Board of Directors

Jack C. Lee, Chairman
Mr. Lee has over 37 years experience in the oil and gas industry. He is currently Chairman of the Corporation, and also serves as Chairman of Alaris Royalty Corp., CanEra Resources Inc., and Gryphon Petroleum Corp. In addition, he is a director of Ithaca Energy Inc. and Darian Resources Ltd. He was previously Vice Chairman of Penn West Energy Trust, Chairman of Canetic Resources Trust and President and Chief Executive Officer of Acclaim Energy Inc., a predecessor of Canetic. Prior thereto, Jack was President and Chief Executive Officer of Danoil Energy Ltd, a predecessor of Acclaim. Mr. Lee has a Bachelor of Arts and a Bachelor of Commerce and is a member of the Institute of Corporate Directors.

Eric Sprott, Chief Executive Officer, Portfolio Manager & Director
Eric Sprott has over 40 years of experience in the investment industry and has managed client funds for 37 years. Eric entered the investment industry as a research analyst at Merrill Lynch Canada, Inc. In 1981, he founded Sprott Securities Limited (a predecessor to Sprott Securities Inc., now Cormark). After establishing Sprott Asset Management Inc. in December 2001 as a separate entity, Eric divested his entire stake in Sprott Securities Inc. to its employees. Eric’s investment abilities are demonstrated by the track record of the Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Offshore Fund, Sprott Canadian Equity Fund, Sprott Energy Fund and the Managed Accounts.

In December 2004, the Sprott Hedge Fund L.P. was the winner of the Opportunistic Strategy Hedge Fund Award at the Canadian Investment Awards. In addition, the Sprott Offshore Fund, Ltd. won the 2006 MarHedge Annual Performance Award under the Canada-Based Manager category. In October 2006, Eric was the recipient of the 2006 Ernst & Young Entrepreneur of the Year Award (Financial Services) and the 2006 Ernst & Young Entrepreneur of the Year for Ontario. Eric was also honoured as Investment Executive’s ‘‘Fund Manager of the Year’’ for 2007. Eric graduated with a Bachelor of Commerce from Carleton University in 1965 and was awarded an Honorary Doctorate from Carleton University in 2003. He received his Chartered Accountant designation in 1968.

Peter J. Hodson, Senior Portfolio Manager & Director
Peter Hodson joined Sprott Asset Management in January 2006 and is currently the Lead Portfolio Manager for the Sprott Growth Fund. Peter has over 23 years of experience in the investment industry. Peter began his career as a Managing Director with Dominion Bond Rating Service, and later became Associate Director of Equities at Mutual Asset Management where he managed over $1 billion in assets in its small cap fund. He later joined Synergy Mutual Funds in 1997 and moved to CI Investments when it acquired Synergy in 2003. Peter worked for Waterfall Investments Inc. for a period before returning to CI in 2005. At CI, he was Vice President Portfolio Management where he was responsible for overseeing the management of various funds.

Peter graduated with a Bachelor of Arts in Economics from the University of Western Ontario in 1985 and received his Chartered Financial Analyst designation in 1991.

Allan Jacobs, Director of Small Cap Investments & Director
Allan Jacobs joined Sprott Asset Management in August 2007 as Director of Small Cap Investments with focus on the Sprott Small Cap Funds. He is co-lead portfolio manager for the Sprott 2010 Flow-Through Limited Partnership that was launched in February, 2010. Allan has over 25 years of experience in the investment industry. Prior to joining Sprott Asset Management, Allan was head of Canadian Small Cap equities at Sceptre Investment Counsel Limited, where he was employed for the previous 14 years. He was also the Portfolio Manager of the Sceptre Equity Growth Fund, as well as Portfolio Manager of the Sceptre Canadian Equity Small Cap Pooled Fund and the Canadian small cap component of all other institutional portfolios. He managed the Sceptre Small Cap Opportunities Fund (a hedge fund), which was launched on January 31, 2007 (now called the Sprott Small Cap Hedge Fund). He was an integral part of the Canadian Equity team at Sceptre since 1993 and was appointed a Managing Director of Sceptre in 1996.

Prior to joining Sceptre in 1993, Allan spent four years at Canada Life Investment Management Limited as the portfolio manager of Small Cap Canadian equities and, prior to that, was employed by Old Mutual, as the Portfolio Manager responsible for its flagship $5 billion fund, the largest equity fund in South Africa.

Allan was acknowledged for his achievements at Sceptre on several occasions. The Sceptre Equity Growth Fund was awarded the Best Canadian Small Cap Fund over one, three, five and ten year periods at the 2007 Canadian Lipper Fund Awards. The Sceptre Equity Growth Fund was also a finalist for the 2006 Small Cap Equity Fund of the Year and was chosen the Canadian Equity Fund of the Year in 2005. Furthermore, Allan was chosen the 2006 Fund Manager of the Year at the Canadian Investment Awards. The Small Cap Canadian Equity Pooled Fund, also managed by Allan, was awarded Canadian Small Cap Pooled Fund of the Year in 2006.

Mark McCain, Director
Mr. McCain has been a private investor through Bulawayo Holdings Inc. since September 2006. Prior to that Mr. McCain was a Business Analyst with McCain Foods Ltd. since March 1998. Mr. McCain has been a director of McCain Foods Ltd. for the past eight years and a director of the McCain Foods Group Inc. for over ten years.

James T. Roddy, Director
Mr. Roddy has held a number of senior positions and directorships with companies in various industries. He served as President and Chief Executive Officer and Director of Ontario Bus Industries Inc. in 1994 and from 1989 to 1993 was President and Chief Operating Officer and Director of Slater Industries Inc. From 1985 to 1989 he held various positions with Campeau Corporation, including President, Chief Financial Officer and Chief Operating Officer and Director, and served in the roles of Chief Financial Officer, Executive Vice President and Chief Operating Officer and Director of Peoples Jewellers Limited between 1967 and 1984. Mr. Roddy has also held directorships with numerous public and not-for-profit corporations. James received his Chartered Accountant designation in 1967.

Marc Faber, Director
Dr. Faber is the Managing Director of Marc Faber Ltd., an investment advisory and fund management firm. He also acts as a director of Ivanhoe Mines Ltd. (TSX, NYSE, NASDAQ: IVN), an international mining company with operations focused on the Asia Pacific region, and as a director and advisor to a number of private investment funds. Dr. Faber publishes a widely read monthly investment newsletter entitled “The Gloom, Boom & Doom Report” and is the author of several books including “Tomorrow’s Gold – Asia’s Age of Discovery.” He is a regular contributor to several leading financial publications around the world, including Barron’s. Dr. Faber has over 36 years experience in the finance industry, including acting as manager of an investment bank in the U.S. where he routinely performed financial analysis on a range of companies. Dr. Faber received his PhD in Economics magna cum laude from the University of Zurich. He is a member of the Institute of Corporate Directors.