Share Repurchase & Bongará Update

Share Repurchase
Solitario's Board of Directors approved a share repurchase program in October, 2015 that authorized the Company to purchase up to 2.0 million shares of its outstanding common stock through December 31, 2017. All shares repurchased will be cancelled and reduce Solitariois current 39.2 million shares outstanding.

The timing and amount of any stock repurchased will be determined by the Company's management in the open market or in privately negotiated transactions based on market conditions and other factors, including price, regulatory requirements and capital availability, and in compliance with applicable state and federal securities laws. Repurchases may also be made under Rule 10(b)-18. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. No purchases will be made outside of the United States, including shares trading on the Toronto Stock Exchange. Payment for shares repurchased under the program will be funded using the Company's working capital.

Chris Herald, President and CEO, stated: "The share repurchase program demonstrates our commitment to creating, enhancing and returning value to shareholders. We believe our current stock value does not reflect the value of our current cash position, our carried interest in the high-grade BongarEa zinc project, and our past success in identifying, acquiring and enhancing precious and base metal properties with solid technical work."

Bongarå Update
Bongará is currently our core asset. It is an advanced exploration stage high-grade zinc project located in northern Peru. We are fully carried to production by our joint venture partner Milpo Mining. We are not required to contribute any funds prior to the completion of a feasibility study and our share of mine construction costs will be funded by a loan from Milpo and repaid from 50% of the net proceeds from production attributable to our 30% interest. Based on the high-grade zinc content of the defined resources, and the fact that the deposit remains open to expansion, we believe it is one of the best undeveloped zinc projects in the world.

Although the price of zinc fell significantly during the past couple years, our partner, Milpo Mining, continued to advance the project. Currently, Milpo is permitting additional surface drill sites and negotiating a new agreement with the local community. Significant progress was also made to further refine the resource estimate.


Solitario Exploration & Royalty Corp.
4251 Kipling Street, Suite 390; Wheat Ridge, CO 80033 | Tel: 303-534-1030; Fax: 303-534-1809