Sprott (SII) Q1 2025 earnings summary

Executive summary

• Assets under management (AUM) rose by $3.5 billion in Q1 2025 to $35.1 billion, up 11% from year-end 2024, driven by surging gold prices and strong inflows to physical gold and silver strategies.

• Net income for Q1 2025 was $12 million ($0.46 per share), up 3% year-over-year; adjusted EBITDA was $21.9 million ($0.85 per share), up 11%.

• Flagship Gold Equity Fund delivered a 26.4% return in Q1 2025.

• Launched two new ETFs: Sprott Silver Miners & Physical Silver ETF and Sprott Active Gold & Silver Miners ETF, with strong early investor interest.

• Institutional investors are increasingly driving inflows, especially into physical gold trusts.

Financial highlights

• AUM finished Q1 at $35.1 billion, up 11% from $31.5 billion at year-end 2024; subsequent AUM rose to $36.5 billion as of May 2, 2025.

• Net sales reached $407 million in Q1.

• Management fees for Q1 2025 were $40 million, up 9% year-over-year; net fees were $35.6 million, up 9%.

• Physical Gold Trust assets exceeded $12 billion, up from under $9 billion at the start of the year.

• Physical Silver Trust attracted $200 million in net flows in 2025.

Outlook and guidance

• Management expects continued benefit from a constructive environment for precious metals and critical materials, with a balanced product suite offering inflation protection and growth opportunities.

• Gold is expected to remain a key hedge amid stagflation and global trade tensions.

• Silver and uranium are poised for potential upside as market sentiment shifts and industrial demand recovers.

• EBITDA margins are expected to improve with higher AUM and gold prices.

• Confidence expressed in supporting current dividend levels while funding future growth initiatives.