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**FORM 20-F 
(Mark One) 

____ 
**REGISTRATION STATEMENT    PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**
**OR**X__ 
**ANNUAL REPORT PURSUANT TO    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December    31, 2005**
OR 
____ 
**TRANSITION REPORT PURSUANT    TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period    from to**
**OR**
____ 
**SHELL COMPANY REPORT    PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event    requiring this shell company report__________________ For the transition period from to**
Commission file number 29606    
SHARPE RESOURCES    CORPORATION 

(Exact name of Registrant as specified in its charter) 
(Translation of Registrant's    name into English) 
CANADA 

(Jurisdiction of incorporation or organization) 
3258 MOB NECK ROAD HEATHSVILLE, VIRGINIA 22473 

(Address of principal executive offices) 
Securities registered or to be    registered pursuant to Section 12(b) of the Act. 
Title of each class 

____________________________________ 

____________________________________ 
Name of each exchange on which    registered 

____________________________________ 

____________________________________ 
Securities registered or to be    registered pursuant to Section 12(g) of the Act. 
COMMON SHARES 
(Title of Class) 
(Title of Class) 
Securities for which there is    a reporting obligation pursuant to Section 15(d) of the Act. 
(Title of Class) 
SEC 1852 (05-06) 
**Persons who respond to the    collection of information contained in this form are not required to respond unless the    form displays a currently valid OMB control number**
Indicate the number of    outstanding shares of each of the issuer's classes of capital or common stock as of the    close of the period covered by the annual report. 
35,184,803 Common Shares 
Indicate by check mark if the    registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 
______Yes __X___No
If this report is an annual or    transition report, indicate by check mark if the registrant is not required to file    reports pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934. 
__X__Yes ____No
Note – Checking the    box above will not relieve any registrant required to file reports pursuant to Section 13    or 15(d) of the Securities Exchange Act of 1934 from their obligations under those    sections. 
Indicate by check mark whether    the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of    the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter    period that the registrant was required to file such reports), and (2) has been subject to    such filing requirements for the past 90 days. 
______Yes __X___No 
Indicate by check mark whether    the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated    filer. See definition of "accelerated filer and large accelerated filer" in Rule    12b-2 of the Exchange Act. (Check Below) 
Large accelerated filer _____    Accelerated filer _____ Non-accelerated filer __X___ 
Indicate by check mark which    financial statement item the registrant has elected to follow. 
___X___ Item 17 _____    Item 18
If this is an annual report,    indicated by check mark whether the registrant is a shell company (as defined in Rule    12b-2 of the Exchange Act). 
______Yes __X___No
(APPLICABLE ONLY TO ISSUERS    INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) 
Indicate by check mark whether    the registrant has filed all documents and reports required to be filed by Sections 12, 13    or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of    securities under a plan confirmed by a court. 
______Yes _____No 
**Index**
**PART 1**
ITEM 1 
IDENTITY OF DIRECTORS, SENIOR    MANAGEMENT AND ADVISERS 
5 
ITEM 2 
OFFER STATISTICS AND EXPECTED    TIMETABLE 
5 
ITEM 3 
KEY INFORMATION 
5 
*A.*
*Selected financial data*
5 
*B.*
*Capitalization and    indebtedness*
6 
*C.*
*Reasons for the offer and use    of proceeds*
6 
*D.*
*Risk factors*
6 
ITEM 4 
INFORMATION ON THE COMPANY 
11 
*A.*
*History and development of the    company*
11 
*B.*
*Business overview*
11 
*C.*
*Organizational structure*
12 
*D.*
*Property, plants and equipment*
12 
ITEM 5 
OPERATING AND FINANCIAL REVIEW    AND PROSPECTS 
12 
*A.*
*Operating results*
12 
*B.*
*Liquidity and capital    resources*
14 
*C.*
*Research and development,    patents and licenses, etc.*
17 
*D.*
*Trend information*
17 
*E.*
Off balance sheet arrangements 
17 
*F.*
Tabular disclosures of    contractual obligations 
17 
*G.*
Safe harbor 
17 
ITEM 6 
DIRECTORS, SENIOR MANAGEMENT AND    EMPLOYEES 
17 
*A.*
*Directors and senior    management*
17 
*B.*
*Compensation*
18 
*C.*
*Board practices*
21 
*D.*
*Employees*
26 
*E.*
*Share ownership*
27 
ITEM 7 
MAJOR SHAREHOLDERS AND RELATED    PARTY TRANSACTIONS 
27 
*A.*
*Major shareholders*
27 
*B.*
*Related party transactions*
27 
*C.*
*Interests of experts and    counsel*
28 
ITEM 8 
FINANCIAL INFORMATION 
28 
*A.*
*Consolidated statements and    other financial information*
28 
*B.*
*Significant changes*
28 
ITEM 9 
THE OFFER AND LISTING 
29 
*A.*
*Offer and listing details*
29 
*B.*
*Plan of distribution*
30 
*C.*
*Markets*
30 
*D.*
*Selling shareholders*
31 
*E.*
*Dilution*
31 
*F.*
*Expense of the issue*
31 
ITEM 10 
ADDITIONAL INFORMATION 
31 
*A.*
*Share capital*
31 
*B.*
*Memorandum and articles of    association*
31 
*C.*
*Material contracts*
31 
*D.*
*Exchange controls*
31 
*E.*
*Taxation*
33 
*F.*
*Dividends and paying agents*
34 
*G.*
*Statements by experts*
34 
*H.*
*Documents on display*
34 
*I.*
*Subsidiary information*
34 
ITEM 11 
QUANTITATIVE AND QUALITATIVE    DISCLOSURES ABOUT MARKET RISK 
34 
ITEM 12 
DESCRIPTION OF SECURITIES OTHER    THAN EQUITY SECURITIES 
34 
PART II 
ITEM 13 
DEFAULTS, DIVIDENT ARREARAGES AND    DELINQUENCIES 
34 
ITEM 14 
MATERIAL MODIFICATIONS TO THE    RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 
35 
ITEM 15 
CONTROLS AND PROCEDURES 
35 
ITEM 16 
[RESERVED] 
35 
ITEM 16A 
AUDIT COMMITTEE FINANCIAL REPORT 
35 
ITEM 16B 
CODE OF ETHICS 
36 
ITEM 16C 
PRINCIPAL ACCOUNTANT FEES AND    SERVICES 
36 
ITEM 16D 
EXEMPTIONS FROM THE LISTING    STANDARDS FOR AUDIT COMMITTEES 
36 
ITEM 16E 
PURCHASES OF EQUITY SECURITIES BY    THE ISSUER AND AFFILIATED PURCHASERS 
36 
PART III 
ITEM 17 
FINANCIAL STATEMENTS 
36 
MANAGEMENTS DISCUSSION AND    ANALYSIS 
56 
ITEM 18 
FINANCIAL STATEMENTS 
61 
ITEM 19 
EXHIBITS 
61 
SIGNATURES 
61 
CERTIFICATIONS 
62 
CERTIFICATIONS PURSUANT TO    SECTION 906 
65 
PART I 

Item 1. Identity of Directors, Senior Management and Advisers 

Not Applicable 

**Item 2. Offer Statistics and Expected Timetable 
Not Applicable 

**Item 3. Key Information 
A. Selected financial data. 

The table below presents selected statement of operations andbalance sheet data for Sharpe Resources Corporation as at and for the fiscal years endedDecember 31, 2005, 2004 2003, 2002, and 2001. The selected financial data presented hereinis prepared in accordance with accounting principles generally accepted in Canada("Canadian GAAP") and include the accounts of the Company, its wholly-ownedsubsidiary Sharpe Energy Company. 

A summary of the differences between accounting principles generallyaccepted in Canada ("Canadian GAAP") and those generally accepted in the UnitedStates ("US GAAP") which affect the Company is contained in Note 12 of theConsolidated Financial Statements included with this report. 
**Sharpe Resources Corporation 

Consolidated Financial Statement Data 

For the Years Ended December 31 

(Expressed in US Currency)**
**2005**
2004
2003
2002
2001
Selected Operating Data
Oil & Gas Revenue 
$17,644 
$108,998 
$159,527 
$55,631 
$1,338,505 
Production Costs 
$5,648 
($202,395) 
($253,638) 
($237,800) 
($294,757) 
Expenses 
$139,078 
($101,512) 
($119,264) 
($79,511) 
($1,550,942) 
Gain on Settlement of Debt 
$0 
$0 
$0 
$149,681 
$13,671 
Gain on disposal of petroleum and    natural gas properties 
$416,320 
$0 
$189,727 
$0 
$0 
Net Income (Loss) for the period 
$289,238 
($194,909) 
($13,648) 
($111,999) 
($2,333,040) 
Earnings (Loss) per share basic 
$0.01 
($0.01) 
$0.00 
$0.00 
($0.07) 
Earnings (Loss) per share diluted    
$0.01 
($0.01) 
$0.00 
$0.00 
($0.07) 
**2005**
2004
2003
2002
2001
Selected Balance Sheet Data
Working Capital 
$361,117 
$75,724 
$202,861 
$142,003 
$474,316 
Total Assets 
$439,242 
$159,609 
$209,531 
$162,406 
$569,978 
Loan Claims 
$587,369 
($664,533) 
($664,533) 
($664,533) 
($931,868) 
Capital Stock 
($10,999,986) 
($10,999,986) 
($10,921,861) 
($10,921,861) 
($10,921,861) 
Deficit 
($11,420,282) 
($11,709,520 
($11,514,611) 
($11,500,963) 
($11,388,864) *Currency Exchange Rates*
Except where otherwise indicated, all dollar figures in this annualreport on Form 20-F, including the financial statements, refer to United States currency.The following table sets forth, for the periods indicated, certain exchange rates based onthe exchange rates reported by the Federal Reserve Bank of New York as the noon buyingrates in New York City for cable transfers in foreign currencies as certified for customspurposes (the "Noon Buying Rate"). Such rates quoted are the number of U.S.dollars per Cdn $1.00 and are the inverse of rates quoted by the Federal Reserve Bank ofNew York for the number of Canadian dollars per U.S. $1.00. 

Year Ended December 31, 
2001 
2002 
2003 
2004 
2005 
High for the period 
.6696 
.8532 
.7738 
.8493 
.8689 
Low for the period 
.6266 
.7992 
.6329 
.7196 
.7871 
Average rate for the period(1)
.6446 
.8308 
.7186 
.7716 
.8253 
Rate at end of period 
.6279 
.8358 
.7738 
.8308 
.8577 
_______________ 
- (1) Based on the average exchange rates on the last day of each month during the    applicable period. 

**B. Capitalization and indebtedness. 
Not Applicable 

**C. Reasons for the offer and use of proceeds. 
Not Applicable 
- D. Risk factors. 
The operations of the Company involve a number of substantial risksand an investment in the securities of the Company is highly speculative in nature. Thefollowing risk factors should be considered: 

*History of Losses; No Assurance of Profitability*

Although the company reported income of $289,238 for the year endedDecember 31, 2005, it was the direct result of the sale of its West Thrifty Unit. The gainon the sale was $416,320. 

The net loss for the year ended December 31, 2004 was $194,909 which isan increase of $181,261 a result of decreased production at the West Thrifty Unit. 

In 2003, the Company had a loss of $13,648. The decrease from 2002 of$98,351 is primarily due to the sale of 32% of the Company's interest in the West ThriftyUnit. 

The Company had a loss of $111,999 for the year ended 2002 dueprimarily to additional royalties that needed to be paid as the result of an audit by theTexas General Land Office for the years 1998-2000 in the amount of $88,436. The Companyhas accumulated losses of US $11,500,963 since inception. 

On August 4, 1999, the Company was forced to voluntarily seek Chapter11 reorganization under the US federal Bankruptcy code. This filing occurred after aperiod of negotiations with the creditors. There was a general lack of progress towardworking out an out-of-bankruptcy agreement with the creditors during the first half of1999. On February 9, 2000, the Company filed with the US District Bankruptcy Court of theSouthern District of Texas a second proposed plan of reorganization in accordance withfederal bankruptcy laws. The consummation of the final plan of reorganization receivedbankruptcy court approval and was approved by the Company's creditors on March 27, 2000.On June 5, 2000 Sharpe closed a US $2.3 million debenture financing. The term of thedebenture is five years with a 12% fixed interest rate coupon with quarterly interest andprincipal payments includes 2.3 million detachable warrants exercisable for two years atC$0.25 per warrant. During the year ended December 31, 2001, the debentures were retiredand the remaining deferred financing costs of $233,354 were amortized. Pursuant to theChapter 11 plan, agreed secured vendor loan claims were to be paid in full over a 42-monthperiod at a 10% interest rate. During the year ended December 31, 2001, all outstandingsecured vendor loan claims were settled. 
***Extreme Volatility of Oil and Gas Prices*

Sharpe's revenues have been dependent upon prevailing prices for oiland gas. Oil and gas prices can be extremely volatile and are affected by the action offoreign governments and international cartels. 

In addition, the marketability and profitability of oil and natural gasacquired or discovered is affected by numerous factors beyond the control of Sharpe. Anymaterial decline in prices could result in a reduction of Sharpe's net production revenue.These factors include reservoir characteristics, market fluctuations, the proximity andcapacity of oil and natural gas pipelines and processing equipment and governmentregulation. 

*Ability to Find or Acquire Economically Recoverable Oil and GasReserves*

Sharpe's future success depends upon its ability to find or acquireadditional oil and gas reserves that are economically recoverable. Except to the extentthat Sharpe conducts successful exploration or development activities or acquiresproperties containing proved reserves, or both, the proved reserves of Sharpe willgenerally decline as reserves are produced. There can be no assurance that Sharpe'splanned development projects and exploration activities will result in significantadditional reserves or that Sharpe will have continuing success drilling productive wellsat low finding costs. If prevailing oil and gas prices were to increase significantly,Sharpe's finding costs to add reserves could be expected to increase. The drilling of oiland gas wells involves a high degree of risk especially the risk of a dry hole or of awell that is not sufficiently productive to provide an economic return on the capitalexpended to drill the well. 

*Highly Competitive Industry*

The oil and natural gas industry is competitive in all its phases.Sharpe competes with numerous other participants in the search for, and the acquisitionof, oil and natural gas properties and in the marketing of oil and natural gas. Sharpe'scompetitors include oil companies, which have far greater financial and other resources,staff and facilities than those of Sharpe. Competitive factors in the distribution andmarketing of oil and natural gas include price, methods of delivery and reliability ofdelivery. Many of such companies not only explore for and produce oil and natural gas, butalso carry on refining operations and market petroleum and other products on a worldwidebasis and as such have greater and more diverse resources to draw on. Sharpe's ability toincrease reserves in the future will depend not only on its ability to explore and developits present properties, but also on its ability to select and acquire suitable producingproperties or prospects for exploratory drilling. 

*No Assurance of Discoveries or Acquisitions*

Oil and natural gas acquisition, exploration and development involvesmany risks, which even a combination of experience, knowledge and careful evaluation maynot be able to overcome. There is no assurance that commercial quantities of oil andnatural gas will be discovered or acquired by Sharpe. 

*Uncertainty of Warrant Exercises; Need for Additional Capital*

There is no assurance that any of the outstanding share purchasewarrants or options will be exercised. Even if all of the outstanding share purchasewarrants and options are exercised, Sharpe may still require additional capital to conductits acquisition, exploration and development activities. 

*Risks and Hazards Related to Oil and Gas Operations*

Oil and natural gas operations are subject to many risks and hazardsincluding fires, explosions, blowouts, oil spills and encountering formations withabnormal pressure, each of which could result in substantial damage to oil and natural gaswells, producing facilities, other property and the environment or result in personalinjury. Oil and natural gas production operations are also subject to risks includingpremature decline of reservoirs and the invasion of water into producing formations. 

*Reduction in Oil and Gas Acquisition and Development Activities*

The economics of producing from some wells may change as a result oflower oil and natural gas prices. Sharpe might also elect not to produce from certainwells at lower prices. All of these factors could result in a material decrease inSharpe's net production revenue causing a reduction in its oil and gas acquisition anddevelopment activities.***Effect of Outstanding Warrants and Options; Negative Effectof Substantial Sales*

As of December 31, 2005, the Company had outstanding options topurchase an aggregate of 3,511,000 Common Shares. The exercise prices of the outstandingoptions range from Cdn $0.10 to Cdn $0.15. The expiration dates of the outstanding optionsrange from May 4, 2005 to May 16, 2010. There were no warrants outstanding at December 31,2005. All of the foregoing securities represent the right to acquire Common Shares of theCompany during various periods of time and at various prices. Holders of these securitiesare given the opportunity to profit from a rise in the market price of the Common Sharesand are likely to exercise its securities at a time when the Company would be able toobtain additional equity capital on more favorable terms. Substantial sales of CommonShares pursuant to the exercise of such options and warrants could have a negative effecton the market price for the Common Shares. ***No Dividends*

The Company has not paid any dividends since its inception and does notanticipate paying dividends in the foreseeable future. 

*Regulation*

The Company's oil and gas exploration, production and relatedoperations are subject to extensive rules and regulations promulgated by federal, stateand local agencies. Failure to comply with such rules and regulations can result insubstantial penalties. The regulatory burden on the oil and gas industry increases theCompany's cost of doing business and affects its profitability. Because such rules andregulations are frequently amended or reinterpreted, the Company is unable to predict thefuture cost or impact of complying with such laws. 

