May 23, 2013Amendment to Shell Leases • May 24th, 2013 • Solitario Exploration & Royalty Corp. • Gold and silver ores
This letter (the “Letter Agreement”) will confirm certain agreements between Solitario Exploration & Royalty Corp. (“Solitario”) and DHI Minerals (U.S.) Ltd. (“DHI US”), as the members of Mt. Hamilton LLC, a Colorado limited liability company (“MH LLC”), concerning the execution and delivery by MH LLC of Third Amendments to each of the mining leases described in paragraphs 1 and 2 below (the “Leases”), and how certain payments and deliveries of stock to the lessors under the Leases will be treated under the December 22, 2010 Limited Liability Operating Agreement of MH LLC (as amended, the “Operating Agreement”). For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Solitario and DHI US acknowledge and agree as follows:
