Document:

Exhibit 10.2 

June 10, 2015

Soltario Exploration & Royalty Corp.

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 80033

 

Ladies and Gentlemen:

1.                                          
Reference is made to a letter agreement dated May 6, 2015 (the "Letter Agreement") between Waterton Precious
Metals Fund II Cayman, LP (the "Lender"), Ely Gold and Minerals Inc. ("Ely Gold") and Solitario
Exploration and Royalty Corp. (the "Borrower") providing for the proposed acquisition (the "Proposed Transaction")
by the Lender or one of its affiliated or associated entities of all of the Borrower's and Ely Gold's and their respective affiliated
and associated entities' (together with the Lender and its affiliated and associated entities, the "Parties")
rights, title and interest in and to the membership interests in Mt. Hamilton LLC, a Nevada limited liability company ("MHLLC")
and the owner of the Mt. Hamilton Project in White Pine County, Nevada. This Commitment Letter is being provided to the Borrower
pursuant to Section 1.6 of the Letter Agreement. 

2.                                          
The Lender, acting alone or through or with its affiliated or associated entities, is pleased to advise the Borrower of
its commitment to make available to the Borrower a senior secured loan (the "Loan") substantially upon the terms
and conditions of the Summary of Terms and Conditions attached hereto as Exhibit A (the "Term Sheet"). Notwithstanding
anything to the contrary in this Letter Agreement, if the Proposed Transaction does not close by July 1, 2015 (the "Commitment
Date"), the Loan will only be made available to the Borrower in accordance with the following:

		(a)	where the Parties have ceased actively negotiating the terms of, and are not actively implementing,
the Proposed Transaction as of the Commitment Date, the Borrower may initiate the definitive credit documentation with respect
to the Loan by delivering notice to the Lender on the Commitment Date of its intention to enter into the Loan; or

		(b)	where the Parties are actively negotiating the terms of, or actively implementing, the Proposed
Transaction on the Commitment Date, the Borrower may initiate the definitive credit documentation with respect to the Loan by delivering
notice to the Lender on any day during the period commencing on the Commitment Date and ending on August 21, 2015.

3.                                          
The Lender's agreement to provide the Loan is subject to (a) the Lender not becoming aware after the date hereof of
any information or other matter that was not disclosed to the Lender and that affects the Borrower to an extent that in the Lender's
judgement, acting reasonably, is inconsistent in a material and adverse manner with any such information or other matter disclosed
to the Lender prior to the date hereof; (b) the negotiation, execution and delivery of definitive credit documentation with respect
to the Loan satisfactory to the Borrower and the Lender, acting reasonably; and (c) the other conditions set forth or referred
to in the Term Sheet.

4.                                          
The Borrower agrees: (a) to indemnify and hold harmless the Lender, and its affiliated and associated entities and each
of their partners, principals, directors, officers, managers, employees, agents, advisors and shareholders (each, an "indemnified
person") from and against any and all losses, claims, damages and liabilities to which any such indemnified person may
become subject arising out of or in connection with any claim brought by a person other than an indemnified person in connection
with this Commitment Letter, the Loan, the use of the proceeds thereof, or any claim, litigation, investigation or proceeding
relating to any of the foregoing, regardless of whether any indemnified person is a party thereto, and to reimburse each indemnified
person upon demand for any legal or other expenses incurred in connection with investigating or defending any of the foregoing,
provided that the foregoing indemnity will not, as to an indemnified person, apply to losses, claims, damages, liabilities or
related expenses to the extent (i) they are

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found by a final, non-appealable judgement
of a court to arise directly from the willful misconduct, bad faith or gross negligence of such indemnified person; or (ii) they
relate to disputes amongst indemnified persons; and (b) to reimburse the Lender and its affiliated and associated entities on demand
for all of the Lender's expenses (including, without limitation, due diligence expenses, reasonable travel expenses and fees, and
reasonable charges and disbursements of external counsel) incurred from and after the Commitment Date in connection with the arrangement
of the Loan (but, for greater certainty, excluding the Proposed Transaction) and any related documentation (including, without
limitation, this Commitment Letter, the Term Sheet, and the definitive credit documentation) up to a maximum aggregate amount equal
to US$100,000. No indemnified person shall be liable for any damages arising from the use by unauthorized persons of information
or other materials sent through electronic, telecommunications or other information transmission systems that are intercepted by
such unauthorized persons unless same results from the gross negligence, bad faith or wilful misconduct of such indemnified person.
This Commitment Letter is issued for the benefit of the Borrower only and no other person or entity may rely hereon. Neither the
Lender nor any other indemnified person (or any of their respective affiliated and associated entities and each of their partners,
principals, directors, officers, managers, employees, agents, advisors and shareholders) shall be responsible or liable to the
Borrower or any other person or entity for (x) any determination made by it pursuant to this Commitment Letter in the absence of
gross negligence, bad faith or willful misconduct or breach of agreement on the part of such person or entity (to the extent finally
determined by a court of competent jurisdiction in a final and non-appealable judgment), or (y) any indirect, special, punitive
or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) which may be alleged
as a result of this Commitment Letter or the Loan. The provisions contained in this paragraph shall remain in full force and effect
notwithstanding the termination of this Commitment Letter or the commitments hereunder, but shall be superseded by the definitive
credit documentation upon the execution thereof.

