# EDGAR Filing Document

**Accession Number:** 0000825202
**File Stem:** 0001999371-25-014968
**Filing Date:** 2025-10
**Character Count:** 92551
**Document Hash:** 9a2e70c0d9de5318d7de7260cc98ec85
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014968.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001999371-25-014968

**CONFORMED SUBMISSION TYPE**: 40-17G

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT FOCUS TRUST INC.
- **CENTRAL INDEX KEY:** 0000825202

**ORGANIZATION NAME:**
- **EIN:** 592876580
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05379
- **FILM NUMBER:** 251383133

**BUSINESS ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 656-2400

**MAIL ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALL SEASONS GLOBAL FUND INC
- **DATE OF NAME CHANGE:** 19950803

**Sprott Focus Trust, Inc.**

320 Post Road, Suite 230

Darien, Connecticut 06820

October 8, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

**VIA EDGAR**

RE: Rule 17g-1 Fidelity Bond Filing Information with Respect to Period Covering September 30, 2025 through September 30, 2026 for Sprott Focus Trust, Inc.

Dear Sir or Madam:

Enclosed for filing, pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended (the "40 Act"), please find the following information with respect to Sprott Focus Trust, Inc. (the "Fund"). Please note for the Securities and Exchange Commission's records, the following:

a) A copy of the Fund's executed Fidelity Bond issued by AIG Insurance Company of Canada ("Fidelity Bond") is enclosed under <u>Exhibit 1</u>;

b) A copy of the resolutions approved by the Fund's Board of Directors, including a majority of Directors who were not considered "interested persons" within the meaning of the 40 Act, approving the Fidelity Bond is enclosed under <u>Exhibit 2</u>;

c) The Fidelity Bond covers the period from September 30, 2025 to September 30, 2026; and

d) The premiums have been paid or will be paid during the term of the Fidelity Bond for the period from September 30, 2025 to September 30, 2026.

Please contact me if you have any questions or require additional information.

Very truly yours,

---

| |
|:---|
| /s/ Thomas W. Ulrich  |
| Thomas W. Ulrich |
| President |

---

**<u>Exhibit 1</u>**

![](sprottfocus001.jpg)

**AIG Insurance Company of Canada**

(Herein called Underwriter)

BOND NUMBER: *02-140-75-82* REPLACEMENT OF BOND NUMBER: *01-593-11-93*

**FINANCIAL INSTITUTIONS BOND**

Standard Form No. 14. Revised to May, 2011

**DECLARATIONS**

---

| | |
|:---|:---|
| **Item 1.** | Name of Insured (herein called Insured): |
|  | *SPROTT FOCUS TRUST INC.* |

---

Principal Address: *200 BAY ST SUITE 2600* <br> *TORONTO, ON M5J -2J1*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item 2.** | Bond Period: From 12:0 1 a.m. on | *September 30, 2025* | to 12:0 1 a.m. on | *September 30, 2026* |
|  |  | (month, day, year) |  | (month, day, year) |

---

---

| | | |
|:---|:---|:---|
| **Item 3.** | The Aggregate Liability of the Underwriter during the Bond Period shall be | *$6,000,000 US* |
| **Item 4.** | Subject to Sections 4 and 12 hereof. |  |
|  | the Single Loss Limit of Liability applicable to each of Insuring Agreements (A). (B), (C) and (F) is | *$3,000,000 US* |
|  | and the Single Loss Deductible applicable to each of Insuring Agreements (A), (B), (C) and (F) is | *$25,000 US* |
|  | If coverage is provided under the following Insuring Agreements or Coverages, the applicable Single Loss Limit of Liability and Single Loss Deductible shall be inserted below: | If coverage is provided under the following Insuring Agreements or Coverages, the applicable Single Loss Limit of Liability and Single Loss Deductible shall be inserted below: |

---

---

| | | |
|:---|:---|:---|
|  | <u>Single Loss</u> | <u>Single Loss</u> |
|  | <u>Limit of Liability</u> | <u>Deductible</u> |
| Insuring Agreement (D)-FORGERY OR ALTERATION | *$3,000,000 US* | *$25,000 US* |
| Insuring Agreement (E)-SECURITIES | *$3,000,000 US* | *$25,000 US* |
| Coverage on Partners or Members | *Not Covered* | *Not Covered* |
| Optional Insuring Agreements and Coverages: |  |  |
| *Computer Systems Fraud* | *$3,000,000 US* | *$25,000 US* |
| *Data Processing Service Ops* | *$3,000,000 US* | *$25,000 US* |
| *Voice Initiated Transfer Fraud* | *$3,000,000 US* | *$25,000 US* |
| *Telefacsimile Transfer Fraud* | *$3,000,000 US* | *$25,000 US* |
| *Destruction of Data or Programs by Hacker* | *$3,000,000 US* | *$25,000 US* |
| *Destruction of Data or Programs by Virus* | *$3,000,000 US* | *$25,000 US* |
| *Voice Computer Systems Fraud* | *$3,000,000 US* | *$25,000 US* |
| *Impersonation Fraud* - *Unauthenticated* | *$250,000 US* | *$25,000 US* |
| *Impersonation Fraud* - *Authenticated* | *$3,000,000 US* | *$25,000 US* |

---

---

| | |
|:---|:---|
|  | If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, or if no amount is inserted, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted. |
| **Item 5.** | The liability of the Underwriter is subject to the terms of the following riders attached hereto: |
|  | *#1.#2.#3.#4.#5.#6.#7.#8.#9.#10,#11.#12.#13,#14.#15,#16,#17* |

---

*1601432*

TSB5062CAN Page 1 of 3

---

| | |
|:---|:---|
|  | All of the terms and conditions of this bond apply to such riders except to the extent the rider explicitly provides otherwise. |
| **Item 6.** | The amount of anticipated loss which the Insured must report to the Underwriter pursuant to Section 12 is: *$25,000 US* |
| **Item 7.** | For the purposes of Insuring Agreement B. Property lodged or deposited in the following offices and premises is not covered: |
|  | *Not Applicable* |

---

---

| | | |
|:---|:---|:---|
| **Item 8.** | The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling prior bond(s) or policy(ies) No.(s) *01-593-11-93* | The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling prior bond(s) or policy(ies) No.(s) *01-593-11-93* |
|  | Such termination or cancelation to be effective as of the time this bond becomes effective. | Such termination or cancelation to be effective as of the time this bond becomes effective. |
| **Item 9.** | Premium: *$3,194 US* | Premium: *$3,194 US* |
| **Item 10.** | Underwriter | Underwriter |
| (a) | Underwriter Address: | *Canadian Head Office* |
|  |  | *120 Bremner Boulevard Suite 2200* |
|  |  | *Toronto, ON M5J* -*0AB* |
| (b) | Notice Of Loss And Occurrences To Be Sent To: | Notice Of Loss And Occurrences To Be Sent To: |
|  | By e-mail: | *<u>financialcLaimsCA@aig.com</u>* |
|  | By mail: | *AIG, Financial Lines Claims* |
|  |  | *120 Bremner Boulevard, Suite 2200* |
|  |  | *Toronto, ON M5J 0AB* |
|  | In either case. reference the policy number and "Financial Institutions Bond Standard Form No. 14." | In either case. reference the policy number and "Financial Institutions Bond Standard Form No. 14." |
| All limits of insurance, premiums and other sums of money as expressed in this policy are in Canadian currency unless otherwise stated in writing | All limits of insurance, premiums and other sums of money as expressed in this policy are in Canadian currency unless otherwise stated in writing | All limits of insurance, premiums and other sums of money as expressed in this policy are in Canadian currency unless otherwise stated in writing |
| By signing below. the President and Chief Executive Officer of the Insurer agrees on behalf of the Insurer to all the terms of this Policy. | By signing below. the President and Chief Executive Officer of the Insurer agrees on behalf of the Insurer to all the terms of this Policy. | By signing below. the President and Chief Executive Officer of the Insurer agrees on behalf of the Insurer to all the terms of this Policy. |
| ![](sprottfocus002.jpg) | ![](sprottfocus002.jpg) | ![](sprottfocus002.jpg) |
| President and Chief Executive Officer | President and Chief Executive Officer | President and Chief Executive Officer |
| AIG Insurance Company of Canada | AIG Insurance Company of Canada | AIG Insurance Company of Canada |
| TSB5062CAN | TSB5062CAN | Page 2 of 3 |

