<SEC-DOCUMENT>0000917225-15-000010.txt : 20150611
<SEC-HEADER>0000917225-15-000010.hdr.sgml : 20150611
<ACCEPTANCE-DATETIME>20150611105720
ACCESSION NUMBER:		0000917225-15-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150611
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20150611
DATE AS OF CHANGE:		20150611

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:		15925124

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>press8k.htm
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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; 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): June 11, 2015</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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<TR STYLE="vertical-align: top">
    <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>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">4251
Kipling Street, Suite 390</FONT><BR>
<FONT STYLE="font-size: 10pt">Wheat Ridge, CO 80033</FONT><BR>
<FONT STYLE="font-size: 10pt">(Address of principal executive offices) </FONT></P>

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    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(303) 534-1030</FONT></TD></TR>
</TABLE>
<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">x</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>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <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>
</TABLE>
<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">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>ITEM 8.01</B></FONT></TD>
    <TD STYLE="width: 84%; padding-bottom: 12pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Other Events</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 11, 2015, Solitario Exploration &amp;
Royalty Corp. (the &ldquo;Company&rdquo;), announced that the Company, Ely Gold &amp; Minerals Inc. (&ldquo;Ely Gold&rdquo;), and
DHI Minerals (U.S.) Ltd. (&ldquo;DHI US&rdquo;) entered into a Membership Interest Purchase Agreement (the &ldquo;MIPA&rdquo;)
with Waterton Nevada Splitter, LLC, a wholly&ndash;owned subsidiary of Waterton Precious Metals Fund II Cayman, LP. Pursuant to
the MIPA, the Company and DHI US will each sell the membership interest owned by it in Mt. Hamilton LLC, a Nevada limited liability
company (&ldquo;MH-LLC&rdquo;), for aggregate consideration of US$30,000,000 (the &ldquo;Transaction&rdquo;). MH-LLC owns all of
the rights and assets related to the Mt. Hamilton gold project located in White Pine County, Nevada. A copy of the press release
announcing the Transaction is attached as Exhibit 99.1</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt"><B>ITEM 9.01 </B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>Exhibits</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>Exhibit Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Company Press Release dated June 11, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;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">June 11, 2015</P>

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

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


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>JUNE 11, 2015
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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><IMG SRC="image_001.jpg" ALT="XPLlogoLoRes.jpg" STYLE="height: 69px; width: 260px">&#9;<IMG SRC="image_002.jpg" ALT="ELY GOLD LOGO.jpg" STYLE="height: 85px; width: 149px">&#9;<IMG SRC="image_003.jpg" ALT="Waterton Logo 3 (2)" STYLE="height: 82px; width: 91px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Exhibit 99.1</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 11, 2015 </B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Solitario and Ely Gold Enter into Agreement
to Sell their Interests in the Mt. Hamilton Gold Project for Total Consideration of US$30 Million </B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Denver, Colorado: </B>Solitario Exploration
&amp; Royalty Corp. (NYSE MKT: <B>XPL; </B>TSX: <B>SLR</B>) (&ldquo;Solitario&rdquo;) and Ely Gold &amp; Minerals Inc. (TSX.V:
<B>ELY</B>) (&ldquo;Ely Gold&rdquo;, and together with Solitario, the &ldquo;Sellers&rdquo;) are pleased to announce that they
have entered into a definitive agreement (the &ldquo;Agreement&rdquo;) to sell their combined interests in the Mt. Hamilton gold
project (&ldquo;Mt. Hamilton&rdquo;) to Waterton Nevada Splitter, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund
II Cayman, LP (collectively, &ldquo;Waterton&rdquo;), for total cash proceeds of US$30 million (the &ldquo;Transaction&rdquo;).</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario will sell its 80% interest in Mt.
Hamilton LLC (&ldquo;MH-LLC&rdquo;), a limited liability company which holds 100% of the Mt. Hamilton project assets, and DHI Minerals
(U.S.) Ltd., Ely Gold&rsquo;s wholly-owned U.S. subsidiary, will sell its 20% interest in MH-LLC. As a result, on closing Solitario
will receive cash proceeds of US$24 million and Ely Gold will receive cash proceeds of US$6 million.
</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Transaction is structured as the sale of
the Sellers&rsquo; membership interests in MH-LLC. Completion of the Transaction is subject to customary closing conditions, including
regulatory approvals and affirmative votes of the holders of a majority of Solitario&rsquo;s outstanding shares of common stock
and 66 &#8532;% of the votes cast by Ely Gold shareholders in respect of the Transaction. Shareholder meetings for both Solitario
and Ely Gold are expected to be held in Q3 2015, with the closing of the Transaction soon thereafter.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, Waterton has committed to provide
Solitario, at Solitario&rsquo;s request, with a standby debt facility (the &ldquo;Standby Debt Facility&rdquo;) necessary to repay
Solitario&rsquo;s outstanding US$5 million corporate credit facility with RMB Australia Holdings Limited (&ldquo;RMB&rdquo;) due
on August 21, 2015. The Standby Debt Facility will be secured by Solitario&rsquo;s interest in MH-LLC as well as other corporate
assets, have a six-month term and earn interest at 8% per annum. Waterton will also be entitled to a 2% structuring fee should
Solitario exercise its right to enter into the Standby Debt Facility.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario and Ely Gold&rsquo;s Board of Directors
have each determined that the proposed transaction is in the best interest of their respective shareholders, unanimously approved
the Transaction and recommend that their shareholders vote in favor of the Transaction.</P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As further defined in the Agreement, the
Sellers will pay a break fee of $900,000 to Waterton in the event (i) the Sellers accept a Superior Proposal; (ii) there is a
material breach in a representation or warranty or (iii) the transaction does not close prior to October 1, 2015, subject to
certain extension periods. In the event the shareholders of either Solitario or Ely Gold do not approve the Transaction,
Waterton is entitled to an expense re-imbursement fee of $450,000. On closing of the Transaction, Ely Gold will pay a
C$200,000 fee to Maxit Capital LP for its services in connection with the Transaction.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chris Herald, President and CEO of Solitario,
stated: &ldquo;We are pleased to have successfully progressed Mt. Hamilton through feasibility and permitting, and believe that
Waterton is well positioned to see the project through the next phase of its development. It is extremely exciting for Solitario
to be able to monetize its Mt. Hamilton asset during exceedingly difficult market conditions. Upon closing the Transaction, Solitario
will have a very strong balance sheet to focus towards new potential opportunities. Perhaps more importantly we will now be able
to highlight our fully-carried to production interest in the high-grade Bongar&aacute; zinc project being advanced by Compa&ntilde;&iacute;a
Minera Milpo S.A.A. (&ldquo;Milpo&rdquo;), our Peruvian partner. In total, approximately US$60 million has been invested in exploration
and development on the Bongar&aacute; project to date and we look forward to ongoing success as Milpo progresses the asset through
pre-feasibility during 2015.&rdquo;</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Trey Wasser, President and CEO of Ely Gold,
stated: &ldquo;We are pleased to have reached this agreement with Waterton, representing a successful conclusion to nearly eight
years of development work on the Mt. Hamilton project. Solitario has proven to be an excellent joint venture partner. We wish to
thank them for their hard work and perseverance in some very difficult markets. This sale will provide Ely with the capital to
focus on advancing our 100% owned Green Springs project, located just seven miles south of Mt. Hamilton. Green Springs is fully
permitted for exploration and we expect to begin a drill program late this summer.&rdquo;</P>

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

<P STYLE="color: #282828; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Isser
Elishis, Managing Partner and Chief Investment Officer of Waterton&rsquo;s investment adviser, said, &ldquo;We are pleased to have
reached an agreement with the boards of each of Solitario and Ely Gold to purchase the Mt. Hamilton project.&nbsp; Waterton would
like to thank the management teams of each Seller for progressing this transaction to signing in an expeditious manner, and we
look forward to closing this transaction promptly upon the receipt of all shareholder and customary regulatory approvals.&nbsp;
The acquisition of the Mt. Hamilton project will add another key development asset to Waterton&rsquo;s growing portfolio of high-quality
Nevada assets.&rdquo;</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Agreement on Standby Debt Facility</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario and Ely Gold have negotiated an arm&rsquo;s
length agreement (the &ldquo;Consent Agreement&rdquo;) pursuant to which Ely Gold has agreed to provide its consent (required under
the MH-LLC Operating Agreement) for Solitario to pledge its 80% interest in MH-LLC in connection with the Standby Debt Facility
and to relieve Solitario of certain continuing payment obligations that Solitario was required to make on behalf of both members
of MH-LLC. In return, Solitario has agreed to return for cancellation approximately 15.7 million common shares (19.6% of the issued
and outstanding shares) of Ely Gold currently held by Solitario. The Consent Agreement is subject to acceptance by the TSX Venture
Exchange (the &ldquo;TSXV&rdquo;).</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Maxit Capital LP acted as financial
advisor to both Solitario and Ely Gold and provided fairness opinions to their respective boards of directors that, as of the
date thereof and subject to the assumptions, limitations, and qualifications set out therein, the consideration to be
received by breach of Solitario and Ely Gold pursuant to the Transaction is fair, from a financial point of view, to each of
Solitario and Ely Gold.</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario&rsquo;s US legal counsel is Davis
Graham &amp; Stubbs LLP and Polsinelli PC, and its Canadian legal counsel is Fogler Rubinoff LLP. Ely Gold&rsquo;s US legal counsel
is Parsons Behle and Latimer LLP and its Canadian legal counsel is Holmes &amp; King. Waterton&rsquo;s US legal counsel is Parr
Brown Gee and Loveless PC and its Canadian legal counsel is Davies Ward Phillips &amp; Vineberg LLP.</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario is a precious and base metal exploration
and royalty company. Recently, a significant focus of Solitario&rsquo;s has been on financing and potentially developing the Mt.
Hamilton gold project in Nevada. Solitario controls an 80% interest in Mt. Hamilton. Besides Solitario&rsquo;s interest in Mt.
Hamilton, Solitario also has a significant joint venture with Milpo Mining, Votorantim Metais&rsquo;s 51%-owned affiliate, on its
advanced Bongar&aacute; high-grade zinc project in Peru. Additional information about Solitario is available at www.solitarioxr.com.</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Ely Gold is focused on the acquisition and development
of gold resources in Nevada, including its Green Springs property, 7 miles south of Mt. Hamilton. Ely Gold is traded on the TSXV.
Additional information about Ely Gold is available online at www.elygoldandminerals.com.</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Waterton is a leading mining-focused private
equity firm dedicated to developing high quality precious and base metals projects located in stable jurisdictions. Waterton&rsquo;s
cross-functional, fully-integrated, in-house team of professionals have significant mining, financial and legal expertise. Waterton&rsquo;s
proactive approach to asset management, significant sector knowledge and ability to leverage extensive industry relationships has
resulted in a strong track record of managing investments in the metals sector. Additional information about Waterton is available
online at www.watertonglobal.com.</P>