5.                                          
This Commitment Letter shall not be assignable by the Borrower without the prior written consent of the Lender (and any
purported assignment without such consent shall be null and void). This Commitment Letter is intended to be solely for the benefit
of the Borrower and is not intended to confer any benefits upon, or create any rights in favour of, any person other than the parties
hereto and the indemnified persons. This Commitment Letter may not be amended nor waived except by an instrument in writing signed
by the Borrower and the Lender. This Commitment Letter may be executed in any number of counterparts, each of which shall be an
original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this
Commitment Letter by facsimile or electronic transmission (including pdf) shall be effective as delivery of a manually executed
counterpart hereof. This Commitment Letter constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral with respect
to the subject matter hereof (including, for greater certainty, the Letter Agreement). This Commitment Letter shall be governed
by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein.

6.                                          
The Lender's commitments hereunder will terminate upon the first to occur of (a) a material breach of the Borrower of this
Commitment Letter, (b) in the circumstances described in paragraph 2(a), on July 2, 2015, if the Borrower has not provided the
Lender with the notice referred to in paragraph 2(a) on the Commitment Date, (c) in the circumstances described in paragraph 2(b),
on August 22, 2015, if the Borrower has not provided the Lender with the notice referred to in paragraph 2(b) during the period
commencing on the Commitment Date and ending on August 21, 2015, (d) the failure to satisfy a condition under this Commitment Letter
or the Term Sheet.

7.                                           If
the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms hereof and of the Term Sheet
by returning to the Lender an executed counterpart hereof, not later than 5:00 p.m. Toronto time, on June 11, 2015. The
Lender's offer expressed herein will expire at such time in the event the Lender has not received such executed counterpart
in accordance with the immediately preceding sentence.

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Yours very truly,

WATERTON PRECIOUS METALS
FUND II CAYMAN, LP, by its general partner, WATERTON GLOBAL RESOURCE MANAGEMENT, LP, by its general partner, WATERTON GLOBAL RESOURCE
MANAGEMENT CAYMAN CORP.

	Per:	/s/
    Cheryl Brandon
	 	Authorized Signatory

    	 

    	 

    

Accepted and agreed on this 10th
day of June, 2015.

SOLITARIO EXPLORATION AND
ROYALTY CORP.

	Per:	/s/
    Christopher E. Herald
	 	
        Authorized Signatory

         

         

 

 

 

 

    	 

    	 

    

Exhibit
A

Summary
OF Terms And Conditions for a Loan to

be Made Available by the Lender to the Borrower (the "Loan") 

THIS SUMMARY OF TERMS AND CONDITIONS
(THE "TERM SHEET") IS INTENDED AS AN OUTLINE ONLY AND DOES NOT PURPORT TO SUMMARIZE OR CONTAIN ALL THE PROVISIONS WHICH
WOULD BE CONTAINED IN THE DEFINITIVE DOCUMENTATION FOR THE LOAN TO BE MADE AVAILABLE BY THE LENDER TO THE BORROWER. THIS TERM SHEET
IS SUBJECT TO ALL OF THE CONDITIONS SET FORTH IN THE COMMITMENT LETTER TO WHICH THIS TERM SHEET IS ATTACHED AND FORMS PART THEREOF.
THIS TERM SHEET IS FOR THE CONFIDENTIAL USE OF THE BORROWER AND ITS ADVISORS, AND IS NOT TO BE DISCLOSED TO ANY OTHER THIRD PARTY
OTHER THAN WITH THE PRIOR WRITTEN CONSENT OF THE LENDER. 

