<SEC-DOCUMENT>0000917225-13-000023.txt : 20130524
<SEC-HEADER>0000917225-13-000023.hdr.sgml : 20130524
<ACCEPTANCE-DATETIME>20130523205632
ACCESSION NUMBER:		0000917225-13-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130523
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130524
DATE AS OF CHANGE:		20130523

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:		13870042

	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</B><BR>
<B>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): May 23, 2013</P>

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

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    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(303) 534-1030</FONT></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="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></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 Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 1.01</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Entry into a Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 2.25pt">On May 23,
2013 we entered into agreements whereby we are offering a total of up to136,500&nbsp;shares (the &ldquo;Shares&rdquo;) of our
common stock, par value $.01 per share (&quot;common stock&quot;), directly to Centennial Minerals Company LLC, a Nevada
limited liability company (&ldquo;CMC&rdquo;), and John E. and Tammi Carrington (&ldquo;Carrington&rdquo;) in connection with
an amendment to a mineral lease between Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;) and CMC and an amendment to a mineral lease
between MH-LLC and Carrington (the &ldquo;Lease Amendments&rdquo;) for the payments due by MH-LLC to CMC and Carrington
pursuant to those mineral leases. These leases give MH-LLC  the right to explore, develop and process ores on certain
unpatented claims that are contiguous to the  Mt. Hamilton mining project that is owned by MH-LLC. The unpatented mining
claims subject to the Lease Amendments currently have no proven and probable reserves and none of the claims are included as
part of our currently filed Plan of Operations with the United States Forest Service. We will not receive any cash proceeds
from the issuance of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 2.25pt">We entered into
the Lease Amendments on May 23, 2013. Previously, CMC and Carrington were entitled to annual lease payments of $80,000 each from
MH-LLC on their respective leases. Pursuant to the Lease Amendments, the amount of the cash lease payments due to CMC from MH-LLC
have been reduced to $20,000 due June 1, 2013, $20,000 due June 1, 2014, and $40,000 due June 1, 2015. In addition, Solitario has
agreed to issue shares of its common stock (to be delivered by Solitario for the benefit of MH-LLC) to CMC as follows: 14,000 shares
on or before June 1, 2013 (the &ldquo;CMC Tranche One Shares&rdquo;); 14,000 shares on or before June 1, 2014 (the &ldquo;CMC Tranche
Two Shares&rdquo;); and 28,000 shares on or before June 1, 2015 (the &ldquo;CMC Tranche Three Shares&rdquo;). If on the date of
delivery the actual value of the CMC Tranche One Shares is less than $20,000, or on the date of delivery the actual value of the
CMC Tranche Two Shares is less than $20,000, or on the date of delivery the actual value of the CMC Tranche Three Shares is less
than $40,000 (each a &ldquo;CMC Target Value&rdquo;), then MH-LLC shall pay the amount of the difference between the actual value
and the CMC Target Value to CMC not later than June 15, 2013, June 15, 2014 and June 15, 2015, respectively. Solitario may also
elect that the entire amount of the CMC Target Value of any of the CMC Tranche One Shares, the CMC Tranche Two Shares or the CMC
Tranche Three Shares be paid in cash in lieu of the delivery of shares (a &ldquo;CMC Cash Election&rdquo;). If Solitario makes
a CMC Cash Election, MH-LLC shall make the actual cash payment to CMC. The actual value of each of the CMC Tranche One Shares,
the CMC Tranche Two Shares and the CMC Tranche Three Shares shall be based on the 20-day average closing price of the applicable
shares on the NYSE MKT calculated for the twenty (20) trading days immediately preceding the relevant date. Pursuant to the Lease
Amendments, the amount of the cash lease payments due to Carrington from MH-LLC have been reduced to $30,000 due June 1, 2013,
$30,000 due June 1, 2014, and $55,000 due June 1, 2015. In addition, Solitario has agreed to issue shares of its common stock (to
be delivered by Solitario for the benefit of MH-LLC) to Carrington as follows: 21,000 shares on or before June 1, 2013 (the &ldquo;Carrington
Tranche One Shares&rdquo;); 21,000 shares on or before June 1, 2014 (the &ldquo;Carrington Tranche Two Shares&rdquo;); and 38,500
shares on or before June 1, 2015 (the &ldquo;Carrington Tranche Three Shares&rdquo;). If on the date of delivery the actual value
of the Carrington Tranche One Shares is less than $30,000, or on the date of delivery the actual value of the Carrington Tranche
Two Shares is less than $30,000, or on the date of delivery the actual value of the Carrington Tranche Three Shares is less than
$55,000 (each a &ldquo;Carrington Target Value&rdquo;), then MH-LLC shall pay the amount of the difference between the actual value
and the Carrington Target Value to Carrington not later than June 15, 2013, June 15, 2014 and June 15, 2015, respectively. Solitario
may also elect that the entire amount of the Carrington Target Value of any of the Carrington Tranche One Shares, the Carrington
Tranche Two Shares or the Carrington Tranche Three Shares be paid in cash in lieu of the delivery of shares (a &ldquo;Carrington
Cash Election&rdquo;). If Solitario makes a Carrington Cash Election, MH-LLC shall make the actual cash payment to Carrington.
The actual value of each of the Carrington Tranche One Shares, the Carrington Tranche Two Shares and the Carrington Tranche Three
Shares shall be based on the 20-day average closing price of the applicable shares on the NYSE MKT calculated for the twenty (20)
trading days immediately preceding the relevant date. The payments due to CMC from MH-LLC after June 1, 2015 of $80,000 per annum
are payable in cash. The payments due to Carrington from MH-LLC after June 1, 2015 of $110,000 per annum are payable in cash and
after June 1, 2016 escalate at the rate of $2,000 per year for the term of the lease. Pursuant to the Lease Amendments, MH-LLC
may terminate either the CMC or the Carrington leases after June 1, 2015. If MH-LLC terminates either lease Carrington or CMC (or
both, if both leases are terminated) have the right to enter into MH-LLC&rsquo;s Buchanan property at the Mt. Hamilton project
to conduct exploration activities, so long as such activities do not unreasonably interfere with MH-LLC&rsquo;s current or planned
activities on the Buchanan property or other properties at the Mt. Hamilton project. If </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 2.25pt">MH-LLC ceases all activities at the Buchanan property for a
period of two years, Carrington has the right to acquire the Buchanan property for nominal consideration, and if Carrington declines
to exercise that right, CMC then has the same right. Pursuant to the Lease Amendments, Carrington has provided MH-LLC exclusive
mining and mineral rights to an additional 32 mining claims contiguous to the Mt. Hamilton project and MH-LLC and Carrington have
agreed to modify MH-LLC&rsquo;s option to buy-down the existing 4.5% Net Royalty (&ldquo;NR&rdquo;) on the Carrington Lease such
that it may only be bought down by a maximum of 3.5% to a 1.0 % NR in a series of optional payments now totaling $3,600,000 instead
of the previous a maximum buy down of 4.0% NR to a 0.5% NR in a series of optional payments of $3,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 2.25pt">The Lease Amendments
provide for future work commitments on the properties subject to the CMC and Carrington leases whereby there is no work commitment
for the lease years ending June 1, 2013, June 1, 2014 or June 1, 2015. During each lease year beginning with the lease year that
commences on June 1, 2015, MH-LLC shall incur not less than $75,000 of work expenses ($150,000 in the aggregate) in conducting
work on each property. Such work will be related to exploration and development activities on the properties subject to the leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 20.25pt">The Lease Amendments define the term
of each lease agreement to be for a period of ten (10) years from June&nbsp;1, 2005 through the tenth anniversary date (the &ldquo;Primary
Term&rdquo;) unless sooner terminated or canceled as provided in each lease agreement, and may be extended in equal ten (10) year
increments thereafter so long as exploration, development and/or mining activities are ongoing at the end of the Primary Term (or
at the end of any subsequent 10-year period), and all other terms and conditions of the agreements are being met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 20.25pt; margin-right: 0; margin-left: 0">We entered into a letter
agreement with DHI-US on May 23, 2013, with respect to the Lease Amendments pursuant to which DHI-US has acknowledged and agreed
to the obligations of MH-LLC to fund the work requirements and cash payments due under the CMC and Carrington leases as amended
by the Lease Amendments and to reimburse Solitario for the actual value of any shares of Solitario common stock delivered to CMC
or Carrington, up to their Target Value, pursuant to the Lease Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20.25pt">Solitario has no obligation to issue the Shares
until the Shares have been approved for listing by the NYSE MKT and the Toronto Stock Exchange. The Shares are being issued 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 May
23, 2013 and an accompanying base prospectus dated March 29, 2011.</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">A copy of the opinion of Polsinelli PC relating to the legality
of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto. Copies of the Lease Amendments are filed herewith as
Exhibit 99.1 and 99.2. A copy of the letter agreement with DHI-US is filed herewith as Exhibit 99.3. These exhibits are incorporated
into this Item 1.01 by reference.&nbsp; The foregoing description of this transaction by the Company and the documentation related
thereto does not purport to be complete and is qualified in its entirety by reference to such Exhibits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 2.25pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 2.25pt"></P>

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

<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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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ITEM 9.01 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>Exhibits</U></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>Exhibit Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" 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"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Opinion of Polsinelli PC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" 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"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Third Amendment to mining lease dated May 23, 2013 between CMC, MH-LLC and Solitario.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" 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"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Third Amendment to mining lease dated May 23, 2013 between Carrington, MH-LLC and Solitario.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" 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"><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Letter agreement between the Company and DHI-US with respect to the Lease Amendments dated May 23, 2013.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</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>

<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; text-indent: 0.5in">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">May 23, 2013</P>

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    <TD STYLE="width: 7%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 92%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><U>/s/&nbsp;James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh51.htm
<DESCRIPTION>MAY 23, 2013
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit 5.1</P>

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

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        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 24pt"><B>May 23, 2013</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 29%; padding-left: 0.1in">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 0">Solitario Exploration&nbsp;&amp; Royalty Corp.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">4251 Kipling Street, Suite 390</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Wheat Ridge, Colorado 80033</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 12pt Times New Roman, Times, Serif">Re:</TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt; font-weight: normal">Solitario Exploration &amp; Royalty Corp. Prospectus Supplement to Registration Statement on Form S-3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have acted as special
counsel to Solitario Exploration &amp; Royalty Corp, a Colorado corporation (the &ldquo;Company&rdquo;), in connection with the
Company&rsquo;s offer and sale of up to 136,500 shares of its common stock, $0.01 par value (the &ldquo;Shares&rdquo;), pursuant
to: (1) the Registration Statement on Form S-3 (File No. 333-172929) (the &ldquo;Registration Statement&rdquo;) filed by the Company
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
and declared effective by the Commission on March 29, 2011, and (2) the Company&rsquo;s prospectus supplement relating to the Shares
dated May 23, 2013, together with the Company&rsquo;s prospectus dated March 29, 2011, as filed by the Company with the Commission
pursuant to Rule 424(b)(3) under the Act (collectively, the &ldquo;Prospectus&rdquo;). All of the Shares are to be issued and sold
by the Company as described in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><BR>
&#9;In connection with this opinion, we have examined (i) the Registration Statement and the Prospectus, (ii) the Company&rsquo;s
Articles of Incorporation and Bylaws, each as currently in effect; (iii) that certain Third Amendment to Mining Lease Agreement
dated May 23, 2013 by and among John E. and Tammi Carrington, Mt. Hamilton LLC, a Colorado limited liability company (&ldquo;MH
LLC&rdquo;), and the Company (the &ldquo;Carrington Amendment&rdquo;); (iv) that certain Third Amendment to Mining Lease Agreement
dated May 23, 2013 by and among Centennial Minerals Company LLC, a Nevada limited liability company, MH LLC, and the Company; and
(v) such other records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate
to enable us to render the opinion expressed below. We have assumed the genuineness and authenticity of all documents submitted
to us as originals, the conformity to originals of all documents submitted to us as copies thereof, the accuracy, completeness
and authenticity of certificates of public officials and the due execution and delivery of all documents where due execution and
delivery are a prerequisite to the effectiveness thereof. As to certain <BR>
</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
factual matters, we have relied upon a certificate of an
officer of the Company and have not sought independently to verify such matters.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><BR>
&#9;The opinion set forth below is limited to the Colorado Business Corporation Act, and to the facts as they presently exist and
the effect of the present state of the Colorado Business Corporation Act. We undertake no obligation to revise or supplement this
opinion in the event of future changes to such laws, or the interpretations thereof, or to the facts that presently exist. 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 Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><BR>
&#9;Based upon the foregoing, and subject to the additional qualifications set forth below, we are of the opinion that the Shares
have been duly authorized by all necessary corporate action of the Company and, when issued in accordance with the Registration
Statement and the Prospectus, and accordance with the CMC Amendment and the Carrington Amendment, will be validly issued, fully
paid and nonassessable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><BR>
&#9;This opinion is to be used only in connection with the offer and sale of the Shares while the Registration Statement is in
effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><BR>
&#9;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to Polsinelli
PC under the caption &ldquo;Legal Matters&rdquo; in the Prospectus. In giving such consent, we do not thereby admit that we are
included in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the
rules and regulations of the Securities and Exchange Commission promulgated thereunder.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3in">Sincerely</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">/s/ Polsinelli PC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Polsinelli PC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh991.htm
<DESCRIPTION>THIRD AMENDMENT TO MINING LEASE AGREEMENT
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 99.1</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THIRD AMENDMENT TO MINING LEASE
AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">THIS THIRD AMENDMENT TO MINING LEASE
AGREEMENT (the &ldquo;Third Amendment&rdquo;) is made and entered into effective as of May&nbsp;23, 2013 (the &ldquo;Effective
Date&rdquo;), by and among Centennial Minerals Company LLC, a Nevada limited liability company, whose address is P.O. Box 21350,
Carson City, Nevada 89721 (&ldquo;CMC&rdquo;), Mt. Hamilton LLC, a Colorado limited liability company, whose address is 4251 Kipling
Street, Suite 390, Wheat Ridge, Colorado 80033 (&ldquo;MH LLC&rdquo;), and (for the limited purposes set forth in Paragraphs E
and&nbsp;F below) Solitario Exploration &amp; Royalty Corp., a Colorado corporation (&ldquo;Solitario&rdquo;) and the Manager of
MH LLC, whose address is the same as that of MH LLC.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC are parties to a Mining Lease Agreement dated February 26, 2007, as amended by that Amendment to Mining Lease
Agreement dated October 2, 2007, and further amended by that Agreement and Second Amendment to Mining Lease Agreement dated March
11, 2011 (collectively, the &ldquo;CMC Lease&rdquo;), as referenced in that Memorandum of Lease and Assignment dated October&nbsp;2,
2007 and recorded in the official records of White Pine County, Nevada on February&nbsp;21, 2008, as Document No.&nbsp;341951.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The CMC Lease allows MH LLC to conduct exploration, development, mining and related activities on certain unpatented mining
claims owned by CMC in White Pine County, Nevada, as more particularly described in Exhibit&nbsp;A attached hereto and incorporated
herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC have agreed to make certain amendments to the CMC Lease as set forth in this Third Amendment.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual covenants and promises contained in this Third Amendment, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confirmed, the parties hereto agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree as follows with respect to Section&nbsp;3.6 of the CMC Lease:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The first paragraph of Section&nbsp;3.6 is revised to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">3.6&#9;<U>Work Commitment</U>. There
is no work commitment for the Lease Years ending June 1, 2013, June 1, 2014 or June 1, 2015. During each Lease Year beginning with
the Lease Year that commences on June 1, 2015, MH LLC shall incur not less than $75,000 of Work Expenses in conducting Work on
the Property. MH LLC, if it has not terminated the CMC Lease on or before June&nbsp;30th of any year during which it is required
to meet the Minimum Work <BR>
</P>

