<SEC-DOCUMENT>0001387131-23-010025.txt : 20230821
<SEC-HEADER>0001387131-23-010025.hdr.sgml : 20230821
<ACCEPTANCE-DATETIME>20230821172450
ACCESSION NUMBER:		0001387131-23-010025
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230918
FILED AS OF DATE:		20230821
DATE AS OF CHANGE:		20230821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT FOCUS TRUST INC.
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		231190087

	BUSINESS ADDRESS:	
		STREET 1:		C/O SPROTT ASSET MANAGEMENT L.P.
		STREET 2:		ROYAL BANK PLZ, SO. TOWER, STE 2700
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2J1
		BUSINESS PHONE:		416-943-4065

	MAIL ADDRESS:	
		STREET 1:		C/O SPROTT ASSET MANAGEMENT L.P.
		STREET 2:		ROYAL BANK PLZ, SO. TOWER, STE 2700
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2J1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE FOCUS TRUST INC
		DATE OF NAME CHANGE:	19990525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>focus-def14a_091823.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENTS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>As filed with the Securities
and Exchange Commission on August 21, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Rule&nbsp;14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>INFORMATION REQUIRED
IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Proxy Statement
Pursuant to Section&nbsp;14(a) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Securities Exchange Act
of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Filed by the Registrant&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 96%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Pursuant to&nbsp;&sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SPROTT FOCUS TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Name of Registrant as
Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title of each class of securities to which transaction applies:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate number of securities to which transaction applies:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Per unit price or other underlying value of transaction computed pursuant
    to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Proposed maximum aggregate value of transaction:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total fee paid:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Amount Previously Paid:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Form, Schedule or Registration Statement No.:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filing Party:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date Filed:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"></P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SPROTT FOCUS TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>320 Post Road, Suite 230</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Darien, Connecticut 06820</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>NOTICE OF ANNUAL
MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>TO BE HELD ON SEPTEMBER&nbsp;18,
2023</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">To the Stockholders
of SPROTT FOCUS TRUST, INC.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">NOTICE IS HEREBY GIVEN
that the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) of SPROTT FOCUS TRUST, INC. (the &ldquo;Fund&rdquo;) will be held
at the offices of Sprott Asset Management USA, Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820, on September&nbsp;18, 2023,
at 2:00 p.m. (Eastern Time), for the following purposes:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect one Director to the Fund&rsquo;s Board of Directors: &nbsp;Peyton Tansill Muldoon.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To transact such other business as may properly come before the Meeting or any postponement or adjournment thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Board of Directors
of the Fund has set the close of business on August 4, 2023 as the record date for determining those stockholders entitled to vote at
the Meeting or any postponement or adjournment thereof, and only holders of record at the close of business on that day will be entitled
to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We intend to hold
the Meeting in person. We continue to actively monitor the coronavirus&nbsp;(COVID-19)&nbsp;situation and are sensitive to the public
health concerns our stockholders may have and the protocols that federal, state and local governments may impose. In the event that it
is not possible or advisable to hold the Meeting in person, we will announce alternative arrangements for the Meeting as promptly as practicable,
which may include holding the Meeting solely by means of remote communication. If we take this step, we will announce the decision to
do so in advance by filing the notice as Definitive Additional Materials with the Securities and Exchange Commission and by issuing a
press release. We may impose safety protocols at the in-person Meeting in accordance with federal, state and local guidance. We strongly
encourage all stockholders&nbsp;to vote their shares prior to the Meeting. Further details on how to vote by Internet, by telephone, or
by mail are set forth in the accompanying Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>IMPORTANT: To save
the Fund the expense of additional proxy solicitation, please mark your instructions on the enclosed proxy card, date and sign it and
return it in the enclosed envelope (which requires no postage if mailed in the United States), even if you expect to be present at the
Meeting. You may also authorize a proxy to vote your shares via telephone or the Internet by following the instructions on the proxy card.
Please take advantage of these prompt and efficient proxy authorization options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The accompanying Proxy
is solicited on behalf of the Board of Directors of the Fund, is revocable and will not affect your right to vote in person if you attend
the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By order of the Board of Directors,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas W. Ulrich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: justify; background-color: white">August 21, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>IMPORTANT NOTICE REGARDING
THE AVAILABILITY OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PROXY MATERIALS FOR THE
ANNUAL MEETING OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>STOCKHOLDERS TO BE HELD
ON SEPTEMBER&nbsp;18, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>THE NOTICE, PROXY
STATEMENT AND PROXY CARD FOR</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>THE FUND ARE AVAILABLE
AT&nbsp;HTTPS://WWW.PROXY-DIRECT.COM/SPR-32886</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>SPROTT FOCUS TRUST,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>320 Post Road, Suite 230</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Darien, Connecticut 06820</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>ANNUAL MEETING OF
STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: white"><B>September&nbsp;18, 2023</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The enclosed proxy
is solicited on behalf of the Board of Directors (the &ldquo;Board&rdquo;) of Sprott Focus Trust, Inc. (the &ldquo;Fund&rdquo;) for use
at the Annual Meeting of Stockholders of the Fund (the &ldquo;Meeting&rdquo;), to be held at 2:00 p.m. (Eastern Time), on September 18,
2023, at the offices of Sprott Asset Management USA, Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820, and at any postponements
or adjournments thereof. We expect to mail this Proxy Statement and the accompanying notice on or about August 23, 2023 to stockholders
of record as of the close of business on August 4, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We intend to hold
the Meeting in person. We continue to actively monitor the coronavirus&nbsp;(COVID-19)&nbsp;situation and are sensitive to the public
health concerns our stockholders may have and the protocols that federal, state and local governments may impose. In the event that it
is not possible or advisable to hold the Meeting in person, we will announce alternative arrangements for the Meeting as promptly as practicable,
which may include holding the Meeting solely by means of remote communication. If we take this step, we will announce the decision to
do so in advance by filing the notice as Definitive Additional Materials with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
and by issuing a press release. We may impose safety protocols at the in-person Meeting in accordance with federal, state and local guidance.
We strongly encourage all stockholders to vote their shares prior to the Meeting. Further details on how to vote by Internet, by telephone,
or by mail are set forth in this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Board has
set the close of business on August 4, 2023 as the record date (the &ldquo;Record Date&rdquo;) for determining those stockholders
entitled to notice of, and to vote at, the Meeting or any postponement or adjournment thereof, and only holders of record at the
close of business on that day will be entitled to vote. Stockholders on the Record Date will be entitled to one vote for each
outstanding share of Common Stock held (proportional voting rights for fractional shares held), with no shares having cumulative
voting rights. Stockholders are not entitled to any appraisal rights as a result of the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">All properly executed
and submitted proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or
otherwise as provided therein. Unless instructions to the contrary are marked, properly executed and submitted proxies will be voted &ldquo;<B>FOR</B>&rdquo;
the election of the Class&nbsp;II Director nominee of the Fund, Peyton Tansill Muldoon. You may revoke your proxy at any time before it
is exercised by sending written instructions to the Secretary of the Fund at the Fund&rsquo;s address indicated above, by properly submitting,
either by telephone, mail or Internet, a proxy bearing a later date, or by appearing at the Meeting and voting in person. Attendance at
the Meeting will not itself constitute revocation of a proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The cost of soliciting
proxies will be borne by the Fund, which will reimburse brokerage firms, custodians, nominees and fiduciaries for their expenses in forwarding
proxy materials to the beneficial owners of shares of the Fund&rsquo;s common stock (&ldquo;Common Stock&rdquo;). Some officers and employees
of the Fund and/or Sprott Asset Management USA Inc., the Fund&rsquo;s investment adviser may solicit proxies personally and by telephone,
if deemed desirable. Stockholders may vote at the Meeting by casting ballots in person at the Meeting or by submitting a proxy; all votes
will be tabulated by one or two persons, appointed by the Board before the Meeting, who serve as Inspectors of voting at the Meeting and
who have executed or will execute an Inspectors&rsquo; Oath.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Fund expects that
broker-dealer firms holding shares of the Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will
request the instructions of such customers and clients on how to vote their shares on Proposal 1 before the Meeting. The Fund
understands that, under applicable regulations, such broker-dealers may, without instructions from such customers and clients, grant
authority to the proxies designated by the Fund to vote on the uncontested election of Directors if no instructions have been
received prior to the date specified in the broker-dealer firm&rsquo;s request for voting instructions. Certain broker-dealer firms
may exercise discretion over shares held in their name for which no instructions are received by voting such shares in the same
proportion as they have voted shares for which they have received instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The shares as to which
the proxies so designated are granted authority by broker-dealer firms to vote on the matters to be considered at the Meeting, the shares
as to which broker-dealer firms have declined to vote (&ldquo;broker&nbsp;non-votes&rdquo;)&nbsp;and the shares as to which proxies are
returned by record stockholders but which are marked &ldquo;abstain&rdquo; or &ldquo;withhold&rdquo; on any matter will be included in
the Fund&rsquo;s tabulation of the total number of votes present for purposes of determining whether the necessary quorum of stockholders
exists. Abstentions and broker&nbsp;non-votes,&nbsp;if any, will not be counted as votes cast. Abstentions, withhold votes and broker&nbsp;non-votes,&nbsp;if
any, will not have an effect on the election of Directors. The Board knows of no business other than that stated in Proposal 1 of the
Notice of Meeting that will be presented for consideration at the Meeting. If any other matter is properly presented at the Meeting or
any postponement or adjournment thereof, it is the intention of the persons named on the enclosed proxy card to vote in accordance with
their best judgment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 93%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_001">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_002">PROPOSAL 1: ELECTION OF DIRECTORS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_003">COMPENSATION OF DIRECTORS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">5</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_004">INFORMATION ABOUT THE FUND&rsquo;S OFFICERS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">6</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_005">SECURITY OWNERSHIP OF MANAGEMENT</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">6</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_006">AUDITOR AND AUDIT COMMITTEE INFORMATION</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">7</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_007">STOCKHOLDER COMMUNICATIONS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">9</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_008">DELINQUENT SECTION 16(a) REPORTS</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">9</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_009">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">9</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_010">EXHIBIT A &ndash; AUDIT COMMITTEE CHARTER</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">A-1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font-size: 10pt"><A HREF="#a_011">EXHIBIT B &ndash; GOVERNANCE COMMITTEE CHARTER</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-size: 10pt">B-1</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_001"></A>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">As of the Record Date,
there were <B>29,603,591.003</B> shares of Common Stock outstanding. The following are the only persons known to the Fund to be the beneficial
owners of 5% or more of the Fund&rsquo;s outstanding shares of Common Stock as of the Record Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse; margin-bottom: 12pt">
  <TR>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Name and Address of Beneficial Owner</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Shares of<BR>
Common&nbsp;Stock<BR>
Beneficially&nbsp;Owned</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percent&nbsp;of<BR>
Class</B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt">W. Whitney George</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-indent: -12pt">c/o Sprott Inc., 320 Post Rd., Suite 230,
    Darien, CT 06820</P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,475,112</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</FONT></TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    6,520,071 shares held directly by Mr.&nbsp;George, 906,480 shares held in an IRA account for Mr. George&rsquo;s benefit, 2,755,518
    shares held by Mr.&nbsp;George&rsquo;s spouse and 196,423 shares held by Mr.&nbsp;George&rsquo;s child, of which
    Mr.&nbsp;George may be deemed to beneficially own. Also includes 2,152,204 shares held by The Meredith and Whitney George Family
    Foundation, a charitable foundation established by Mr.&nbsp;George and members of his family. As Chairman of the Foundation,
    Mr.&nbsp;George has shared voting and dispositive power over the shares held by the Foundation. Also includes 759,667 shares held in
    trusts established for the benefit of certain immediate family members of Mr. George and 1,184,749 shares held in a family trust
    established for the benefit of Mr.&nbsp;George&rsquo;s children. As trustee of these family trusts, Mr.&nbsp;George has sole voting
    and dispositive power over the shares held by the trusts.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Shares held by brokerage
firms, banks and other financial intermediaries on behalf of certain beneficial owners are registered in the name of Cede&nbsp;&amp; Co.
Because brokerage firms and other institutions hold many of the Fund&rsquo;s shares on behalf of beneficial owners, we are unable to estimate
the total number of stockholders represented by those record holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_002"></A>PROPOSAL 1: ELECTION OF
DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">At the Meeting, one
member of the Board will be elected. The Board currently has five Directors divided into three classes, with each class having a term
of office of three years. The term of office of one class expires each year. W. Whitney George and James R. Pierce, Jr. currently serve
as Class&nbsp;I directors, each for a three-year term which expires at the Fund&rsquo;s 2024 Annual Meeting of Stockholders or until their
respective successor is duly elected and qualified. Peyton Tansill Muldoon currently serves as a Class&nbsp;II director with a three-year
term to expire at the Fund&rsquo;s 2023 Annual Meeting of Stockholders or until her successor is duly elected and qualified.  Leslie
Barrett and Michael W. Clark currently serve as Class&nbsp;III directors, each for a three-year term which expires at the 2025 Annual
Meeting. Ms. Muldoon has been nominated by the Board for re-election as Class&nbsp;II director for a three-year term to expire at the
Fund&rsquo;s 2026 Annual Meeting of Stockholders or until their respective successor is duly elected and qualified. The classes of Directors
and their respective terms are further summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>CLASS I DIRECTORS<BR>
    TO SERVE UNTIL<BR>
    2024 ANNUAL MEETING OF<BR>
    STOCKHOLDERS</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>CLASS II DIRECTOR<BR>
    TO SERVE UNTIL<BR>
    2026 ANNUAL MEETING OF<BR>
    STOCKHOLDERS</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>CLASS III DIRECTORS<BR>
    TO SERVE UNTIL<BR>
    2025 ANNUAL MEETING OF<BR>
    STOCKHOLDERS</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: center; text-indent: -12pt">W. Whitney George</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-align: center; text-indent: -12pt">(Interested Director)</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: center; text-indent: -12pt">Peyton Tansill Muldoon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-align: center; text-indent: -12pt">(Independent Director)</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leslie Barrett<BR>
(Independent Director)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: center; text-indent: -12pt">James R. Pierce, Jr.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-align: center; text-indent: -12pt">(Independent Director)</P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: center; text-indent: -12pt">Michael W. Clark</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Independent Director)</P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Ms. Muldoon has agreed to
continue to serve as a Director if elected, and the Fund&rsquo;s management has no reason to believe that Ms. Muldoon will be unavailable
to serve as a Director. However, if Ms. Muldoon becomes unwilling or unable to serve, the persons named in the accompanying Proxy will
vote for the election of such other person(s), if any, as the Board may nominate.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">There are no family
relationships between any of the Fund&rsquo;s Directors (including the Fund&rsquo;s Director nominees at the Meeting) and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; background-color: white"><B>Interested Person</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify; background-color: white">W. Whitney George is
an &ldquo;interested person&rdquo; of the Fund within the meaning of Section&nbsp;2(a)(19) of the 1940 Act due to several relationships
including his position as Chief Executive Officer of Sprott Inc., the parent company of Sprott Asset Management USA Inc., the Fund&rsquo;s&nbsp;adviser.&nbsp;Certain
biographical and other information concerning Mr.&nbsp;George is set forth below, including information about Mr.&nbsp;George&rsquo;s
experiences, qualifications, attributes and skills which the Board believes qualifies him to be an effective Director:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name, Address and Principal Occupation(s) During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position Held with the Fund</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Length of Time Served as Director</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Current Director Term Expires</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Portfolios in Fund Complex Overseen</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other Directorships</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>W. Whitney George</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Sprott Inc., 320 Post Rd., Suite 230, Darien, CT 06820</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>65</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class I Director</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Since 2013</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>None</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    George has served as the Chief Executive Officer of Sprott Inc. (TSX: SII), an alternative asset manager, since June 30, 2022,
    having previously served as its President from January 2019 to June 2022 and as its Executive Vice President from January 2016 to
    January 2019. He served as the Chief Investment Officer of Sprott Asset Management, LP, a registered investment adviser, from April
    20, 2018 to January 20, 2021, and as Chairman and Senior Portfolio Manager of Sprott Asset Management USA Inc., a registered investment
    adviser, since January 2017 and March 2015, respectively. He previously served as the Managing Director and Vice President of Royce
    &amp; Associates, LLC, a registered investment adviser, from October 1991 to March 2015. The Board believes that Mr. George&rsquo;s
    qualifications to serve on the Board include his over 30 years of extensive investment business experience, including as Senior
    Portfolio Manager of the Fund, and leadership experience.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Director Biographical Information
and Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">Certain biographical
and other information concerning the Fund&rsquo;s Independent Directors as of the Record Date is set forth below, including information
about the experiences, qualifications, attributes and skills which the Board believes qualifies such Directors to be effective Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name, Address* and Principal Occupation(s) During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position Held with the Fund</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Length of Time Served as Director</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Current Director Term Expires</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Portfolios in Fund Complex Overseen</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other Directorships</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Leslie Barrett**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>57</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class III Director</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Since April 2022</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sprott Funds Trust</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Barrett has served as a Senior Software Engineer at Bloomberg LP specializing in Natural Language Processing and Machine Learning since June 2012. The Board believes that Ms. Barrett&rsquo;s qualifications to serve on the Board include her extensive experience in predictive analytics.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Michael W. Clark**</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>63</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class III Director</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Since 2015</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sprott Funds Trust</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Clark served as the President, Executive Vice President, Chief Risk Officer and member of the Executive Committee and Board of Directors of Chilton Investment Company, an investment management firm, from 2005 through 2019. The Board believes that Mr. Clark&rsquo;s qualifications to serve on the Board include his over 21 years of business experience, including extensive experience in the investing and financial services sectors.</FONT></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James R. Pierce, Jr.**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>66</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class I Director</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Since 2015</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sprott Funds Trust</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Pierce served as the Chairman of JLT Specialty Insurance Services, Inc., the U.S. platform of the specialty business advisory firm,
    Jardine Lloyd Thompson Group, from December 2014 to December 2022. He previously served as the Global Lead in Marine and Energy
    Operations at Marsh, a global insurance brokerage and risk management firm, from 2006 to 2014. The Board believes that Mr.
    Pierce&rsquo;s qualifications to serve on the Board include his over 30 years of business experience, including extensive experience
    in the insurance and financial services sectors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Peyton T. Muldoon**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>54</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class II Director</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Since 2015</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sprott Funds Trust</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Muldoon has served as a Licensed Salesperson at Sotheby&rsquo;s International Realty since 2011. The Board believes that Ms. Muldoon&rsquo;s qualifications to serve on the Board include her experience in the financial services sectors, which includes marketing and client relationship management related to a variety of financial products, managing equity and fixed-income portfolios of clients and performing research and valuation analysis of securities.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The address of each of Mses. Barrett and Muldoon and
    Messrs. Clark and Pierce is c/o Sprott Asset Management USA Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of Mses. Barrett and Muldoon and Messrs. Clark and Pierce is a member of the Audit Committee of the Board and the Governance Committee of the Board.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Board believes
that each Director&rsquo;s experience, qualifications, attributes and skills should be evaluated on an individual basis and in consideration
of the perspective such Director brings to the entire Board, with no single Director, or particular factor, being indicative of Board
effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate, question and discuss
information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective
business judgment in the performance of their duties; the Board believes that each of its directors satisfy this standard. Experience
relevant to having this ability may be achieved through a Director&rsquo;s educational background; business, professional training or
practice, public service or academic positions; experience from service as a board member (including the Board) or as an executive of
investment funds, public companies or significant private or&nbsp;non-profit&nbsp;entities or other organizations; and/or other life experiences.
The charter for the Board&rsquo;s Governance Committee contains certain other specific factors considered by the Governance Committee
in identifying and selecting Director candidates (as described below under &ldquo;Governance Committee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">To assist them in
evaluating matters under federal and state law, the Directors may engage other experts as appropriate. The Board evaluates each Director&rsquo;s
performance on an annual basis.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Board Composition and Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The 1940 Act requires
that at least 40% of the Fund&rsquo;s Directors not be &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund and,
as such, not be affiliated with Sprott (&ldquo;Independent Directors&rdquo;). To rely on certain exemptive rules under the 1940 Act, a
majority of the Fund&rsquo;s Directors must be Independent Directors, and for certain important matters, such as the approval of investment
advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent
Directors. Currently, 80% of the Fund&rsquo;s Directors are Independent Directors. The Board does not have a chairman, but Mr.&nbsp;George,
an interested person of the Fund, acts as chairman at the Board meetings. The Independent Directors have not designated a lead Independent
Director due to the relatively small size of the Board. The Board has determined that its leadership structure is appropriate in light
of the services that Sprott and its affiliates provide to the Fund and potential conflicts of interest that could arise from these relationships.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Audit Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Board has a standing
Audit Committee, which consists of four Independent Directors who also are &ldquo;independent&rdquo; as defined in the applicable Nasdaq
listing standards. The current members of the Audit Committee are Leslie Barrett, Michael W. Clark, James R. Pierce, Jr., and Peyton T.
Muldoon. Mr.&nbsp;Clark serves as Chairman of the Audit Committee, and has been designated as an Audit Committee Financial Expert, as
defined under SEC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The principal purposes
of the Audit Committee are to (i)&nbsp;assist Board oversight of the (a)&nbsp;integrity of the Fund&rsquo;s financial statements; (b)&nbsp;independent
accountants&rsquo; qualifications and independence; and (c)&nbsp;performance of the Fund&rsquo;s independent accountants, and (ii)&nbsp;prepare,
or oversee the preparation of, any audit committee report required by rules of the SEC to be included in the Fund&rsquo;s proxy statement
for its annual meeting of stockholders. The Audit Committee has adopted an Audit Committee charter, a copy of which is attached to this
Proxy Statement as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Governance Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Board has a Governance
Committee composed of four Independent Directors, Leslie Barrett, Michael W. Clark, James R. Pierce, Jr., and Peyton T. Muldoon. Mr.&nbsp;Pierce
serves as Chairman of the Governance Committee. The Governance Committee has adopted a Governance Committee Charter, a copy of which is
attached to this Proxy Statement as Exhibit B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Governance Committee
is responsible for identifying and recommending to the Board individuals the Committee believes are qualified to become Board members
in the event that a director position is vacated or created. The Governance Committee will consider Director candidates recommended by
stockholders. In considering potential nominees, the Governance Committee will take into consideration (i)&nbsp;the contribution which
the person can make to the Board, with consideration given to the person&rsquo;s business and professional experience, education and such
other factors as the Committee may consider relevant, including but not limited to whether a potential nominee&rsquo;s personal and professional
qualities and attributes would provide a beneficial diversity of skills, experience and/or perspective to the Board; (ii)&nbsp;the character
and integrity of the person; (iii)&nbsp;whether or not the person is an &ldquo;interested person&rdquo; as defined in the 1940 Act and
whether the person is otherwise qualified under applicable laws and regulations to serve as a Director or Independent Director of the
Fund; (iv)&nbsp;whether or not the person has any relationships that might impair his or her independence, such as any business, financial
or family relationships with Fund management, the investment adviser of the Fund, Fund service providers or their affiliates; (v)&nbsp;whether
or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related investment
company complexes; (vi)&nbsp;whether or not the person is willing to serve as, and willing and able to commit the time necessary for the
performance of the duties of, a Director of the Fund; and (vii)&nbsp;whether or not the selection and nomination of the person would be
in the best interest of the Fund in light of the requirements of the Fund&rsquo;s retirement policies. While the Governance Committee
does not have a formal policy regarding diversity, as noted above, it may consider the diversity of skills, experience and/or perspective
a potential nominee will bring to the Board as part of its evaluation of the contribution such potential nominee will make to the Board.
