Sprott Inc. · TSX:SII
Sprott — Investor Presentation (June 2026)
29 slides from Sprott's investor presentation, Jun 30, 2026
Slide 1: Sprott Gold Equity Fund (SGDLX)
Sprott Gold Equity Fund (SGDLX) June 30, 2026 V5 8/6/2026
Slide 2: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$55.6B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $47.9 Billion AUM $5.6 Billion AUM $2 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold Equ
Slide 3: Investment Team
Investment Team John Hathaway, CFA, Senior Portfolio Manager John Hathaway joined Sprott Asset Management USA, Inc. in January 2020. Mr. Hathaway is a Senior Portfolio Manager of Sprott Concentrated M&A Strategy, Co-Portfolio Manager of the Sprott Gold Equity Fund and Portfolio Manager of Sprott Act
Slide 4: Investment Team
Investment Team Justin Tolman, BSc (Hons), MBA, Senior Portfolio Manager, Economic Geologist Justin Tolman joined Sprott in 2018 as an economic geologist. He specializes in project and company evaluations. Mr. Tolman is a Portfolio Manager for Sprott Gold Equity Fund, Senior Portfolio Manager, Econo
Slide 5: Sprott Gold Team
Sprott Gold Team INVESTMENT TEAM INVESTMENT TEAM EXECUTIVE TEAM Tenure Tenure Tenure Team (Years) Team (Years) Team (Years) John Hathaway, CFA Shree Kargutkar, CFA Whitney George Managing Partner, Sprott Inc.; Senior Portfolio 56 Managing Partner, Sprott Inc.; Senior Portfolio 17 Chief Executive Off
Slide 6: Investment Process
Investment Process Sprott Gold Equity Fund (SGDLX) | 6
Slide 7: Investment Process
Investment Process • Focus on projects with experienced and well-organized management • Prior relationships with key managers • Evaluate compensation packages to ensure alignment of interests between management and shareholders 1. Management • Technical analysis of issuer’s assets • Desktop due dili
Slide 8: Investment Process: The 3 Ms
Investment Process: “The 3 Ms” Management • When evaluating a potential investment, Sprott places a high value on its relationship with the management team. • The team conducts more than 200 management meetings per year. • Among the criteria considered in the team’s management assessment are: o Fami
Slide 9: Fund Positioning & Performance
Fund Positioning & Performance Sprott Gold Equity Fund (SGDLX) | 9
Slide 10: Portfolio Construction
Portfolio Construction The portfolio is built to balance potential risk and return • We believe significant opportunities exist in smaller, earlier-stage mining companies. • >50% of the asset base, on a look-through basis, is located in North America. Country Weightings (%)*† Stage of Development (%
Slide 11: Allocation & Portfolio Statistics
Allocation & Portfolio Statistics Asset Allocation (% of Net Assets)† Portfolio Statistics SGDLX 2.34% Weighted Average Market Cap ($ billions) 13.3 10.68% Weighted Median Market Cap ($ billions) 6.1 Equities Number of Holdings 45 Physical Gold Turnover Ratio (%) 29.09% Private Fund/Other 5-Year Ris
Slide 12: Historical Performance of Sprott Gold Equity Fund
Historical Performance1 of Sprott Gold Equity Fund Month-End Performance: Average Annual Total Returns (%) AS OF 6/30/2026 Q2 2026* YTD* 1 YR 3 YR 5 YR 10 YR 15 YR 20 YR S.I.2 SGDLX – Investor Class A -13.40 -8.61 55.05 40.41 18.56 10.51 2.70 6.21 11.22 SGDIX – Institutional Class I -13.35 -8.53 55.
Slide 13: Fund Opportunity
Fund Opportunity Sprott Gold Equity Fund (SGDLX) | 13
Slide 14: Sprott Gold Equity Fund (SGDLX)
Sprott Gold Equity Fund (SGDLX) Objective Sprott Gold Equity Fund’s* investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in gold and other precious metals and
Slide 15: Sprott's 2026 Outlook on Gold and Gold Mining Equities
Sprott’s 2026 Outlook on Gold and Gold Mining Equities Gold Bullion • Gold Price: Following a 64.58% gain in 2025, gold reached a record $5,595/oz in January and gained 8.07% in Q1 before correcting 14.14% in Q2 to close June at $4,008/oz (-7.21% YTD). We believe the pullback reflected tighter finan
Slide 16: Gold Leading the Pack Over the Long Term
Gold Leading the Pack Over the Long Term Gold vs. Stocks, Bonds and USD Returns for Period from 12/31/1999-6/30/2026 Compound 2000 Annual Returns 1800 1600 1400 10.44% Index (Base = 100) 1200 Bull Markets 1000 800 8.30% Post GFC 600 Precious Metals Bull Market 400 Click to edit Master title style 4.
Slide 17: Gold and Various Currencies Measured in Gold 2006-2026
Gold and Various Currencies Measured in Gold 2006-2026 Currencies around the world have lost their value relative to gold (XAU Curncy). Value in Gold 120 100 80 60 40 20 0 USD Curncy / XAU Curncy EUR Curncy / XAU Curncy XAU Curncy / XAU Curncy CAD Curncy / XAU Curncy JPY Curncy / XAU Curncy GBP BGN
Slide 18: Gold's Relationship with M2 Money Supply
Gold’s Relationship with M2 Money Supply Historical data shows a general correlation between surges in the money supply and increases in gold prices, but this relationship is not always perfectly linear or immediate. The theory is that an increase in the money supply (which is inflationary) relative
Slide 19: Gold Miners Offering Deep Value versus Gold Bullion
Gold Miners Offering Deep Value versus Gold Bullion • There has historically been a strong correlation between the price of gold and gold mining stocks, although they are not always in sync. • Gold mining equities are now at a ratio of 0.08 to gold. The ratio of miners to gold would need to increase
Slide 20: Gold Miners Present Relative Value and Fundamentals
Gold Miners Present Relative Value and Fundamentals Gold mining equities are trading multiples lower than the S&P 500 and with greater profitability and lower leverage. Gold Miners (GDM) S&P 500 Comments EV/EBITDA 5.08x 15.25x GDM ~67% less expensive Dividend Yield 2.31% 1.14% GDM ~102% higher Net D
Slide 21: Earnings Momentum Signals Further Upside for Gold Mining Equities
Earnings Momentum Signals Further Upside for Gold Mining Equities Since the beginning of 2024, earnings per share (EPS) 2027 expectations for gold miners have increased by 384% (green line), while share prices, as measured by GDM (blue line), have increased by 157%.* This indicates that gold mining
Slide 22: Gold Supply Factors: Discovery & Production
Gold Supply Factors: Discovery & Production • Despite record spending on exploration, new gold discoveries are less frequent. • As gold production trends higher and discoveries dwindle, ore quality has become more marginal; in our view, there are likely not enough quality deposits to sustain future
Slide 23: Gold Supply Continues to Decline
Gold Supply Continues to Decline Declining gold supply could potentially drive gold prices higher and support mergers and acquisitions (M&A). Mine lives in the gold sector are at the lowest levels in more Major gold discoveries have declined significantly. than ~30 years. Average Mine Life versus Ch
Slide 24: Cost per Ounce to Buy vs. Build
Cost per Ounce to “Buy” vs. “Build” • We believe “Buy” favors publicly traded assets trading at up to 50% discounts vs. “Build” (starting a new mine built from scratch). • In our view, quality assets tend to trade at significant discount to replacement cost. • Acquisitions could be beneficial for bo
Slide 25: Gold Equities: M&A Repositioning to Fill the Power Vacuum
Gold Equities: M&A Repositioning to Fill the Power Vacuum Mining M&A in 2025 was led by the announced $7.1 billion pro forma merger between New Gold (NGD) and Coeur (CDE), still pending completion. In royalties, Royal Gold’s ~$4 billion acquisition of Sandstorm was the marquee deal, alongside notabl
Slide 26: Gold Miners Have Provided Low Correlation
Gold Miners Have Provided Low Correlation Gold miners have provided a strong correlation to gold and a low correlation to other asset classes, which may have diversification benefits in broader portfolios. Asset Class Correlation to Gold Miners (20 Years ended 6/30/2026) 1.00 1.00 0.90 0.80 0.70 0.6
Slide 27: Sprott Client Services Team
Sprott Client Services Team Sprott Gold Equity Fund (SGDLX) | 27
Slide 28: Index Definitions and Defined Terms
Index Definitions and Defined Terms PHLX Gold/Silver Sector Total Return Index (XXAU) is a capitalization-weighted index that includes companies involved in the gold and silver mining industry. This index measures the performance of these companies, taking into account both price changes and dividen
Slide 29: Important Disclosure
Important Disclosure Investments, commentary and statements are unique and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in thi