
Underwriter for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriter reasonably objects. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) From the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise
the Underwriter in writing (A)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B)&nbsp;of the time and date of any filing of any post-effective amendment to the Registration
Statement or any amendment or supplement to the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus, (C)&nbsp;of the time and date that any post-effective amendment to the Registration Statement becomes effective
and (D)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of the Time of Sale Disclosure Package or any Issuer Free Writing
Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or
initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the lifting of such order at the
earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the
Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or 164(b) of the Securities Act). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iv) (A) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from
time to time in force, and by the Exchange Act, as now and hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Time of Sale Disclosure Package, the
Registration Statement and the Prospectus. If during such period any event occurs as the result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure Package ) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of
the circumstances under which such statement was made, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriter or its counsel to amend the Registration Statement or
supplement the Prospectus (or if the Prospectus is not yet available to prospective <BR>
</FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
purchasers, the Time of Sale Disclosure Package ) to comply with the Securities Act, the Company will promptly notify the Underwriter, allow the Underwriter the
opportunity to provide reasonable comments on such amendment, Prospectus supplement or document, and will amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of
Sale Disclosure Package) so as to correct such statement or omission or effect such compliance. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B) If at any
time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development the result of which is that such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the
Registration Statement or any Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
prevailing at that subsequent time, not misleading, the Company has promptly notified or promptly will notify the Underwriter and has promptly amended or will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to
eliminate or correct such conflict, untrue statement or omission. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) The Company shall take or cause to be
taken all necessary action to qualify the Shares for sale under the securities laws of such jurisdictions as the Underwriter reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Shares,
except that the Company shall not be required in connection therewith to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in any
state or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vi) The Company will furnish to the Underwriter and counsel for the Underwriter copies of the Registration Statement, each Prospectus, any Issuer Free Writing Prospectus, and all amendments and
supplements to such documents, in each case as soon as available and in such quantities as the Underwriter may from time to time reasonably request. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(vii) The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company&#146;s current fiscal quarter, an
earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Rules and Regulations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(viii) The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is
terminated, will pay or cause to be paid (A)&nbsp;all expenses (including transfer taxes allocated to the respective transferees) incurred in connection with the delivery to the Underwriter of the Shares, (B)&nbsp;all expenses and fees (including,
without limitation, fees and expenses of the Company&#146;s counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the financial<BR>

</FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
statements therein and all amendments, schedules, and exhibits thereto), the Shares, the Time of Sale Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus and any amendment
thereof or supplement thereto, (C)&nbsp;all reasonable filing fees and disbursements of the Underwriter&#146;s counsel incurred in connection with the qualification of the Shares for offering and sale by the Underwriter or by dealers under the
securities or blue sky laws of the states and other jurisdictions that the Underwriter shall designate, (D)&nbsp;the fees and expenses of any transfer agent or registrar, (E)&nbsp;the reasonable filing fees and disbursements of Underwriter&#146;s
counsel incident to any required review and approval by FINRA of the terms of the sale of the Shares, (F)&nbsp;listing fees, if any, and (G)&nbsp;all other costs and expenses incident to the performance of its obligations hereunder that are not
otherwise specifically provided for herein. In addition to the foregoing, the Company will reimburse the Underwriter for its reasonable out-of-pocket expenses, including up to $50,000 for its reasonable legal fees and disbursements, in each case
incurred in connection with the purchase and sale of the Shares contemplated hereby. In no event may the maximum compensation payable to FINRA members and independent broker-dealers exceed 8.0% of the gross proceeds of this offering. If this
Agreement is terminated by the Underwriter in accordance with the provisions of Section&nbsp;6 or Section&nbsp;9, the Company will reimburse the Underwriter for its non-legal reasonable out-of-pocket disbursements (including, but not limited to,
travel expenses, postage, facsimile and telephone charges) and up to $50,000 in reasonable legal fees and disbursements incurred by the Underwriter in connection with its investigation, preparing to market and marketing the Shares or in
contemplation of performing its obligations hereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix) The Company intends to apply the net proceeds from
the sale of the Shares to be sold by it hereunder for the purposes set forth in the Time of Sale Disclosure Package and in the Final Prospectus. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(x) The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed to or which might reasonably be expected to cause or result in, or that
has constituted, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(xi) The Company represents and agrees that, unless it obtains the prior written consent of the Underwriter, it has not made and will not make any offer relating to the Shares that would constitute an
Issuer Free Writing Prospectus; provided that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses included in <B>Schedule IV</B>. Any such free writing prospectus consented
to by the Company and the Underwriter is hereinafter referred to as a &#147;<U>Permitted Free Writing Prospectus</U>.&#148; The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an
&#147;issuer free writing prospectus,&#148; as defined in Rule 433, and has complied or will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending
and record-keeping. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xii) The Company hereby agrees that, without the prior written consent of the
Underwriter, it will not, during the period ending 90 days after the date hereof (&#147;<U>Lock-Up Period</U>&#148;), (i)&nbsp;offer, pledge, issue, sell, contract to sell, purchase, contract to purchase, lend, or
<BR>
</FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 8%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock; or (ii)&nbsp;enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise; or (iii)&nbsp;file any registration statement with the Commission relating to the offering of any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock. The restrictions contained in the preceding sentence shall not apply to (1)&nbsp;the Shares to be sold hereunder, (2)&nbsp;the issuance of Common Stock upon the exercise of options, warrants or other exchange rights as
disclosed as outstanding in the Registration Statement (excluding exhibits thereto) or the Prospectus, (3)&nbsp;the issuance of employee stock options not exercisable during the Lock-Up Period and the grant of restricted stock awards or restricted
stock units pursuant to equity incentive plans described in the Registration Statement (excluding exhibits thereto) and the Prospectus or (4)&nbsp;the issuance of up to 300,000 shares of Common Stock to DHI-Minerals (US) Ltd. pursuant to the terms
of the Limited Liability Company Operating Agreement of Mt. Hamilton LLC. Notwithstanding the foregoing, if (x)&nbsp;the Company issues an earnings release or material news, or a material event relating to the Company occurs, during the last 17 days
of the Lock-Up Period, or (y)&nbsp;prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this
clause shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, unless the Underwriter waives such extension in writing. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiii) During a period of three years from the effective date of the Registration Statement, to furnish to you copies of
all reports or other communications (financial or other) furnished to stockholders, and to deliver to you (i)&nbsp;as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any
national securities exchange on which any class of securities of the Company is listed; and (ii)&nbsp;such additional information concerning the business and financial condition of the Company as you may from time to time reasonably request (such
financial statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its stockholders generally or to the Commission); <I>provided</I>, that any information or
documents available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System shall be considered furnished for purposes of this Section&nbsp;5(xiii). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xiv) To engage and maintain, at its expense, a registrar and transfer agent for the Common Stock. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xv) To use its reasonable best efforts to list the Shares on the NYSE Amex and the TSX. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>6. Conditions of the Underwriter&#146;s Obligations.</I></B> The obligations of the Underwriter hereunder to purchase the Shares
are subject to the accuracy, as of the date hereof, at the Closing Date and on each Option Closing Date (as if made on the Closing Date or such Option Closing Date, as applicable), of and compliance with all representations, warranties and
agreements of <BR>
</FONT></P>

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<P STYLE="margin-top: 12px; margin-bottom: 0px; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
the Company contained herein, the performance by the Company of its obligations hereunder and the following additional conditions: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) If filing of the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, is
required under the Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Issuer Free Writing Prospectus with the Commission in the manner and within the time period so
required (without reliance on Rule 424(b)(8) or 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462
Registration Statement, or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an
order shall have been initiated or threatened; any request of the Commission or the Underwriter for additional information (to be included in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, any Issuer Free Writing
Prospectus or otherwise) shall have been complied with to the Underwriter&#146;s satisfaction. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Shares
shall be qualified for listing on the NYSE Amex and the TSX. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) FINRA shall have raised no objection to the
fairness and reasonableness of the underwriting terms and arrangements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Underwriter shall not have
reasonably determined, and advised the Company, that the Registration Statement, the Time of Sale Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue
statement of fact which, in the Underwriter&#146;s reasonable opinion, is material, or omits to state a fact which, in the Underwriter&#146;s reasonable opinion, is material and is required to be stated therein or necessary to make the statements
therein not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) On or after the date hereof (i)&nbsp;no downgrading shall have occurred in the
rating accorded any of the Company&#146;s securities by any &#147;nationally recognized statistical organization,&#148; as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act, and (ii)&nbsp;no such
organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company&#146;s securities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) On the Closing Date and on each Option Closing Date, there shall have been furnished to the Underwriter (i)&nbsp;the
opinion and negative assurance letter of Hensley Kim&nbsp;&amp; Holzer, LLC, outside corporate counsel for the Company, (ii)&nbsp;the opinion of FFA Legal, Brazilian counsel for the Company and (iii)&nbsp;the opinion of Enrique Lastres Abogados
Sociedad Civil de Responsabilidad LTDA., Peruvian counsel for the Company, each dated the Closing Date or the Option Closing Date, as applicable, and addressed to the Underwriter, in form and substance reasonably satisfactory to the Underwriter, to
the effect set forth in <B>Schedule V</B>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) On the Closing Date and on each Option Closing Date, there
shall have been furnished to the Underwriter the negative assurance letter of Lowenstein Sandler PC,<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 4%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
counsel to the Underwriter, dated the Closing Date or the Option Closing Date, as applicable, and addressed to the Underwriter, in form and substance reasonably satisfactory to the Underwriter.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) The Underwriter shall have received a letter of Ehrhardt Keefe Steiner&nbsp;&amp; Hottman PC, on the date
hereof, on the Closing Date and on each Option Closing Date, addressed to the Underwriter, confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements
relating to the qualifications of accountants under Rule 2-01 of Regulation S-X of the Commission, and confirming, as of the date of each such letter (or, with respect to matters involving changes or developments since the respective dates as of
which specified financial information is given in the Time of Sale Disclosure Package, as of a date not prior to the date hereof or more than five days prior to the date of such letter), the conclusions and findings of said firm with respect to the
financial information and other matters required by the Underwriter. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Underwriter shall have received
from SRK a letter dated the date hereof, on the Closing Date and on each Option Closing Date, addressed to the Underwriter: (i)&nbsp;confirming (A)&nbsp;that they are an independent engineering firm and (B)&nbsp;that the information derived from the
Technical Report and included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus is true and complete in all material respects, (ii)&nbsp;authorizing the Underwriter to rely on the Technical Report as if it
had been addressed to the Underwriter and (iii)&nbsp;addressing such other related matters as the Underwriter shall reasonably request. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(j) On the Closing Date and on each Option Closing Date, there shall have been furnished to the Underwriter a certificate, dated the Closing Date or the Option Closing Date, as applicable, and addressed
to the Underwriter, signed by the chief executive officer and the chief financial officer of the Company, in their capacity as officers of the Company, to the effect that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The representations and warranties of the Company in this Agreement that are qualified by materiality or by reference
to any Material Adverse Effect are true and correct in all respects, and all other representations and warranties of the Company in this Agreement are true and correct, in all material respects, as if made at and as of the Closing Date or the Option
Closing Date, as applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date or the Option Closing Date, as applicable; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) No stop order or other order (A)&nbsp;suspending the effectiveness of the Registration Statement or any part thereof
or any amendment thereof, (B)&nbsp;suspending the qualification of the Shares for offering or sale, or (C)&nbsp;suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus, has been
issued, and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated by the Commission or any state or regulatory body; and </FONT></P>