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Requirement, shall be obligated to incur the required minimum amount of Work Expenses for the then current
Lease Year, even if it subsequently terminates the CMC Lease during the Lease Year in question. The annual work commitment described
in this Section&nbsp;3.6 shall be referred to as the &ldquo;Minimum Work Requirement.&rdquo; Any Work Expenses incurred by MH LLC
in excess of $75,000 during any applicable Lease Year may be carried forward and shall apply as a credit toward the minimum amount
of Work Expenses required to be incurred or accrued during any subsequent Lease Year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section&nbsp;3.6.3 is revised to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">3.6.3&#9;For purposes of this Section&nbsp;3.6,
&ldquo;<U>Work</U>&rdquo; shall mean and include all operations and activities of MH LLC (or performed at the request of MH LLC)
on or for the benefit of the Property (and any technical work performed off-site that directly relates to those operations and
activities) (a) for purposes of determining ore reserves and mineralization, (b) for purposes of development of Minerals from the
Property, (c) for construction of a mine, processing and beneficiation facilities and related ancillary facilities, (d) for mining
or (e) for mineral processing and beneficiation, including, without limitation, the right to enter upon the Property for purposes
of surveying, exploring, testing, sampling, trenching, bulk sampling, prospecting and drilling for Minerals, mine construction,
mine development, and to construct and use buildings, roads, power and communication lines, and to use so much of the surface of
the Property in such manner as MH LLC deems necessary for the enjoyment of any rights and privileges granted to MH LLC under this
Agreement or otherwise necessary to effect the purposes of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section&nbsp;3.6.4 is revised so that the defined term &ldquo;Exploration and Development Expenses&rdquo; is replaced by
the defined term &ldquo;Work Expenses&rdquo; everywhere it appears. In addition, two new clauses (g) and (h) are added to Section&nbsp;3.6.4,
reading as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(g)&#9;All expenses incurred in conducting mining,
mineral processing and beneficiation; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(h)&#9;To the extent that expenses are incurred as
part of a program or plan that includes exploration, development, mining, processing, reclamation or related activities on or for
the benefit of both the Property and other properties owned or controlled by MH LLC in the vicinity of the Property, Work Expenses
shall include only a proportionate share of those expenses that can be reasonably allocated to the Property.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;Exploration, Development and Related Work&rdquo; is replaced by the term &ldquo;Work,&rdquo; and the term
&ldquo;Exploration and Development Expenses&rdquo; is replaced by the term &ldquo;Work Expenses&rdquo; wherever they appear in
the CMC Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">C.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree to amend and restate Section&nbsp;4 of the CMC Lease to read in its entirety as follows:</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">4.&#9;<U>Term</U>. The term of this
Agreement shall be for a period of ten (10) years from June&nbsp;1, 2005 through the Tenth Anniversary Date (the &ldquo;Primary
Term&rdquo;) unless sooner terminated or canceled as provided in this Agreement, and may be extended in equal ten (10) year increments
thereafter so long as exploration, development and/or mining activities are ongoing at the end of the Primary Term (or at the end
of any subsequent 10-year period), and all other terms and conditions of this Agreement are being met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">D.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree to amend and restate Section&nbsp;5.1 of the CMC Lease to read in its entirety as follows (the parties
hereby acknowledging and agreeing that all Minimum Payments which were due prior to the Effective Date of this Third Amendment
have been paid):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">5.1&#9;MH LLC will pay to CMC, in
U.S. Dollars, according to the following schedule:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;On or before each of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1.5in">Eighth Anniversary Date (June 1, 2013) &ndash;&#9;$20,000<BR>
Ninth Anniversary Date &ndash;&#9;$20,000<BR>
Tenth Anniversary Date&nbsp;&ndash;&#9;$40,000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;$80,000 on or before the Eleventh Anniversary
Date and each Anniversary Date thereafter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;Under no circumstances shall the obligation
to make any Minimum Payment be deemed to have accrued prior to any due date set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">E.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to MH LLC&rsquo;s obligation to make the Minimum Payments as set forth above, Solitario agrees to issue shares
of its common stock (to be delivered by Solitario for the benefit of MH LLC, and referred to as the &ldquo;Shares&rdquo;) to CMC
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><BR>
<U>Date</U><BR>
<BR>
</TD>
    <TD STYLE="width: 30%; padding-right: 0.5in; text-align: center">Number<U> </U><BR>
<U>of Shares </U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2013 (&ldquo;Tranche One&rdquo;)</TD>
    <TD STYLE="padding-right: 0.5in; text-align: center">14,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2014 (&ldquo;Tranche Two&rdquo;)</TD>
    <TD STYLE="padding-right: 0.5in; text-align: center">14,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2015 (&ldquo;Tranche Three&rdquo;)<BR>
<BR></TD>
    <TD STYLE="padding-right: 0.5in; text-align: center">28,000</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">If on the date of delivery, the actual value of the Tranche
One Shares is less than $20,000, or on the date of delivery, the actual value of the Tranche Two Shares is less than $20,000, or
on the date of delivery, the actual value of the Tranche Three Shares is less than $40,000 (each a &ldquo;Target Value&rdquo;),
then MH LLC shall pay the amount of the difference between the actual value and the Target Value to CMC not later than June 15,
2013, June 15, 2014 and June 15, 2015, respectively. Solitario may also elect that the entire amount of the Target Value of any
of the Tranche One Shares, the Tranche Two Shares or the Tranche Three Shares be paid in cash in lieu of the delivery of Shares
(a &ldquo;Cash Election&rdquo;). If Solitario makes a Cash Election, MH LLC shall make the actual cash payment to CMC.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The actual value of each of the Tranche
One, Tranche Two and Tranche Three Shares shall be based on the 20-day average closing price of the applicable Shares on the NYSE
MKT (the &ldquo;Exchange&rdquo;) calculated for the twenty (20) trading days immediately preceding the relevant date. The Shares
shall be registered in the name of &ldquo;Centennial Minerals Company LLC.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event of any reorganization or
reclassification of the shares of stock of Solitario, or any other event (including a compulsory acquisition), or a consolidation,
amalgamation, arrangement or merger of Solitario with or into any other corporation or other entity, pursuant to which the common
shares of Solitario are changed into or exchanged for other shares or other securities, property or cash, unless Solitario has
made a Cash Election prior to the delivery to CMC of the Shares provided for under this Agreement, Solitario or its successor shall
thereafter deliver to CMC at the time or times of delivery of the Shares under this Agreement, the securities, property or cash
which CMC would have received as a result of such reorganization or reclassification or other event, or consolidation, amalgamation,
arrangement or merger of Solitario had CMC been the registered holder of such Shares on such effective date or record date, as
the case may be, and CMC shall be bound to accept such securities, property or cash in lieu of the Shares to which it was previously
entitled.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">F.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Shares to be delivered to CMC under Paragraph E of this Third Amendment:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC represents and warrants to MH LLC and Solitario (which such representations and warranties shall be true and correct
as of the Effective Date and thereafter through the date(s) of delivery of the Shares), as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;CMC has taken full cognizance of and understands
all of the risk factors related to the purchase of the Shares, including the possible loss of the total amount of the investment.
CMC has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks
of an investment in Solitario, and CMC is able to bear a complete loss of its entire investment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;CMC has had sufficient access to documents,
materials and information concerning Solitario as CMC deems necessary or appropriate for evaluating an investment in Solitario.
CMC has received and reviewed a copy of Solitario&rsquo;s Prospectus Supplement (including without limitation the Base Prospectus
included therewith) to be filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) pursuant to rule 424(b)(5) of the
Securities Act of 1933, as amended, and relating to Solitario&rsquo;s Registration Statement on Form S-3 (Reg. No. 333-172929),
as amended (the &ldquo;Prospectus Supplement&rdquo;). CMC was able to make such appropriate independent investigation as CMC deemed
necessary to verify the information furnished and to obtain such information as CMC requested prior to making the decision to enter
into this Agreement. CMC has had a reasonable opportunity to review the Prospectus Supplement and ask questions of and receive
answers from Solitario&rsquo;s officers, or a person or persons acting on their behalf, concerning Solitario, the Prospectus <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in"><BR>
Supplement
and the Shares and all such questions have been answered to CMC&rsquo;s full satisfaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;No oral or written representations or statements
have been made in connection with the offering of the Shares other than as set forth in the Prospectus Supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(d)&#9;No foreign, federal, or state authority has
made a finding or determination as to the fairness for investment of the Shares and no foreign, federal or state authority has
recommended or endorsed or will recommend or endorse the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Solitario represents and warrants to CMC that the Shares to be issued pursuant to this Agreement (i) will, when issued,
be duly authorized, validly issued, fully paid and non-assessable and (ii) will be issued pursuant to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly after the Effective Date, Solitario shall make an application to each of the Exchange and the Toronto Stock Exchange
for the additional listing of the Shares. The parties hereto agree that Solitario shall have the right to provide a copy of this
Third Amendment to the Exchange and the Toronto Stock Exchange as required. Solitario shall have no obligation to issue the Shares
until the listing applications have been approved by both the Exchange and the Toronto Stock Exchange. If the approval of either
