<SEC-DOCUMENT>0000917225-17-000009.txt : 20170427
<SEC-HEADER>0000917225-17-000009.hdr.sgml : 20170427
<ACCEPTANCE-DATETIME>20170427152942
ACCESSION NUMBER:		0000917225-17-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170427
DATE AS OF CHANGE:		20170427

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:		17788676

	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: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form 8-K</B></P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
April 27, 2017</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLITARIO EXPLORATION &amp; ROYALTY CORP.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 38%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">Colorado</FONT><BR>
<FONT STYLE="font-size: 11pt">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 11pt">incorporation or organization) </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">001-32978</FONT><BR>
<FONT STYLE="font-size: 11pt">(Commission</FONT><BR>
<FONT STYLE="font-size: 11pt">File Number) </FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">84-1285791</FONT><BR>
<FONT STYLE="font-size: 11pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 11pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt 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: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">(303) 534-1030</FONT></TD></TR>
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<P STYLE="font: 11pt 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: 11pt 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: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 11pt">o</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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="width: 2%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&#9746;</FONT></TD>
    <TD STYLE="width: 98%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 11pt">o</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 11pt">o</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Item 7.01</B></TD><TD><B>Regulation FD Disclosure.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On April 27, 2017, Solitario
Exploration &amp; Royalty Corp. (&ldquo;Solitario&rdquo;) issued a press release announcing the entry into arrangement agreement
(the &ldquo;Arrangement&rdquo;) to acquire all of the issued and outstanding securities of Zazu Metals Corporation, a corporation
existing under the laws of the Canada (&ldquo;Zazu&rdquo;). A copy of the press release is attached to this report as Exhibit&nbsp;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; text-indent: 0.5in">The information furnished
under this Item 7.01, including the exhibits, shall not be deemed &ldquo;filed&rdquo; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as
shall be expressly set forth by reference to such filing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<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 0 0 0.25in; text-align: justify">(d)&#9; Exhibits. The following
exhibits are furnished with this report:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">99.1</TD><TD STYLE="text-align: justify">Press release, dated April 27, 2017</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Cautionary Statement</I></B></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; text-indent: 0.5in">With the exception of historical
matters, the matters discussed in the press release include forward-looking statements within the meaning of applicable securities
laws that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained
therein. Such forward-looking statements include, among others, statements regarding the completion of the Arrangement, future
exploration, development, and production activities. Factors that could cause actual results to differ materially from projections
or estimates include, among others, the completion of the Arrangement (including the numerous approvals required in connection
with the Arrangement), metal prices, economic and market conditions, operating costs, and receipt of working capital, as well as
other factors described in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2016, and other filings with
the United States Securities and Exchange Commission (&ldquo;SEC&rdquo;). Most of these factors are beyond Solitario&rsquo;s ability
to predict or control. Solitario disclaims any obligation to update any forward-looking statement made in the press release, whether
as a result of new information, future events, or otherwise. Readers are cautioned not to put undue reliance on forward-looking
statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white"><B><I>Additional
Information About the Arrangement</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Arrangement, Solitario intends to seek approval from its shareholders at a meeting of shareholders to, among
other things, issue shares of its common stock to the shareholders of Zazu to effect the Arrangement, as required by the rules
of the NYSE MKT and the Toronto Stock Exchange. Solitario intends to file&nbsp;a preliminary proxy statement and a definitive proxy
statement with the SEC to seek such approval. SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE
AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BEFORE MAKING ANY VOTING OR INVESTMENT DECISION
WITH RESPECT TO THE ARRANGEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ARRANGEMENT AND THE PARTIES THERETO.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; text-indent: 0.25in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definitive proxy statement will be mailed to Solitario&rsquo;s shareholders seeking, among other things, their approval to issue
shares to effect the Arrangement. Solitario&rsquo;s shareholders may also obtain a copy of the definitive proxy statement free
of charge once it is available by directing a request to: Solitario Exploration &amp; Royalty Corp. Attn: Corporate Secretary,
4251 Kipling St. Suite 390, Wheat Ridge, CO 80033, (303) 534-1030.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solitario
and its respective directors, executive officers and other members of management, under SEC rules, may be deemed to be participants
in the solicitation of proxies in connection with the Arrangement. Information regarding the names, affiliations and interests
of certain of Solitario&rsquo;s executive officers and directors in the solicitation will be available in the preliminary proxy
statement and definitive proxy statement relating to the Arrangement to be filed with the SEC. Information about Solitario&rsquo;s
executive officers and directors is also available in<BR>
Solitario&rsquo;s Annual Report on Form 10-K, as amended, for the year ended December 31, 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">April 27, 2017</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/ James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 11pt 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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<P STYLE="font: 12pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right; text-indent: 0.25in"><B>EXHIBIT
99.1</B></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-indent: 0.25in">April 27, 2017</P>

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

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Solitario Exploration &amp; Royalty to Acquire
Zazu Metals in Friendly Transaction</B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>DENVER, COLORADO &amp; VANCOUVER, BRITISH
COLUMBIA </B>- Solitario Exploration &amp; Royalty Corp. (NYSE MKT:XPL; TSX:SLR) (&quot;<B>Solitario</B>&quot;) and Zazu Metals
Corporation (TSXV:ZAZ) (&quot;<B>Zazu</B>&quot;) are pleased to announce that they have entered into a definitive arrangement agreement
(the &quot;<B>Arrangement Agreement</B>&quot;) pursuant to which Solitario has agreed to acquire all of the issued and outstanding
common shares of Zazu (the &quot;<B>Zazu Shares</B>&quot;) by way of a statutory plan of arrangement (the &quot;<B>Arrangement</B>&quot;)
under the <I>Canada Business Corporations Act</I>.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Highlights of the Combined Company</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Creation of a leading
zinc focused explorer and developer during a time of encouraging supply and demand fundamentals</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Significant joint venture
interests in two large, high-grade zinc development projects with world-class partners:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Solitario&rsquo;s Bongar&aacute;
project in Northern Peru is a high-grade development asset held jointly with Compa&ntilde;&iacute;a Minera Milpo (&quot;<B>Milpo</B>&quot;),
one of the largest zinc producers in Peru</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Zazu&rsquo;s Lik project
represents a large-tonnage, high-grade and potentially open-pittable development project in Alaska in partnership with Teck Resources
Limited (&quot;<B>Teck</B>&quot;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Additional portfolio
of high quality exploration properties and royalties in the Americas</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Well-financed, with
approximately US$16.5 million in cash and cash equivalents</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Experienced management
team with a track-record of creating value for shareholders by moving assets through feasibility and permitting</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Enhanced capital markets
profile and trading liquidity in combination with strong shareholder support</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chris Herald, Chief Executive Officer of Solitario,
stated: &ldquo;We are very pleased to announce this exciting opportunity that will create value for both Solitario and Zazu shareholders.
Since the sale of the Mt. Hamilton project in 2015, Solitario has remained extremely disciplined in its evaluation of growth initiatives
while preserving a robust balance sheet and tight capital structure. We are confident that we have both the technical and financial
capabilities to significantly increase the value of Zazu&rsquo;s Lik project by moving the asset through feasibility and permitting.
We look forward to working with Zazu&rsquo;s world-class joint venture partner Teck to pursue a development path beneficial to
all parties.&rdquo;</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gil Atzmon, Founder, Chairman and Chief Executive
Officer of Zazu, stated: &ldquo;This combination represents a unique opportunity to create a leading zinc development company with
two high quality assets in the Americas. Zazu shareholders will benefit from increased diversification and access to capital, while
importantly maintaining a focus on high-grade resources. We see significant potential in Solitario&rsquo;s asset </P>




<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">base and believe the combined company will
be well positioned to take advantage of increased interest in zinc.&rdquo;</P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Particulars of the Transaction</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the terms of the Arrangement Agreement,
holders of Zazu Shares (&quot;<B>Zazu Shareholders</B>&quot;) will receive, on closing, 0.3572 of a common share of Solitario (the
&quot;<B>Exchange Ratio</B>&quot;) in exchange for each Zazu Share held. Based on the trailing 20-day volume weighted average price
(&quot;<B>VWAP20</B>&quot;) of Solitario on the NYSE MKT as of the close on April 26, 2017, the Exchange Ratio implies an offer
price of C$0.41 per Zazu Share<FONT STYLE="color: black; line-height: 107%"><SUP>[1]</SUP></FONT>, representing a premium of 41%
over the VWAP20 of Zazu on the TSX Venture Exchange as of the same date. Following the completion of the Arrangement, former Zazu
Shareholders are expected to hold approximately 34% of the issued and outstanding shares of the combined company.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement will be carried out by way
of a court-approved plan of arrangement and will require the approval of at least 66 2/3 percent of the votes cast by Zazu Shareholders
at a special meeting expected to take place in June 2017 (the &quot;<B>Zazu Meeting</B>&quot;). Zazu directors, officers and certain
significant shareholders representing a total of approximately 47% of the issued and outstanding Zazu Shares have entered into
voting and support agreements with Solitario agreeing to vote in favour of the Arrangement. The board of directors of Zazu has
unanimously approved the Arrangement and will recommend that Zazu Shareholders vote in favour of the Arrangement. Full details
of the Arrangement will be included in a management information circular of Zazu describing the matters to be considered at the
Zazu Meeting, which is expected to be mailed to the Zazu Shareholders in May 2017 and made available on SEDAR under Zazu&rsquo;s
issuer profile at www.sedar.com.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement will also require the approval
of a majority of the votes cast by holders (&quot;<B>Solitario Shareholders</B>&quot;) of issued and outstanding common shares
of Solitario (&quot;<B>Solitario Shares</B>&quot;) at a meeting of Solitario Shareholders expected to take place in June 2017 (the
&quot;<B>Solitario Meeting</B>&quot;). Solitario directors, officers and certain significant shareholders representing approximately
7% of the issued and outstanding Solitario Shares have entered into voting and support agreements with Solitario agreeing to vote
in favour of the Arrangement. The board of directors of Solitario has unanimously approved the Arrangement and will recommend that
Solitario Shareholders vote in favour of the Arrangement. Full details of the Arrangement will be included in a definitive proxy
statement of Solitario describing the matters to be considered at the Solitario Meeting, which is expected to be mailed to the
Solitario Shareholders in May 2017. Solitario&rsquo;s 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. The proxy statement will also
be and made available on SEDAR under Solitario&rsquo;s issuer profile at www.sedar.com.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement Agreement includes customary
provisions, including with respect to non-solicitation, a right granted to Solitario to match superior proposals and fiduciary-out
provisions, as well as representations, covenants and conditions which are customary for transactions of this nature. In addition,
Zazu and Solitario have each agreed to pay a termination fee in the amount of US$0.75 million to the other party upon the occurrence
of certain termination events.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement is subject to applicable regulatory
approvals and the satisfaction of certain other closing conditions.</P>

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




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

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Upon completion of the Arrangement, Zazu will
be entitled to nominate two directors to be appointed to the board of directors of Solitario.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Convertible Debenture Financing</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Concurrent with the signing of the Arrangement
Agreement, Solitario will provide Zazu interim debt financing through a secured convertible debenture issued by Zazu in the principal
amount of US$1.5 million (the &quot;<B>Debenture</B>&quot;). The Debenture is secured by way of a general security and pledge agreement
and bears interest at a rate of 5% per annum. If the Arrangement Agreement is terminated prior to the effective date of the Arrangement,
all principal amounts outstanding and any interest payable thereon will become payable two years following the issuance of the
Debenture. In certain circumstances, the Debenture is convertible at the option of Solitario into Zazu Shares at a price of US$0.22
per Zazu Share. Completion of the convertible debenture financing is not contingent on completion of the Arrangement.</P>

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Maxit Capital LP is acting as financial advisor
to Solitario. Additionally, Mackie Research Capital Corp. (&quot;<B>Mackie</B>&quot;) has provided an oral opinion to the board
of directors of Solitario that, based upon and subject to certain assumptions, limitations and qualifications in the opinion, the
consideration being offered by Solitario in respect of the Arrangement is fair, from a financial point of view, to Solitario and
the Solitario Shareholders. Solitario expects to receive a written opinion from Mackie prior to the mailing of the proxy statement
to Solitario Shareholders. Solitario&rsquo;s Canadian legal counsel is Fogler, Rubinoff LLP, and its US legal counsel is Polsinelli
PC.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Haywood Securities is acting as financial
advisor to Zazu. Additionally, Evans &amp; Evans Inc. (&quot;<B>Evans &amp; Evans</B>&quot;) has provided an oral opinion to the
board of directors of Zazu that, based upon and subject to certain assumptions, limitations and qualifications in the opinion,
the consideration being offered by Solitario in respect of the Arrangement is fair, from a financial point of view, to Zazu and
the Zazu Shareholders. Zazu expects to receive a written opinion from Evans &amp; Evans prior to the mailing of the management
information circular to Zazu Shareholders. McCullough O&rsquo;Connor Irwin LLP is acting as legal counsel to Zazu.</P>

