<SEC-DOCUMENT>0000917225-13-000029.txt : 20130719
<SEC-HEADER>0000917225-13-000029.hdr.sgml : 20130719
<ACCEPTANCE-DATETIME>20130719122238
ACCESSION NUMBER:		0000917225-13-000029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20130715
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130719
DATE AS OF CHANGE:		20130719

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:		13976391

	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
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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): July 15, 2013</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 75%; color: #ACA899">

<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: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">4251 Kipling Street, Suite
390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices)</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="width: 2%; 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">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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<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;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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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">&nbsp;</P>

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

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    <TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>ITEM 1.01</B></FONT></TD>
    <TD STYLE="width: 87%; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Entry into a Material Definitive Agreement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><U>Purchase
        of Solitario Stock</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On July 15,
        2013, </FONT>each of Christopher Herald, President and Chief Executive Officer of Solitario Exploration &amp; Royalty Corp. (&ldquo;Solitario&rdquo;
        or the &ldquo;Company&rdquo;), Walt Hunt, Solitario&rsquo;s Chief Operating Officer, James Maronick, Solitario&rsquo;s Chief Financial
        Officer, Brian Labadie, a Director and Chairman of the Board of Directors of Solitario and Leonard Harris, a Director of Solitario
        agreed to purchase shares of the Company&rsquo;s common stock, with Mr. Herald agreeing to purchase 400,000 shares, Mr. Hunt agreeing
        to purchase 40,000 shares, Mr. Maronick agreeing to purchase 23,809 shares, Mr. Labadie agreeing to purchase 119,047 shares and
        Mr. Harris agreeing to purchase 23,809 shares (Mr. Herald, Mr. Hunt, Mr. Maronick, Mr. Labadie and Mr. Harris are collectively
        referred to as &ldquo;Insiders&rdquo; and the shares to be purchased by the Insiders are collectively referred to as &ldquo;Insider
        Shares&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The offer and sale of the Insider Shares was
        unanimously approved by Solitario&rsquo;s Board of Directors and was also unanimously approved by Solitario&rsquo;s Audit Committee
        of the Board of Directors. Each of the Insiders has executed a subscription agreement for the purchase of the number of shares
        of the Company&rsquo;s common stock shown above, for a total of 606,665 Insider Shares, at a price of $0.84 per share. The Insiders
        have delivered total consideration of $509,599 to Solitario for the Insider Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The offer and sale of Insider Shares was part
        of a private placement of a total of 2,451,892 shares, with all shares offered on the same terms and conditions as the Insider
        Shares (the offer and sale of the 2,451,892 shares at a price of $0.84 per share for total consideration of $2,059,589 is referred
        to herein as the &ldquo;Offering&rdquo;). The closing of the Offering is subject to the filing of additional listing applications
        to the NYSE MKT and the Toronto Stock Exchange (the &ldquo;Exchanges&rdquo;), and to all necessary approvals of the Exchanges.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the Subscription Agreements of the
        Insiders is filed herewith as Exhibits 99.1, 99.2, 99.3, 99.4 and 99.5, respectively. 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 Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 4.5pt; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>ITEM 3.02</B></FONT></TD>
    <TD STYLE="width: 78%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Unregistered Sales of Securities</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Offering was made pursuant to the exemption
        from registration provided under Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder.
        Solitario: (i) did not engage in any public advertising or general solicitation in connection with the Offering; (ii) reasonably
        believed that each investor was sophisticated, was an &ldquo;accredited investor&rdquo; as defined in Rule 501(a) of Regulation
        D, and understood the risks of acquiring the Shares for investment purposes; and (iii) believed that each investor is acquiring
        the Shares for investment purposes. Solitario has agreed to sell the 2,451,892 shares in the Offering at $0.84 per share which
        represents the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013 for aggregate consideration
        to Solitario of $2,059,589. The Offering was not underwritten by a broker and there were no underwriter discounts or commissions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The closing of the Offering is subject to the
        filing of additional listing applications to the Exchanges, and to all necessary approvals of the Exchanges. The proceeds of the
        Offering will provide the Company additional working capital for general corporate purposes.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"></P>

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    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ITEM 9.01 </B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><U>Exhibits</U></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><U>Exhibit Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Subscription Agreement dated July 15, 2013 between Solitario and Mr. Christopher Herald.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Subscription Agreement dated July 15, 2013 between Solitario and Mr. Walt Hunt.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Subscription Agreement dated July 15, 2013 between Solitario and Mr. James Maronick.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.4</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Subscription Agreement dated July 15, 2013 between Solitario and Mr. Brian Labadie.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.5</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Subscription Agreement dated July 15, 2013 between Solitario and Mr. Leonard Harris.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 672px">&nbsp;</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">July 19, 2013</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; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%">&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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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

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

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

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

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

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

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

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



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<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">SUBSCRIPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS SUBSCRIPTION AGREEMENT
(this &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of July 15, 2013 between Solitario Exploration &amp; Royalty Corp., a
Colorado corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Christopher E. Herald (&ldquo;<B><U>Purchaser</U></B>&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Subscription.</B> Subject to the terms contained herein, the Purchaser hereby subscribes (the &ldquo;<B><U>Subscription</U></B>&rdquo;)
to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, shares of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) in a private placement in reliance on the
exemptions from registration provided under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder
(&ldquo;<B><U>Regulation D</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Purchase Price; Closing.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Subscriber hereby subscribes to purchase 400,000 shares of Common Stock (the &ldquo;<B><U>Shares</U></B>&rdquo;) at
$0.84 per share for a total purchase price of $336,000.00 (the &ldquo;<B><U>Purchase Price</U></B>&rdquo;). The price per share
is equal to the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Shares will be issued to Purchaser at the closing of the Offering (as defined below), which shall occur upon the approval
of the Company&rsquo;s request for the additional listing of the Shares issued in connection with the Offering on both the Toronto
Stock Exchange and the NYSE MKT (collectively the &ldquo;<B><U>Exchanges</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>The Offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares being offered and sold to as part of a best efforts offering whereby the Company is seeking to raise up to $2,200,000
through the offer and sale of up to 2,619,047 shares of Common Stock at a price of $0.84 per share (the &ldquo;<B><U>Offering</U></B>&rdquo;).
Officers and directors of the Company may participate in the Offering on the same terms and conditions as all other subscribers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Company will use the funds raised in this Offering for general working capital purposes including to provide funding
for its Mt. Hamilton project.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Acceptance of Subscription.</B> The Purchaser understands and agrees that the Company, in its sole discretion, reserves
the right to accept this Subscription, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the
Purchaser an executed copy of the Subscription Agreement. If Purchaser&rsquo;s subscription is rejected in whole (at the sole discretion
of the Company) this Subscription Agreement will thereafter be of no further force or effect. If Purchaser&rsquo;s subscription
is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected this Subscription
Agreement will continue in full force and effect to the extent such subscription was accepted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Confidentiality. &#9;</B>The terms of the Offering have been disseminated to a limited number of persons. The terms of
this Offering and information provided to Purchaser in connection herewith is non-public confidential information regarding the
Company&rsquo;s business and its current and planned operations. The Purchaser is prohibited from using such confidential information
in order to gain any personal benefit or disclose the information to a third party.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Representations and Warranties of the Purchaser.</B> The Purchaser hereby acknowledges, represents, warrants, and agrees
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares are not registered under the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
or any state securities laws. The Purchaser understands that the offer and sale of the Shares is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) and Rule 506 of Regulation D, based in part upon the representations, warranties
and agreements of the Purchaser contained in this Subscription Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Purchaser, either alone or together with his attorney, accountant, purchaser representative and/or tax advisors, has
such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to
enable him to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment decision
with respect thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is acquiring the Shares solely for such Purchaser&rsquo;s own account for investment and not with a view to
resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any
person to sell or transfer all or any part of any of the Shares and the Purchaser has no plans to enter into any such agreement
or arrangement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<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 Purchaser has had the opportunity to ask questions of, and receive answers from officers and directors of the Company,
to review all reports and filings made by the Company with the Securities and Exchange Commission pursuant to Section 13(a) of
the Securities Exchange Act of 1934 (the &ldquo;<B><U>SEC Reports</U></B>&rdquo;), including but not limited to the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012 and the risk factors set forth therein, and to obtain additional
information regarding the Company and this Offering. The Purchaser has been given access to information regarding the Company and
has utilized such access to the Purchaser&rsquo;s satisfaction for the purpose of obtaining such information regarding the Company
as the Purchaser has reasonably requested. Such information includes the terms and conditions of the Offering, and the plan of
operations of the Company&rsquo;s business and financial condition of the Company contained in the SEC Reports;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser understands and agrees that the purchase of the Shares is a high risk investment and the Purchaser is able
to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser must bear the substantial
economic risks of the investment in the Shares indefinitely because the Shares may not be sold, hypothecated or otherwise disposed
of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available. Legends will be placed on the certificates representing the Shares to the effect that such securities have <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
not been
registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company&rsquo;s
books. The Offering and the Shares have not been registered or qualified under the applicable securities laws and rules of Canada
or the Exchanges. Furthermore, the Shares will include legends in substantially the following forms:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS,
AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITAS
(B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (C) THE
COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [INSERT DATE THAT IS FOUR (4) MONTHS AND
ONE (1) DAY AFTER THE DATE OF ISSUE]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 37.9pt 6pt 37.4pt; text-align: justify">THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;TSX&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY AND CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT &lsquo;GOOD DELIVERY&rsquo; IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Subscriber understands there are substantial restrictions on the transferability of the Shares imposed by the Securities
Act and the securities laws of the states in which the Shares are sold. As such, the Purchaser acknowledges the Shares may not
be sold or otherwise transferred except (i) in accordance with an effective registration statement under applicable securities
laws; or (ii) in accordance with a transaction which, in the opinion of counsel acceptable to the Company, will not be in violation
of applicable securities laws. The Purchaser agrees that the Purchaser will not, directly or indirectly, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares or the Purchaser&rsquo;s interest in the Shares (or solicit
any offers to buy, purchase or otherwise acquire or take a pledge of all or any part thereof) except in accordance with the terms
of this Agreement and in compliance with the registration requirements and any other applicable provisions of the Securities Act
(and any other applicable federal securities laws) or any applicable state securities laws, or under valid exemptions therefrom.
&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<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 Purchaser has adequate means of providing for such Purchaser&rsquo;s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Shares for an indefinite period of time. The Purchaser has a sufficient
net worth to sustain a loss of the entire investment in the event such loss should occur;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<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 Purchaser acknowledges that the Shares have not been recommended by any federal, state or provincial securities commission
or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the
terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary
is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.
Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of
time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser has a relationship with the Company (its directors, officers, shareholders or employees) or persons acting
on its behalf, preexisting the offer of the Shares to the Purchaser, such that the Company is in a position to determine that the
undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the
merits and risks of his, her or its investment in the Shares, i.e., that he, she or it is a sophisticated investor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of,
any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in
connection with the offering and sale of the Shares and is not subscribing for the Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in securities generally;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<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 Purchaser is aware that an investment in the Shares involves a number of very significant risks and has carefully read
and considered the matters set forth in the SEC Reports and, in particular, the risk factors contained therein and understands
any of such risk may materially adversely affect the Company&rsquo;s operations and future prospects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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 Purchaser is an &ldquo;accredited investor&rdquo; within the meaning of Regulation D, Rule 501(a), promulgated by the
SEC under the Securities Act and has truthfully and accurately completed the Accredited Investor Certificate attached to this Subscription
Agreement as <U>Appendix A</U> and will submit to the Company such further assurances of such status as may be reasonably requested
by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing
herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption<BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>

from registration under Federal and state securities laws in connection with the offering of the Shares to Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Indemnification.</B> The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, managers,
employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Irrevocability; Binding Effect.</B> The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Modification.</B> This Subscription Agreement will not be modified or waived except by an instrument in writing signed
by the party against whom any such modification or waiver is sought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Assignability.</B> This Subscription Agreement and the rights, interests and obligations hereunder are not transferable
or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all
applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Applicable Law.</B> This Subscription Agreement will be governed by and construed under the laws of the State of Colorado
as applied to agreements among Colorado residents entered into and to be performed entirely within Colorado. Each of the parties
hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted
exclusively in the courts of the City and County of Denver, State of Colorado, or, if it has or can acquire jurisdiction, in the
United States District Court for the District of Colorado, (2) waive any objection which the parties may have now or hereafter
to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the courts of the City
and County of Denver, State of Colorado, the United States District Court for the District of Colorado and the appropriate appellate
courts in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Blue Sky Qualification.</B> The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Conditions to Closing</B>.&#9;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>The Company&rsquo;s obligation to issue and
sell the Shares to the Purchaser and the Purchaser&rsquo;s obligation to purchase the Shares from the Company shall be conditioned
on the Company obtaining listing approval for the Shares on both of the Exchanges, subject only to the customary post-closing conditions
imposed by such Exchanges in similar circumstances (if any).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Miscellaneous</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>This Subscription Agreement, constitutes the entire agreement between the Purchaser and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter
hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Purchaser&rsquo;s representations and warranties made in this Subscription Agreement will survive the execution
and delivery hereof and delivery of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all
of which will together constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each party hereto shall, from time to time, and at all times hereafter, at the reasonable request of the other party hereto,
but without further consideration, do all such further acts and execute and deliver all such further documents and instruments
as shall be reasonably required in order to fully perform and carry out the terms and intent hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement
as set forth in the text.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><B>IN WITNESS WHEREOF,</B>
the undersigned have caused this Subscription Agreement to be executed as of the date set forth above.</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/&nbsp;&nbsp;Christopher
E. Herald&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"><B></B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AGREED AND ACCEPTED:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.&#9; </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/&nbsp;&nbsp;James R. Maronick</U>&#9;&nbsp;&nbsp;<U>July
15, 2013&nbsp;&nbsp;</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Name: James R. Maronick&#9;&#9;Date</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Title: CFO&#9;<I>&#9; </I></P>



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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 11.5pt 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"><U>Verification of Status as &ldquo;Accredited
Investor&rdquo; under Rule 501(a) of Regulation D</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By initialing next to <U>each</U>
true statement, Purchaser represents and warrants to the Company and its affiliates that he/she is an &ldquo;accredited investor&rdquo;
within the meaning of Regulation D promulgated under the Securities Act as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&#9;<U>Purchasers Who Are Individuals</U>:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&#9;</U>I
am a natural person (individual) whose own net worth, taken together with the net worth of my spouse, exceeds $1,000,000. Net worth
for this purpose means total assets (excluding the value of my principal residence) in excess of total liabilities (excluding the
amount of indebtedness secured by my primary residence up to the fair market value of my primary residence (except that if the
amount of indebtedness secured by my primary residence at this time exceeds the amount of such indebtedness 60 days ago, other
than as a result of the acquisition of my primary residence, the amount of such excess shall be included)). Additionally, indebtedness
secured by my primary residence in excess of the value of my home will be deducted from the determination of my net worth.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had an individual income in excess of $200,000 in each of the last two years, and who reasonably
expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had a joint income with my spouse in excess of $300,000 in each of the last two years, and
who reasonably expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a director, executive officer, or manager of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&#9;<U>Entity Purchasers</U>:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts
or similar business trust, or partnership, <U>not</U> formed for the specific purpose of acquiring the Note, with total assets
in excess of $5,000,000.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a trust, with total assets in excess of $5,000,000, <U>not</U> formed for the specific purpose of acquiring the Note, whose
purchase is directed by a sophisticated person as defined in Rule 506(b)(2)(ii) of Regulation D.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -20pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">5.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">6.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an insurance company as defined in Section 2(13) of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">7.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as
defined in Section 2(a)(48) of that Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">8.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">9.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">10.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Purchaser
is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
and one of the following applies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
investment decision has been made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and
loan association, insurance company or registered investment adviser;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
employee benefit plan has total assets in excess of $5,000,000;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;If
a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries
in such plan are accredited investors (See requirements for individuals below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">11.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an entity in which all of the equity owners are accredited investors as defined in Rule 501(a) of Regulation D.</P>



