<SEC-DOCUMENT>0000917225-17-000016.txt : 20170629
<SEC-HEADER>0000917225-17-000016.hdr.sgml : 20170629
<ACCEPTANCE-DATETIME>20170629133717
ACCESSION NUMBER:		0000917225-17-000016
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170629
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170629
DATE AS OF CHANGE:		20170629

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:		17937712

	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
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<FILENAME>vote8k.htm
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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): June 29, 2017</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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    <TD STYLE="width: 38%; font: 12pt 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: 12pt 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: 12pt 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: 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: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant&#8217;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 12pt 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: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font: 12pt 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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<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: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font: 12pt 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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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font: 12pt 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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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="font: 12pt 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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<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 5.02</B></FONT></TD>
    <TD COLSPAN="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Departure of Directors or Certain Officers; Election of Directors;
        Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">On June 29, 2017, the shareholders of Solitario Exploration &amp; Royalty Corp. (&#8220;Solitario&#8221; or the &#8220;Company&#8221;) approved the adoption of an amendment to the 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock and Incentive Plan (the (&#8220;2013 Plan&#8221;).&nbsp;&nbsp;The amendment served to make a technical clarification to the 2013 Plan regarding the application of Internal Revenue Code &sect; 162(m) and also to increase the number of shares of common stock reserved under the 2013 Plan from 1,750,000 shares to 5,750,000 shares.&nbsp;&nbsp;&nbsp;That part of the amendment that serves to make the technical clarification regarding the application of Internal Revenue Code &sect; 162(m) became effective upon its approval by the shareholders; that portion of the amendment that will serve to increase the number of shares reserved for issuance under the 2013 Plan will become effective upon completion of the Plan of Arrangement whereby Solitario will acquire Zazu Metals Corporation (&#8220;Zazu&#8221;).&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 5.07</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Submission of Matters to a Vote of Security Holders.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2017, Solitario held its Annual
        Meeting of Shareholders at which holders of 32,260,325 shares or 83.4% of the total outstanding shares eligible to vote as of the
        record date were present in person or by proxy. The seven matters identified below were submitted to a vote of the shareholders.
        Each proposal is more fully described in Solitario&#8217;s definitive proxy statement (the &#8220;Proxy Statement&#8221;) filed
        with the Securities and Exchange Commission on May 24, 2017.</P>
        <P STYLE="font: 10pt 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 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt"><B>Election of Directors.</B> Six directors were elected to serve until the next Annual Meeting
        of Shareholders or until their successors are elected and qualified, with each director receiving the votes below:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; background-color: white">&nbsp;</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><U>Number of Shares</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Name</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><U>Against&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><U>Withheld&nbsp;</U></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><U>Broker Non-Votes</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Brian Labadie</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">20,227,754</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">299,657</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">53,600</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679,314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">John Labate</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">20,261,553</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">265,858</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">53,600</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679,314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">James Hesketh</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">18,616,386</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">248,782</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,715,843</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679.314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Christopher E. Herald</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">20,501,099</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">25,312</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">54,600</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679.314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Gil Atzmon *</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">18,380,006</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">485,162</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,715,843</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679,314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Joshua D. Crumb *</FONT></TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right"><FONT STYLE="font-size: 10pt">18,415,963</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right"><FONT STYLE="font-size: 10pt">492,451</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,672,597</FONT></TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right"><FONT STYLE="font-size: 10pt">11,679,314</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 4.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6"><FONT STYLE="font-size: 10pt">&nbsp;* The election of Mr. Atzmon and Mr. Crumb is subject to, and contingent upon, the completion of the &#8220;Plan of Arrangement&#8221;, whereby Solitario will acquire Zazu as further described in the Proxy Statement.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 106px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



