SPROTT INC.

Defined terms

As used in this annual information form (“AIF”), unless the context indicates or requires otherwise, the following terms have the following meanings:

•“Corporation”, “Sprott” or "we" means Sprott Inc. and, where applicable, its subsidiaries.

•“Investment Products” means the Corporation’s investment funds (the “Funds”), discretionary managed accounts (the “Managed Accounts”) and fixed term limited partnerships (the “Limited Partnerships”).

•“SAM” means Sprott Asset Management LP, a wholly-owned subsidiary of the Corporation, registered as a portfolio manager, an investment fund manager and an exempt market dealer.

•“Sprott U.S.” means Sprott U.S. Holdings Inc. (and its subsidiaries), a wholly-owned subsidiary of the Corporation through which the Corporation holds SGRIL Holdings Inc. (“SGRIL Holdings”), Resource Capital Investment Corp. (“RCIC”), Sprott Global Resource Investments, Ltd. (“SGRIL”) and Sprott Asset Management USA Inc. (“SAM USA”).

•“SRLC” or “Sprott Resource Lending” means Sprott Resource Lending Corp. (and its subsidiaries), a wholly-owned subsidiary of the Corporation and the general partner of Sprott Private Resource Lending Fund II (the "Lending Fund II"), Sprott Private Resource Lending Fund III (the "Lending Fund III”) and certain other lending vehicles (together with Lending Fund II, Lending Fund III, and certain other lending vehicles, the "Lending Funds"), which provide debt financing to companies in the natural resource sector.

•"SRSR" or "Sprott Streaming"means Sprott Resource Streaming and Royalty Corp. (and its subsidiaries), a wholly-owned subsidiary of the Corporation, the general partner of Sprott Private Resource Streaming and Royalty Fund and Sprott Private Resource Streaming and Royalty Annex Fund (together, the "Streaming Funds"), which provide specialized forms of capital to companies in the natural resource sector.

In this AIF, unless otherwise indicated, all dollar amounts are expressed in United States dollars. References to “$” are to United States dollars and references to "CAD$" are to Canadian dollars. Unless otherwise indicated, all Canadian dollar amounts that are expressed in United States dollars in this AIF have been converted from Canadian dollars at the Bank of Canada daily exchange rate as at December 31, 2024 of CAD $1.4379 per $1.00. The information in this AIF is presented as at December 31, 2024 unless otherwise indicated.