Document:

Exhibit 10.3

677 Washington Boulevard

Stamford, CT 06901

Phone: (203) 719-3000

For confirmation queries contact

Timothy Clary (203) 719 4180

Steven Chan (203) 719 4524

CONFIRMATION

Solitario Resources Corporation

Dear Solitario Resources Corporation,

We have acted as agent for you and for UBS AG, London Branch, in connection with the transaction(s) set forth in the underlying confirmations enclosed herewith. We have charged UBS AG, London Branch, a commission for our services. Details of the amount of such commission will be furnished to you upon your written request.

Please check the underlying confirmations carefully and immediately upon receipt so that errors and discrepancies can be promptly identified and rectified. If the enclosed confirmations correctly set forth the terms of the transaction(s), please execute each confirmation and promptly return by facsimile.

Please return to Fax no. (203) 719-0274.

Attn. Confirmations

 

***Please return entire confirmation***

If there are any errors or discrepancies, these should be communicated immediately to us and in any event no later than three business days after receipt of this letter.

Very Truly Yours,

UBS Securities LLC

	
/s/William Boss
	
/s/James Poucher

	
William Boss

	
James Poucher

 

	 	
UBS AG, LONDON BRANCH

	 	
100 Liverpool Street

	 	
London EC2M 2RH

	 	
Documentation: Tel: +44 207 568 0673

	 	
Fax: +44 207 568 9895/ 9896

 

Date:                                                17 October 2007
To:                                                  Solitario Resources Corporation ("Party B")

                                        4251 Kipling Street Suite 390

                                        Wheat Ridge, CO 80033
From:                                             UBS AG London Branch ("Party A"),

as Transacting Branch

Re:                                                  Single Pay Collar Confirmation

UBS Reference Number 1410057/8

The purpose of this writing (the "Confirmation") is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the "Transaction").

This Confirmation constitutes a "Confirmation" under, and supplements, forms part of, and is subject to, the Master Agreement for Equity Options (dated as of the date specified below), as may be amended and supplemented from time to time, between you and UBS AG (the "Master Agreement").  All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below.  This Confirmation is further subject to the Pledge and Security (dated as of the date specified below) among you, the Collars Office (as defined in the Pledge Agreement), UBS AG London Branch, and certain others (the "Pledge Agreement"). Capitalized terms used but not defined herein shall have the meanings they are given in the Master Agreement or the Pledge Agreement, as the context requires, if defined therein.

	
Master Agreement Date:
	
05 October 2007

	
Pledge Agreement Date:
	
05 October 2007

	
Trade Date:
	
12 October 2007

	 	 
	
General Terms
	 
	
Underlying Shares:
	
Common Stock of Kinross Gold Corporation (Ticker: KGC)

	
Number of Underlying Shares:
	
400,000.00

	
Upper Threshold Price:
	
USD 21.7710

	
Lower Threshold Price:
	
USD 13.8099

	
Premium:
	
Zero

	
Premium Payment Date:
	
Not Applicable

	
Exercise Style:
	
European

	
Exchange:
	
The primary national securities market or automated quotation system on which the Underlying Shares are admitted for trading or quoted.

	
Related Exchange:
	
The primary on which options or futures on the Shares are traded.

	
Expiration Date:
	
14 April 2009, or, if that day is not an Exchange Business Day, the first following day that is an Exchange Business Day.

	
Expiration Time:
	
At the close of trading on the Exchange (without regard to any extended or after-hours trading sessions)

	
Automatic Exercise:
	
Applicable

	
Valuation Date:
	
The Expiration Date

	
Valuation Time:
	
The Expiration Time

	
Calculation Agent:
	
Party A, whose calculations shall be binding absent manifest error.

	
Clearance System:
	
The Depository Trust Company, or any successor to or transferee of such clearance system.

	
Settlement Terms
	 
	
Settlement:
	
The Transaction will be Cash Settled; provided, however, that Party B may elect to require that the Transaction be Physically Settled, rather than Cash Settled, by giving notice to Party A no later than ten Exchange Business Days prior to the Expiration Date.

	
Physical Settlement:
	
If the Transaction is to be Physically Settled, on the Settlement Date, payment and delivery shall be made through the Clearance System, as specified in the Master Agreement. 

	
Settlement Date:
	
Three Exchange Business Days after the Valuation Date.

	
Cash Settlement:
	
If Cash Settlement is applicable, then on the Settlement Date:

(i)     if the Reference Price is less than the Lower Threshold Price, the Cash Settlement Amount shall be payable by Party A to Party B;

(ii)     if the Reference Price is greater than the Upper Threshold Price, the Cash Settlement Amount shall be payable by Party B to Party A; and

(iii)     if the Reference Price is (a) equal to or greater than the Lower Threshold Price and (b) equal to or less than the Upper Threshold Price, then no Cash Settlement Amount shall be payable by either party.

	
Reference Price:
	
(i) The average of the VWAP Prices on each averaging date as determined by the Calculation Agent.

	
VWAP Price:
	
Mean, for any day, the volume-weighted average per share price of Common Stock as listed on Bloomberg Page AQR for the hours 9:30 a.m. to 4:00 p.m. New York time.

	
Averaging Date:
	
14 April 2009

	
Cash Settlement Amount:
	
(i)     if the Reference Price is less than the Lower Threshold Price, an amount in USD equal to the product of (i) the excess of the Lower Threshold Price over the Reference Price and (ii) the Number of Underlying Shares; and 

(ii)     if the Reference Price is greater than the Upper Threshold Price, an amount in USD equal to the product of (i) the excess of the Reference Price over the Upper Threshold Price and (ii) the Number of Underlying Shares.

	
Physical Settlement:
	
If Physical Settlement is applicable, on the Settlement Date,

(i)     if the Reference Price is greater than the Upper Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Upper Threshold Price and (ii) the Number of Underlying Shares;

(ii)     if the Reference Price is less than the Lower Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Lower Threshold Price and (ii) the Number of Underlying Shares;

(iii)      if the Reference Price is (a) equal to or less than the Upper Threshold Price and (b) equal to or greater than the Lower Threshold Price, then no payment or delivery shall occur.

	
Telephone or facsimile number for purposes of giving notice:
	 
	
Party A:
	
Telephone:          203-719-3300

Fax:                     203-719-3333

	
Party B:
	
Telephone:          (Please Advise)

Fax:

	
 

Security Provisions
	 
	
Security Agreement:
	
The Transaction shall be subject to the Pledge and Security Agreement, pursuant to which Party B is required to Deliver the Required Collateral and pursuant to which UBS AG, Stamford Branch acts as Collateral Agent.

	
Required Collateral:
	
400,000.00  Underlying Shares

	 	 
	
Account Details
	 
	
Account for payments

to Party A:
	
A/C NO 101-WA-140007-000

With UBS AG, in Stamford

ABA NO 026-007-993

	
Account for payments

to Party B:
	
(Please advise)

	
 

Dividend and Adjustments
	 
	
Extraordinary dividends:
	
If an extraordinary dividend is declared, the Calculation Agent will decrease the Upper Threshold Price and the Lower Threshold Price by an amount equal to the amount of such extraordinary dividend paid, or to be paid per Share.

All other events requiring an adjustment in the terms of the Transaction shall be governed by the adjustment provisions of the Master Agreement.

	
 

Special Provisions
	 
	
Hedge Transaction:
	
In connection with establishing its hedge with respect to the Transaction, Party A may execute one or more transactions with UBS Securities LLC

	
Related Compensation:
	
In connection with the Transaction, Party A has paid a commission to UBS Financial Services

	
Additional Termination Events:
	
The occurrence of either a Hedging Disruption Event or an Excess Borrow Cost Event shall constitute an Event of Default with respect to the portion of the Transaction affected by the Hedging Disruption Event or the Excess Borrow Cost Event, and the amount(s) payable, if any, by one or the other party will be determined by the Calculation Agent as if Counterparty is the Defaulting Party.  

	 	
          WHERE:

          "Excess Borrow Cost Event" shall mean events or circumstances occurring any time after the Trade Date which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, maintain a borrow of Shares (up to a number equal to the Number of Shares) on terms that require Party A to pay borrow costs in an amount less than or equal to the Fixed Borrow Cost.  

           "Excess Borrow Costs" for any day equals the amount per Share by which UBS's direct or indirect average cost of borrowing the Shares for such day exceeds the Fixed Borrow Cost.

          "Hedging Disruption Event" shall mean events or circumstances occurring any time following the Trade Date hereof, which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, successfully borrow the Shares.  

          "Fixed Borrow Cost" means 50 basis points.