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<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: right">Exhibit 99.2</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">SUBSCRIPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS SUBSCRIPTION
AGREEMENT (this &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of July 15, 2013 between Solitario Exploration &amp;
Royalty Corp., a Colorado corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Walter Hunt
(&ldquo;<B><U>Purchaser</U></B>&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Subscription.</B> Subject to the terms contained herein, the Purchaser hereby subscribes (the &ldquo;<B><U>Subscription</U></B>&rdquo;)
to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, shares of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) in a private placement in reliance on the
exemptions from registration provided under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder
(&ldquo;<B><U>Regulation D</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Purchase Price; Closing.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Subscriber hereby subscribes to purchase 40,000 shares of Common Stock (the &ldquo;<B><U>Shares</U></B>&rdquo;) at
$0.84 per share for a total purchase price of $33,600.00 (the &ldquo;<B><U>Purchase Price</U></B>&rdquo;). The price per share
is equal to the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Shares will be issued to Purchaser at the closing of the Offering (as defined below), which shall occur upon the approval
of the Company&rsquo;s request for the additional listing of the Shares issued in connection with the Offering on both the Toronto
Stock Exchange and the NYSE MKT (collectively the &ldquo;<B><U>Exchanges</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>The Offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares being offered and sold to as part of a best efforts offering whereby the Company is seeking to raise up to $2,200,000
through the offer and sale of up to 2,619,047 shares of Common Stock at a price of $0.84 per share (the &ldquo;<B><U>Offering</U></B>&rdquo;).
Officers and directors of the Company may participate in the Offering on the same terms and conditions as all other subscribers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Company will use the funds raised in this Offering for general working capital purposes including to provide funding
for its Mt. Hamilton project.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Acceptance of Subscription.</B> The Purchaser understands and agrees that the Company, in its sole discretion, reserves
the right to accept this Subscription, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the
Purchaser an executed copy of the Subscription Agreement. If Purchaser&rsquo;s subscription is rejected in whole (at the sole discretion
of the Company) this Subscription Agreement will thereafter be of no further force or effect. If Purchaser&rsquo;s subscription
is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected this Subscription
Agreement will continue in full force and effect to the extent such subscription was accepted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Confidentiality. &#9;</B>The terms of the Offering have been disseminated to a limited number of persons. The terms of
this Offering and information provided to Purchaser in connection herewith is non-public confidential information regarding the
Company&rsquo;s business and its current and planned operations. The Purchaser is prohibited from using such confidential information
in order to gain any personal benefit or disclose the information to a third party.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Representations and Warranties of the Purchaser.</B> The Purchaser hereby acknowledges, represents, warrants, and agrees
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares are not registered under the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
or any state securities laws. The Purchaser understands that the offer and sale of the Shares is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) and Rule 506 of Regulation D, based in part upon the representations, warranties
and agreements of the Purchaser contained in this Subscription Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Purchaser, either alone or together with his attorney, accountant, purchaser representative and/or tax advisors, has
such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to
enable him to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment decision
with respect thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is acquiring the Shares solely for such Purchaser&rsquo;s own account for investment and not with a view to
resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any
person to sell or transfer all or any part of any of the Shares and the Purchaser has no plans to enter into any such agreement
or arrangement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<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 Purchaser has had the opportunity to ask questions of, and receive answers from officers and directors of the Company,
to review all reports and filings made by the Company with the Securities and Exchange Commission pursuant to Section 13(a) of
the Securities Exchange Act of 1934 (the &ldquo;<B><U>SEC Reports</U></B>&rdquo;), including but not limited to the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012 and the risk factors set forth therein, and to obtain additional
information regarding the Company and this Offering. The Purchaser has been given access to information regarding the Company and
has utilized such access to the Purchaser&rsquo;s satisfaction for the purpose of obtaining such information regarding the Company
as the Purchaser has reasonably requested. Such information includes the terms and conditions of the Offering, and the plan of
operations of the Company&rsquo;s business and financial condition of the Company contained in the SEC Reports;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser understands and agrees that the purchase of the Shares is a high risk investment and the Purchaser is able
to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser must bear the substantial
economic risks of the investment in the Shares indefinitely because the Shares may not be sold, hypothecated or otherwise disposed
of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available. Legends will be placed on the certificates representing the Shares to the effect that such securities have <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
not been
registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company&rsquo;s
books. The Offering and the Shares have not been registered or qualified under the applicable securities laws and rules of Canada
or the Exchanges. Furthermore, the Shares will include legends in substantially the following forms:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS,
AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITAS
(B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (C) THE
COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [INSERT DATE THAT IS FOUR (4) MONTHS AND
ONE (1) DAY AFTER THE DATE OF ISSUE]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 37.9pt 6pt 37.4pt; text-align: justify">THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;TSX&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY AND CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT &lsquo;GOOD DELIVERY&rsquo; IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Subscriber understands there are substantial restrictions on the transferability of the Shares imposed by the Securities
Act and the securities laws of the states in which the Shares are sold. As such, the Purchaser acknowledges the Shares may not
be sold or otherwise transferred except (i) in accordance with an effective registration statement under applicable securities
laws; or (ii) in accordance with a transaction which, in the opinion of counsel acceptable to the Company, will not be in violation
of applicable securities laws. The Purchaser agrees that the Purchaser will not, directly or indirectly, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares or the Purchaser&rsquo;s interest in the Shares (or solicit
any offers to buy, purchase or otherwise acquire or take a pledge of all or any part thereof) except in accordance with the terms
of this Agreement and in compliance with the registration requirements and any other applicable provisions of the Securities Act
(and any other applicable federal securities laws) or any applicable state securities laws, or under valid exemptions therefrom.
&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<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 Purchaser has adequate means of providing for such Purchaser&rsquo;s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Shares for an indefinite period of time. The Purchaser has a sufficient
net worth to sustain a loss of the entire investment in the event such loss should occur;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<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 Purchaser acknowledges that the Shares have not been recommended by any federal, state or provincial securities commission
or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the
terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary
is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.
Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of
time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser has a relationship with the Company (its directors, officers, shareholders or employees) or persons acting
on its behalf, preexisting the offer of the Shares to the Purchaser, such that the Company is in a position to determine that the
undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the
merits and risks of his, her or its investment in the Shares, i.e., that he, she or it is a sophisticated investor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of,
any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in
connection with the offering and sale of the Shares and is not subscribing for the Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in securities generally;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<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 Purchaser is aware that an investment in the Shares involves a number of very significant risks and has carefully read
and considered the matters set forth in the SEC Reports and, in particular, the risk factors contained therein and understands
any of such risk may materially adversely affect the Company&rsquo;s operations and future prospects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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 Purchaser is an &ldquo;accredited investor&rdquo; within the meaning of Regulation D, Rule 501(a), promulgated by the
SEC under the Securities Act and has truthfully and accurately completed the Accredited Investor Certificate attached to this Subscription
Agreement as <U>Appendix A</U> and will submit to the Company such further assurances of such status as may be reasonably requested
by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing
herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption<BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>

from registration under Federal and state securities laws in connection with the offering of the Shares to Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Indemnification.</B> The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, managers,
employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Irrevocability; Binding Effect.</B> The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Modification.</B> This Subscription Agreement will not be modified or waived except by an instrument in writing signed
by the party against whom any such modification or waiver is sought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Assignability.</B> This Subscription Agreement and the rights, interests and obligations hereunder are not transferable
or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all
applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Applicable Law.</B> This Subscription Agreement will be governed by and construed under the laws of the State of Colorado
as applied to agreements among Colorado residents entered into and to be performed entirely within Colorado. Each of the parties
hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted
exclusively in the courts of the City and County of Denver, State of Colorado, or, if it has or can acquire jurisdiction, in the
United States District Court for the District of Colorado, (2) waive any objection which the parties may have now or hereafter
to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the courts of the City
and County of Denver, State of Colorado, the United States District Court for the District of Colorado and the appropriate appellate
courts in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Blue Sky Qualification.</B> The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Conditions to Closing</B>.&#9;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>The Company&rsquo;s obligation to issue and
sell the Shares to the Purchaser and the Purchaser&rsquo;s obligation to purchase the Shares from the Company shall be conditioned
on the Company obtaining listing approval for the Shares on both of the Exchanges, subject only to the customary post-closing conditions
imposed by such Exchanges in similar circumstances (if any).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Miscellaneous</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>This Subscription Agreement, constitutes the entire agreement between the Purchaser and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter
hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Purchaser&rsquo;s representations and warranties made in this Subscription Agreement will survive the execution
and delivery hereof and delivery of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all
of which will together constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each party hereto shall, from time to time, and at all times hereafter, at the reasonable request of the other party hereto,
but without further consideration, do all such further acts and execute and deliver all such further documents and instruments
as shall be reasonably required in order to fully perform and carry out the terms and intent hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement
as set forth in the text.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><B>IN WITNESS WHEREOF,</B>
the undersigned have caused this Subscription Agreement to be executed as of the date set forth above.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AGREED AND ACCEPTED:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.&#9; </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/&nbsp;&nbsp;James R. Maronick</U>&#9;&nbsp;&nbsp;<U>July
15, 2013&nbsp;&nbsp;</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Name: James R. Maronick&#9;&#9;Date</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Title: CFO&#9;<I>&#9; </I></P>



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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 11.5pt 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"><U>Verification of Status as &ldquo;Accredited
Investor&rdquo; under Rule 501(a) of Regulation D</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By initialing next to <U>each</U>
true statement, Purchaser represents and warrants to the Company and its affiliates that he/she is an &ldquo;accredited investor&rdquo;
within the meaning of Regulation D promulgated under the Securities Act as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&#9;<U>Purchasers Who Are Individuals</U>:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&#9;</U>I
am a natural person (individual) whose own net worth, taken together with the net worth of my spouse, exceeds $1,000,000. Net worth
for this purpose means total assets (excluding the value of my principal residence) in excess of total liabilities (excluding the
amount of indebtedness secured by my primary residence up to the fair market value of my primary residence (except that if the
amount of indebtedness secured by my primary residence at this time exceeds the amount of such indebtedness 60 days ago, other
than as a result of the acquisition of my primary residence, the amount of such excess shall be included)). Additionally, indebtedness
secured by my primary residence in excess of the value of my home will be deducted from the determination of my net worth.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had an individual income in excess of $200,000 in each of the last two years, and who reasonably
expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had a joint income with my spouse in excess of $300,000 in each of the last two years, and
who reasonably expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a director, executive officer, or manager of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&#9;<U>Entity Purchasers</U>:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts
or similar business trust, or partnership, <U>not</U> formed for the specific purpose of acquiring the Note, with total assets
in excess of $5,000,000.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a trust, with total assets in excess of $5,000,000, <U>not</U> formed for the specific purpose of acquiring the Note, whose
purchase is directed by a sophisticated person as defined in Rule 506(b)(2)(ii) of Regulation D.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -20pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">5.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">6.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an insurance company as defined in Section 2(13) of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">7.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as
defined in Section 2(a)(48) of that Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">8.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">9.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">10.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Purchaser
is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
and one of the following applies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
investment decision has been made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and
loan association, insurance company or registered investment adviser;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
employee benefit plan has total assets in excess of $5,000,000;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;If
a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries
in such plan are accredited investors (See requirements for individuals below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">11.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an entity in which all of the equity owners are accredited investors as defined in Rule 501(a) of Regulation D.</P>



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<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: right">Exhibit 99.3</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">SUBSCRIPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS SUBSCRIPTION AGREEMENT
(this &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of July 15, 2013 between Solitario Exploration &amp; Royalty Corp., a
Colorado corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and James R. Maronick (&ldquo;<B><U>Purchaser</U></B>&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Subscription.</B> Subject to the terms contained herein, the Purchaser hereby subscribes (the &ldquo;<B><U>Subscription</U></B>&rdquo;)
to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, shares of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) in a private placement in reliance on the
exemptions from registration provided under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder
(&ldquo;<B><U>Regulation D</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Purchase Price; Closing.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Subscriber hereby subscribes to purchase 23,809 shares of Common Stock (the &ldquo;<B><U>Shares</U></B>&rdquo;) at
$0.84 per share for a total purchase price of $19,999.56 (the &ldquo;<B><U>Purchase Price</U></B>&rdquo;). The price per share
is equal to the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Shares will be issued to Purchaser at the closing of the Offering (as defined below), which shall occur upon the approval
of the Company&rsquo;s request for the additional listing of the Shares issued in connection with the Offering on both the Toronto
Stock Exchange and the NYSE MKT (collectively the &ldquo;<B><U>Exchanges</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>The Offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares being offered and sold to as part of a best efforts offering whereby the Company is seeking to raise up to $2,200,000
through the offer and sale of up to 2,619,047 shares of Common Stock at a price of $0.84 per share (the &ldquo;<B><U>Offering</U></B>&rdquo;).
Officers and directors of the Company may participate in the Offering on the same terms and conditions as all other subscribers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Company will use the funds raised in this Offering for general working capital purposes including to provide funding
for its Mt. Hamilton project.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Acceptance of Subscription.</B> The Purchaser understands and agrees that the Company, in its sole discretion, reserves
the right to accept this Subscription, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the
Purchaser an executed copy of the Subscription Agreement. If Purchaser&rsquo;s subscription is rejected in whole (at the sole discretion
of the Company) this Subscription Agreement will thereafter be of no further force or effect. If Purchaser&rsquo;s subscription
is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected this Subscription
Agreement will continue in full force and effect to the extent such subscription was accepted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Confidentiality. &#9;</B>The terms of the Offering have been disseminated to a limited number of persons. The terms of
this Offering and information provided to Purchaser in connection herewith is non-public confidential information regarding the
Company&rsquo;s business and its current and planned operations. The Purchaser is prohibited from using such confidential information
in order to gain any personal benefit or disclose the information to a third party.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Representations and Warranties of the Purchaser.</B> The Purchaser hereby acknowledges, represents, warrants, and agrees
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares are not registered under the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
or any state securities laws. The Purchaser understands that the offer and sale of the Shares is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) and Rule 506 of Regulation D, based in part upon the representations, warranties
and agreements of the Purchaser contained in this Subscription Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Purchaser, either alone or together with his attorney, accountant, purchaser representative and/or tax advisors, has
such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to
enable him to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment decision
with respect thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is acquiring the Shares solely for such Purchaser&rsquo;s own account for investment and not with a view to
resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any
person to sell or transfer all or any part of any of the Shares and the Purchaser has no plans to enter into any such agreement
or arrangement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<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 Purchaser has had the opportunity to ask questions of, and receive answers from officers and directors of the Company,
to review all reports and filings made by the Company with the Securities and Exchange Commission pursuant to Section 13(a) of
the Securities Exchange Act of 1934 (the &ldquo;<B><U>SEC Reports</U></B>&rdquo;), including but not limited to the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012 and the risk factors set forth therein, and to obtain additional
information regarding the Company and this Offering. The Purchaser has been given access to information regarding the Company and
has utilized such access to the Purchaser&rsquo;s satisfaction for the purpose of obtaining such information regarding the Company
as the Purchaser has reasonably requested. Such information includes the terms and conditions of the Offering, and the plan of
operations of the Company&rsquo;s business and financial condition of the Company contained in the SEC Reports;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser understands and agrees that the purchase of the Shares is a high risk investment and the Purchaser is able
to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser must bear the substantial
economic risks of the investment in the Shares indefinitely because the Shares may not be sold, hypothecated or otherwise disposed
of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available. Legends will be placed on the certificates representing the Shares to the effect that such securities have <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
not been
registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company&rsquo;s
books. The Offering and the Shares have not been registered or qualified under the applicable securities laws and rules of Canada
or the Exchanges. Furthermore, the Shares will include legends in substantially the following forms:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS,
AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITAS
(B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (C) THE
COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [INSERT DATE THAT IS FOUR (4) MONTHS AND
ONE (1) DAY AFTER THE DATE OF ISSUE]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 37.9pt 6pt 37.4pt; text-align: justify">THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;TSX&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY AND CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT &lsquo;GOOD DELIVERY&rsquo; IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Subscriber understands there are substantial restrictions on the transferability of the Shares imposed by the Securities
Act and the securities laws of the states in which the Shares are sold. As such, the Purchaser acknowledges the Shares may not
be sold or otherwise transferred except (i) in accordance with an effective registration statement under applicable securities
laws; or (ii) in accordance with a transaction which, in the opinion of counsel acceptable to the Company, will not be in violation
of applicable securities laws. The Purchaser agrees that the Purchaser will not, directly or indirectly, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares or the Purchaser&rsquo;s interest in the Shares (or solicit
any offers to buy, purchase or otherwise acquire or take a pledge of all or any part thereof) except in accordance with the terms
of this Agreement and in compliance with the registration requirements and any other applicable provisions of the Securities Act
(and any other applicable federal securities laws) or any applicable state securities laws, or under valid exemptions therefrom.
&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<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 Purchaser has adequate means of providing for such Purchaser&rsquo;s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Shares for an indefinite period of time. The Purchaser has a sufficient
net worth to sustain a loss of the entire investment in the event such loss should occur;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<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 Purchaser acknowledges that the Shares have not been recommended by any federal, state or provincial securities commission
or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the
terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary
is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.
Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of
time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser has a relationship with the Company (its directors, officers, shareholders or employees) or persons acting
on its behalf, preexisting the offer of the Shares to the Purchaser, such that the Company is in a position to determine that the
undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the
merits and risks of his, her or its investment in the Shares, i.e., that he, she or it is a sophisticated investor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of,
any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in
connection with the offering and sale of the Shares and is not subscribing for the Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in securities generally;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<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 Purchaser is aware that an investment in the Shares involves a number of very significant risks and has carefully read
and considered the matters set forth in the SEC Reports and, in particular, the risk factors contained therein and understands
any of such risk may materially adversely affect the Company&rsquo;s operations and future prospects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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 Purchaser is an &ldquo;accredited investor&rdquo; within the meaning of Regulation D, Rule 501(a), promulgated by the
SEC under the Securities Act and has truthfully and accurately completed the Accredited Investor Certificate attached to this Subscription
Agreement as <U>Appendix A</U> and will submit to the Company such further assurances of such status as may be reasonably requested
by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing
herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption<BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>