the Exchange or the Toronto Stock Exchange cannot be obtained, MH LLC and Solitario may terminate this Third Amendment by providing
written notice to CMC, they shall have no further obligations or liability to CMC under this Third Amendment, and this Third Amendment
will have no further force or effect on the CMC Lease as currently amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(4)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC acknowledges and agrees that Solitario will file the Prospectus Supplement with the relevant U.S. and Canadian securities
regulators and stock exchanges, as well as an 8-K filing and related press release which describe the transactions set forth in
this Third Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">G.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree to amend and restate Section 18 of the CMC Lease to read in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">18.&#9;<U>Indemnity</U>. MH LLC shall
defend, indemnify and save harmless CMC, his successors and assigns, of and from any and all liability whatsoever for any claims,
actions or damages, including court costs and attorney&rsquo;s fees, in any way arising from or relating to MH LLC&rsquo;s occupation,
and use of the Property, or its operations on or in the Property after the Effective Date. CMC shall defend, indemnify and save
harmless MH LLC, its successors and assigns, of and from any and all liability whatsoever for any claims, actions or damages, including
court costs and attorney&rsquo;s fees, in anyway arising from or relating to (a) CMC&rsquo;s occupation, ownership and use of the
Property, or his operations on or in the Property, in either case before the Effective Date or after termination of this Agreement
or after MH LL&rsquo;s re-conveyance to CMC of any lands or mining claims surrendered by MH LLC in accordance with this Agreement,
as applicable, <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt"><BR>
and (b) CMC&rsquo;s use of the Buchanan Property. The parties&rsquo; defense, indemnification and hold harmless
obligations shall extend to and include, but not be limited to, any and all claims, actions or damages arising from or relating
to Federal, state or local laws, regulations or ordinances concerning the preservation of the environment or reclamation of the
Property, including the Comprehensive Environmental Response, Compensation and Liability Act and the Resource Conservation and
Recovery Act, and shall survive the termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">H.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree to amend and restate Section 26.2 of the CMC Lease to read in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">26.2&#9;<U>Termination by MH LLC</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;MH LLC may terminate this Agreement any time
after June 1, 2015, by giving written notice to CMC. Such termination shall be effective as of the date of receipt of such notice
by CMC. On or promptly after delivery of the notice of termination, MH LLC shall execute and deliver to CMC a written release of
its interest in this Agreement in proper form for recording in White Pine County. In the event of such termination, MH LLC shall
have no further obligations or liabilities whatsoever to CMC under this Agreement, other than those set forth in Sections 3.6,
7 and 18, and those set forth in Section 26.2(b) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;Upon such termination, MH LLC grants to CMC,
effective as of the date of such termination, a right of access over and on that 160-acre parcel of land known as the &ldquo;Buchanan
Property&rdquo; (as more particularly described in Exhibit B attached hereto and incorporated herein by reference), so long as
such access does not unreasonably interfere with MH LLC&rsquo;s current or planned exploration, development, mining, processing,
reclamation or related operations on the Buchanan Property or any real property owned or controlled by MH LLC in the vicinity of
the Buchanan Property. If CMC desires to conduct any activities on the Buchanan Property, CMC shall provide notice to MH LLC of
the nature of those planned activities and their expected duration, at least twenty (20) days prior to the commencement of such
activities. If MH LLC believes that any of CMC&rsquo;s planned activities on the Buchanan Property will unreasonably interfere
with MH LLC&rsquo;s existing or planned activities, MH LLC shall notify CMC within ten (10) days after its receipt of such notice,
and in that event the parties shall negotiate in good faith to attempt to agree on an alternative that is acceptable to both parties.
CMC shall not commence any such activities until the parties have agreed to a mutually acceptable alternative. Any activities conducted
by CMC on the Buchanan Property shall be conducted in accordance with applicable federal, state and local laws, rules, and regulations,
and all applicable MH LLC safety procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;Following such termination, MH LLC shall continue
to have access to the Property as necessary to perform and complete all reclamation obligations pertaining to the Property for
which it is responsible, as set forth in Section 28 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">I.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC acknowledge and agree that MH LLC is a party to that Mining Lease Agreement between John E. and Tami Carrington
(collectively, &ldquo;Carrington&rdquo;) and MH LLC dated March 20, 2006 (as amended, the &ldquo;Carrington Lease&rdquo;). The
parties acknowledge that upon the permanent cessation of MH LLC&rsquo;s use (or that of its successors or assigns) of the Buchanan
Property for exploration, development, mining or related activities, MH LLC is obligated to notify Carrington, and Carrington has
the option to purchase all of MH LLC&rsquo;s right, title and interest in the Buchanan Property, exercisable by providing written
notice to MH LLC at any time within 30 days after receipt of the notice. The parties agree that if the lessor under the Carrington
Lease does not timely exercise its right to acquire MH LLC&rsquo;s interest in the Buchanan Property, MH LLC shall promptly notify
CMC (the &ldquo;Option Notice&rdquo;), and CMC shall have the right to acquire MH LLC&rsquo;s interest (surface and any mineral
rights, subject to the royalty received by the previous owner of the Buchanan Property) in the Buchanan Property (the &ldquo;Option
Right&rdquo;), exercisable by providing written notice to MH LLC (at the address set forth above) at any time within 30 days after
receipt of the Option Notice. The purchase price for MH LLC&rsquo;s interest in the Buchanan Property shall be $10. If CMC timely
exercises the Option Right, MH LLC shall quitclaim the Buchanan Property to CMC (or CMC&rsquo;s designee) without any representations
and warranties whatsoever as to title to, environmental liabilities or conditions at or affecting or from, or otherwise with respect
to, the Buchanan Property. For purposes of this Paragraph I, the &ldquo;permanent cessation&rdquo; of MH LLC&rsquo;s activities
on the Buchanan Property shall be deemed to have occurred when no activities have taken place for two years. For the avoidance
of doubt, if Solitario publicly announces that such activities have only been temporarily halted or suspended, permanent cessation
shall not be deemed to have occurred. If CMC exercises the Option Right, the quitclaim deed will provide that MH LLC shall continue
to have access to the Buchanan Property as necessary to perform and complete all reclamation obligations pertaining to the Buchanan
Property for which it is responsible, and that CMC&rsquo;s use of the Buchanan Property shall not unreasonably interfere with any
of such ongoing reclamation obligations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">J.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of Paragraph I of the Second Amendment are hereby deleted from the CMC Lease in their entirety, and replaced
by Paragraph I of this Third Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">K.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All capitalized terms used but not defined in this Third Amendment shall have the meaning ascribed to them in the CMC Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">L.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC and MH LLC agree that the Property, as defined in the CMC Lease, consists of all of the unpatented mining claims set
forth on the attached Exhibit A. At MH LLC&rsquo;s election, MH LLC may prepare, the parties shall execute and deliver, and MH
LLC may record in the official records of White Pine County, a Memorandum of this Third Amendment for purposes of providing record
notice of the unpatented mining claims currently comprising the Property covered by the CMC Lease.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">M.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereby confirm and agree that the CMC Lease, as amended by the terms and provisions of this Third Amendment,
and all of the terms and conditions of the Second Amendment, except to the extent specifically modified herein, remain in full
force and effect.<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have
executed this Third Amendment as of the date first set forth above.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">CENTENNIAL MINERALS COMPANY LLC, a Nevada limited
liability company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">By: &#9;<U>/s/ Robert G. Carrington</U><BR>
Name: Robert G Carrington<BR>
Title: Managing Member</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">SOLITARIO EXPLORATION &amp; ROYALTY CORP., a&nbsp;Colorado
corporation (which executes this Third Amendment only in connection with the obligations set forth in Paragraphs E and F)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">By:&#9;<U>/s/James R. Maronick</U><BR>
Name: James R. Maronick<BR>
Title: CFO</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">MT. HAMILTON LLC<BR>
<BR>
By:&#9;SOLITARIO ROYALTY &amp; EXPLORATION CORP.,<BR>
&#9;its Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 24pt 207pt">By: <U>/s/ James R. Maronick</U><BR>
Name: James R. Maronick<BR>
Title: CFO</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in"></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>ACKNOWLEDGMENTS</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Nevada&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Washoe&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23rd day of May, 2013, by Robert Carrington, as Managing Member of Centennial Minerals Company LLC, a Nevada limited
liability company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 07/01/2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 12pt 220.3pt"><U>/s/ Lisa Spurling&#9;</U><BR>
Notary Public</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Colorado&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Jefferson&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23rd day of May, 2013, by James R. Maronick, as CFO of Solitario Exploration &amp; Royalty Corp., a Colorado corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 10/27/2014<U>
</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 12pt 220.3pt"><U>/s/ Paula Mann&#9;</U><BR>
Notary Public</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Colorado&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Jefferson&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23rd day of May, 2013, by James R. Maronick, as CFO of Solitario Royalty &amp; Exploration Corp., a Colorado corporation,
as Manager of Mt. Hamilton LLC, a Colorado limited liability company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 10/27/2014<U>
</U></P>

<P STYLE="margin: 0">/s/ Paula Mann&#9;<BR>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif">Notary Public</FONT></P>



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

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




<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>Exhibit
A</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Mining Claims Covered by CMC Lease<BR>
<BR>
</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><U>Claim Name</U></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><U>White Pine County Recording Information</U></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><U>BLM Serial No.</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; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">MC Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 352 / P 286</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 839931</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Ada Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 352 / P 287</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 839932</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mack #3 Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 352 / P 288</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 839933</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mack Fraction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 352 / P 289</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 839934</TD></TR>
</TABLE>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">A-1</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><B>Exhibit
B<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following described lands located in White Pine County,
Nevada:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.75in"><U>Township 16 North, Range 57 East, MDB&amp;M</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-indent: -58.3pt">Section 20:&#9;SE1/4 (160 acres)</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt">B-1</P>

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

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

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

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



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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exh992.htm
<DESCRIPTION>THIRD AMENDMENT TO MINING LEASE AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 99.2</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THIRD AMENDMENT TO MINING LEASE
AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">THIS THIRD AMENDMENT TO MINING
LEASE AGREEMENT (the &ldquo;Third Amendment&rdquo;) is made and entered into effective as of May&nbsp;23, 2013 (the
&ldquo;Effective Date&rdquo;), by and among John E. and Tammi Carrington, husband and wife, whose address is P.O. Box 767,
Fallon, Nevada 89407 (collectively, &ldquo;Carrington&rdquo;), Mt. Hamilton LLC, a Colorado limited liability company, whose
address is 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033 (&ldquo;MH LLC&rdquo;), and (for the limited purposes
set forth in Paragraphs E and F below) Solitario Exploration &amp; Royalty Corp., a Colorado corporation
(&ldquo;Solitario&rdquo;) and the Manager of MH LLC, whose address is the same as that of MH LLC.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC are parties to a Mining Lease Agreement dated March 20, 2006, as amended by that Amendment to Mining
Lease Agreement dated June 14, 2007, and further amended by that Agreement and Second Amendment to Mining Lease Agreement dated
March 11, 2011 (collectively, the &ldquo;Carrington Lease&rdquo;), as referenced in that Memorandum of Lease and Assignment dated
October&nbsp;2, 2007 and recorded in the official records of White Pine County, Nevada on February&nbsp;21, 2008, as Document No.&nbsp;341952.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Carrington Lease allows MH LLC to conduct exploration, development, mining and related activities on certain unpatented
mining claims owned by Carrington in White Pine County, Nevada, as more particularly described in Exhibit&nbsp;A attached hereto
and incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC have agreed to make certain amendments to the Carrington Lease as set forth in this Third Amendment.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual covenants and promises contained in this Third Amendment, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and confirmed, the parties hereto agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree as follows with respect to Section&nbsp;3.6 of the Carrington Lease:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The first paragraph of Section&nbsp;3.6 is revised to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">3.6&#9;<U>Work Commitment</U>. There
is no work commitment for the Lease Years ending June 1, 2013, June 1, 2014 or June 1, 2015. During each Lease Year beginning with
the Lease Year that commences on June 1, 2015, MH LLC shall incur not less than $75,000 of Work Expenses in conducting Work on
the Property. MH LLC, if it has not terminated the Agreement on or before June&nbsp;30th of any year during which it is required
to meet the Minimum Work Requirement, <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt"><BR>
shall be obligated to incur the required minimum amount of Work Expenses for the then current
Lease Year, even if it subsequently terminates the Agreement during the Lease Year in question. The annual work commitment described
in this Section&nbsp;3.6 shall be referred to as the &ldquo;Minimum Work Requirement.&rdquo; Any Work Expenses incurred by MH LLC
in excess of $75,000 during any applicable Lease Year may be carried forward and shall apply as a credit toward the minimum amount
of Work Expenses required to be incurred or accrued during any subsequent Lease Year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section&nbsp;3.6.3 is revised to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">3.6.3&#9;For purposes of this Section&nbsp;3.6,
&ldquo;<U>Work</U>&rdquo; shall mean and include all operations and activities of MH LLC (or performed at the request of MH LLC)
on or for the benefit of the Property (and any technical work performed off-site that directly relates to those operations and
activities) (a) for purposes of determining ore reserves and mineralization, (b) for purposes of development of Minerals from the
Property, (c) for construction of a mine, processing and beneficiation facilities and related ancillary facilities, (d) for mining
or (e) for mineral processing and beneficiation, including, without limitation, the right to enter upon the Property for purposes
of surveying, exploring, testing, sampling, trenching, bulk sampling, prospecting and drilling for Minerals, mine construction,
mine development, and to construct and use buildings, roads, power and communication lines, and to use so much of the surface of
the Property in such manner as MH LLC deems necessary for the enjoyment of any rights and privileges granted to MH LLC under this
Agreement or otherwise necessary to effect the purposes of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section&nbsp;3.6.4 is revised so that the defined term &ldquo;Exploration and Development Expenses&rdquo; is replaced by
the defined term &ldquo;Work Expenses&rdquo; everywhere it appears. In addition, two new clauses (g) and (h) are added to Section&nbsp;3.6.4,
reading as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(g)&#9;All expenses incurred in conducting mining,
mineral processing and beneficiation; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(h) &#9;To the extent that expenses are incurred
as part of a program or plan that includes exploration, development, mining, processing, reclamation or related activities on or
for the benefit of both the Property and other properties owned or controlled by MH LLC in the vicinity of the Property, Work Expenses
shall include only a proportionate share of those expenses that can be reasonably allocated to the Property.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The term &ldquo;Exploration, Development and Related Work&rdquo; is replaced by the term &ldquo;Work,&rdquo; and the term
&ldquo;Exploration and Development Expenses&rdquo; is replaced by the term &ldquo;Work Expenses&rdquo; wherever they appear in
the Carrington Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">C.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree to amend and restate Section&nbsp;4 of the Carrington Lease to read in its entirety as follows:</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">4.&#9;Term. The term of this Agreement
shall be for a period of ten (10) years from June&nbsp;1, 2005 through the Tenth Anniversary Date (the &ldquo;Primary Term&rdquo;)
unless sooner terminated or canceled as provided in this Agreement, and may be extended in equal ten (10) year increments thereafter
so long as exploration, development and/or mining activities are ongoing at the end of the Primary Term (or at the end of any subsequent
10-year period), and all other terms and conditions of this Agreement are being met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">D.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree to amend and restate Section&nbsp;5.1 of the Carrington Lease to read in its entirety as follows
(the parties hereby acknowledging and agreeing that all Minimum Payments which were due prior to the Effective Date of this Third
Amendment have been paid):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">5.1&#9;MH LLC will pay to Carrington,
in U.S. Dollars, according to the following schedule:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;On or before each of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1.5in">Eighth Anniversary Date (June 1, 2013) &ndash;&#9;$30,000<BR>
Ninth Anniversary Date &ndash;&#9;$30,000<BR>
Tenth Anniversary Date&nbsp;&ndash;&#9;$55,000</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;$110,000 on or before the Eleventh Anniversary
Date and each Anniversary Date thereafter. Each Minimum Payment due after the Eleventh Anniversary Date shall be increased by $2,000
over the amount of the Minimum Payment that was made on or before the previous Anniversary Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;Under no circumstances shall the obligation
to make any Minimum Payment be deemed to have accrued prior to any due date set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">E.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to MH LLC&rsquo;s obligation to make the Minimum Payments as set forth above, Solitario agrees to issue shares
of its common stock (to be delivered by Solitario for the benefit of MH LLC and referred to as the &ldquo;Shares&rdquo;) to Carrington
as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-bottom: 12pt"><BR>
<U>Date</U></TD>
    <TD STYLE="width: 28%; text-align: center">Number <BR>
<U>of Shares </U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2013 (&ldquo;Tranche One&rdquo;)</TD>
    <TD STYLE="padding-right: 26.1pt; text-align: right">21,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2014 (&ldquo;Tranche Two&rdquo;)</TD>
    <TD STYLE="padding-right: 26.1pt; text-align: right">21,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>On or before June 1, 2015 (&ldquo;Tranche Three&rdquo;)</TD>
    <TD STYLE="padding-right: 26.1pt; text-align: right">38,500</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">If on the date of delivery, the actual value of the Tranche
One Shares is less than $30,000, or on the date of delivery, the actual value of the Tranche Two Shares is less than $30,000, or
on the date of delivery, the actual value of the Tranche Three Shares is less than $55,000 (each a &ldquo;Target Value&rdquo;),
then MH LLC shall pay the amount of the difference between the actual value and the Target Value to Carrington not later than June
15, 2013, June 15, 2014 and June 15, 2015, respectively. Solitario may also elect that the entire amount of the Target Value of
any of <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><BR>
the Tranche One Shares, the Tranche Two Shares and/or the Tranche Three Shares be paid in cash in lieu of the delivery of