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

Yours sincerely,

UBS AG, LONDON BRANCH

/s/ Reed Raffel                                                  /s/Tracy Johnson

Name: Reed Raffel                                                             Name: Tracy Johnson

Title    Associate Director                                                  Title:Associate Director

Accepted and agreed as of the

17th day of October 2007, year

Solitario Resources Corporation

	
By:/s/James R. Maronick

Name: James R. Maronick

Title: CFO
	 

TC

 

677 Washington Boulevard

Stamford, CT 06901

Phone: (203) 719-3000

For confirmation queries contact

Timothy Clary (203) 719 4180

Steven Chan (203) 719 4524

CONFIRMATION

Solitario Resources Corporation

Dear Solitario Resources Corporation,

We have acted as agent for you and for UBS AG, London Branch, in connection with the transaction(s) set forth in the underlying confirmations enclosed herewith. We have charged UBS AG, London Branch, a commission for our services. Details of the amount of such commission will be furnished to you upon your written request.

Please check the underlying confirmations carefully and immediately upon receipt so that errors and discrepancies can be promptly identified and rectified. If the enclosed confirmations correctly set forth the terms of the transaction(s), please execute each confirmation and promptly return by facsimile.

Please return to Fax no. (203) 719-0274.

Attn. Confirmations

 

***Please return entire confirmation***

If there are any errors or discrepancies, these should be communicated immediately to us and in any event no later than three business days after receipt of this letter.

Very Truly Yours,

UBS Securities LLC

	
/s/William Boss
	
/s/James Poucher

	
William Boss

	
James Poucher

 

	 	
UBS AG, LONDON BRANCH

	 	
100 Liverpool Street

	 	
London EC2M 2RH

	 	
Documentation: Tel: +44 207 568 0673

	 	
Fax: +44 207 568 9895/ 9896

 

Date:                                                17 October 2007
To:                                                  Solitario Resources Corporation ("Party B")

                                        4251 Kipling Street Suite 390

                                        Wheat Ridge, CO 80033
From:                                             UBS AG London Branch ("Party A"),

as Transacting Branch

Re:                                                  Single Pay Collar Confirmation

UBS Reference Number 1410057/8

The purpose of this writing (the "Confirmation") is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the "Transaction").

This Confirmation constitutes a "Confirmation" under, and supplements, forms part of, and is subject to, the Master Agreement for Equity Options (dated as of the date specified below), as may be amended and supplemented from time to time, between you and UBS AG (the "Master Agreement").  All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below.  This Confirmation is further subject to the Pledge and Security (dated as of the date specified below) among you, the Collars Office (as defined in the Pledge Agreement), UBS AG London Branch, and certain others (the "Pledge Agreement"). Capitalized terms used but not defined herein shall have the meanings they are given in the Master Agreement or the Pledge Agreement, as the context requires, if defined therein.

	
Master Agreement Date:
	
05 October 2007

	
Pledge Agreement Date:
	
05 October 2007

	
Trade Date:
	
12 October 2007

	 	 
	
General Terms
	 
	
Underlying Shares:
	
Common Stock of Kinross Gold Corporation (Ticker: KGC)

	
Number of Underlying Shares:
	
400,000.00

	
Upper Threshold Price:
	
USD 24.4631

	
Lower Threshold Price:
	
USD 13.8099

	
Premium:
	
Zero

	
Premium Payment Date:
	
Not Applicable

	
Exercise Style:
	
European

	
Exchange:
	
The primary national securities market or automated quotation system on which the Underlying Shares are admitted for trading or quoted.

	
Related Exchange:
	
The primary on which options or futures on the Shares are traded.

	
Expiration Date:
	
13 April 2010, or, if that day is not an Exchange Business Day, the first following day that is an Exchange Business Day.

	
Expiration Time:
	
At the close of trading on the Exchange (without regard to any extended or after-hours trading sessions)

	
Automatic Exercise:
	
Applicable

	
Valuation Date:
	
The Expiration Date

	
Valuation Time:
	
The Expiration Time

	
Calculation Agent:
	
Party A, whose calculations shall be binding absent manifest error.

	
Clearance System:
	
The Depository Trust Company, or any successor to or transferee of such clearance system.

	
Settlement Terms
	 
	
Settlement:
	
The Transaction will be Cash Settled; provided, however, that Party B may elect to require that the Transaction be Physically Settled, rather than Cash Settled, by giving notice to Party A no later than ten Exchange Business Days prior to the Expiration Date.

	
Physical Settlement:
	
If the Transaction is to be Physically Settled, on the Settlement Date, payment and delivery shall be made through the Clearance System, as specified in the Master Agreement. 

	
Settlement Date:
	
Three Exchange Business Days after the Valuation Date.

	
Cash Settlement:
	
If Cash Settlement is applicable, then on the Settlement Date:

(i)     if the Reference Price is less than the Lower Threshold Price, the Cash Settlement Amount shall be payable by Party A to Party B;

(ii)     if the Reference Price is greater than the Upper Threshold Price, the Cash Settlement Amount shall be payable by Party B to Party A; and

(iii)     if the Reference Price is (a) equal to or greater than the Lower Threshold Price and (b) equal to or less than the Upper Threshold Price, then no Cash Settlement Amount shall be payable by either party.

	
Reference Price:
	
(i) The average of the VWAP Prices on each averaging date as determined by the Calculation Agent.

	
VWAP Price:
	
Mean, for any day, the volume-weighted average per share price of Common Stock as listed on Bloomberg Page AQR for the hours 9:30 a.m. to 4:00 p.m. New York time.

	
Averaging Date:
	
13 April 2010

	
Cash Settlement Amount:
	
(i)     if the Reference Price is less than the Lower Threshold Price, an amount in USD equal to the product of (i) the excess of the Lower Threshold Price over the Reference Price and (ii) the Number of Underlying Shares; and 

(ii)     if the Reference Price is greater than the Upper Threshold Price, an amount in USD equal to the product of (i) the excess of the Reference Price over the Upper Threshold Price and (ii) the Number of Underlying Shares.

	
Physical Settlement:
	
If Physical Settlement is applicable, on the Settlement Date,

(i)     if the Reference Price is greater than the Upper Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Upper Threshold Price and (ii) the Number of Underlying Shares;

(ii)     if the Reference Price is less than the Lower Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Lower Threshold Price and (ii) the Number of Underlying Shares;

(iii)      if the Reference Price is (a) equal to or less than the Upper Threshold Price and (b) equal to or greater than the Lower Threshold Price, then no payment or delivery shall occur.

	
Telephone or facsimile number for purposes of giving notice:
	 
	
Party A:
	
Telephone:          203-719-3300

Fax:                     203-719-3333

	
Party B:
	
Telephone:          (Please Advise)

Fax:

	
 

Security Provisions
	 
	
Security Agreement:
	
The Transaction shall be subject to the Pledge and Security Agreement, pursuant to which Party B is required to Deliver the Required Collateral and pursuant to which UBS AG, Stamford Branch acts as Collateral Agent.

	
Required Collateral:
	
400,000.00  Underlying Shares

	 	 
	
Account Details
	 
	
Account for payments

to Party A:
	
A/C NO 101-WA-140007-000

With UBS AG, in Stamford

ABA NO 026-007-993

	
Account for payments

to Party B:
	
(Please advise)

	
 

Dividend and Adjustments
	 
	
Extraordinary dividends:
	
If an extraordinary dividend is declared, the Calculation Agent will decrease the Upper Threshold Price and the Lower Threshold Price by an amount equal to the amount of such extraordinary dividend paid, or to be paid per Share.

All other events requiring an adjustment in the terms of the Transaction shall be governed by the adjustment provisions of the Master Agreement.

	
 

Special Provisions
	 
	
Hedge Transaction:
	
In connection with establishing its hedge with respect to the Transaction, Party A may execute one or more transactions with UBS Securities LLC

	
Related Compensation:
	
In connection with the Transaction, Party A has paid a commission to UBS Financial Services

	
Additional Termination Events:
	
The occurrence of either a Hedging Disruption Event or an Excess Borrow Cost Event shall constitute an Event of Default with respect to the portion of the Transaction affected by the Hedging Disruption Event or the Excess Borrow Cost Event, and the amount(s) payable, if any, by one or the other party will be determined by the Calculation Agent as if Counterparty is the Defaulting Party.  

	 	
          WHERE:

          "Excess Borrow Cost Event" shall mean events or circumstances occurring any time after the Trade Date which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, maintain a borrow of Shares (up to a number equal to the Number of Shares) on terms that require Party A to pay borrow costs in an amount less than or equal to the Fixed Borrow Cost.  

