Sun Valley Gold LLC

Item 5. Fees and Compensation

With respect to the Funds, the Adviser receives management fees based on net assets under management
of up to 1.5% annually (the "Management Fees") and an incentive allocation of up to 15% of the annual
profit, subject to a high-water mark (the "Incentive Compensation").

Management Fees are paid quarterly in arrears, based on the value of the net assets of a Fund on the last
day of each quarter as calculated by the Fund Administrator. Incentive Compensation, if any, is calculated
annually in arrears. Fees are adjusted for interim capital flows. These calculations are reviewed and
approved by the Adviser and deducted from the Fund.

In addition to paying investment management fees and performance-based fees or other compensation,
Fund investors’ accounts will also be subject to other investment expenses paid by the Fund, which include
the fees paid to the Fund Administrator, the costs of regular and ordinary accounting, audit, legal,
regulatory, compliance and other professional expenses and fees, organizational (or reorganizational)
expenses, expenses incurred in connection with the offering of shares in the Fund, all research and
investment expenses and all other costs incurred in executing securities transactions (including brokerage
commissions, custodial fees, interest on margin accounts, borrowing charges for securities sold short and
short sale dividends), costs of insurance (other than fire and theft insurance), including any “Key Man”
insurance for the benefit of the Fund against the death or disability of a principal of the Adviser, regulatory
fees, personal property tax levies assessed by foreign, state, and local tax authorities, and non-recurring
legal and accounting fees, such as fees incurred in connection with litigation involving the Fund or
proceedings instituted against the Fund by any governmental bodies or self-regulatory organizations. Fund
investors’ assets may be invested in a master-feeder structure. Feeder funds bear a pro rata share of the
expenses associated with the related master fund. Please refer to Item 12 of this Firm Brochure for a
discussion of the Adviser’s brokerage practices.

Item 7. Types of Clients

As previously described in Item 4, the Adviser’s clients consist of Funds (pooled investment vehicles
intended for sophisticated investors and institutional investors). Initial and additional subscription minimums
are disclosed in the relevant offering documents.

As previously mentioned, the Adviser is currently in the process of winding down its business and is not
accepting new Fund investors or additional subscriptions.