 <P STYLE="font-size:1px;margin-top:6px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 6px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)
There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period from and after the date of this Agreement and prior to the Closing Date or the Option Closing Date, as applicable.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) On or before the date hereof, the Underwriter shall have received duly executed &#147;lock-up&#148;
agreements, in a form set forth on <B>Schedule VI</B>, between the Underwriter and each of the executive officers and directors of the Company specified in <B>Schedule VII</B>. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) The Company shall have furnished to the Underwriter and its counsel such additional documents, certificates and
evidence as the Underwriter or its counsel may have reasonably requested. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any condition specified in this Section&nbsp;6
shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Underwriter by notice to the Company at any time at or prior to the Closing Date or an Option Closing Date, as applicable. and such
termination shall be without liability of any party to any other party, except that Section&nbsp;5(a)(viii), Section&nbsp;7 and Section&nbsp;8 shall survive any such termination and remain in full force and effect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>7. Indemnification and Contribution. </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company agrees to indemnify, defend and hold harmless the Underwriter, its affiliates, directors and officers and
employees, and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which the Underwriter
or such person may become subject, under the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon (i)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration
Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a
material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Disclosure Package, the Prospectus, or
any amendment or supplement thereto (including any documents filed under the Exchange Act and deemed to be incorporated by reference into the Registration Statement or the Prospectus), any Issuer Free Writing Prospectus or the Marketing Materials or
in any other materials used in connection with the offering of the Shares, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, (iii)&nbsp;in whole or in part, any inaccuracy in the representations and warranties of the Company contained herein, or (iv)&nbsp;in whole or in part, any failure of the
Company to perform its obligations hereunder or under law, and will reimburse the Underwriter for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage,
liability or action; <I>provided</I>,<BR>
 <I></I></FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 4%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><I><BR>
however</I>, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, in reliance upon and in
conformity with written information furnished to the Company by the Underwriter specifically for use in the preparation thereof, which written information is described in Section&nbsp;7(f). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Underwriter will indemnify, defend and hold harmless the Company, its affiliates, directors, officers and
employees, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which the Company may
become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Underwriter), insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, or any amendment or supplement thereto
or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus, or any amendment or supplement
thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company by the Underwriter specifically for use in the preparation thereof, and will reimburse the Company for any legal or
other expenses reasonably incurred by the Company in connection with defending against any such loss, claim, damage, liability or action. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) Promptly after receipt by an indemnified party under subsection (a)&nbsp;or (b)&nbsp;above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is
to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that
it may have to any indemnified party except to the extent such indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&#146;s election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under
such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; <I>provided</I>, <I>however</I>, that if (i)&nbsp;the indemnified party has reasonably concluded (based on advice
of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (ii)&nbsp;a conflict or potential conflict exists (based on advice of
counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not <BR>
</FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 4%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
have the right to direct the defense of such action on behalf of the indemnified party), or (iii)&nbsp;the indemnifying party has not in fact employed counsel reasonably satisfactory to the
indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect
of which indemnity may be sought under subsection (a)&nbsp;or (b)&nbsp;of this Section&nbsp;7, in which event the reasonable fees and expenses of such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the
indemnified party as incurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The indemnifying party under this Section&nbsp;7 shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or
expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action,
suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a)&nbsp;includes an unconditional
release of such indemnified party from all liability for claims that are the subject matter of such action, suit or proceeding and (b)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) If the indemnification provided for in this Section&nbsp;7 is unavailable or
insufficient to hold harmless an indemnified party under subsection (a)&nbsp;or (b)&nbsp;above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or
liabilities referred to in subsection (a)&nbsp;or (b)&nbsp;above, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter on the other from the offering and sale of
the Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative
fault of the Company on the one hand and the Underwriter on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and the Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total
underwriting discounts and commissions received by the Underwriter, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriter and the parties&#146; relevant intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriter agree that it would not be just and equitable if contributions pursuant to this subsection (d)&nbsp;were to be determined by pro rata allocation or
by any other method of allocation that does not take account of the equitable considerations referred to in the first sentence of this subsection (d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 4%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
incurred by such indemnified party in connection with investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding the provisions of this
subsection (d), the Underwriter shall not be required to contribute any amount in excess of the amount of the Underwriter&#146;s commissions referenced in Section&nbsp;4(a) actually received by the Underwriter pursuant to this Agreement. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The obligations of the Company under this Section&nbsp;7 shall be in addition to any liability that the Company may
otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act; and the obligations of the Underwriter under this Section&nbsp;7 shall be in addition to any liability that the Underwriter may otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to the
Company, and its officers, directors and each person who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) For purposes of this Agreement, the Underwriter confirms, and the Company acknowledges, that there is no information
concerning the Underwriter furnished in writing to the Company by the Underwriter specifically for preparation of or inclusion in the Registration Statement, the Time of Sale Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus,
other than the statements set forth in the last paragraph on the cover page of the Prospectus and the statements set forth in the &#147;Underwriting&#148; section of the Prospectus and Time of Sale Disclosure Package, only insofar as such statements
relate to the amount of selling concession and re-allowance or to over-allotment and related activities that may be undertaken by the Underwriter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>8. Representations and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company herein or in certificates delivered pursuant hereto, including, but not
limited to, the agreements of the Underwriter and the Company contained in Section&nbsp;5(a)(viii) and Section&nbsp;7 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriter
or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriter hereunder. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>9. Termination of this Agreement. </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) The Underwriter shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior to the Closing Date or any Option Closing Date (as to
the Option Shares to be purchased on such Option Closing Date only), if in the discretion of the Underwriter, (i)&nbsp;there has occurred any material adverse change in the securities markets or any event, act or occurrence that has materially
disrupted, or in the opinion of the Underwriter, will in the future materially disrupt, the securities markets or there shall be such a material adverse change in general financial, political or economic conditions or the effect of international
conditions on the financial markets in the United States is such as to make it, in the judgment of the Underwriter, inadvisable or impracticable to market the<BR>
 </FONT></P>

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<P STYLE="margin-top: 6px; margin-bottom: 0px; margin-left: 4%; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
Shares or enforce contracts for the sale of the Shares (ii)&nbsp;trading in the Company&#146;s Common Stock shall have been suspended by the Commission, the NYSE Amex or the TSX or trading in
securities generally on the NASDAQ Global Market, New York Stock Exchange, NYSE Amex or TSX shall have been suspended, (iii)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have
been required, on the NASDAQ Global Market, New York Stock Exchange, NYSE Amex or TSX, by such exchange or by order of the Commission or any other governmental authority having jurisdiction, (iv)&nbsp;a banking moratorium shall have been declared by
federal or state authorities, (v)&nbsp;there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration by the United States of a national emergency or war, any
substantial change or development involving a prospective substantial change in United States or international political, financial or economic conditions or any other calamity or crisis, or (vi)&nbsp;the Company suffers any loss by strike, fire,
flood, earthquake, accident or other calamity, whether or not covered by insurance, or (vii)&nbsp;in the judgment of the Underwriter, there has been, since the time of execution of this Agreement or since the respective dates as of which information
is given in the Prospectus, any material adverse change in the assets, properties, condition, financial or otherwise, or in the results of operations, business affairs or business prospects of the Company and its subsidiaries considered as a whole,
whether or not arising in the ordinary course of business. Any such termination shall be without liability of any party to any other party except that the provisions of Section&nbsp;5(a)(viii) and Section&nbsp;7 hereof shall at all times be
effective and shall survive such termination. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If the Underwriter elects to terminate this Agreement as
provided in this Section, the Company shall be notified promptly by the Underwriter by telephone, confirmed by letter. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>10. Notices</I></B>. Except as otherwise provided herein, all communications hereunder shall be in writing and, if to Roth, shall
be mailed, delivered or telecopied to Roth Capital Partners, LLC, 24 Corporate Plaza, Newport Beach, CA 92660, telecopy number: (949)&nbsp;720-7227, Attention: Managing Director; and if to the Company, shall be mailed, delivered or telecopied to it
at Solitario Exploration&nbsp;&amp; Royalty Corp., 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, telecopy number: (303)&nbsp;534-1809, Attention: Christopher E. Herald; or in each case to such other address as the person to be
notified may have requested in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>11. Persons Entitled to Benefit of Agreement.</I></B> This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section&nbsp;7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any
legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term &#147;successors and assigns&#148; as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the
Underwriter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>12. Absence of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a)&nbsp;the
Underwriter has been retained solely to act as underwriter in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and<BR>
 </FONT></P>

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<P STYLE="margin-top: 12px; margin-bottom: 0px; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriter has advised or is advising the Company on other
matters; (b)&nbsp;the price and other terms of the Shares set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriter and the Company is capable of evaluating and understanding
and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c)&nbsp;it has been advised that the Underwriter and its affiliates are engaged in a broad range of transactions that may involve
interests that differ from those of the Company and that the Underwriter has no obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d)&nbsp;it has been advised that the
Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of the Underwriter, and not on behalf of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>13. Amendments and Waivers</I></B>. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The failure of a party to
exercise any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof
(regardless of whether similar), nor shall any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>14. Partial Unenforceability</I></B>. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other
section, paragraph, clause or provision. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>15. Governing Law</I></B>. This Agreement shall be governed by and construed
in accordance with the laws of the State of California. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>16. Submission to Jurisdiction</I></B>. Each of the parties
hereto irrevocably (a)&nbsp;submits to the jurisdiction of any court of the State of California for the purpose of any suit, action, or other proceeding arising out of this Agreement, or any of the agreements or transactions contemplated by this
Agreement, the Registration Statement and the Prospectus (each a &#147;<U>Proceeding</U>&#148;), (b)&nbsp;agrees that all claims in respect of any Proceeding may be heard and determined in any such court, (c)&nbsp;waives, to the fullest extent
permitted by law, any immunity from jurisdiction of any such court or from any legal process therein, (d)&nbsp;agrees not to commence any Proceeding other than in such courts, and (e)&nbsp;waives, to the fullest extent permitted by law, any claim
that such Proceeding is brought in an inconvenient forum. EACH OF THE PARTIES HERETO (ON BEHALF OF ITSELF AND, IN THE CASE OF THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY
WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE
PACKAGE AND THE PROSPECTUS. </FONT></P>


 <P STYLE="font-size:1px;margin-top:12px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 12px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>17.
Counterparts.</I></B> This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one
and the same instrument. </FONT></P>


 <P STYLE="font-size:1px;margin-top:12px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 12px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please sign and return
to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between the Company and the Underwriter in accordance with its terms. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">SOLITARIO EXPLORATION&nbsp;&amp; ROYALTY CORP.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/James R. Maronick</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">James R. Maronick</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">CFO</FONT></TD></TR></TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Confirmed as of the date first above-</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">mentioned by the Underwriter.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ROTH CAPITAL PARTNERS, LLC</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Aaron Gurewitz</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Aaron Gurewitz</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Head of Equity Capital Markets</FONT></TD></TR></TABLE>


 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE I
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Final Term Sheet </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">None </FONT></P>

 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE II
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Subsidiaries </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Minera Solitario Peru, S.A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Minera Solitario Mexico, S.A. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mt. Hamilton LLC </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pedra Branca Do Minercao,
Ltd. </FONT></P>

 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE III
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Projects </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mt. Hamilton Gold Project (Nevada, USA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bongara Zinc Project (Peru) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pedra Branca
Platinum Group Metals Project (Brazil) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pachuca Real Silver-Gold Property (Hidalgo, Mexico) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chambara Zinc Property (Peru) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newmont Alliance
(Peru) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mercurio Gold Property (Brazil) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">La Tola Royalty Property (Peru) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yanacocha Royalty Property (Peru) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Atico (Peru) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Norcan (Sonora, Mexico)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Triunfo Gold-Silver-Lead-Zinc Property (Bolivia) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Espanola (Bolivia) </FONT></P>

 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px"></P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE IV
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Free Writing Prospectus </B></FONT></P>

 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px">&nbsp;</P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE V
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Company Opinions </B></FONT></P>

 <P STYLE="font-size:1px;margin-top:18px;margin-bottom:0px"></P>

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<P STYLE="font-size: 1px; margin-top: 18px; margin-bottom: 0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE VI
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form of Lock Up Agreement </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Roth Capital Partners, LLC </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 Corporate Plaza Drive </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newport Beach, CA
92660 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This Lock-Up Agreement is being delivered to you in connection with the proposed Underwriting Agreement (the &#147;<U>Underwriting Agreement</U>&#148;) to be entered into by Solitario
Exploration&nbsp;&amp; Royalty Corp., a Colorado corporation (the &#147;<U>Company</U>&#148;), and Roth Capital Partners, LLC (the &#147;<U>Underwriter</U>&#148;), with respect to the public offering (the &#147;<U>Offering</U>&#148;) of common
stock, $.01 par value per share, of the Company (the &#147;<U>Common Stock</U>&#148;). Capitalized terms used and not otherwise defined herein shall have the meanings given them in the Underwriting Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In order to induce you to enter into the Underwriting Agreement, the undersigned agrees that, for a period (the &#147;<U>Lock-Up
Period</U>&#148;) beginning on the date hereof and ending on, and including, the date that is 90 days after the date of the final prospectus supplement relating to the Offering, the undersigned will not, without the prior written consent of the
Underwriter, (i)&nbsp;sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or file (or participate in the filing of) a registration
statement with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section&nbsp;16 of
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the &#147;<U>Exchange Act</U>&#148;) with respect to, any Common Stock or any other securities of the Company that are
substantially similar to Common Stock, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (ii)&nbsp;enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of Common Stock or any other securities of the Company that are substantially similar to Common Stock, or any securities convertible into or exchangeable or exercisable for, or any
warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (iii)&nbsp;publicly announce an intention to effect any transaction
specified in clause (i)&nbsp;or (ii). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing paragraph shall not apply to (a)&nbsp;the registration of the offer and
sale of Common Stock as contemplated by the Underwriting Agreement and the sale of the Common Stock to the Underwriter (as defined in the Underwriting Agreement) in the Offering, (b)&nbsp;bona fide gifts, provided the recipient thereof agrees in
writing with the Underwriter to be bound by the terms of this Lock-Up Agreement, (c)&nbsp;dispositions to any trust for the direct or indirect benefit of the undersigned and/or the immediate family of the undersigned, provided that such trust agrees
in writing with the Underwriter to be bound by the terms of this Lock-Up Agreement, (d)&nbsp;transfers of Common Stock or securities convertible into Common Stock on death by will or intestacy, (e)&nbsp;sales or transfers of Common Stock solely in
connection with the &#147;cashless&#148; exercise of Company stock options outstanding on the date hereof for the purpose of exercising such stock options (provided that any remaining Common Stock received upon<BR>

