AIF - Sprott Resource Corp.

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ABBREVIATIONS Oil and Natural Gas Liquids Natural Gas bbl barrel Mcf thousand cubic feet bbls barrels MMcf million cubic feet Mbbls thousand barrels Mcf/d thousand cubic feet per day bbls/d barrels per day MMcf/d million cubic feet per day NGL natural gas liquids MMbtu millions of British thermal units Other AECO API °API Boe Boe/d LT MBoe MM$ MMboe SAGD WTI the natural gas storage facility located at Suffield, Alberta American Petroleum Institute an indication of the specific gravity of crude oil measured on the API gravity scale barrels of oil equivalent of natural gas and crude oil on the basis of 1 Boe for 6 Mcf of natural gas barrel of oil equivalent per day long ton thousand barrels of oil equivalent millions of dollars million barrels of oil equivalent Steam-Assisted Gravity Drainage West Texas Intermediate, the reference price paid in United States dollars at Cushing, Oklahoma for crude oil of standard grade $ Canadian dollars $000s thousands of Canadian dollars Disclosure provided herein in respect of boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. CONVERSIONS To Convert From To Multiply By Mcf Cubic metres 28.174 Cubic metres Cubic feet 35.494 Bbls Cubic metres 0.159 Cubic metres Bbls oil 6.290 Feet Metres 0.305 Metres Feet 3.281 Miles Kilometres 1.609 Kilometres Miles 0.621 Acres Hectares 0.405 Hectares Acres 2.471 1
GENERAL INFORMATION This is the annual information form (“AIF”) for Sprott Resource Corp. (referred to in this AIF as the “Company” or “SRC”). All amounts that are presented in this AIF are in Canadian dollars unless noted otherwise. The information in this AIF is presented as at December 31, 2011 unless otherwise indicated. SCIENTIFIC AND TECHNICAL INFORMATION Technical information in this AIF relating to the Mantaro phosphate project (the “Mantaro Project”) is based on information prepared by Donald H. Hains, P. Geo and Michelle Stone, P.Geo, Ph.d, each a “Qualified Person” as such term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and included in the technical report filed in respect of the Mantaro Project on March 11, 2010 (the “Mantaro Technical Report”). Technical information in this AIF relating to the Paris Hills phosphate project (the “Paris Hills Project”) is based on information prepared by Leo J. Gilbride, P.E., Vanessa Santos, P.G., and Gary L. Skaggs, P.E., P.Eng, each an independent consultant and “Qualified Person” as such term is defined in NI 43-101, and included in the technical report filed in respect of the Paris Hills Project on March 29, 2012 (the “Paris Hills Technical Report”). A “Qualified Person” means an individual who is an engineer or geoscientist with a university degree, or equivalent accreditation, in an area of geosciences or engineering, relative to mineral exploration or mining, with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, has experience relevant to the subject matter of the mineral project and the technical report, and is in good standing of a professional association that is relevant to his or her professional degree or area of practice. The Mantaro Technical Report and the Paris Hills Technical Report have been filed on SEDAR and can be found at www.SEDAR.com. Readers are encouraged to read each report in its entirety. FORWARD-LOOKING STATEMENTS This AIF contains certain forward-looking statements and forward-looking information which are based upon the current internal expectations, estimates, projections, assumptions and beliefs of the Company as of the date of such statements or information, including, among other things, assumptions with respect to production, future capital expenditures, and cash flows. The reader is cautioned that the assumptions used in the preparation of such information may be incorrect. In some cases, words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur, are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or forward-looking information. In addition, this AIF may contain forward-looking statements and forward-looking information attributed to third-party industry sources. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Such forward-looking statements and forward-looking information in this AIF speak only as of the date of this AIF unless an alternative date is otherwise expressly identified herein. The forward-looking statements and the forward-looking information contained in this AIF are expressly qualified by the cautionary statements provided for herein. The Company is not under any duty to update any of the forward-looking statements or forward-looking information after the date of this AIF to conform such statements or information to actual results or to changes in the expectations of the Company except as otherwise required by applicable securities laws. Forward-looking statements and forward-looking information contained in this AIF include, but are not limited to, statements with respect to: • the use of funds available to the Company; • drilling inventory, drilling plans and timing of drilling; 2
Page 1 and 2: SPROTT RESOURCE CORP. Annual Inform
Page 3: TABLE OF CONTENTS (continued) Page
Page 7 and 8: • fluctuations in foreign exchang
Page 9 and 10: Intercorporate Relationships Includ
Page 11 and 12: (3) The term, vesting period and ex
Page 13 and 14: holder to acquire one Stonegate Agr
Page 15 and 16: investment purposes. The Company ma
Page 17 and 18: duration (to a maximum of 25 years)
Page 19 and 20: The Government of Canada and the Pr
Page 21 and 22: One Earth Oil and Gas OEOG will foc
Page 23 and 24: Harvest Harvest times vary dependin
Page 25 and 26: Weaning The weaning phase occurs in
Page 27 and 28: Stonegate Agricom Stonegate Agricom
Page 29 and 30: deplete and, as a consequence, eith
Page 31 and 32: The Energy Subsidiaries are not ful
Page 33 and 34: Regulatory Changes There have been
Page 35 and 36: Price Volatility Securities of mini
Page 37 and 38: compensate those suffering loss or
Page 39 and 40: Possible Failure to Obtain Non-Meta
Page 41 and 42: esources could be mined or processe
Page 43 and 44: Conflicts of Interest Certain direc
Page 45 and 46: Uninsured and Underinsured Losses r
Page 47 and 48: ENVIRONMENTAL POLICY The environmen
Page 49 and 50: Notes Name, Province/State and Coun
Page 51 and 52: of Royal Oak to file financial stat
Page 53 and 54: INTEREST OF MANAGEMENT AND OTHERS I
Page 55 and 56:
defined in the Partnership Agreemen
Page 57 and 58:
APPENDIX “A” STATEMENT OF RESER
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All values in this report are expre
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SUMMARY OF NET PRESENT VALUE OF FUT
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The following table sets forth the
Page 65 and 66:
Alberta Sask Edmonton WTI Brent Edm
Page 67 and 68:
PART 4 - RECONCILIATION OF CHANGES
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RECONCILIATION OF GROSS RESERVES BY
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UNDEVELOPED RESERVES (ONE EARTH OIL
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PART 6 - OTHER OIL AND GAS INFORMAT
Page 75 and 76:
One Earth Oil & Gas One Earth Oil &
Page 77 and 78:
Production Estimates The following
Page 79 and 80:
Production by Important Field The f
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March 15, 2012 Sprott Resource Corp
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APPENDIX “C” REPORT ON RESERVES
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Sprott Resource Corp. - Evaluation
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REPORT OF MANAGEMENT AND DIRECTORS
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MANTARO PHOSPHATE DEPOSIT SPROTT RE
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APPENDIX “F” PARIS HILLS TECHNI
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NI 43-101 Technical Report, Paris H
Page 105 and 106:
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Page 111 and 112:
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SPROTT RESOURCE CORP. AUDIT COMMITT
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3 The Committee is responsible for
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5 The Committee is responsible for
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AIF - Sprott Resource Corp.

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