           "Excess Borrow Costs" for any day equals the amount per Share by which UBS's direct or indirect average cost of borrowing the Shares for such day exceeds the Fixed Borrow Cost.

          "Hedging Disruption Event" shall mean events or circumstances occurring any time following the Trade Date hereof, which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, successfully borrow the Shares.  

          "Fixed Borrow Cost" means 50 basis points.

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

Yours sincerely,

UBS AG, LONDON BRANCH

/s/ Reed Raffel                                                  /s/Tracy Johnson

Name: Reed Raffel                                                             Name: Tracy Johnson

Title    Associate Director                                                  Title:Associate Director

Accepted and agreed as of the

17th day of October 2007, year

Solitario Resources Corporation

	
By:/s/James R. Maronick

Name: James R. Maronick

Title: CFO
	 

TC

677 Washington Boulevard

Stamford, CT 06901

Phone: (203) 719-3000

For confirmation queries contact

Timothy Clary (203) 719 4180

Steven Chan (203) 719 4524

CONFIRMATION

Solitario Resources Corporation

Dear Solitario Resources Corporation,

We have acted as agent for you and for UBS AG, London Branch, in connection with the transaction(s) set forth in the underlying confirmations enclosed herewith. We have charged UBS AG, London Branch, a commission for our services. Details of the amount of such commission will be furnished to you upon your written request.

Please check the underlying confirmations carefully and immediately upon receipt so that errors and discrepancies can be promptly identified and rectified. If the enclosed confirmations correctly set forth the terms of the transaction(s), please execute each confirmation and promptly return by facsimile.

Please return to Fax no. (203) 719-0274.

Attn. Confirmations

 

***Please return entire confirmation***

If there are any errors or discrepancies, these should be communicated immediately to us and in any event no later than three business days after receipt of this letter.

Very Truly Yours,

UBS Securities LLC

	
/s/William Boss
	
/s/James Poucher

	
William Boss

	
James Poucher

 
IMG SRC="ubs.jpg">

	 	
UBS AG, LONDON BRANCH

	 	
100 Liverpool Street

	 	
London EC2M 2RH

	 	
Documentation: Tel: +44 207 568 0673

	 	
Fax: +44 207 568 9895/ 9896

 

Date:                                                17 October 2007
To:                                                  Solitario Resources Corporation ("Party B")

                                        4251 Kipling Street Suite 390

                                        Wheat Ridge, CO 80033
From:                                             UBS AG London Branch ("Party A"),

as Transacting Branch

Re:                                                  Single Pay Collar Confirmation

UBS Reference Number 1410057/8

The purpose of this writing (the "Confirmation") is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the "Transaction").

This Confirmation constitutes a "Confirmation" under, and supplements, forms part of, and is subject to, the Master Agreement for Equity Options (dated as of the date specified below), as may be amended and supplemented from time to time, between you and UBS AG (the "Master Agreement").  All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below.  This Confirmation is further subject to the Pledge and Security (dated as of the date specified below) among you, the Collars Office (as defined in the Pledge Agreement), UBS AG London Branch, and certain others (the "Pledge Agreement"). Capitalized terms used but not defined herein shall have the meanings they are given in the Master Agreement or the Pledge Agreement, as the context requires, if defined therein.

	
Master Agreement Date:
	
05 October 2007

	
Pledge Agreement Date:
	
05 October 2007

	
Trade Date:
	
12 October 2007

	 	 
	
General Terms
	 
	
Underlying Shares:
	
Common Stock of Kinross Gold Corporation (Ticker: KGC)

	
Number of Underlying Shares:
	
100,000.00

	
Upper Threshold Price:
	
USD 27.6231

	
Lower Threshold Price:
	
USD 13.8099

	
Premium:
	
Zero

	
Premium Payment Date:
	
Not Applicable

	
Exercise Style:
	
European

	
Exchange:
	
The primary national securities market or automated quotation system on which the Underlying Shares are admitted for trading or quoted.

	
Related Exchange:
	
The primary on which options or futures on the Shares are traded.

	
Expiration Date:
	
12 April 2011 or, if that day is not an Exchange Business Day, the first following day that is an Exchange Business Day.

	
Expiration Time:
	
At the close of trading on the Exchange (without regard to any extended or after-hours trading sessions)

	
Automatic Exercise:
	
Applicable

	
Valuation Date:
	
The Expiration Date

	
Valuation Time:
	
The Expiration Time

	
Calculation Agent:
	
Party A, whose calculations shall be binding absent manifest error.

	
Clearance System:
	
The Depository Trust Company, or any successor to or transferee of such clearance system.

	
Settlement Terms
	 
	
Settlement:
	
The Transaction will be Cash Settled; provided, however, that Party B may elect to require that the Transaction be Physically Settled, rather than Cash Settled, by giving notice to Party A no later than ten Exchange Business Days prior to the Expiration Date.

	
Physical Settlement:
	
If the Transaction is to be Physically Settled, on the Settlement Date, payment and delivery shall be made through the Clearance System, as specified in the Master Agreement. 

	
Settlement Date:
	
Three Exchange Business Days after the Valuation Date.

	
Cash Settlement:
	
If Cash Settlement is applicable, then on the Settlement Date:

(i)     if the Reference Price is less than the Lower Threshold Price, the Cash Settlement Amount shall be payable by Party A to Party B;

(ii)     if the Reference Price is greater than the Upper Threshold Price, the Cash Settlement Amount shall be payable by Party B to Party A; and

(iii)     if the Reference Price is (a) equal to or greater than the Lower Threshold Price and (b) equal to or less than the Upper Threshold Price, then no Cash Settlement Amount shall be payable by either party.

	
Reference Price:
	
(i) The average of the VWAP Prices on each averaging date as determined by the Calculation Agent.

	
VWAP Price:
	
Mean, for any day, the volume-weighted average per share price of Common Stock as listed on Bloomberg Page AQR for the hours 9:30 a.m. to 4:00 p.m. New York time.

	
Averaging Date:
	
12 April 2011

	
Cash Settlement Amount:
	
(i)     if the Reference Price is less than the Lower Threshold Price, an amount in USD equal to the product of (i) the excess of the Lower Threshold Price over the Reference Price and (ii) the Number of Underlying Shares; and 

(ii)     if the Reference Price is greater than the Upper Threshold Price, an amount in USD equal to the product of (i) the excess of the Reference Price over the Upper Threshold Price and (ii) the Number of Underlying Shares.

	
Physical Settlement:
	
If Physical Settlement is applicable, on the Settlement Date,

(i)     if the Reference Price is greater than the Upper Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Upper Threshold Price and (ii) the Number of Underlying Shares;

(ii)     if the Reference Price is less than the Lower Threshold Price, Party B shall deliver to Party A a number of Underlying Shares equal to the Number of Underlying Shares, against payment by Party A to Party B of an amount equal to the product of (i) the Lower Threshold Price and (ii) the Number of Underlying Shares;

(iii)      if the Reference Price is (a) equal to or less than the Upper Threshold Price and (b) equal to or greater than the Lower Threshold Price, then no payment or delivery shall occur.

	
Telephone or facsimile number for purposes of giving notice:
	 
	
Party A:
	
Telephone:          203-719-3300

Fax:                     203-719-3333

	
Party B:
	
Telephone:          (Please Advise)

Fax:

	
 

Security Provisions
	 
	
Security Agreement:
	
The Transaction shall be subject to the Pledge and Security Agreement, pursuant to which Party B is required to Deliver the Required Collateral and pursuant to which UBS AG, Stamford Branch acts as Collateral Agent.

	
Required Collateral:
	
100,000.00  Underlying Shares

	 	 
	
Account Details
	 
	
Account for payments

to Party A:
	
A/C NO 101-WA-140007-000

With UBS AG, in Stamford

ABA NO 026-007-993

	
Account for payments

to Party B:
	
(Please advise)

	
 

Dividend and Adjustments
	 
	
Extraordinary dividends:
	
If an extraordinary dividend is declared, the Calculation Agent will decrease the Upper Threshold Price and the Lower Threshold Price by an amount equal to the amount of such extraordinary dividend paid, or to be paid per Share.

All other events requiring an adjustment in the terms of the Transaction shall be governed by the adjustment provisions of the Master Agreement.

	
 

Special Provisions
	 
	
Hedge Transaction:
	
In connection with establishing its hedge with respect to the Transaction, Party A may execute one or more transactions with UBS Securities LLC

	
Related Compensation:
	
In connection with the Transaction, Party A has paid a commission to UBS Financial Services

	
Additional Termination Events:
	
The occurrence of either a Hedging Disruption Event or an Excess Borrow Cost Event shall constitute an Event of Default with respect to the portion of the Transaction affected by the Hedging Disruption Event or the Excess Borrow Cost Event, and the amount(s) payable, if any, by one or the other party will be determined by the Calculation Agent as if Counterparty is the Defaulting Party.  