</FONT></P>

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<P STYLE="margin-top: 12px; margin-bottom: 0px; text-indent: 4%"><FONT STYLE="font: x-small Times New Roman"><BR>
such exercise will be subject to the restrictions provided for in this Lock-Up Agreement) or (f)&nbsp;sales or transfers of Common Stock or securities convertible into Common Stock pursuant to a
sales plan entered into prior to the date hereof pursuant to Rule&nbsp;10b5-1 under the Exchange Act, a copy of which has been provided to the Underwriter. In addition, the restrictions sets forth herein shall not prevent the undersigned from
entering into a sales plan pursuant to Rule&nbsp;10b5-1 under the Exchange Act after the date hereof, <U>provided</U> that (i)&nbsp;a copy of such plan is provided to the Underwriter promptly upon entering into the same and (ii)&nbsp;no sales or
transfers may be made under such plan until the Lock-Up Period ends or this Lock-Up Agreement is terminated in accordance with its terms. For purposes of this paragraph, &#147;immediate family&#148; shall mean the undersigned and the spouse, any
lineal descendent, father, mother, brother or sister of the undersigned. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the undersigned hereby waives any
rights the undersigned may have to require registration of Common Stock in connection with the filing of a registration statement relating to the Offering. The undersigned further agrees that, for the Lock-Up Period, the undersigned will not,
without the prior written consent of the Underwriter, make any demand for, or exercise any right with respect to, the registration of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or warrants or
other rights to purchase Common Stock or any such securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the above, if
(a)&nbsp;during the period that begins on the date that is fifteen (15)&nbsp;calendar days plus three (3)&nbsp;business days before the last day of the Lock-Up Period and ends on the last day of the Lock-Up Period, the Company issues an earnings
release or material news or a material event relating to the Company occurs; or (b)&nbsp;prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the sixteen (16)&nbsp;day period beginning on
the last day of the Lock-Up Period, then the restrictions imposed by this Lock-Up Agreement shall continue to apply until the expiration of the date that is fifteen (15)&nbsp;calendar days plus three (3)&nbsp;business days after the date on which
the issuance of the earnings release or the material news or material event occurs; <U>provided</U>, <U>however</U>, that this paragraph shall not apply if (i)&nbsp;the safe harbor provided by Rule&nbsp;139 under the Act is available in the manner
contemplated by Rule&nbsp;2711(f)(4) of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) and (ii)&nbsp;within the 3 business days preceding the 15</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> calendar day before the last day of the Lock-Up Period, the Company delivers to the Underwriter a certificate, signed
by the Chief Financial Officer or Chief Executive Officer of the Company, certifying on behalf of the Company that the Company&#146;s shares of Common Stock are &#147;actively traded securities,&#148; within the meaning of Rule&nbsp;2711(f)(4) of
the NASD. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The undersigned hereby confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants
that the undersigned will not, directly or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of shares of Common Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If (i)&nbsp;the Company notifies you in writing that it
does not intend to proceed with the Offering, (ii)&nbsp;the registration statement filed with the Commission with respect to the Offering is withdrawn, (iii)&nbsp;if the closing of the Offering does not occur prior to ninety (90)&nbsp;days from the
date of this Lock-Up Agreement or (iv)&nbsp;for any reason the Underwriting Agreement shall be terminated prior to the Time of Purchase (as defined in the Underwriting Agreement), this Lock-Up Agreement shall be terminated and the undersigned shall
be released from its obligations hereunder. </FONT></P>

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<P STYLE="font-size: 1px; margin-top: 24px; margin-bottom: 0px"></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE VII
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>List of officers and directors executing lock-up agreements </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brian Labadie </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark E. Jones, III </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Hainey </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Leonard Harris </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Christopher E. Herald </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Walter H. Hunt
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">James R. Maronick </FONT></P>
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