Sprott Resource Corp Ord SCPZF

RE:SCP - Due Dilly

[kennethjw]

I don't think the table pasted properly ... trying again:

(in thousands except share and per share amounts)	31-Mar-2015 Financials	12-May-2015 Pro Forma		Valuation - Comments
Cash and cash equivalents	2,024	2,024		book value - March 31, 2015 FS
Other current assets	1,940	1,940		book value - March 31, 2015 FS
	3,964	3,964
Investments, at fair value
Energy exploration, production and services
Long Run Exploration Ltd.	15,870	18,400		market value - May 12, 2015 share price
One Earth Oil & Gas Inc.	13,976	2,795	Private	Discounted 80% from March 31, 2015 book value. Company in exploration phase for heavy oil production in Alberta. SCP has been pumping money into this venture since inception. Unlikely this will be accretive at current oil prices.
InPlay Oil Corp.	23,976	9,972	Private	Discounted - based on proven reserves of identifiable land holdings
Independence Contract Drilling, Inc.	39,948	44,934		market value - May 12, 2015 share price
Other investments	10,279	7,709	Private	private company, discounted 25% - historical average
	104,049	83,811
Mining
Corsa Coal Corp.	30,805	29,620		market value - May 12, 2015 share price
Stonegate Agricom Ltd.	2,129	1,419		market value - May 12, 2015 share price
Potash Ridge Corporation	1,696	1,166		market value - May 12, 2015 share price
Other investments	3,386	2,540	Private	private company, discounted 25% - historical average
	38,016	34,745
Agriculture
One Earth Farms Corp.	31,000	15,500	Private	Discounted 50% from March 31, 2015 book value. Original investment was based on building a massive wheat/crop farm in the prairies. Current strategy is focusing on "food to fork" products and brand management.
Union Agriculture Group	40,173	18,803	Private	Discounted - based on liquidated value of land holdings (less debt)
	71,173	34,303
Total Assets	217,202	156,823
Current Liabilities (working capital)	(3,080)	(3,080)		book value - March 31, 2015 FS
Long-term Liabilities (related party credit facility)	(12,206)	(12,206)		book value - March 31, 2015 FS
Total Liabilities	(15,286)	(15,286)
Net Asset Value (NAV)	201,916	141,537
Shares outstanding	97,874,503	97,874,503
NAV / Share	$                 2.06	$                 1.45
Discount to NAV	48%	26%		NOTE: PROFORMA DISCOUNT CONSITENT WITH 18 MONTH PERIOD PRIOR TO THE Q1-15 PRICE/NAV GAP
Upsize to Current Share Price	93%	35%