	 	
          WHERE:

          "Excess Borrow Cost Event" shall mean events or circumstances occurring any time after the Trade Date which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, maintain a borrow of Shares (up to a number equal to the Number of Shares) on terms that require Party A to pay borrow costs in an amount less than or equal to the Fixed Borrow Cost.  

           "Excess Borrow Costs" for any day equals the amount per Share by which UBS's direct or indirect average cost of borrowing the Shares for such day exceeds the Fixed Borrow Cost.

          "Hedging Disruption Event" shall mean events or circumstances occurring any time following the Trade Date hereof, which are beyond the control of Party A and that have resulted in Party A's inability to, after using commercially reasonable efforts, successfully borrow the Shares.  

          "Fixed Borrow Cost" means 50 basis points.

 

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

Yours sincerely,

UBS AG, LONDON BRANCH

/s/ Reed Raffel                                                  /s/Tracy Johnson

Name: Reed Raffel                                                             Name: Tracy Johnson

Title    Associate Director                                                  Title:Associate Director

Accepted and agreed as of the

17th day of October 2007, year

Solitario Resources Corporation

	
By:/s/James R. Maronick

Name: James R. Maronick

Title: CFO
	 

TCTemplate 11/98

PARTNERSHIPS, CORPORATIONS OR TRUSTS:

	
Solitario Resources Corporation                                
	
/s/ Christopher E. Herald                                 

	
Print name of Partnership, Corporation or Trust
	
Signature of individual signing on behalf of

	 	
partnership, corporation or trust

	
Christopher E. Herald                                                
	
CEO                                                                  

	
Print name of individual signing on behalf of
	
Capacity of individual signing on behalf of

	
partnership, corporation or trust
	
partnership, corporation or trust

	 	 
	
Address for notice (if different from principal
	
[Acknowledged by:

	
                                                                                    
	
[                 ], settler of (insert trust name)

	
                                                                                    
	 
	 	
By:                                                                   

	
Counterparty Specified Entities:
	
Name:][insert if client is a trust]

	
                                                                                    
	 
	
If Counterparty is a partnership, corporation or trust:
	 
	
Jurisdiction of incorporation or formation:
	 
	
Colorado                                                                      
	 
	
Name and address of registered agent:
	 
	
CT Corporation
	 
	
1675 Broadway, Suite 1200
	 
	
Denver, CO 80202
	 

Exhibit 10.1

MASTER AGREEMENT FOR EQUITY COLLARS

                                                                                                              UBS AG

Date: October 5, 2007

Name: Solitario Resources Corporation

           c/o Christopher E. Herald, CEO

Address: 4251 Kipling St., Suite 390

               Wheat Ridge, CO 80033

Dear  Mr. Herald:

          In connection with transactions between you (the "Counterparty" (which term shall mean you acting jointly and severally if there is more than one of you)) and UBS AG ("UBS") in Collars on equity securities ("Collars"), we are pleased to offer you this Master Agreement for Equity Collars (this "Master Agreement"), dated as of the date shown above.  UBS AG, London Branch (or if so stated on the relevant Confirmation, UBS AG, Zurich Branch) (in either case, the "Transacting Branch") will be your counterparty for all Collars.  UBS Securities LLC (the "Agent"), will act as agent for both the Transacting Branch and for you in arranging and facilitating Collar transactions.  At the same time you execute this Master Agreement with us, you will enter into a Pledge and Security Agreement with us and others (the "Security Agreement") and a related Representation Letter Regarding Underlying Shares (the "Representation Letter").  This Master Agreement, all Confirmations of Collars hereunder, the Representation Letter and the Security Agreement shall form a single agreement between us (collectively referred to as this "Agreement").

          1.          Transactions in Collars.  Each Collar that you enter into with us, whether before or after the date of this Agreement, shall be governed by and form part of this Agreement.

          2.          Confirmation.  Within 3 Business Days of entering into any Collar, we will deliver to you a written summary of the Collar transaction (the "Trade Summary").  Thereafter, we will confirm the economic and other terms of such Collar in a written Confirmation (the "Confirmation").  We may request that you fax or mail the Confirmation back to us with your signature indicating acceptance.  In the event of a conflict between any provisions of this Master Agreement or any Trade Summary and any Confirmation, the Confirmation will prevail for purposes of the Collar to which that Confirmation relates.

          3.          Premium.  The premium, if any, due in respect of each Collar (the "Premium") shall be paid by the party obligated to pay such Premium (the "Obligated Party") to the other party (the "Other Party") on the Premium Payment Date specified in the Confirmation for such Collar (or if such day is not a Business Day, the next Business Day).  If the Obligated Party fails to pay the Premium on the required date, the Other Party may, as it chooses, (i) cancel the Collar by written notice to the Obligated Party and recover from the Obligated Party all costs and losses in respect of the canceled Collar (determined in the manner provided in Section 8 hereof) or (ii) charge interest on the unpaid amount at the Default Rate.

          4.          Exercise/Collar Style.

               4.1.          Each Collar entered into pursuant to this Master Agreement will be a "European" style Collar and shall be automatically exercised at the Expiration Time on the Expiration Date. 

          5.          Settlement.  

               5.1.     Settlement of an exercised Collar shall occur on the Settlement Date.  On the Settlement Date each party shall deliver to the other party the cash (in same-day funds) or securities it is required to deliver under the terms of the Collar on a delivery versus payment basis.  If a party reasonably doubts that the other party will make its delivery in time, such party may suspend its own delivery until the other party has given adequate assurances that it will deliver. 

               5.2          If a Collar is stated to be "Cash Settled" in the Confirmation for that Collar, on the relevant Settlement Date, a settlement amount (the "Cash Settlement Amount") will be determined by the 

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Calculation Agent in the following manner: (a) if, on the Valuation Date, the Reference Price is less than the Lower Threshold Price, UBS will pay to the Counterparty a Cash Settlement Amount in U.S. Dollars equal to the product of (x) the Number of Underlying Shares multiplied by (y) the excess of the Lower Threshold Price over the Reference Price, (b) if, on the Valuation Date, the Reference Price is greater than the Upper Threshold Price, the Counterparty will pay to UBS a Cash Settlement Amount in U.S. Dollars equal to the product of (x) the Number of Underlying Shares multiplied by (y) the excess of the Reference Price over the Upper Threshold Price and (c) if, on the Valuation Date, the Reference Price is neither greater than the Upper Threshold Price nor less than the Lower Threshold Price, then the Cash Settlement Amount shall be zero.  Any such payment will be made on the relevant Settlement Date to the accounts specified in the related Confirmation.

              5.3.          If a Collar is stated to be "Physically Settled" in the Confirmation for that Collar, on the relevant Settlement Date, (a) if, on the Valuation Date, the Reference Price is greater than the Upper Threshold Price, (i) UBS will pay to the Counterparty a dollar amount equal to the product of (x) the number of Underlying Shares specified in the Confirmation to which the Collar exercise relates (as such number may be adjusted from time to time pursuant to Section 12 hereof or the terms of such Confirmation) and (y) the Upper Threshold Price specified in the relevant Confirmation and (ii) the Counterparty will deliver to UBS such number of Underlying Shares, and (b) if, on the Valuation Date, the Reference Price is less than the Lower Threshold Price, (i) Counteparty will deliver to UBS the number of Underlying Shares specified in the relevant Confirmation and (ii) UBS will pay to Counterparty a dollar amount equal to the product of (x) such number of Underlying Shares and (y) the Lower Threshold Price specified in the relevant Confirmation.  Such payment and such delivery will be made on the relevant Settlement Date to the accounts specified in the related Confirmation and, if possible, on a delivery versus payment basis.  Any stamp duty or similar tax or charge shall be borne by the party that would bear it in a corresponding regular way trade according to normal practice on the Exchange.

          6.          Assignment.  Neither party may assign, resell, transfer, pledge, create a charge over or grant a security interest in this Agreement or in any Collar, except that we may transfer this Agreement and all outstanding Collars as a whole to any other branch or affiliate of UBS AG and you may grant (but only with the prior consent of UBS) a security interest in any Collar to secure your obligations under any loan made by another branch of UBS AG or a third party lender, if, in each case, as a result of such transfer or grant, as the case may be, (a) it does not become unlawful for either party to perform any obligation under this Agreement; (b) neither party is required to deduct or withhold any tax from any sum payable under this Agreement; (c) no Event of Default occurs in respect of either party; and (d) the representations in subparagraphs (a) through (h) of Paragraph 11.1, if made by the transferee branch or the affiliate, immediately after such transfer, would not be incorrect or misleading in any material respect.

