UNITED
STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K/A

Amendment No. 1

(Mark One)X    Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended
December 31, 2012
or   Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period fromto
Commission file number 001-32978SOLITARIO EXPLORATION & ROYALTY CORP.
(Exact name of registrant as specified in charter)

| | Colorado
(State or other jurisdiction of incorporation or organization)              | 84-1285791
(I.R.S. Employer Identification No.
| | ------------------------------------------------------------------------------------ | ----------------------------------------------
| | 4251 Kipling St. Suite 390, Wheat Ridge, CO
(Address of principal executive offices) | 80033
(Zip Code)                              
| | Registrant's telephone number, including area code                                   | (303)  534-1030                               



Securities registered pursuant to Section
12(b) of the Act:

|Title of each class           | Name of exchange on which registered
|----------------------------- | ------------------------------------
|Common Stock, $0.01 par value | NYSE MKT                            



Securities registered pursuant to Section 12(g) of the Act:
None



Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.

YES [  ]   NO [X]

Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act.

YES [  ]   NO [X]

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.

YES [X]   NO [  ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).

YES [X]   NO [  ]

Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained to the best of registrant's knowledge
in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [X]



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.:



|Large accelerated filer [ ] | Accelerated filer [  ] | Non-accelerated Filer [  ]
(Do not check if a smaller 
    reporting company) | Smaller Reporting Company [X]
|--------------------------- | ---------------------- | ----------------------------------------------------------------------------- | -----------------------------



Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).

YES [  ] NO [X]



The aggregate market value of the voting and non-voting common
stock held by non-affiliates of the registrant as of the last business day of the registrant's most recently completed second fiscal
quarter, based upon the closing sale price of the registrant's common stock on June 30, 2012 as reported on NYSE MKT was approximately
$37,097,000.



There were 34,597,458 shares of common stock, $0.01 par value,
outstanding on February 28, 2013.



DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive Proxy Statement for the Registrant’s
Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on April 29, 2013 are incorporated by reference
into Part III, as specifically set forth in Part III.



1







EXPLANATORY NOTE

This Amendment No. 1 on Form 10-K/A (this “Amendment”)
to the Annual Report on Form 10-K of Solitario Exploration & Royalty Corp. (the “Company”) for the fiscal
year ended December 31, 2012, initially filed with the Securities and Exchange Commission (the “SEC”) on
March 8, 2013 (the “Original Filing”), is being filed to correct an administrative error in the Original Filing.
The Original Filing inadvertently (i) incorrectly set forth the name of the independent registered accounting firm, EKS&H LLLP,
listed in Item 23.1 of the Exhibit Index contained in Item 15 of Part IV and (ii) failed to include Exhibit 23.2, the consent of
SRK Consulting (U.S.) Inc.

This Amendment is being filed solely to (i) correct the name
of the independent registered accounting firm, EKS&H LLLP, in Item 23.1 of the Exhibit Index contained in Item 15 of Part IV
and (ii) file Exhibit 23.2 that was intended to be filed with the Original Filing.

In addition, pursuant to the rules of the SEC, the exhibit
list included in Item 15 of Part IV of the Original Filing has been amended to contain currently-dated certifications from
the Company’s Chief Executive Officer and Chief Financial Officer, as required by Section 302 of the Sarbanes-Oxley
Act of 2002. The certifications of the Company’s Chief Executive Officer and Chief Financial Officer are attached as exhibits
to this Amendment.

Except for the foregoing amended
information, this Amendment does not amend or update any other information contained in the Original Filing. Therefore, this Amendment
should be read together with other documents that the Company has filed with the SEC subsequent to the filing of the Original
Filing. Information in such reports and documents updates and supersedes certain information contained in the Original Filing.



2







Item 15. Exhibits, Financial Statement Schedules

INDEX TO EXHIBITS



|Description |                                                                                                                                                                                                                                                                                                   | 
|----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|3.1         | Amended and Restated Articles of Incorporation of Solitario Exploration & Royalty Corp., as Amended (incorporated by reference to Exhibit 3.1 to Solitario’s Form 10-Q filed on August 10, 2010)                                                                                                 
|            |                                                                                                                                                                                                                                                                                                  
|3.2         | Amended and Restated By-laws of Solitario Exploration & Royalty Corp. (incorporated by reference to Exhibit 3.2 to Solitario’s Form 10-Q filed on August 7, 2008)                                                                                                                                
|            |                                                                                                                                                                                                                                                                                                  
|4.1         | Form of Common Stock Certificate of Solitario Exploration & Royalty Corp. (incorporated by reference to Exhibit 4.1 to Solitario’s Form 10-Q filed on August 7, 2008)                                                                                                                            
|            |                                                                                                                                                                                                                                                                                                  
|4.2         | Form of Warrant Certificate of Solitario Exploration & Royalty Corp. (incorporated by reference to Exhibit 99.2 to Solitario’s Form 8-K filed on August 16, 2012)                                                                                                                                
|            |                                                                                                                                                                                                                                                                                                  
|10.1        | Facility Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.  (incorporated by reference to Exhibit 99.1 to Solitario’s Form 8-K filed on August 16, 2012)                                                                                                                        
|            |                                                                                                                                                                                                                                                                                                  
|10.2        | Security Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.  (incorporated by reference to Exhibit 99.3 to Solitario’s Form 8-K filed on August 16, 2012)                                                                                                                        
|            |                                                                                                                                                                                                                                                                                                  
|10.3        | Pledge Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.  (incorporated by reference to Exhibit 99.4 to Solitario’s Form 8-K filed on August 16, 2012)                                                                                                                          
|            |                                                                                                                                                                                                                                                                                                  
|10.4        | Side Agreement dated August 10, 2012 between Solitario, RMBAH, RMBR, DHI-US and Ely.  (incorporated by reference to Exhibit 99.5 to Solitario’s Form 8-K filed on August 16, 2012)                                                                                                               
|            |                                                                                                                                                                                                                                                                                                  
|10.5        | Net smelter royalty agreement for purchase of a 2.4% NSR Royalty by Sandstorm for $10 million by and among MH-LLC, Solitario and Sandstorm dated June 11, 2012. (incorporated by reference to Exhibit 99.1 to Solitario’s Form 8-K filed on June 13, 2012)                                       
|            |                                                                                                                                                                                                                                                                                                  
|10.6        | Subscription agreement between Solitario and Mr. Christopher E. Herald. (incorporated by reference to Exhibit 99.1 to Solitario’s Form 8-K filed on July 2, 2012)                                                                                                                                
|            |                                                                                                                                                                                                                                                                                                  
|10.7        | Subscription agreement between Solitario and Mr. James R. Maronick. (incorporated by reference to Exhibit 99.2 to Solitario’s Form 8-K filed on July 2, 2012)                                                                                                                                    
|            |                                                                                                                                                                                                                                                                                                  
|10.8        | Amendment of the Mt. Hamilton LLC Operating Agreement dated June 28, 2012 between Solitario and DHI Minerals (US), Ltd. (incorporated by reference to Exhibit 99.3 to Solitario’s Form 8-K filed on July 2, 2012)                                                                                
|            |                                                                                                                                                                                                                                                                                                  
|10.9        | Letter Agreement dated June 28, 2012 between Solitario and DHI Minerals (US), Ltd. (incorporated by reference to Exhibit 99.4 to Solitario’s Form 8-K filed on July 2, 2012)                                                                                                                     
|            |                                                                                                                                                                                                                                                                                                  
|10.10       | Purchase Agreement for a royalty buy-down by and among MH-LLC, Solitario Exploration & Royalty Corp. and Centennial, dated May 17, 2011 (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on May 18, 2011)                                                                
|            |                                                                                                                                                                                                                                                                                                  
|10.11       | Letter agreement between Solitario Exploration & Royalty Corp. and DHI-US with respect to the funding of the Purchase Price and related amendments to the MH-LLC Operating Agreement dated May 17, 2011 (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on May 18, 2011)
|            |                                                                                                                                                                                                                                                                                                  
|10.12       | Letter of intent between Solitario Exploration & Royalty Corp. and Ely Gold & Minerals Inc. regarding private placement and the Mt. Hamilton joint venture (incorporated by reference to Exhibit 99.1 to Solitario’s 8-K filed on September 1, 2010)                                             
|            |                                                                                                                                                                                                                                                                                                  
|10.13       | Limited Liability Company Operating Agreement of Mt. Hamilton LLC between Solitario Exploration & Royalty Corp. and DHI Minerals (U.S.) Ltd. dated December 22, 2010 (incorporated by reference to Exhibit 99.2 to Solitario’s 8-K filed on December 28, 2010)                                   