The State of Texas and many other states require permits for drillingoperations, drilling bonds and reports concerning operations and impose other requirementsrelating to the exploration and production of oil and gas. Such states also have statutesor regulations addressing conservation matters, including provisions for the unitizationor pooling of oil and gas properties, the establishment of maximum rates of productionfrom oil and gas wells and the regulation of spacing, plugging and abandonment of suchwells. The statutes and regulations of certain states limit the rate at which oil and gascan be produced from the Company's properties. 

The Federal Energy Regulatory Commission ("FERC") regulatesinterstate natural gas transportation rates and service conditions, which affect themarketing of gas produced by the Company, as well as the revenues received by the Companyfor sales of such production. Since the mid-1980s, the FERC has issued a series of orders,culminating in Order Nos. 636, 636-A and 636-B ("Order 636"), that havesignificantly altered the marketing and transportation of gas. Order 636 mandates afundamental restructuring of interstate pipelines sales and transportation service,including the unbundling by interstate pipelines of the sales, transportation, storage andother components of the city-gate sales services such pipelines previously performed. Oneof the FERC's purposes in issuing the orders is to increase competition within all phasesof the gas industry. Order 636 and subsequent FERC orders on rehearing have been appealedand are pending judicial review. Because these orders may be modified as a result of theappeals, it is difficult to predict the ultimate impact of the orders on the Company andits gas marketing efforts. Generally, Order 636 has eliminated or substantially reducedthe interstate pipelines' traditional role as wholesalers of natural gas, and hassubstantially increased competition and volatility in natural gas markets. Whilesignificant uncertainty remains, Order 636 may ultimately enhance the Company's ability tomarket and transport its gas, although it may also subject the Company to greatercompetition and the more restrictive pipeline imbalance tolerances and greater associatedpenalties for violation of such tolerances. 

*Industry Conditions*

Sales of oil and natural gas liquids by the Company are not regulatedand are made at market prices. The price the Company receives from the sale of theseproducts is affected by the cost of transporting the products to market. Effective as ofJanuary 1, 1995, the FERC implemented regulations establishing an indexing system fortranspiration rates for oil pipelines, which, generally would index such rates toinflation, subject to certain condition and limitations. These regulations could increasethe cost of transporting oil and natural gas liquids by pipeline, although the most recentadjustment generally decreased rates. These regulations are subject to pending petitionsfor judicial review. The Company is not able to predict with certainty what effect, ifany, these regulations will have on it, but, other factors being equal, the regulationsmay, over time, tend to increase transportation costs or reduce wellhead prices for oiland natural gas liquids. 

*Environmental Regulation*

The oil and natural gas industry is subject to environmental regulationpursuant to local, state and federal legislation. Environmental legislation provides forrestrictions and prohibitions on releases or emissions of various substances produced inassociation with certain oil and natural gas industry operations. In addition, legislationrequires that well and facility sites be abandoned and reclaimed to the satisfaction ofstate authorities and the landowner. A breach of such regulations and legislation mayresult in the imposition of fines, penalties, clean-up orders and can affect the locationof wells and facilities and the extent to which oil and gas exploration and development ispermitted. Non-compliance with these regulations and legislation can be sufficient causefor governmental authorities to withhold approval of drilling and/or operating permits.Sharpe is in material compliance with current environmental laws and regulations. 

The Comprehensive Environmental Response, Compensation, and LiabilityAct ("CERCLA"), also known as the "Superfund" law, imposes liability,without regard to fault or the legality of the original conduct, on certain classes ofpersons that are considered to have contributed to the release of a "hazardoussubstance" into the environment. These persons include the owner or operator of thedisposal site or the site where the release occurred and companies that disposed orarranged for the disposal of the hazardous substances found at the site. Persons who areresponsible for releases of hazardous substances found at the site and persons who are orwere responsible for releases of hazardous substances under CERCLA may be subject to jointand several liability for the costs of cleaning up the hazardous substances that have beenreleased into the environment and for damages to natural resources, and it is not uncommonfor neighboring landowners and other third parties to file claims for personal injury andproperty damage allegedly caused by the hazardous substances released into theenvironment. The Company is able to control directly the operation of only those wellswith respect to which it acts as operator. Notwithstanding the Company's lack of controlover wells operated by others, the failure of the operator to comply with applicableenvironmental regulations may, in certain circumstances, be attributed to the Company. TheCompany has no material commitments for capital expenditures to comply with existingenvironmental requirements. 
*Risk Inherent to Sharpe's Proposed MiningActivities*
1. Sharpe is engaged in the business ofacquiring and exploring mineral properties in the hope of locating an economic deposit ordeposits of minerals. The property interests of the Company are in the exploration stageonly and are without a known body of commercial ore. There can be no assurance that theCompany will generate any revenues or be profitable or that the Company will be successfulin locating an economic deposit of minerals. 
2. There are a number of uncertainties inherent in any exploration anddevelopment program, including the location of economic ore bodies, the development ofappropriate metallurgical processes, the receipt of necessary governmental permits, andthe construction of mining and processing facilities. Substantial expenditures will berequired to pursue such exploration and development activities. Assuming discovery of aneconomic ore body, and depending on the type of mining operation involved, several yearsmay elapse from the initial stages of development until commercial production iscommenced. New mining operations frequently experience unexpected problems during theexploration and development stages and during the initial production phase. In addition,preliminary reserve estimates may prove inaccurate. Accordingly, there can be no assurancethat the Company's current exploration and development programs will result in anycommercial mining operations. 

3. The Company may become subject to liability for cave-ins and otherhazards of mineral exploration against which it cannot insure or against which it mayelect not to insure because of high premium costs or other reasons. Payment of suchliabilities would reduce funds available for acquisition of mineral prospects orexploration and development and would have a material adverse effect on the financialposition of the Company. 
*Title to Properties*
The validity of unpatented mining claims onpublic lands, which constitute most of the property holdings is often uncertain and may becontested and subject to title defects. *Conflict of Interest*
Certain directors and officers of the Companyare also directors and officers of other natural resource and base metal exploration anddevelopment companies. As a result, conflicts may arise between the obligations of thesedirectors to the Company and to such other companies. *Dependence on Key Personnel*
The Company's success will be dependent upon theservices of its President and Chief Executive Officer, Mr. Roland Larsen. 
Item 4. Information on the Company 
- A.  History and development of the company. 

Sharpe Resources Corporation (the "Company" or"Sharpe") was incorporated under the Business Corporations Act (Ontario) onApril 10, 1980 under the name "Sharpe Energy & Resources Limited". ByArticles of Amendment dated November 2, 1984, the Company amended its authorized capitalto consist of an unlimited number of common shares and removed restrictions on the issue,transfer or ownership of such shares. By Articles of Amendment dated July 29, 1996, theCompany changed its name to Sharpe Resources Corporation. 

Sharpe entered the oil and gas business in the United States in early1994. In 1995, it acquired working and net revenue interests in over 400 oil and gas wellson 250 properties in 11 states and the West Thrifty waterflood project in Texas. Theseassets were acquired from the oil and gas division of Figgie International Inc. and werelocated primarily in the Rocky Mountain and Southwestern United States regions. In 1996,Sharpe sold almost all of its Rocky Mountain interests. In early 1997, Sharpe acquiredinterests in the Matagorda offshore project. 

In 2001, the Company sold all of its offshore, Gulf of Mexico naturalgas production and several non-operated onshore petroleum and natural gas properties. In2002 the Company focused its efforts on its remaining properties in Texas. In 2003, theCompany sold 32% of its interest in the West Thrifty Unit Texas properties. The purchaseralso took over operations on the properties. 

As of September 15, 2004, the Corporation changed its focus away from theoil and gas business into precious metals exploration and development in the western U.S.Sharpe has purchased an option (the "Option") from Royal Standard Minerals Inc.(RSM) to acquire a 60% interest in RSM's gold project located in Lyon County, Nevada (the"Project"), in consideration for which Sharpe has issued 2,000,000 common sharesto RSM at a deemed value of $100,000 (Cdn $78,125 US). 

In June, 2005, the company sold its remaining 62% revenue and workinginterests in the West Thrifty Unit located in Brown County, Texas. 

B. Business overview. 

In September 2004, the Corporation changed its focus away from the oiland gas business into precious metals exploration and development in the western U.S. TheCompany had been a resource company engaged in oil and gas exploration, and production inthe United States. This effort included the acquisition, exploration and development ofoil and gas properties in the United States. However, in 2005, the Company sold itsremaining oil and gas properties. 
- C.  Organizational structure. 

The Company has one wholly owned subsidiary, Sharpe Energy Company,which is incorporated pursuant to the laws of the State of Virginia. The Company'soperations in Canada consist of general and administrative expenses necessary to themaintaining of the Company's public company status. 

The terms "Sharpe" or the "Company", as used inthis registration statement on Form 20-F, refers to Sharpe or the Company and its whollyowned subsidiaries collectively. 
- D.  Property, plants and equipment. 

The registered office of Sharpe Resources Corporation is located at 56Temperance Street, fourth Floor, Toronto, Ontario M5G 2V5. The principal office is locatedat 3258 Mob Neck Road, Heathsville, Virginia 22473. 

*West Thrifty – Brown County, Texas*

The remaining producing property owned by the Company was its WestThrifty project. The Company had a 100% working interest in this property however, in2003, the Company sold 32% of its interest and the purchaser took over operation of theproperty. In June, 2005, the Company sold its remaining revenue and working interests inthis property. 
**Item 5. Operating and Financial Review and Prospects 
- A.  Operating results. 

*Year Ended December 31, 2005 Compared to the Year Ended December31, 2004*

Net income for the year ending December 31, 2005 was $289,238, ascompared to a net loss of $194,909 for the year ending December 31, 2004. This was theresult of the company selling all of its remaining working and revenue interests in theWest Thrifty Project in June, 2005. All costs relating to the West Thrifty property werepreviously written-off. Proceeds from the sale of the property, net of disposal fees, havebeen recorded as a realized gain on the sale. Inventory of $5,750 was included in thissale. An obligation for future site restoration and abandonment in the amount of $13,500has been reversed in the current year as a result of the sale of the property, and hasbeen included in the gain on disposition. The gain on the sale of the property was $416,320. The sale price of $434,000 less settlement of payables of $17,260 resulted in netcash proceeds of $416,740 (see note 8 of the 2005 year end audited financial statementsfor more details). 

Petroleum and natural gas revenue decreased from $108,998 in 2004 to$17,644 in 2005. Operating expenses have decreased from $202,395 in 2004 to $5,648 in2005. Again this is due to the sale of the remaining operating properties. All otherexpenses increased from $101,512 in 2004 to $139,078 in 2005. Included in this increasewas $15,484 in stock option compensation (see Note 4(d) and 4(e) of the 2005 annualaudited financial statements for the details of this expense). 

As of September 15, 2004, the Corporation changed its focus away fromthe oil and gas business into precious metals exploration and development in the westernUS. To this end Sharpe has purchased an option from Royal Standard Minerals Inc. (RSM) toacquire a 60% interest in RSM's gold project located in Lyon County, Nevada, inconsideration for which Sharpe has issued 2,000,000 common shares to RSM at a deemed valueof $78,125. To exercise the option, Sharpe must maintain the unpatented and patentedmining claims on the Project, must pay all required option, annual advanced minimumroyalty payments, and deliver a completed positive feasibility study in compliance withNational Instrument 43-101 in respect of the Project. Upon exercise of the Option, Sharpewill hold a 60% working interest in the Project. 

*Year Ended December 31, 2004 Compared to the Year Ended December31, 2003*

The net loss for the year ended December 31, 2004 was $194,909 ascompared to $13,648 for the year ended December 31, 2003. The increase of $181,261 in thenet loss for the year is primarily attributable to the sale of 32% of the Corporation'sinterest in the West Thrifty Unit during the year ended December 31, 2003. Expenses were$303,907 for the year ended December 31, 2004 as compared to $372,902 for the year endedDecember 32 2003. The decrease of $68,995 in the expenses of the Corporation for the yearended December 31, 2004 is attributable to, among other things, decreased operatingexpenses on the Corporation's properties. 

As of September 15, 2004, the Corporation changed its focus away fromthe oil and gas business into precious metals exploration and development in the westernUS. To this end Sharpe has purchased an option from Royal Standard Minerals Inc. (RSM) toacquire a 60% interest in RSM's gold project located in Lyon County, Nevada, inconsideration for which Sharpe has issued 2,000,000 common shares to RSM at a deemed valueof $78,125. To exercise the option, Sharpe must maintain the unpatented and patentedmining claims on the Project, must pay all required option, annual advanced minimumroyalty payments, and deliver a completed positive feasibility study in compliance withNational Instrument 43-101 in respect of the Project. Upon exercise of the Option, Sharpewill hold a 60% working interest in the Project. 

*Year Ended December 31, 2003 Compared to the Year Ended December31, 2002*

The net loss for the year ended December 31, 2003 was $13,648 ascompared to $111,999 for the year ended December 31, 2002. The decrease of $98,351 in thenet loss for the year is primarily attributable to the sale of 32% of the Corporation'sinterest in the West Thrifty Unit during the year ended December 31, 2003. Expenses were$372,902 for the year ended December 31, 2003 as compared to $317,311 for the year endedDecember 31, 2002. The increase of $55,591 in the expenses of the Corporation for the yearended December 31, 2003 is attributable to, among other things, increased operatingexpenses on the Corporation's properties. In order to maintain the ongoing activities onthe West Thrifty project the Corporation will need approximately $100,000 to maintain itsshare of the development program in 2004. 

*Year Ended December 31, 2002 Compared to the Year Ended December31, 2001*

General and Administrative costs decreased significantly due to theclosing of the office at 909 Fannin St., Suite 1450, Houston, resignation of the Presidentand reduction of hours for the administrative assistant in December 2001. As a result of arecovery of interest paid to Royal Standard Minerals Inc., interest expense was ($41,128).Operating expenses decreased only slightly from $294,757 in 2001 to $237,800 in 2002 dueto continued work to increase production at the West Thrifty Unit. During 2002 the Companyreduced unsecured vendor loan claims to $664,533 versus $931,868 at the end of 2001. 

*Year Ended December 31, 2001 Compared to the Year Ended December31, 2000*

In April 2001, the Company sold its Gulf of Mexico Matagorda gasproperties for gross proceeds of $4,475,000. A portion of the proceeds was used to repaythe outstanding loan facility, retire the Series A debentures and settle outstandingsecured vendor loan claims, and pay outstanding interest thereon. In addition, thepurchaser agreed to pay Sharpe an additional $225,000 from production of the MatagordaIsland 582 #5 well M-1 sand once production exceeds 800,000 MCF. Sharpe received paymentin March 2002. 

Interest expense decreased from $255,632 in 2000 to $172,862 in 2001due to the repayment of debt in April 2001. At year-end the Company had remainingunsecured vendor loan claims of $931,868 and cash of $329,500. 

The net loss for the year ended December 31, 2001 is $2,333,040compared to income of $1,116,810 for the year before. The loss for 2001 includes aone-time charge against income for the loss on the sale of the Matagorda property of$1,839,517. 

In order to reduce expenses, the Company closed its office at 909Fannin Street in Houston, Texas in December 2001. The resignation of the President atDecember 31, 2001 and the reduction of hours for the Administrative Assistant have furtherreduced expenses. The Company believes in cash preservation and will not spend fundsunless absolutely required or mandated by any future transaction. 
- B. Liquidity and capital resources. 

*Year Ended December 31, 2004 Compared to the Year Ended December31, 2003*

The Corporation's cash balance as at December 31, 2005 was $339,570compared to $34,557 as at December 31, 2004. This is a direct result of the companyselling its remaining working and revenue interests in the West Thrifty Project with netcash proceeds of the sale of $416,740. Total assets as at December 31, 2005 were $439,242.Total assets as at December 31, 2004 were $159,609 representing an increase for the yearof $279,633. Current liabilities as at December 31, 2005 were $826,394 compared to$837,983 as at December 31, 2004. This decrease is the result of a decrease in Loan Claimsfrom $664,533 at December 31, 2004 to $587,369 at December 31, 2005. There is also $21,547which is Due from Related Party. These amounts were both advanced to and are advanced fromRoyal Standard Minerals Inc (RSM). RSM and the Company are related by virtue of a commonofficer and director. Also included is a payment of $25,500 made from a director to theCompany. 

*Year Ended December 31, 2004 Compared to the Year Ended December31, 2003*

The Corporation's cash balance as at December 31, 2004 was $34,557compared to $62,231 as at December 31, 2003. The fact that there was no material change inthe cash balance is attributable to no equity or debt financing of the Corporation during2003 or 2004. Current assets as at December 31, 2003 were $209,531. Current assets as atDecember 31, 2004 were $81,484 representing a decrease from 2003 of $128,047 and resultsprimarily from a decrease in Notes Receivable representing the final payments from thesale of the 32% working interest in the West Thrifty property. Current liabilities as atDecember 31, 2003 were $106,588 compared to $173,450 as at December 31, 2004. Thisincrease is the result of an in crease in trade payables from $61,979 in 2003 to $96,937in 2004 as well as an increase in Due to Related Party from $44,609 in 2003 to $76,515 in2004. 