Such factors will be considered in light of the other factors described above and in the context of the Board&rsquo;s existing membership
at the time such potential candidate is considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">To have a candidate
considered by the Governance Committee, a stockholder must submit the recommendation in writing and must include biographical information
and set forth the qualifications of the proposed nominee. The stockholder recommendation and information described above must be sent
to the Fund&rsquo;s Secretary, Thomas&nbsp;W. Ulrich, c/o Sprott Asset Management USA Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Although the Board
does not have a standing compensation committee, the Independent Directors review their compensation annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>Board&rsquo;s Oversight
Role in Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Board&rsquo;s
role in management of the Fund is oversight. As is the case with virtually all investment companies (as distinguished from operating
companies), service providers to the Fund, primarily Sprott and its affiliates, have responsibility for the&nbsp;day-to-day&nbsp;management
of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk, valuation
risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its
scheduled meetings, or the Chairman of the Audit Committee, acting between Board meetings, regularly interacts with and receives reports
from senior personnel of service providers, including the Fund&rsquo;s and Sprott&rsquo;s Chief Compliance Officer and portfolio management
personnel. The Audit Committee (which consists of four Independent Directors) meets during its scheduled meetings, and, as necessary,
between meetings the Chairman of the Audit Committee maintains contact with the Fund&rsquo;s independent registered public accounting
firm and the Fund&rsquo;s Treasurer. The Board also receives periodic presentations from senior personnel of Sprott or its affiliates
regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas
such as business continuity, anti-money laundering, personal trading, valuation, investment research and securities lending. The Board
also receives reports from counsel to Sprott regarding regulatory, compliance and governance matters. The Board&rsquo;s oversight role
does not make the Board a guarantor of the Fund&rsquo;s investments or activities.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Committee and Board of Directors Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">During the year ended
December&nbsp;31, 2022, the Board held six meetings, the Audit Committee held two meetings, and the Governance Committee held one meeting,
and each of the Directors attended at least seventy-five percent (75%) of the total number of meetings of the Board held during the period
for which he or she was a director and the total number of meetings held by all committees of the Board on which he or she served during
the periods that he or she was a member of that committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Director Attendance at Stockholder
Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Fund has no formal
policy regarding Director attendance at stockholder meetings. None of the Directors attended the 2022 Annual Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Vote Required to Elect Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">At the Meeting, a quorum
consists of stockholders representing a majority of the outstanding shares of Common Stock entitled to vote, who are present in person
or by proxy. A plurality of all of the votes cast at a meeting at which a quorum is present is sufficient to elect a Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><B>The Board of Directors of the Fund recommends
that all stockholders vote &ldquo;FOR&rdquo; the Director nominees.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_003"></A>COMPENSATION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><B>Sprott Fund Complex (Current Fund Complex)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">For the year ended
December&nbsp;31, 2022, each Independent Director who served during 2022 received $5,242.00 from the Fund for service as a director. No Director
received remuneration for services as a Director for the year ended December&nbsp;31, 2022 in addition to or in lieu of this compensation.
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Set forth below is
the aggregate compensation paid by the Fund and the total compensation paid by the Fund&rsquo;s current fund complex (consisting solely
of the Fund) to each Independent Director of the Fund for services as a director for the year ended December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Name of Director</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate&nbsp;Compensation<BR>
from the Fund</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Pension&nbsp;or&nbsp;Retirement<BR>
Benefits&nbsp;Accrued&nbsp;as&nbsp;Part&nbsp;of<BR>
Fund Expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Estimated&nbsp;Annual<BR>
Benefits&nbsp;upon<BR>
Retirement</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total<BR>
Compensation<BR>
from the<BR>
Fund Paid to<BR>
Directors</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leslie Barrett</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,931.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 0%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-indent: -12pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,931.00</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael W. Clark</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James R. Pierce, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peyton T. Muldoon</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,679.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_004"></A>INFORMATION ABOUT
THE FUND&rsquo;S OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">The Board appoints the Fund&rsquo;s officers.
The following sets forth information concerning the Fund&rsquo;s officers as of the Record Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Name, Address* and Principal Occupations<BR>
    During Past Five Years</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Age</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Office(s)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Officer<BR>
of&nbsp;the&nbsp;Fund<BR>
Since</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Varinder (Vinny) Bhathal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Treasurer</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD COLSPAN="10">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: justify">Ms.&nbsp;Bhathal has served as Treasurer of
    the Fund since August 2017. She also serves as Managing Partner, Corporate Finance and Investment Operations of Sprott Inc. (since October
    2017), and as Chief Financial Officer of Sprott Asset Management
    LP (since December 2018). She previously served as Controller and Director, Finance of Sprott Inc. (from June 2007 to December 2015) and
    as Vice President, Finance of Sprott Inc. (from December 2015 to October 2017).</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Thomas W. Ulrich</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>59</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>President; Chief Compliance Officer and Secretary</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: justify">Mr.&nbsp;Ulrich has served as President of
    the Fund since June 2017 and Chief Compliance Officer and Secretary of the Fund since March 2015. He also serves as Managing Partner
    of the Sprott Inc. group of companies (since January 2018), General Counsel and Chief Compliance Officer of Sprott Asset Management
    USA Inc. (since October 2012), and&nbsp;General Counsel of Sprott Global Resource Investments Ltd.
    (since October 2012). He previously served as Chief Compliance Officer of Altegris Advisors, L.L.C. (from July 2011 to October 2012)
    and as Principal, General Counsel and Chief Compliance Officer of Geneva Advisors (March 2005 to July 2011).</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The address of each officer of the Fund is c/o Sprott Asset Management USA Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_005"></A>SECURITY OWNERSHIP OF MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Information relating
to ownership of shares of Common Stock by each Director and Director nominee as of the Record Date is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Name of Director or Director Nominee</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of<BR>
Equity Securities<BR>
in the Fund</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
Securities&nbsp;in&nbsp;all&nbsp;Sprott&nbsp;Funds&nbsp;Overseen&nbsp;or<BR>
to Be Overseen by Director or<BR>
Director&nbsp;Nominee&nbsp;in&nbsp;the&nbsp;Sprott&nbsp;Family&nbsp;of&nbsp;Funds</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interested Director:</I></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W. Whitney George</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Interested&nbsp;Directors and<BR>
Director Nominees:</I></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leslie Barrett</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael W. Clark</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James R. Pierce, Jr. </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peyton T. Muldoon</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,000 - $50,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,000 - $50,000</FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Information regarding
ownership of shares of Common Stock by the Fund&rsquo;s current Directors, Director nominees and executive officers as of the Record Date
is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 12pt">
  <TR>
    <TD STYLE="width: 67%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Name and Address* of Beneficial Owner</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number&nbsp;of<BR>
Common&nbsp;Shares<BR>
Beneficially<BR>
Owned</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percent of<BR>
Common<BR>
Shares<BR>
Outstanding</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interested Directors:</I></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">W. Whitney George,
    Director</FONT><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-indent: -12pt">c/o Sprott Inc., 320 Post Rd., Suite 230,
    Darien, CT 06820</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,475,112</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-Interested&nbsp;Directors</I>:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leslie Barrett, Director Nominee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt">Michael W. Clark, Director Nominee &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James R. Pierce, Jr., Director </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,204</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt">Peyton T. Muldoon, Director &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,504</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interested Officers:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Varinder Bhathal, Treasurer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas W. Ulrich, President, Chief Compliance Officer and Secretary<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,982</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All Current Directors and Executive Officers as a Group (7 Persons)</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,492,712</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than Mr.&nbsp;George, the address of each Director, Director nominee and executive officer is c/o Sprott Asset Management USA Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 1% of the outstanding shares of the Fund.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 6,520,071 shares
    held directly by Mr.&nbsp;George, 906,480 shares held in an IRA account for Mr. George&rsquo;s benefit, 2,755,518 shares held by
    Mr.&nbsp;George&rsquo;s spouse and 196,423 shares held by Mr.&nbsp;George&rsquo;s child, of which Mr.&nbsp;George may be deemed to
    beneficially own. Also includes 2,152,204 shares held by The Meredith and Whitney George Family Foundation, a charitable foundation
    established by Mr.&nbsp;George and members of his family. As Chairman of the Foundation, Mr.&nbsp;George has shared voting and
    dispositive power over the shares held by the Foundation. Also includes 759,667 shares held in trusts established for the benefit of
    certain immediate family members of Mr. George and 1,184,749 shares held in a family trust established for the benefit of
    Mr.&nbsp;George&rsquo;s children. As trustee of these family trusts, Mr.&nbsp;George has sole voting and dispositive power over the
    shares held by the trusts.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 7,032.165 shares
    held in an IRA account and 949.371 shares held in an HSA account for Mr. Ulrich&rsquo;s benefit. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Other than as set forth above,
each Director, Director nominee, and executive officer has voting power and investment power as to the shares beneficially owned by him
or her. As of the Record Date, no Independent Director or any of his or her immediate family members directly or indirectly owned any
securities issued by Sprott Inc. or any of its affiliates (other than registered investment companies).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_006"></A>AUDITOR AND AUDIT COMMITTEE
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Tait, Weller&nbsp;&amp;
Baker LLP (&ldquo;Tait, Weller&nbsp;&amp; Baker&rdquo;), which audited the Fund&rsquo;s financial statements for the fiscal year ended
December&nbsp;31, 2022, has been selected by the Audit Committee as the independent auditor to audit the Fund&rsquo;s financial statements
for the fiscal year ending December&nbsp;31, 2022. It is not expected that a representative of Tait, Weller&nbsp;&amp; Baker will be present
at the Annual Meeting to make a statement or respond to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Below is a summary
of the fees paid by the Fund to Tait, Weller&nbsp;&amp; Baker for services rendered during the fiscal years ended December&nbsp;31, 2022
and December&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt; margin-bottom: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fiscal Year Ended</B></FONT></TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>December&nbsp;31,&nbsp;2022</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>December&nbsp;31,&nbsp;2021</I></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$30,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Related Fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$7,200</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7,200</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Other Fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;$0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the aggregate fees paid in connection with the annual audit of the Fund&rsquo;s financial statements and for services normally provided by Tait, Weller&nbsp;&amp; Baker in connection with the statutory and regulatory filings of the Fund for each of the fiscal years ended December&nbsp;31, 2022 and December&nbsp;31, 2021, including&nbsp;out-of-pocket&nbsp;expenses.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fees were paid to Tait, Weller&nbsp;&amp; Baker in connection with assurance and related services related to the annual audit of the Fund and for review of the Fund&rsquo;s financial statements for each of the fiscal years ended December&nbsp;31, 2022 and December&nbsp;31, 2021.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the aggregate fees paid for&nbsp;tax-related&nbsp;services, including preparation of tax returns, tax compliance and tax advice, for each of the fiscal years ended December&nbsp;31, 2022 and December&nbsp;31, 2021.</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tait, Weller&nbsp;&amp; Baker did not bill any other fees to the Fund for the fiscal years ended December&nbsp;31, 2022 and December&nbsp;31, 2021 and did not provide any other professional services to the Fund or the Adviser for either of those fiscal years.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Audit Committee&rsquo;s&nbsp;Pre-Approval&nbsp;Policies
and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee&rsquo;s
policies and procedures require the Audit Committee to&nbsp;pre-approve&nbsp;all audit and&nbsp;non-audit&nbsp;services provided to the
Fund by the Fund&rsquo;s independent registered public accounting firm, and all audit and&nbsp;non-audit&nbsp;services provided to the
Fund&rsquo;s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides
ongoing services to the Fund, to the extent that such services are directly related to the operations or financial reporting of the Fund.
On an annual basis, at the December meeting of the Audit Committee, the independent auditors of the Fund submit a schedule of proposed
audit, audit-related, tax and other&nbsp;non-audit&nbsp;services to be rendered to the Fund and/or Sprott and its affiliates for the following
year that require&nbsp;pre-approval&nbsp;by the Audit Committee. Such schedule includes the maximum fees that can be paid for such services
without further Audit Committee approval. Any subsequent revision to preapproved services or fees will be considered at the next regularly
scheduled Audit Committee meeting. Services not presented for&nbsp;pre-approval&nbsp;at the December meeting of the Audit Committee are
submitted to the Treasurer of the Fund for a determination that the proposed services fit within the independence guidelines and then
considered for&nbsp;pre-approval&nbsp;at the next regularly scheduled Audit Committee meeting. A proposal to commence an engagement involving
audit, audit-related or tax services prior to the next regularly scheduled Audit Committee meeting will be made in writing by the Treasurer
to all Audit Committee members and include a summary of the engagement, estimated maximum cost, the category of services and the rationale
for engaging the Fund&rsquo;s independent auditor. Such proposed engagement can be&nbsp;pre-approved&nbsp;by any Audit Committee member
who is an Independent Director.&nbsp;Pre-approval&nbsp;by the Chairman of the Audit Committee is required for a proposed engagement involving&nbsp;non-audit&nbsp;services
other than audit-related or tax.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
of the Fund has reviewed and discussed the audited financial statements of the Fund as of December&nbsp;31, 2022 and for the fiscal year
then ended with the Fund&rsquo;s management and has discussed with Tait, Weller&nbsp;&amp; Baker, the independent public accounting firm
for the Fund, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and
the SEC. Had any material concerns arisen during the course of the audit and the preparation of the audited financial statements mailed
to stockholders and included in the Fund&rsquo;s 2022 Annual Report to Stockholders, the Audit Committee would have been notified by Fund
management or representatives of Tait, Weller&nbsp;&amp; Baker. The Audit Committee received no such notifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Audit Committee
has (i)&nbsp;received the written disclosures and the letter from Tait, Weller&nbsp;&amp; Baker, the independent public accounting firm
for the Fund, required by applicable requirements of the Public Company Accounting Oversight Board regarding Tait, Weller&nbsp;&amp;
Baker&rsquo;s communications with the Audit Committee concerning independence, and (ii)&nbsp;discussed with Tait, Weller&nbsp;&amp; Baker
its independence. The Audit Committee has considered whether the provision of&nbsp;non-audit&nbsp;services by the Fund&rsquo;s independent
auditor is compatible with maintaining its independence.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Based on the review
and discussions referred to in the foregoing paragraphs, the Audit Committee recommended to the Board that the audited financial statements
for the fiscal year ended December&nbsp;31, 2022 be included in the Fund&rsquo;s 2022 Annual Report to Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B><I>Audit Committee of the Fund&rsquo;s
Board of Directors:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white">Leslie Barrett, Michael W. Clark, James
R. Pierce, Jr., and Peyton T. Muldoon.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center; background-color: white"><B><A NAME="a_007"></A>STOCKHOLDER COMMUNICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; background-color: white">Stockholders may send
written communications to the Board or to an individual Director by mailing such correspondence to the Secretary of the Fund (addressed
to c/o Sprott Asset Management USA Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820). Such communications must be signed by
the stockholder and identify the number of shares of Common Stock held by the stockholder. Properly submitted stockholder communications
will, as appropriate, be forwarded to the entire Board or to the individual Director. Any stockholder proposal submitted pursuant to Rule&nbsp;14a-8&nbsp;under
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), must continue to meet all the requirements of Rule&nbsp;14a-8.&nbsp;See
&ldquo;Additional Information &ndash; Stockholder Proposals&rdquo; herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B><A NAME="a_008"></A>DELINQUENT SECTION
16(a) REPORTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Section&nbsp;16(a)
of the Exchange Act requires the officers and Directors of the Fund and persons who beneficially own more than ten percent of a registered
class of the Fund&rsquo;s equity securities to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the SEC. Based
solely on the Fund&rsquo;s review of Forms 3, 4 and 5 (including any amendments thereto) filed electronically with the SEC during and
with respect to the Fund&rsquo;s most recent fiscal year and written representations from certain reporting persons that they were not
required to file Form 5 with respect to the Fund&rsquo;s most recent fiscal year, the Fund believes that all of its officers, Directors,
greater than ten percent beneficial owners and other persons subject to Section&nbsp;16 of the Exchange Act due to the requirements of
Section&nbsp;30(h) of the 1940 Act (i.e., any investment adviser or affiliated person of the Fund&rsquo;s investment adviser), have complied
with all filing requirements applicable to them with respect to transactions in the Fund&rsquo;s shares during the Fund&rsquo;s most recent
fiscal year.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_009"></A>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><B>Postponement or Adjournment of Meeting;
Other Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">In the event that sufficient
votes in favor of the election of the Director nominees named in the Notice of Annual Meeting of Stockholders (the sole proposal to be
voted on at the Meeting) are not received by the time scheduled for the Meeting, the persons named as proxies may propose one or more
postponements or adjournments of the Meeting to permit further solicitation of proxies. Any such postponement or adjournment will require
the affirmative vote of a majority of the shares present in person or by proxy at the session of the Meeting to be postponed or adjourned,
as applicable. The persons named as proxies will vote in favor of such postponement or adjournment those proxies which they are entitled
to vote in favor of the election of the Director nominees and will vote against any such postponement or adjournment those proxies required
to be voted against the election of the Director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">While the Meeting
has been called to transact any business that may properly come before it, the Directors know of no business other than the matter stated
in the Notice of Annual Meeting of Stockholders. However, if any additional matter properly comes before the Meeting and on all matters
incidental to the conduct of the Meeting, it is the intention of the persons named in the enclosed Proxy to vote the Proxy in accordance
with their judgment on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0px; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Name and Address of Investment Advisers
and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Fund&rsquo;s investment
adviser is Sprott Asset Management USA Inc. The investment adviser&rsquo;s principal office is located at 320 Post Road, Suite 230, Darien, Connecticut 06820. The Fund&rsquo;s administrator is State Street Bank and Trust Company, located at 100 Summer Street, Boston,
MA 02110.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Annual Report and Semi-Annual Report
Delivery</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Fund&rsquo;s Annual
Report to Stockholders for the year ended December&nbsp;31, 2022 was previously mailed to stockholders and the Semi-Annual Report to Stockholders
for the six months ended June&nbsp;30, 2023 will be mailed to stockholders in late August 2023. The Fund will furnish, without charge,
copies of the Annual Report and the Semi-Annual Report (when available in late August 2023) to a stockholder upon request. Stockholders
may request copies of the reports by writing to the Secretary of the Fund at 320 Post Road, Suite 230, Darien, Connecticut 06820
or calling (203)&nbsp;656-2430.&nbsp;All publicly released material information is also disclosed by the Fund on its website at&nbsp;<U>www.sprottfocustrust.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Stockholder Proposals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Fund&rsquo;s Bylaws
generally require advance notice be given to the Fund in the event a stockholder desires to nominate a person for election to the Board
or to transact any other business from the floor at an annual meeting of stockholders. Notice of any such nomination or other business
intended to be presented at the Fund&rsquo;s 2024 Annual Meeting of Stockholders must be in writing and received at the Fund&rsquo;s principal
executive offices no earlier than April&nbsp;10, 2024 and no later than May 10, 2024. Written proposals should be sent to the Secretary
of the Fund, 320 Post Road, Suite 230, Darien, Connecticut 06820.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The deadline for stockholders
to submit proposals under the provisions of Rule&nbsp;14a-8&nbsp;of the Exchange Act for inclusion in the proxy statement for the 2024
Annual Meeting of Stockholders is April 10, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; background-color: white"><B>Householding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">If you and another
stockholder share the same address, the Fund may only send one proxy statement to that address unless you or the other stockholder(s)
have requested otherwise. You may call or write to the Fund to request a separate copy of the proxy statement. Upon receipt of a written
or oral request, the Fund will promptly mail a copy of the proxy statement to you. You may also call or write to the Fund if you receive
multiple copies of the proxy statement and wish to receive a single copy of the proxy statement in the future. For such requests, please
call&nbsp;1-800-337-3503,&nbsp;or write to the Secretary of the Fund at 320 Post Road, Suite 230, Darien, Connecticut 06820.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>PLEASE FILL IN,
DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE OR VOTE YOUR SHARES VIA TELEPHONE OR THE INTERNET
BY FOLLOWING THE INSTRUCTIONS ON THE PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By order of the Board of Directors,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt">Thomas W. Ulrich</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt 12pt; text-indent: -12pt">Secretary</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Dated: August 21, 2023</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U><A NAME="a_010"></A>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>CHARTER OF THE AUDIT
COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OF SPROTT FOCUS TRUST,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Composition of the Audit Committee</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
shall be composed of at least three Directors, each of whom:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall not be an &ldquo;interested person,&rdquo; as defined in Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), of the Sprott Focus Trust, Inc. (the &ldquo;Fund&rdquo;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall not accept directly or indirectly any consulting, advisory, or other compensatory fee from the Fund (other than fees for serving on the Board of Directors or any committee thereof);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall be financially literate at the time of his or her appointment to the Audit Committee, as such qualification is interpreted by the Board of Directors in its business judgment, or shall become financially literate within a reasonable period of time after his or her appointment to the Audit Committee; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall satisfy the applicable independence requirements for any national securities exchange or national market quotation system on which Fund shares are or may become listed or quoted.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">At least one Director
who is a member of the Audit Committee shall have accounting or related financial management expertise as the Board of Directors interprets
such qualification in its business judgment. The Board of Directors shall determine annually: (i)&nbsp;whether at least one of the members
of the Audit Committee is an &ldquo;audit committee financial expert,&rdquo; as defined in rules of the Securities and Exchange Commission
and (ii)&nbsp;whether simultaneous service on more than three public company audit committees by a member of the Audit Committee would
not impair the ability of such member to effectively serve on the Audit Committee, and the Board must disclose any determination made
under clause (ii)&nbsp;either on or through the applicable Funds website or in its annual proxy statement. If the disclosure is made on
the Fund&rsquo;s website, the Fund must disclose that fact in its annual proxy statement and provide the website address.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Purposes of the Audit Committee</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
shall be responsible for:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting Board oversight of the:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 13%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrity of the Fund&rsquo;s financial statements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 13%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">independent accountants&rsquo; qualifications and independence; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 13%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance of the Fund&rsquo;s independent accountants; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing, or overseeing the preparation of, any audit committee report required by rules of the Securities and Exchange Commission to be included in the Fund&rsquo;s proxy statement for its annual meeting of stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Responsibilities and Duties of the Audit Committee</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Fund&rsquo;s independent
accountants shall report directly to the Audit Committee.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As may be necessary or appropriate
to carry out its purposes, or to comply with applicable law or the requirements of any securities exchange or market quotation system
on which Fund shares are or may become listed or quoted, the Audit Committee shall have the following responsibilities and duties:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the appointment, compensation, retention and oversight of the work of the Fund&rsquo;s independent accountants, including the resolution of disagreements between management and the independent accountants regarding financial reporting;</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to (i)&nbsp;select an accounting firm to (1)&nbsp;serve as the Fund&rsquo;s independent accountants, (2)&nbsp;audit the Fund&rsquo;s financial statements on an annual basis, and (3)&nbsp;provide an opinion on an annual basis with respect to the Fund&rsquo;s financial statements, and (ii)&nbsp;recommend that the members of the Board of Directors who are not &ldquo;interested persons&rdquo; of the Fund, as defined in Section&nbsp;2(a)(19) of the 1940 Act, ratify such selection;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to&nbsp;pre-approve&nbsp;(i)&nbsp;all audit and permissible&nbsp;non-audit&nbsp;services to be provided to the Fund by the Fund&rsquo;s independent accountants and (ii)&nbsp;all permissible&nbsp;non-audit&nbsp;services to be provided by the Fund&rsquo;s independent accountants to Sprott Asset Management LP, the Fund&rsquo;s investment adviser, and Sprott Asset Management USA Inc., the Fund&rsquo;s&nbsp;sub-adviser&nbsp;(collectively, the &ldquo;Advisers&rdquo;) or any entity controlling, controlled by, or under common control with the Advisers (&ldquo;Adviser Affiliate&rdquo;) that provides ongoing services to the Fund, if the engagement by the Adviser Affiliate relates directly to the operations and financial reporting of the Fund;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if determined to be advisable, to develop policies and procedures for&nbsp;pre-approval&nbsp;of the engagement of the Fund&rsquo;s independent accountants to provide any of the audit or&nbsp;non-audit&nbsp;services described in Section III(c) above;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to consider whether each&nbsp;non-audit&nbsp;service provided by the Fund&rsquo;s independent accountants to the Fund and to the Fund&rsquo;s Advisers or any Adviser Affiliate that provides ongoing services to the Fund is compatible with maintaining the independence of such independent accountants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to ensure that the Fund&rsquo;s independent accountants submit on a periodic basis to the Audit Committee a formal written statement delineating all relationships between such independent accountants and the Fund, consistent with Independence Standards Board Standard No.