Sprott Inc. · TSX:SII
Sprott — Q3 2026 Earnings Presentation
20 slides from Sprott's earnings presentation, Nov 4, 2026
Slide 1: 2026 Third Quarter Results
Contrarian. 2026 Third Quarter Results Innovative. November 4, 2026 Aligned. NYSE/TSX:SII
Slide 2: Forward-Looking Statement
Forward-Looking Statement 2 Certain statements in this presentation or the accompanying oral remarks contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities
Slide 3: Speakers
Speakers 3 Sprott Inc. Whitney George CEO, Sprott Inc. Kevin Hibbert CFO and Co-COO, Sprott Inc. John Ciampaglia CEO, Sprott Asset Management
Slide 4: Q3 2026 and YTD Review
4 Q3 2026 and YTD Review ▪ AUM increased by $1.8B during Q3 to $57.3B ▪ Stronger precious metals prices contributed to $1.8B $57.3B AUM gain during the quarter, somewhat offset by redemptions in Physical Trusts AUM Increase Q3 AUM as of September 30 ▪ Critical materials ETFs generated more than $200
Slide 5: YTD AUM Mix
5 YTD AUM Mix In billions $ (1) By product By commodity (2) (1) Includes direct commodity exposure and indirect exposure from equities (2) Consists of: (1) high net worth managed accounts holding U.S equities and (2) U.S value strategies
Slide 6: Earnings Results – 3 and 9 Months Ended
6 Earnings Results – 3 and 9 Months Ended In millions $ Net income (IFRS) Adjusted EBITDA (Key non-IFRS measure)
Slide 7: Capital Management
7 Capital Management We’ve created operating leverage… …without financial leverage AUM in billions of $ In millions $ 71% 250 200 53% 150 100 50 0 (2) Cash Co-investments Debt (1) (1) Net income margin was 20% in 2021 and 29% in 2026 (2) In prior years, co-investments were included under loans recei
Slide 8: Capital Management (Continued)
8 Capital Management (Continued) Strong balance sheet… • As at September 30, 2026, we had $202.1 million of cash and cash equivalents (December 31, 2025 - $123.4 million). In addition, we had $78.5 million of co-investments (December 31, 2025 - $76.7 million) and had no debt outstanding Growing divi
Slide 9: Physical Trusts: AUM (in Billions)
9 Physical Trusts: AUM (in Billions) ▪ AUM up slightly in Q3, helped by stronger precious metals prices and inflows to PHYS ▪ Precious metals remain under selling pressure due to inflation and interest rate pressures; silver import restrictions in India have removed a significant physical buyer from
Slide 10: Physical Trusts: Net Flows (in Millions)
10 Physical Trusts: Net Flows (in Millions) ▪ Net redemptions of $420 million in Q3, mainly from PSLV ▪ PHYS generated positive sales of $381MM in the quarter $1,338 $1,240 $1,069 $862 $907 $617 $407 $478 $429 $128 $210 $125 $113 $149 $0 ($2) ($49) ($216) ($529) ($420) PHYS PSLV SPPP SPUT CEF COP No
Slide 11: ETF Product Suite: AUM (in Billions)
11 ETF Product Suite: AUM (in Billions) ▪ AUM up slightly in Q3, supported by strong market gains in August and positive inflows Uranium Miners Copper Miners Silver Miners Rare Earth Miners URNM COPP SLVR REXC URNJ COPJ SLVR UCITS REXC UCITS URNM UCITS CPPR UCITS $6.0 URNJ UCITS Gold Miners $5.6 $5.
Slide 12: ETF Product Suite: Net Flows (in Millions)
12 ETF Product Suite: Net Flows (in Millions) ▪ Flows remain resilient despite market volatility; $253 million in net flows in Q3 ▪ Uranium and rare earths accounted for the positive flows Uranium Miners Copper Miners Silver Miners Rare Earth Miners $1,136 URNM COPP SLVR REXC URNJ COPJ SLVR UCITS RE
Slide 13: Managed Equities: AUM (in Billions)
13 Managed Equities: AUM (in Billions) ▪ AUM rose modestly in Q3, supported by strong market gains in August ▪ Mining equities continue to experience heightened degree of volatility $6.3 $6.0 $5.7 $5.6 $5.2 $3.9 $3.4 $3.6 $3.3 $2.7 $2.6 $2.9 $3.0 $2.9 $3.0 $2.5 $2.5 $2.4 $2.2 Mutual Funds Institutio
Slide 14: Managed Equities: Net Flows (in Millions)
14 Managed Equities: Net Flows (in Millions) ▪ Modest net outflows in the quarter with flows into active ETFs subsiding $135 $63 $7 $9 $5 ($2) ($6) ($38) ($29) ($37) ($47) ($36) ($55) ($69) ($70) ($55) ($61) ($106) ($108) Mutual Funds Institutional Managed Accounts Private Managed Accounts Sprott US
Slide 15: Private Strategies
Private Strategies 15 ▪ Private strategies AUM was ~$2B as of September 30, 2026 ▪ Private Strategies well positioned, supported by favorable market tailwinds and a strong track record ▪ We are seeing increased demand on both sides of the platform ▪ The market continues to evolve toward less-dilutiv
Slide 16: Summary
Summary 16 ▪ We remain confident in our core positioning and the long-term outlook for precious metals and critical materials ▪ In the U.S. and internationally, there is little political will to rein in government spending or take the difficult steps required to bring fiscal deficits under control –
Slide 17: Supplemental Financial Information
17 Supplemental Financial Information
Slide 18: Revenues
18 Revenues 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2026 2025 2026 2025 Management fees 70.8 50.7 228.7 135.1 Fund expenses (3.5) (2.8) (11.1) (7.9) Direct payouts (2.8) (1.9) (8.8) (5.2) Carried interest and performance fees 0.1 1.8 52.1 16.6 Carried interest and performance fee pay
Slide 19: Expenses
19 Expenses 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2026 2025 2026 2025 Compensation 34.8 38.6 145.0 92.0 Direct payouts (2.8) (1.9) (8.8) (5.2) Carried interest and performance fee payouts - internal - (0.7) (31.2) (2.0) Commission expense - internal - (0.3) (0.2) (0.6) Severance, n
Slide 20: Adjusted EBITDA Reconciliation
20 Adjusted EBITDA Reconciliation 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2026 2025 2026 2025 Net income for the period 22.0 13.2 85.5 38.6 Net income margin (1) 29% 20% 29% 22% Adjustments: Interest expense 0.4 0.3 1.0 0.8 Provision for income taxes 7.7 4.1 32.4 13.3 Depreciation an