---

<u>TORONTO</u> <u>September 30, 2025</u> <br> Signed At Date

*HUB INTERNATIONAL ONTARIO LIMITED* 

*130 KING ST. W.*

*STE 1100*

*TORONTO, ON M5X 1E4*

TSB5062CAN Page 3 of 3

![](sprottfocus003.jpg)

![](sprottfocus004.jpg)

![](sprottfocus005.jpg)

![](sprottfocus006.jpg)

![](sprottfocus007.jpg)

![](sprottfocus008.jpg)

TSB 5062c CAN (5/11) Page 5 of 6

**<u>RIDER</u>#** 1

This rider, effective *at **12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

**IMPERSONATION FRAUD**<br> **(FRAUDULENTLY-INDUCED PAYMENT COVERAGE; SEPARATE SUBLIMITS FOR AUTHENTICATED AND UNAUTHENTICATED INSTRUCTIONS; PRIOR ACTS EXCLUSION)**

This rider modifies insurance provided under the following:

FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14

FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15

It is agreed that the policy is hereby amended as follows:

1. The
INSURING AGREEMENTS Clause is amended to include the following at the end thereof:

FRAUDULENTLY-INDUCED PAYMENT COVERAGE

Loss of Funds resulting directly from an Insured having, in good faith, transferred Funds from its own account in reliance upon Fraudulently-Induced Instruction(s).

2. Solely
for purposes of this rider, the following definitions shall apply:

"Fraudulently-Induced Instruction" means any instruction communicated to an Insured for the purpose of directing or transferring Insured Funds and/or updating vendor bank account information that were communicated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a
 person purporting to be a director, officer, partner, member or sole proprietor of the
 Insured or other Employee–or by an individual acting in collusion with such person purporting
 to be a director, officer, partner, member, sole proprietor or other Employee (hereinafter
 referred to as an "Internal Requestor"), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a
 person purporting to be an employee of a vendor that has a legitimate pre-existing arrangement
 or written agreement to provide goods or services to the Insured –or by an individual
 acting in collusion with such person purporting to be a vendor employee (hereinafter
 referred to as a "Vendor Requestor"); provided, however, Fraudulently-Induced
 Instruction shall not include any such instruction transmitted by an actual vendor employee
 who was acting in collusion with any third party in submitting such instruction©American International Group, Inc. All rights reserved.<br> RIDER ***001***

134483 (07/19) 1

**<u>RIDER</u>#** 1 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

but which instructions were not actually made by a director, officer, partner, member or sole proprietor or other Employee of the Insured or by an employee of a vendor;

"Funds" means Money on deposit in an account with a credit balance.

3. The
 maximum the Underwriter shall be liable for all loss under the FRAUDULENTLY-INDUCED PAYMENT
 COVERAGE Insuring Agreement shall be:

---

| | |
|:---|:---|
| $250,000 US | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for each Single Loss sustained where the Insured did not subject the Fraudulently-Induced Instruction to an out-of-band authentication procedure (or other authentication procedure approved in writing by the Underwriter); |
| $3,000,000 US | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for each Single Loss sustained where the Insured subjected the Fraudulently-Induced Instruction to an out-of-band authentication procedure (or other authentication procedure approved in writing by the Underwriter) and a contemporaneous record of such authentication is provided to the Underwriter; |
| $6,000,000 US | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the aggregate for all loss under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement; |

---

which amounts shall be part of, and not in addition to, the Aggregate Limit of Liability stated in Item 3 of the Declarations, and in no way shall serve to increase the Underwriter's Limit of Liability as therein stated.

4. With
 respect to the coverage afforded by virtue of this rider, "an out-of-band authentication
 procedure" means a procedure for confirming that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 instruction from an Internal Requestor was actually made by a director, officer, partner,
 member or sole proprietor or other Employee of the Insured; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
instruction from a Vendor Requestor was actually made by an employee of a vendor; through use of a communication channel that
is separate and unconnected from the communication channel used to send the initial instruction.

5. Solely
 with respect to coverage provided by this rider, the applicable per occurrence Deductible
 Amount is $25,000 US.©American International Group, Inc. All rights reserved.<br> RIDER ***001***

134483 (07/19) 2

**<u>RIDER</u>#** 1 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

6. Solely
 for purposes of this rider, "Insured" shall not mean or include any Investment
 Vehicle.

7. Solely
 for purposes of this rider, "Investment Vehicle" shall mean any entity whose
 sole purpose is holding or acquiring debt, equity, or fee simple investments and/or interest
 in financial derivatives.

8. Solely
 for purposes of this rider, the following exclusion shall apply:

The coverage afforded by the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement does not apply to any loss occurring prior to February 5, 2016.

9. Solely
 for purposes of this rider, paragraph (h) of Section 2., EXCLUSIONS, is deleted in its
 entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) loss
 caused by an Employee, except when covered under Insuring Agreement (A), or when covered
 under Insuring Agreements (B) or (C) and resulting directly from unintentional acts of
 the Employee causing misplacement, mysterious unexplainable disappearance, destruction
 of or damage to Property, or when covered under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE
 Insuring Agreement and resulting directly from unintentional acts of the Employee.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.<br> RIDER ***001***

134483 (07/19) 3

**<u>RIDER</u>#** 2

This rider, effective **at *12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

**INSURING AGREEMENT F COUNTERFEIT MONEY AMENDED RIDER**

It is agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Insuring
 Agreement (F) COUNTERFEIT MONEY of the **INSURING AGREEMENTS** Clause is deleted in its entirety and replaced with the following:

COUNTERFEIT MONEY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money, coin or currency of the United States of America, Canada or any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nothing
 contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
 conditions, or agreements of the attached bond other than as above stated.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.<br> RIDER ***002***

140636 (04/21) 1

**<u>RIDER</u>#** 3

This rider, effective **at *12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

**COMPUTER CRIME COVERAGE RIDER**

**(CANADIAN FORM 14 VERSION)**

In consideration of the premium charged, it is hereby understood and agreed that bond is hereby amended as follows:

1. Item *A* of the Declarations is hereby amended by adding the following:

---

| | | |
|:---|:---|:---|
|  | <u>Single Loss Limit of Liability</u> | <u>Single Loss Deductible</u> |
| Computer Systems Fraud | $3000000 | $25000 |
| Data Processing Service Operations | $3000000 | $25000 |
| Voice Initiated Transfer Fraud | $3000000 | $25000 |
| Telefacsimile Transfer Fraud | $3000000 | $25000 |
| Destruction of Data or Programs by Hacker | $3000000 | $25000 |
| Destruction of Data or Programs by Virus | $3000000 | $25000 |
| Voice Computer Systems Fraud | $3000000 | $25000 |

---

©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 1

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

2. The
 Declarations page is hereby amended by adding the following paragraph to the end thereof:

**Item 11.**

**Voice Initiated Transfer Fraud**

Under the terms of the Voice Initiated Transfer Fraud Insuring Agreement, the Insured must place verification call-back for each transfer in excess of $25,000.

**Telefacsimile Transfer Fraud**

Under the terms of the Telefacsimile Transfer Fraud Insuring Agreement, the Insured must place a Verification call-back for each transfer in excess of $25,000

3. The
 Insuring Agreements are hereby amended by adding the following Insuring Agreements to
 the Bond:

**COMPUTER SYSTEMS FRAUD**

&nbsp;&nbsp;&nbsp;&nbsp;(G) Loss
resulting directly from a fraudulent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) entry
of Electronic Data or Computer Program into, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change
of Electronic Data or Computer Program within©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 2

**<u>RIDER</u>#** 3 (Continued)

This rider, effective **at 12:01AM September 30, 2025** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

any Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this bond; or a Computer System first used by the Insured during the bond period; as provided by General Agreement B; provided the entry or change causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property
 to be transferred, paid or delivered,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 account of the Insured, or of its customer, to be added, deleted, debited or credited,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an unauthorized
 account or a fictitious account to be debited or credited.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 an instruction from a software contractor who has a written agreement with the Insured
 to design, implement or service programs for a Computer System covered by this Insuring
 Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 an instruction transmitted by Tested telex or similar means of Tested communication identified
 in the application for this bond purportedly sent by a customer, financial institution
 or automated clearing house.

**DATA PROCESSING SERVICE OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(H) Loss
sustained by a Client of the Insured resulting directly from a fraudulent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) entry
of Electronic Data or a Computer Program into, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change
of Electronic Data or a Computer Program within

a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) entry
 or change of Electronic Data during electronic transmission or physical transit from
 the Insured to its Client, provided that the entry or change causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property
 to be transferred, paid or delivered,©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 3

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 account of the Client, or a customer of the Client, to be added, deleted, debited or
 credited, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 unauthorized account or a fictitious account to be debited or credited,

and for which loss the Insured is legally liable to the Client as a provider of data processing services for such Client.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 an instruction from a software contractor who has a written agreement with the Insured
 to design, implement or service programs for a Computer System covered by this Insuring
 Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 an instruction transmitted by Tested telex or similar means of Tested communication identified
 in the application for this bond purportedly sent by a customer, financial institution
 or automated clearing house.

In this Insuring Agreement, Client means an entity for which the Insured serves as data processor under the terms of a written agreement.

**VOICE INITIATED TRANSFER FRAUD**

&nbsp;&nbsp;&nbsp;&nbsp;(I) Loss
resulting directly from the Insured having, in good faith, transferred Funds from a Customer's account through a Computer
System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement
in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an
 officer, director, partner or employee of a Customer of the Insured who was authorized
 by the Customer to instruct the Insured to make such transfer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an
 individual person who is a Customer of the Insured, or©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 4

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an
 Employee of the Insured in another office of the Insured who was authorized by the Insured
 to instruct other Employees of the Insured to transfer Funds,

and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction was not from a person described in (1), (2) or (3) above, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 voice instruction was electronically recorded by the Insured and required password(s)
 or code word(s) given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the transfer was in excess of the amount shown on the Declarations Page as the verification
 call-back amount for this Insuring Agreement, the voice instruction was verified by a
 call-back according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

**TELEFACSIMILE TRANSFER FRAUD**

&nbsp;&nbsp;&nbsp;&nbsp;(J) Loss
resulting directly from the Insured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated
Securities through a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement in reliance upon a fraudulent instruction received through a Telefacsimile Device, and which
instruction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purports
and reasonably appears to have originated from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
Customer of the Insured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another
financial institution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) another
office of the Insured

but, in fact, was not originated by the Customer or entity whose identification it bears, and©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 5

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) contains
 a valid test code which proves to have been used by a person who was not authorized to
 make use of it, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) contains
the name of a person authorized to initiate such transfer;

provided that, if the transfer was in excess of the amount shown on the Declarations as the verification call-back amount for this Insuring Agreement, the instructions was verified by a call-back according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

**DESTRUCTION OF DATA OR PROGRAMS BY HACKER**

&nbsp;&nbsp;&nbsp;&nbsp;(K) Loss
that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs
owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms
of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement.

**Special Condition:** Under this Insuring Agreement, "Single Loss" means all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate "Single Loss".

**DESTRUCTION OF DATA OR PROGRAMS BY VIRUS**

&nbsp;&nbsp;&nbsp;&nbsp;(L) Loss
that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs
owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms
of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement if such destruction or damage
was caused by a computer program or similar instruction which was written or altered to incorporate a hidden instruction designed
to destroy or damage Electronic Data or Computer Programs in the Computer System in which the computer program or instruction
so written or so altered is used.©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 6

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

**Special Condition:** Under this Insuring Agreement, "Single Loss" means all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate "Single Loss".

**VOICE COMPUTER SYSTEM FRAUD**

&nbsp;&nbsp;&nbsp;&nbsp;(M) Loss
resulting directly from charges for voice telephone long-distance toll calls which were incurred due to the fraudulent use or
fraudulent manipulation of an Account Code or System Password required to obtain access to a Voice Computer System owned or leased
by the Insured, installed on the Insured's premises, whose System Administration is performed and controlled by the Insured;
provided, however, that the unauthorized access was not made possible by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to incorporate a System Password feature or failure to change the System Password at
 least once every 30 days thereafter, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure
 to have a call-disconnect feature in operation to automatically terminate a caller's
 access to the Voice Computer System after not more than three unsuccessful attempts to
 input an Account Code.

**Special Condition:** Under this Insuring Agreement, "Single Loss" means loss resulting from toll call charges made only on telephone lines directly controlled by one Voice Computer System and only toll call charges occurring for a period of not more than 30 days inclusive of the date on which the first such toll call charge was made.©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 7

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

&nbsp;&nbsp;&nbsp;&nbsp;4. GENERAL
 AGREEMENTS B. ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION, MERGER OR PURCHASE OF ASSETS-NOTICE
 is hereby deleted in its entirety and is replaced with the following:

ADDITIONAL OFFICES OR EMPLOYEES OR COMPUTER SYSTEMS - CONSOLIDATION, MERGER OR PURCHASE OF ASSETS OR COMPUTER SYSTEMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities or computer systems of, another institution, such offices and computer systems shall be automatically covered hereunder from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium for the remainder of the premium period.

If the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities or computer systems of, another institution, the Insured shall not have such coverage as is afforded under this bond for loss which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
occurred or will occur in offices or premises or computer systems, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 been caused or will be caused by an employee or employees of such institution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has
arisen or will arise out of the assets or liabilities or computer systems

acquired by the Insured as a result of such consolidation, merger or purchase of assets or liabilities or computer systems unless the Insured shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give
 the Underwriter written notice of the proposed consolidation, merger or purchase of assets
 or liabilities or computer systems prior to the proposed effective date of such action;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtain
 the written consent of the Underwriter to extend the coverage provided by this bond to
 such additional offices or premises or computer systems, Employees and other exposures;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon
 obtaining such consent, pay to the Underwriter an additional premium.©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 8

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by AIG Insurance Company of Canada

&nbsp;&nbsp;&nbsp;&nbsp;5. Solely
 for the coverage provided by this rider, Section 1. DEFINITIONS (s) "Property"
 of the CONDITIONS AND LIMITATIONS section is hereby amended to include Electronic Data
 and Computer Programs.

&nbsp;&nbsp;&nbsp;&nbsp;6. Solely
 for the coverage provided by this rider, Section 1. DEFINITIONS of the CONDITIONS AND
 LIMITATIONS section is hereby amended by adding the following definitions to the end
 thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Account
 Code means a confidential and protected string of characters which identifies or authenticates
 a person and permits that person to gain access to a Voice Computer System for the purpose
 of making toll calls or utilizing voice mail box messaging capabilities or other similar
 functional features of the System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Computer
 Program means a set of related electronic instructions which direct the operations and
 functions of a computer or devices connected to it which enable the computer or devices
 to receive, process, store or send Electronic Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Computer
 System means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) computers
 with related peripheral components, including storage components wherever located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) systems
 and applications software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) terminal
 devices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) related
 communication networks, including the internet©American International Group, Inc. All rights reserved.<br> RIDER ***003***

136015 CAN (03/20) 9

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Electronic
 Data means facts or information converted to a form usable in a Computer
System by Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media;

&nbsp;&nbsp;&nbsp;&nbsp;(v) Funds
 means Money on deposit in an account;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) Restoration
 Costs means reasonable and necessary costs or expenses incurred by the Insured with the
 Insurer's prior written consent to restore or repair damaged or destroyed Electronic
 Data or Computer Programs within a Computer System; provided that if it is determined
 that such Electronic Data or Computer Programs cannot be restored or repaired, then Restoration
 Costs means solely those reasonable costs or expenses incurred by the Insured, with the
 Insurer's prior written consent, to reach such determination.

Notwithstanding the foregoing, Restoration Costs shall not include, and in no event shall any Insuring Agreement of this bond cover:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
 costs related directly or indirectly to the damage or destruction of Electronic Data
 or Computer Programs that the Insured did not have a license to use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 costs or expenses incurred to redo the work product, research or analysis that was the
 basis of any damaged or destroyed Electronic Data or Computer Programs;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) System
 Administration means the performance of security functions including but not limited
 to defining authorized persons to access a Voice Computer System and adding, changing
 and deleting Account Codes or passwords in connection therewith; and invoking
or revoking a System option which directs telephone call routing or which adds, moves or drops telephone lines or which performs
any other similar activity allowed by a hardware or software-based System option that has been incorporated by a manufacturer
or vendor into a System or any component thereof provided said System option is not intended for the sole use of such manufacturer
or vendor;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 10

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;(viii) System
 Maintenance means the performance of hardware and software installation, diagnostics
 and corrections and similar activities that are performed in the usual custom and practice
 by a manufacturer or vendor to establish or maintain the basic operational functionality
 of a Voice Computer System or any component thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) System
 Password means a confidential and protected string of characters which identifies or
 authenticates a person and permits that person to gain access to a Voice Computer System
 or any portion thereof for the purpose of performing System Administration or System
 Maintenance activities;

&nbsp;&nbsp;&nbsp;&nbsp;(x) Telefacsimile
 Device means a machine capable of sending or receiving a duplicate image of a document
 by means of electronic impulses transmitted through a telephone line and which reproduces
 the duplicate image on paper;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) Tested
 means a method of authenticating the contents of a communication by placing a valid test
 key on it which has been agreed upon by the Insured and a customer, automated clearing
 house, or another financial institution for the purpose of protecting the integrity of
 the communication in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;(xii) Uncertificated
 Security means a share, participation or other interest in property of, or an enterprise
 of, the issuer or an obligation of the issuer, which is:

1) not represented by an instrument and the transfer of which is registered upon books maintained for that purpose by or on behalf of the issuer;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 11

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

2) of a type commonly dealt in securities, exchanges or markets; and

3) either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Voice
 Computer System means a Computer System installed in one location which functions as
 a private branch exchange (PBX), voice mail processor, automated call attendant or provides
 a similar capability used for the direction or routing of telephone calls in a voice
 communications network.

&nbsp;&nbsp;&nbsp;&nbsp;7. Solely
 for the coverage provided by this rider, Section 2. EXCLUSIONS of the CONDITIONS AND
 LIMITATIONS section is hereby amended by adding the following exclusions to the end thereof:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 loss of the type or kind covered by any other Insuring Agreement provided in this financial
 institution bond, regardless of any deductible amount or limit of liability;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) loss
 caused by a director or Employee of the Insured or by a person in collusion with any
 director or Employee of the Insured; (Collusion shall include the willful withholding
 of knowledge from the Insured by any director or Employee that a fraudulent act by a
 person not an Employee has been or will be perpetrated against the Insured.);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) loss
 resulting directly or indirectly from entry or change of Electronic Data or Computer
 Programs in a Computer System, unless covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 12

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;(iv) loss
 resulting directly or indirectly from the Insured having transferred Funds in reliance
 on the validity of a voice instruction, unless covered under the **COMPUTER SYSTEMS FRAUD** or **VOICE INITIATED TRANSFER FRAUD** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(v) loss
 resulting directly or indirectly by the Insured having transferred or delivered Funds,
 Certificated Securities or Uncertificated Securities in reliance on an instruction received
 through a Telefacsimile Device, unless covered under the **TELEFACSIMILE TRANSFER FRAUD** Insuring Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) loss
 resulting directly or indirectly from theft of confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) loss
 resulting directly or indirectly from the assumption of liability by the Insured by contract
 unless the liability arises from a loss covered by this rider and would be imposed on
 the Insured regardless of the existence of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 cost of duplication of Electronic Data or Computer Programs, unless covered under the **DESTRUCTION OF DATA OR PROGRAMS BY HACKER** or **DESTRUCTION OF DATA OR PROGRAMS BY VIRUS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) loss
 involving a Voice Computer System, unless covered under the **VOICE COMPUTER SYSTEM FRAUD** Insuring Agreement;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 13

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;(x) loss
 resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) written
instructions or advices, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) telegraphic
or cable instructions or advices;

unless the instructions or advices are Tested and the loss is covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) loss
 resulting directly or indirectly from negotiable instruments, securities, documents or
 other written instruments which bear a forged signature, or are counterfeit, altered
 or otherwise fraudulent and which are used as source documentation in the preparation
 of Electronic Data or manually keyed into a data terminal;

&nbsp;&nbsp;&nbsp;&nbsp;(xii) loss
 resulting directly or indirectly from the fraudulent preparation, or fraudulent modification
 of Computer Programs unless covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) loss
 resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. mechanical
 failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual
 deterioration, electrical disturbance or electrical surge which affects a Computer System;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. failure
or breakdown of electronic data processing media; or©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 14

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. error
or omission in programming or processing;

&nbsp;&nbsp;&nbsp;&nbsp;(xiv) loss
 as a result of a threat to Computer System operations;

&nbsp;&nbsp;&nbsp;&nbsp;(xv) loss
 resulting directly or indirectly from the use of a telephone credit, debit, charge, identification
 or similar card to gain access to the Insured's Voice Computer System;

&nbsp;&nbsp;&nbsp;&nbsp;(xvi) loss
 resulting directly or indirectly from the input of Electronic Data into a Computer System
 terminal device either on the premises of a customer of the Insured or under the control
 of such customer by a person who had authorized access to the customer's authentication
 mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;(xvii) loss
 resulting directly or indirectly from payments made or withdrawals from a depositor's
 account involving items of deposit which are not finally paid for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;(xviii) loss
 of potential income, including but not limited to interest and dividends;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 15

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;(xix) loss
 of any type for which the Insured is legally liable, except compensatory damages, but
 not multiples thereof, arising directly from a loss covered under this policy;

&nbsp;&nbsp;&nbsp;&nbsp;(xx) any
 fees, costs and expenses incurred by the Insured;

&nbsp;&nbsp;&nbsp;&nbsp;(xxi) indirect
 or consequential loss of any nature;

&nbsp;&nbsp;&nbsp;&nbsp;(xxii) loss
 involving automated mechanical devices which on behalf of the Insured, disburse money,
 accept deposits, cash checks, drafts or similar written instruments, or make credit card
 loans;

&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) loss
 due to riot or civil commotion or loss due to military, naval or usurped power, war or
 insurrection;

&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) loss
 resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity;
 provided, however, that this exclusion shall not apply to loss resulting from industrial
 uses of nuclear energy; and

&nbsp;&nbsp;&nbsp;&nbsp;(xxv) loss
 as a result of a threat

1) to do bodily harm to any person;