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

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

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

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario is an exploration and royalty
company traded on the NYSE MKT (&quot;XPL&quot;) and on the Toronto Stock Exchange (&quot;SLR&quot;). The company has three exploration
properties in Peru, and one royalty in each of Peru, Brazil, the United States and Mexico.</P>

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

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Solitario&rsquo;s core asset is a 39%
interest in the advanced, high-grade, Bongar&aacute; zinc project located in northern Peru. The project has a significant mineral
resource and SRK Consulting has been retained to complete a preliminary economic assessment on the project by mid-2017. Solitario
is fully carried to production by its joint venture partner Milpo, one of the largest zinc producers in Peru. Solitario also holds
an 85% interest in the Chambara exploration project in Peru (Milpo holds the remaining 15%) and a 9.5% equity interest in Vendetta
Mining.</P>

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

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Solitario is well financed and
has approximately US$16.5 million in cash and cash equivalents. Additional information about Solitario is available online at www.solitarioxr.com</P>




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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Zazu is a Canadian-based exploration company
traded on the TSX Venture Exchange (&quot;ZAZ&quot;). Zazu has a 50% operating interest in the Lik zinc-lead-silver deposit in
Northwest Alaska, which is large tonnage, high grade and potentially open pittable. Zazu completed a positive PEA in 2014 and has
the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018. Additional information about
Zazu including a company presentation is available at www.zazumetals.com</P>

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

<P STYLE="font: 11pt/normal Calibri, 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 Calibri, Helvetica, Sans-Serif; margin: 0">Debbie Mino-Austin</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">Director, Investor Relations</P>
        <P STYLE="font: 11pt/normal Calibri, 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 Calibri, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">(303) 534-1030</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">FOR MORE INFORMATION at ZAZU,
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 Calibri, Helvetica, Sans-Serif; margin: 0">Matthew Ford</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">President</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">(210) 858-7512</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">Gil Atzmon</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">Founder, Chairman &amp; CEO</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">(604) 878-9298</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Cautionary Language</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Completion of the Arrangement is subject to
a number of conditions, including NYSE MKT, Toronto Stock Exchange and TSX Venture Exchange acceptance, and approval of the Solitario
Shareholders and the Zazu Shareholders. The Arrangement cannot close until the required shareholder approvals are obtained. There
can be no assurance that the Arrangement will be completed as proposed or at all.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investors are cautioned that, except as disclosed
in the proxy statement or management information circular to be prepared by each of Solitario and Zazu, respectively, in connection
with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and
should not be relied upon.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">None of the NYSE MKT, the Toronto Stock Exchange
nor the TSX Venture Exchange have passed upon the merits of the proposed Arrangement and have neither approved nor disapproved
the contents of this press release. None of the NYSE MKT, the Toronto Stock Exchange, the TSX Venture Exchange nor their regulation
service providers accepts responsibility for the adequacy or accuracy of this release.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Forward-looking Statements</I></B></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Statements contained in this news release,
which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause
actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance
that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated
in such statements. All forward-looking statements included in this news release are based on information available to Solitario
and Zazu as of the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors
that could cause actual results of Solitario and Zazu, as applicable, to differ materially from the conclusion, forecast or projection
stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors
referenced in each of Solitario's and Zazu's other continuous disclosure filings, which are available at <FONT STYLE="color: #0563C1">www.sedar.com</FONT><FONT STYLE="color: windowtext">.
</FONT>Readers should not place undue reliance on these forward-looking statements. Neither Solitario nor Zazu assume any obligation
to update any forward-looking statements, except as required by applicable securities laws.</P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">This communication may
be deemed to be a solicitation of proxies of Solitario Shareholders in connection with the proposed Arrangement. In connection
with the issuance of Solitario Shares to effect the Arrangement, Solitario intends to file a proxy statement and relevant documents
with the SEC with respect to the Solitario Meeting to be held in connection with the proposed Arrangement. The definitive proxy
statement will be mailed to Solitario Shareholders in advance of the Solitario Meeting. Investors and security holders of Solitario
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 Arrangement. Solitario&rsquo;s 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 Arrangement.</P>

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

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

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



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>[1]</SUP></FONT>
Implied offer price per Zazu Share assumes a CAD:USD exchange rate of 1.3615.</P>


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