 

	Borrower:	 	Solitario Exploration and Royalty Corp. (the "Borrower").
	Guarantors:	 	None.
	Lender:	 	Waterton Precious Metals Fund II Cayman, LP, acting alone or through or with its affiliated or associated entities.
	Loan amount:	 	An amount up to the amount owing by the Borrower as of the closing date of the Loan under that certain facility agreement dated August 10, 2012 (the "RMB Facility Agreement") by and between the Borrower, as borrower, RMB Australia Holdings Ltd., as financier, and RMB Resources Inc., as agent (the "Loan Amount").
	Use of Proceeds:	 	To repay the amount owing by the Borrower under the RMB Facility Agreement.
	Closing Date:	 	As soon as practicable following the negotiation and settlement of the definitive credit documentation with respect to the Loan (the "Closing Date").  
	drawdown schedule:	 	The Loan Amount will be drawn in one tranche on the Closing Date.
	Maturity:	 	6 calendar months from the Closing Date (the "Maturity Date").
	Interest:	 	8% per annum.  Interest shall be payable monthly in arrears on the last business day of each calendar month.
	Structuring Fee:	 	2% of the Loan Amount, payable in cash on the Closing Date.

 

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	Prepayment:	 	
        The Borrower may voluntarily prepay
        all but not less than all of the Loan Amount, together with all accrued and unpaid interest and other amounts due in respect of
        the Loan Amount. The Borrower shall prepay all of the Loan Amount, together with all accrued and unpaid interest and other amounts
        due in respect of the Loan Amount upon the closing of the proposed acquisition by the Lender or one of its affiliated or associated
        entities of all of the Borrower's and Ely Gold & Minerals Inc.'s and their respective affiliated and associated entities' rights,
        title and interest in and to the membership interests in Mt. Hamilton LLC, a Nevada limited liability company and the owner of
        the Mt. Hamilton Project in White Pine County, Nevada (the "Proposed Transaction").

         

        If upon the voluntary or mandatory prepayment
        of the Loan Amount: (a) the Proposed Transaction has not closed, the Borrower will pay to the Lender all interest that would otherwise
        have become due and payable to the Lender had the Loan Amount remained outstanding until the Maturity Date, [NTD: Obligation
        to pay unpaid interest may have usury law implications.]or (b) the Proposed Transaction has closed, the Borrower will pay
        to the Lender all interest accruing to the date of prepayment.

	Security:	 	The Loan Amount, together with all accrued and unpaid interest and other amounts due in respect of the Loan Amount, will be a senior secured obligation of the Borrower.  The Lender will enjoy the benefit of a first priority perfected security interest (subject only to permitted liens) in substantially the same assets of the Borrower that were made available as security in the August 10, 2012 facility agreement referenced in Section 1.6 of the Letter Agreement (for greater clarity, not including the 15,732,274 shares of common stock of Ely Gold owned by Solitario and agreed by Solitario to be transferred to Ely Gold). The security will be released following repayment in full of the Loan and other amounts owed by the Borrower to the Lender in connection therewith.  
	Credit Agreement, Security and Other Documents:	 	The Loan will be established upon negotiation and completion of a credit agreement (the "Credit Agreement"), security agreements, guarantees, inter-creditor agreements and related documentation, including, without limitation, any other agreements and legal opinions and filings as the Lender's counsel may reasonably require for transactions of this nature.
	Conditions Precedent:	 	
        Conditions precedent shall be of a nature
        customary for this type of transaction and shall include, but not be limited to, the following:

        (a) arrangements satisfactory to the
        Lender for the repayment of amounts outstanding under and the termination of the RMB Facility Agreement;

        (b) no material adverse change;

        (c) completion of all loan documents,
        including, without limitation, the Credit Agreement, security agreements, guarantees, inter-creditor agreements, filings and legal
        opinions in form and substance satisfactory to the Lenders acting reasonably; and

        (d) payment of required fees and expenses.