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

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">FOR MORE INFORMATION at SOLITARIO,
CONTACT:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Debbie Mino-Austin</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Director &ndash; Investor Relations</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(800) 229-6827</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(303) 534-1030</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">FOR MORE INFORMATION at ELY GOLD,
CONTACT:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Steve Kenwood</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Director</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(604) 488-1104</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Trey Wasser</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(972) 803-3087</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>



<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">FOR MORE INFORMATION at WATERTON,
CONTACT:</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Riyaz Lalani</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Bayfield Strategy, Inc.</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">(416) 907-9365</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">This press release contains certain
&quot;forward-looking statements,&quot; as defined in the United States Private Securities Litigation Reform Act of 1995, and within
the meaning of Canadian securities legislation, including statements relating to the sale of MH-LLC through the sale of Solitario
and Ely&rsquo;s combined membership interest in MH-LLC and the estimated proceeds of that sale.&nbsp; Forward-looking statements
are statements that are not historical fact. They are based on the beliefs, estimates and opinions of the Sellers&rsquo; managements
on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances
that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated
in such statements. The Sellers undertake no obligation to update these forward-looking statements if their managements&rsquo;
beliefs, estimates or opinions, or other factors, should change, unless required by law, including the rules and regulations of
the NYSE MKT or the TSXV. The purchase and sale of the membership interests of MH-LLC is subject to a number of conditions, including
requirements for shareholder and regulatory approvals. Accordingly, there can be no assurance that the Transaction will close.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Neither the NYSE MKT nor
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy and accuracy of this press release.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Additional Information and Where to Find
It </B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This communication may be deemed to be a solicitation
of proxies from Solitario&rsquo;s shareholders in connection with the proposed Transaction. In connection with the proposed sale
of Solitario&rsquo;s interest in Mt. Hamilton, the Company intends to file a proxy statement and relevant documents with respect
to a meeting of shareholders to be held in connection with the proposed transactions with the SEC. The definitive proxy will be
mailed to the Company&rsquo;s shareholders in advance of the meeting. Investors and security holders of the Company are urged to
read the proxy statement and any other relevant documents filed with the SEC when they become available because they will contain
important information about Solitario and the proposed Transaction. The proxy statement, when it becomes available, and any other
documents filed by Solitario with the SEC, may be obtained free of charge at the SEC&rsquo;s website at www.sec.gov. In addition,
investors and security holders may obtain free copies of the documents filed with the SEC by Solitario by sending a written request
to Solitario Exploration &amp; Royalty Corp. Attn: Corporate Secretary, 4251 Kipling St. Suite 390, Wheat Ridge, CO 80033, (303)
534-1030. Investors and security holders are urged to read the proxy statement and the other relevant materials when they become
available before making any voting or investment decision with respect to the proposed asset sale.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Solitario and
its directors and executive officers may, under SEC rules, be deemed to be participants in the solicitation of proxies from Solitario&rsquo;s
shareholders in connection with the proposed Transaction. Information about the directors and executive officers, including their
interests in the transactions, will be included in Solitario&rsquo;s proxy statement relating to the proposed transactions when
it becomes available</FONT>.</P>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