The cash provided by operating activities was $159,527 for the yearended December 31, 2003 compared to cash provided by operations of $108,998 for the sameperiod in 2004. The decrease in cash provided by operating activities was primarily due todecreased production in the West Thrifty project. With decreased production came decreasedexpenses with Operating & Administrative Expenses of $372,902 in 2003 compared to$303,907 in 2004. The fact that little change in the cash position of the Corporationduring 2004 compared to the same period in 2003 is due to rate of change in theCorporation's financing activities and the lack of significant improvements in the oilproduction cash flow from the Corporation's properties during this period. 

On a forward going basis equity and debt financings will remain thesingle major source of cash flow for the Corporation. On January 24, 2006 the Companycompleted a private placement of 8,796,200 units of the Company at CDN $0.05 per unit forgross proceeds of CDN $439,810. Each unit consists of one common share of the Company andone common share purchase warrant. Each warrant is exercisable for one year from closingat CDN $0.10 per share. The subscribers under the private placement are directors of theCompany. The warrants were valued using the Black-Scholes option pricing model where thevalue was determined to be CDN $237,497. The following assumptions were used: dividendyield 0%, risk-free interest rate 3.83%, expected volatility 190% and an expected life of1 year. The units are subject to a hold period which expires May 25, 2006. As revenue fromoperations improve the capital requirement of the Corporation will also improve. However,debt and equity financings will continue to be a source of capital to expand theCorporation's activities in the future. 

The Corporation is authorized to issue an unlimited number of CommonShares of which 35,184,803 are outstanding as at December 31, 2004. As at December 31,2004 the Corporation had outstanding options to purchase 3,250,000 common shares withexercise prices from C$0.10-0.12 per share and expiration dates ranging from May 2005 toMay 2008. 

*Year Ended December 31, 2003 Compared to the Year Ended December31, 2002*

The Corporation's cash balance as at December 31, 2003 was $62,231compared to $73,518 as at December 31, 2002. The fact that there was no material change inthe cash balance is attributable to no equity or debt financing of the Corporation during2003. Current assets as at December 31, 2002 were $162,406. Total assets as at December31, 2003 were $209,531 representing an increase from 2002 due to the sale of a 32% workinginterest in the West Thrifty property. Current liabilities as at December 31, 2003 were$106,588 compared to $76,975 as at December 31, 2002. This increase is the result of a$25,500 loan from a related party. 

The cash provided by operating activities was $159.527 for the yearended December 31, 2003 compared to cash provided by operations of $55,631 for the sameperiod in 2002. The increase in cash provided by operating activities was primarily due toincreased production in the West Thrifty project as well as higher oil prices. Withincreased production came increased expenses with Operating & Administrative Expensesof $372,902 in 2003 compared to $317,311 in 2002. The fact that little change in the cashposition of the Corporation during 2003 compared to the same period in 2002 is due to rateof change in the Corporation's financing activities and the lack of significantimprovements in the oil production cash flow from the Corporation's properties during thisperiod. 

*Year Ended December 31, 2002 Compared to the Year Ended December31, 2001*

During 2002, operating costs exceeded revenue. This situationcontributed to a net loss of $111,999 for the year 2002 compared to a loss of $2,333,040for the year 2001. The Company has cash and cash equivalents of $73,518 at year end 2002.Plans include additional financing to improve upon the net working capital requirements asa means to complete the necessary work programs planned by the Company during 2003.Previous expenses incurred as part of workovers and a recompletion resulted in more than$35,000 considered to be one-time expenditures on this project. Continued expenditureswill be required to improve upon the production capacity of the field. Capitalrequirements are estimated to be at least $100,000 in order to facilitate additionalimprovements and to test the production potential of the northern portion of the field. 

*Year Ended December 31, 2001 Compared to the Year Ended December31, 2000*

At December 31, 2001, the Company had working capital of $474,316compared to a working capital deficiency of $1,748,455 at December 31, 2000. The Companyis now cash flow positive due to the sale of its Gulf of Mexico Matagorda gas propertiesin April 2001 for gross proceeds of $4,475,000. In addition, the purchaser agreed to paySharpe an additional $225,000 from production of the Matagorda Island 582 #5 well M-1 sandonce production exceeds 800,000 MCF. Sharpe received payment in March 2002. 

During the period ended December 31, 2000, Sharpe had a net decrease incash of ($116,184) due primarily to the reorganization under the Chapter 11 bankruptcy andthe gain on settlement of debt in the amount of ($1,313,900). Net earnings for the yearwere $1,116,810. Financing activities in the amount of $2,902,083 were offset by repaymentof debt in the amount of $2,497,772. There are no capital expenditure commitments goingforward into 2001. 

On June 5, 2000, the Company completed a $2,300,000 debenturefinancing. The debentures were for five years with a 12% fixed interest rate coupon withquarterly interest and principal payments and included 2,300,000 detachable warrants toacquire a like number of common shares of the Company for two years at Canadian $0.25 percommon share. The debentures were secured by certain petroleum and natural gas properties.Substantially all the net proceeds from the debentures were used to repay the thenoutstanding balance under the credit agreement with Encap Energy. 

In August 2000, the Company obtained an unsecured loan facility for$900,000 to fund well recompletion expenditures. The loan was to be repaid from a 60%sweep of the Company's cash flow from production from the Matagorda #5 well. After payoutof the loan, the lender retained a 25% net profit interest in that well. The amount duewas non-interest bearing and was to be repaid within the next fiscal year. 

Although the Company had a working capital deficiency of $1,748,455 atDecember 31, 2000, in April 2001, the Company sold its Gulf of Mexico gas properties forcash proceeds of $4,475,000 significantly lowering the Company's operating costs goingforward. The proceeds were used to repay substantially all the debt with $1,000,000 incash remaining in the company which is sufficient to cover all operating costs for theyear 2001. 

Sharpe's core business activities have consisted of the explorationfor, and acquisition, development and production of, oil and natural gas in the UnitedStates. Sharpe is unable to influence or control the price it receives for its oil ornatural gas production. These prices fluctuate unpredictably due to actual and perceivedworldwide supply and demand factors. Sharpe endeavors to minimize costs incurred toexplore for, and develop and produce, its reserves. Sharpe uses cash flow from operations,equity financings and debt financings as sources of capital to fund growth and operations.Management believes that the benefits expected from the developments and improvements madeto the Company's producing oil and gas will be sufficient to permit the Company tocontinue operations. Nevertheless, Sharpe faces a continual liquidity risk since any oneof these sources of capital may not be available at such times and in such amounts that itrequires. See Item 3. D. - Risk Factors above. 

**C. Research and development, patents and licenses, etc. 
See Item 4. D. above. 

**D. Trend information. 
See Items 3. D. and 4. D. above. 
- E. Off-balance sheet arrangements. 
There are no off-balance sheet arrangements. 
- F. Tabular disclosure of contractual obligations. 
**Contractual Obligations 
Total 
Less Than 1 Year 
1-3 Years 
3-5 Years 
More Than 5 Years 
Long Term Debt 
$644,533 
$644,533 
Unsecured Vendor Loan Claims*
$644,533 
$644,533 
* Pursuant to the Chapter 11 Plan, agreed unsecured vendor loan claimswere paid a 10% cash payment. The remaining 90% of the claims were settled by the issue ofpreferred stock certificates of Sharpe Energy, bearing a quarterly dividend of 4% perannum. The certificates are fully redeemable in 2006. At the discretion of the Company,the certificates can be redeemed, all or in part at a discount, based upon the time ofredemption. The amount outstanding has been classified as debt and the dividend paymentsare reflected as interest expense to reflect this classification. 
**- G.  Safe Harbor 

Not applicable 

**Item 6. Directors, Senior Management and Employees - A.  Directors and senior management. 

The following table sets out the names of and related informationconcerning each of the officers and directors of Sharpe Resources. 

**NAME**
OFFICE HELD
SINCE
Roland M. Larsen     Richmond,Virginia 
    President, Chief Executive Officer and Director 
    1993 
Kimberley Koerner     Brambleton, Virginia 
    Treasurer and Director 
    2002 
Troy Koerner     Brambleton, Virginia 
    Director 
    2002 
Kimberly Koerner is the daughter of Roland Larsen and the wife of TroyKoerner. 

The following discussion provides information on the principaloccupations of the above-named directors and executive officers of the Company within thepreceding five years.**

***Roland M. Larsen***

Mr. Roland M. Larsen, President,**has more than 30 years ofexperience in the natural resources, both in exploration and management roles. Earlier inhis career, he worked with BHP Minerals International, Inc. for a period of ten years,where he was the Exploration Manager for the Eastern United States and the North AtlanticRegion. Prior to that he was the Senior Geologist for NL Industries, Inc. and NL BaroidPetroleum Services. In addition, he has several years of experience working withconsulting engineering firms including Derry, Michner and Booth, and Watts Griffis &McOuat Limited. He is a member of the Society of Economic Geologists, the AmericanInstitute of Professional Geologists, the American Institute of Mining, Metallurgy, andExploration, Inc. Mr. Larsen holds a B.Sc. and M.Sc. degrees in geology. 
*Kimberly Koerner*
Ms. Koerner is a consulting financial analystfrom northern Virginia. Since graduating with a B. A. in Business Administration from theUniversity of South Carolina – Columbia in 1991, she has been employed with NPESof Reston, Virginia and Sharpe Energy Company of Houston, Texas 
***Troy Koerner***

Mr. Koerner has been an analyst with E-Trade Advisory Services Inc.since August, 2002. From November 2000 to April 2002, Mr. Koerner served as an EquityAnalyst with Lehman Brothers Inc. Prior to joining Lehman Brothers, he was in the GlobalCredit department of JP Morgan Company, Inc. 

 
- B. Compensation. 
*Compensation of Officers*

The following table summarizes, for the three most recently completedfinancial years of the Corporation, information concerning the compensation earned by theChief Executive Officer of the Corporation, the Chief Financial Officer of theCorporation, each the Corporation's three most highly compensated executive officers ofthe Corporation who was serving as an executive officer as at the end of the most recentlycompleted financial year or who was not serving as an officer of the Corporation at theend of the most recently completed financial year-end, and whose aggregate compensationexceeded $150,000, (the "Named Executive Officer"). 

Annual Compensation 
Long Term Compensation 
Name and Principal Position 
Year 
Salary (US$) 
Bonus (US$) 
Other Annual Compensation (US$)    
Securities Under Options/SARs    Granted (#) 
Restricted Shares or Restricted    Share Units (US$) 
LTIP Payouts (US$) 
All Other Compensation(US$)    
Roland M. Larsen President &    CEO 
2005 

2004 

2003 
Nil 

Nil 

Nil 
Nil 

Nil 

Nil 
Nil 

Nil 

Nil 
300,000(1)

Nil 

431,000(2)
Nil 

Nil 

Nil 
Nil 

Nil 

Nil 
Nil 

Nil 

Nil 
Notes: 
- (1) Options to acquire 300,000 Common Shares at an exercise price of $0.10 per share    expiring May 16, 2010 
- (2) Options to acquire Common Shares at an exercise price of $0.10 per share expiring    May 8, 2008. 

No options were exercised by the Named Executive Officer during the twelvemonths ended December 31, 2005. 
*Stock Option Plan*
The Company maintains a stock option plan (the"Stock Option Plan") for directors, officers, consultants who provide ongoingservices, and employees of the Company and its affiliates. The purpose of the Stock OptionPlan is to attract, retain and motivate management, staff and consultants by providingthem with the opportunity, through options, to acquire a proprietary interest in theCompany and benefit from its growth. The Stock Option Plan is a "rolling" planunder which up to 1-% of the issued and outstanding Common Shares of the Company from timeto time, subject to adjustment in certain circumstances, may be issued. The number ofcommon Shares reserved for issuance to any one person pursuant to options shall not exceed5% of the issued and outstanding Common Shares of the Company. 
With respect to insiders, the Stock Option Plan provides that CommonShares reserved for issuance pursuant to options granted to insiders shall not exceed 10%of the issued and outstanding Common Shares of the Company and that the number of Commonshares which may be issued to insiders under the Stock Option Plan within a one-yearperiod shall be limited to 10% of the issued and outstanding Common Shares of the Company,with no more than 5% issued to any one insider and his associates. The options arenon-assignable and may be granted for a term not exceeding ten years. The exercise priceof the options is fixed by the board of directors at the market price of the Common Sharesat the time of grant, subject to all applicable regulatory requirements. 

Under the terms of the Stock Option Plan, the board of directors may,at its discretion, grant financial assistance to holders wishing to exercise theiroptions. Any such financial assistance will include, as part of its conditions, the grantof a lien on the Common Shares issuable on exercise of the options. 

The following table sets forth details with respect to options topurchase Common Shares that are outstanding under the Stock Option Plan as of December 31,2005. 
**Holder 
Date of Grant 
Common shares Under    Option (#) 
Exercise Price 

($/Share) 
Expiration Date 
Executive Officers as    a group (1in total) 
May 8, 2002 

May 13, 2002 

May 8, 2003 

May 16, 2005 
600,000 

400,000 

431,000 

300,000 
0.10 

0.10 

0.10 

$0.10 
May 8, 2007 

May 13, 2007 

May 8, 2008 

May 16, 2010 
Directors who are not    also executive officers, as a group (2 in total) 
May 13, 2002 

May 8, 2003 

May 16, 2006 
600,000 

1,000,000 

180,000 
0.10 

0.10 

$0.10 
May 13, 2007 

May 8, 2008 

May 16, 2010 ***Compensation of Directors*
None of the directors of the Corporationreceived for the financial year ended December 31, 2005 any fees for acting as directorsor as members of committees of directors of the Corporation. All directors are reimbursedfor their expenses and travel incurred in connection with attending directors meetings.Special remuneration, at per diem rates, may be paid to any director (other than executiveofficers of the Corporation) undertaking special services, at the request of thedirectors, any committee of the directors or the President of the corporation, beyondthose services ordinarily required of a director of the Corporation. The directors of theCorporation are eligible to participate in the Stock Option Plan of the Corporation.During the year ended December 31, 2005, 480,000 stock options were granted to directorsand officers of the Corporation. ***Other Compensation Matters*
There were no long-term incentive awards made tothe executive officers of the Company during the twelve months ended December 31, 2005.There are no pension plan benefits in place for the Named Executive Officer and none ofthe Named Executive Officer, officers or directors of the Company are indebted to theCompany. In addition, there are no plans in place with respect to the Named ExecutiveOfficer for termination of employment or change in responsibilities. ***Compensation Policy*

The executive compensation policy of the Company is determined with aview to securing the best possible talent to run the Company. Executives expect to reapadditional income from the appreciation in the value of the Common Shares they hold in theCompany, including stock options. 

Salaries are commensurate with those in the industry with additionaloptions awarded to executive officers in lieu of higher salaries. Bonuses may be paid inthe future for significant and specific achievements, which have a strategic impact on thefortunes of the Company. Salaries and bonuses are determined on a judgmental basis afterreview by the board of directors of the contribution of each individual, including theexecutive officers of the Company. Although they may be members of the board of directors,the executive officers do not individually make any decisions with respect to theirrespective salary or bonus. In certain cases, bonuses of certain individuals, other thanthe executive officers, may be tied to specific criteria put in place at the time ofengagement. 

The grant of stock options under the Company's Stock Option Plan isdesigned to give each option holder an interest in preserving and maximizing shareholdervalue in the longer term and to reward employees for both past and future performance.Individual grants are determined by an assessment of an individual's current and expectedfuture performance, level of responsibilities and the importance of his/her position withand contribution to the Company. 
**- C. Board practices. 

***Responsibilities of the Board of Directors*
The Board recognizes it is responsible for the stewardship of thebusiness and affairs of the Company and has adopted a set of principles and practicessetting out its stewardship responsibilities. Under its mandate, the Board seeks todischarge such responsibility by reviewing, discussing and approving the Company'sstrategic planning and organizational structure, and supervising management to ensure thatthe foregoing enhance and preserve the underlying value of the Company for the benefit ofall shareholders. As part of the strategic planning process, the Board contributes to thedevelopment of a strategic direction for the Company by reviewing, on an annual basis, theCompany's principal opportunities, the processes that are in place to identify suchopportunities and the full range of business risks facing the Company, includingstrategic, financial, operational, leadership, partnership and reputation risks. On anongoing basis, the Board also reviews with management how the strategic environment ischanging, what key business risks and opportunities are appearing and how they aremanaged, including the implementation of appropriate systems to manage these risks andopportunities. The performance of management, including the Company's Chief ExecutiveOfficer, is also supervised to ensure that the affairs of the Company are conducted in anethical manner. The Board, directly and through its committees, ensures that the Companyputs in place, and reviews at least on an annual basis, comprehensive communicationpolicies to address how the Company (i) interacts with analysts, investors, other keystakeholders and the public, and (ii) complies with its continuous and timely disclosureobligations and avoids selective. Finally, the Board monitors the integrity of corporateinternal control procedures and management information systems to manage such risks andensure that the value of the underlying asset base is not eroded. 

The Board from time to time delegates to senior executives theauthority to enter into certain types of transactions, including financial transactions,subject to specified limits. According to the Company's policy, investments and othersimilar expenditures above the specified limits, including major capital projects as wellas material transactions outside the ordinary course of business, whether on or offbalance sheet, are reviewed by, and subject to, the prior approval of the Board. 

