Sprott Gold Miners ETF · AMEX:SGDM
Sprott Gold Miners ETF — Sprott Uranium Miners ETFs — Investor Presentation (September 2025)
51 slides from Sprott Gold Miners ETF's investor presentation, Sep 30, 2025
Slide 1: Sprott Uranium Miners ETFs
Sprott Uranium Miners ETFs NYSE Arca: URNM / Nasdaq: URNJ Investor Presentation September 30, 2025 V4 10/31/2025
Slide 2: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$49.1B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $41.8 Billion AUM $5.2 Billion AUM $2.1 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold E
Slide 3: Presentation Outline
Presentation Outline Content Slides Why Invest in Uranium Miners Now 4 Uranium Miners May Be Poised to Take Market Share Within the Energy Sector 5-8 Uranium Miners are Critical to Surging Global Energy Demand 9-22 New Uranium Bull Market is Underway, Incentivizing Miners and Investors 23-37 Sprott
Slide 4: Why Invest in Uranium Miners Now
Why Invest in Uranium Miners Now 1. Strong Industry Fundamentals are Helping to Recapitalize the Sector • Producers: Higher uranium price contributes to earnings • Developers: Renewed investor interest in the sector is helping to advance development • Explorers: Are incentivized to resume drilling a
Slide 5: Uranium Miners May Be Poised to Take Market Share Within the Energy Sector
Uranium Miners May Be Poised to Take Market Share Within the Energy Sector Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 5
Slide 6: Uranium Miners May Be Poised to Take Market Share
Uranium Miners May Be Poised to Take Market Share • Nuclear energy generates 9% of the world’s electricity and 22% of low carbon emissions electricity1 • Uranium miners are miniscule in market capitalization compared to the market cap of energy companies Global Electricity Production by Source Large
Slide 7: Uranium Equities Have Outperformed During Uranium Bull Markets
Uranium Equities Have Outperformed During Uranium Bull Markets Given the demand-supply dynamics for physical uranium, investors may want to consider uranium miners as a way to gain exposure to the sector. 1200% 1124.36% 1093.70% 1000% 765.38% 800% 735.84% Total Return 600% 363.14% 433.65% 400% 200%
Slide 8: Uranium Miners Have Offered Diversification
Uranium Miners Have Offered Diversification Uranium Miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits. Uranium Miners Correlation* to Other Asset Classes 1.00 0.80 Correlation vs. Uranium 0.60 0.46 0.33 0.35 0.40 0.24 Miners Index 0.14
Slide 9: Uranium Miners are Critical to Surging Global Energy Demand
Uranium Miners are Critical to Surging Global Energy Demand Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 9
Slide 10: Electricity Demand Estimated to Increase by 169% by 2050
Electricity Demand Estimated to Increase by 169% by 2050 • Evolving energy systems require more 90,000 electricity, which depends on critical materials. 80,194 80,000 • Surging Energy Consumption in the East: World Electricity Demand (Terawatt-hour – TWh) Driven by energy security and the 70,000 urb
Slide 11: Economic Growth is Energy Intensive
Economic Growth is Energy Intensive Electricity & Income Per Capita2 20,000 • As countries develop and become wealthier the U.S. need for electricity intensifies. China • Developing countries’ electricity growth has been 2024 Electricity Consumption Per Capita (KWh) substantial compared to developed
Slide 12: AI and Data Center Growth Could Drive Power Demand
AI and Data Center Growth Could Drive Power Demand • Global data centers’ power demand may rise 2.5x by 2030— Data Center Electricity Growth1 to a level approximating Japan’s total power use.1 1,000 3.5% • AI will be the most significant driver of this increase, with AI data centers power use set to
Slide 13: Nuclear: Ideal for Data Centers
Nuclear: Ideal for Data Centers American Nuclear Society: 3/7/2024; NPR: 9/20/2024; Trellis: 3/25/2024; Industry Dive: 10/16/2024; NuclearNewswire: 10/16/2024; Data Centre Dynamics: 9/10/2024; The Guardian: 6/3/2025; World Nuclear News: 6/12/2025. Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq
Slide 14: An Urgent and Persistent Driver: Energy Security
An Urgent and Persistent Driver: Energy Security • Energy security is now paramount. Nations are rapidly China Leads Clean Energy Generation building diversified energy systems, including nuclear and 35% 4,500 renewables, to insulate themselves from geopolitical, China Clean Energy Generation (TWh)
Slide 15: Europe Refocuses on Energy Security
Europe Refocuses on Energy Security Nuclear Rethink • Germany: Will no longer oppose nuclear’s inclusion in EU clean energy rules, two years after it shut down its nuclear plants, May 2025. • Denmark: Will revisit its 40-year nuclear ban, as announced in May 2025. • Belgium: Repealed 2003 law phasin
Slide 16: U.S. Nuclear Policy Energizing Uranium
U.S. Nuclear Policy Energizing Uranium 2050 Target U.S. Executive Orders to Revitalize the U.S. Nuclear Sector 194MM 1. Reinvigorating the Nuclear Industrial Base 2. Reform of the Nuclear Regulatory Commission 3. Reforming Nuclear Reactor Testing at the Department of Energy 4. Deploying Advanced Nuc
Slide 17: Nuclear Energy Is Reliable…
Nuclear Energy Is Reliable… • Nuclear energy has the highest capacity factor1 versus both traditional and alternative energy sources, prompting renewed attention to help solve global energy needs. • Most nuclear power utilities are required to hold at least three years’ worth of uranium supply.2 92.
Slide 18: Efficient…
Efficient… • Uranium’s high energy density reduces the impact of extraction and transport, facilitating the ability to contain waste. • One nuclear fuel pellet is roughly 10-13 millimeters long and 8-13.5 millimeters in diameter (~ the size of a gummy bear) and weighs ~10 grams.1 Source: American Nu
Slide 19: Clean…
Clean… Nuclear energy produces the least CO2 equivalent emissions versus other energy forms, helping solidify its place in global decarbonization goals. Nuclear has the Lowest Full-Cycle Carbon Footprint Nuclear 6 CO2 Equivalent Emissions per Gigawatt-Hour Wind 11 Hydro 24 Solar 53 Biomass 154 Natur
Slide 20: Safe…
Safe… • Uranium is likely responsible for the lowest mortality rate per terawatt hour (TWh) of energy produced. • Post-reactor radioactivity shows significant reductions after just 10 years. Mortality Rate per TWh of Energy Produced1 Post Reactor Radiation Levels (years)2 125 Energy Source Mortality
Slide 21: Nuclear Uses Less Land
Nuclear Uses Less Land • Nuclear energy uses the least land relative to the amount of energy generated. • If solar and wind were to power the entire U.S., it would need an area the size of Texas. Nuclear has the Lowest Land Footprint Source: U.S. Energy Information Administration for year 2024 as of
Slide 22: Most Nations Have Committed to Net-Zero Emissions Targets
Most Nations Have Committed to Net-Zero Emissions Targets 107 parties, representing 108 countries and 81.6% of global greenhouse gas emissions (GHGs), have communicated a net-zero target. Source: Climatewatchdata.org at https://www.climatewatchdata.org/net-zero-tracker as of 10/6/2025. Included for
Slide 23: New Uranium Bull Market Is Underway, Incentivizing Miners and Investors
New Uranium Bull Market Is Underway, Incentivizing Miners and Investors Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 23
Slide 24: Nuclear Reactors in the World Today
Nuclear Reactors in the World Today • There are now 438 operational reactors globally with 70 under construction and 111 planned. • Newly constructed nuclear reactors demonstrate greater efficiency than older models. Operational Reactors: 438 Reactors Under Construction: 70 Reactors Planned for Cons
Slide 25: World Uranium Production is not Meeting Nuclear Reactor Requirements
World Uranium Production is not Meeting Nuclear Reactor Requirements • World uranium production is currently failing to meet nuclear reactor requirements. • The Cold War resulted in vast overproduction until the early 1990s followed by decades of underproduction thereafter. 80000 70000 60000 Tonnes
Slide 26: Uranium Supply and Demand Imbalance May Likely Grow
Uranium Supply and Demand Imbalance May Likely Grow • We believe the era of inventory destocking is over. • Demand for uranium may likely outstrip supply, with a 1.4-billion-pound deficit to 2045. • Net Zero Nuclear, the pledge to triple global nuclear capacity by 2050, would result in nearly a 3.1-
Slide 27: WNA: Momentum & Demand Outlook
WNA: Momentum & Demand Outlook • Momentum continues to build: We saw high interest in 2040 Uranium Reactor Requirments uranium, and the sentiment was decidedly positive. Forecast Increases • Uranium demand revised to 124% growth by 2040 (from 550 99%), a critical shift in a structurally undersupplie
Slide 28: Understanding Uranium Supply
Understanding Uranium Supply 38% of the total uranium production in 2024 came from Kazakhstan DIFFERENTIATED PROPERTIES which is shipped through Russia. • Geopolitical Risks Threaten Uranium Supply: The Russia-Ukraine war, sanctions and export Largest Uranium Producing Countries bans have disrupted
Slide 29: Reshoring of Western Nuclear Fuel Supply Chain Underway
Reshoring of Western Nuclear Fuel Supply Chain Underway Russia is a key player in nuclear fuel services – conversion & enrichment. Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 29
Slide 30: The Loss of U.S. Nuclear Fuel Leadership
The Loss of U.S. Nuclear Fuel Leadership The U.S. has gone from the world’s dominant uranium enricher to having zero domestically owned enrichment capacity. They have also lost almost the entirety of their uranium mine production. 30 1985 Uranium Enrichment Capacity 27.3 25 Million SWU/year 20 15 10
Slide 31: U.S. Nuclear Energy Dependence
U.S. Nuclear Energy Dependence U.S. reactors require 47 million lbs of uranium annually. U.S. Domestic Uranium Mine Production (1949-2024) 80 70 60 Millions of Pounds 50 40 30 20 10 0 Domestic Concentrate Production Purchased Imports Export Sales Source: EIA September 2025 Monthly Energy Review, htt
Slide 32: Utility Contracting Cycle Stall?
Utility Contracting Cycle Stall? • While 2023 was celebrated for finally achieving replacement rate contracting, it was heavily inflated by the large one-time purchase by Ukraine. • 116 million lbs were contracted in 2024 of which ~50% was China. Uranium Long-term Uranium Contracting Volumes 300 250
Slide 33: U3O8 Spot Price vs. Long-Term Contract Price (2004-2025)
U308 Spot Price vs. Long-Term Contract Price (2004-2025) Carry trade dynamics are emerging as the spot price lags the term price. $160 $140 $120 $100 $82 $80 $82 $60 $40 $20 $- U3O8 Spot Price U3O8 Long-Term Price Source: Bloomberg and UxC. Data as of 9/30/2025. U3O8 Spot Price is measured by the Ux
Slide 34: New Uranium Bull Market is Underway Potentially with Room to Run
New Uranium Bull Market is Underway Potentially with Room to Run Growing production/demand imbalance and future utility contracting provide primary price support. $140 $135 Bull Market* 1 Bull Market* 2 Current Bull Market* 3 Jan. ’73 to May ’78 Dec. ’00 to June ’07 Nov. ’16 to Sept. ’25 $120 +629%
Slide 35: Uranium and Uranium Miners Have Performed Well Over the Past Five Years
Uranium and Uranium Miners Have Performed Well Over the Past Five Years After trading flat from 2017-2019, uranium miners and uranium spot prices have accelerated over the past 5 years. 550 408.88% 396.88% 450 350 176.58% 250 114.30% 150 47.67% 50 Uranium Miners Junior Uranium Miners U3O8 Spot Price
Slide 36: Uranium/Nuclear ETPs AUM Surpassing Clean Energy ETFs
Uranium/Nuclear ETPs AUM Surpassing Clean Energy ETFs AUM of Uranium/Nuclear ETPs has grown since 2021 while Clean Energy ETFs have fallen. $30 $26 $25 $20 $17 Billion USD $15 $10 $6 $5 $- 2019 2020 2021 2022 2023 2024 2025 Nuclear & Uranium Clean Energy Source: Bloomberg as of 9/30/2025. Past perfo