          7.          Payments.

               7.1.          Except as otherwise provided herein, (a) all payments to be made under this Agreement shall be made on the due date therefor without set-off, deduction or counterclaim in U.S. Dollars (or such other currency as may be set forth in the relevant Confirmation) with respect to any payments required to be made in connection with such Collars in same-day freely transferable, cleared funds to (i) in the case of payments to UBS, such bank account as UBS shall have designated in writing, and (ii) in the case of payments to you, the account established at UBS in your name or the name of your nominee and (b) all deliveries of securities to be made under this Agreement shall be made on the due date to the accounts specified in the relevant Confirmation.

               7.2.          Notwithstanding Section 7.1, upon a termination of Collars pursuant to Paragraph 8.2 (which deals with Default) or Paragraph 9.2 (which deals with Illegality and certain other events), in addition to and not in limitation of any other right or remedy under applicable law, the Non-Defaulting or Non-Affected Party (in either case, "X") may without prior notice set off any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed or due by the Defaulting 

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Party or Affected Party (in either case, "Y") to X or any Affiliate of X against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed or due by X or any Affiliate of X to Y, and, for this purpose, may convert one currency into another at a market rate determined by X.  If any sum or obligation is unascertained, X may in good faith estimate that sum or obligation and set off in respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when such sum or obligation is ascertained.

          All payments are to be made without deduction or withholding for any tax whatsoever.  If either party is compelled by law to deduct or withhold any tax from any sum payable under the terms of this Agreement, the sum payable shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the receiving party receives a net sum equal to the sum it would have received if no such deduction or withholding had been made; provided that, for the avoidance of doubt, a receiving party shall not be entitled to receive any additional payment as described above in respect of (i) any tax which is not a withholding tax and is imposed on its net profits or gains and (ii) any tax which is imposed as a result of any breach by the receiving party of its obligations under Section 11.8.

          If either party does not pay any sum payable under this Agreement when due, it shall pay to the other party on demand interest on the overdue sum, from the date such sum was due up to and including the date it is received by the other party, at the applicable Default Rate.

          8.          Default.

               8.1.          If one or more of the following events, as applicable, shall occur with respect to a party or any Specified Entity, such event shall constitute an event of default (an "Event of Default") with respect to such party (the party in default (or whose Specified Entity is in default) being hereafter referred to as the "Defaulting Party" and the party not in default as the "Non-Defaulting Party"):
(a)     such party fails to make any payment or delivery to the other party required in respect of any Collar within three Business Days, in respect of a payment, or three Exchange Business Days, in respect of a delivery, after the due date therefor;

(b)     such party fails to comply with any other obligation owed to the other party under this Agreement within five Business Days of the Non-Defaulting Party giving it notice requiring it to comply;

(c)     any representation or warranty of such party under this Agreement or any other agreement with or to the other party proves to have been false or misleading in any material respect when made or repeated or when deemed to be made or repeated;

(d)     such party or Specified Entity suffers any Specified Indebtedness in an aggregate amount greater than the Threshold Amount to become, or to become capable of being declared, due and payable prior to its stated maturity by reason of a default, event of default or other similar condition or event (however described) or if any such indebtedness shall not be paid when due (after allowing for any applicable grace period), or if any encumbrance granted by such party becomes enforceable; provided, however, that it shall not constitute an event of default hereunder if, as demonstrated to the reasonable satisfaction of the other party, if the failure to pay such indebtedness when due (i) is a failure to pay caused by an error or omission of an administrative or operational nature; (ii) funds were available to such party to enable it to make the relevant payment when due and (iii) such payment is made within three Business Days following receipt of written notice from an interested party of such failure to pay; 

(e)     such party consolidates or amalgamates with or merges into or transfers all or substantially all its assets to another entity and at the time of such consolidation, amalgamation, merger or transfer the resulting, surviving or transferee entity fails to assume all the obligations of such party under this Agreement by operation of law or pursuant to an agreement satisfactory to the other party;

(f)     such party or Specified Entity (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger) or, if such party is a limited partnership, is terminated; (ii) becomes 

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insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debt as they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (viii) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; 

(g)          such party fails to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with the Security Agreement if such failure is continuing after any applicable grace period has elapsed; or

(h)     an event of default (however named) applicable to the Counterparty occurs and is continuing under any loan agreement, credit agreement, financing agreement, letter of credit reimbursement agreement or any other agreement pursuant to which UBS, or any branch or affiliate, has advanced funds, extended credit or provided financial accommodations to the Counterparty.

               8.2.          Upon notice to the Defaulting Party from the Non-Defaulting Party at any time following an Event of Default, the Non-Defaulting Party shall have the right to designate a day not earlier than the day such notice is effective as the date on which all, but not less than all, outstanding Collars shall be terminated and liquidated in the manner set forth below (the "Early Termination Date"). 

          If the Non-Defaulting Party designates an Early Termination Date, a settlement amount (the "Settlement Amount") due from each party, calculated in accordance with either (a) or (b) below at the Non-Defaulting Party's election, shall be determined by the Non-Defaulting Party and shall be payable by such party to the other party: 
(a)     the sum of (i) with respect to each Collar, the current market premium, if any, that such party would receive to enter into an equivalent Collar, (ii) with respect to each Collar, any unpaid Premium due from such party and interest thereon as provided herein and (iii) any other amounts due and payable by such party to the other party hereunder, together with any interest thereon as may be provided herein (collectively, the "Unpaid Amounts"); or 

(b)     the sum of the other party's total losses (or gains, in which case expressed as a negative number), costs and expenses (including without limitation any loss or cost incurred as a result of terminating, liquidating, obtaining or reestablishing any hedge or related trading position, but excluding expenses provided for in Section 8.5) incurred in covering its obligations with respect to all terminated Collars.  

          The Settlement Amount so calculated which the Non-Defaulting Party owes to the Defaulting Party, if any, shall be netted against the Settlement Amount so calculated which the Defaulting Party owes to the Non-Defaulting Party, if any, to determine a single liquidated amount due from one party to the other.

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               8.3.          Any net amount payable pursuant to the provisions of Paragraph 8.2 above shall be paid on the Business Day next following the Early Termination Date.  Any amounts owed but not paid when due under this Paragraph 8.3 shall bear interest at the Default Rate for the period from and including the day due to and excluding the day on which such amount is paid.

               8.4.          Without prejudice to the foregoing, so long as a party shall be in default in payment or performance to the other party under this Agreement, the other party may, at its election (but, in the case of any Collar securing another obligation of such party, only with the prior consent of the party secured thereby) and without penalty, suspend its obligation to perform under this Agreement.

               8.5.          The Defaulting Party shall pay to the Non-Defaulting Party all reasonable out-of-pocket expenses (including fees and disbursements of counsel and time charges of legal advisers who may be employees of the Non-Defaulting Party) incurred by the Non-Defaulting Party in connection with any enforcement and protection of its rights under this Agreement as a result of the occurrence of an Event of Default, including, but not limited to, costs of collection.

               8.6.          The parties agree that the amounts recoverable under this Paragraph 8 are a reasonable pre-estimate of loss and not a penalty.  Such amounts are payable for the loss of bargain and the loss of protection against future risks and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a consequence of such losses.

               8.7.          You agree to promptly notify UBS of any occurrence or condition that constitutes an Event of Default or an event which with the giving of notice or the passage of time (or both) would become an Event of Default.

               8.8.          The Non-Defaulting Party's rights under this Paragraph 8 shall be in addition to, and not in limitation or exclusion of any other rights which the Non-Defaulting Party may have (whether by agreement, operation of law or otherwise), including any rights it has under Paragraphs 7.1 and 7.2.

          9.          Taxation, Illegality and Other Events.

               9.1.          If (a) a party (the "Affected Party") (i) is required to pay additional amounts in respect of a Collar pursuant to Paragraph 8.3; or (ii) determines that its performance under an Collar has become unlawful in whole or in part as a result of compliance in good faith by the Affected Party with any law, rule, regulation, judgment, order or directive of any governmental, administrative, legislative or judicial authority, (b) a Termination Event occurs with respect to the Counterparty (in which case the Counterparty shall be the "Affected Party"), then in each such case, the Affected Party (or the Affected Party's personal representative) shall give notice thereof to the other party (the "Non-Affected Party") and the parties shall promptly negotiate in good faith for a period of 30 days after the giving of such notice (or such shorter period as the Affected Party may deem reasonable under the circumstances prevailing) with a view, in the case of an event described in subparagraph (a), to finding a satisfactory alternative method of payment or performance to avoid such payment of additional amounts or so that such illegality ceases to exist, and in the case of an event described in subparagraph (b), to agreeing on an alternative arrangement satisfactory to UBS.