Shares (a &ldquo;Cash Election&rdquo;). If Solitario makes a Cash Election, MH LLC shall make the actual cash payment to Carrington.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The actual value of each of the Tranche
One, Tranche Two and Tranche Three Shares shall be based on the 20-day average closing price of the applicable Shares on the NYSE
MKT (the &ldquo;Exchange&rdquo;), calculated for the twenty (20) trading days immediately preceding the relevant date. The Shares
shall be registered in the name of &ldquo;John E. and Tammi Carrington, as joint tenants.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event of any reorganization or
reclassification of the shares of stock of Solitario, or any other event (including a compulsory acquisition), or a consolidation,
amalgamation, arrangement or merger of Solitario with or into any other corporation or other entity, pursuant to which the common
shares of Solitario are changed into or exchanged for other shares or other securities, property or cash, unless Solitario has
made a Cash Election prior to the delivery to Carrington of the Shares provided for under this Agreement, Solitario or its successor
shall thereafter deliver to Carrington at the time or times of delivery of the Shares under this Agreement, the securities, property
or cash which Carrington would have received as a result of such reorganization or reclassification or other event, or consolidation,
amalgamation, arrangement or merger of Solitario had Carrington been the registered holder of such Shares on such effective date
or record date, as the case may be, and Carrington shall be bound to accept such securities, property or cash in lieu of the Shares
to which it was previously entitled. <B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">F.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the Shares to be delivered to Carrington under Paragraph E of this Third Amendment:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington represents and warrants to MH LLC and Solitario (which such representations and warranties shall be true and
correct as of the Effective Date and thereafter through the date(s) of delivery of the Shares), as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;Carrington has taken full cognizance of and
understands all of the risk factors related to the purchase of the Shares, including the possible loss of the total amount of the
investment. Carrington has sufficient knowledge and experience in financial and business matters to be capable of evaluating the
merits and risks of an investment in Solitario, and Carrington is able to bear a complete loss of Carrington&rsquo;s entire investment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;Carrington has had sufficient access to documents,
materials and information concerning Solitario as Carrington deems necessary or appropriate for evaluating an investment in Solitario.
Carrington has received and reviewed a copy of Solitario&rsquo;s Prospectus Supplement (including without limitation the Base Prospectus
included therewith) to be filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) pursuant to rule 424(b)(5) of the
Securities Act of 1933, as amended, and relating to Solitario&rsquo;s Registration Statement on Form S-3 (Reg. No. 333-172929),
as amended (the &ldquo;Prospectus Supplement&rdquo;). Carrington was able to make <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in"><BR>
such appropriate independent investigation as
Carrington deemed necessary to verify the information furnished and to obtain such information as Carrington requested prior to
making the decision to enter into this Agreement. Carrington has had a reasonable opportunity to review the Prospectus Supplement
and ask questions of and receive answers from Solitario&rsquo;s officers, or a person or persons acting on their behalf, concerning
Solitario, the Prospectus Supplement and the Shares and all such questions have been answered to Carrington&rsquo;s full satisfaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;No oral or written representations or statements
have been made in connection with the offering of the Shares other than as set forth in the Prospectus Supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(d)&#9;No foreign, federal, or state authority has
made a finding or determination as to the fairness for investment of the Shares and no foreign, federal or state authority has
recommended or endorsed or will recommend or endorse the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(2)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Solitario represents and warrants to Carrington that the Shares to be issued pursuant to this Agreement (i) will, when issued,
be duly authorized, validly issued, fully paid and non-assessable and (ii) will be issued pursuant to the Registration Statement,
and will not be &ldquo;restricted securities&rdquo; within the meaning of Rule 144 under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(3)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly after the Effective Date, Solitario shall make an application to each of the Exchange and the Toronto Stock Exchange
for the additional listing of the Shares. The parties hereto agree that Solitario shall have the right to provide a copy of this
Third Amendment to the Exchange and the Toronto Stock Exchange as required. Solitario shall have no obligation to issue the Shares
until the listing applications have been approved by both the Exchange and the Toronto Stock Exchange. If the approval of either
the Exchange or the Toronto Stock Exchange cannot be obtained, MH LLC and Solitario may terminate this Third Amendment by providing
written notice to Carrington, they shall have no further obligations or liability to Carrington under this Third Amendment, and
this Third Amendment will have no further force or effect on the Carrington Lease as currently amended. <B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(4)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington acknowledges and agrees that Solitario will file the Prospectus Supplement with the relevant U.S. and Canadian
securities regulators and stock exchanges, as well as an 8-K filing and related press release which describe the transactions set
forth in this Third Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">G.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree to amend Section 5.3 of the Carrington Lease as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">By changing the number &ldquo;$500,000&rdquo; to &ldquo;$600,000,&rdquo; and by changing the number
&ldquo;$1,000,000&rdquo; to &ldquo;$1,200,000.&rdquo;</TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">By revising the sixth sentence so that the language regarding the second phase of the royalty buy-down
is revised to read &ldquo;at the rate of $1,200,000 per 3/4 of one percentage point (.75%) for the next one and one-half (1.50)
percentage points.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">By changing the reference in the sixth sentence to reducing the NR by purchasing &ldquo;up to four
(4%) percentage points&rdquo; to purchasing &ldquo;up to three and one-half (3.50) percentage points.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">By changing the language in the ninth sentence from &ldquo;leaving J Carrington with a one-half
of one percentage point percent (0.5%) NR&rdquo; to &ldquo;leaving Carrington with a one percent (1%) NR.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">H.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree to amend and restate Section 18 of the Carrington Lease to read in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">18.&#9;<U>Indemnity</U>. MH LLC shall
defend, indemnify and save harmless Carrington, his successors and assigns, of and from any and all liability whatsoever for any
claims, actions or damages, including court costs and attorney&rsquo;s fees, in any way arising from or relating to MH LLC&rsquo;s
occupation, and use of the Property, or its operations on or in the Property after the Effective Date. Carrington shall defend,
indemnify and save harmless MH LLC, its successors and assigns, of and from any and all liability whatsoever for any claims, actions
or damages, including court costs and attorney&rsquo;s fees, in anyway arising from or relating to (a) Carrington&rsquo;s occupation,
ownership and use of the Property, or his operations on or in the Property, in either case before the Effective Date or after termination
of this Agreement or after MH LL&rsquo;s re-conveyance to Carrington of any lands or mining claims surrendered by MH LLC in accordance
with this Agreement, as applicable, and (b) Carrington&rsquo;s use of the Buchanan Property. The parties&rsquo; defense, indemnification
and hold harmless obligations shall extend to and include, but not be limited to, any and all claims, actions or damages arising
from or relating to Federal, state or local laws, regulations or ordinances concerning the preservation of the environment or reclamation
of the Property, including the Comprehensive Environmental Response, Compensation and Liability Act and the Resource Conservation
and Recovery Act, and shall survive the termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">I.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree to amend and restate Section 26.2 of the Carrington Lease to read in its entirety as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">26.2&#9;<U>Termination by MH LLC</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(a)&#9;MH LLC may terminate this Agreement any time
after June 1, 2015, by giving written notice to Carrington. Such termination shall be effective as of the date of receipt of such
notice by Carrington. On or promptly after delivery of the notice of termination, MH LLC shall execute and deliver to Carrington
a written release of its interest in this <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in"><BR>
Agreement in proper form for recording in White Pine County. In the event of such termination,
MH LLC shall have no further obligations or liabilities whatsoever to Carrington under this Agreement, other than those set forth
in Sections 3.6, 7 and 18, and those set forth in Section 26.2(b) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(b)&#9;Upon such termination, MH LLC grants to Carrington,
effective as of the date of such termination, a right of access over and on that 160-acre parcel of land known as the &ldquo;Buchanan
Property&rdquo; (as more particularly described in Exhibit B attached hereto and incorporated herein by reference), so long as
such access does not unreasonably interfere with MH LLC&rsquo;s current or planned exploration, development, mining, processing,
reclamation or related operations on the Buchanan Property or any real property owned or controlled by MH LLC in the vicinity of
the Buchanan Property. If Carrington desires to conduct any activities on the Buchanan Property, Carrington shall provide notice
to MH LLC of the nature of those planned activities and their expected duration, at least twenty (20) days prior to the commencement
of such activities. If MH LLC believes that any of Carrington&rsquo;s planned activities on the Buchanan Property will unreasonably
interfere with MH LLC&rsquo;s existing or planned activities, MH LLC shall notify Carrington within ten (10) days after its receipt
of such notice, and in that event the parties shall negotiate in good faith to attempt to agree on an alternative that is acceptable
to both parties. Carrington shall not commence any such activities until the parties have agreed to a mutually acceptable alternative.
Any activities conducted by Carrington on the Buchanan Property shall be conducted in accordance with applicable federal, state
and local laws, rules, and regulations, and all applicable MH LLC safety procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in">(c)&#9;Following such termination, MH LLC shall continue
to have access to the Property as necessary to perform and complete all reclamation obligations pertaining to the Property for
which it is responsible, as set forth in Section 28 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">J.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the permanent cessation of MH LLC&rsquo;s use (or that of its successors or assigns) of the Buchanan Property for exploration,
