Solitario Signs Letter of Intent with Hochschild Mining on Its Pachuca Norte Silver-Gold Project, Mexico

DENVER–(BUSINESS WIRE)– Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL;TSX: SLR) is pleased to announce that it has signed a binding Letter of Intent (“LOI“) with Minera Hochschild México S.A. de C.V., a 100%-owned subsidiary of Hochschild Mining plc (LSE: HOCM.L / HOC LN) (“Hochschild”), on Solitario’s Pachuca Norte silver-gold project in central Mexico. Solitario’s 100%-owned Pachuca Norte project (formerly called “Pachuca Real”), encompasses approximately 19,000 hectares of mineral rights in and around the famed Pachuca silver-gold mining district. Historic production from the Pachuca district totals approximately 1.4 billion ounces of silver and over 7.0 million ounces of gold, making it one of the largest silver-gold districts in the world. A map of the project area can be viewed on Solitario’s website at http://www.solitarioxr.com/art/PachucaNorte.pdf.

Terms of the Venture Agreement

Per the terms of the binding LOI, Hochschild can earn a 51% interest in the project by spending a total $10.0 million on exploration over a five-year period. The initial 12-month work program of $1.5 million is a firm commitment. The following table presents the entire five-year work commitment schedule: