Interactive Buyside Equity Research

April 21st, 2014

SPROTT RESOURCE CORP
Thesis Overview
Sprott Resources (SRC), through its subsidiaries, invests in and operates oil and gas, energy,
agriculture and agricultural nutrient projects, precious metals, and other natural resources.
SRC passes our 3-Ms test (Management, Moat and Mis-pricing). Our analysis tells us that the
company is worth north of CAD$3.50 based on their NAV; even our pessimistic scenario
yields a price target of CAD$3.25. In order to satisfy our margin of safety we recommend
investors consider buying under CAD$2.75.


Stock Rating BUY
Catalyst Category Value
Price Target $3.50

Price (4/21/14): $2.45
Upside: 43%
Ticker: SCP.TO
Exchange: Toronto
Industry: Basic Materials


Trading Stats ($USD millions)
Market Cap: $241

Price / Book: 0.62x
Dividend Yield: 0%
Price / EPS: 15.3x
Price / Sales: 5.6x
Source: Company filings, Wall Street Consensus

Price Performance
52 Week range:
$2.23 - $4.40



Analyst Details
IB Username: Mike Curran
Employer: CUSH Capital
Job Title: Portfolio Manager

Analyst Disclosure
SCP.TO Position Held: Yes












Interactive Buyside Equity Research
April 21st, 2014

Company Overview
SRC is a Canadian company with investments scattered across Manitoba, Edmonton, Alberta and Saskatchewan, with the bulk in
the latter two, as well as assets in South America and the U.S. Because of Sprotts expertise and connections, they have access to
a wide variety of deals, which the average retail investor does not. SRC is an attractive partner because of their non-levered
structure and long term capital. They dont have investors banging at their door in tough times wanting their money back. This
company, along with the founder of Sprott, Inc., Eric Sprott, has a great reputation in Canada. They currently have eight main
investments in their portfolio.
Here is a quick rundown of their main businesses separated by industries: These descriptions were taken from Sprotts website at
http://bitylink.info/Sprott-Investment-Portfolio

Long Run Exploration (Long Run) is a publicly traded (OTC: WFREF) oil and natural gas company with assets in the
Western Canadian prairies. Long Run was formed in October of 2012 through the merger of WestFire Energy Ltd. And Guide
Exploration Ltd. The combined company has access to more than 1.8 million acres of government land, 25,300 boe/d of
production (52% oil / 48% gas), and a large inventory of exploration and development opportunities. Sprott has invested capital
of $154.7 million and holds 20.1 million shares, which is 18.3% of the common shares outstanding and 15.5 million non-voting
convertible common shares. With the current price of WFREF as of 3/6/2014 at $4.53, Sprotts holding is now worth $161.3
million.
One Earth Farms Corp. ("One Earth Farms") was launched in 2009 in partnership with the First Nations of Canada. With crop
farming and cattle operations in Alberta and Saskatchewan and retail distribution of meat products in Ontario and British
Columbia, it is now one of the largest farms in Canada. One Earth Farms focuses on higher value products, which includes a
significant cattle herd raised under natural protocols (grass-fed) free of antibiotics and hormones. In February 2013, One Earth
Farms acquired Beretta Family Farms Inc. (Beretta Farms), a purveyor of hormone free and antibiotic free natural and organic
branded meat products.
Independence Contract Drilling, Inc. ("ICD") is a vertically integrated premium land drilling service provider based in
Houston, Texas that designs, manufactures, and operates the ShaleDriller series of AC drilling rigs. These modern rigs are
specifically designed and primarily used to succeed in the unconventional drilling sector. The types of wells these rigs drill are
quite technically demanding. . They just deployed their seventh rig and have contracts to build number eight and nine,, which
have already commenced.
Interactive Buyside Equity Research
April 21st, 2014

Union Agriculture Group ("Union Agriculture") is one of the largest corporate agricultural landholders and operators in
Uruguay. The company's diversified agricultural operations include crops, rice, dairy, cattle, sheep and other products. They are
focused on acquiring high-quality, under-utilized agricultural land and developing it in an efficient and sustainable manner.
Stonegate Agricom Ltd. ("Stonegate Agricom") is a publicly-traded company engaged in the acquisition, exploration and
development of agricultural nutrient projects in the Americas. Stonegate Agricom is concurrently developing the Paris Hills
Phosphate Project in Southeast Idaho and the Mantaro Phosphate Project in Peru. SRC has already realized over $50mm in
proceeds from this investment and currently have roughly $17mm unrealized.
One Earth Oil & Gas Inc. ("One Earth Oil & Gas") was formed as a unique partnership between the private sector and First
Nations (for more information visit http://en.wikipedia.org/wiki/First_Nations). One Earth Oil & Gas is dedicated to pursuing oil
and gas exploration and development opportunities located on First Nations land in Western Canada, primarily in Alberta, and
Montana in the United States.
Virginia Energy Resources Inc. ("Virginia Energy") is focused on the exploration and development of the Coles Hill, Virginia
uranium deposit. The U.S. is the biggest user of nuclear power in the world, with 104 reactors providing almost 20% of the
nation's electricity needs. However, U.S. domestic uranium mine production totaled only four million pounds in 2011, which is
less than 10% of annual domestic fuel requirements. Thus, the U.S. remains heavily dependent on foreign imports of uranium.
Potash Ridge Corporation ("Potash Ridge") is a mineral resource company focused on the development of alunite deposits in
Utah. Alunite is a mineral that contains potassium sulphate, high-grade potash and a key ingredient in agricultural nutrients.
Potash Ridge is managed by a seasoned team with senior leadership experience at one of the world's leading mining companies.
The company is targeting initial production by 2017 in order to take advantage of the potash demand cycle. Sprott Resources
Corp. is set up as a Corporation although almost all of the holdings are held by the partnership, Sprott Consulting LP. SRC owns
nearly all of the Partnership (approximately 99.99%), other than the managing partnership interest (approximately 0.01%). The
managing partner is paid a 2% management fee by SRC. It is not this cut and dried, but they pay the managing partner roughly
20% of the profit of any sale the company makes, which is called an incentive fee. For a full discussion on the Profit
Distribution that SRC pays the Managing Partner in a year where there are profits, read page 42 of the 2012 Sprott Resources
Corp Year-End MD&A. You can find a link to that MD&A here.
1


Investment Thesis
Any long-term value investor knows the benefit of following a stock for a significant length of time. You get to know the
management team and the business and gain an intuitive sense for the intrinsic value of the company in differing scenarios. This
has been our experience with Sprott Resource Corp (SCPZF), a company we have profited from in the past, but also a company
that has disappointed us at times. The latter was the case in 2013. This experience leaves us in a unique position to take
advantage of the current opportunity as Sprott trades more cheaply today relative to its Net Asset Value (NAV) than at any time
since its IPO in 2007.
Sprott is like a private equity company that primarily holds natural resource related investments. In late 2012 they initiated a
dividend in an attempt to force the market to recognize the underlying value in their shares. Management hoped to be able to use
the more fairly valued equity to finance opportunities in the resource space. This did not occur as 2013 turned out to be a very
difficult year for commodities in general and in particular gold which Sprott was using to partially support the dividend. The
challenging environment for natural resource stocks and three-standard deviation event for gold necessitated a dividend cut in
August of 2013.
Interactive Buyside Equity Research
April 21st, 2014


We abandoned our position when the dividend cut was announced. Partly because it represented a failure on managements part,
but having more to do with the slide that almost always comes in the wake of these announcements as income investors reallocate
their portfolios. Although not pleased with the decision to initiate and then cut a dividend inside of 12 months, we are willing to
give management the benefit of the doubt and not hold them completely accountable for the year that was 2013 (i.e. the
aforementioned three standard-deviation event amounted to the worst return for gold in over 90 years). We addressed the same
issue in our August 2013 newsletter talking about gold. This was certainly an unforeseen event.
As a possible consequence of all this volatility, Kevin Bambrough, Chairman and CEO, announced that he would step down on
October 22, 2013. He was replaced by Steve Yuzpe, then-CFO. We respect and like Steve and were very happy for him as we
have spent considerable time on the phone with him over the last few years. Moreover, we view his and other executives recent
insider buying in a very positive light and a likely signal that the bottom is in.
Not only do we have strong insider buying but the investment case is getting easier and easier to make. While Sprotts share price
has been bottoming out due to the dividend cut, Long Run Exploration (LRE.TO), Sprotts largest holding, has seen its share
price increase over 30% since the end of June 2013 (vs. Sprott down 36%) and now represents 64% of Sprotts current market
value. In total Sprott Resources is a compelling value; the company has a NAV of $3.65 and trades for $2.20.

Management Team
A link to the bios from the company website has been included here:
http://www.sprottresource.com/company/management-team/
Steve Yuzpe, former CFO took over as CEO from Kevin Bambrough in October of 2013. Mr. Bambrough left for personal
reasons, to pursue other opportunities, but as an investor you cant help but wonder if the dividend debacle might have also
played a small part in the decision. Nevertheless, our experience with Steve Yuzpe has been an extremely favorable one and we
have confidence in his abilities to lead the company going forward. Please note that the chart on the next page shows Mr.
Bambrough owns over 1.7mm shares, not quite 2% of the company. To be honest and for full disclosure, now that he is no longer
considered an executive and an insider of the company, we have no way of knowing if he still owns this stock or not.
As we stated earlier, we have spent considerable time on the phone with Mr. Steve Yuzpe. Mr. Yuzpe is a straight shooter and
someone who is passionate about the long-term prospects for SRC. Mr. Yuzpe has ten years of financial administration
management experience. Mr. Yuzpe holds a Bachelor of Science, Engineering (Mechanical) degree along with the Professional
Engineering designation and a Masters in Business Administration from the Richard Ivey School of Business in London, Ontario.
Mr. Yuzpe is also a Chartered Financial Analyst (CFA) charter holder. He is currently the Chairman of One Earth Farms Corp, as
well as a Director of One Earth Oil and Gas, Inc.
Sprott announced on December 5, 2013 that they had named Michael Staresinic as the companys new CFO. Mr. Staresinic has
more than 12 years of experience in the financial services industry. Prior to joining Sprott Resource Corp., he was Vice President
Interactive Buyside Equity Research
April 21st, 2014

of Finance at Sprott Inc. where he was also a key member of the mergers and acquisitions team. Previously, Mr. Staresinic spent
nine years as Vice President of Finance at a publicly-listed alternative asset management firm. Mr. Staresinic is a Chartered
Professional Accountant, Chartered Accountant, CFA Charter Holder and a Chartered Alternative Investment Analyst. He holds
an Honors Bachelor of Mathematics in Chartered Accountancy from the University of Waterloo. We have not had a chance to
talk to Mr. Staresinic yet but it looks like the parent corporation brought in a mergers and acquisitions person with whom they
were very familiar. At first glance and from talking with Steve, this looks to be a fine hire. In looking at the Executive
Management Team, we also see a new Managing Director, Rick Rule. We are very familiar with that name as Mr. Rule is
Director, President, and Chief Executive Officer of Sprott US Holdings, Inc., Mr. Rule leads a highly skilled team of earth
science and finance professionals who enjoy a worldwide reputation for resource investment management. He is a frequent
speaker at industry conferences, and we have heard him interviewed on various radio, television and podcasts concerning natural
resource investment and industry topics. It would appear that the parent company is getting a lot more hands on in SRC, we find
that a very good thing. We dont usually mention the Board of Directors of most of the companies we invest in but we have
included the following link as this is a board worth mentioning. Information about the Board of Directors can be found at the
following link: http://www.sprottresource.com/company/board-of-directors/.
Some additional notes of interest that add to the case are listed below. There is so much to this story that it warrants some extra
discussion here in the Management section:
SRC employs a disciplined approach when looking for investments. You can take this with a grain of salt but the company lists
the fact that they have done due diligence on over 1,000 deals. They have only taken part in 12, for around a 1% transaction rate.
This shows them to be very risk averse. The management team obviously has a deep-value mentality. They believe in buying low
and selling high; not in the momentum game of buying high and trying to sell higher. Sprott doesnt look for companies with
exploration risk. Rather, they look for resources that are mispriced, meaning they have something unique about them or are
scarce. They also, like CUSH, look for management teams that are experienced and they expect their management teams to be
personally invested in their companies.
When evaluating a management team an investor can infer a lot from their history of successfully compounding capital over time
and Sprott is impressive in this regard. From September 30, 2007 to September 30, 2012, management was able to achieve a 28%
internal rate of return (IRR) on invested capital, net of fees.
2
What was impressive about this is that this was done in a down
market for the Canadian resource market. Although gold and silver were up in that time frame, gold and silver stocks were not, as
well as other resource plays. SRC was able to buy into depressed sectors and then monetize them when they came back. The
details of this performance can be viewed on the following chart which was found in their November 2013 Investor Presentation.
You can view that full presentation at http://bitylink.info/Nov2013Presentation.
We would like to mention the fact that, again, we are looking at the track record of this management team and their decades of
investing experience. We can see that their performance with SRC only comprises a few completed deals. One of these deals,
PBS Coals, netted them a 653% IRR. We understand that the 28% IRR is certainly helped by that. We have gone back and
studied the history of this management team, especially Eric Sprott, and come to the conclusion that this is a top flight talent.
Interactive Buyside Equity Research
April 21st, 2014


SRCs management and their employees own around 9% of this company. This number has come down from 14% later in 2013
but some of that most likely is because of Mr. Bambroughs departure and the fact that he is no longer considered an insider. This
kind of insider ownership is what we like to see as we view them as having shareholder- friendly policies and incentive
alignment; they have skin in the game. Please note the list of insiders below:

One of the markers we have been waiting for to take another position in this stock is insider ownership by the current
management team. The following chart shows three insiders purchasing stock in January of 2014:
Interactive Buyside Equity Research
April 21st, 2014



SRC has reduced its Shares Outstanding from 112.6 million on December 31, 2011 to 98.8 million at year-end 2013. Between
December 31, 2010 and December 31, 2012, SRC purchased and cancelled over 10 million shares. In 2013 alone, the company
reduced its share count by over 2.1 million shares as a part of two buyback programs currently underway.
Interactive Buyside Equity Research
April 21st, 2014


The company had a program in place to buy their own stock on a per day basis, which was set at $19,000/day. According to the
2012 annual report, they were buying as long as the stock price was below $4.60.
3
The Company believes that it is in the best
interest of its shareholders to purchase shares for cancellation when they are trading at a significant discount relative to their
value.
4
We do not see that specific language in the 3rd Quarter 2013 MD&A, their latest filing, because they reinstituted a new
buyback program on September 10, 2013 to replace their 2012 program that ended on August 31, 2013. According to Mr. Yuzpe,
this language was taken out because the Automatic Repurchase Plan (ARP) makes you put in a price for a year that cannot be
changed. Because of the upheaval at the company and the decline in the stock price, they did not feel comfortable putting in a
price for that long a time. They have received approval from the TSX to begin to repurchase up to 8.5 million of its common
shares, ending on September 9, 2014.
5