               9.2.     If the parties fail to agree on a satisfactory alternative method of payment or performance or a satisfactory alternative arrangement within the period specified above, then either party may, by giving notice in writing to the other party, designate the date on which such notice is given as an Early Termination Date with respect to all outstanding Collars (or, in the case of an event described in Section 9.1(a), each Collar affected by such event (an "Affected Transaction")).  The parties' damages, if any, in respect of such an Early Termination Date shall be determined in the manner set forth in subparagraphs (a) and (b) of Paragraph 8.2 (the Affected Party being deemed the Defaulting Party for such purpose), and the resulting aggregate payment obligations computed for each party shall be netted together to a single liquidated amount payable by one party to the other.  Such amount, if any, shall be paid by the appropriate party on the Business Day following the cancellation.

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               9.3.          If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an event described in Paragraph 9.1(a)(ii) or (b) above, it will be treated as provided under Paragraph 9.1 and will not constitute an Event of Default.

          10.          Market Disruption.  If there is a Market Disruption Event on any day that otherwise would have been the Valuation Date for a cash-settled Collar (the "Original Date"), then UBS will notify the Counterparty as soon as reasonably practicable, and the Valuation Date for that Collar shall be the first succeeding Exchange Business Day on which there is no Market Disruption Event, provided that if there is a Market Disruption Event on each of the five Exchange Business Days immediately following the Original Date, the fifth Exchange Business Day immediately following the Original Date shall be the Valuation Date, and UBS will determine the Reference Price on the basis of UBS's good faith estimate of the market value of the relevant security at the Valuation Time on such fifth Exchange Business Day.

          11.          Representations, Warranties and Agreements.

               11.1.          Each party hereby represents and warrants to and for the other party, which representations and warranties shall be deemed repeated on each Trade Date for a Collar, as follows: 
(a)     if it is not a natural person, it is duly organized and validly existing under the laws of the place of its incorporation or formation; 

(b)     if it is not a natural person, it has the power to execute and deliver this Agreement and to enter into transactions in Collars as contemplated hereby and to perform its obligations under this Agreement and any Collars and has taken all action necessary to authorize such execution and delivery and performance of such obligations, and if it is a natural person, it has legal capacity to make a contract, is not a minor and has not been adjudged incompetent;

(c)     the execution and delivery of this Agreement and entry into Collars by it and the performance of its obligations hereunder and thereunder do not and will not violate or conflict with (i) any law, rule or regulation applicable to it, (ii) any provisions of its constitutive documents, (iii) any corporate policy of the issuer of any Collar or any other rule or regulation of the issuer applicable to such party; (iv) any order or judgment of any court or other agent of government applicable to it or any of its assets or any agreement or contractual restriction binding on or affecting it or any of its assets, including without limitation any agreement between such party and (A) the issuer of the Underlying Shares, (B) any underwriter in respect of the Underlying Shares or (C) shareholders of the issuer of the Underlying Shares; 

(d)     all authorizations of and exemptions, actions and approvals by, and all notices to or filings with, any governmental or other authority that are necessary to enable it to enter into and perform its obligations under this Agreement and any outstanding Collars have been obtained or made and are in full force and effect and all conditions of any such authorizations, exemptions, actions or approvals have been complied with as of the Trade Date of each Collar entered into pursuant to this Agreement; 

(e)     this Agreement and each Collar entered into hereunder constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to the principle that the availability of equitable remedies is subject to the discretion of the court before which any proceeding for such remedies may be brought); 

(f)     no event has occurred or circumstances arisen which constitutes, or with the giving of notice or the passage of time (or both) would become, an Event of Default (as defined hereunder or in the Security Agreement without regard to the application of Paragraph 9.3 herein) in respect of such party; 

(g)     it is not required to deduct or withhold any taxes with respect to any payment which is or could be required to be made by it pursuant to this Agreement or any Collar; 

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(h)     there is not pending or, to its knowledge, threatened against it any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator to draw into question, or that is likely to affect, the legality, validity or enforceability against it of this Agreement or any outstanding Collar or its ability to perform its obligations under this Agreement or any outstanding Collar; and 

          (i)          all information that it has furnished to the other party in any document delivered in connection with this transaction is, as of the date of the information (and as of the date hereof unless otherwise specified), true, accurate and complete in every material respect.

In making the representation contained in clause (g) above, such party may rely on the accuracy of any representations made by the other party pursuant to and the satisfaction of the agreement contained in Section 11.8 of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 11.8 of this Agreement.

               11.2.          Each party represents and warrants to the other party, which representations and warranties shall be deemed repeated on each Trade Date for a Collar, that: 
(a)     it is acting for its own account; 

(b)     it has made its own independent decision to enter into this Agreement, including any Collar, and any related investment, hedging and trading decisions and has made the decision as to whether this Agreement, including any Collar, is appropriate and proper for it (including with respect to the suitability of any Collar and the competitiveness of the rates, prices or amounts and other terms of each Collar) based upon its own judgment and upon such advice from legal, regulatory, tax, business, financial, accounting or other advisors as it has deemed necessary; 

(c)     it is not relying on any communication (written or oral) of the other party or of the Agent as investment advice or as a recommendation to enter into this Agreement, including any Collar, it being agreed that information and explanations related to the terms and conditions of this Agreement including any Collar shall not be considered investment advice or a recommendation to enter into this Agreement including any Collar; 

(d)     it has not received from the other party or the Agent any assurance or guarantee as to the expected results of this Agreement including any Collar; 

(e)     (it is capable of evaluating and understanding on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Agreement, including any Collar; 

(f)     it is capable of assuming, and assumes, the financial and other risks of this Agreement, including any Collar; and 

(g)     it acknowledges that neither the other party nor the Agent is acting as a fiduciary or an advisor for it in respect of this Agreement, including any Collar.

               11.3.          At the time of each delivery, if any, of Underlying Shares pursuant to exercise of a Collar, all securities so delivered shall be in good deliverable form and the delivering party will be deemed to represent and warrant to the other party at and as of such time that:
(a)     it is the legal and beneficial owner of such Underlying Shares, free and clear of all liens, charges, equities, preemptive rights, security interests, encumbrances and of all resale restriction whatsoever; and 

(b)     it has the right to transfer such Underlying Shares at that time on the terms of this Agreement and the relevant Confirmation. 

               11.4.          Each party acknowledges that the Collars are securities that are subject to the Securities Act of 1933, as amended (the "1933 Act").  Each party makes the following representations, warranties and covenants, and such representations, warranties and covenants shall remain in full force and effect whenever such party shall enter into a Collar, exercise a Collar, or make any settlement relating to a Collar:

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(a)     it is entering into the Collar for its own account as principal, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in the Collar entered into hereunder;

(b)     it acknowledges its understanding that the offer and sale of any Collar is intended to be exempt from registration under the 1933 Act, by virtue of Section 4(2) of the 1933 Act.  In furtherance thereof, it represents and warrants that (i) it has the financial ability to bear the economic risk of its investment, and (ii) it qualifies as an "accredited investor" as that term is defined in Regulation D under the 1933 Act;

(c)     it has been given the opportunity to ask questions of, and receive answers from, the other party concerning the terms and conditions of the Collar and has been given the opportunity to obtain such additional information necessary in order for it to evaluate the merits and risks of the Collar, to the extent the other party possesses such information or can acquire it without unreasonable effort or expense, and it has determined that the Collar is a suitable investment for it.  It further represents and warrants that, each time it enters into a Collar hereunder, it will be able to bear a loss of its entire investment.  It  further understands and agrees that in circumstances where it holds a short position, its risk of loss could be unlimited;

(d)     it represents and warrants that it is not in possession of any material non-public information with respect to any security related to a Collar that, under the U.S. federal securities laws, it would have to disclose in advance to a party effecting a purchase or sale of such security;

(e)     it fully understands and agrees that it must bear the economic risk of the Collar for the entire time period set forth in the Confirmation; and it understands and agrees that disposition of the Collar is restricted under this  Master Agreement, the 1933 Act and state securities laws.  It understands that the Collar has not been, and is not intended to be, registered under the 1933 Act or under the securities laws of certain states and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless registered under the 1933 Act and under the applicable laws of such states, or an exemption from such registration is available.  It understands and agrees that the other party is not obliged to register the Transaction on behalf of it or to assist it in complying with any exemption from registration under the 1933 Act or state securities laws.  It further understands and agrees that the other party is not, and will not be, obliged under any circumstances to enter into or arrange an Collar for the purpose of offsetting a particular Collar, but may do so in its discretion; and

(f)     nothing contained herein shall require either party  to enter any part or all of a Collar offered by the other party. Each party reserves the right to limit the number and amount of Collars that the other party, acting by itself or as part of a group, may maintain or acquire through or from it (or any Affiliate of it) at any time.

               11.5.          You represent and warrant that: 
(a)     you are entering into Collars pursuant to this Agreement for the purpose of managing your borrowings or investments, hedging your underlying assets or liabilities or in connection with a line of business, and not for purposes of speculation; 

(b)     if you are a limited partnership, we shall be entitled to deal exclusively with the general partner on behalf of the partnership, unless and until we shall have received written notice of a change in the general partner or a delegation of authority by the general partner; and 

(c)     if you are a trust or charitable corporation, any Collars entered into pursuant to this Agreement will be prudent and appropriate in light of your trust or corporate documentation, financial situation and investment objectives, guidelines and policies.

               11.6.          You represent, warrant and agree that you have filed and will undertake to file or cause to be filed with the Securities and Exchange Commission or other governmental, regulatory or self-regulatory authority any and all disclosure documents which may be required or appropriate with respect to any Underlying Shares and any Collars, (including but not limited to, filings required pursuant to Rule 144 

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under the 1933 Act and Sections 13 and 16 of the Securities Exchange Act of 1934) and the information contained in each such filing was or will be true and correct as of the date of such filing.  You also acknowledge that you have received from UBS or its agent, reviewed and fully understand the "Risk Disclosure Statement - Over-the-Counter Equity Options."

               11.7.          Each party agrees and acknowledges:
(a)     that the Agent is acting as agent for both parties for purposes of this Agreement, including any Collar that is part of this Agreement; 

(b)     that the Agent is not a principal to this Agreement, or any Collar, that the Agent may execute this Agreement or the Confirmation for any Collar solely in its capacity as agent;

(c)     that the Agent shall have not responsibility or liability (including without limitation by way of guarantee, endorsement, or otherwise) to any party in respect of this Agreement or any Collar;

(d)     that it will not proceed against the Agent to collect or recover any obligation owed to it under this Agreement or any Collar; and 

(e)     that the Agent may rely on the representations, warranties and agreements set forth in this Section 11 of the Master Agreement.

          Each of the above representations, warranties and agreements will be correct and complied with in all respects at all times so long as the parties continue to have obligations and duties to each other hereunder as if repeated then, by reference to then existing circumstances.

               11.8.          Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement, it will deliver to the other party or, in certain cases to such government or taxing authority as the other party reasonably directs, (i) any forms, documents or certificates relating to taxation specified in the Confirmation; (ii) upon reasonable demand by such other party, any form, document or certificate that may be required or reasonably requested in writing in order to allow such other party to make a payment under this Agreement without any deduction or withholding for or on account of any tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form, document, or certificate would not materially prejudice the legal or commercial position of the party in receipt of such demand) in each case.

          12.          Adjustment Provisions.

               12.1          If during the life of any Collar any event shall occur that in UBS's sole judgment has a dilutive or concentrative effect on the theoretical value of the Underlying Shares, or the issuer of the Underlying Shares shall make a distribution in respect of such Underlying Shares, other than an ordinary cash dividend, or the Underlying Shares shall be exchanged for, or otherwise represent a right to receive or obtain securities or any other property (including without limitation cash), or a combination thereof, pursuant to a recapitalization, merger, consolidation or any similar reorganization (any of the foregoing, a "Change"), UBS will determine, in a commercially reasonable manner, whether an adjustment is required to any terms of the Collar (including without limitation the Lower Threshold Price, the Upper Threshold Price, number of Underlying Shares or type of property to be delivered by either party) to take account of the effect of the Change, and the nature of such adjustment if we conclude that an adjustment is required.  In determining the nature of an adjustment, we will be guided but not bound by the adjustment principles set forth in the By-Laws, Interpretations and Policies of The Options Clearing Corporation and any adjustment that it may make to the terms of any listed options that it issues on such Underlying Shares.  Except as may otherwise be set forth in the Confirmation relating to any Collar, UBS will not make any adjustment for an ordinary cash dividend.

               12.2          If after the date on which a Collar is entered into there is a cash tender offer with respect to the relevant Underlying Shares: (a) where a tender offer is made to all holders of Underlying Shares to tender a portion, and not all, Underlying Shares for consideration consisting only of cash, the Calculation Agent will adjust the Upper Threshold Price and Lower Threshold Price and any other terms of the Collar in an appropriate manner, to be determined in the discretion of the Calculation Agent; and (b) where a tender offer is made to all holders of Underlying Shares to tender all Underlying Shares for consideration consisting 

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only of cash, the Calculation Agent will designate a day not earlier than the day such tender offer is consummated as an Early Termination Date with respect to such Collar, and the calculations prescribed by Section 8 will be made as if the Counterparty was the Defaulting Party; provided that the Valuation Date for such Collar will be the date of the announcement of the tender offer.

          13.          Notices.  Any notice to be given under this Agreement to either UBS or the Counterparty or in respect of any Collar shall be in writing and shall be delivered by personal delivery, or sent by prepaid registered or certified first class mail, return receipt requested, or by Federal Express, DHL or other comparable courier with fees prepaid.  Any notice given hereunder shall be deemed to have been effectively given, made or served (a) if sent by mail, seven days after dispatch; or (b) if sent by courier, on the date specified to the courier for delivery.  Any notice given hereunder shall be addressed to the relevant party at its address set forth on the signature page hereto or to such other address as the relevant party shall have given to the other party by notice.

          14.          Governing Law and Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.  In relation to any lawsuit, action or proceeding to enforce this Agreement or arising out of or in connection with this Agreement ("Proceedings"), each party irrevocably submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in The City of New York and waives any objection to Proceedings in any such court on grounds of improper venue or inconvenient forum.  Such submission shall not affect the right of either party to institute Proceedings in any jurisdiction or preclude either party for instituting Proceedings in any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY COLLAR AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY'S ENTERING INTO THIS AGREEMENT.

          15.          Other Provisions.  (a) A failure or delay on the part of either party to enforce any right, power or privilege in respect of this Agreement shall not be construed as a waiver of its rights to do so and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of that right, power or privilege or the exercise of any other right, power or privilege; (b) this Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when so executed shall constitute one and the same binding agreement between the parties; (c) in the event that any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby; (d) except as expressly provided herein, no waiver, amendment, supplement or other variation of or addition to the terms, conditions or provisions of this Agreement whatsoever shall be valid unless in writing signed by the parties; (e) time shall be of the essence under any Collar; (f) the parties agree that each may electronically record all telephonic conversations between trading, operations and marketing personnel of the parties and their Affiliates, agrees to give notice to such personnel of it and its Affiliates that their calls will be recorded, and agrees that in any Proceedings, it will not object to the introduction of such recordings in evidence on the grounds that consent was not properly given; and (g) when used in this Agreement, the terms "it" and "its" shall be deemed replaced with the appropriate masculine or feminine counterparts when used in reference to a natural person, the terms "we" and "us" shall refer to UBS or the Transacting Branch, as appropriate, and the term "you" shall refer to the Counterparty.

          16.          Definitions.  (a) In this Agreement, unless the context otherwise requires:

"Affiliate" means (i) with respect to the Counterparty, any entity controlled, directly or indirectly, by the Counterparty; any entity that controls, directly or indirectly, the Counterparty; or any entity under common control with the Counterparty; and, if the Counterparty is a natural person, the spouse of the Counterparty and (ii) with respect to UBS, any subsidiary consolidated for financial reporting purposes in the group financial statements as presented in the Annual Report of UBS.

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          "Business Day" means (i) in relation to any payment, a day on which commercial banks in the city from which payment is to be made and to which payment is to be made are open for business; (ii) in relation to any delivery of Underlying Shares by book entry, a day on which the party making delivery and the depository on whose books the delivery is to be made are open for business; (iii) in relation to any delivery of Underlying Shares in certificated form, a day on which UBS, the Counterparty and the transfer agent are open for business; and (iv) in all other cases, a day on which commercial banks are open for business in The City of New York;

          "Cash-Settled Collar" means a Collar that is to be settled by payment of the Cash Settlement Amount, rather than by delivery of the Underlying Shares;

          "Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) of funding the relevant amount plus 1% per annum;

          "Exchange" means each exchange or quotation system specified as such for the Underlying Shares in the relevant Confirmation or any successor to such exchange or quotation system, provided, however, that if the specified Exchange ceases to list or otherwise include the Underlying Shares, the parties will negotiate in good faith to agree on another exchange or quotation system (if any) in relation to the Underlying Shares.