development, mining or related activities, MH LLC shall notify Carrington, and Carrington shall have the option to purchase all
of MH LLC&rsquo;s interest (surface and any mineral rights, subject to the royalty reserved by the previous owner of the Buchanan
Property) in the Buchanan Property (the &ldquo;Option Right&rdquo;), exercisable by providing written notice to MH LLC at any time
within 30 days after receipt of the notice. The purchase price for MH LLC&rsquo;s interest in the Buchanan Property shall be $10.
If Carrington timely exercises the Option Right, MH LLC shall quitclaim the Buchanan Property to Carrington (or Carrington&rsquo;s
heirs, assigns or designees) without any representations and warranties whatsoever as to title to, environmental liabilities or
conditions at or affecting or from, or otherwise with respect to, the Buchanan Property. For purposes of this Section 26.2(c),
the &ldquo;permanent cessation&rdquo; of MH LLC&rsquo;s activities on the Buchanan Property shall be deemed to have occurred when
no activities have taken place for two years. For the avoidance of doubt, if Solitario <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
publicly announces that such activities
have only been temporarily halted or suspended, permanent cessation shall not be deemed to have occurred. If Carrington exercises
the Option Right, the quitclaim deed will provide that MH LLC shall continue to have access to the Buchanan Property as necessary
to perform and complete all reclamation obligations pertaining to the Buchanan Property for which it is responsible, and that Carrington&rsquo;s
use of the Buchanan Property shall not unreasonably interfere with any of such ongoing reclamation obligations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">K.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of Paragraph I of the Second Amendment are hereby deleted from the Carrington Lease in their entirety, and
replaced by Paragraph J of this Third Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">L.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The reference to &ldquo;Second Amendment&rdquo; in the next to the last sentence of Section H of the Second Amendment is
hereby revised to read &ldquo;Third Amendment.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">M.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All capitalized terms used but not defined in this Third Amendment shall have the meaning ascribed to them in the Carrington
Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">N.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Carrington and MH LLC agree that the Property, as defined in the Carrington Lease, consists of all of the unpatented mining
claims set forth on the attached Exhibit A. At MH LLC&rsquo;s election, MH LLC may prepare, the parties shall execute and deliver,
and MH LLC may record in the official records of White Pine County, a Memorandum of this Third Amendment for purposes of providing
record notice of the unpatented mining claims currently comprising the Property covered by the Carrington Lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">O.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MH LLC and Carrington agree to amend Section 15.1 of the Carrington Lease to read as follows:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Beginning with <FONT STYLE="color: #272731">the
</FONT>annual assessme<FONT STYLE="color: #272731">nt </FONT>work period of September 1<FONT STYLE="color: #6F6E74">, </FONT>2004,
<FONT STYLE="color: #363641">to </FONT>September 1<FONT STYLE="color: #6F6E74">, </FONT>2005, <FONT STYLE="color: #363641">and
</FONT>for each <FONT STYLE="color: #363641">annual </FONT>assessment <FONT STYLE="color: #363641">work </FONT>year thereafter<FONT STYLE="color: #5B5A66">,
</FONT>d<FONT STYLE="color: #272731">urin</FONT>g the <FONT STYLE="color: #272731">t</FONT>erm of this Agreement, MH LLC shal<FONT STYLE="color: #272731">l
</FONT>pa<FONT STYLE="color: #5B5A66">y </FONT>all appl<FONT STYLE="color: #272731">i</FONT>cable Claim <FONT STYLE="color: #363641">Maintenance
Fee</FONT><FONT STYLE="color: #5B5A66">s, </FONT>F<FONT STYLE="color: #272731">ilin</FONT>g <FONT STYLE="color: #363641">Fees</FONT><FONT STYLE="color: #5B5A66">,
</FONT>Reco<FONT STYLE="color: #272731">r</FONT>d<FONT STYLE="color: #272731">in</FONT>g Fees<FONT STYLE="color: #6F6E74">, </FONT><FONT STYLE="color: #272731">and
</FONT>o<FONT STYLE="color: #272731">th</FONT>er fees as <FONT STYLE="color: #363641">may </FONT>be app<FONT STYLE="color: #272731">li</FONT>ca<FONT STYLE="color: #272731">ble</FONT><FONT STYLE="color: #5B5A66">,
</FONT><FONT STYLE="color: #363641">and do </FONT>o<FONT STYLE="color: #272731">r </FONT>ca<FONT STYLE="color: #272731">u</FONT>se
<FONT STYLE="color: #363641">to be</FONT><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"> </FONT><FONT STYLE="color: #363641">done
all </FONT>other acts <FONT STYLE="color: #363641">to maintain and protect the </FONT>title of the Property<FONT STYLE="color: #5B5A66">.
&nbsp;</FONT>Provided, that <FONT STYLE="color: #272731">i</FONT>f MH LLC e<FONT STYLE="color: #272731">lect</FONT>s to <FONT STYLE="color: #272731">t</FONT>erminate
this Agree<FONT STYLE="color: #272731">ment </FONT><FONT STYLE="color: #363641">or </FONT>surre<FONT STYLE="color: #272731">nder
</FONT><FONT STYLE="color: #363641">any of the unpatented mining </FONT>c<FONT STYLE="color: #272731">la</FONT>ims <FONT STYLE="color: #363641">that
form a part </FONT>of <FONT STYLE="color: #272731">th</FONT>e <FONT STYLE="color: #363641">Property </FONT>before March <FONT STYLE="color: #272731">1
</FONT>of any year, it sha<FONT STYLE="color: #272731">ll h</FONT>ave <FONT STYLE="color: #272731">n</FONT>o further ob<FONT STYLE="color: #272731">li</FONT>gation
<FONT STYLE="color: #272731">t</FONT>o perform annual assessme<FONT STYLE="color: #272731">nt </FONT><FONT STYLE="color: #363641">work
or pay Claim Maintenance Fees, Filing Fees or Recording Fees, nor to prepare, </FONT>reco<FONT STYLE="color: #272731">rd </FONT><FONT STYLE="color: #363641">and/or
file </FONT>evidence of <FONT STYLE="color: #363641">the </FONT>same wit<FONT STYLE="color: #272731">h </FONT>respect to that year
for all<FONT STYLE="color: #272731"> </FONT>of <FONT STYLE="color: #272731">the </FONT>unpatented mining claims or the surrendered
<FONT STYLE="color: #272731">unp</FONT>ate<FONT STYLE="color: #272731">n</FONT>ted <FONT STYLE="color: #363641">mining </FONT>c<FONT STYLE="color: #272731">l</FONT>a<FONT STYLE="color: #272731">im</FONT>s<FONT STYLE="color: #6F6E74">,
</FONT>as <FONT STYLE="color: #363641">the </FONT>case may <FONT STYLE="color: #363641">be. MH LLC</FONT> s<FONT STYLE="color: #272731">hall
</FONT><FONT STYLE="color: #363641">timely and properly </FONT>pay all a<FONT STYLE="color: #272731">ppr</FONT>op<FONT STYLE="color: #272731">ri</FONT>ate
Federal<FONT STYLE="color: #5B5A66">, </FONT>sta<FONT STYLE="color: #272731">t</FONT>e a<FONT STYLE="color: #272731">nd l</FONT>oca<FONT STYLE="color: #272731">l
</FONT>annual mining c<FONT STYLE="color: #272731">laim </FONT>maintenance or rental fees<FONT STYLE="color: #6F6E74">, </FONT>a<FONT STYLE="color: #272731">nd
</FONT>shall execute and <FONT STYLE="color: #272731">re</FONT>co<FONT STYLE="color: #272731">rd </FONT>or file<FONT STYLE="color: #5B5A66">,
</FONT>as ap<FONT STYLE="color: #272731">pli</FONT>cab<FONT STYLE="color: #272731">l</FONT>e<FONT STYLE="color: #6F6E74">, </FONT>proof
of s<FONT STYLE="color: #272731">u</FONT>c<FONT STYLE="color: #272731">h </FONT>payment <FONT STYLE="color: #363641">and </FONT>of
Carrington&rsquo;s <FONT STYLE="color: #363641">intention to hold </FONT><FONT STYLE="color: #272731">th</FONT>e Property. <FONT STYLE="color: #272731">
In </FONT><FONT STYLE="color: #363641">all </FONT>cases MH LLC will make s<FONT STYLE="color: #272731">u</FONT>c<FONT STYLE="color: #272731">h
</FONT>payments and execute suc<FONT STYLE="color: #272731">h rec</FONT>ordi<FONT STYLE="color: #272731">n</FONT><FONT STYLE="color: #5B5A66">gs
</FONT>and filings<FONT STYLE="color: #6F6E74">, </FONT><FONT STYLE="color: #272731">n</FONT>o <FONT STYLE="color: #272731">l</FONT>a<FONT STYLE="color: #272731">ter
</FONT>than <FONT STYLE="color: #272731">Jun</FONT>e 1 of eac<FONT STYLE="color: #272731">h </FONT>year. MH LLC w<FONT STYLE="color: #272731">ill
</FONT>further provide Carrington wi<FONT STYLE="color: #272731">th </FONT>proof of suc<FONT STYLE="color: #272731">h </FONT>payments,
<FONT STYLE="color: #272731">r</FONT>eco<FONT STYLE="color: #272731">rdin</FONT>gs <FONT STYLE="color: #363641">and filings </FONT>on
or <FONT STYLE="color: #363641">before </FONT><FONT STYLE="color: #272731">Jul</FONT>y <FONT STYLE="color: #363641">1 of </FONT>eac<FONT STYLE="color: #272731">h
</FONT><FONT STYLE="color: #363641">respective </FONT>year. <FONT STYLE="color: #363641">Provided that if MH LLC</FONT> e<FONT STYLE="color: #272731">l</FONT>ects
<FONT STYLE="color: #363641">to </FONT><FONT STYLE="color: #272731">terminate </FONT><FONT STYLE="color: #363641">this Agreement
</FONT>o<FONT STYLE="color: #272731">r </FONT>s<FONT STYLE="color: #272731">urr</FONT>en<FONT STYLE="color: #272731">d</FONT>er
<FONT STYLE="color: #363641">any </FONT>of <FONT STYLE="color: #272731">th</FONT>e <FONT STYLE="color: #272731">unpat</FONT>e<FONT STYLE="color: #272731">nted
m</FONT>ini<FONT STYLE="color: #272731">n</FONT>g claims that form a p<FONT STYLE="color: #363641">art </FONT>of <FONT STYLE="color: #363641">the
</FONT>Property <FONT STYLE="color: #363641">after March </FONT><FONT STYLE="color: #272731">1 </FONT>of <FONT STYLE="color: #363641">any
</FONT>year, <FONT STYLE="color: #363641">it </FONT>s<FONT STYLE="color: #272731">hall </FONT><FONT STYLE="color: #363641">be obligated</FONT>
to pay the fees, and record and <FONT STYLE="color: #272731">file </FONT>proof of payment of the fees with respect <FONT STYLE="color: #272731">t</FONT>o
<FONT STYLE="color: #272731">that </FONT>year, for all of <FONT STYLE="color: #272731">th</FONT>e unpatented <FONT STYLE="color: #272731">minin</FONT>g
claims or<FONT STYLE="color: #272731"> </FONT>the surrendered <FONT STYLE="color: #272731">unpatented </FONT><FONT STYLE="color: #363641">mining
claims</FONT><FONT STYLE="color: #5B5A66">, </FONT>as <FONT STYLE="color: #363641">the </FONT>case <FONT STYLE="color: #363641">may
be</FONT><FONT STYLE="color: #5B5A66">.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in"><FONT STYLE="color: #5B5A66"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in"><FONT STYLE="color: #5B5A66">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">P.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MH LLC and Carrington agree to add the following language to the beginning of Section 29 of the Carrington Lease:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">MH LLC agrees that except as set
forth in this Section 29, it will not dispose of or discard any cores, sample rejects or pulps from the Property (other than such
materials that are disposed of as part of the normal course of the drilling or testing processes), or data relating thereto, without
first obtaining written consent from Carrington. Prior to disposing of or discarding any such materials, either upon termination
of this Agreement or sooner if MH LLC desires, MH LLC shall notify Carrington of such intention. Within sixty (60) days after receipt
of such notice, Carrington may elect to take possession of all or any such materials. If Carrington elects to take possession of
said cores, sample rejects, pulps or data, MH LLC will make the same available to Carrington at the Property. If Carrington fails
to timely provide notice of the desire to take possession of any or all such materials, or if Carrington elects not to take possession
of such materials, MH LLC may immediately dispose of or discard the same<FONT STYLE="font-size: 11pt">. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Q.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereby confirm and agree that the Carrington Lease, as amended by the terms and provisions of this Third Amendment,
and all of the terms and conditions of the Second Amendment, except to the extent specifically modified herein, remain in full
force and effect.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><BR>
[Remainder of page intentionally left blank.]</P>