from registration under Federal and state securities laws in connection with the offering of the Shares to Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Indemnification.</B> The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, managers,
employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Irrevocability; Binding Effect.</B> The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Modification.</B> This Subscription Agreement will not be modified or waived except by an instrument in writing signed
by the party against whom any such modification or waiver is sought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Assignability.</B> This Subscription Agreement and the rights, interests and obligations hereunder are not transferable
or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all
applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Applicable Law.</B> This Subscription Agreement will be governed by and construed under the laws of the State of Colorado
as applied to agreements among Colorado residents entered into and to be performed entirely within Colorado. Each of the parties
hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted
exclusively in the courts of the City and County of Denver, State of Colorado, or, if it has or can acquire jurisdiction, in the
United States District Court for the District of Colorado, (2) waive any objection which the parties may have now or hereafter
to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the courts of the City
and County of Denver, State of Colorado, the United States District Court for the District of Colorado and the appropriate appellate
courts in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Blue Sky Qualification.</B> The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Conditions to Closing</B>.&#9;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>The Company&rsquo;s obligation to issue and
sell the Shares to the Purchaser and the Purchaser&rsquo;s obligation to purchase the Shares from the Company shall be conditioned
on the Company obtaining listing approval for the Shares on both of the Exchanges, subject only to the customary post-closing conditions
imposed by such Exchanges in similar circumstances (if any).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Miscellaneous</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>This Subscription Agreement, constitutes the entire agreement between the Purchaser and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter
hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Purchaser&rsquo;s representations and warranties made in this Subscription Agreement will survive the execution
and delivery hereof and delivery of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all
of which will together constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each party hereto shall, from time to time, and at all times hereafter, at the reasonable request of the other party hereto,
but without further consideration, do all such further acts and execute and deliver all such further documents and instruments
as shall be reasonably required in order to fully perform and carry out the terms and intent hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement
as set forth in the text.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><B>IN WITNESS WHEREOF,</B>
the undersigned have caused this Subscription Agreement to be executed as of the date set forth above.</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/&nbsp;&nbsp;James
R. Maronick&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"><B></B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AGREED AND ACCEPTED:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.&#9; </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/&nbsp;&nbsp;James R. Maronick</U>&#9;&nbsp;&nbsp;<U>July
15, 2013&nbsp;&nbsp;</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Name: James R. Maronick&#9;&#9;Date</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Title: CFO&#9;<I>&#9; </I></P>



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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 11.5pt 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"><U>Verification of Status as &ldquo;Accredited
Investor&rdquo; under Rule 501(a) of Regulation D</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By initialing next to <U>each</U>
true statement, Purchaser represents and warrants to the Company and its affiliates that he/she is an &ldquo;accredited investor&rdquo;
within the meaning of Regulation D promulgated under the Securities Act as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&#9;<U>Purchasers Who Are Individuals</U>:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&#9;</U>I
am a natural person (individual) whose own net worth, taken together with the net worth of my spouse, exceeds $1,000,000. Net worth
for this purpose means total assets (excluding the value of my principal residence) in excess of total liabilities (excluding the
amount of indebtedness secured by my primary residence up to the fair market value of my primary residence (except that if the
amount of indebtedness secured by my primary residence at this time exceeds the amount of such indebtedness 60 days ago, other
than as a result of the acquisition of my primary residence, the amount of such excess shall be included)). Additionally, indebtedness
secured by my primary residence in excess of the value of my home will be deducted from the determination of my net worth.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had an individual income in excess of $200,000 in each of the last two years, and who reasonably
expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had a joint income with my spouse in excess of $300,000 in each of the last two years, and
who reasonably expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a director, executive officer, or manager of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&#9;<U>Entity Purchasers</U>:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts
or similar business trust, or partnership, <U>not</U> formed for the specific purpose of acquiring the Note, with total assets
in excess of $5,000,000.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a trust, with total assets in excess of $5,000,000, <U>not</U> formed for the specific purpose of acquiring the Note, whose
purchase is directed by a sophisticated person as defined in Rule 506(b)(2)(ii) of Regulation D.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -20pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">5.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">6.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an insurance company as defined in Section 2(13) of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">7.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as
defined in Section 2(a)(48) of that Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">8.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">9.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">10.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Purchaser
is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
and one of the following applies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
investment decision has been made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and
loan association, insurance company or registered investment adviser;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
employee benefit plan has total assets in excess of $5,000,000;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;If
a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries
in such plan are accredited investors (See requirements for individuals below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">11.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an entity in which all of the equity owners are accredited investors as defined in Rule 501(a) of Regulation D.</P>



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<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: right">Exhibit 99.4</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">SUBSCRIPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS SUBSCRIPTION AGREEMENT
(this &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of July 15, 2013 between Solitario Exploration &amp; Royalty Corp., a
Colorado corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Brian M. Labadie (&ldquo;<B><U>Purchaser</U></B>&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Subscription.</B> Subject to the terms contained herein, the Purchaser hereby subscribes (the &ldquo;<B><U>Subscription</U></B>&rdquo;)
to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, shares of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) in a private placement in reliance on the
exemptions from registration provided under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder
(&ldquo;<B><U>Regulation D</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Purchase Price; Closing.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Subscriber hereby subscribes to purchase 119,047 shares of Common Stock (the &ldquo;<B><U>Shares</U></B>&rdquo;) at
$0.84 per share for a total purchase price of $99,999.48 (the &ldquo;<B><U>Purchase Price</U></B>&rdquo;). The price per share
is equal to the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Shares will be issued to Purchaser at the closing of the Offering (as defined below), which shall occur upon the approval
of the Company&rsquo;s request for the additional listing of the Shares issued in connection with the Offering on both the Toronto
Stock Exchange and the NYSE MKT (collectively the &ldquo;<B><U>Exchanges</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>The Offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares being offered and sold to as part of a best efforts offering whereby the Company is seeking to raise up to $2,200,000
through the offer and sale of up to 2,619,047 shares of Common Stock at a price of $0.84 per share (the &ldquo;<B><U>Offering</U></B>&rdquo;).
Officers and directors of the Company may participate in the Offering on the same terms and conditions as all other subscribers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Company will use the funds raised in this Offering for general working capital purposes including to provide funding
for its Mt. Hamilton project.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Acceptance of Subscription.</B> The Purchaser understands and agrees that the Company, in its sole discretion, reserves
the right to accept this Subscription, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the
Purchaser an executed copy of the Subscription Agreement. If Purchaser&rsquo;s subscription is rejected in whole (at the sole discretion
of the Company) this Subscription Agreement will thereafter be of no further force or effect. If Purchaser&rsquo;s subscription
is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected this Subscription
Agreement will continue in full force and effect to the extent such subscription was accepted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Confidentiality. &#9;</B>The terms of the Offering have been disseminated to a limited number of persons. The terms of
this Offering and information provided to Purchaser in connection herewith is non-public confidential information regarding the
Company&rsquo;s business and its current and planned operations. The Purchaser is prohibited from using such confidential information
in order to gain any personal benefit or disclose the information to a third party.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Representations and Warranties of the Purchaser.</B> The Purchaser hereby acknowledges, represents, warrants, and agrees
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares are not registered under the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
or any state securities laws. The Purchaser understands that the offer and sale of the Shares is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) and Rule 506 of Regulation D, based in part upon the representations, warranties
and agreements of the Purchaser contained in this Subscription Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Purchaser, either alone or together with his attorney, accountant, purchaser representative and/or tax advisors, has
such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to
enable him to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment decision
with respect thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is acquiring the Shares solely for such Purchaser&rsquo;s own account for investment and not with a view to
resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any
person to sell or transfer all or any part of any of the Shares and the Purchaser has no plans to enter into any such agreement
or arrangement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<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 Purchaser has had the opportunity to ask questions of, and receive answers from officers and directors of the Company,
to review all reports and filings made by the Company with the Securities and Exchange Commission pursuant to Section 13(a) of
the Securities Exchange Act of 1934 (the &ldquo;<B><U>SEC Reports</U></B>&rdquo;), including but not limited to the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012 and the risk factors set forth therein, and to obtain additional
information regarding the Company and this Offering. The Purchaser has been given access to information regarding the Company and
has utilized such access to the Purchaser&rsquo;s satisfaction for the purpose of obtaining such information regarding the Company
as the Purchaser has reasonably requested. Such information includes the terms and conditions of the Offering, and the plan of
operations of the Company&rsquo;s business and financial condition of the Company contained in the SEC Reports;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser understands and agrees that the purchase of the Shares is a high risk investment and the Purchaser is able
to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser must bear the substantial
economic risks of the investment in the Shares indefinitely because the Shares may not be sold, hypothecated or otherwise disposed
of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available. Legends will be placed on the certificates representing the Shares to the effect that such securities have <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
not been
registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company&rsquo;s
books. The Offering and the Shares have not been registered or qualified under the applicable securities laws and rules of Canada
or the Exchanges. Furthermore, the Shares will include legends in substantially the following forms:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS,
AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITAS
(B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (C) THE
COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [INSERT DATE THAT IS FOUR (4) MONTHS AND
ONE (1) DAY AFTER THE DATE OF ISSUE]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 37.9pt 6pt 37.4pt; text-align: justify">THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;TSX&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY AND CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT &lsquo;GOOD DELIVERY&rsquo; IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Subscriber understands there are substantial restrictions on the transferability of the Shares imposed by the Securities
Act and the securities laws of the states in which the Shares are sold. As such, the Purchaser acknowledges the Shares may not
be sold or otherwise transferred except (i) in accordance with an effective registration statement under applicable securities
laws; or (ii) in accordance with a transaction which, in the opinion of counsel acceptable to the Company, will not be in violation
of applicable securities laws. The Purchaser agrees that the Purchaser will not, directly or indirectly, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares or the Purchaser&rsquo;s interest in the Shares (or solicit
any offers to buy, purchase or otherwise acquire or take a pledge of all or any part thereof) except in accordance with the terms
of this Agreement and in compliance with the registration requirements and any other applicable provisions of the Securities Act
(and any other applicable federal securities laws) or any applicable state securities laws, or under valid exemptions therefrom.
&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<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 Purchaser has adequate means of providing for such Purchaser&rsquo;s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Shares for an indefinite period of time. The Purchaser has a sufficient
net worth to sustain a loss of the entire investment in the event such loss should occur;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<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 Purchaser acknowledges that the Shares have not been recommended by any federal, state or provincial securities commission
or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the
terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary
is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.
Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of
time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser has a relationship with the Company (its directors, officers, shareholders or employees) or persons acting
on its behalf, preexisting the offer of the Shares to the Purchaser, such that the Company is in a position to determine that the
undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the
merits and risks of his, her or its investment in the Shares, i.e., that he, she or it is a sophisticated investor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of,
any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in
connection with the offering and sale of the Shares and is not subscribing for the Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in securities generally;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<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 Purchaser is aware that an investment in the Shares involves a number of very significant risks and has carefully read
and considered the matters set forth in the SEC Reports and, in particular, the risk factors contained therein and understands
any of such risk may materially adversely affect the Company&rsquo;s operations and future prospects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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 Purchaser is an &ldquo;accredited investor&rdquo; within the meaning of Regulation D, Rule 501(a), promulgated by the
SEC under the Securities Act and has truthfully and accurately completed the Accredited Investor Certificate attached to this Subscription
Agreement as <U>Appendix A</U> and will submit to the Company such further assurances of such status as may be reasonably requested
by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing
herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption<BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>

from registration under Federal and state securities laws in connection with the offering of the Shares to Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Indemnification.</B> The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, managers,
employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Irrevocability; Binding Effect.</B> The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Modification.</B> This Subscription Agreement will not be modified or waived except by an instrument in writing signed
by the party against whom any such modification or waiver is sought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Assignability.</B> This Subscription Agreement and the rights, interests and obligations hereunder are not transferable
or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all
applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Applicable Law.</B> This Subscription Agreement will be governed by and construed under the laws of the State of Colorado
as applied to agreements among Colorado residents entered into and to be performed entirely within Colorado. Each of the parties
hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted
exclusively in the courts of the City and County of Denver, State of Colorado, or, if it has or can acquire jurisdiction, in the
United States District Court for the District of Colorado, (2) waive any objection which the parties may have now or hereafter
to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the courts of the City
and County of Denver, State of Colorado, the United States District Court for the District of Colorado and the appropriate appellate
courts in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Blue Sky Qualification.</B> The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Conditions to Closing</B>.&#9;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>The Company&rsquo;s obligation to issue and
sell the Shares to the Purchaser and the Purchaser&rsquo;s obligation to purchase the Shares from the Company shall be conditioned
on the Company obtaining listing approval for the Shares on both of the Exchanges, subject only to the customary post-closing conditions
imposed by such Exchanges in similar circumstances (if any).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Miscellaneous</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>This Subscription Agreement, constitutes the entire agreement between the Purchaser and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter
hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Purchaser&rsquo;s representations and warranties made in this Subscription Agreement will survive the execution
and delivery hereof and delivery of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all
of which will together constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each party hereto shall, from time to time, and at all times hereafter, at the reasonable request of the other party hereto,
but without further consideration, do all such further acts and execute and deliver all such further documents and instruments
as shall be reasonably required in order to fully perform and carry out the terms and intent hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement
as set forth in the text.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><B>IN WITNESS WHEREOF,</B>
the undersigned have caused this Subscription Agreement to be executed as of the date set forth above.</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/&nbsp;&nbsp;Brian M. Labadie&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"><B></B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AGREED AND ACCEPTED:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.&#9; </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/&nbsp;&nbsp;James R. Maronick</U>&#9;&nbsp;&nbsp;<U>July
15, 2013&nbsp;&nbsp;</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Name: James R. Maronick&#9;&#9;Date</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Title: CFO&#9;<I>&#9; </I></P>