Moat
Sprott Resource Corp. is something of a mini-conglomerate or private equity holding company specializing in the resource space.
Each of their individual holdings has moaty attributes, but the nature, size, reputation, and tenure of the parent company, both
SRC and Sprott, Inc. similarly create a moat by consistently creating opportunities that are not available to other investors. One
example of this is their partnership with First Nations. Sprott Inc.s founder, Eric Sprott, is well known among financial circles
for his successes in the investment sector. He is also known among Aboriginal circles for his support of First Nations peoples.
The reputation of both Eric Sprott and Kevin Bambrough were instrumental in getting the idea of One Earth Farms off the
ground.
6
With regard to Sprotts moat, land is a big part of the story. They own the largest farm in Canada with over a million
acres spread across four regions, named above, Saskatchewan and Alberta representing 50% of the crop acres. Thirty-four
thousand acres are crop farmed. The cultivated land consists of canola, 47%; wheat, 34%; oats, 10% and peas, 9%. The
geographical diversity helps with weather risk; which along with commodity risk, are the two biggest risk factors with a farming
operation. This company is called One Earth Farms (OEF). SRC owns 54.3% of OEF, with a few other investment partners
owning the rest. They are trying to bring mass-scale agribusiness to that area, which should lead to more efficient use of land and
bring a lot of employment to local residents. They recently acquired a large farm in Alberta, Ontario and British Columbia. With
these purchases, they were also looking to acquire many highly qualified, trained workers. Finding these types of workers has
been a challenge for this company so far. They also acquired a lot of good, used equipment with the purchases. The livestock
count is over 16,000 with a value of over $24MM alone.
We have been looking at investments in agriculture and food production for years as a way to play the worlds insatiable appetite
and need for food. With population growth, declining amount of arable land, water issues around the globe, crops being directed
to biofuels, aging farmers and the growing wealth of more developed nations, agricultural investments are poised to benefit, and
Sprott gives us an attractive way to play this long-term thesis. One of their latest investments, Potash Ridge, plays into that thesis
as well. Potash is mainly used as fertilizer to increase crop production. It is important for agriculture because it improves water
retention, yield, nutrient value, taste, color, texture and disease-resistance of food crops. Also, in February of 2013, OEF acquired
Beretta Farms, a purveyor of hormone free and antibiotic-free natural and organic branded meat products in Ontario and British
Columbia. This transaction is the first instance of OEF's strategy of vertical integration and branded food products, which it is
expected will allow OEF to meet the needs of retailers and consumers, while generating increased margins from an integrated
supply chain.
As was stated in the Overview section, Sprott is an attractive company to partner with because of their nonlevered structure and
long term capital. They dont have investors beating down their door for their money back when things go south in the broader
market.
Interactive Buyside Equity Research
April 21st, 2014

You could say that the management team, along with Eric Sprott, adds to the moaty nature of this company. Mr. Sprott owns 8%
of the company, although he owns this through one of the other subsidiaries so his name is not listed among the insiders on the
chart on page 5. Eric Sprott has over 40 years of investment experience and a great reputation. He has a long track record of
successful investing, is considered an expert on precious metals and is someone whose investment prowess we respect. Again,
notwithstanding his bullish stance on gold amid the downturn since late 2011. This was evidenced in 2008-2009 when SRC took
half of their proceeds from two transactions and bought 73,971 ounces of gold, which they have subsequently sold, for a gain of
about $25 million. They would have had virtually no return on that money if they had left it in cash. We say this kind of decision
adds to the moaty nature of this company because of Mr. Sprotts expertise, longevity in the industry, reputation, lengthy
successful track record and professional balance sheet. Having him as an owner and a resource in the company is something that
a start-up company is not going to have. You cant easily recreate someone like Eric Sprott. Lastly on this subject, Mr. Sprott
gives this company access to deals that most investors would not have access to. People come to Warren Buffett because they
want him to buy their company, and they do the same with Mr. Sprott.

Mis-pricing / Valuation
First of all, virtually no one follows this company. According to Steve Yuzpe, people dont understand their collection of
holdings; they dont know how to value them. One Earth Farms is hard to value because there are no good benchmarks. In doing
our industry comparisons, we had a hard time finding companies to compare to SRC. Another part of the mispricing with SRC is
that they do not fit into any one box; they dont have other companies to directly compare to.
In lieu of a dated balance sheet (Sept. 30, 2013 being the latest one available as of the writing of this report), we are including
below for your review a listing of assets and valuations from the management of SRC. This chart comes from their Investor
Presentation from February 2014:

We like the collection of companies Sprott invests in and agree that the resources are likely mispriced. We agree with their long-
term thinking on agriculture, food production needs, and the increased need in the future for uranium, phosphate and potash.
Interactive Buyside Equity Research
April 21st, 2014

With management pegging their asset value at over $360 million and with shares outstanding in the 99 million-range and
dropping, this would put the value of SRC at or about $3.50. We would be willing to pay 1.2 times NAV for this stock, based on
the 3-Ms and the assets they own, especially the agricultural assets, but we hardly need to take this analysis out to the 4th
decimal place to recognize the value in SRC. With the stock under $2.20, we are a long way from 1.2 times book value.
We include our Valuation page below for your review. As you can see, our valuation is much more conservative than that of
Sprotts management team. Even with this more conservative valuation, we still see that their stock price is trading at 75-82%
below book value. Please note that if you were to use the companys valuation numbers, their stock would be trading more like
60% of NAV.