Following are the principles of the Company's corporate governancearrangements: 
- Subject to the relatively small size of the Company and to business needs, the size of    the Board must be kept to a sufficiently low number to facilitate open and effective    dialogue and full participation and contribution of each Director. 
- The Board must function as a cohesive team, with shared responsibilities and    accountabilities that are clearly defined, understood and respected. 
- The Board must have the ability to exercise all its supervisory responsibilities    independent of any influence by management. 
- The Board must have access to all the information needed to carry out its full    responsibilities. Information must be available in a timely manner and in a format    conducive to effective decision making. 
- The Board must develop, implement, and measure effective corporate governance practices,    processes and procedures. 
*Election of Directors and Officers**The Company's articles provide for a minimumof three and a maximum of seven directors, to be elected yearly and to hold office untilthe next annual meeting of shareholders of the Company or until their successors are dulyelected or appointed. The whole board is elected at each annual meeting, and all directorsthen in office must retire, but, if qualified, are eligible for re-election. If anelection of directors is not held at the proper time, the directors continue in officeuntil their successors are elected or appointed. Each officer continues to hold officeuntil the appointment of officers at the first meeting of the board of directors after theelection of directors and, in default of the appointment of officers at such meeting,continues to hold office after such meeting. In the absence of written agreements to thecontrary, the board may remove at its pleasure any officer of the Company. ***Committees of the Board***
There are currently two committees of the board of directors. The boarddoes not have, nor does it currently intend to form, a nominating committee. It is theview of the board of directors that its current size (three) is small enough to make suchadditional committees counter productive. In addition to regularly scheduled meetings ofthe board, its members are in continuous contact with one another and with the members ofsenior management. If the size of the board were to be enlarged or if the Company were toundergo a substantial change in its business and operations, consideration would at thatpoint be given to the formation of additional committees, including a nominatingcommittee. 
*Audit Committee*
The charter of the Corporation's audit committeecharter is as follows: 
**1.****Establishment of Audit Committee:**The board ofdirectors of the Corporation hereby establishes a committee to be called the AuditCommittee. The Audit Committee is appointed by the Board of Directors to assist the Boardin fulfilling its oversight responsibilities. The Audit Committee's primary duties andresponsibilities are to: 
- a) Identify and monitor the management of the principal risks that could impact the    financial reporting of the Corporation; 
- b) Monitor the integrity of the Corporation's financial reporting process and system of    internal controls regarding financial reporting and accounting compliance; 
- c) Monitor the independence and performance of the Corporation's external auditors; 
- d) Provide an avenue of communication among the external auditors, management and the    Board of Directors. 

The Audit Committee has the authority to conduct any investigationappropriate to fulfilling its responsibilities, and it has direct access to the externalauditors as well as anyone in the organization. The Audit Committee has the ability toretain, at the Corporation's expense, special legal, accounting, or other consultants orexperts it deems necessary in the performance of its duties. 

**2.****Membership:**The Audit Committee shall be composed ofthree members or such greater number as the board of directors may from time to timedetermine. A majority of the members of the Audit Committee shall be unrelated to theCompany. Members shall be appointed annually from among the members of the board ofdirectors. The Chair of the Audit Committee shall be appointed by the board of directors.All members of the Audit Committee shall be financially literate. An Audit Committeemember who is not financially literate may be appointed to the Audit Committee providedthat the member becomes financially literate within a reasonable period of time. Theentire board has been appointed to serve on the Audit Committee as follows: 

Kimberly Koerner    (Chair) 
Roland M. Larsen 
Troy Koerner 
**3.****Mandate:**The Audit Committee shall, in addition to anyother duties and responsibilities specifically assigned or delegated to it from time totime by the board of directors: 

a) Meet with the independent external auditors (the"auditors") and the senior management of the Corporation to review the year-endaudited financial statements of the Corporation which require approval by the board ofdirectors, prior to the issuance of any press release in respect thereof; 

b) Review with senior management and, if necessary, the auditors, theinterim financial statements of the Corporation prior to the issuance of any press releasein respect thereof; 

c) Review the MD&A and press releases containing financial resultsof the Corporation; 

d) Review all prospectuses, material change reports and annualinformation forms; 

e) Review the audit plans and the independence of the auditors; 

f) Meet with the auditors independently of management; 

g) In consultation with senior management, review annually andrecommend for approval by the board of directors: 

(i) the appointment of auditors at the annual general meeting of  shareholders of the Corporation; 

(ii) the remuneration of the auditors; and 

(iii) pre-approve all non audit services to be provided to the  Corporation by the external auditor; 

h) review with the auditors: 

(i) the scope of the audit; 

(ii) significant changes in the Corporation's accounting principles,  practices or policies; and 

(iii) new developments in accounting principles, reporting matters or  industry practices which may materially affect the financial statements of the  Corporation; 

i) review with the auditors and senior management the results of theannual audit, and make appropriate recommendations to the board of directors, havingregard to, among other things: 

(i) the financial statements; 

(ii) management's discussion and analysis and related financial  disclosure contained in continuous disclosure documents; 

(iii) significant changes, if any, to the initial audit plan; 

(iv) accounting and reporting decisions relating to significant current  year events and transactions; 

(v) the audit findings report and management letter, if any, outlining  the auditors' findings and recommendations, together with management's response, with  respect to internal controls and accounting procedures; and 

(vi) any other matters relating to the conduct of the audit, including  the review and opportunity to provide comments in respect of any press releases announcing  year end financial results prior to issue and such other matters which should be  communicated to the Audit Committee under generally accepted auditing standards; 

j) Review with the auditors the adequacy of management's internalcontrol procedures and management information systems and inquiring of management and theauditors about significant risks and exposures to the Corporation that may have a materialadverse impact on the Corporation's financial statements, and inquiring of the auditors asto the efforts of management to mitigate such risks and exposures; 

k) Monitor policies and procedures for reviewing directors' andofficers' expenses and perquisites, and inquire about the results of such reviews; 

l) Review and approve written risk management policies and guidelinesincluding the effectiveness of the overall process for identifying the principal risksaffecting financial reporting; 

m) Review issues relating to legal, ethical and regulatoryresponsibilities to monitor management's efforts to ensure compliance Including any legalmatters that could have a significant impact on the Corporation's financial statements,the Corporation's compliance with applicable laws and regulations and inquiries receivedfrom regulators of governmental agencies; and, 

n) Establish procedures for: 

a. the receipt, retention and treatment of complaints received by the  issuer regarding accounting, internal accounting controls, or auditing matters; and 

b. the confidential, anonymous submission by employees of the issuer of  concerns regarding questionable accounting or auditing matters. 

**4. Administrative Matters:**The following general provisionsshall have application to the Audit Committee: 

a) A quorum of the Audit Committee shall be the attendance of twomembers thereof present in person or by telephone. No business may be transacted by theAudit Committee except at a meeting of its members at which a quorum of the AuditCommittee is present or by a resolution in writing signed by all the members of the AuditCommittee. Meetings of the Audit Committee shall be held at least annually and more oftenas the Chair of the Audit Committee may determine; 

b) Any member of the Audit Committee may be removed or replaced at anytime by resolution of the directors of the Corporation. A member of the Audit Committeeshall ipso facto cease to be a member of the Audit Committee upon ceasing to be a directorof the Corporation. The board of directors, upon recommendation of the CorporateGovernance Committee, may fill vacancies on the Audit Committee by appointment from amongits members. If and whenever a vacancy shall exist on the Audit Committee, the remainingmembers may exercise all its powers so long as a quorum remains. Subject to the foregoing,each member of the Audit Committee shall hold such office until the close of the annualgeneral meeting of shareholders of the Corporation next following the date of appointmentas a member of the Audit Committee or until a successor is duly appointed. Any member ofthe board of directors who has served as a member of the Audit Committee may bere-appointed as a member of the Audit Committee following the expiration of his term; 

c) The Audit Committee may invite such officers, directors andemployees of the Corporation as it may see fit from time to time to attend at meetings ofthe Audit Committee and to assist thereat in the discussion of matters being considered bythe Audit Committee. The independent auditor of the Corporation is to appear before theAudit Committee when requested to do so by the Audit Committee; 

d) The time at which and the place where the meetings of the AuditCommittee shall be held, the calling of meetings and the procedure at such meetings shallbe determined by the Audit Committee, having regard to the by-laws of the Corporation. Ameeting of the Audit Committee may be held at any time without notice if all of themembers are present or, if any members are absent, those absent have waived notice orotherwise signified their consent in writing to the meeting being held in their absence; 

e) The Chair shall preside at all meetings of the Audit Committee andshall have a second and deciding vote in the event of a tie, provided that, in the eventof a tie vote when only two members of the Audit Committee are present at a particularmeeting, the matter shall be resolved by a future vote of members of the Audit Committeeat which more than two members are present. In the absence of the Chair, the other membersof the Audit Committee shall appoint one of their members to act as Chair for theparticular meeting; 

f) Notice of meetings of the Audit Committee may be given to theauditor of the Corporation and shall be given in respect of meetings relating to theannual audited financial statements. The auditor has the right to appear before and to beheard at any meeting of the Audit Committee. Upon the request of the auditor, the Chair ofthe Audit Committee shall convene a meeting of the Audit Committee to consider any matterswhich the auditor believes should be brought to the attention of the directors orshareholders of the Corporation; 

g) The Audit Committee shall report to the directors of the Corporationon such matters and questions relating to the financial position of the Corporation or anyaffiliates of the Corporation as the directors of the Corporation may from time to timerefer to the Audit Committee; 

h) The members of the Audit Committee shall, for the purpose ofperforming their duties, have the right of inspecting all the books and records of theCorporation and its affiliates and of discussing such books and records in any matterrelating to the financial position of the Corporation with the officers, employees andauditor of the Corporation and its affiliates; 

i) Minutes of the Audit Committee will be recorded and maintained andthe Chair of the Audit Committee will report to the board of directors on the activitiesof the Audit Committee and/or the minutes will promptly be circulated to the directors whoare not members of the Audit Committee or otherwise made available at the next meeting ofdirectors; 

j) The Chair of each meeting of the Audit Committee shall appoint aperson to act as recording secretary to keep the minutes of the meeting. The recordingsecretary need not be a member of the Audit Committee; 

k) Unless the Audit Committee has been provided with expressinstructions from the board of directors, the Audit Committee shall function primarily tomake assessments and determinations with respect to the purposes mandated herein and itsdecisions shall serve as recommendations for consideration by the board of directors. 

*Corporate Governance Committee*

The Corporate Governance Committee is responsible for the development,maintenance, and disclosure of the Company's corporate governance practices. The mandateof the committee includes: 
- developing criteria governing the size and overall composition of the Board; 
- conducting an annual review of the structure of the Board and its committees, as well as      of the mandates of such committees; 
- recommending new nominees for the Board (in consultation with the Chairman and the Chief      Executive Officer); and 
- recommending the compensation of directors 
- ensuring that the Company's policy on disclosure and insider trading, including      communication to the different stakeholders about the Company and its subsidiaries,      documents filed with securities regulators, written statements made in documents      pertaining to the Company's continuous disclosure obligations, information contained on      the Company's Web site and other electronic communications, relationships with investors,      the media and analysts is timely, factual and accurate, and broadly disseminated in      accordance with all applicable legal and regulatory requirements. 

The committee also coordinates the annual evaluation of the Board, thecommittees of the Board and individual directors. All issues identified through thisevaluation process are then discussed by the Corporate Governance Committee and arereported to the Board. Finally, it also has the responsibility for annually initiating adiscussion at the Board level on the performance evaluation and remuneration of thePresident and Chief Executive Officer. 

*Conflicts of Interest*

Some of the directors and officers of the Company also serve asdirectors and officers of other companies involved in the resource exploration sector.Consequently, there exists a possibility for any such officer or director to be placed ina position of conflict. Each such director or officer is subject to fiduciary duties andobligations to act honestly and in good faith with a view to the best interests of theCompany. 

Similar duties and obligations will apply to such other companies. Thusany future transaction between the Company and such other companies will be for bona fidebusiness purposes and approved by a majority of disinterested directors of the Company. 
- D. Employees. 
In addition to the officers and directors, the Company has onepart-time administrative assistant. 
- E. Share ownership. 
**Name 
Office Held 
Number of Common Shares    Beneficially Owned or Over Which Control is Exercised1
Roland M. Larsen 
President, CEO & Director 
7,036,960 
Kimberley Koerner 
Director 
5,717,530 
Troy Koerner 
Director 
4,837,910 
1. The information as to shares beneficially owned or over which controlor direction is exercised, not being within the knowledge of the Company, has beenfurnished by the respective individuals. 

**Item 7. Major Shareholders and Related Party Transactions - A. Major Shareholders 

The following table shows as at May 1, 2006, each person who isknown to the Company, or its directors and officers to beneficially own, directly orindirectly, or to exercise control or direction over securities carrying more than 10% ofthe voting rights attached to any class of outstanding voting securities of the Companyentitled to be voted. 
**Name of Shareholder 
Securities Owned, Controlled or    Directed 
Percentage of the Class of    Outstanding Voting Securities of the Company (1)
CDS & Co. (2)    Toronto, Ontario 
24,179,766     Common Shares 
    45.8% 
Roland M. Larsen Richmond,    Virginia 
    7,036,960 
    13.3% 
Kimberly Koerner     Brambleton, Virginia 
    5,717,530 
    10.8% - (1) Based on 52,777,203 Common Shares issued and outstanding as at May 1, 2006. 
- (2) This is a nominee account. To the knowledge of the Company, there is no beneficial    ownership of these shares by this nominee. The shares are held by a number of securities    dealers and other intermediaries holding shares on behalf of their clients who are the    beneficial owners. 
-  
- B. Related party transactions. 

Following is a summary of the related party transactions of theCorporation for the last three years ending December 31: 

1. 

**2005**
2004 
2003 
Due from related party* 
$21,547 
$21,547 
$33,070 
Due to related party* 
$156,129 
$76,515 
$44,609 
*These amounts were both advanced to and are advanced from Royal StandardMinerals Inc. Also included is a payment of $25,500 made from a director to the company. 

2. Sharpe has purchased an option from Royal Standard Minerals Inc. (RSM) to acquire a60% interest in RSM's gold project located in Lyon County, Nevada, in consideration forwhich Sharpe has issued 2,000,000 common shares to RSM at a deemed value of $78,125. Toexercise the option, Sharpe must maintain the unpatented and patented mining claims on theProject, must pay all required option, annual advanced minimum royalty payments, anddeliver a completed positive feasibility study in compliance with National Instrument43-101 in respect of the Project. Upon exercise of the Option, Sharpe will hold a 60%working interest in the Project. 

Royal Standard Minerals Inc. and the company are related by virtue of acommon officer and director. 
C. Interests of experts and counsel. Not Applicable. 

**Item 8. Financial Information - A. Consolidated Statements and Other Financial Information 

Following is a list of financial statements filed as part of theannual report under Item #17: 
- Auditor's Report for Sharpe Resources Corporation for the year ended December 31, 2005,      2004, 2003, 2002 
- Consolidated Balance Sheets of Sharpe Resources Corporation as at December 31, 2005 and      2004 
- Consolidated Statements of Operations and Deficit of Sharpe Resources Corporation for      the years ended December 31, 2005, 2004, 2003 
- Consolidated Statements of Cash Flows of Sharpe Resources Corporation for the years      ended December 31, 2005, 2004, 2003 
- Notes to the Consolidated Financial Statements of Sharpe Resources Corporation 

The consolidated financial statements of Sharpe Resources Corporationwere prepared in accordance with generally accepted accounting principles in Canada andare expressed in United States dollars. For a discussion of the reconciliation of suchfinancial statements to United States generally accepted accounting principles, see note#12 of the notes to the consolidated financial statements of Sharpe Resources Corporation.
**B. Significant Changes. 
None. 

**Item 9. The Offer and Listing - A. Offer and listing details. 

The authorized capital of the Company consists of (i) an unlimitednumber of Common Shares and (ii) an unlimited number of preferred shares. The CommonShares are the only class of securities which are the subject of this registrationstatement on Form 20-F. 

The Common Shares, when issued, will be fully paid and non-assessable,carry one vote at all meetings of shareholders (except meetings at which only holders ofanother class or series of shares are entitled to vote), participate ratably in anydividend declared by the directors, subject to the rights of holders of any shares rankingprior to the Common Shares, carry the right to receive a proportionate share of the assetsof the Company available for distribution to holders of the Common Shares in the event ofliquidation, dissolution or winding-up of the Company. The Common Shares do not carry anypre-emptive rights or voting rights. 

On May 10, 1998, the shareholders of the Company approved by therequisite vote an amendment to the Company's articles to increase the authorized capitalof the Company by the creation of an unlimited number of preferred shares. The preferredshares are issuable in series and authorize the directors of the Company to fix the numberof shares in, and determine the designation, rights, privileges, restrictions andconditions attaching to the shares of each series. As of December 31, 2005, no series hasbeen designated by the board of directors of the Company. 

There are no laws or regulations, which would impose votingrestrictions on non-resident shareholders. 

The following table sets forth the reported high and low sales prices(stated in Canadian currency) and the average daily trading volume of the outstandingCommon Shares on the Montreal Exchange for the periods January 1997 through September 2001and the TSX Venture Exchange for the periods October 2001 through March 2002. 

High 
Low 
Volume 
2001 

First Calendar Quarter 

Second Calendar Quarter 

Third Calendar Quarter 

Fourth Calendar Quarter 
$0.28 

$0.16 

$0.11 

$0.05 
$0.11 

$0.10 

$0.05 

$0.02 
45,997 

39,862 

12,330 

69,953 
2002 

First Calendar Quarter 

Second Calendar Quarter 

Third Calendar Quarter 

Fourth Calendar Quarter 
$0.12 

$0.14 

$0.06 

$0.05 
$0.03 

$0.04 

$0.04 

$0.05 
40,018 

29,602 

1,812 

0 
2003 

First Calendar Quarter 

Second Calendar Quarter 

Third Calendar Quarter 

Fourth Calendar Quarter 
$0.05 

$0.05 

$0.05 

$0.05 
$0.05 

$0.05 

$0.05 

$0.05 
0 

0 

0 

0 
2004 

First Calendar Quarter 

Second Calendar Quarter 

Third Calendar Quarter 

Fourth Calendar Quarter 
$0.12 

$0.07 

$0.08 

$0.06 
$0.04 

$0.04 

$0.04 

$0.03 
1,695 

3,186 

7,129 

9,270 
2005 

First Calendar Quarter 

Second Calendar Quarter 

Third Calendar Quarter 

Fourth Calendar Quarter 
$0.05 

$0.06 

$0.09 

$0.17 
$0.04 

$0.03 

$0.03 

$0.04 
9,378 

27,991 

41,567 

108,903 
2006 

January 2006 

February 2006 

March 2006 

April 2006 

May 2006 
 

$0.16 

$0.18 

$0.18 

$0.17 

$0.18 
 

$0.09 

$0.10 

$0.11 

$0.11 

$0.11 
 

31,261 

44,470 

43,065 

74,557 

52,340 **- B. Plan of Distribution 

Not Applicable 
- C. Markets 
The Company was listed on the Vancouver Stock Exchange from 1980until July 1995 when it was delisted at its own request in order to facilitate thequotation of its Common Shares on the Canadian Dealing Network. Trading in the Company'sCommon Shares commenced on the Canadian Dealing Network on July 10, 1995 under the symbol"SHGP" until January 1997 when it was delisted at its own request in order tofacilitate the listing of its Common Shares on the Montreal Exchange. Trading in theCompany's Common Shares commenced on the Montreal Exchange on January 20, 1997 andcontinued until October 2001 when they began trading on the TSX Venture Exchange (formerlythe CDNX). 

The Company's shares are listed on the OTC:BB under the symbol SHGPFand in Canada under the symbol SHO.H on the NEX exchange. 
**- D. Selling shareholders. 

Not Applicable 
- E. Dilution. 
Not Applicable 
**- F. Expenses of the issue. 

Not Applicable 
**Item 10. Additional Information 
- A. Share capital. 

Not applicable 
- B. Memorandum and articles of association. 
These documents were filed with the original registration report inJuly, 1998. 
- C. Material contracts. 
There are no material contracts. 
**- D. Exchange controls. 

There is no law, governmental decree or regulation in Canada thatrestricts the export or import of capital, including foreign exchange controls, or thataffects the remittance of dividends, interest or other payments to non-resident holders ofCommon Shares, other than withholding tax requirements and potential capital gain on thedisposition of the Common Shares under certain circumstances. (See Item 10. E. -Taxation.) 

There is no limitation imposed by Canadian law or by the Articles orother charter documents of the Company on the right of a non-resident to hold or voteCommon Shares, other than as provided by the Investment Canada Act (Canada) as amended,including as amended by the World Trade Organization Implementation Act (Canada). Thefollowing summarizes the principal features of the Investment Canada Act for non-Canadianswho propose to acquire Common Shares. 

The Investment Canada Act (the "Act") enacted on June 20,1985, as amended, including as amended by the World Trade Organization Implementation Act(Canada), requires notification and, in certain cases, advance review and approval by theGovernment of Canada of the acquisition by a "non-Canadian" of"control" of a "Canadian business," all as defined in the Act."Non-Canadian" generally means an individual who is not a Canadian citizen orpermanent resident, or a Corporation, partnership, trust or joint venture that isultimately controlled by non-Canadians. For purposes of the Act, "control" canbe acquired through the acquisition of all or substantially all of the assets used in theCanadian business, or the direct or indirect acquisition of voting interests or shares inan entity that carries on a Canadian business or which controls the entity which carrieson the Canadian business whether or not the controlling entity is Canadian. Under the Act,control of a Corporation is deemed to be acquired through the acquisition of a majority ofthe voting shares of a Corporation, and is presumed to be acquired where at leastone-third, but less than a majority, of the voting shares of a Corporation or of anequivalent undivided ownership interest in the voting shares of a Corporation are acquiredunless it can be established that the Corporation is not controlled in fact through theownership of voting shares. Other rules apply with respect to the acquisition ofnon-corporate entities. 

All investments to acquire control of a Canadian business arenotifiable, unless they are reviewable. Investments requiring review and approval include:(i) a direct acquisition of control of a Canadian business with assets with a value ofCdn. $5,000,000 or more; (ii) an indirect acquisition of control of a Canadian businesswhere the value of the assets of the Canadian business and of all other Canadian entitiesthe control of which is acquired directly or indirectly is Cdn. $50,000,000 or more; and(iii) an indirect acquisition of control of a Canadian business and of all other Canadianentities the control of which is acquired directly or indirectly is Cdn. $5,000,000 ormore and represents greater than 50% of the total value of the assets of all of theentities, control of which is being acquired. Subject to certain exceptions, where aninvestment is made by a "WTO Investor" (generally, nationals or permanentresidents of World Trade Organization member states, or entities controlled by residentsor nationals of WTO member states) or the Canadian business is controlled by a WTOInvestor, the monetary thresholds discussed above are higher. In these circumstances themonetary threshold with regard to direct acquisitions is Cdn. $160,000,000 in constant1995 dollars as determined in accordance with the Act. Indirect acquisitions of Canadianbusinesses by or from WTO Investors are not subject to review. The United States is a WTOmember state. 

Special rules apply with respect to investments by non-Canadians(including WTO Investors) to acquire control of Canadian businesses that engage in certainspecified activities, including financial services, transportation services and activitiesrelating to Canada's cultural heritage or national identity. 

If an investment is reviewable, an application for review in the formprescribed by regulation is normally required to be filed with the Investment ReviewDivision of Industry Canada prior to the investment taking place and the investment maynot be normally implemented until the review has been completed and ministerial approvalobtained. 

The Investment Review Division will submit the application for reviewto the Minister of Industry (Canada), together with any other information or writtenundertakings given by the acquirer and any representations submitted to the division by aprovince that is likely to be significantly affected by the investment. The Minister willthen determine whether the investment is likely to be of "net benefit toCanada," taking into account the information provided and having regard to certainfactors of assessment prescribed under the Act. Among the factors considered are: (i) theeffect of the investment on the nature and level of economic activity in Canada, includingthe effect on employment, on resource processing, on the utilization of parts, componentsand services produced in Canada, and on exports from Canada; (ii) the degree andsignificance of participation by Canadians in the Canadian business and in any industry inCanada of which it forms a part; (iii) the effect of the investment on productivity,industrial efficiency, technological development, product innovation and product varietyin Canada; (iv) the effect of the investment on competition within any industry orindustries in Canada; (v) the compatibility of the investment with national industrial,economic and cultural objectives enunciated by the government or legislature of anyprovince likely to be significantly affected by the investment; and (vi) the contributionof the investment to Canada's ability to compete in world markets. 

Within 45 days after completed application for review has beenreceived, the Minister must notify the investor that (a) he is satisfied that theinvestment is likely to be of "net benefit to Canada," or (b) he is unable tocomplete his review in which case he shall have 30 additional days to complete his review(unless the investor agrees to a longer period) or (c) he is not satisfied that theinvestment is likely to be of "net benefit to Canada." If the Minister is unableto complete his review and no decision has been taken within the prescribed or agreed upontime, the Minister is deemed to be satisfied that the investment is likely to be of"net benefit to Canada." 

Where the Minister has advised the investor that he is not satisfiedthat the investment is likely to be of "net benefit to Canada," the acquirer hasthe right to make representations and submit undertakings within 30 days of the date ofnotice (or any further period that is agreed upon between the investor and the Minister).On the expiration of the 30-day period (or an agreed extension), the Minister must notifythe investor whether or not he is satisfied that the investment is likely to be of"net benefit to Canada." In the latter case, the investor may not proceed withthe investment, or if the investment has already been implemented, must divest itself ofcontrol of the Canadian business. 

No securities of the Company are subject to escrow or similarrestrictions. 
- E. Taxation 
The following is a summary of certain Canadian federal income taxprovisions applicable to United States corporations, citizens and resident alienindividuals purchasing Common Shares. The discussion is only a general summary and doesnot purport to deal with all aspects of Canadian federal taxation that may be relevant toshareholders, including those subject to special treatment under the income tax laws.Shareholders are advised to consult their own tax advisors regarding the Canadian federalincome tax consequences of holding and disposing of the Company's Common Shares, as wellas any consequences arising under U.S. federal, state or local tax laws or tax laws ofother jurisdictions outside the United States. The summary is based on the assumptionthat, for Canadian tax purposes, the purchasers or shareholders (i) deal at arm's-lengthwith the Company, (ii) are not residents of Canada, (iii) hold the Common Shares ascapital property and (iv) do not use or hold Common Shares in, or in the course of,carrying on business in Canada (a "Non-Resident Holder"). 

Dividends paid to U.S. residents by the Company on the Common Sharesgenerally will be subject to Canadian non-resident withholding taxes. For this purpose,dividends will include amounts paid by the Company in excess of the paid-up capital of theCommon Shares on redemption or a purchase for cancellation of such shares by the Company(other than purchases on the open market). For U.S. corporations owning at least 10% ofthe voting stock of the Company, the dividends paid by the Company are subject to awithholding tax rate of 6% in 1996 and 5% thereafter under the Canada-U.S. Income TaxConvention (1980), as amended by the Protocol signed on March 17, 1995 (the"Treaty"). For all other U.S. shareholders, the Treaty reduces the withholdingtax rate from 25% to 15% of the gross dividend. Other applicable tax treaties may reducethe Canadian tax rate for other Non-Resident Holders. 

A Non-Resident Holder will generally not be subject to tax in Canada oncapital gains realized from disposition of Common Shares, unless such shares are"taxable Canadian property" within the meaning of the Income Tax Act (Canada).Generally, the Common Shares would not be taxable Canadian property unless theNon-Resident Holder, together with related parties, at any time during the five yearsprior to the disposition of the Common Shares owned not less than 25% of the issued sharesof any class of the capital stock of the Company. Under the Treaty, a resident of theUnited States will not be subject to tax under the Income Tax Act (Canada) in respect ofgains realized on the sale of Common Shares which constitute "taxable Canadianproperty", provided that the value of the Common Shares at the time of disposition isnot derived principally from real property located in Canada. 
**- F. Dividends and paying agents. 

Not applicable. 
- G. Statement by experts 
Not applicable. 
- H. Documents on display. 
Company documents can be viewed at 3258 Mob Neck Road, Heathsville,Virginia 22473. They can also be obtained by writing to this address. 
- I. Subsidiary Information 
Not applicable. 

**Item 11. Quantitative and Qualitative Disclosures about Market Risk. 
At December 31, 2005, the Company's financial instruments consisted ofcash and cash equivalents, receivables, payables and accruals and advances from relatedparties. The Company estimates that the fair value of its financial instrumentsapproximates the carrying values. It is management's opinion that the Company is notexposed to significant interest, currency or credit risks arising from these financialinstruments. 

Receivables include amounts receivable for petroleum and natural gassales, which are generally made to large creditworthy customers in the United States.Accordingly, the Company views credit risks on these amounts as low. 

The company is exposed to losses, in the event of non-performance bycounter-parties to these financial instruments. The Company deals with major institutionsand believes these risks are minimal. 

**Item 12. Description of Securities Other than Equity Securities. 
Not applicable. 
**PART II**
**Item 13. Defaults, Dividend Arrearages and Delinquencies. 
On August 4, 1999, the Company was forced to voluntarily seekChapter 11 reorganization under the US federal Bankruptcy code as a result of a large costoverrun incurred during the drilling phase of an offshore well. This filing occurred aftera long period of negotiations with the creditors. There was a general lack of progresstoward working out an out-of-bankruptcy agreement with the creditors during the first halfof 1999. 

On February 9, 2000, the Company filed with the US District BankruptcyCourt of the Southern District of Texas a second proposed plan of reorganization inaccordance with federal bankruptcy laws. The plan of reorganization sets forth the meansfor satisfying claims, including liabilities subject to compromise and subsequentadjustments to the plan. The Company's cash and other assets are subject to certainrestrictions as a result of the bankruptcy. 

In general, the plan provides for the following: 

The current portion of long-term debt will be paid in full on theclosing date out of proceeds of a proposed financing. 

The agreed secured-vendor lien claims will accept a cash payment of 45%as full payment of their claims. Alternatively, on of the sub-classes of secured claimantswill have the option to be paid in full over 42 months at 10% interest. 

The unsecured vendor claims will accept a 10% cash payment 120 daysafter closing. At that time, the balance of the claim is to be converted to Sharpe EnergyCompany Preferred Class A stock which is subject to regulatory approval. The PreferredClass A stock will pay a quarterly stock dividend of 4% per annum. Additionally, thePreferred Class A stock may be redeemed by the Company, all or in part, at a discountbased upon the time of issuance, i.e., from 0-15 months the Preferred Class A stock can beredeemed for 35% of the remaining value, from 16-24 months the redemption is 40% of theremaining value, from 25-36 months the redemption is 60% of the remaining value andthereafter at 100% of the remaining value. 

The consummation of the final plan of reorganization receivedbankruptcy court approval and was approved by the Company's creditors on March 27, 2000.On June 5, 2000 Sharpe closed a US $2.3 million debenture financing. The term of thedebenture is five years with a 12% fixed interest rate coupon with quarterly interest andprincipal payments includes 2.3 million detachable warrants exercisable for two years atC$0.25 per warrant. **The recapitalization of the company did not impact shareholderequity. 
Item 14. Material Modifications to the Rights of Security Holders and Useof Proceeds. 

There have been none. 

**Item 15. Controls and Procedures 
As of the end of the period covered by this report and based ontheir evaluation the Company's principal executive officer and principal financial officerhave concluded that the Company's disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) were effective to ensure thatthe information required to be disclosed by the Company in reports that it files orsubmits under the Exchange Act is recorded, processed, summarized and reported within thetime period specified in Securities and Exchange Commission rules and forms. 

There were no significant changes in the Company's internal controls orin other factors that could significantly affect these controls subsequent to the date oftheir evaluation, including any corrective actions with regard to significant deficienciesand material weaknesses. 

**Item 16. [Reserved] 
Item 16A. Audit committee financial expert. 

The board of directors has determined that Director and AuditCommittee Member, Ms. Kimberly Koerner has the necessary attributes for designation as theaudit committee's financial expert and have designated her as the financial expert. 

**Item 16B. Code of Ethics. 
The company has adopted a Code of Ethics that applies to its Directorsand Executive Officers. The Code of Ethics can be viewed at 3258 Mob Neck Road,Heathsville, Virginia 22473. It can also be obtained, without charge, by writing to thisaddress. 

**Item 16C. Principal Accountant Fees and Services. 
**2005**
2004 
2003 
Audit Fees 
$23,000 
$23,000 
$23,000 
Audit Related Fees 
$0 
$0 
$0 
Tax Fees 
$2,000 
$2,000 
$2,000 
All Other Fees 
$368 
$0 
$0 ***Policies and Procedures*

The Audit Committee, in consultation with senior management, reviewsannually and recommends for approval by the board of directors; 
- the appointment of independent auditors at the annual general meeting of shareholders of      the Corporation; 
- the remuneration of the auditors; and 
- pre-approval of all non-audit services to be provided to the Corporation by the external      auditor. 

Since the commencement of the Corporation's most recently completedfinancial year, every recommendation of the Audit Committee to nominate or compensate anexternal auditor was adopted by the Board of Directors. 
**Item 16D. Exemptions from the Listing Standards for Audit Committees. 

Not applicable. 

**Item 16E. Purchases of Equity Securities by the Issuer and AffiliatedPurchasers. 
Not applicable. 
**PART III 

Item 17. Financial Statements.**
Following is a list of financial statements filed as part of the annualreport. 
- Auditor's Report for Sharpe Resources Corporation. for the year ended December 31, 2005,      2004, 2003, 2002 
- Consolidated Balance Sheets of Sharpe Resources Corporation as at December 31, 2004 and      2003 
- Consolidated Statements of Operations and Deficit of Sharpe Resources Corporation for      the years ended December 31, 2004, 2003, 2002 
- Consolidated Statements of Cash Flows of Sharpe Resources Corporation for the years      ended December 31, 2004, 2003, 2002 
- Notes to the Consolidated Financial Statements of Sharpe Resources Corporation 

The consolidated financial statements of Sharpe Resources Corporationwere prepared in accordance with generally accepted accounting principles in Canada andare expressed in United States dollars. For a discussion of the reconciliation of suchfinancial statements to United States generally accepted accounting principles, see note#10 of the notes to the consolidated financial statements of Sharpe Resources Corporation.

