REPORT UNDER PART 4
§Of
§NATIONAL INSTRUMENT 62-103
1. Name and address of eligible institutional investor:
§Sprott Asset Management Inc. (the “Offeror”)
§200 Bay Street, Suite 2700, P.O. Box 27
§Royal Bank Plaza, South Tower
§Toronto, Ontario
§M5J 2J1
2. The net increase or decrease in the number or principal amount of securities, and in
§the eligible institutional investor’s securityholding percentage in the class of
§securities, since the last report filed by the eligible institutional investor under Part
§4 or the early warning requirements:
§As at February 28, 2007, there is a net increase in the holdings of 692,000 common
§shares (the “Common Shares”) and a net increase in the holdings of 332,500 warrants
§(the “Warrants”) of Vedron Gold Inc. (the “Issuer”). However, an increase in the
§aggregate number of currently issued and outstanding shares has resulted in a net
§decrease of 3.5% in the Offeror’s security holdings.
3. The designation and number or principal amount of securities and the eligible
§institutional investor's securityholding percentage in the class of securities at the
§end of the month for which the report is made:
§As at February 28, 2007, the Offeror exercises control or direction, on behalf of accounts
§fully managed by it, over 5,692,000 Common Shares and 2,832,500 Warrants of the
§Issuer. Based on the number of currently issued and outstanding Common Shares (as
§reported by the Issuer) and assuming the exercise of the Warrants, the Offeror exercises
§control or direction over 9.6% of the issued and outstanding Common Shares.
4. The designation and number or principal amount of securities and the percentage of
§outstanding securities referred to in item 3 over which:
§(a) the eligible institutional investor, either alone or together with any joint
§actors, has ownership and control:
§The Offeror does not itself own any Common Shares or other securities of the Issuer.
§The only persons with whom the Offeror may be deemed by the Securities Act (Ontario)
§to be acting jointly and in concert with would be included in the list of managed accounts
§referred to below.