To circle back to the discussion on One Earth Farms, we need to look at a couple of ways we can confirm the companys value.
SRC lists their Carrying Value, which is equivalent to book value in their 3
rd
Quarter MD&A, as $36.6 million. They also list
their non-current assets for OEF as $48 million, consisting of breeding cattle, property and equipment, goodwill and deferred
income tax assets related to acquisitions. According to Steve Yuzpe, SRC owns 60 million of the 110.3 million shares of OEF. If
we use the value that Sprott just placed on their shares by using OEF shares in the purchase of Beretta Farms, we can see that
each share is worth $0.75. SRC gave Beretta Farms 7.25 million shares valued at $1 but sold at $0.75, taking into account the
liquidity risk of OEF as a private company. If we take 60 million shares outstanding times $0.75, we get a value of $45 million.
One of the challenges to valuing OEF is finding good comps. Even Beretta Farms which they just bought is a private company
and there are no financials disclosed yet. We heard Steve Yuzpe tell us that they are a profitable company and that they have
made money in all but one of the last seven years. We will need a string of a few quarters to assess that purchase and see how the
numbers play out.
Interactive Buyside Equity Research
April 21st, 2014

As we mentioned earlier, the company touts a 28% internal rate of return over the last five years. This is a hard company to value
because they are more like a private equity company as they only book revenues when they sell one of their companies, or at least
a piece of it. This can lead to some very choppy numbers on a year-over-year (yoy) comparison basis for all of the different
metrics we look at. What weve done is to look at those metrics that we have listed on our cover page over a five year period. We
have also tried to use industry peer comparisons from a wide array of companies that do some of what SRC does. There are no
direct peer comparisons as no one does what SRC does. If you do the math on a year-over-year basis you will drive yourself
crazy with the negative numbers. Because they had two years where they closed a few deals, we use the years 2008-2012 to give
us a better perspective of what they have done over a period of time. We expect that they will be able to maintain or exceed those
numbers over the next five years.
Sprott has the typical liquidity risk for the companies that are private. This simply means that these private investments are
obviously not as easily tradable as a company that is listed on one of the stock exchanges. Because they own the largest farm in
Canada, weather is obviously a risk. One way they mitigate this risk is by not having all of their farming operations in one,
concentrated area. Their leased acres are spread across several provinces of Canada to take advantage of this diversity. Another
risk is commodity risk with the agricultural investments. Again, they mitigate this risk by planting many different agricultural
products.

Risks
This company has credit risk for all the companies it invests in. Credit risk is the risk that a third party fails to meet its contractual
obligations that could result in Sprott incurring a loss. The farms have crop failure risk. The oil and gas companies have
production risks. All of their companies face heavy environmental and regulatory risk. The energy companies face well and
blowout risks. All of the companies face staffing issues. Although this isnt a risk, per se, it is a challenge as it is getting harder
and more competitive to find good, trained people in their specific industries.





Interactive Buyside Equity Research
April 21st, 2014

Financial Snapshot



Interactive Buyside Equity Research
April 21st, 2014

References
1 Sprott Resource Corp End of Year 2012 Report, Management Discussion and Analysis, page 42
2 http://bitylink.info/IRR28; Sprott Consulting and Sprott Resource Corp. celebrate milestones, Nov. 19, 2012
3 Sprott 2012 Annual Report, Management Discussion and Analysis, page 7
4 Sprott Resource Corp First Quarter 2013 Report, Management Discussion and Analysis, page 8
5 Sprott Resource Corp Third Quarter 2013 Report, Management Discussion and Analysis, page 7
6 http://www.oneearthfarms.com/about_us/in_the_beginning/

Disclosures
Important Disclosures
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