          "Exchange Business Day" means a day on which the Exchange with respect to a particular Collar, and any Relevant Market in relation to such Collar, is or, but for the occurrence of a Market Disruption Event, would have been open for trading (other than a day on which trading on such Exchange or Relevant Market is scheduled to close prior to its regular weekday closing time);

          "Expiration Date" and "Expiration Time" mean (respectively) the date on, and time of day on that date at, which a Collar is to expire, as specified in the relevant Confirmation (or if the date so specified is not an Exchange Business Day, the first following Exchange Business Day);

          "Lower Threshold Price" means the price per share of the Underlying Shares specified, or determined as provided, in the Confirmation.

          "Market Disruption Event" in relation to any Cash-Settled Collar means  in respect of the Underlying Shares relating to a Collar, the occurrence or existence on any Exchange Business Day during the one-half hour period that ends at the Valuation Time of any suspension of or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) on (i) the Exchange in the Underlying Shares or (ii) any options contracts relating to the Underlying Shares on any Relevant Market, if, in any such case, such suspension or limitation is, in the determination of UBS, material;

          "Normal Trading Day" means an Exchange Business Day on which no Market Disruption Event has occurred or is continuing;

          "Physically Settled Collar" means a Collar to be settled by delivery of the Underlying Shares;

          "Premium" means the amount payable by the Obligated Party to the Other Party in consideration of entering into a Collar;

          "Reference Price" means (i) in relation to a Collar to be settled by physical delivery, the price per share of the Underlying Shares at the Expiration Time on the Expiration Date, as determined by UBS in a commercially reasonable manner, and (ii) in relation to a Collar to be cash settled, the price per share of the Underlying Shares at the Valuation Time on the Valuation Date, determined as specified in the Confirmation, or if not specified in the Confirmation, as determined by UBS in a commercially reasonable manner;

          "Relevant Market" means (a) in relation to any Collar each Exchange or other market specified as such in the Confirmation, (b) in relation to any Underlying Shares, for purposes of Paragraph 5 or for purposes of determining Trading Days, the Exchange or other market specified as such in the Confirmation on which such shares are primarily traded, provided that if no such Exchange or market is so specified, the Relevant Market will be the stock exchange(s) or recognized securities market(s) on which such shares are primarily traded; and (c) in relation to any exchange-traded option contract on any Underlying Shares for 

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purposes of determining if a Market Disruption has occurred, the Exchange or other market specified as such on which such option contracts are traded;

          "Settlement Date" means the third Exchange Business Day following the date of exercise, unless (with respect to a Physically-Settled Collar only) a Settlement Disruption Event prevents the delivery of Underlying Shares as required by the terms of such Collar on such day, in which case the Settlement Date shall be the first succeeding day on which Underlying Shares can be delivered through the Clearance System;

          "Settlement Disruption Event" means an event beyond the control of the parties as a result of which the relevant Clearance System cannot clear the transfer of Underlying Shares;

          "Specified Entity" in relation to a party means each entity, if any, specified as such in relation to that party on the signature page hereof;

          "Specified Indebtedness" means, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) for the payment or repayment of money;

          "Threshold Amount" means (i) with respect to us, 2% of "Total Capital and Reserves" of UBS as shown on the most recent annual audited financial statements of UBS; and (ii) with respect to you or any Specified Entity, the lesser of U.S. Dollars 100,000 or 2% of the net worth, net asset value or stockholder's equity (as the case may be) of you or the relevant Specified Entity as shown on the most recent annual audited financial statements;

          "Termination Event" means the following:  (a) if the Counterparty is an individual, the death, disability or other incapacity of the Counterparty which, in the sole determination of UBS, could prevent or materially impair the Counterparty's ability to perform his or her obligations under this Agreement; (b) if the Counterparty is a trust, (i) the resignation of the trustee of the trust, or if an individual, the death, disability or other incapacity of such individual, which, in the sole determination of UBS, could prevent the trustee from acting in a prudent, timely and effective manner or (ii) the trust is revoked, in whole or in part, or terminated, or there is a distribution of trust assets that materially affects the trust's ability to perform its obligations under this Agreement; or (c) if the Counterparty is a limited partnership, (i) the death, disability or other incapacity of the general partner of the partnership or the resignation or removal of the general partner as the general partner of the partnership; (ii) a modification or termination of the power or authority of the general partner, (iii) an event described in Paragraph 8.1(g) of this Agreement occurs in respect of the general partner of a partnership; or (iv) a partnership makes a distribution of its assets or redeems any limited partnership interests, if immediately following such action the creditworthiness of the partnership, in the sole determination of UBS, is materially weaker than immediately prior to such action;

          "Trade Date" means the date on which the parties enter into a Collar;

          "Trading Day" means a day on which the Relevant Market is open for business;

          "Underlying Shares", in respect of any Collar, means the shares or other securities specified as such in the relevant Confirmation;

          "Upper Threshold Price" means the price per share of Underlying Shares specified, or determined as provided, in the Confirmation.

          "Valuation Date" in relation to a cash-settled Collar means the date on which the Collar is exercised if that date is an Exchange Business Day, or otherwise the following Exchange Business Day, in either case subject to the provisions for Market Disruption Events in Paragraph 10; and

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          "Valuation Time" in relation to any Collar, means the time specified as such in the relevant Confirmation.

               (b) Each of the following terms is defined in the Paragraph set forth opposite such term:

	
Term
	
Paragraph

	
"Affected Party"
	
9.1

	
"Affected Transaction"
	
9.2

	
"Agent"
	
preamble

	
"Agreement"
	
preamble

	
"Cash Settlement Amount"
	
5.2

	
"Change"
	
12.1

	
"Collars"
	
preamble

	
"Confirmation"
	
2

	
"Counterparty"
	
preamble

	
"Defaulting Party"
	
8.1

	
"Early Termination Date"
	
8.2

	
"Event of Default"
	
8.1

	
"Non-Affected Party"
	
9.1

	
"Non-Defaulting Party"
	
8.1

	
"Obligated Party"
	
3

	
"Original Date"
	
10

	
"Other Party"
	
3

	
"Proceedings"
	
14

	
"Representation Letter"
	
Preamble

	
"Security Agreement"
	
preamble

	
"Settlement Amount"
	
8.2

	
"Trade Summary"
	
2

	
"Transacting Branch"
	
Preamble

	
"Unpaid Amounts"
	
8.2

	
"1933 Act"
	
11.4

[signature page follows]

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<PAGE>

Yours faithfully,

UBS AG, London Branch

By: /s/ Hina Mehta                

          Name:Hena Mehta

          Title:Director and Counsel, Region Americas Legal Fixed Income Section

By: /s/ Cynthia A. Curran     

          NameCynthia A. Curran:

          Title:Director, Region Americas Legal Equity Derivatives & Structured Products

Address for Notices:

UBS Securities LLC

677 Washington Blvd.

Stamford, CT 06901

Attention:                                         

Address for Notices:

UBS Securities LLC

677 Washington Blvd.

Stamford, CT 06901

Attention:                                          

Accepted and agreed to:

INDIVIDUALS:

Print name of Counterparty

Print name of Joint Owner if Transactions

are to be entered jointly

Signature of Counterparty

Signature of Joint Owner if Transactions 

are to be entered jointly

14

<PAGE>

PARTNERSHIPS, CORPORATIONS OR TRUSTS:

	
Solitario Resources Corporation                                
	
/s/ Christopher E. Herald                                 

	
Print name of Partnership, Corporation or Trust
	
Signature of individual signing on behalf of

	 	
partnership, corporation or trust

	
Christopher E. Herald                                                
	
CEO                                                                  

	
Print name of individual signing on behalf of
	
Capacity of individual signing on behalf of

	
partnership, corporation or trust
	
partnership, corporation or trust

	 	 
	
Address for notice (if different from principal
	
[Acknowledged by:

	
                                                                                    
	
[                 ], settler of (insert trust name)

	
                                                                                    
	 
	 	
By:                                                                   

	
Counterparty Specified Entities:
	
Name:][insert if client is a trust]

	
                                                                                    
	 
	
If Counterparty is a partnership, corporation or trust:
	 
	
Jurisdiction of incorporation or formation:
	 
	
Colorado                                                                      
	 
	
Name and address of registered agent:
	 
	
CT Corporation
	 
	
1675 Broadway, Suite 1200
	 
	
Denver, CO 80202
	 

15

<PAGE>

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