	Representations, Warranties, Covenants and Events of Default:	 	The documentation shall include representations and warranties, covenants and events of default customary for loans of this nature, which shall include but not be limited to the following (in form and substance satisfactory to the Lender):

 

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        (a) representations and warranties from
        the Borrower with respect to financial condition, absence of a material adverse change, existence and compliance with law, power,
        authorization, binding obligations, no legal bar, no material litigation, ownership of property, liens, intellectual property,
        taxes, subsidiaries, insurance, solvency, use of proceeds and environmental compliance;

        (b) affirmative and negative covenants
        for the Borrower which shall include conduct of business, maintenance of property, maintaining necessary permits and authorizations,
        prohibition on non-ordinary course sales of assets, maintenance of insurance, compliance with law, quarterly financial reporting,
        limitation on indebtedness, liens, investments and capital expenditures, distributions transactions with affiliates, lines of business,
        limitations on fundamental changes; and

        (c) events of default relating to the
        Borrower (which shall include: failure to pay principal or interest, breach of covenant or representation, cross default to other
        indebtedness, bankruptcy, failure to pay judgments), change of control of the Borrower, invalidity of any loan document, security
        document or any other agreement benefitting the Lender.

	Expenses:	 	All reasonable legal, consulting and out-of-pocket fees/expenses incurred by the Lender in connection with the preparation and administration of the Loan from and after the Commitment Date (but, for greater certainty, excluding the Proposed Transaction) are for the account of the Borrower up to a maximum aggregate amount equal to US$100,000.  All expenses relating to the enforcement of the Loan are for the account of the Borrower.
	Assignment:	 	Lender may assign or transfer the entirety of its rights and obligations to another party without Borrower's consent.
	Governing Law:	 	The laws of the Province of Ontario.Exhibit 10.3

 

June 10, 2015

Via Email

 

Solitario Exploration & Royalty Corp.

4251 Kipling Street, Suite 390

Wheat Ridge, CO 80033

 

Attention:Mr. Chris Herald, CEO

 

Dear Chris:

Re:Mt. Hamilton
LLC (“MHLLC”) - Operating Agreement - Consent and Waiver

 

Solitario Exploration
& Royalty Corp. (“Solitario”) has requested that Ely Gold & Minerals Inc. (“Ely Gold”)
and its wholly-owned subsidiary, DHI Minerals (U.S.) Ltd. (“DHI US”) provide Solitario with written consent
(the “Consent”) of DHI US required by section 8.2(b)(i) of the Limited Liability Company Operating Agreement
of Mt. Hamilton LLC (as amended, the “MHLLC Agreement”) (“MHLLC”) to permit Solitario to
encumber its membership interest in MHLLC (the “Solitario Membership Interest”) as security (in any case, the
“Solitario Security”) for one or more third party loans (in each case, the “Replacement Loan”)
as needed by Solitario to satisfy any debt obligation (including the debt (the “RMB Debt”) to RMB Australia
Holdings Limited (“RMB”) and accrued and unpaid interest to the date of advance of the Replacement Loan) at
or before or after maturity of that debt obligation and for greater certainty, a Replacement Loan shall also include an extension
of the RMB Debt. DHI US’ consent for the RMB Debt was granted through the execution of the MHLLC OA Side Agreement, dated
August 10, 2012, between Solitario, Ely Gold, DHI US and RMB (the “RMB Side Agreement”). The Consent shall be
in form and substance acceptable to the lenders of the Replacement Loan, provided that it shall be in accordance with the provisions
of this Agreement.

Ely Gold hereby agrees
to cause DHI US to provide the Consent to Solitario, and DHI US hereby agrees to provide the Consent to Solitario as requested
for any Replacement Loan, on the Closing Date (hereinafter defined), on the following terms and conditions and subject to performance
of the following covenants and agreements by Solitario:

		1.	No assets of MHLLC shall be pledged as, or otherwise constitute, security
for the Replacement Loan, or otherwise be encumbered in any manner whatsoever by any act or

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omission of Solitario,
and for greater certainty, no security interest will be granted in any personal property or other assets of MHLLC, either before
or after Closing.

		2.	DHI US’ 20% membership interest in MHLLC shall not be pledged as,
or otherwise constitute, security for the Replacement Loan, or otherwise be encumbered in any manner whatsoever by any act or omission
of Solitario, either before or after Closing.

		3.	The documentation (the “Replacement Loan Documents”)
for the Replacement Loan shall include enforceable covenants, including all rights and covenants afforded DHI US in the RMB Side
Agreement, (the “Lender Covenants”) on the part of the person (the “Lender”) making the Replacement
Loan, in favour of and in form and substance acceptable to DHI US, acting reasonably, to the effect that:

(a)the
Lender and any person claiming an interest in the Solitario Membership Interest by, under or through the Lender, upon exercise
of any remedy of the Lender in respect of the Replacement Loan or otherwise, will upon acquiring any interest whatsoever in the
Solitario Membership Interest, be bound by and comply strictly with the terms of the MHLLC Agreement; and without limiting the
generality of the foregoing, if the Lender acquires the Solitario Membership Interest pursuant to realization on any Solitario
Security, the Lender will thereafter have the rights and obligations of Solitario under the MHLLC Agreement as successor to Solitario
and, accordingly, any subsequent Transfer (as that term is defined in the MHLLC Agreement) by the Lender of the Solitario Membership
Interest will be subject to the rights of DHI US set out in section 8.4 of the MHLLC Agreement;

(b)no
amendment to the terms of the Replacement Loan will be made and no action will be taken which has the effect of increasing the
principal amount secured by any Solitario Security to an amount more than the amount required to pay any existing secured loan
including the RMB Debt at the time of funding of the Replacement Loan; and

(c)
nothing in this Agreement or the Replacement Loan Documents, and no act by or on behalf of DHI US or Ely Gold in
connection with the preparation of this Agreement or the Replacement Loan Documents, will be construed as either:

(i)an
approval by DHI US or Ely Gold of any provision of any Solitario Security or any other Replacement Loan Documents, other than
as provided for herein; or

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(ii)a
waiver of any right of DHI US or Ely Gold at law or in equity.

		4.	On the Closing Date (as defined below in Section 5), Ely Gold and DHI US
shall deliver the Consent, and as consideration for the Consent and for other valuable consideration, including the other covenants
and agreements of Ely Gold and DHI US set forth herein, the receipt and sufficiency of such consideration being hereby acknowledged
by Solitario, Solitario will sell, transfer and assign to Ely Gold a 100% legal and beneficial right, title and ownership interest
in and to 15,732,274 common shares in the capital of Ely Gold (the “Shares”), free and clear of all liens, charges,
encumbrances and third party claims whatsoever, and will deliver to Ely Gold:

		(a)	certificates (each a “Certificate”) representing the
Shares;

		(b)	in respect of each Certificate, a stock power of attorney (each a “Stock
Power”) in form acceptable to Ely Gold’s Registrar and Transfer Agent (the “Transfer Agent”)
as required to permit the transfer of the Shares to Ely Gold and the registration of the Shares in the name of Ely Gold on Ely
Gold’s Central Securities Register (or to permit the return of the Shares to Ely Gold’s treasury), in each case duly
signed by a duly authorized signatory of Solitario (in each case the “Solitario Signatory”), whose signature
is “medallion guaranteed” by a member of an acceptable Medallion Signature Guarantee Program (e.g. STAMP, SEMP, MSP)
(an “Acceptable Guarantor”) which must affix a stamp bearing the actual words “Medallion Guaranteed”
on such Stock Power;

		(c)	a certified copy of resolutions (the “Certified Resolutions”)
of the directors of Solitario in form acceptable to the Transfer Agent and signed by the Solitario Signatory, whose signature is
“medallion guaranteed” by an Acceptable Guarantor, which must affix a stamp bearing the actual words “Medallion
Guaranteed” on such certified copy, authorizing the Solitario Signatory to execute the Stock Power(s) on behalf of Solitario
and to transfer title to the Shares to Ely Gold; and

		(d)	a certified copy of one or more Replacement Loan Documents evidencing the
Lender Covenants to the satisfaction of Ely Gold and DHI US, acting reasonably.

		5.	The Closing Date will be the later of:

		(a)	the third business day after Ely Gold receives written notice (an “Acceptance
Notice”) from the TSX Venture Exchange accepting this letter agreement (this “Agreement”) or

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consenting to completion
of the transactions contemplated by this Agreement (“Closing”), as the case may be; and

		(b)	that day which is the earliest of:

(i)October
1, 2015; or

(ii)that
day, if any, on which DHI US and Solitario sell all of their membership interests in Mt. Hamilton LLC.

		6.	Closing will take place at the office of Ely Gold’s Solicitors, Suite
1300 – 1111 West Georgia Street, Vancouver, British Columbia, V6E 4M3 commencing at 10:00 a.m. (local Vancouver time) on
the Closing Date unless the parties agree in writing to exchange documents by courier and email. Regardless of the procedure chosen
for Closing, subject to the performance by the parties of their respective obligations hereunder, the effective time of Closing
will be and be deemed for all purposes to be 12:01 a.m. (local time in New York, New York) on the Closing Date. For greater certainty,
Solitario acknowledges and agrees that all of Ely Gold’s obligations hereunder, including without limitation its obligation
to provide the Consent, are subject to receipt of an Acceptance Notice.

7.Solitario and
Ely Gold covenant and agree that immediately following Closing:

		(a)	The Solitario Membership Interest will constitute an 80% membership interest
in MHLLC, subject to no lien, charge or encumbrance in favour of DHI US or Ely Gold.

		(b)	The remaining 20% membership interest in MHLLC (the “Ely Gold Membership
Interest”) will be legally and beneficially owned by DHI US subject to no lien, charge or encumbrance in favour of Solitario.

		(c)	DHI US will and will be deemed for all purposes to have waived any and all
obligations of Solitario under the MHLLC Agreement to separately fund any bonding or to buy down any royalty. For further clarification,
any and all Continuing Payment Obligations (as that term is defined in the MHLLC Agreement) shall be deemed paid in full.

		(d)	In the event that Closing occurs on the date of a sale by DHI US and Solitario
of all of their membership interests in Mt. Hamilton LLC, as contemplated by paragraph 5(b)(ii) above, Ely Gold will cause DHI
US to pay Solitario all funds loaned by Solitario to DHI US (plus accrued interest thereon) pursuant to Section 3.2(c)(v) of the
MHLLC

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Agreement (the “Solitario
Loans”) up to a maximum of $200,000, in full satisfaction of the Solitario Loans.

General

Capitalized words and
phrases used herein and not defined herein shall have the meanings assigned to them in the MHLLC Agreement.

The sale, transfer and
assignment of the Shares will be recorded by Ely Gold and Solitario at the deemed price of US $10.00 in the aggregate.

Except as amended hereby,
after Closing the MHLLC Agreement will continue in full force and effect, unamended, unless terminated by separate written agreement.

Any notice or
other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted
by fax or by e-mail or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed
as follows:

(a)if to Ely
Gold and/or DHI US:

c/o Ely Gold & Minerals Inc.

459 - 409 Granville Street

Vancouver, BC V6C 1T2

Attention:Trey Wasser, President
& CEO

E-mail:trey@elygoldandminerals.com

(b)if to Solitario:

 

Solitario Exploration & Royalty
Corp.

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 80033

Attention:Chris Herald, CEO

E-mail:cherald@aol.com

 

Time shall be of the
essence of this Agreement.

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No amendment or waiver
of any provision of this Agreement shall be binding on a party unless consented to in writing by such party. No waiver of any provision
of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute
a continuing waiver unless otherwise expressly provided.

The parties shall consult
with each other before issuing any press release or making any other public announcement with respect to this Agreement or the
transactions contemplated hereby and, except as required by applicable Law, the parties shall not issue any such press release
or make any such public announcement without the prior written consent of the other, which consent shall not be unreasonably withheld
or delayed.

This Agreement and the
MHLLC Agreement (as amended hereby) constitute the entire agreement between the parties with respect to the subject matter hereof
and thereof, and supersede all prior agreements, understandings, negotiations and discussions, whether written or oral, among Solitario,
DHI US and Ely Gold.

There are no conditions,
covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise,
relating to the subject matter hereof except as provided herein or therein.

This Agreement shall
be construed, interpreted and enforced in accordance with, and the respective rights and obligations of the parties shall be governed
by, the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein.

Each of the parties
irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia
over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might otherwise be
entitled to assert to the jurisdiction of such courts, and (iii) agrees not to assert that such courts are not a convenient forum
for the determination of any such action or proceeding.

This Agreement and all
documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number of
counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall together
constitute one and the same original document. This Agreement may be executed and delivered by facsimile or other form of electronic
transmission (such as email or .pdf) and such signature shall have the same legal effect as a manual signature.

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If the above terms and conditions
accurately reflect your understanding of our discussions, please acknowledge and confirm your agreement with same by signing a
copy of this Agreement in the space provided below and returning the same to the undersigned by email at your convenience.

Sincerely,

	
        ELY GOLD & MINERALS INC.

        Per:

         

        /s/ Trey Wasser

         

        Trey Wasser, President & CEO
	
        DHI MINERALS (U.S.) LTD.

        Per:

         

        /s/ Trey Wasser

         

        Trey Wasser, Secretary/Treasurer

 

 

Solitario Exploration &
Royalty Corp. hereby confirms its agreement with foregoing terms and conditions as of the  10 day of June, 2015

 

SOLITARIO EXPLORATION & ROYALTY CORP.

Per:

 

 

/s/ Chris Herald

Chris Herald, CEO

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