has sold out of Wildcat in Oct and Nov putting big pressure on the share price. The worst should now be over.
| REPORT UNDER PART 4 |
| Of |
| NATIONAL INSTRUMENT 62-103 |
| 1. Name and address of eligible institutional investor: |
| Sprott Asset Management LP (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 November 30, 2011, there is a net decrease of 12,383,567 in the holdings of |
| common shares (the “Common Shares”) and no change in the holdings of warrants (the |
| “Warrants”) of Wildcat Exploration Ltd. (the “Issuer”). This has resulted in a net |
| decrease of 8.9% in the Offeror’s securityholding percentage. |
| 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 November 30, 2011, the Offeror exercises control or direction, on behalf of |
| accounts fully managed by it, over zero Common Shares and 10,238,117 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 7.3% 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 the entities referred to in Item 7 below. |
| - 2 - |
| (b) the eligible institutional investor, either alone or together with any joint |
| actors, has ownership but control is held by other entities other than the |
| eligible institutional investor or any joint actors: |
| None. |
| (c) the eligible institutional investor, either alone or together with any joint |
| actors, has exclusive or shared control but does not have ownership: |
| The Offeror exercises control or direction over all of the Warrants referred to above in its |
| capacity as portfolio manager of managed accounts. |
| 5. The purpose of the eligible institutional investor and any joint actors in acquiring or |
| disposing of ownership of, or control over, the securities, including any future |
| intention to acquire ownership of, or control over, additional securities of the |
| reporting issuer: |
| The securities described herein are being held for investment purposes. Depending on |
| market and other conditions, the Offeror may from time to time in the future increase or |
| decrease its ownership, control or direction over the Common Shares or other securities |
| of the Issuer, through market transactions, private agreements or otherwise. |
| 6. The general nature and the material terms of any agreement, other than lending |
| arrangements, with respect to securities of the reporting issuer entered into by the |
| eligible institutional investor, or any joint actor, and the issuer of the securities or |
| any other entity in connection with any transaction or occurrence resulting in the |
| change in ownership or control giving rise to the report, including agreements with |
| respect to the acquisition, holding, disposition or voting of any of the securities: |
| None. |
| 7. The names of any joint actors in connection with the disclosure required by this |
| report: |
| The Warrants are held by the Sprott Gold and Precious Minerals Fund and Sprott 2010 |
| Flow-Through L.P. |
| 8. If applicable, a description of any change in any material fact set out in a previous |
| report by the eligible institutional investor under the early warning requirements or |
| Part 4 in respect of the reporting issuer’s securities: |
| Not applicable. |
| 9. A statement that the eligible institutional investor is eligible to file reports under |
| Part 4 in respect of the reporting issuer: |
| - 3 - |
| The Offeror is eligible to file reports under Part 4 of NI 62-103 in respect of the Issuer. |
| The filing of this report is not an admission that an entity named in the report owns or |
| controls any described securities or is a joint actor with another named entity. |
| Dated this 9th day of December 2011. |
| SPROTT ASSET MANAGEMENT LP, |
| by its General Partner, SPROTT ASSET |
| MANAGEMENT GP INC. |
| By: “Kirstin McTaggart” |
| Kirstin McTaggart |
| Chief Compliance Officer |