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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have
executed this Third Amendment as of the date first set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">By: &#9;<U>/s/ John E. Carrington&#9; </U><BR>
&#9;John E. Carrington</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">By:<U> /s/ Tammi Carrington&#9; </U><BR>
&#9;Tammi Carrington</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">SOLITARIO EXPLORATION &amp; ROYALTY CORP., a&nbsp;Colorado
corporation (which executes this Third Amendment only in connection with the obligations set forth in Paragraphs E and F)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">By: <U>/s/ James R. Maronick&nbsp;&nbsp;&nbsp;&#9;</U><BR>
Name: <U>James R. Maronick&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Title: <U>CFO &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></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 0.5in 2.5in">MT. HAMILTON LLC<BR>
<BR>
By:&#9;SOLITARIO ROYALTY &amp; EXPLORATION CORP.,<BR>
&#9;its Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 24pt 207pt">By: <U>&#9;/s/ James R. Maronick&nbsp;&nbsp;</U><BR>
Name: <U>&#9;James R. Maronick</U><BR>
Title: <U>&#9;CFO&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></P>




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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U><BR>
ACKNOWLEDGMENTS</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Nevada&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Churchill&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23 day of May, 2013, by John&nbsp;E. Carrington.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 8/1/2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt"><U>/s/ Cheryl Ann Venturacci&#9;</U><BR>
Notary Public</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Nevada &#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Churchill&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23 day of May, 2013, by Tammi Carrington.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 8/1/2015&#9;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt"><U>/s/ Cheryl Ann Venturacci&#9;</U><BR>
Notary Public</P>

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



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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Colorado&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Jefferson&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23 day of May, 2013, by James R. Maronick, as CFO of Solitario Exploration &amp; Royalty Corp., a Colorado corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 10/27/14</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt"><U>/s/ Paula Mann&#9;</U><BR>
Notary Public</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">STATE OF Colorado&#9;)<BR>
&#9;) ss.<BR>
COUNTY OF Jefferson&#9;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing instrument was acknowledged
before me this 23 day of May, 2013, by James R. Maronick, as CFO of Solitario Royalty &amp; Exploration Corp., a Colorado corporation,
as Manager of Mt. Hamilton LLC, a Colorado limited liability company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Witness my hand and official seal.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">My commission expires: 10/27/14</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt"><U>/s/ Paula Mann&#9;</U><BR>
Notary Public</P>



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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5in 0 24pt 220.3pt">&nbsp;</P>




<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>Exhibit
A</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Mining Claims Covered by Carrington
Lease<BR>
<BR>
</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><U>Claim Name</U></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><U>White Pine County Recording Information</U></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold"><U>BLM Serial No.</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; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Venus Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 378 / P 193</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC&nbsp;&nbsp;861421</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">May Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 378 / P 195</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 861422</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mack Lode</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 378 / P 192</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 861423</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Ada Fraction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 378 / P 194</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 861424</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 39</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 054</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933796</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 40</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 055</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933797</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 42</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 057</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933799</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 44</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 059</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933801</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 53</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 060</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933802</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 54</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 061</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933803</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 55</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 062</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933804</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 56</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 455 / P 063</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 933805</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 102</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 532</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044898</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AR 103</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 533</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044899</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 11</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 525</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044891</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 13</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 526</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044892</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 14</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 527</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044893</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 15</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 528</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044894</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 16</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 534</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047577</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 17</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 535</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047578</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 18</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 536</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047579</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 20</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 529</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044895</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 21</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 530</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044896</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 22</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 531</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1044897</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 30</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 537</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047580</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 31</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 538</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047581</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 32</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">P 565 / P 539</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047582</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 33</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 540</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047583</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 34</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 541</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047584</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 35</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 565 / P 542</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1047585</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JC 40</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 573 / P 170</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1054204</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 406</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082917</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 407</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082918</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 408</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082919</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 409</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082920</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 410</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082921</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 6</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 411</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082922</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 12</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 412</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082923</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 19</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 413</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082924</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 20</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 414</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082925</TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">A-1</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">JWP 21</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">B 596 / P 415</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">NMC 1082926</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 22</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 416</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082927</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 23</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 417</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082928</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JWP 100</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">B 596 / P 418</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">NMC 1082929</TD></TR>
</TABLE>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-transform: uppercase; text-align: center">A-2</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><B>Exhibit
B<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following described lands located in White Pine County,
Nevada:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.75in"><U>Township 16 North, Range 57 East, MDB&amp;M</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-indent: -58.3pt">Section 20:<FONT STYLE="text-transform: uppercase">&#9;</FONT>SE1/4
(160 acres)</P>



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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">B-1</P>

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<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>exh993.htm
<DESCRIPTION>MAY __, 2013
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<BR>
May 23, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
<BR>
<BR>
Mr. Trey Wasser<BR>
DHI Minerals (U.S.) Ltd.<BR>
680-789 West Pender Street<BR>
Vancouver, B.C., Canada<BR>
V6C 1H2</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Amendments to Shell Leases</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This letter (the &ldquo;Letter Agreement&rdquo;)
will confirm certain agreements between Solitario Exploration &amp; Royalty Corp. (&ldquo;Solitario&rdquo;) and DHI Minerals (U.S.)
Ltd. (&ldquo;DHI US&rdquo;), as the members of Mt. Hamilton LLC, a Colorado limited liability company (&ldquo;MH LLC&rdquo;), concerning
the execution and delivery by MH LLC of Third Amendments to each of the mining leases described in paragraphs&nbsp;1 and 2 below
(the &ldquo;Leases&rdquo;), and how certain payments and deliveries of stock to the lessors under the Leases will be treated under
the December 22, 2010 Limited Liability Operating Agreement of MH LLC (as amended, the &ldquo;Operating Agreement&rdquo;). For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Solitario and DHI
US acknowledge and agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Centennial Minerals Company LLC (&ldquo;CMC&rdquo;) and MH&nbsp;LLC are parties to that Mining Lease Agreement between CMC
and Augusta Resource Corporation (predecessor-in-interest to DHI US) dated February 26, 2007, amended by that Amendment to Mining
Lease Agreement dated October 2, 2007, and further amended by that Agreement and Second Amendment to Mining Lease Agreement dated
March 11, 2011 (collectively, the &ldquo;CMC Lease&rdquo;). DHI US assigned its interest in the CMC Lease to MH&nbsp;LLC pursuant
to an Assignment dated effective as of March 11, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>John E. Carrington and Tami Carrington (&ldquo;Carrington&rdquo;) and MH LLC are parties to that Mining Lease Agreement
between Carrington and Augusta Resource Corporation (predecessor-in-interest to DHI US) dated March 20, 2006, amended by that Amendment
to Mining Lease Agreement dated June 14, 2007, and further amended by that Agreement and Second Amendment to Mining Lease Agreement
dated March 11, 2011 (collectively, the &ldquo;Carrington Lease&rdquo;). DHI US assigned its interest in the Carrington Lease to
MH LLC pursuant to an Assignment dated effective as of March 11, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CMC, MH&nbsp;LLC and Solitario have agreed to the terms of a Third Amendment to the CMC Lease, and Carrington, MH LLC and
Solitario have agreed to the terms of a Third <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
Amendment to the Carrington Lease (collectively, the &ldquo;Amendments&rdquo;), copies
of which are attached hereto as Exhibits A and B, respectively, and incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Amendments change the timing of certain of the Minimum Work Requirement (as defined in the Leases), and the amount and
timing of certain of the Minimum Payments (as defined in the Leases) required to be made by MH LLC under both the CMC Lease and
the Carrington Lease. The Amendments also require that Solitario, unless it makes a Cash Election (as defined in the Amendments),
issue an agreed number of shares of its common stock (&ldquo;Stock&rdquo;) to each of the lessors on or before each of June 1,
2013, June 1, 2014 and June 1, 2015, respectively. Solitario has agreed to issue the required number of shares (the &ldquo;Shares&rdquo;)
of its Stock for the benefit of MH LLC. Pursuant to Paragraph E of each of the Amendments, the parties thereto have agreed to both
the target value (&ldquo;Target Value&rdquo;) of the Shares, and to a valuation method for determining the actual value of the
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Solitario
and DHI US acknowledge and agree that MH LLC will fund (i) 100% of the Minimum Work Requirement, (ii) all of the Minimum
Payments, and (iii) any additional cash payments required to be made to the lessors if the actual value of the Shares is less
than their Target Value or if Solitario makes a Cash Election under Paragraph E of the Amendments. MH LLC will also
promptly reimburse Solitario for the actual value of any Shares delivered, such reimbursement not to exceed the Target Value
of those shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Solitario and DHI US acknowledge and agree that (a) Minimum Payments and amounts required to perform the Minimum Work Requirement
under each of the Leases (b) all additional cash payments required to be made to the lessors if the actual value of the Shares
is less than their Target Value or if Solitario makes a Cash Election under Paragraph E of the Amendments, and (c) an amount equal
to the actual value of any Shares delivered by Solitario pursuant to the Amendments, together with the obligation to promptly reimburse
that amount to Solitario, shall be included in proposed Programs and Budgets. Each of Solitario and DHI US agree that they will
not dispute the inclusion of any of the items referred to in this paragraph in proposed Programs and Budgets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Solitario, if it does not make a Cash Election, shall deliver the Shares on behalf of MH LLC as required under the Amendments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DHI US acknowledges and agrees that Solitario will prepare, make available to CMC and Carrington, and file with the relevant
U.S. and Canadian securities regulators and stock exchanges a prospectus supplement and an 8-K filing and related press release
which describe the transactions set forth in the Amendments and this Letter Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the parties represents and warrants to the other that it has the full corporate power and authority to execute and
deliver this Letter Agreement and has taken all corporate actions required in connection therewith, and that the consummation of
this Letter Agreement will not result in or constitute a default or an event that, with notice or lapse of time or both, would
be a default, breach or violation of any contract, lease, license, commitment, or any other agreement, instrument or arrangement
to which it is a party, or by which it is bound.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereby confirm that, as amended by this Letter Agreement, the Operating Agreement remains in good standing and
in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Please confirm DHI US&rsquo;s agreement
with the foregoing by executing duplicate originals of this Letter Agreement in the space provided below and returning one fully-executed
original to me.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Yours very truly,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in"><B>Solitario Exploration &amp; Royalty Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in">By: <U>/s/ Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Christopher E. Herald<BR>
Title: President and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted and agreed to this 23rd day<BR>
of May, 2013</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify">DHI Minerals (U.S.) Ltd.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: <U>&#9;/s/ Trey Wasser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Trey Wasser<BR>
Title: <U>Secretary/Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></P>



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