2) to do damage to the premises or property of the Insured; or

3) to Computer Systems operations;©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 16

**<u>RIDER</u>#** 3 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;8. Solely
 for the coverage provided by this rider, Section 5. NOTICE/PROOF - LEGAL PROCEEDINGS
 AGAINST UNDERWRITER of the CONDITIONS AND LIMITATIONS section is hereby amended by adding
 the following section to the end thereof:

&nbsp;&nbsp;&nbsp;&nbsp;(g) Proof
 of loss for claim under the Voice Initiated Transfer Fraud Insuring Agreement must include
 electronic recordings of such voice instructions and the verification call-back, if such
 call-back was required.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Proof
 of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include
 a copy of the document reproduced by the Telefacsimile Device.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***003***

 ****

136015 CAN (03/20) 17

**<u>RIDER</u>#** *4*

This rider, effective ***12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**STOP PAYMENT LIABILITY RIDER**

It is agreed that:

1. The **INSURING AGREEMENTS** Clause of the attached bond is amended by adding the following
 additional Insuring Agreement to the end thereof:

STOP PAYMENT LIABILITY

Loss by reason of the liability imposed upon the Insured by law for damages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 having either complied with or failed to comply with any written notice of any depositor
 of the Insured or any authorized representative of such depositor to stop payment of
 any cheque or draft made or drawn by such depositor or any authorized representative
 of such depositor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 having refused to pay any cheque or draft made or drawn by any depositor of the Insured
 or any authorized representative of such depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With
 respect to the coverage provided by this rider, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Underwriter's Aggregate Limit of Liability under this the STOP PAYMENT LIABILITY
 Insuring Agreement shall be *$250,000 US,* which shall be part of, and not in addition
 to, the Aggregate Limit of Liability stated in the Declarations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 deductible of *$50,000 US* shall apply to each and every loss under the STOP PAYMENT
 LIABILITY Insuring Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Nothing
 contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
 conditions, or agreements of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

© American International Group, Inc. All rights reserved.

***RIDER 004***

 ****

101820 CAN (06/09) 1

**<u>RIDER</u>#** 5

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**FRAUDULENT TRANSFER INSTRUCTIONS RIDER**

&nbsp;&nbsp;&nbsp;&nbsp;1. In
 consideration of the premium charged, it is hereby understood and agreed that the following
 Insuring Agreement is added to the bond:

FRAUDULENT TRANSFER INSTRUCTIONS VIA TELEPHONE AND EMAIL

Loss resulting directly from the Insured having, in good faith, transferred Money on deposit in a Customer's account, or a Customer's Certificated Securities, in reliance upon a fraudulent instruction transmitted to the Insured via telephone or electronic mail and which purported to be from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 Customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 Employee of the Insured who was acting on instructions or authority of such Customer;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) another
 financial institution acting on behalf of such Customer with authority to make such instructions,

and the instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such instructions, but the instruction was not from a person described in (a), (b) or (c) above, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for any transfer exceeding the amount set forth in Item 7 of this Rider, the Insured verified the instruction via a password, a PIN or other security code, a call back to a predetermined telephone number set forth in the Insured's Written agreement with such Customer, or another verification procedure approved in writing by the Underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) solely with respect to instructions transmitted via telephone, the Insured preserved a contemporaneous record of the instruction that verifies the use of a password, PIN or other security code, or of the call back, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As
 used in this Rider, Customer means a natural person or entity that has a Written agreement
 with the Insured authorizing the Insured to transfer Money on deposit in an account or
 Certificated Securities in reliance upon instructions transmitted to the Insured via
 the means utilized to transmit the fraudulent instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 following additional Exclusions are added to the Bond applicable only to this Insuring
 Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) loss
resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender,
ever had authorized access to such Customer's password, PIN or other security code;©American International Group, Inc. All rights reserved.

RIDER ***005***

 ****

121263 CAN (04/17) 1

**<u>RIDER</u>#** 5 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loss
 resulting directly or indirectly from the assumption of liability by the Insured by contract
 unless the liability arises from a loss covered by this rider and would be imposed on
 the Insured regardless of the existence of the contract; Liability of the Underwriter
 under this Insuring Agreement shall be a part of, not in addition to, the Aggregate Limit
 of Liability of this Bond.

&nbsp;&nbsp;&nbsp;&nbsp;4. For
 purposes of this Insuring Agreement, all loss or losses involving one natural person
 or entity, or one group of natural persons or entities acting together, shall be a Single
 Loss without regard to the number of transfers or the number of instructions involved.
 A series of losses involving unidentified natural persons or entities but arising from
 the same method of operation shall be deemed to involve the same natural person or entity
 and shall be treated as Single Loss.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Single Loss Limit of Liability applicable to loss under this Insuring Agreement is: $3,000,000
 US.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Single Loss Deductible applicable to loss under this Insuring Agreement is: $25,000 US.

&nbsp;&nbsp;&nbsp;&nbsp;7. Any
 single transfer in excess of $25,000 US will require verification via a method described
 in paragraph 1 above.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***005***

 ****

121263 CAN (04/17) 2

**<u>RIDER#</u>** 6

This rider, effective *at 12:01am September 30, 2025* forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

By: *AIG Insurance Company of Canada*

Product Name: *Fidelity Bond Form 14*

**REDEMPTION OF CANADA SAVINGS BONDS RIDER**

**It is agreed that:**

1. The
 attached bond is hereby amended by adding thereto an additional Insuring Agreement as
 follows:

**REDEMPTION OF CANADA SAVINGS BONDS**

Loss through the Insured's paying or redeeming, or guaranteeing or witnessing any signature upon any Government of Canada bond or Canada Savings Bond which shall have been forged, counterfeited, raised or otherwise altered, or lost or stolen or on which the signature to the request for payment shall have been forged.

2. The
 deductible amount applicable to this coverage shall be Twenty-Five Thoursand Dollars
 ($25,000).

3. Nothing
 herein contained shall be held to vary, alter, waive or extend any of the terms, limitations,
 conditions or provisions of the attached Bond other than above stated.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

***END 006***

 ****

123772 CAN (03/17) Page 1 of 1

**<u>RIDER</u>#** 7

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**CENTRAL HANDLING OF SECURITIES RIDER**

It is agreed that:

1. Those
 premises of Depositories listed in the following Schedule shall be deemed to be premises
 of the Insured, but only as respects coverage on Certificated Securities.

---

| | |
|:---|:---|
| **<u>SCHEDULED DEPOSITORY</u>** |  **<u>LOCATION COVERED</u>** |

---

\*ALL DEPOSITORIES USED BY THE INSURED\*

2. Certificated
 Securities held by such Depository shall be deemed to be Property as defined in the attached
 bond to the extent of the Insured's interest therein as effected by the making
 of appropriate entries on the books and records of such Depository.

3. The
 attached bond does not afford coverage in favor of any Depository listed in the Schedule
 above. When the Underwriter indemnifies the Insured for a loss covered hereunder, the
 Insured will assign the rights and causes of action to the extent of the claim payment
 against the Depository, or any other entity or person against whom it has a cause of
 action, to the Underwriter.

4. If
 the rules of the Depository named in the Schedule above provide that the Insured shall
 be assessed for a portion of the judgment (or agreed settlement) taken by the Underwriter
 based upon the assignment set forth in paragraph 3 above, and the Insured actually pays
 such assessment, then the Underwriter will reimburse the Insured for the amount of the
 assessment but not exceeding the amount of the loss payment by the Underwriter.