&nbsp;1, and to actively engage in a dialogue with, and receive and consider specific representations from, the Fund&rsquo;s independent accountants with respect to any disclosed relationships or services that may affect the objectivity and independence of such independent accountants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to review the arrangements for annual and special audits and the scope of such audits with the Fund&rsquo;s independent accountants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to meet to review and discuss the Fund&rsquo;s audited financial statements and, to the extent required by applicable law or regulations, the Fund&rsquo;s semi-annual financial statements with Fund management and the Fund&rsquo;s independent accountants, including the Fund&rsquo;s disclosure of management&rsquo;s discussion of Fund performance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to review with the Fund&rsquo;s independent accountants any audit problems or difficulties the accountants may have encountered during or relating to the conduct of the audit, including any matters required to be discussed pursuant to rules of The Public Company Accounting Oversight Board and other relevant regulatory and professional organizations, and management&rsquo;s response;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to establish and administer policies and procedures relating to the hiring by the Fund, the Advisers, or any administrator that is an Adviser Affiliate of employees or former employees of the Fund&rsquo;s independent accountants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to consider information and comments from the Fund&rsquo;s independent accountants with respect to the Fund&rsquo;s accounting and financial reporting policies, procedures and internal control over financial reporting (including the Fund&rsquo;s critical accounting policies and practices) and management&rsquo;s responses to any such comments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to request, receive and/or review from the Fund&rsquo;s independent accountants such other materials as may be deemed necessary or advisable in the discretion of the Committee in the exercise of its duties under this Charter; such materials may (but are not required to) include, without limitation, any other material written communications relating to the Fund&rsquo;s financial statements, or internal or disclosure controls, between the independent accountants and the Fund, the Advisers, the Fund&rsquo;s&nbsp;sub-adviser(s),&nbsp;if any, or other Fund service providers, such as any management letter or schedule of unadjusted differences;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least annually, to obtain and review a report by the Fund&rsquo;s independent accountants describing: (i)&nbsp;such independent accountants&rsquo; internal quality-control procedures; (ii)&nbsp;any material issues raised by the most recent internal quality-control review, or peer review, of such independent accountants, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by such firm, and any steps taken to deal with any such issues; and (iii)&nbsp;all relationships between the Fund&rsquo;s independent accountants and the Fund, the Advisers, Adviser Affiliates and members of management of such entities (to assess the independence of the Fund&rsquo;s independent accountants); to establish procedures for: (i)&nbsp;the receipt, retention, and treatment of complaints received by the Fund regarding accounting, internal accounting controls, or auditing matters; and (ii)&nbsp;the confidential, anonymous submission of concerns by employees of the Advisers, manager, administrator, principal underwriter, or any other provider of accounting related services for the Fund regarding questionable accounting or auditing matters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to address reports received from attorneys in accordance with procedures adopted by the Advisers relating to the possible violation of federal or state law or fiduciary duty;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to discuss with Fund management and the Fund&rsquo;s independent accountants policies with respect to risk assessment and risk management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to discuss with Fund management the Fund&rsquo;s press releases that discuss earnings (if any), as well as financial information or earnings guidance provided to analysts and ratings agencies (this may be done generally,&nbsp;<I>e.g</I>., the type of information to be disclosed and the type of presentation to be made); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to perform such other functions and to have such other powers consistent with this Charter, the Fund&rsquo;s Articles of Incorporation, as amended and supplemented, the Fund&rsquo;s&nbsp;By-Laws,&nbsp;as amended, and applicable law, as the Audit Committee or the Board deems necessary or appropriate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Audit Committee
may delegate any portion of its authority, including the authority to grant preapprovals of audit related services and permitted&nbsp;non-audit&nbsp;services,
to a subcommittee of one or more members of the Audit Committee pursuant to preapproval policies and procedures established by the Audit
Committee; provided, however, that the Audit Committee may not delegate preapproval of the audit required by the Securities Exchange Act
of 1934. Any decision of such subcommittee of the Audit Committee to grant preapprovals shall be presented to the full Audit Committee
at its next regularly scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The function of the
Audit Committee is oversight; it is the responsibility of Fund management to maintain appropriate systems for accounting and internal
control over financial reporting, and the responsibility of the Fund&rsquo;s independent accountants to plan and carry out a proper audit.
Specifically, Fund management is responsible for: (1)&nbsp;the preparation, presentation and integrity of the Fund&rsquo;s financial statements;
(2)&nbsp;the maintenance of appropriate accounting and financial reporting principles and policies; and (3)&nbsp;the maintenance of internal
control over financial reporting and other procedures designed to assure compliance with accounting standards and related laws and regulations.
The Fund&rsquo;s independent accountants are responsible for planning and carrying out an audit consistent with applicable legal and professional
standards and the terms of their engagement letter. Nothing in this Charter shall be construed to reduce the responsibilities or liabilities
of the Fund&rsquo;s service providers, including the Fund&rsquo;s independent accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Although the Audit
Committee is expected to review appropriately the matters that come before it, such review of a Fund&rsquo;s financial statements by the
Audit Committee is not an audit, nor does the Committee&rsquo;s review substitute for the responsibilities of the Fund&rsquo;s management
for preparing, or the Fund&rsquo;s independent accountants for auditing, the financial statements. Members of the Audit Committee are
not employees of the Fund and, in serving on the Audit Committee, are not, and do not hold themselves out to be, acting as accountants
or auditors. As such, it is not the duty or responsibility of the Audit Committee or its members to conduct &ldquo;field work&rdquo; or
other types of auditing or accounting reviews or procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">In discharging their
duties, the members of the Audit Committee are entitled to rely on information, opinions, reports, or statements, including financial
statements and other financial data, if prepared or presented by: (1)&nbsp;one or more officers of the Fund whom the Board reasonably
believes to be reliable and competent in the matters presented; (2)&nbsp;legal counsel, public accountants, or other persons as to matters
the Board reasonably believes are within the person&rsquo;s professional or expert competence; or (3)&nbsp;a committee of the Board.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Meetings</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
shall meet on a regular basis but no less frequently than annually. The Audit Committee periodically shall meet separately with the Fund&rsquo;s
independent accountants, Fund management, and representatives of Fund management responsible for the financial and accounting operations
of the Fund. The Audit Committee may hold special meetings at such times as the Audit Committee believes necessary or appropriate. Members
of the Audit Committee may participate in a meeting of the Audit Committee by means of conference call or similar communications equipment
by means of which all persons participating in such meeting can hear each other.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Assistance from Fund Management; Authority to Engage Advisers; Funding</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The appropriate officers
of the Fund shall provide or arrange to provide such information, data and services as the Audit Committee may request. The Audit Committee
shall have the power and authority to take all action it believes necessary or appropriate to discharge its responsibilities, including
the power and authority to retain independent counsel and other advisers. The Fund shall provide for appropriate funding, as determined
by the Audit Committee as a committee of the Board, for payment of: (i)&nbsp;compensation to the Fund&rsquo;s independent accountants
or any other accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review, or attest
services for the Fund, (ii)&nbsp;compensation to any advisers employed by the Audit Committee under this Section V, and (iii)&nbsp;ordinary
administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its responsibilities.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Annual Performance Evaluation</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
shall perform a review and evaluation, at least annually, of the performance of the Audit Committee.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VII.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Reporting</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Audit Committee
shall report regularly to the Board. The Chairman of the Audit Committee shall report to the Board on the results of its deliberations,
and make such recommendations as deemed necessary or appropriate.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIII.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Amendments</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">This Charter may be
amended or modified from time to time by vote of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>Dated:&nbsp;</B>August&nbsp;24,
2015</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><A NAME="a_011"></A>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>CHARTER OF THE GOVERNANCE
COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OF THE BOARD OF DIRECTORS
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SPROTT FOCUS TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>Governance Committee
Membership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The Governance Committee
of Sprott Focus Trust, Inc. (the &ldquo;Company&rdquo;) shall be composed of all of the Independent Directors of the Company. Management,
while not having representatives on the Committee, will nonetheless be expected to have a role in the nominating process by identifying
and recommending potential candidates to the Committee for consideration. The Board of Directors (&ldquo;Board&rdquo;) may remove or replace
any member of the Committee at any time in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify; background-color: white"><B>Board Nominations
and Functions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">1. The Committee shall
recommend nominees to the Board for election to the Board. The Committee shall evaluate each candidate&rsquo;s qualifications for Board
membership and with respect to Independent Director nominees, the Committee shall evaluate each such nominee&rsquo;s independence from
the investment adviser, affiliates of the adviser and other principal service providers. In determining a nominee&rsquo;s qualifications
for Board membership, the Committee may take into account a wide variety of factors (with no one factor being controlling) in considering
candidates for membership on the Board, including (but not limited to): (i) the candidate&rsquo;s knowledge in matters relating to the
investment company industry; (ii)&nbsp;any experience possessed by the candidate as a director/trustee or senior officer of other public
companies; (iii)&nbsp;the candidate&rsquo;s educational background; (iv)&nbsp;the candidate&rsquo;s reputation for high ethical standards
and personal and professional integrity; (v)&nbsp;any specific financial, technical or other expertise possessed by the candidate, and
the extent to which such expertise would complement the Board&rsquo;s existing mix of skills and qualifications; (vi)&nbsp;the candidate&rsquo;s
perceived ability to contribute to the&nbsp;on-going&nbsp;functions of the Board, including the candidate&rsquo;s ability and commitment
to attend meetings regularly, work collaboratively with other members of the Board and carry out his or her duties in the best interests
of the Company; and (vii)&nbsp;such other factors as the Committee determines to be relevant in light of the existing composition of the
Board and any anticipated vacancies or other factors. Additionally, with respect to evaluating candidates to serve as an independent member,
the Board shall consider the candidate&rsquo;s ability to qualify as an Independent Director for purposes of the Investment Company Act
of 1940 and any other standards of independence that may be relevant to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">2. The Committee shall
periodically review the composition of the Board to determine whether it may be appropriate to add individuals with different backgrounds
or skills from those already serving on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">3. It is currently
the policy of the Committee not to consider nominees recommended by shareholders as candidates for Board membership. The Committee will
periodically reevaluate the merits of this policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">4. The Committee shall
recommend the compensation of Independent Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white">Adopted: March&nbsp;9,
2015</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>EVERY STOCKHOLDER&#146;S VOTE IS IMPORTANT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" COLSPAN="3"><B>EASY VOTING OPTIONS:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center">


<IMG SRC="g307704g01a23.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Log on to:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>or scan the QR code</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Follow the on-screen instructions</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center"> <P STYLE="margin-top:0pt;margin-bottom:1pt" ALIGN="center">


<IMG SRC="g307704g02a23.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTE BY PHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Call 1-800-337-3503</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Follow the recorded instructions</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<IMG SRC="g307704g03a23.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vote, sign and date this Proxy</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Card and return in the</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>postage-paid envelope</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center">


<IMG SRC="g307704g04a23.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTE IN PERSON</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attend Stockholder Meeting</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sprott&nbsp;Asset&nbsp;Management&nbsp;USA,&nbsp;Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>320 Post Office Road, Suite 230</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darien, CT 06820</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>on
September 18, 2023</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Please detach at perforation before mailing. </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>PROXY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>SPROTT FOCUS TRUST, INC.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>PROXY FOR THE ANNUAL MEETING OF STOCKHOLDERS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>TO BE HELD SEPTEMBER&nbsp;7, 2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby appoints Thomas W. Ulrich, in any capacity, with full power of substitution as proxy or proxies of the
undersigned, to vote all shares of common stock of Sprott Focus Trust, Inc. (the &#147;Fund&#148;) which the undersigned is entitled to vote at the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of the Fund to be held at the offices of
Sprott Asset Management USA, Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820, on Wednesday, September&nbsp;18, 2023 at 2:00 p.m. (Eastern time), and at any adjournment(s) or postponement(s) thereof. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This proxy is solicited on behalf of the Board of Directors of the Fund. </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ALL PROPERLY EXECUTED PROXIES WILL BE VOTED AS DIRECTED. IF NO INSTRUCTIONS ARE INDICATED ON A PROPERLY EXECUTED PROXY, THE PROXY WILL BE VOTED <U>FOR
</U>PROPOSAL 1. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B><FONT STYLE="white-space:nowrap">VOTE&nbsp;VIA&nbsp;THE&nbsp;INTERNET:&nbsp;www.proxy-direct.com</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>VOTE VIA THE TELEPHONE: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-337-3503</FONT></FONT></FONT></B></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#d8d8d8"><FONT STYLE="font-size:15pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:15pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>SPR_32886_072522 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>IF YOU ARE VOTING BY MAIL, PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">xxxxxxxxxxxxxx&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">code&nbsp;&nbsp;</FONT></TD>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>EVERY STOCKHOLDER&#146;S VOTE IS IMPORTANT </B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Important Notice Regarding the Availability of Proxy Materials for the
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Annual Meeting of Stockholders to Be Held on September&nbsp;18, 2023. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Notice, Proxy Statement and Proxy Card for this Meeting are available at: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><FONT STYLE="white-space:nowrap">https://www.proxy-direct.com/spr-32886</FONT> </U></B></P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IF YOU VOTE ON THE INTERNET OR BY TELEPHONE, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOU NEED NOT RETURN THIS PROXY CARD </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Please detach at perforation before mailing. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>THIS PROXY WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREON AND, IF NO CHOICE IS INDICATED, WILL BE VOTED &#147;FOR&#148; PROPOSAL 1.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS Example:&nbsp;&nbsp;</B>&#9746;<B></B><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#000000"><FONT STYLE="font-size:10pt" COLOR="#FFFFFF"><B>&nbsp;A&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;Proposal&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors recommends a vote <U>FOR</U> proposal 1.</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&#8201;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">To elect one Director to the Fund&#146;s Board of Directors:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL EXCEPT</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">01.&nbsp;&nbsp;&nbsp;&nbsp;Peyton Tunsill Muldoon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided below.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"><B>2.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7">To transact such other business as may properly come before the Meeting or any postponement or adjournment thereof.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#000000"><FONT COLOR="#FFFFFF"><B>&nbsp;B&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="9"><B>&nbsp;&nbsp;Authorized Signatures &#151; This section must be completed for your vote to be counted.&#151; Sign and Date Below</B></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="9"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:7pt; font-family:Times New Roman"><B>Note</B>: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are
held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the
signature.</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Date (mm/dd/yyyy) &#151; Please print date below</B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Signature&nbsp;1&nbsp;&#151;&nbsp;Please&nbsp;keep&nbsp;signature&nbsp;within&nbsp;the&nbsp;box</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Signature 2 &#151; Please keep signature within the box</B></P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-TOP:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:22pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1.50pt solid #000000; BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-left:8pt"><B></B><B><I>/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/</I></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1.50pt solid #000000; BORDER-BOTTOM:1.50pt solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" COLSPAN="11" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:14pt; font-family:Times New Roman" ALIGN="center">Scanner bar code</P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:14pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:14pt">
<TD VALIGN="top" ALIGN="center">xxxxxxxxxxxxxx</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SPR132886</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">xxxxxxxx</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