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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 11.5pt 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"><U>Verification of Status as &ldquo;Accredited
Investor&rdquo; under Rule 501(a) of Regulation D</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By initialing next to <U>each</U>
true statement, Purchaser represents and warrants to the Company and its affiliates that he/she is an &ldquo;accredited investor&rdquo;
within the meaning of Regulation D promulgated under the Securities Act as follows:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&#9;<U>Purchasers Who Are Individuals</U>:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&#9;</U>I
am a natural person (individual) whose own net worth, taken together with the net worth of my spouse, exceeds $1,000,000. Net worth
for this purpose means total assets (excluding the value of my principal residence) in excess of total liabilities (excluding the
amount of indebtedness secured by my primary residence up to the fair market value of my primary residence (except that if the
amount of indebtedness secured by my primary residence at this time exceeds the amount of such indebtedness 60 days ago, other
than as a result of the acquisition of my primary residence, the amount of such excess shall be included)). Additionally, indebtedness
secured by my primary residence in excess of the value of my home will be deducted from the determination of my net worth.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had an individual income in excess of $200,000 in each of the last two years, and who reasonably
expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had a joint income with my spouse in excess of $300,000 in each of the last two years, and
who reasonably expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a director, executive officer, or manager of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&#9;<U>Entity Purchasers</U>:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts
or similar business trust, or partnership, <U>not</U> formed for the specific purpose of acquiring the Note, with total assets
in excess of $5,000,000.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a trust, with total assets in excess of $5,000,000, <U>not</U> formed for the specific purpose of acquiring the Note, whose
purchase is directed by a sophisticated person as defined in Rule 506(b)(2)(ii) of Regulation D.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -20pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">5.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">6.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an insurance company as defined in Section 2(13) of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">7.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as
defined in Section 2(a)(48) of that Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">8.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">9.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">10.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Purchaser
is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
and one of the following applies:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
investment decision has been made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and
loan association, insurance company or registered investment adviser;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
employee benefit plan has total assets in excess of $5,000,000;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;If
a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries
in such plan are accredited investors (See requirements for individuals below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">11.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an entity in which all of the equity owners are accredited investors as defined in Rule 501(a) of Regulation D.</P>



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<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: right">Exhibit 99.5</P>

<P STYLE="font: bold 16pt Cambria; margin: 12pt 0 3pt; text-align: center">SUBSCRIPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS SUBSCRIPTION
AGREEMENT (this &ldquo;<B><U>Agreement</U></B>&rdquo;) is dated as of July 15, 2013 between Solitario Exploration &amp;
Royalty Corp., a Colorado corporation (the &ldquo;<B><U>Company</U></B>&rdquo;), and Leonard Harris
(&ldquo;<B><U>Purchaser</U></B>&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Subscription.</B> Subject to the terms contained herein, the Purchaser hereby subscribes (the &ldquo;<B><U>Subscription</U></B>&rdquo;)
to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, shares of the Company&rsquo;s
common stock, $0.01 par value per share (the &ldquo;<B><U>Common Stock</U></B>&rdquo;) in a private placement in reliance on the
exemptions from registration provided under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder
(&ldquo;<B><U>Regulation D</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Purchase Price; Closing.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Subscriber hereby subscribes to purchase 23,809 shares of Common Stock (the &ldquo;<B><U>Shares</U></B>&rdquo;) at
$0.84 per share for a total purchase price of $19,999.56 (the &ldquo;<B><U>Purchase Price</U></B>&rdquo;). The price per share
is equal to the closing sale price of the Company&rsquo;s common stock on the NYSE MKT on July 15, 2013.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Shares will be issued to Purchaser at the closing of the Offering (as defined below), which shall occur upon the approval
of the Company&rsquo;s request for the additional listing of the Shares issued in connection with the Offering on both the Toronto
Stock Exchange and the NYSE MKT (collectively the &ldquo;<B><U>Exchanges</U></B>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>The Offering.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares being offered and sold to as part of a best efforts offering whereby the Company is seeking to raise up to $2,200,000
through the offer and sale of up to 2,619,047 shares of Common Stock at a price of $0.84 per share (the &ldquo;<B><U>Offering</U></B>&rdquo;).
Officers and directors of the Company may participate in the Offering on the same terms and conditions as all other subscribers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Company will use the funds raised in this Offering for general working capital purposes including to provide funding
for its Mt. Hamilton project.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Acceptance of Subscription.</B> The Purchaser understands and agrees that the Company, in its sole discretion, reserves
the right to accept this Subscription, in whole or in part, notwithstanding prior receipt by the Purchaser of notice of acceptance
of this or any other subscription. The Company will have no obligation hereunder until the Company executes and delivers to the
Purchaser an executed copy of the Subscription Agreement. If Purchaser&rsquo;s subscription is rejected in whole (at the sole discretion
of the Company) this Subscription Agreement will thereafter be of no further force or effect. If Purchaser&rsquo;s subscription
is rejected in part (at the sole discretion of the Company) and the Company accepts the portion not so rejected this Subscription
Agreement will continue in full force and effect to the extent such subscription was accepted.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Confidentiality. &#9;</B>The terms of the Offering have been disseminated to a limited number of persons. The terms of
this Offering and information provided to Purchaser in connection herewith is non-public confidential information regarding the
Company&rsquo;s business and its current and planned operations. The Purchaser is prohibited from using such confidential information
in order to gain any personal benefit or disclose the information to a third party.<B> </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Representations and Warranties of the Purchaser.</B> The Purchaser hereby acknowledges, represents, warrants, and agrees
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>The Shares are not registered under the Securities Act of 1933, as amended (the &ldquo;<B><U>Securities Act</U></B>&rdquo;)
or any state securities laws. The Purchaser understands that the offer and sale of the Shares is intended to be exempt from registration
under the Securities Act, by virtue of Section 4(a)(2) and Rule 506 of Regulation D, based in part upon the representations, warranties
and agreements of the Purchaser contained in this Subscription Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<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 Purchaser, either alone or together with his attorney, accountant, purchaser representative and/or tax advisors, has
such knowledge and experience in financial, tax, and business matters, and, in particular, investments in securities, so as to
enable him to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed investment decision
with respect thereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is acquiring the Shares solely for such Purchaser&rsquo;s own account for investment and not with a view to
resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal, with any
person to sell or transfer all or any part of any of the Shares and the Purchaser has no plans to enter into any such agreement
or arrangement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<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 Purchaser has had the opportunity to ask questions of, and receive answers from officers and directors of the Company,
to review all reports and filings made by the Company with the Securities and Exchange Commission pursuant to Section 13(a) of
the Securities Exchange Act of 1934 (the &ldquo;<B><U>SEC Reports</U></B>&rdquo;), including but not limited to the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012 and the risk factors set forth therein, and to obtain additional
information regarding the Company and this Offering. The Purchaser has been given access to information regarding the Company and
has utilized such access to the Purchaser&rsquo;s satisfaction for the purpose of obtaining such information regarding the Company
as the Purchaser has reasonably requested. Such information includes the terms and conditions of the Offering, and the plan of
operations of the Company&rsquo;s business and financial condition of the Company contained in the SEC Reports;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser understands and agrees that the purchase of the Shares is a high risk investment and the Purchaser is able
to afford an investment in a speculative venture having the risks and objectives of the Company. The Purchaser must bear the substantial
economic risks of the investment in the Shares indefinitely because the Shares may not be sold, hypothecated or otherwise disposed
of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available. Legends will be placed on the certificates representing the Shares to the effect that such securities have <BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
not been
registered under the Securities Act or applicable state securities laws and appropriate notations thereof will be made in the Company&rsquo;s
books. The Offering and the Shares have not been registered or qualified under the applicable securities laws and rules of Canada
or the Exchanges. Furthermore, the Shares will include legends in substantially the following forms:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES LAWS,
AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITAS
(B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION OR (C) THE
COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [INSERT DATE THAT IS FOUR (4) MONTHS AND
ONE (1) DAY AFTER THE DATE OF ISSUE]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 38.15pt 0 37.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 37.9pt 6pt 37.4pt; text-align: justify">THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;TSX&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY AND CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT &lsquo;GOOD DELIVERY&rsquo; IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Subscriber understands there are substantial restrictions on the transferability of the Shares imposed by the Securities
Act and the securities laws of the states in which the Shares are sold. As such, the Purchaser acknowledges the Shares may not
be sold or otherwise transferred except (i) in accordance with an effective registration statement under applicable securities
laws; or (ii) in accordance with a transaction which, in the opinion of counsel acceptable to the Company, will not be in violation
of applicable securities laws. The Purchaser agrees that the Purchaser will not, directly or indirectly, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares or the Purchaser&rsquo;s interest in the Shares (or solicit
any offers to buy, purchase or otherwise acquire or take a pledge of all or any part thereof) except in accordance with the terms
of this Agreement and in compliance with the registration requirements and any other applicable provisions of the Securities Act
(and any other applicable federal securities laws) or any applicable state securities laws, or under valid exemptions therefrom.
&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<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 Purchaser has adequate means of providing for such Purchaser&rsquo;s current financial needs and foreseeable contingencies
and has no need for liquidity from its investment in the Shares for an indefinite period of time. The Purchaser has a sufficient
net worth to sustain a loss of the entire investment in the event such loss should occur;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(h)<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 Purchaser acknowledges that the Shares have not been recommended by any federal, state or provincial securities commission
or regulatory authority. In making an investment decision, investors must rely on their own examination of the Company and the
terms of the Offering, including the merits and risks involved. Furthermore, the foregoing authorities have not confirmed the accuracy
or determined the adequacy of this Subscription Agreement or the other Transaction Documents. Any representation to the contrary
is a criminal offense. The Securities are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.
Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of
time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser has a relationship with the Company (its directors, officers, shareholders or employees) or persons acting
on its behalf, preexisting the offer of the Shares to the Purchaser, such that the Company is in a position to determine that the
undersigned has such knowledge and experience in financial and business matters that he, she or it is capable of evaluating the
merits and risks of his, her or its investment in the Shares, i.e., that he, she or it is a sophisticated investor;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>The Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering through or as a result of,
any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other
communication published in any newspaper, magazine or similar media or broadcast over television, radio or over the Internet, in
connection with the offering and sale of the Shares and is not subscribing for the Securities and did not become aware of the Offering
through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by,
a person not previously known to the Purchaser in connection with investments in securities generally;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(k)<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 Purchaser is aware that an investment in the Shares involves a number of very significant risks and has carefully read
and considered the matters set forth in the SEC Reports and, in particular, the risk factors contained therein and understands
any of such risk may materially adversely affect the Company&rsquo;s operations and future prospects;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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 Purchaser is an &ldquo;accredited investor&rdquo; within the meaning of Regulation D, Rule 501(a), promulgated by the
SEC under the Securities Act and has truthfully and accurately completed the Accredited Investor Certificate attached to this Subscription
Agreement as <U>Appendix A</U> and will submit to the Company such further assurances of such status as may be reasonably requested
by the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Purchaser represents to the Company that any information which the undersigned has heretofore furnished or is furnishing
herewith to the Company is complete and accurate and may be relied upon by the Company in determining the availability of an exemption<BR>
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>

from registration under Federal and state securities laws in connection with the offering of the Shares to Purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Indemnification.</B> The Purchaser agrees to indemnify and hold harmless the Company and its officers, directors, managers,
employees, agents, attorneys, control persons and affiliates from and against all losses, liabilities, claims, damages, costs,
fees and expenses whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending
against any litigation commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation
or warranty, or misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement
made by the Purchaser herein or in any other document delivered in connection with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Irrevocability; Binding Effect.</B> The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Subscription Agreement will survive the death or disability
of the Purchaser and will be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Modification.</B> This Subscription Agreement will not be modified or waived except by an instrument in writing signed
by the party against whom any such modification or waiver is sought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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><B>Assignability.</B> This Subscription Agreement and the rights, interests and obligations hereunder are not transferable
or assignable by the Purchaser and the transfer or assignment of any of the Securities will be made only in accordance with all
applicable laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Applicable Law.</B> This Subscription Agreement will be governed by and construed under the laws of the State of Colorado
as applied to agreements among Colorado residents entered into and to be performed entirely within Colorado. Each of the parties
hereto (1) agree that any legal suit, action or proceeding arising out of or relating to this Subscription Agreement will be instituted
exclusively in the courts of the City and County of Denver, State of Colorado, or, if it has or can acquire jurisdiction, in the
United States District Court for the District of Colorado, (2) waive any objection which the parties may have now or hereafter
to the venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the courts of the City
and County of Denver, State of Colorado, the United States District Court for the District of Colorado and the appropriate appellate
courts in any such suit, action or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Blue Sky Qualification.</B> The purchase of Securities pursuant to this Subscription Agreement is expressly conditioned
upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Conditions to Closing</B>.&#9;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>The Company&rsquo;s obligation to issue and
sell the Shares to the Purchaser and the Purchaser&rsquo;s obligation to purchase the Shares from the Company shall be conditioned
on the Company obtaining listing approval for the Shares on both of the Exchanges, subject only to the customary post-closing conditions
imposed by such Exchanges in similar circumstances (if any).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>Miscellaneous</B>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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>This Subscription Agreement, constitutes the entire agreement between the Purchaser and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter
hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Purchaser&rsquo;s representations and warranties made in this Subscription Agreement will survive the execution
and delivery hereof and delivery of the Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each of the parties hereto will pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers
or others engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether
or not the transactions contemplated hereby are consummated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Subscription Agreement may be executed in one or more counterparts each of which will be deemed an original, but all
of which will together constitute one and the same instrument.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each party hereto shall, from time to time, and at all times hereafter, at the reasonable request of the other party hereto,
but without further consideration, do all such further acts and execute and deliver all such further documents and instruments
as shall be reasonably required in order to fully perform and carry out the terms and intent hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(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;
</FONT>Each provision of this Subscription Agreement will be considered separable and, if for any reason any provision or provisions
hereof are determined to be invalid or contrary to applicable law, such invalidity or illegality will not impair the operation
of or affect the remaining portions of this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Paragraph titles are for descriptive purposes only and will not control or alter the meaning of this Subscription Agreement
as set forth in the text.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.4pt"><B>IN WITNESS WHEREOF,</B>
the undersigned have caused this Subscription Agreement to be executed as of the date set forth above.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AGREED AND ACCEPTED:</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.&#9; </B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/&nbsp;&nbsp;James R. Maronick</U>&#9;&nbsp;&nbsp;<U>July
15, 2013&nbsp;&nbsp;</U>&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Name: James R. Maronick&#9;&#9;Date</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;Title: CFO&#9;<I>&#9; </I></P>



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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>APPENDIX A</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Verification of Status as &ldquo;Accredited
Investor&rdquo; under Rule 501(a) of Regulation D</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">By initialing next to <U>each</U>
true statement, Purchaser represents and warrants to the Company and its affiliates that he/she is an &ldquo;accredited investor&rdquo;
within the meaning of Regulation D promulgated under the Securities Act as follows:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>A.&#9;<U>Purchasers Who Are Individuals</U>:</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&#9;</U>I
am a natural person (individual) whose own net worth, taken together with the net worth of my spouse, exceeds $1,000,000. Net worth
for this purpose means total assets (excluding the value of my principal residence) in excess of total liabilities (excluding the
amount of indebtedness secured by my primary residence up to the fair market value of my primary residence (except that if the
amount of indebtedness secured by my primary residence at this time exceeds the amount of such indebtedness 60 days ago, other
than as a result of the acquisition of my primary residence, the amount of such excess shall be included)). Additionally, indebtedness
secured by my primary residence in excess of the value of my home will be deducted from the determination of my net worth.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had an individual income in excess of $200,000 in each of the last two years, and who reasonably
expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a natural person (individual) who had a joint income with my spouse in excess of $300,000 in each of the last two years, and
who reasonably expects to reach the same income level in the current year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;I
am a director, executive officer, or manager of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>B.&#9;<U>Entity Purchasers</U>:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">1.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, Massachusetts
or similar business trust, or partnership, <U>not</U> formed for the specific purpose of acquiring the Note, with total assets
in excess of $5,000,000.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">2.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a trust, with total assets in excess of $5,000,000, <U>not</U> formed for the specific purpose of acquiring the Note, whose
purchase is directed by a sophisticated person as defined in Rule 506(b)(2)(ii) of Regulation D.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">3.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">4.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">5.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">6.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an insurance company as defined in Section 2(13) of the Securities Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">7.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as
defined in Section 2(a)(48) of that Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">8.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">9.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">10.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;Purchaser
is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
and one of the following applies:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
investment decision has been made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and
loan association, insurance company or registered investment adviser;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;The
employee benefit plan has total assets in excess of $5,000,000;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -1in">_____ <FONT STYLE="font-family: Symbol">&#183;</FONT>&#9;If
a self-directed plan, investment decisions are made solely by persons that are accredited investors and all participants and beneficiaries
in such plan are accredited investors (See requirements for individuals below).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -40pt">11.&#9;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#9;&#9;Purchaser
is an entity in which all of the equity owners are accredited investors as defined in Rule 501(a) of Regulation D.</P>



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