**Auditors' Report**
To the Shareholders of 

Sharpe Resources Corporation 

We have audited the consolidated balance sheets of Sharpe ResourcesCorporation****as at December 31, 2002 and 2001 and the consolidated statements ofoperations and deficit and cash flows for each of the years in the three year period endedDecember 31, 2002. These consolidated financial statements are the responsibility of thecompany's management. Our responsibility is to express an opinion on these consolidatedfinancial statements based on our audits. 

We conducted our audits in accordance with auditing standards generallyaccepted in Canada and in the United States of America. Those standards require that weplan and perform an audit to obtain reasonable assurance whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation. 

In our opinion, these consolidated financial statements present fairly,in all material respects, the financial position of the company as at December 31, 2002and 2001 and the results of its operations and its cash flows for each of the years in thethree year period ended December 31, 2002, in accordance with Canadian generally acceptedaccounting principles. 
\s\ Grant Thornton LLPToronto, CanadaGrant Thornton LLP March 31, 2003Chartered Accountants
Comments by Auditors on United States of America-Canada ReportingDifference 
**United States of America reporting standards require the additionof an explanatory paragraph when the financial statements are affected by conditions andevents that cast doubt on the company's ability to continue as a going concern, such asthose described in note 1 to the financial statements. Although we conducted our audit inaccordance with both United States of America and Canadian generally accepted auditingstandards, our report to the shareholders dated March 31, 2003 is expressed in accordancewith Canadian reporting standards which do not permit a reference to such conditions andevents in the auditor's report when these are adequately disclosed in the financialstatements. 
\s\ Grant Thornton LLPToronto, CanadaGrant Thornton LLP March 31, 2003Chartered Accountants
 

 

March 1, 2005 

**Auditors' Report**
To the Shareholders of 

Sharpe Resources Corporation 

We have audited the consolidated balance sheet of Sharpe ResourcesCorporation, as at Wednesday, December 31, 2004 and 2003 and the consolidated statementsof operations and deficit and cash flows for each of the years then ended. These financialstatements are the responsibility of the company's management. Our responsibility is toexpress an opinion on these financial statements based on our audits. 

We conducted our audits in accordance with auditing standards generallyaccepted in Canada and the standards issued by the Public Company Accounting OversightBoard "United States". Those standards require that we plan and perform an auditto obtain reasonable assurance whether the financial statements are free of materialmisstatement. An audit includes examining on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation. 

In our opinion, these consolidated financial statements present fairly, inall material respects, the financial position of the company as at Wednesday, December 31,2004 and 2003 and the results of its operations and its cash flows for each of the yearsthen ended in accordance with Canadian generally accepted accounting principles. 

The consolidated statements of operations and deficit and cash flows forthe year ended December 31, 2002 were audited by other auditors who expressed an opinionwithout reservation on the financial statements in their audit report dated March 31,2003. 
"McCarney Greenwood LLP"Toronto, CanadaMcCarney Greenwood LLP  Chartered Accountants
Comments by Auditors on United States of America-Canada ReportingDifference 