5. Nothing
 contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
 conditions, or agreements of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***007***

 ****

101918 CAN (06/09) 1

**<u>RIDER</u>#** 8

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**MAIL COVERAGE RIDER**

**It is agreed that:**

1. The
 attached bond is amended by deleting paragraph (1) of Exclusion (r), Section 2, and by
 substituting in lieu thereof the following:

"(1) in the mail, except as covered under Mail Coverage Insuring Agreement below, or"

2. "MAIL
 COVERAGE

All risks of physical loss or damage to or destruction of Property, while being shipped from offices of the Insured, First Class Mail, Registered Mail or Registered Air Mail."

3. The
 total liability of the Underwriter under the foregoing Mail Coverage Insuring Agreement
 is limited to the sum of $3,000,000 US Dollars with respect to Registered Mail or Registered
 Air Mail and $3,000,000 US Dollars with respect to First Class Mail, it being understood,
 however, that such liability shall be part of and not in addition to the Aggregate Limit
 of Liability stated in Item 3 of the Declarations Page of the attached bond.

4. This
 Insuring Agreement set forth in paragraph numbered 2 of this rider shall not be subject
 to any deductible amount.

5. Nothing
 herein contained shall be held to vary, alter, waive or extend any of the terms, conditions,
 provisions, agreements or limitations of the bond, other than as stated herein.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***008***

 ****

123775 CAN (03/17) 1

**<u>RIDER</u>#** 9

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**NOTICE OF TERMINATION OR CANCELATION**

**TO SELF REGULATORY ORGANIZATION RIDER**

It is agreed that:

1. The
 Underwriter will mark its records to indicate that the following self-regulatory organization(s)
 (hereinafter "SRO(s)") are to be notified no less than thirty (30) days prior
 to termination of the attached bond as an entirety in accordance with subparagraph (a)
 of Section 13. TERMINATION OR CANCELATION of the CONDITIONS AND LIMITATIONS of this bond.

2. The
Underwriter will mark its records to indicate that the following SRO(s) are to be notified immediately of termination of the attached
bond as an entirety in accordance with parts (b), (c), (d), (e) or (f) of Section 13.
TERMINATION OR CANCELATION of the CONDITIONS AND LIMITATIONS of this bond.

**<u>SELF-REGULATORY ORGANZATION(S)</u>**

Financial Industry Regulatory Authority (FINRA)

1735 K Street NW

Washington, DC 20006

3. The
 Underwriter will use its best efforts to so notify the SRO(s), but failure to so notify
 said SRO(s) shall not impair or delay the effectiveness of any cancelation, termination
 or modification of this bond.

4. Nothing
 herein contained shall be held to vary, alter, waive or extend any of the terms, conditions,
 provisions, agreements or limitations of the bond, other than as stated herein.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***009***

 ****

132485 CAN (04/19) 1

**<u>RIDER#</u>** 10

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of <br> bond number *02-140-75-82* 

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**AUDIT EXPENSE RIDER (FIB 14, 24)**

It is agreed that:

1. Insuring Agreement (A) FIDELITY of the **INSURING AGREEMENTS** Clause is amended by inserting
the following at the end thereof:

Expense incurred by the Insured for that part of the cost of audits or examinations required by State, Provincial, Territorial or Federal supervisory authorities to be conducted either by such authorities or by independent accountants by reason of the discovery of loss sustained by the Insured through dishonest or fraudulent acts of any of the Employees. The total liability of the Underwriter for such expense by reason of such acts of any Employee or in which such Employee is concerned or implicated or with respect to any one audit or examination is limited to the amount stated opposite "Audit Expense Coverage"; it being understood, however, that such expense shall be deemed to be loss sustained by the Insured through dishonest or fraudulent act of one or more of the Employees and the liability of the Underwriter under this paragraph of Insuring Agreement (A) shall be part of and not in addition to the Single Loss Limit of Liability stated in Item 4 of the Declarations.

2. Paragraph (d) of Section 2. EXCLUSIONS of the **CONDITIONS AND LIMITATIONS** Clause is deleted
in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) loss resulting directly or indirectly from any acts of
any director or trustee of the Insured other than one employed as a salaried, pensioned or elected official or an Employee of
the Insured, except when performing acts coming within the scope of the usual duties of an Employee, or while acting as a member
of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific,
as distinguished from general, directorial acts on behalf of the Insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Paragraph (u) of Section 2. EXCLUSIONS of the **CONDITIONS AND LIMITATIONS** Clause is deleted
in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) all fees, costs and expenses incurred by the Insured

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in establishing the existence of or amount of loss covered under this bond, except to the extent
covered under the portion of Insuring Agreement (A) entitled Audit Expense, or©American International Group, Inc. All rights reserved.

RIDER ***010***

101779 CAN (04/17) 1

**RIDER#** 10 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82* 

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as a party to any legal proceeding whether or not such legal proceeding exposes the Insured to
loss covered by this bond;

4. Item 4 of the Declarations is amended to include the
following:

---

| | | |
|:---|:---|:---|
|  | Single Loss | Single Loss |
|  | <u>Limit of Liability</u> | <u>Deductible</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Expense | $250,000 US | $0 |

---

5. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
conditions, or agreements of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***010***

101779 CAN (04/17) 2

***<u>RIDER #</u>** 11*

This rider, effective at *12:01 am September 30, 2025* forms a part of

*Bond number 02 140 -75 -82* 

*Issued to: SPROTT FOCUS TRUST INC.*

*By: AIG Insurance Company of Canada* 

*Product Name: Fidelity Bond Form 14*

***TERMINATION OR CANCELLATION SECTION AMENDED RIDER<br> (CHANGE "60 DAYS" TO 90 DAYS")***

It is agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In subsection (a) of the Section entitled "TERMINATION OR CANCELLATION" of the attached
bond, the words "60 days" are deleted and replaced with the words "90 days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
conditions, or agreements of the attached bond other than as above stated.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

***End 011***

109414 CAN (03/17) Page 1 of 1

**<u>RIDER #</u>** 12

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82* 

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

***INSURING AGREEMENT (A) FIDELITY AMENDED RIDER***

It is agreed that:

1. Insuring Agreement (A) FIDELITY of the **INSURING AGREEMENTS** Clause is deleted in its entirety
and replaced with the following:

FIDELITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Loss resulting directly from dishonest or fraudulent acts committed by an Employee acting alone or in collusion with others.

Such dishonest or fraudulent acts must be committed by the Employee with the intent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to cause the Insured to sustain such Loss; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to obtain financial benefit for the Employee or another person or entity.

Notwithstanding the foregoing, however, it is agreed that, with regard to Loans and/or Trading, this bond covers only Loss resulting directly from dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss and which results in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a financial benefit for the Employee; or©American International Group, Inc. All rights reserved.

RIDER ***012***

101801 (06/09) 1

**<u>RIDER #</u>** 12 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82* 

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a financial benefit for another person or entity with whom the Employee committing the dishonest
or fraudulent act was in collusion, provided that the Insured establishes that the Employee intended to participate in the financial
benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the intentional transfer of funds or Property to the benefit of an innocent third party, committed
by the Employee in the knowledge that such third party was not Lawfully entitled to such funds or Property, and which Property
is not Lawfully recovered by the Insured.

As used in this Insuring Agreement, financial benefit does not include any salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.

2. Solely for the purpose of Insuring Agreement (A) FIDELITY (as amended by this rider), the following
definitions are added to the attached bond:

"Loans" means all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.

"Trading" means trading or other dealings in securities, commodities, futures, options, swaps, foreign or federal funds, currencies, foreign exchange and the like.©American International Group, Inc. All rights reserved.

RIDER ***012***

101801 (06/09) 2

**<u>RIDER</u> #** 12 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82* 

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements
of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***012***

101801 (06/09) 3

**<u>RIDER</u>#** 13

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**CLAIMS EXPENSE RIDER**

It is agreed that:

1. The **INSURING AGREEMENTS** Clause of the attached bond is amended by adding the following
additional Insuring Agreement to the end thereof:

CLAIMS EXPENSE

Reasonable expenses necessarily incurred and paid by the Insured in preparing any valid claim for each and every loss, as defined in Insuring Agreements A, B, C, D, E, and F, and any other valid coverage added by rider, which loss exceeds the Single Loss Deductible Amount of $0. The Underwriter's aggregate liability for such expenses paid by the Insured in preparing all such claims shall be $250,000 US, which shall be part of, and not in addition to, the Aggregate Limit of Liability stated in the Declarations.

2. Solely for the purpose of the CLAIMS EXPENSE Insuring Agreement, sub-paragraph
(u)(1) of Section 2. EXCLUSIONS of the **CONDITIONS AND LIMITATIONS** Clause is deleted in its entirety.

3. Nothing contained here shall be held to vary, alter, waive or extend any
of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.<br> RIDER ***013***

101797 (06/09) 1

**<u>RIDER</u>#** 14

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**US CURRENCY (UNITED STATES)**

In consideration of the premium charged, it is hereby understood and agreed that all dollar amounts referenced on the Declarations page and any amendments thereto shall be subject to United States currency.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.<br> RIDER ***014***

C0072 CAN (10/09) 1

**<u>RIDER</u>#** *15*

This rider, effective at *12:01 am September 30, 2025* forms a part of<br> Bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

By: *AIG Insurance Company of Canada*

**PROTECTED INFORMATION EXCLUSION** 

This rider modifies insurance provided under the following:

BROKER-DEALER GUARD BOND<br> CREDIT UNION FINANCIAL INSTITUTION FIDELITY BOND<br> FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14<br> FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15<br> FINANCIAL INSTITUTIONS BOND, STANDARD FORM 24<br> FINANCIAL INSTITUTIONS BOND, STANDARD FORM 25<br> FOLLOW FORM BOND (EXCESS OVER A FIDELITY BOND)<br> INVESTMENT COMPANY BLANKET BOND

It is agreed that:

1. Coverage shall not apply to any loss resulting directly
or indirectly from the: (a) theft, disappearance or destruction of; (b) unauthorized use
or disclosure of; (c) unauthorized access to; or (d) failure to protect any:

&nbsp;&nbsp;&nbsp;&nbsp;(i) confidential or non-public; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) personal or personally identifiable;

information that any person or entity has a duty to protect under any law, rule or regulation, any agreement or any industry guideline or standard.

This exclusion shall not apply to the extent that any unauthorized use or disclosure of a password enables a theft by an Employee of the Insured of money, securities or tangible property of the Insured or that the Insured is holding for a third party; provided, however, this exception shall not apply to the extent that such unauthorized use or disclosure of a password enables a theft of or disclosure of information.

2. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
conditions, or agreements of the attached bond other than as above stated.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

© American International Group, Inc. All rights reserved.<br> ***END 015***

113011 (10/12) Page 1 of 1

**<u>RIDER</u>#** 16

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of<br> bond number *02-140-75-82*<br> Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**STATUTORY CONDITIONS AMENDATORY**

Wherever used in this endorsement: (1) "Insurer" means the insurance company which issued this policy; (2) "Policyholder" means the Named Corporation, Named Entity, Named Insured, Named Organization, Named Sponsor or Insured that is named on the declarations page of this policy; and (3) "Insured" means all other persons or entities afforded coverage under this policy.

In consideration of the premium charged, it is hereby understood and agreed that if this policy is made or deemed to be made in the provinces of Alberta, British Columbia, Manitoba, and Saskatchewan, pursuant to the provisions of the Insurance Acts of Alberta, British Columbia, Manitoba, and Saskatchewan, this endorsement shall apply to any Insured solely to the extent that this endorsement provides terms that are more favourable to the Insured than the other terms of this policy and any endorsements to this policy:

**Change of Interest**

The Insurer is liable for covered loss or damage occurring after an authorized assignment under the *Bankruptcy* and *Insolvency Act* (Canada) or a change of title by succession, by operation of law or by death.©American International Group, Inc. All rights reserved.<br> RIDER ***016***

139855 CAN (12/20) 1

**<u>RIDER</u>#** 16 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

**Property of Others**

The Insurer is not liable for loss or damage to property owned by a person other than the Insured unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) otherwise
specifically stated in the policy, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
interest of the Insured in that property is stated in the policy.

**Material Change in Risk**

(1) The
Insured must promptly give notice in writing to the Insurer or its agent of a change that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) material
to the risk, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within
the control and knowledge of the Insured.

(2) If
an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the policy is void
as to the part affected by the change.

(3) If
 an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate
 the policy in accordance with the Termination of Insurance condition set forth below,
 or©American International Group, Inc. All rights reserved.

RIDER ***016***

139855 CAN (12/20) 2

**<u>RIDER</u>#** 16 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify
 the Insured in writing that, if the Insured desires the policy to continue in force,
 the Insured must, within 15 days after receipt of the notice, pay to the Insurer an additional
 premium specified in the notice.

(4) If
the Insured fails to pay an additional premium when required to do so under subparagraph (3)(b) of this condition, the
policy is terminated at that time and Termination of Insurance condition (2)(a) applies in respect of the unearned portion of
the premium.

**Termination of Insurance**

(1) The
policy may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Insurer giving to the Policyholder 15 days' notice of termination by registered
 mail or 5 days' written notice of termination personally delivered, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Policyholder at any time on request.

(2) If
the policy is terminated by the Insurer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Insurer must refund the excess of premium actually paid by the Policyholder over the prorated premium for the expired time,
but in no event may the prorated premium for the expired time be less than any minimum retained premium specified in the policy,
and©American International Group, Inc. All rights reserved.<br> RIDER ***016***

 ****

139855 CAN (12/20) 3

**<u>RIDER#</u>** 16 (Continued)

This rider, effective ***at 12:01AM September 30, 2025*** forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
refund must accompany the notice unless the premium is subject to adjustment or determination as to amount, in which case
the refund must be made as soon as practicable.

(3) If
 the policy is terminated by the Policyholder, the Insurer must refund as soon as practicable the excess of premium actually
 paid by the Insured over the short rate premium for the expired time specified in
 the policy, but in no event may the short rate premium for the expired time be less
 than any minimum retained premium specified in the policy.

(4) The
 15 day period referred to in subparagraph (1)(a) of this condition starts to run on the day the registered letter or
 notification of it is delivered to the Policyholder's postal
 address.

**Notice**

(1) Written
 notice to the Insurer may be delivered at, or sent by registered mail to, the chief agency or head office of the Insurer in
 the province.

(2) Written
 notice to the Insured may be personally delivered at, or sent by registered mail addressed to, the Insured's last known
 address as provided to the Insurer by the Insured.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

---

| |
|:---|
| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

---

©American International Group, Inc. All rights reserved.

RIDER ***016***

139855 CAN (12/20) 4

**<u>RIDER#</u>** *17*

This rider, effective *12:01am September 30, 2025* forms a part of

bond number *02-140-75-82*

Issued to: *SPROTT FOCUS TRUST INC.*

by *AIG Insurance Company of Canada*

FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:

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|:---|:---|:---|
| &nbsp;&nbsp;FORM NUMBER | &nbsp;&nbsp;EDITION<br>DATE<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM TITLE |
| &nbsp;&nbsp;**TSB5062CAN** | &nbsp;&nbsp;**05/11** | &nbsp;&nbsp;**FORM 14 CANADA DEC** |
| &nbsp;&nbsp;**TSB5062CAN** | &nbsp;&nbsp;**05/11** | &nbsp;&nbsp;**FORM 14 CANADA GUTS** |
| &nbsp;&nbsp;**134483** | &nbsp;&nbsp;**07/19** | &nbsp;&nbsp;**IMPERSONATION FRAUD (FRAUDULENTLY-INDUCED PAY; SEP SUB AUTH - UNAUTH INS; PRIOR ACTS EXCL) (FB 14-15)** |
| &nbsp;&nbsp;**140636** | &nbsp;&nbsp;**04/21** | &nbsp;&nbsp;**INSURING AGREEMENT F COUNTERFEIT MONEY AMENDED RIDER** |
| &nbsp;&nbsp;**136015 CAN** | &nbsp;&nbsp;**03/20** | &nbsp;&nbsp;**COMPUTER CRIME COVERAGE RIDER CANADIAN FORM 14 VERSION** |
| &nbsp;&nbsp;**101820 CAN** | &nbsp;&nbsp;**06/09** | &nbsp;&nbsp;**STOP PAYMENT LIABILITY RIDER** |
| &nbsp;&nbsp;**121263** | &nbsp;&nbsp;**04/17** | &nbsp;&nbsp;**FRAUDULENT TRANSFER INSTRUCTIONS RIDER** |
| &nbsp;&nbsp;**123772 CAN** | &nbsp;&nbsp;**03/17** | &nbsp;&nbsp;**REDEMPTION OF CANADA SAVINGS BONDS RIDER** |
| &nbsp;&nbsp;**101918 CAN** | &nbsp;&nbsp;**06/09** | &nbsp;&nbsp;**CENTRAL HANDLING OF SECURITIES RIDER** |
| &nbsp;&nbsp;**123775 CAN** | &nbsp;&nbsp;**03/17** | &nbsp;&nbsp;**MAIL COVERAGE RIDER** |
| &nbsp;&nbsp;**132485 can** | &nbsp;&nbsp;**04/19** | &nbsp;&nbsp;**Notice of Termination or Cancelation to Self-Regulatory Organization Rider** |
| &nbsp;&nbsp;**101779 CAN** | &nbsp;&nbsp;**04/17** | &nbsp;&nbsp;**AUDIT EXPENSE RIDER (FIB 14, 24)** |
| &nbsp;&nbsp;**109414 CAN** | &nbsp;&nbsp;**03/17** | &nbsp;&nbsp;**TERMINATION OR CANCELLATION SECTION AMENDED RIDER (60 DAYS TO 90 DAYS)** |
| &nbsp;&nbsp;**101801** | &nbsp;&nbsp;**06/09** | &nbsp;&nbsp;**INSURING AGREEMENT (A) FIDELITY AMENDED RIDER** |
| &nbsp;&nbsp;**101797** | &nbsp;&nbsp;**06/09** | &nbsp;&nbsp;**CLAIMS EXPENSE RIDER** |
| &nbsp;&nbsp;**C0072 CAN** | &nbsp;&nbsp;**10/09** | &nbsp;&nbsp;**US CURRENCY (UNITED STATES)** |
| &nbsp;&nbsp;**113011** | &nbsp;&nbsp;**10/12** | &nbsp;&nbsp;**PROTECTED INFORMATION EXCLUSION** |
| &nbsp;&nbsp;**139855 CAN** | &nbsp;&nbsp;**12/20** | &nbsp;&nbsp;**STATUTORY CONDITIONS AMENDATORY** |
| &nbsp;&nbsp;**78859** | &nbsp;&nbsp;**10/01** | &nbsp;&nbsp;**FORMS INDEX ENDORSEMENT** |

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ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

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| ![](sprottfocus002.jpg) |
| AUTHORIZED REPRESENTATIVE |

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78859 (10/01) Page 1 of 1

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**CUSTOMER ADVISORY**<br> **REGARDING THE ENFORCEMENT OF**<br> **ECONOMIC EMBARGOES AND TRADE SANCTIONS** | ![](sprottfocus001.jpg) |

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This Trade Sanction Advisory is part of **AIG** Insurance Company of Canada comprehensive compliance program and is meant to serve as a reminder of the existing applicable legal requirements with respect to Trade Sanctions.

Your rights as a policyholder and payments to you, any insured or claimant, for loss under this policy may be affected by the administration and enforcement of economic embargoes and trade sanctions applicable to you, any insured, claimant and/or to the insurer and their respective controlling entities (hereinafter "Trade Sanctions").

**WHAT IS AN ECONOMIC EMBARGO AND/OR TRADE SANCTION?**

Trade Sanctions involve the imposition by a country of legal measures to restrict or prohibit trade, services or other economic activity with a target country, entity or individual. For example, the Parliament of Canada has enacted legislation authorizing the imposition of Trade Sanctions through the *United Nations Act,* the *Special Economic Measures Act* and some provisions of the *Export and Import Permits Act.*

Depending upon the identity, domicile, place of incorporation or nationality of the policyholder, insured, claimant, insurer, or the parent company and ultimate controlling entity of the policyholder, insured, claimant or insurer, or the country where the claim arises, Trade Sanctions of foreign countries, including the United States of America, may be applicable. The application of sanctions could necessitate the seizure or freezing of property, including but not limited to the payment of a claim.

Existing Trade Sanctions can be amended, and new Trade Sanctions can be imposed, at any time.

**OBLIGATIONS PLACED ON US AS A RESULT OF TRADE SANCTIONS**

If we determine that you or any insured, additional insured, loss payee, or claimant are on a prohibited list or are connected to a sanctioned country, entity or individual, or a prohibited activity, as designated by the relevant Trade Sanction, we may be required to comply with the requirements of the applicable Trade Sanction, which by way of example, may include blocking or "freezing" property and payment of any funds and the reporting of such occurrences to the relevant authorities within the prescribed time periods, if any.

**POTENTIAL ACTIONS BY US**

Depending upon the requirements of the relevant Trade Sanction:

1. We
 may be required to immediately cancel your coverage effective on the day that we determine
 that we have transacted business with an individual or entity associated with your policy
 on a prohibited list or connected to a sanctioned country as described in the relevant
 Trade Sanction.

2. If
 we cancel your coverage, you may not receive a return premium unless permitted pursuant
 to the relevant Trade Sanction. All blocked or frozen funds will be placed in an interest
 bearing blocked account established on the books of a financial institution.

3. We
 may not pay a claim, accept premium or exchange monies or assets of any kind to or with
 individuals, entities or companies (including a bank) on a prohibited list or connected
 to, or carrying on business in, a sanctioned country as designated by the relevant Trade
 Sanction. Furthermore, we may not defend or provide any other benefits under your policy
 to individuals, entities or companies on a prohibited list or connected to, or carrying
 on business in, a sanctioned country as designated by the relevant Trade Sanction.

**<u>Exhibit 2</u>**

*Authorization to Renew Fidelity Bond*

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| **WHEREAS**: | the amount of the coverage under such Fidelity Bond for the Fund is the amount required by Rule 17g-1 promulgated under the 1940 Act; and |

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| **WHEREAS**: | the custody and safekeeping of the Fund's securities are exclusively the obligation of the Custodian; and |

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| **WHEREAS**: | no employee of the Fund, employee of the Adviser, or employee of the Sub-Adviser has access to the Fund's portfolio securities. |

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|:---|:---|
| **WHEREAS**: | the current Fidelity Bond in place expires on September 30, 2025. |

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**IT IS THEREFORE** 

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|:---|:---|
| **RESOLVED:** | that the amount, type, form and coverage of the Fidelity Bond as described at the Meeting and for the period from September 30, 2025 to September 30, 2026 are reasonable, the Fidelity Bond is hereby approved and that the proper officers be, and each hereby is, authorized and directed to secure the Fidelity Bond; and |

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**FURTHER**

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|:---|:---|
| **RESOLVED**: | that the President of the Fund is designated as the person who shall execute the Fidelity Bond on behalf of the Fund and make, or cause to be made, the filings and give the notices required by Paragraph (h) of Rule 17g-1. |

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