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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): August 25, 2015</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Colorado</FONT><BR>
<FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation or organization) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">001-32978</FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission</FONT><BR>
<FONT STYLE="font-size: 10pt">File Number) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">84-1285791</FONT><BR>
<FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">4251 Kipling Street, Suite
390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices)</P>

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    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(303) 534-1030</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 16%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>ITEM 2.01</B></FONT></TD>
    <TD STYLE="width: 84%; padding-bottom: 12pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Completion of Acquisition or Disposition of Assets</B></FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 25, 2015 Solitario Exploration &amp;
Royalty Corp. (&ldquo;Solitario&rdquo;) and Ely Gold &amp; Minerals Inc. (&ldquo;Ely Gold&rdquo;, and together with Solitario,
the &ldquo;Sellers&rdquo;) closed the previously announced transaction to sell their combined interests in the Mt. Hamilton gold
project (&ldquo;Mt. Hamilton&rdquo;) to Waterton Nevada Splitter, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund
II Cayman, LP, for total cash proceeds of US$30 million (the &ldquo;Transaction&rdquo;). The Transaction was structured as the
sale of the Sellers&rsquo; membership interests in Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;), a limited liability company that held
100% of the Mt. Hamilton assets. Shareholders of Solitario and Ely Gold recently approved the Transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Solitario received gross proceeds of $24 million
for its 80% interest in MH-LLC, and DHI Minerals (U.S.) Ltd., Ely Gold&rsquo;s wholly-owned U.S. subsidiary, received gross proceeds
of $6 million for its 20% interest in MH-LLC. Concurrent with the closing of the Transaction, Solitario paid in full its outstanding
US$5 million corporate credit facility with RMB Australia Holdings Limited, plus approximately $7,000 in accrued interest and fees.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, concurrent with the closing of
the Transaction, Solitario delivered 15,732,274 common shares (approximately 19.6% of the issued and outstanding) of Ely Gold for
cancellation. The shares were delivered to Ely Gold pursuant to the previously announced consent agreement whereby Ely Gold agreed
to provide its consent (required under the MH-LLC Operating Agreement) for Solitario to pledge its 80% membership interest in MH-LLC
in connection with an extension of Solitario&rsquo;s (now fully paid) corporate credit facility discussed above. Solitario no longer
holds any shares of Ely Gold.</P>

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    <TD STYLE="width: 16%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>ITEM 9.01</B></FONT></TD>
    <TD STYLE="width: 84%; padding-bottom: 12pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Financial Statements and Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(b)&nbsp; Pro forma financial information.
</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements that may be required
in connection with the Transaction are not included in this Current Report on Form 8-K. Solitario will file any required financial
statements within 71 calendar days after the date this Current Report was required to be filed with the Securities and Exchange
Commission.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">August 28, 2015</P>

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    <TD STYLE="width: 7%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 92%; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; text-decoration: underline"><FONT STYLE="font-size: 11pt"><U>/s/&nbsp;James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-size: 11pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of
earliest event reported): August 25, 2015
SOLITARIO EXPLORATION
& ROYALTY CORP.
(Exact name of registrant as specified in its
charter)
Colorado
(State or other jurisdiction of
incorporation or organization)
001-32978
(Commission
File Number)
84-1285791
(I.R.S. Employer
Identification No.)
4251 Kipling Street, Suite
390
Wheat Ridge, CO 80033
(Address of principal executive offices)
Registrant's telephone number, including area code:
(303) 534-1030
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
ITEM 2.01
Completion of Acquisition or Disposition of Assets
On August 25, 2015 Solitario Exploration &
Royalty Corp. ("Solitario") and Ely Gold & Minerals Inc. ("Ely Gold", and together with Solitario,
the "Sellers") closed the previously announced transaction to sell their combined interests in the Mt. Hamilton gold
project ("Mt. Hamilton") to Waterton Nevada Splitter, LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund
II Cayman, LP, for total cash proceeds of US$30 million (the "Transaction"). The Transaction was structured as the
sale of the Sellers' membership interests in Mt. Hamilton LLC ("MH-LLC"), a limited liability company that held
100% of the Mt. Hamilton assets. Shareholders of Solitario and Ely Gold recently approved the Transaction.
Solitario received gross proceeds of $24 million
for its 80% interest in MH-LLC, and DHI Minerals (U.S.) Ltd., Ely Gold's wholly-owned U.S. subsidiary, received gross proceeds
of $6 million for its 20% interest in MH-LLC. Concurrent with the closing of the Transaction, Solitario paid in full its outstanding
US$5 million corporate credit facility with RMB Australia Holdings Limited, plus approximately $7,000 in accrued interest and fees.
Additionally, concurrent with the closing of
the Transaction, Solitario delivered 15,732,274 common shares (approximately 19.6% of the issued and outstanding) of Ely Gold for
cancellation. The shares were delivered to Ely Gold pursuant to the previously announced consent agreement whereby Ely Gold agreed
to provide its consent (required under the MH-LLC Operating Agreement) for Solitario to pledge its 80% membership interest in MH-LLC
in connection with an extension of Solitario's (now fully paid) corporate credit facility discussed above. Solitario no longer
holds any shares of Ely Gold.
ITEM 9.01
Financial Statements and Exhibits
(b)  Pro forma financial information.
The financial statements that may be required
in connection with the Transaction are not included in this Current Report on Form 8-K. Solitario will file any required financial
statements within 71 calendar days after the date this Current Report was required to be filed with the Securities and Exchange
Commission.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
August 28, 2015
Solitario Exploration & Royalty Corp.
By:
/s/ James R. Maronick
James R. Maronick, Chief Financial Officer