<SEC-DOCUMENT>0000917225-13-000021.txt : 20130521
<SEC-HEADER>0000917225-13-000021.hdr.sgml : 20130521
<ACCEPTANCE-DATETIME>20130521131919
ACCESSION NUMBER:		0000917225-13-000021
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130521
DATE AS OF CHANGE:		20130521

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		13860974

	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>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>frm10ka.htm
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<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: none">UNITED
STATES</FONT><U><BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
<BR>
</U></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10-K/A</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amendment No. 1</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.8in">(Mark One)<BR>
<U>&nbsp;&nbsp;X&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended<BR>
December 31, 2012<BR>
or<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934<BR>
For the transition period from<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>to<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Commission file number <B><U>001-32978</U></B><BR>
<B>SOLITARIO EXPLORATION &amp; ROYALTY CORP.</B><BR>
(Exact name of registrant as specified in charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: -0.9pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 57%; padding-right: -0.9pt; padding-left: 5.4pt"><B><U>Colorado</U></B><BR>
(State or other jurisdiction of incorporation or organization)<B><U> </U></B></TD>
    <TD STYLE="width: 33%; padding-right: -0.9pt; padding-left: 5.4pt"><B><U>84-1285791</U></B><BR>
(I.R.S. Employer Identification No.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt"><B><U>4251 Kipling St. Suite 390, Wheat Ridge, CO</U></B><BR>
(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt"><B><U>80033</U></B><BR>
(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt">Registrant's telephone number, including area code</TD>
    <TD STYLE="padding-right: -0.9pt; padding-left: 5.4pt"><B><U>(303)&nbsp;&nbsp;534-1030</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">Securities registered pursuant to Section
12(b) of the Act:&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: center">Title of each class</TD>
    <TD STYLE="width: 51%; border: black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: center">Name of exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: center"><B>Common Stock, $0.01 par value</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: -0.9pt; padding-left: 5.4pt; text-align: center"><B>NYSE MKT </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(g) of the Act:
None</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">YES [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;NO [X]</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">YES [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;NO [X]</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">YES [X]&nbsp;&nbsp;&nbsp;NO [&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (&sect; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">YES [X]&nbsp;&nbsp;&nbsp;NO [&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained to the best of registrant's knowledge
in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.&nbsp;&nbsp;[X]</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &quot;large accelerated
filer,&quot; &quot;accelerated filer&quot; and &quot;smaller reporting company&quot; in Rule 12b-2 of the Exchange Act.:</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: windowtext 1pt solid; padding-right: -0.9pt">&nbsp;Large accelerated filer [ ]</TD>
    <TD STYLE="width: 18%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.9pt">Accelerated filer [&nbsp;&nbsp;]</TD>
    <TD STYLE="width: 26%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.9pt">&nbsp;&nbsp;&nbsp;Non-accelerated Filer [&nbsp;&nbsp;]<BR>
(Do not check if a smaller <BR>
&nbsp;&nbsp;&nbsp;&nbsp;reporting company)</TD>
    <TD STYLE="width: 32%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.9pt">Smaller Reporting Company [X]</TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">YES [&nbsp;&nbsp;]&nbsp;NO [X]</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">The aggregate market value of the voting and non-voting common
stock held by non-affiliates of the registrant as of the last business day of the registrant's most recently completed second fiscal
quarter, based upon the closing sale price of the registrant's common stock on June 30, 2012 as reported on NYSE MKT was approximately
$37,097,000.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">There were 34,597,458 shares of common stock, $0.01 par value,
outstanding on February 28, 2013.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DOCUMENTS INCORPORATED BY REFERENCE</B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Portions of the definitive Proxy Statement for the Registrant&rsquo;s
Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on April 29, 2013 are incorporated by reference
into Part III, as specifically set forth in Part III.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">This Amendment No.&nbsp;1 on Form 10-K/A (this &ldquo;<U>Amendment</U>&rdquo;)
to the Annual Report on Form 10-K of Solitario Exploration &amp; Royalty Corp. (the &ldquo;<U>Company</U>&rdquo;) for the fiscal
year ended December&nbsp;31, 2012, initially filed with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) on
March 8, 2013 (the &ldquo;<U>Original Filing</U>&rdquo;), is being filed to correct an administrative error in the Original Filing.