Slide 37: Scramble to Reopen/Build Uranium Mines Since 2022
Scramble to Reopen/Build Uranium Mines Since 2022 • Higher prices are allowing miners to restart and develop projects. • Many uranium juniors have not yet sold their production forward and may be well positioned to benefit from further price increases – whether through developing projects themselves
Slide 38: Sprott Uranium Miners ETFs: Overview of Funds
Sprott Uranium Miners ETFs Overview of Funds Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 38
Slide 39: Sprott Uranium Miners ETF (URNM)
Sprott Uranium Miners ETF (URNM) Sprott Uranium Miners ETF (URNM) Sprott Uranium Miners ETF (NYSE Arca: URNM) is the only1 ETF to Investment Objective provide pure-play2 exposure to uranium miners and physical uranium Sprott Uranium Miners ETF (NYSE Arca: URNM) seeks to invest at least 80% of its to
Slide 40: Sprott Uranium Miners ETF Composition
Sprott Uranium Miners ETF (URNM) Sprott Uranium Miners ETF Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 9/30/2025) (As of 9/30/2025) • Number of Issuers: 34 • Market Cap (millions): $81,974 • Weighted Avg. Company Market Cap (millions): $8,689 • Market Cap Breakdown o La
Slide 41: Performance History
Sprott Uranium Miners ETF (URNM) Performance History Performance: Average Annual Total Returns* (%) QUARTER END AS OF 9/30/2025 1 MO 3 MO YTD 1 YR 3 YR 5 YR S.I.1 Sprott Uranium Miners ETF (Net Asset Value) 16.84 26.05 49.41 34.41 25.57 37.39 34.54 Sprott Uranium Miners ETF (Market Price)2 17.09 26.
Slide 42: Sprott Junior Uranium Miners ETF (URNJ)
Sprott Junior Uranium Miners ETF (URNJ) Sprott Junior Uranium Miners ETF (URNJ) Sprott Junior Uranium Miners ETF (Nasdaq: URNJ) is the only1 ETF to Investment Objective Sprott Junior Uranium Miners ETF (Nasdaq: URNJ) seeks to provide provide pure-play2 exposure to small,3 exploration- and developmen
Slide 43: Sprott Junior Uranium Miners ETF Composition
Sprott Junior Uranium Miners ETF (URNJ) Sprott Junior Uranium Miners ETF Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 9/30/2025) (As of 9/30/2025) • Number of Issuers: 31 • Market Cap (millions): $29,931 • Weighted Avg. Company Market Cap (millions): $2,739 • Market Cap
Slide 44: Performance History
Sprott Junior Uranium Miners ETF (URNJ) Performance History Performance: Average Annual Total Returns* (%) QUARTER END AS OF 9/30/2025 1 MO 3 MO YTD 1 YR S.I.1 Sprott Junior Uranium Miners ETF (Net Asset Value) 21.63 38.25 57.20 34.63 18.16 Sprott Junior Uranium Miners ETF (Market Price)2 21.79 37.8
Slide 45: Sprott Client Services Team
Sprott Client Services Team Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 45
Slide 46: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 46
Slide 47: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Uranium Miners ETF (NYSE Arca: URNM) This material must be preceded or accompanied by a prospectus. An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. To obtain a Sprott Uranium Miner
Slide 48: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Junior Uranium Miners ETF (Nasdaq: URNJ) This material must be preceded or accompanied by a prospectus. An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. To obtain a Sprott Junior Ur
Slide 49: Appendix
Appendix Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 49
Slide 50: Uranium Life Cycle
Uranium Life Cycle The holdings of the Sprott Uranium Miners ETF will generally be involved in the exploration, mining, refining and storage of uranium. Sprott Uranium Miners ETFs (NYSE Arca: URNM / Nasdaq: URNJ) | 50
Slide 51: Total Spent Nuclear Waste
Total Spent Nuclear Waste • If all the nuclear waste from commercial reactors, a 63-year operating history, was stored in a cube it would measure just 96 feet per side. • Nuclear waste produces the smallest amount generated by any source of energy when considered on an “all-in” basis. Height (feet)
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