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    <TD STYLE="width: 100%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">Approval of the Issuance of Solitario Arrangement Shares.</FONT></B><FONT STYLE="font-size: 10pt">
        Subject to the completion of the Plan of Arrangement, the proposal seeking the approval of the issuance of 19,788,183 shares of
        Solitario common stock to be issued to effect the Plan of Arrangement was approved, with 20,223,777 shares voting for (98.27% of
        shares voting), 313,033 shares voting against, 44,201 shares abstaining, and 11,679,314 broker non-votes.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt"><B>Amendment of the 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock Incentive
        Plan. </B>The First Amendment to the 2013 Plan was approved, with 19,412,538 shares voting for (94.32% of shares voting), 989,295
        shares voting against, 179,178 shares abstaining, and 11,679,314 broker non-votes. As described under Item 5.02 above, a portion
        of this amendment will not be effective until the Plan of Arrangement is completed.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt"><B>Approval of Grant of Replacement Options. </B>Subject to completion of the Plan of Arrangement,
        the grant of replacement options for 1,782,428 shares to holders of Zazu options pursuant to the Arrangement Agreement was approved,
        with 19,592,822 shares voting for (95.20% of shares voting), 885,372 voting against, 102,817 shares abstaining, and 11,679,314
        broker non-votes.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt"><B>Name Change to Solitario Zinc Corp. </B>Subject to completion of the Plan of Arrangement,
        the approval of an amendment to Solitario&#8217;s Articles of Incorporation to change the name of the corporation to &#8220;Solitario
        Zinc Corp.&#8221; was approved, with 29,784,552 shares voting for (98.06% of shares voting), 578,520 voting against, 13,331 shares
        abstaining, and 1,883,992 broker non-votes.</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt"><B>Advisory Vote on Executive Compensation.</B> The shareholders approved the following resolution
        with 19,739,858 shares voting for (95.91% of shares voting), 841,153 shares voting against, and 11,679,314 broker non-votes:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.5pt; text-align: justify; background-color: white"><B>&#8220;RESOLVED
        THAT</B>: Solitario shareholders approve the compensation of Solitario&#8217;s named executive officers, as disclosed in the Company&#8217;s
        proxy statement, dated May 23, 2017, pursuant to the compensation disclosure rules of the Securities and Exchange Commission set
        forth in Item 402 of Regulation S-K, including, but not limited to, the Compensation Discussion and Analysis, the compensation
        tables, and any related material disclosed in the proxy statement for the 2017 annual general meeting.&#8221;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in; background-color: white">7.
        <B>Appointment of Auditors.</B> The appointment of EKS&amp;H LLLC as Solitario&#8217;s auditors for fiscal year 2017 was ratified
        with 32,049,545 shares voting for (99.35% of shares voting), 35,296 shares voting against, 175,484 shares abstaining, and no broker
        non-votes.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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<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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt 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>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">First Amendment to the 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock and Incentive
Plan.</TD></TR></TABLE>

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<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: 0.25in">&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">June 29, 2017</P>

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    <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>
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    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><U>/s/&nbsp;James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FIRST
AMENDMENT</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2013
Solitario Exploration &amp; Royalty Corp.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Omnibus
Stock and Incentive Plan</B></FONT></P>

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

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">This First
Amendment (the &ldquo;First Amendment&rdquo;) to the 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock and Incentive
Plan (the &ldquo;Plan&rdquo;) is made effective as of [__________, 2017] (the &ldquo;Amendment Effective Date&rdquo;), by Solitario
Exploration &amp; Royalty Corp., a Colorado corporation (the &ldquo;Company&rdquo;), subject to approval by the Company&rsquo;s
stockholders.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><U>W I T N E S S E T H</U>:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">WHEREAS, the
Company established the Plan, originally effective as of April 22, 2013 and approved by the Company&rsquo;s stockholders on June
18, 2013, under which the Company is authorized to grant stock and incentive awards to certain employees and directors of the Company;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">WHEREAS, Section
19 of the Plan provides that the Company&rsquo;s board of directors (the &ldquo;Board&rdquo;) may amend the Plan from time to time,
subject to the limitations contained therein; and</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">WHEREAS, the
Board now desires to amend the Plan in the manner contemplated hereby, subject to approval by the Company&rsquo;s stockholders
at the Company&rsquo;s 2017 annual meeting, to (a) increase the number of shares of the common stock of the Company available for
award grants under the Plan by 4,000,000 shares and (b) make certain immaterial technical clarifications changes to the Plan.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
the Plan shall be amended as of the Amendment Effective Date, subject to approval by the Company&rsquo;s stockholders, as set forth
below:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first sentence in Section 3(a) of the Plan is hereby deleted and replaced in its entirety with the following:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0.5in 10pt; text-align: justify; text-indent: 0in">&ldquo;Subject
to adjustment as provided in Section 3(c), the aggregate number of Shares that may be issued under the Plan shall be 5,750,000.&rdquo;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following new sentences are hereby added to the end of Section 3(d) of the Plan:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0.5in 10pt; text-align: justify; text-indent: 0in">&ldquo;For
avoidance of doubt, the foregoing limitations of this Section 3(d) shall only apply to those Awards that are intended to comply
with the performance-based exception under Code Section 162(m). This Section 3(d) shall not be construed in any way to prohibit
the Committee, in its sole discretion and to the extent it determines it to be desirable, from granting one or more Awards under
the Plan from time to time that do not comply with the performance-based exception under Code Section 162(m).&rdquo;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth above, the Plan shall continue to read in its current state.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">IN WITNESS
WHEREOF, the Company has caused the execution of this First Amendment by its duly authorized officer, effective as of the Amendment
Effective Date.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2.5in"><FONT STYLE="text-transform: uppercase"><B>Solitario
Exploration &amp; Royalty Corp.</B></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2.5in">By: <U>&#9;</U></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2.5in">James Maronick</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2.5in">Chief Financial Officer and Corporate
Secretary</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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