TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESⁱ

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

Arian Silver Corporation

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

An acquisition or disposal of voting rights

X

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):

Issue of new shares

X

3. Full name of person(s) subject to the notification 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 on which the threshold is crossed or reached:^v

31 May 2013

6. Date on which issuer notified:

7 June 2013

7. Threshold(s) that is/are crossed or reached:^{vi, vii}

15%

8. Notified details:

A: Voting rights attached to shares^{viii, ix}

Class/type of shares

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

if possible using the ISIN CODE

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights ^x

Direct

Direct ^xi

Indirect ^xii

Direct

Indirect

Common Shares

48,624,738

48,624,738

46,603,938

46,603,938

14.4%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration
date^xiii

Exercise/
Conversion Period^xiv

Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.

% of voting
rights

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

Resulting situation after the triggering transaction

Type of financial
instrument

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

46,603,938

14.4%

9. Chain of controlled undertakings through which the voting rights and/or the financial 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 certain Sprott managed accounts.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

14. Contact name:

David Taylor

15. Contact telephone number:

+44 (0)20 7887 6593