Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Norseman Gold Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

*

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Increase in issuer's capital

*

3. Full name of person(s) subject to thenotification obligation: iii

Sprott Asset Management LP

4. Full name of shareholder(s)  (if different from 3.):iv

See Section 9

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

N/A

6. Date on which issuer notified:

April 9, 2012

7. Threshold(s) that is/are crossed orreached: vi, vii

5.1%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

21,194,726

21,194,726

20,955,426

20,955,426

5.1%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

20,955,426

5.1%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Sprott Asset Management LP is the portfolio manager acting on behalf of the Sprott Canadian Equity Fund, Sprott Bull/Bear RSP Fund, Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Master Fund, Ltd., Sprott Master Fund II, Ltd., and a Sprott Managed Account.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Please note the change in percentage terms is primarily due to increase in share capital of the company

14. Contact name:

Maggie Tang

15. Contact telephone number:

1-416-943-4072

[email protected]

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Sprott Asset Management LP

Contact address

(registered office for legal entities)

200 Bay Street, Suite 2700, PO Box 27

Royal Bank Plaza, South Tower

Toronto, ON Canada M5J 2J1

Phone number & email

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

Phone number & email

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.