The Original Filing inadvertently (i) incorrectly set forth the name of the independent registered accounting firm, EKS&amp;H LLLP,
listed in Item 23.1 of the Exhibit Index contained in Item 15 of Part IV and (ii) failed to include Exhibit 23.2, the consent of
SRK Consulting (U.S.) Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">This Amendment is being filed solely to (i) correct the name
of the independent registered accounting firm, EKS&amp;H LLLP, in Item 23.1 of the Exhibit Index contained in Item 15 of Part IV
and (ii) file Exhibit 23.2 that was intended to be filed with the Original Filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">In addition, pursuant to the rules of the SEC, the exhibit
list included in Item&nbsp;15 of Part IV of the Original Filing has been amended to contain currently-dated certifications from
the Company&rsquo;s Chief Executive Officer and Chief Financial Officer, as required by Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002. The certifications of the Company&rsquo;s Chief Executive Officer and Chief Financial Officer are attached as exhibits
to this Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-size: 10pt">Except for the foregoing amended
information, this Amendment does not amend or update any other information contained in the Original Filing. Therefore, this Amendment
should be read together with other documents that the Company has filed with the SEC subsequent to the filing of the Original
Filing. Information in such reports and documents updates and supersedes certain information contained in the Original Filing.
</FONT></P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 15. <U>Exhibits, Financial Statement Schedules</U></B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><U>INDEX TO EXHIBITS </U></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><U>Description</U></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">3.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Articles of Incorporation of Solitario Exploration &amp; Royalty Corp., as Amended (incorporated by reference to Exhibit 3.1 to Solitario&rsquo;s Form 10-Q filed on August 10, 2010)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">3.2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated By-laws of Solitario Exploration &amp; Royalty Corp. (incorporated by reference to Exhibit 3.2 to Solitario&rsquo;s Form 10-Q filed on August 7, 2008)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">4.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Form of Common Stock Certificate of Solitario Exploration &amp; Royalty Corp. (incorporated by reference to Exhibit 4.1 to Solitario&rsquo;s Form 10-Q filed on August 7, 2008)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">4.2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Form of Warrant Certificate of Solitario Exploration &amp; Royalty Corp. (incorporated by reference to Exhibit 99.2 to Solitario&rsquo;s Form 8-K filed on August 16, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Facility Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.&nbsp;&nbsp;(incorporated by reference to Exhibit 99.1 to Solitario&rsquo;s Form 8-K filed on August 16, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Security Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.&nbsp;&nbsp;(incorporated by reference to Exhibit 99.3 to Solitario&rsquo;s Form 8-K filed on August 16, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.3</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Pledge Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.&nbsp;&nbsp;(incorporated by reference to Exhibit 99.4 to Solitario&rsquo;s Form 8-K filed on August 16, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.4</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Side Agreement dated August 10, 2012 between Solitario, RMBAH, RMBR, DHI-US and Ely.&nbsp;&nbsp;(incorporated by reference to Exhibit 99.5 to Solitario&rsquo;s Form 8-K filed on August 16, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.5</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Net smelter royalty agreement for purchase of a 2.4% NSR Royalty by Sandstorm for $10 million by and among MH-LLC, Solitario and Sandstorm dated June 11, 2012. (incorporated by reference to Exhibit 99.1 to Solitario&rsquo;s Form 8-K filed on June 13, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.6</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Subscription agreement between Solitario and Mr. Christopher E. Herald. (incorporated by reference to Exhibit 99.1 to Solitario&rsquo;s Form 8-K filed on July 2, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.7</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Subscription agreement between Solitario and Mr. James R. Maronick. (incorporated by reference to Exhibit 99.2 to Solitario&rsquo;s Form 8-K filed on July 2, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.8</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Amendment of the Mt. Hamilton LLC Operating Agreement dated June 28, 2012 between Solitario and DHI Minerals (US), Ltd. (incorporated by reference to Exhibit 99.3 to Solitario&rsquo;s Form 8-K filed on July 2, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.9</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Letter Agreement dated June 28, 2012 between Solitario and DHI Minerals (US), Ltd. (incorporated by reference to Exhibit 99.4 to Solitario&rsquo;s Form 8-K filed on July 2, 2012)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.10</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase Agreement for a royalty buy-down by and among MH-LLC, Solitario Exploration &amp; Royalty Corp. and Centennial, dated May 17, 2011 (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on May 18, 2011)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.11</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Letter agreement between Solitario Exploration &amp; Royalty Corp. and DHI-US with respect to the funding of the Purchase Price and related amendments to the MH-LLC Operating Agreement dated May 17, 2011 (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on May 18, 2011)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.12</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Letter of intent between Solitario Exploration &amp; Royalty Corp. and Ely Gold &amp; Minerals Inc. regarding private placement and the Mt. Hamilton joint venture (incorporated by reference to Exhibit 99.1 to Solitario&rsquo;s 8-K filed on September 1, 2010)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.13</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Limited Liability Company Operating Agreement of Mt. Hamilton LLC between Solitario Exploration &amp; Royalty Corp. and DHI Minerals (U.S.) Ltd. dated December 22, 2010 (incorporated by reference to Exhibit 99.2 to Solitario&rsquo;s 8-K filed on December 28, 2010)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.14</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Limited Liability Company Contribution Agreement among Solitario Exploration &amp; Royalty Corp., DHI Minerals (U.S.) Ltd. and Mt. Hamilton LLC dated December 22, 2010 (incorporated by reference to Exhibit 99.3 to Solitario&rsquo;s 8-K filed on December 28, 2010)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.15</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Solitario Resources Corporation 2006 Stock Option Incentive Plan (As Amended), an amendment of the Solitario Resources Corporation 2006 Stock Option Incentive Plan (incorporated by reference to Exhibit A to Solitario's Proxy Statement Pursuant to Section 14(a) filed on April 30, 2007)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.16</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Alliance Agreement, dated January 18, 2005, between Solitario Resources Corporation and Newmont Overseas Exploration Limited (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on January 20, 2005)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.17</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Stock Purchase Agreement, dated January 18, 2005, between Solitario Resources Corporation and Newmont Mining Corporation of Canada Limited (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on January 20, 2005)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">10.18</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Amended and Restated Royalty Grant, dated January 18, 2005, between Solitario Resources Corporation and Minera Los Tapados S.A. (incorporated by reference to Exhibit 99.3 to Solitario's Form 8-K filed on January 20, 2005)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.19</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Change in Control Severance Benefits Agreement between Solitario Resources Corporation and Christopher E. Herald, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on March 14, 2007)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.20</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Change in Control Severance Benefits Agreement between Solitario Resources Corporation and James R. Maronick, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on March 14, 2007)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.21</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Change in Control Severance Benefits Agreement between Solitario Resources Corporation and Walter W. Hunt, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.3 to Solitario's Form 8-K filed on March 14, 2007)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.22</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Framework Agreement for the Exploration and Development of Potential Mining Properties, related to Solitario's 100% owned Bongar&aacute; project in Peru between Minera Bongar&aacute; S.A., Minera Solitario Peru S.A.C, Solitario Resources Corporation, and Votorantim Metais &ndash; Cajamarquilla S.A dated March 24, 2007 (incorporated by reference to Exhibit 10.2 to Solitario's Form 8-K filed on October 4, 2007)&nbsp;&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">10.23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Shareholders Agreement relating to the Pedra Branca Project in Brazil, between Anglo Platinum Brasil, S.A. and Altoro Mineracao, LTDA and Pedra Branca do Brasil Minera&ccedil;&atilde;o S.A. and Rustenburg Platinum Mines Limited and Solitario Resources Corporation dated April 24, 2007 (incorporated by reference to Exhibit 10.1 to Solitario's Form 8-K filed on October 4, 2007)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">14.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Code of Ethics for the Chief Executive Officer and Senior Financial Officer (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on July 18, 2006)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">21.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Subsidiaries of Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">23.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Consent of EKS&amp;H LLLP</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">23.2*</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Consent of SRK Consulting (U.S.) Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">24.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Power of Attorney</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">31.1*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">31.2*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Certification of Chief Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">32.1*<BR>
<BR>
<BR></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">101</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The following financial statements, formatted in XBRL: (i) Consolidated Balance Sheets as of December 31, 2012 and 2011; (ii) Consolidated Statements of Operations for the years ended December 31, 2012 and 2011; (iii) Consolidated Statements of Shareholders&rsquo; Equity and Comprehensive Loss for the years ended December 31, 2012 and 2011; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2012 and 2011; and (v) Notes to the Consolidated Financial Statements, with detailed tagging.&nbsp;&nbsp;In accordance with Rule&nbsp;406T of Regulation&nbsp;S-T, the information in these exhibits is furnished and deemed not filed or a part of a registration statement or prospectus for purposes of Sections&nbsp;11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by the specific reference in such filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 89%">&nbsp;</TD>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 0%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">* Filed herewith</P>



<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ James R. Maronick</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>May 21, 2013</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Signature</B></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Title</B></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0">Christopher E. Herald,</P>
        <P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-indent: 0.2in">Chief Executive Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Principal Executive Officer and &nbsp;Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>May 21, 2013</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">James R. Maronick, <BR>
Chief Financial Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Principal Financial and Accounting Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>May 21, 2013</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
&nbsp;&nbsp;&nbsp;|<BR>
<U>&nbsp;&nbsp;&nbsp;</U>|</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mark E. Jones, III **</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">A majority of</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">the Board of</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>May 21, 2013</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Brian Labadie **</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Directors</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Leonard Harris **</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/ </U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hainey&nbsp;&nbsp;**</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">**By James R. Maronick, attorney-in-fact
pursuant to power of attorney granted in the<FONT STYLE="color: black; letter-spacing: 3pt"> </FONT>Original Filing.</P>

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



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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>2
<FILENAME>exh232.htm
<DESCRIPTION>CONSENT OF SRK CONSULTING (US), INC.
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>CONSENT OF SRK CONSULTING (US), Inc.
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">The undersigned, SRK Consulting (US)
Inc, (&ldquo;SRK&rdquo;) hereby states as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Our firm prepared independent technical
reports, completed in 2009 and 2012 (the &ldquo;Technical Reports&rdquo;), concerning the Mt. Hamilton project currently owned
by Mt. Hamilton LLC of Wheat Ridge, Colorado (&ldquo;MH-LLC&rdquo;) a controlled subsidiary of Solitario Exploration &amp; Royalty
Corp. (&ldquo;Solitario&rdquo;). Portions of the Technical Reports are contained, summarized or referenced in this Annual Report
on Form 10-K of Solitario (the &ldquo;Form 10-K&rdquo;) for the year ended December&nbsp;31, 2012, to be filed with the United
States Securities and Exchange Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">We hereby consent to the use of the information
concerning the Technical Reports (and to all references to our firm, including being named as experts) in the Form 10-K and to
the incorporation by reference in Registration Statement No. 333-146277 on Form S-8,&nbsp;in Registration Statement No. 333-172929
on Form S-3&nbsp;and in Registration Statement No. 333-183662 on Form S-3 of Solitario Exploration &amp; Royalty Corp. of the information
concerning the Technical Reports, including the references to our firm included with such information, as set forth above in the
Form 10-K.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">SRK Consulting (US), Inc.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0.5in; border-bottom: black 0.75pt solid">&nbsp;/s/
        J.B. Pennington</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Name: J. B. Pennington</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;Practice Leader &ndash; SRK Reno</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Date: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;March 1, 2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>exh311.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATIONS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Christopher E. Herald certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 10-K/A, Amendment No. 1 of Solitario Exploration &amp; Royalty Corp. for the year
ended December 31, 2012;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="color: #333333">Date:
    May 21, 2013</FONT><BR> <FONT STYLE="color: #333333">/s/ Christopher E. Herald</FONT><BR> <FONT STYLE="color: #333333">Christopher
    E. Herald</FONT><BR> <FONT STYLE="color: #333333">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>exh312.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, James R. Maronick, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 10-K/A, Amendment No. 1 of Solitario Exploration &amp; Royalty Corp. for the year
ended December 31, 2012;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; layout-grid-mode: line"><FONT STYLE="color: #333333">Date:
    May 21, 2013</FONT><BR> <FONT STYLE="color: #333333">/s/ James R. Maronick</FONT><BR> <FONT STYLE="color: #333333">James R.
    Maronick</FONT><BR> <FONT STYLE="color: #333333">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>exh32.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 32</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">In connection with the Annual Report of
Solitario Exploration &amp; Royalty Corp. (the &quot;Company&quot;) on Form 10-K/A, Amendment No. 1 for the period ended
December 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the &quot;Report&quot;), we,
Christopher E. herald, Chief Executive Officer, and James R. Maronick, Chief Financial Officer, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/<U>Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/<U>James R. Maronick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Christopher E. Herald</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">James R. Maronick</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">Dated: May 21, 2013</P>



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