3







|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.14 | Limited Liability Company Contribution Agreement among Solitario Exploration & Royalty Corp., DHI Minerals (U.S.) Ltd. and Mt. Hamilton LLC dated December 22, 2010 (incorporated by reference to Exhibit 99.3 to Solitario’s 8-K filed on December 28, 2010)                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.15 | Solitario Resources Corporation 2006 Stock Option Incentive Plan (As Amended), an amendment of the Solitario Resources Corporation 2006 Stock Option Incentive Plan (incorporated by reference to Exhibit A to Solitario's Proxy Statement Pursuant to Section 14(a) filed on April 30, 2007)                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.16 | Alliance Agreement, dated January 18, 2005, between Solitario Resources Corporation and Newmont Overseas Exploration Limited (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on January 20, 2005)                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.17 | Stock Purchase Agreement, dated January 18, 2005, between Solitario Resources Corporation and Newmont Mining Corporation of Canada Limited (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on January 20, 2005)                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.18 | Amended and Restated Royalty Grant, dated January 18, 2005, between Solitario Resources Corporation and Minera Los Tapados S.A. (incorporated by reference to Exhibit 99.3 to Solitario's Form 8-K filed on January 20, 2005)                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.19 | Change in Control Severance Benefits Agreement between Solitario Resources Corporation and Christopher E. Herald, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on March 14, 2007)                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.20 | Change in Control Severance Benefits Agreement between Solitario Resources Corporation and James R. Maronick, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.2 to Solitario's Form 8-K filed on March 14, 2007)                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.21 | Change in Control Severance Benefits Agreement between Solitario Resources Corporation and Walter W. Hunt, dated as of March 14, 2007 (incorporated by reference to Exhibit 99.3 to Solitario's Form 8-K filed on March 14, 2007)                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.22 | Framework Agreement for the Exploration and Development of Potential Mining Properties, related to Solitario's 100% owned Bongará project in Peru between Minera Bongará S.A., Minera Solitario Peru S.A.C, Solitario Resources Corporation, and Votorantim Metais – Cajamarquilla S.A dated March 24, 2007 (incorporated by reference to Exhibit 10.2 to Solitario's Form 8-K filed on October 4, 2007)
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|10.23 | Shareholders Agreement relating to the Pedra Branca Project in Brazil, between Anglo Platinum Brasil, S.A. and Altoro Mineracao, LTDA and Pedra Branca do Brasil Mineração S.A. and Rustenburg Platinum Mines Limited and Solitario Resources Corporation dated April 24, 2007 (incorporated by reference to Exhibit 10.1 to Solitario's Form 8-K filed on October 4, 2007)                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|14.1  | Code of Ethics for the Chief Executive Officer and Senior Financial Officer (incorporated by reference to Exhibit 99.1 to Solitario's Form 8-K filed on July 18, 2006)                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|21.1  | Subsidiaries of Solitario Exploration & Royalty Corp.                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|23.1  | Consent of EKS&H LLLP                                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|23.2* | Consent of SRK Consulting (U.S.) Inc.                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|24.1  | Power of Attorney                                                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                         
|31.1* | Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                  



4







|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|31.2* | Certification of Chief Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|32.1* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|101   | The following financial statements, formatted in XBRL: (i) Consolidated Balance Sheets as of December 31, 2012 and 2011; (ii) Consolidated Statements of Operations for the years ended December 31, 2012 and 2011; (iii) Consolidated Statements of Shareholders’ Equity and Comprehensive Loss for the years ended December 31, 2012 and 2011; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2012 and 2011; and (v) Notes to the Consolidated Financial Statements, with detailed tagging.  In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by the specific reference in such filing.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

* Filed herewith



5







SIGNATURES



Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.



|SOLITARIO EXPLORATION & ROYALTY CORP.
|-------------------------------------
|                                     
|By:                                  
|                                     
|                                     
|Date:                                
|                                     





Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.





|Signature                                              |                                                                     | Title                                      | Date        
|------------------------------------------------------ | ------------------------------------------------------------------- | ------------------------------------------ | ------------
|                                                       |                                                                     |                                            |             
|/s/                                                    |                                                                     |                                            |             
|Christopher E. Herald,
        Chief Executive Officer |                                                                     | Principal Executive Officer and  Director  | May 21, 2013
|                                                       |                                                                     |                                            |             
|/s/                                                    |                                                                     |                                            |             
|James R. Maronick, 
Chief Financial Officer            |                                                                     | Principal Financial and Accounting Officer | May 21, 2013
|                                                       | |
   |
   |
   |
   |
   |
   |
   |
   |
   |
   |
   |
   |
   || |                                            |             
|/s/                                                    |                                                                     |                                           
|Mark E. Jones, III **                                  |                                                                     |                                           
|                                                       | A majority of                                                       |                                           
|/s/                                                    | the Board of                                                        | May 21, 2013                              
|Brian Labadie **                                       | Directors                                                           |                                           
|                                                       |                                                                     |                                           
|/s/                                                    |                                                                     |                                           
|Leonard Harris **                                      |                                                                     |                                           
|                                                       |                                                                     |                                           
|/s/                                                    |                                                                     |                                           
|John Hainey  **                                        |                                                                     |                                           
|                                                       |                                                                     |                                           



**By James R. Maronick, attorney-in-fact
pursuant to power of attorney granted in theOriginal Filing.