United States of America reporting standards require the addition of anexplanatory paragraph when the financial statements are affected by conditions and eventsthat cast doubt on the company's ability to continue as a going concern, such as thosedescribed in Note 1 to the financial statements. Although we conducted our audits inaccordance with both United States of America and Canadian generally accepted auditingstandards, our report to the shareholders dated March 1, 2005 is expressed in accordancewith Canadian reporting standards which do not permit a reference to such conditions andevents in the auditor's report when these are adequately disclosed in the financialstatements. 
"McCarney Greenwood LLP"Toronto, CanadaMcCarney Greenwood LLP  Chartered Accountants
** **Sharpe Resources Corporation(Continued under the New Brunswick Business Corporation Act)
(Expressed in United States Dollars)Consolidated Financial Statements
Years ended December 31, 2005, 2004 and 2003
March 10, 2006
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Sharpe Resources Corporation
We have audited the consolidated balance sheets of Sharpe Resources Corporation, as at December 31, 2005 and2004 and the consolidated statements of operations and deficit and cash flows for each of the years in the three-yearperiod ended December 31, 2005. These financial statements are the responsibility of the Company's management.Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards and with the standardsof the Public Company Accounting Oversight Board (United States). Those standards require that we plan andperform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement.An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, thefinancial position of the Company as at December 31, 2005 and 2004 and the results of its operations and its cashflows for each of the years in the three-year period ended  December 31, 2005 in accordance with Canadian generallyaccepted accounting principles.
					"McCarney Greenwood LLP"
Toronto, Canada				McCarney Greenwood LLP					Chartered Accountants
Comments by Auditors on United States of America-Canada Reporting Difference
In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following theopinion paragraph) when the financial statements are affected by conditions and events that cast doubt on theCompany's ability to continue as a going concern, such as those described in Note 1 to the consolidated financialstatements. Our report to the shareholders dated March 10, 2006 is expressed in accordance with Canadian reportingstandards which do not require a reference to such conditions and events in the auditor's report when these areadequately disclosed in the financial statements.
					"McCarney Greenwood LLP"
Toronto, Canada				McCarney Greenwood LLP					Chartered Accountants
SHARPE RESOURCES CORPORATIONConsolidated Balance Sheets(Expressed in United States Dollars)										   	 December 31,										2005			   2004
AssetsCurrent assets	Cash								$	339,570			$	34,557	Trade and sundry receivables					         -				19,620	Due from related parties (Note 6)				         21,547				21,547	Inventory (Note 8)						         -				 5,760 	
										361,117				81,484Option to acquire mineral property (Note 1)			                 78,125				78,125	
									$	439,242			$	159,609	
LiabilitiesCurrent Liabilities	Accounts payable and accrued liabilities		  	$	82,896			$	96,935	Due to related parties (Note 6)				               156,129				76,515	Loan claims (Note 3)						       587,369			 	-	
										826,394				173,450Loan claims (Note 3)								-				664,533Future site restoration and abandonment obligation (Note 8)		        -				13,500	
										826,394				851,483
Capital Stock and Deficit
Share capital (Note 4(b))			   		              10,999,986		   10,999,986Contributed surplus (Note 4(d))					                  33,144		       17,660Deficit								             (11,420,282)	   	  (11,709,520)	
									        (387,152)	  	     (691,874)	
  								         $       439,242		  $   159,609
Approved by the Board      "Roland M. Larsen"  Director        "Kimberly L. Koerner"  Director
SHARPE RESOURCES CORPORATIONConsolidated Statements of Operations and Deficit(Expressed in United States Dollars)
										Years ended December 31,								2005			2004			2003
Petroleum and natural gas revenue			$	17,644	    	$	108,998		$	159,527	
Operating and administrative expenses	Operating						5,648			202,395			235,978	General and administrative				95,487			72,891			75,235	Depletion, depreciation and amortization		-			-			15,366	Stock-option compensation (Note 4(d))			15,484			-			17,660	Interest on advance					2,040			2,040			2,040	Interest on loan claims					26,067			26,581			26,623	
								144,726			303,907			372,902	
Loss before the following:					(127,082)		(194,909)		(213,375)	
Gain on disposal of petroleum and	natural gas properties (Note 8)		 		416,320			-	 		189,727Gain on disposal of capital asset 		  		-			-			10,000	
Net income (loss) before income taxes 				289,238			(194,909)		(13,648)Income taxes (Note 5)						-			-			-	
Net income (loss)  						289,238	 		(194,909)		(13,648)DEFICIT, beginning of year				  (11,709,520)	 	  (11,514,611)    	    (11,500,963)	
DEFICIT, end of year		 		       $  (11,420,282)		$  (11,709,520)		 $  (11,514,611)	
Income (loss) per common share (Note 4(f))	Basic						$	0.01		$	(0.01)		$	-	Diluted						$	0.01		$	(0.01)		$	-
SHARPE RESOURCES CORPORATIONConsolidated Statements of Cash Flows(Expressed in United States Dollars)
										Years ended December 31,									2005		2004		2003
Increase (decrease) in cash
Cash flows from operating activities
     Net income (loss)						   $	289,238	   $	(194,909)    $ (13,648)Operating items not involving cash:     Depreciation, depletion and amortization				-		-		15,366     Stock-option compensation (Note 4(d))				15,484		-		17,660     Gain on disposal of petroleum and natural gas properties	      (416,320)		-	      (189,727)     Gain on disposal of capital asset 					-		-	       (10,000)     Changes in non-cash working capital (Note 7)			(2,579)		123,808	       (73,821)	
Cash flows (used in) operating activities			      (114,177)		(71,101)      (254,170)	
Cash flows from financing activitiesRepayment of loan claims					       587,369		-	        -Advances to/from related parties					79,614		43,427		43,156Cash flows used in financing activities				       666,983		43,427		43,156	
Cash flows from investing activities
Proceeds on disposal of oil and gas properties 	  		     416,740		-	       189,727Proceeds on disposal of capital assets					-		-		10,000	
Cash flows from investing activities				     416,740		-	       199,727	
Increase (decrease) in cash during the year			     969,546	       (27,674)	       (11,287)Cash, beginning of year						      34,557		62,231		73,518	
Cash, end of year						   $  1,004,103	$	34,557	$	62,231
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
1.	Nature of operations and going concernSharpe Resources Corporation (the "Company") is a publicly held company, engaged primarily in theexploration for production of petroleum and natural gas properties through its wholly-owned subsidiary,Sharpe Energy Company ("Sharpe Energy"), in a single cost centre being the United States. The Company iscontinued under the New Brunswick Business Corporation Act and its common shares are listed on the TSXVenture Exchange and traded on the OTC Bulletin Board.
In August 1999, Sharpe Energy was forced to voluntarily seek Chapter 11 reorganization under the UnitedStates Bankruptcy Code and on March 27, 2000, Sharpe Energy's second plan of reorganization ("theChapter 11 Plan") was confirmed under which the Company recorded a gain on settlement of debt of$1,313,900 in 2000. At December 31, 2005, 2004 and 2003 the Company still has outstanding debt under theChapter 11 Plan, the details of which are described in Note 3. 
As of September 15, 2004, the Corporation changed its focus away from the oil and gas business intoprecious metals exploration and development in the western US. Sharpe has purchased an option (the“Option”) from Royal Standard Minerals Inc. ("RSM") to acquire a 60% interest in RSM’s gold project locatedin Lyon County, Nevada (the “Project”), in consideration for which Sharpe has issued 2,000,000 commonshares to RSM at a deemed value of CDN $100,000 (US $78,125). To exercise the option, Sharpe mustmaintain the unpatented and patented mining claims on the Project, must pay all required option annualadvanced minimum royalty payments, and deliver a completed positive feasibility study in compliance withNational Instrument 43-101 in respect of the Project. Upon exercise of the Option, Sharpe will hold a 60%working interest in the Project.
RSM and the Company are related parties under common management and have common directors.
These financial statements have been prepared on the basis of accounting principles applicable to a goingconcern, which assumes that the Company will continue in operation for the foreseeable future and will beable to realize its assets and discharge its liabilities in the normal course of operations. These financialstatements do not include adjustments to the amounts and classification of assets and liabilities that might benecessary should the Company be unable to continue in business.
2. 	Summary of significant accounting policies
The preparation of these financial statements in conformity with Canadian generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities and disclosures of contingent assets and liabilities and at the date of the financialstatements and reported amounts of revenues and expenses during the reporting period. Actual results coulddiffer from those estimates.
The significant accounting policies are as follows:
A summary of the differences between accounting principles generally accepted in Canada ("CanadianGAAP") and those generally accepted in the United States ("US GAAP") which affect the Company iscontained in Note 12.
(a) ConsolidationThese consolidated financial statements include the accounts of the Company and its wholly-ownedsubsidiary Sharpe Energy. All significant intercompany balances and transactions have been eliminated uponconsolidation.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
(b) Joint operationsThe Company conducts substantially all of its petroleum and natural gas exploration and production activitiesjointly with others. The consolidated financial statements reflect only the Company's interest in such activities.
(c) Revenue recognitionRevenue from the sale of petroleum and natural gas is recognized upon the passage of title, net of royaltiesand net profits interests. Gains or losses from the sale of assets is recognized when sold.
(d) InventoryInventory is carried at the lower of average cost and net realizable value.
(e) Petroleum and natural gas propertiesCapitalized costsThe Company follows the full-cost method of accounting for its petroleum and natural gas operations. Underthis method all costs related to the exploration of and development of petroleum and natural gas resources arecapitalized. Costs include lease acquisitions, geological and geophysical expenses, delay rentals and costs ofdrilling both productive and non-productive wells. Proceeds from the disposal of properties are applied againstcapitalized costs, without any gain or loss being realized, unless such sale would significantly alter the rate ofdepletion and depreciation.
Depletion and depreciationDepletion of exploration and development costs and depreciation of production equipment is provided usingthe unit-of-production method based upon estimated proved petroleum and natural gas reserves. The costs ofsignificant undeveloped properties are excluded from costs subject to depletion. For depletion anddepreciation purposes, relative volumes of petroleum and natural gas production and reserves are convertedat the energy equivalent conversion rate of six thousand cubic feet of natural gas to one barrel of crudepetroleum.
Ceiling TestThe Company uses the full cost method of accounting for oil and gas activities. The method requires adetailed impairment calculation when events or circumstances indicate a potential impairment of the carryingamount of oil and gas assets may have occurred, but at least annually. An impairment loss is recognizedwhen the carrying amount of a cost centre is not recoverable and exceeds its fair value. The carrying amountis assessed to be recoverable when the sum of the undiscounted cash flows expected from proved reservesplus the cost of the unproved interest, net of impairments, exceeds the carrying amount of the cost centre.When the carrying amount is assessed not to be recoverable, an impairment loss is recognized to the extentthat the carrying amount of the cost centre exceeds the sum of the discounted cash flows from proved andprobable reserves plus the cost of unproved interest, net of impairments, of the cost centre. The cash flowsare estimated using expected future product prices and cost and are discounted using a risk-free interest rate.
Future site restoration and abandonment costsThe Company records the fair value of an asset retirement obligation as a liability in the period in which itincurs a legal obligation associated with the retirement of tangible long-lived assets that result from theacquisition, construction, development, and/or normal use of the assets. The associated asset retirementcosts are capitalized as part of the carrying amount of the long-lived asset and depleted and depreciated usinga unit of production method over estimated gross proved reserves. Subsequent to the initial measurement ofthe asset retirement obligations, the obligations are adjusted at the end of each period to reflect the passageof time and changes in the estimated future cash flows underlying the obligation.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
(f) Mining interestsThe Company is in the exploration stage and does not derive any income from its mining operations. It is theCompany's policy to defer expenditures related to the exploration and development of its mining properties(including direct administrative expenditures, if any) until such time as they are brought into commercialproduction. The cost of acquiring the mining property and all related deferred exploration and developmentexpenditures will be amortized on a unit of production basis.
The recorded book value of mining properties is not intended to reflect their present or future value. Should amining property become impaired as evidenced by unfavourable exploration results, or a decision todiscontinue further work, the acquisition cost and related deferred exploration and development expenditureswill be expensed.
(g) Stock-based compensationThe Company has adopted the recognition of stock compensation expense for grants of options to officers,directors and employees in the financial statements based on the estimated fair value at the grant date foroptions granted after September 1, 2003. The Company, as permitted by CICA Handbook Section 3870, hasadopted this section prospectively.
(h) Income taxesThe Company follows the asset and liability method of accounting for income taxes. Under this method,income taxes are recognized for the future income tax consequences attributed to the difference between thefinancial statement carrying values and their respective income tax bases. Future income tax assets andliabilities are measured using substantially enacted income tax rates expected to apply when the asset isrealized or the liability is settled. The effect on future income tax assets and liabilities of a change in tax ratesis included in income in the period that includes the enactment date. Future income tax assets are evaluatedand if realization is not considered "more likely than not", a valuation allowance is provided.
(i) Foreign currency translationThe Company uses the United States Dollar as its reporting currency, as the majority of its transactions aredenominated in this currency and the operations of its subsidiary are considered to be of an integrated nature. 
Monetary assets and liabilities of the parent Company denominated in Canadian funds are translated intoUnited States funds at year end rates of exchange. Other assets, liabilities and share capital of the parentCompany are translated at historical rates. Revenues and expenses of the parent Company are translated atthe average exchange rate for the period. Gains and losses on foreign exchange are recorded in operations inthe current period.
3.	Loan claims						2005			2004			2003		
Unsecured vendor loan claims		$	587,369		$	664,533		$	664,533
Pursuant to the Chapter 11 Plan, agreed unsecured vendor loan claims were paid a 10% cash payment. Theremaining 90% of the claims were settled by the issue of preferred stock certificates of Sharpe Energy,bearing a quarterly dividend of 4% per annum. The certificates are fully redeemable in 2006. At the discretionof the Company, the certificates can be redeemed, all or in part, at a discount based upon the time ofredemption. The amount outstanding has been classified as a current liability given the redemption featureand the dividend payments are reflected as interest expense.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
4.	Share Capital
(a) AuthorizedUnlimited common shares without par value
(b) Issued and outstanding									Shares			Amount	
Balance, December 31, 2002 and 2003				33,184,803		$	10,921,861Shares issued for mineral property (Note 1)			 2,000,000			    78,125	
Balance, December 31, 2004 and 2005 				35,184,803		$	10,999,986
(c) Warrants
The following table sets out the warrant activity for each of the years ended December 31, 2005, 2004 and2003 are as follows:									Number of warrants	Value of warrants
Balance, December 31, 2002 and 2003					  500,000			$	-Expired/cancelled	         					 (500,000)				-	
Balance, December 31, 2004 and 2005					    -				$	-
Warrants to acquire 500,000 common shares of the Company at a price of CDN $1.00 per common share untilMay 12, 2004 expired on May 12, 2004.
(d) Stock options
The Company grants stock options to its directors and officers for the purchase of common shares. Theseoptions are valid for a maximum of 5 years from the date of issue. Vesting terms and conditions aredetermined by the Board of Directors at the time of the grant. The exercise price of each option equals themarket price prevailing at the date of the grant. The changes in stock options for each of the years endedDecember 31, 2005, 2004 and 2003 are as follows:									Number of 		Weighted Average									Stock Options		Exercise Price (CDN$)
Balance, December 31, 2002						2,039,000		$	0.11Options granted								1,431,000			0.10Expired/cancelled							(220,000)			0.12	
Balance, December 31, 2003 and 2004					3,250,000			0.10Options granted								  480,000		 	0.10Expired/cancelled							 (219,000)			0.15	
Balance, December 31, 2005 						3,511,000		$	0.10
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
4.	Share Capital (continued)
(d) Stock options (continued)A summary of the stock options outstanding is as follows:
	Exercise price								Number of stock options	per share				Black-Scholes			outstanding at December 31,	(CDN$)		Expiry date		Value			2005		2004		2003
	$	0.10		May 16, 2010	$	15,484	      480,000		-		-		0.10		May 8, 2008	 	17,660	    1,431,000		1,431,000	1,431,000		0.10		May 13, 2007  	      -		    1,000,000		1,000,000	1,000,000		0.10		May 8, 2007	      -		      600,000		  600,000	  600,000		0.15		May 4, 2005	      -		      -			  219,000	  219,000							
						$	33,144	    3,511,000		3,250,000	3,250,000
On May 16, 2005 the Corporation issued 480,000 stock options to directors of the Corporation to purchasecommon shares at a price of CDN $0.10 per share until May 16, 2010. The fair value of these stock optionswas estimated at $15,484 using the Black-Scholes option pricing model using the assumptions disclosedbelow in Note 4(e).  As at December 31, 2005, the stock-options that expire on May 8, 2008 are fully vestedand therefore were expensed in a prior period. The stock-options that were issued during the year are fullyvested, accordingly $15,484 of stock-option expense has been reflected in the statement of operations anddeficit with respect to these stock options.
(e) Contributed surplus adjustment and stock-option compensation
The fair value of the stock options were estimated using the Black-Scholes option pricing model based on thefollowing assumptions:
								2005		2004		2003		
	Risk-free interest rate 				3.58%		N/A		4.5%	Expected life of options 				5 years		N/A		5 years	Annualized volatility 					242%		N/A		93%	Dividend rate 						0 %		N/A		0%	Estimated value						$15,484		N/A		$17,660
There was no change in contributed surplus in 2004. During 2005, stock-option expense of $15,484 wascredited to contributed surplus.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
4.	Share Capital (continued)
(f) Basic and diluted income (loss) per share
The following table sets forth the computation of basic and diluted income (loss) per share:
									2005		2004		2003		
Numerator:	Income (loss) for the year				$	289,238	$	(194,909)     $	     (13,648)	Numerator for basic and diluted earnings (loss)		per share					$	289,238	$	(194,909)     $	     (13,648)	
Denominator:	Weighted average number of common shares		     35,184,803	      33,782,063	   33,184,803	Effect of dilutive securities:	     Stock options (i)					      3,511,000		-			-	
	Denominator for basic and diluted earnings		(loss) per share				     38,695,803	      33,782,063	   33,184,803	
Basic earnings (loss) per share					$	0.01		$	(0.01)	$	0.00Diluted earnings (loss) per share				$	0.01		$	(0.01)	$	0.00
(i) The stock options were not included in the computation of diluted earnings (loss) per share for 2003 and2004 as their inclusion would be anti-dilutive.
(ii) Sharpe Energy's preferred stock (Note 3), bearing quarterly dividend of 4% per annum has been excludedfrom the numerator, since the amount has been classified as debt and the dividend payments are reflectedas interest expense.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
5.	Income taxes
Future income taxes reflect the net tax effects of temporary differences between the carrying amounts ofassets and liabilities for financial reporting purposes and the amounts for tax purposes. There are no future taxliabilities.
The following table reflects future income tax assets at December 31, 2005, 2004 and 2003.
								2005		2004		2003		
Unclaimed non-capital losses				$	819,386	$	947,572	$	1,034,486Income tax value of capital assets over carrying value		 21,894		 19,620	 	   18,676Future site restoration costs not yet deductible		-		-		    1,831Unclaimed share issue costs					 10,475		10,474 		   10,620Excess petroleum tax basis over accounting value		 71,867		68,725	 	   65,523	
								923,622	   1,046,391		1,131,136Valuation allowance			 	 	       (923,622)  (1,046,391)	       (1,131,136)  
							$	  -	$	-	$	   -
The Company's actual income tax expense for each of the years ended is made up as follows:
								2005		2004			2003		
Income (loss) before income taxes reflected inconsolidated statements of operations			$	289,238	$	(194,909)	$	(13,648)	
Expected income tax expense (recovery)				104,473		 (70,401)		 (4,998)Deductible share issue costs				       (10,000)		 (10,000)	        (10,000)Statutory rate difference - Canada/US (i)			-		  (2,304)		   (171)(Utilization of tax pools against taxable income)	taxable benefit not recognized				(94,473)	  82,705		 15,169	
Income tax expense (recovery)				$	-	$	-		$	-
(i) The statutory rate difference between Canada and U.S. is 1.12%. This was computed using the combinedtax rate of 36.12% (Federal tax rate of 22.12% and Ontario tax rate of 14%). The U.S. combined tax rate is35% (U.S. top Federal tax rate of 35% and Texas State tax rate of 0%).
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
5.	Income taxes (continued)
Non-capital losses and resource poolsThe Company has resource pools of approximately US $199,500 (CDN $232,000) consisting of CanadianExploration Expenditures of US $133,900 (CDN $155,700) and Canadian Development Expenditures of US$65,600 (CDN $76,300) which can be used to reduce taxable income in future years. The Company also hasnon-capital losses carried forward of approximately US $2,274,100 (CDN $2,644,900) which can also be usedto reduce taxable income in future years. No benefit from these amounts has been recorded in these financialstatements. The non-capital losses will expire as follows;
2006	$	338,2002007		654,1002008		890,1002009		179,0002010		150,2002014		38,1002015		24,400	$	2,274,100	
6.	Related party transactions not disclosed elsewhere
Transactions with related parties not disclosed elsewhere in these financial statements comprise:
						2005			2004			2003
Due from related party			$	21,547		$	21,547		$	33,070Due to related party				156,129			76,515			44,609	
These amounts were both advanced to and are advanced from RSM. RSM and the Company are related byvirtue of a common officer and director. Also included is a payment of $25,500 made from a director to theCompany.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
7.	Supplemental cash flow information								2005			2004		2003		
Changes in non-cash working capitalTrade and sundry receivables				$	-		$        (1,288)   $	(16,664)Notes receivable						-			 89,228		(69,528)Inventory							-			    910	         11,867Accounts payable and accrued liabilities			(2,579)			 34,958	       	    504	
							$	(2,579)	        $	123,808	   $	(73,821)	
Operating activities					$	(2,579)		$	123,808	   $	(73,821)
Interest paid (note 3)					$	13,291		$	24,474	   $	28,663
Income taxes paid					$	-		$	-	   $	-
8.	Sale of oil and gas property
During the year, the Corporation sold its remaining 62% interest in West Thrifty, an oil and gas property inBrown County, Texas. All costs relating to the West Thrifty property were written-off in a prior year. Proceedsfrom the sale of the property, net of disposal fees, have been recorded as a realized gain on the sale.Inventory of $5,760 was included in this sale.  An obligation for future site restoration and abandonment in theamount of $13,500 has been reversed in the current year as a result of the sale of the property, and has beenincluded in the gain on disposition.
Sale price								$    	434,000Inventory included in sale of property						 (5,760)Site restoration								 (9,920)Commission									(15,500)Reversal of future site restoration and abandonment obligation	      		 13,500	
Gain on sale of property						$       416,320
Sale price								$	434,000Settlement of payables		      					        (17,260)	
Net cash proceeds from sale						$	416,740
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
9. 	Financial instruments
Fair ValueAt December 31, 2005 the Company's financial instruments consisted of cash, trade and sundry receivables,due from related parties, accounts payable and accrued liabilities, and due to related parties. The Companyestimates that these short term financial instruments approximate their carrying values due to their short termmaturities. The characteristics of the loan claims are detailed in Note 3.
10. 	Segment information
The Company has one reportable business segment. Substantially all of the Company's assets are located inthe United States except for small balances held in Canadian banks. The Company's operations in Canadaconsist of general and administrative expenses necessary to maintain the Company's public company status.
11. 	Subsequent eventsOn January 24, 2006 the Company completed a private placement of 8,796,200 units of the Company at CDN$0.05 per unit for gross proceeds of CDN $439,810. Each unit consists of one common share of the Companyand one common share purchase warrant. Each warrant is exercisable for one year from closing at CDN$0.10 per share. The subscribers under the private placement are directors of the Company. The warrantswere valued using the Black-Scholes option pricing model where the value was determined to be CDN$237,497. The following assumptions were used: dividend yield 0%, risk-free interest rate 3.83%, expectedvolatility 190% and an expected life of 1 year.
The units are subject to a hold period which expires May 25, 2006.
12. 	Differences between Canadian GAAP and U.S. GAAPThe Company's consolidated financial statements have been prepared in accordance with Canadian GAAP.These principles, as they pertain to the Company's consolidated financial statements, differ from US GAAP asfollows:
Under US GAAP, for purposes of the ceiling test, future net cash flows from proved reserves, discounted at 10percent over the remaining productive life, plus the lower of cost or estimated fair market value of unprovenproperties, net of future taxes, must exceed the net book value of such properties, net of future taxes andestimated site restoration, or a write-down which is considered to be additional depletion, is required. UnderCanadian GAAP, the ceiling test calculation is computed on an undiscounted basis and certain other futurecosts which are not considered under US GAAP, must be taken into consideration. The application of the USGAAP ceiling test in lieu of the Canadian GAAP ceiling test would not have changed the depletion recorded bythe Company in 2005, 2004 and 2003.
Under US GAAP the income tax calculation would be at enacted and not substantially enacted rates. There isno reportable difference from Canadian GAAP as no future income tax assets have been recognized.
Recent accounting pronouncements --
In December 2002, the FASB issued Statement No. 148, "Accounting for Stock-Based Compensation-Transition and Disclosure" (FASB 148), which provides alternative methods of transition for a voluntarychange to the fair value method of accounting for stock-based employee compensation. In addition, theStatement amends the previous disclosure requirements of FASB 123 to require prominent disclosures abouthe method of accounting for stock-based employee compensation and the effect of the method used onreported financial results. The Company has adopted this statement in 2003.
SHARPE RESOURCES CORPORATIONNotes to Consolidated Financial Statements(Expressed in United States Dollars)Years ended December 31, 2005, 2004 and 2003
12. 	Differences between Canadian GAAP and U.S. GAAP (continued)
In January 2003, the FASB issued Interpretation No. 46, "Consolidation of Variable Interest Entities" ("FIN46"), which provides guidance on the identification of variable interest entities, entities for which control isachieved through means other than through voting rights, and how to determine whether a variable interestholder should consolidate its variable interest entities. In December 2003, the FASB issued modifications toFIN 46, resulting in multiple effective dates based on the nature and creation date of the VIE. The Companyhas determined that it does not have any VIE's which will require consolidation for US GAAP purposes.
On December 15, 2004, the FASB issued Statement No. 123 (Revised 2004), "Share-Based Payment" (FASB123R). FASB 123R requires companies to calculate and record in the income statement the cost of equityinstruments, such as stock options, awarded to employees for services rendered; pro-forma disclosure is nolonger permitted. FASB 123R is required to be adopted in the first quarter of 2006. The Company's accountingfor its stock option awards is already in substantial compliance with the provision of FASB 123R; the adoptionof this standard is not expected to have a significant impact on the Company's financial statements.
In December 2004, the FASB issued Statement No. 153, "Exchanges of nonmonetary Assets an Amendmentof APB Opinion No. 29, Accounting for nonmonetary Transactions" (FASB 153). FASB 153 eliminates theexception from fair value measurement for nonmonetary exchanges of similar productive assets in paragraph21(b) of APB Opinion No. 29, "Accounting for nonmonetary Transactions," and replaces it with an exceptionfor exchanges that do not have commercial substance. FASB 153 specifies that a nonmonetary exchange hascommercial substance if the future cash flows of the entity are expected to change significantly as a result ofthe exchange. FASB 153 is effective for fiscal periods beginning after June 15, 2005. The adoption of thisstandard is not expected to have a material impact on the Company's financial statements.
In March 2005, the FASB issued FASB Interpretation No. 47, "Accounting for Conditional Asset RetirementObligations" (FIN47), which clarifies FASB Statement No. 143 ("Accounting for Asset Retirement Obligations")to define a conditional asset retirement obligation as a legal obligation to perform an asset retirement activityin which the timing and (or) method of settlement are FIN47 was required to be adopted for calendar 2005enterprises. The adoption of this standard had no effect on the Company's financial statements.
In April 2005, the FASB Staff issued FASB Staff Position No. FAS 19-1, "Accounting for Suspended WellCosts" (FSP FAS 19-1), which clarifies whether there are circumstances that would permit the continuedcapitalization of exploratory oil and gas well costs beyond one year, other than when additional explorationwells are necessary to justify major capital expenditures and those wells are under way or firmly planned forthe near future. FSP FAS 19-1 is effective for the first reporting period beginning after April 4, 2005 and is notexpected to have a significant impact on the Company's financial statements. 

**Management's Discussion and Analysis of Financial  Condition and Results of Operations**
The following discussion (the "MD&A") of the financial  condition and results of operations of Sharpe Resources Corporation Inc. (the  "Corporation") constitutes management's review of the factors that affected the  Corporation's financial and operating performance for the year ending December 31, 2005.  The MD&A was prepared as of April 30, 2006 and should be read in conjunction with the  audited annual financial statements for the year ended December 31, 2005 of the  corporation, including the notes thereto. Unless otherwise stated, all amounts discussed  herein are denominated in United States dollars. 
**Overview**
The Company is continued under the New  Brunswick Business Corporation Act and its common shares are listed on the TSX Venture  Exchange and traded on the OTC Bulletin Board. 
In late 2004 the Corporation changed its focus away from the oil and gas  business into precious metals exploration and development in the western U.S. 

Sharpe has purchased an option (the "Option") from Royal  Standard Minerals Inc. (RSM) to acquire a 60% interest in RSM's gold project located in  Lyon County, Nevada (the "Project"), in consideration for which Sharpe has  issued 2,000,000 common shares to RSM at a deemed value of $100,000 (Cdn) ($78,125 US). To  exercise the option, Sharpe must maintain the unpatented and patented mining claims on the  Project, must pay all required option, annual advanced minimum royalty payments, and  deliver a completed positive feasibility study in compliance with National Instrument  43-101 in respect of the Project. Upon exercise of the Option, Sharpe will hold a 60%  working interest in the Project. 
**Results of Operations**
Net income for the year ending December 31,  2005 was $289,238, as compared to a net loss of $194,909 for the year ending December 31,  2004. This was the result of the company selling all of its remaining working and revenue  interests in the West Thrifty Project in June, 2005. All costs relating to the West  Thrifty property were previously written-off. Proceeds from the sale of the property, net  of disposal fees, have been recorded as a realized gain on the sale. Inventory of $5,750  was included in this sale. An obligation for future site restoration and abandonment in  the amount of $13,500 has been reversed in the current year as a result of the sale of the  property, and has been included in the gain on disposition. The gain on the sale of the  property was $416, 320. The sale price of $434,000 less settlement of payables of $17,260  resulted in net cash proceeds of $416,740 (see note 8 of the 2005 year end audited  financial statements for more details). 
Petroleum and natural gas revenue decreased from $108,998 in 2004 to  $17,644 in 2005. Operating expenses have decreased from $202,395 in 2004 to $5,648 in  2005. Again this is due to the sale of the remaining operating properties. All other  expenses increased from $101,512 in 2004 to $139,078 in 2005. Included in this increase  was $15,484 in stock option compensation (see Note 4(d) and 4(e) of the 2005 annual  audited financial statements for the details of this expense). 

