May 17, 2011Royalty Buy-Down Agreement • May 18th, 2011 • 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 buy-down by MH LLC of a portion of the production royalty payable under the Mt. Hamilton Lease (as defined in paragraph 1 below) and related amendments to the December 22, 2010 Limited Liability Operating Agreement of MH LLC (the “Operating Agreement”). For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Solitario and DHI US agree as follows:
