Sprott (SII) investor relations material

Executive summary

• AUM ended Q3 at $57.3B, up 3% QoQ and down 4% from year-end; quarterly net redemptions were $207M, while YTD net inflows were $1.1B.

• Q3 net income rose 67% YoY to $22.0M and Adjusted EBITDA rose 44% to $46.0M, supported by higher average AUM.

• Critical-materials products recorded strong net sales while precious-metals products had net outflows; the regular quarterly dividend increased 25% to $0.50 per share.

Financial highlights

• Q3 revenue was $75.1M vs. $65.1M YoY; 9M revenue was $298.3M vs. $173.6M.

• Q3 management fees rose 40% YoY to $70.8M and net fees rose 37% to $64.5M; 9M net fees were $227.6M, up 67%.

• Q3 net income was $22.0M, or $0.86 per share, vs. $13.2M, or $0.51; 9M net income was $85.5M, or $3.32 per share.

• Q3 Adjusted EBITDA was $46.0M, or $1.79 per share, vs. $31.9M; 9M Adjusted EBITDA was $154.7M, up 95% YoY.

• Q3 carried interest and performance fees were $0.1M, down 95% YoY; 9M fees were $52.1M, including Q1 private-strategies crystallization.

Outlook and guidance

• Long-term outlook remains constructive for precious metals and critical materials, supported by fiscal deficits, geopolitical tensions, nuclear capacity needs, energy security and constrained supply.

• Private Strategies expects higher capital deployment in 2027 and beyond as demand grows for less-dilutive financing and institutional allocations.

• Capital priorities include seeding funds, accretive acquisitions, dividend growth and opportunistic repurchases; potential critical-material ETF launches remain under consideration, with none imminent.

• Precious metals and miners are viewed as portfolio diversifiers, though near-term selling pressure may persist until leveraged positioning falls and liquidity stabilizes.