As of September 15, 2004, the Corporation changed its focus away from the  oil and gas business into precious metals exploration and development in the western US.  To this end Sharpe has purchased an option from Royal Standard Minerals Inc. (RSM) to  acquire a 60% interest in RSM's gold project located in Lyon County, Nevada, in  consideration for which Sharpe has issued 2,000,000 common shares to RSM at a deemed value  of $78,125. To exercise the option, Sharpe must maintain the unpatented and patented  mining claims on the Project, must pay all required option, annual advanced minimum  royalty payments, and deliver a completed positive feasibility study in compliance with  National Instrument 43-101 in respect of the Project. Upon exercise of the Option, Sharpe  will hold a 60% working interest in the Project. 
**Liquidity and Capital Resources**
The Corporation's cash balance as at December  31, 2005 was $339,570 compared to $34,557 as at December 31, 2004. This is a direct result  of the company selling its remaining working and revenue interests in the West Thrifty  Project with net cash proceeds of the sale of $416,740. Total assets as at December 31,  2005 were $439,242. Total assets as at December 31, 2004 were $159,609 representing an  increase for the year of $279,633. Current liabilities as at December 31, 2005 were  $826,394 compared to $837,983 as at December 31, 2004. This decrease is the result of a  decrease in Loan Claims from $664,533 at December 31, 2004 to $587,369 at December 31,  2005. There is also $21,547 which is Due from Related Party. These amounts were both  advanced to and are advanced from Royal Standard Minerals Inc (RSM). RSM and the Company  are related by virtue of a common officer and director. Also included is a payment of  $25,500 made from a director to the Company. 
On a forward going basis equity and debt financings will remain the single  major source of cash flow for the Corporation. On January 24, 2006 the Company completed a  private placement of 8,796,200 units of the Company at CDN $0.05 per unit for gross  proceeds of CDN $439,810. Each unit consists of one common share of the Company and one  common share purchase warrant. Each warrant is exercisable for one year from closing at  CDN $0.10 per share. The subscribers under the private placement are directors of the  Company. The warrants were valued using the Black-Scholes option pricing model where the  value was determined to be CDN $237,497. The following assumptions were used: dividend  yield 0%, risk-free interest rate 3.83%, expected volatility 190% and an expected life of  1 year. The units are subject to a hold period which expires May 25, 2006. As revenue from  operations improve the capital requirement of the Corporation will also improve. However,  debt and equity financings will continue to be a source of capital to expand the  Corporation's activities in the future. 

The Corporation is authorized to issue an unlimited number of Common  Shares of which 35,184,803 are outstanding as at December 31, 2005. As at December 31,  2005 the Corporation had outstanding options to purchase 3,511,000 common shares with  exercise prices of C$0.10 per share and expiration dates ranging from May 2007 to May  2010. During the year 219,000 options expired and 480,000 options were granted (see note  4(d) of the 2005 annual audited financial statements for more details). There were no  warrants outstanding at December 31, 2005. 
**Selected Annual Information**
The following selected financial information is  derived from the financial statements of the Corporation and should be read in conjunction  with such statements, including the notes thereto: 
**2005**
2004
2003 
Selected Operating Data 
Oil & Gas Revenue 
$17,644
$108,998
$159,527 
Production Costs 
($5,648)
($202,395)
($235,978) 
Expenses 
($139,078)
($101,512)
($136,924) 
Gain on disposal of asset 
$416,320
$0
$189,727 
Net Income (Loss) for the period 
$289,238
($194,909)
($13,648) 
Earnings (Loss) per share basic 
$0.01
($0.01)
($0.00) 
Earnings (Loss) per share diluted      
$0.01
($0.01)
($0.00) 
**2005**
2004
2003 
Selected Balance Sheet Data 
Total Assets 
$439,242
$159,609
$209,531 
Long Term Debt 
$0
($664,533)
($664,533) 
Capital Stock 
($10,999,986)
($10,999,986)
($10,921,861) 
Deficit 
($11,420,282)
($11,709,520)
($11,514,611) **Selected Quarterly Information**
The following is a summary of selected  financial information of the Corporation for the quarterly periods indicated: 
3 Mos Ending December 30, 2005 
3 Mos Ending September 30, 2005 
3 Mos. Ending 

June 30, 2005 
3 Mos. Ending

March 31,2005
3 Mos Ending December 30, 2004 
3 Mos Ending September 30, 2004 
3 Mos. Ending 

June 30, 2004 
3 Mos. Ending 

March 31, 2004 
Revenue 
$17,644 
$0 
$0 
$0
$75,850 
$0 
$18,348 
$14,800 
Expenses 
$13,954 
($44,025) 
($86,653) 
($28,002)
($150,098) 
($18,806) 
($15,151) 
($119,852) 
Realized Gain on Sale of Asset 
($18,388) 
$0 
$434,708 
$0
$0 
$0 
$0 
$0 
Net Income (Loss) 
$13,210 
($44,025) 
$348,055 
($28,002)
($55,900) 
($18,806) 
($15,151) 
($105,052) 
Net Income (Loss) per Common      share basic and diluted 
$0.01 
$0.00 
$0.00 
$0.00
$0.00 
$0.00 
$0.00 **Transactions with Related Parties 
Following is a summary of the related party transactions of the  Corporation for the last three years ending December 31: 

1. 

**2005**
2004 
2003 
Due from related party* 
$21,547 
$21,547 
$33,070 
Due to related party* 
$156,129 
$76,515 
$44,609 
*These amounts were both advanced to and are advanced from Royal Standard  Minerals Inc. Also included is a payment of $25,500 made from a director to the company. 

2. Sharpe has purchased an option from Royal Standard Minerals Inc. (RSM) to acquire a60% interest in RSM's gold project located in Lyon County, Nevada, in consideration forwhich Sharpe has issued 2,000,000 common shares to RSM at a deemed value of $78,125. Toexercise the option, Sharpe must maintain the unpatented and patented mining claims on theProject, must pay all required option, annual advanced minimum royalty payments, anddeliver a completed positive feasibility study in compliance with National Instrument43-101 in respect of the Project. Upon exercise of the Option, Sharpe will hold a 60%working interest in the Project. 
Royal Standard Minerals Inc. and the company are related  by virtue of a common officer and director. 
**Changes in Accounting Policies**
The CICA Handbook Section 3870, Stock-based  compensation and other stock-based payments requires that compensation of option awards to  employees be recognized in the financial statements at fair value for options granted in  fiscal years beginning on or after January 1, 2004. The Company as permitted by CICA  Handbook Section 3870 has adopted this section prospectively for new options awards  granted on or after January 1, 2003. The fair value compensation expense recorded for the  year ended December 31, 2003 was $17,660 using the Black-Scholes pricing model (see note  4(e) of the 2004 audited financial statements). **Risk and Uncertainties**
At the present time, the Corporation does not  have sufficient assets to maintain ongoing profitability. The Corporation's ability to  acquire and develop new projects is a function of its ability to raise the necessary  capital to pursue the efforts successfully. 
The Corporation has limited financial resources and there is no assurance  that additional capital will be available to it for further acquisitions, exploration and  development of new or existing projects. Failure to obtain such additional financing could  result in delay or indefinite postponement of further exploration and development of the  property interests of the Corporation with the possible dilution or loss of such  interests. 
**Forward Looking Statements**
This MD&A includes certain  "forward-looking statements" within the meaning of applicable Canadian  securities legislation. All statements, other than statements of historical facts,  included in this MD&A that address activities, events or developments that the  Corporation expects or anticipates will or may occur in the future, including such things  as future business strategy, competitive strengths, goals, expansion and growth of the  Corporation's businesses, operations, plans and other such matters are forward-looking  statements. When used in this MD&A, the words "estimate", "plan",  "anticipate", "expect", "intend", "believe" and  similar expressions are intended to identify forward-looking statements. These statements  involve known and unknown risks, uncertainties and other factors which may cause the  actual results, performance or achievements of the Corporation to be materially different  from any future results, performance or achievements expressed or implied by such  forward-looking statements. Such factors include, among others, risks related to joint  venture operations, actual results of current exploration activities, changes in project  parameters as plans continue to be refined unavailability of financing, fluctuations in  oil and gas prices and other factors. Although the Corporation has attempted to identify  important factors that could cause actual results to differ materially, there may be other  factors that cause results no to be anticipated, estimated or intended. There can be no  assurance that such statements will prove to be accurate as actual results and future  events could differ materially from those anticipated in such statements. Accordingly,  readers should not place undue reliance on forward-looking statements. **Additional Information**
Additional information relating to the  Corporation, including the annual information form of the Corporation, can be found on  SEDAR at www.sedar.com and on the Corporation's website at www.sharpe-resources.com. 
\s\ Roland M. Larsen Roland M. Larsen   President   Heathsville, VA 

April 30, 2006 

** 
 

Item 18. Financial Statements. 

Not applicable. 

**Item 19. Exhibits. 
None 

**SIGNATURES 
The registrant hereby certifies that it meets all of the requirements  for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign  this annual report on its behalf. 

SHARPE RESOURCES CORPORATION 
(Registrant) 
\s\ Roland M. Larsen 
Roland M. Larsen, President      & CEO 
Date: June 26, 2006 

**CERTIFICATIONS**
I, Roland M. Larsen, certify that: 
- 1. I have reviewed this annual report on Form 20-F of Sharpe Resources Corporation; 
- 2. Based on my knowledge, this annual report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the statements made, in      light of the circumstances under which such statements were made, not misleading with      respect to the period covered by this annual report; 
- 3. Based on my knowledge, the financial statements, and other financial information      included in this annual report, fairly present in all material respects the financial      condition, results of operations and cash flows of the registrant as of, and for, the      periods presented in this report; 
- 4. The company's other certifying officers and I are responsible for establishing and      maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)      and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the company and have: 
- a. Designed such disclosure controls and procedures, or caused such disclosure controls          and procedures to be designed under our supervision, to ensure that material information          relating to the company, including its consolidated subsidiaries, is made known to us by          others within those entities, particularly during the period in which this report is being          prepared: 
- b. Designed such internal control over financial reporting, or caused such internal          control over financial reporting to be designed under our supervision, to provide          reasonable assurance regarding the reliability of financial reporting and the preparation          of financial statements for external purposes in accordance with generally accepted          accounting principles; 
- c. Evaluated the effectiveness of the company's disclosure controls and procedures and          presented in this report our conclusions about the effectiveness of the disclosure          controls and procedures, as of the end of the period covered by this report based on such          evaluation; and 
- d. Disclosed in this report any change in the company's internal control over financial          reporting that occurred during the period covered by the annual report that has materially          affected, or is reasonably likely to materially affect, the company's internal control          over financial reporting; and 

- 5. The company's other certifying officers and I have disclosed, based on our most      recent evaluation of internal controls over financial reporting, to the company's auditors      and the audit committee of company's board of directors (or persons performing the      equivalent function): 
- a. All significant deficiencies and material weaknesses in the design or operation of          internal control over financial reporting which are reasonably likely to adversely affect          the company's ability to record, process, summarize and report financial information; and 
- b. Any fraud, whether or not material, that involves management or other employees who          have a significant role in the company's internal control over financial reporting. 

Date: June 26, 2006 

\s\ Roland M. Larsen 
Roland M. Larsen 
President & CEO 
**CERTIFICATIONS**
I, Kimberly L. Koerner, certify that: 
- 1. I have reviewed this annual report on Form 20-F of Sharpe Resources Corporation; 
- 2. Based on my knowledge, this annual report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the statements made, in      light of the circumstances under which such statements were made, not misleading with      respect to the period covered by this annual report; 
- 3. Based on my knowledge, the financial statements, and other financial information      included in this annual report, fairly present in all material respects the financial      condition, results of operations and cash flows of the registrant as of, and for, the      periods presented in this report; 
- 4. The company's other certifying officers and I are responsible for establishing and      maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)      and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the company and have: 
- (a) Designed such disclosure controls and procedures, or caused such disclosure controls          and procedures to be designed under our supervision, to ensure that material information          relating to the company, including its consolidated subsidiaries, is made known to us by          others within those entities, particularly during the period in which this report is being          prepared: 
- (b) Designed such internal control over financial reporting, or caused such internal          control over financial reporting to be designed under our supervision, to provide          reasonable assurance regarding the reliability of financial reporting and the preparation          of financial statements for external purposes in accordance with generally accepted          accounting principles; 
- (c) Evaluated the effectiveness of the company's disclosure controls and procedures and          presented in this report our conclusions about the effectiveness of the disclosure          controls and procedures, as of the end of the period covered by this report based on such          evaluation; and 
- (d) Disclosed in this report any change in the company's internal control over financial          reporting that occurred during the period covered by the annual report that has materially          affected, or is reasonably likely to materially affect, the company's internal control          over financial reporting; and 

- 5. The company's other certifying officers and I have disclosed, based on our most      recent evaluation of internal controls over financial reporting, to the company's auditors      and the audit committee of company's board of directors (or persons performing the      equivalent function): 
- (a) All significant deficiencies and material weaknesses in the design or operation of          internal control over financial reporting which are reasonably likely to adversely affect          the company's ability to record, process, summarize and report financial information; and 
- (b) Any fraud, whether or not material, that involves management or other employees who          have a significant role in the company's internal control over financial reporting. 

Date: June 26, 2006 

\s\ Kimberly L. Koerner 
Kimberly L. Koerner 
Director & Treasurer 
**CERTIFICATIONS**
I, Troy Koerner, certify that: 
- 1. I have reviewed this annual report on Form 20-F of Sharpe Resources Corporation; 
- 2. Based on my knowledge, this annual report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the statements made, in      light of the circumstances under which such statements were made, not misleading with      respect to the period covered by this annual report; 
- 3. Based on my knowledge, the financial statements, and other financial information      included in this annual report, fairly present in all material respects the financial      condition, results of operations and cash flows of the registrant as of, and for, the      periods presented in this report; 
- 4. The company's other certifying officers and I are responsible for establishing and      maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)      and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act      Rules 13a-15(f) and 15d-15(f)) for the company and have: 
- (a) Designed such disclosure controls and procedures, or caused such disclosure controls          and procedures to be designed under our supervision, to ensure that material information          relating to the company, including its consolidated subsidiaries, is made known to us by          others within those entities, particularly during the period in which this report is being          prepared: 
- (b) Designed such internal control over financial reporting, or caused such internal          control over financial reporting to be designed under our supervision, to provide          reasonable assurance regarding the reliability of financial reporting and the preparation          of financial statements for external purposes in accordance with generally accepted          accounting principles; 
- (c) Evaluated the effectiveness of the company's disclosure controls and procedures and          presented in this report our conclusions about the effectiveness of the disclosure          controls and procedures, as of the end of the period covered by this report based on such          evaluation; and 
- (d) Disclosed in this report any change in the company's internal control over financial          reporting that occurred during the period covered by the annual report that has materially          affected, or is reasonably likely to materially affect, the company's internal control          over financial reporting; and 

- 5. The company's other certifying officers and I have disclosed, based on our most      recent evaluation of internal controls over financial reporting, to the company's auditors      and the audit committee of company's board of directors (or persons performing the      equivalent function): 
- (a) All significant deficiencies and material weaknesses in the design or operation of          internal control over financial reporting which are reasonably likely to adversely affect          the company's ability to record, process, summarize and report financial information; and 
- (b) Any fraud, whether or not material, that involves management or other employees who          have a significant role in the company's internal control over financial reporting. 

Date: June 26, 2006 

\s\ Troy. Koerner 
Troy Koerner 
Director 
** **
** **

**Sharpe Resources Corporation**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of  2002**
I, Roland M. Larsen, Chief Executive Officer of Sharpe Resources  Corporation ("the Company"), certify that: 
- 1. the annual report on Form 20F of the Company for the fiscal year ending December 31,      2005 as filed with the Securities and Exchange Commission on the date hereof (the      "report") fully complies with the requirements of Section 13(a) or 15(d) of the      Securities and Exchange Act of 1934; and 
- 2. the information contained in the Report fairly presents, in all material respects,      the financial condition and results of operations of the Company. 

/s/ Roland M. Larsen Roland M. Larsen   Chief Executive Officer 

June 26, 2006 

**Sharpe Resources Corporation**
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act  of 2002**
I, Kimberly L. Koerner, Director of Sharpe Resources Corporation  ("the Company"), certify that: 
- 1. the annual report on Form 20F of the Company for the fiscal year ending December 31,      2005 as filed with the Securities and Exchange Commission on the date hereof (the      "report") fully complies with the requirements of Section 13(a) or 15(d) of the      Securities and Exchange Act of 1934; and 
- 2. the information contained in the Report fairly presents, in all material respects,      the financial condition and results of operations of the Company. 

/s/ Kimberly L. Koerner Kimberly L. Koerner   Director 

June 26, 2006 

**Sharpe Resources Corporation**
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act  of 2002**
I, Troy Koerner, Director of Sharpe Resources Corporation ("the  Company"), certify that: 
- 1. the annual report on Form 20F of the Company for the fiscal year ending December 31,      2005 as filed with the Securities and Exchange Commission on the date hereof (the      "report") fully complies with the requirements of Section 13(a) or 15(d) of the      Securities and Exchange Act of 1934; and 
- 2. the information contained in the Report fairly presents, in all material respects,      the financial condition and results of operations of the Company. 

/s/ Troy Koerner Troy Koerner   Director 

June 26, 2006*************************************************************************************************** |
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