Slide 1: 2025 Third Quarter Results
2025 Third Quarter Results November 5, 2025 NYSE/TSX:SII
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 l
Slide 3: Speakers
Speakers Whitney George, CEO, Sprott Inc. Kevin Hibbert, CFO, Sprott Inc. John Ciampaglia, CEO, Sprott Asset Management Sprott Inc. | 3
Slide 4: Q3 and YTD Review
Q3 and YTD Review • AUM increased by $9.1B during Q3 to $49.1B o Surpassed $50B for the first time in October • Strong sales continued in Q3 driven by sustained interest in multiple metals • Strong performance from Managed Equities segment o Active ETFs GBUG and METL have been among our most success
Slide 5: YTD AUM Mix
YTD AUM Mix In billions $ (1) By segment By product (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 NOTE: As at October 31, 2025, AUM was $51 billion, up 4% from $49.1
Slide 6: Earnings Results – 3 and 9 Months Ended
Earnings Results – 3 and 9 Months Ended In millions $ Net income (IFRS) Adjusted EBITDA (Key non-IFRS measure) Sprott Inc. | 6
Slide 7: Treasury and Balance Sheet Management
Treasury and Balance Sheet Management Balance sheet liquidity • We had $79.9 million of cash and cash equivalents (December 31, 2024 - $46.8 million). In addition, we had $79.2 million of co-investments (December 31, 2024 - $72.8 million) of which $36.6 million (December 31, 2024 - $23.8 million) ca
Slide 8: Physical Trusts: AUM
Physical Trusts: AUM • Physical Trusts AUM increased by $6.5B or 21% during the quarter • YTD, the Physical Trusts have gained $15.4B or 64% in AUM to October 31 Physical Trusts AUM (in billions) Note: YTD AUM as of 10/31/25 Sprott Inc. | 8
Slide 9: Physical Trusts: Flows
Physical Trusts: Flows • Strong sales have continued in Q3 with net flows of $907MM; MTD $793MM • YTD $3.3B of flows with contributions from PSLV, SPUT, PHYS, and SPPP Physical Trusts Net Flows (in millions) Note: YTD and MTD flows as of 10/31/25 Sprott Inc. | 9
Slide 10: ETF Product Suite: AUM
ETF Product Suite: AUM • AUM up sharply in 2025, 83% • Most ETFs are now beyond breakeven levels • SLVR quickly gaining market share of flows and assets ETF AUM (in billions) Sprott Inc. | 10
Slide 11: ETF Product Suite: Flows
ETF Product Suite: Flows • SLVR is building sales momentum, leveraging our market position in physical silver • Uranium ETFs faced some redemption pressure earlier in the quarter • Nascent flows into gold miners ETFs ETF Net Flows (in millions) Sprott Inc. | 11
Slide 12: Managed Equities: Performance and Flows
Managed Equities: Performance and Flows • Strong recovery of AUM YTD with modest net inflows • Precious metals equity strategies continue to perform well o Flagship Gold Equity fund up 44% in Q3 and 105.1% YTD • Successfully leveraging the strengths of our investment team through new actively manage
Slide 13: Private Strategies
Private Strategies • Monitoring and harvesting LF-II investments Lending • Actively assessing new investment opportunities for LF-III Streaming • Ongoing monitoring of portfolio investments Sprott Inc. | 13
Slide 14: Summary
Summary • Record gains in AUM during Q3 from both flows and market value appreciation o September marked our highest net sales month ever, surpassing the February 2021 record o 20 different funds contributed, unlike 2021 when PSLV drove nearly all net sales • $1.1B in net sales for the quarter o Oct
Slide 15: Supplemental Financial Information
Supplemental Financial Information
Slide 16: Revenues
Revenues 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2025 2024 2025 2024 Management fees 50.7 39.0 135.1 113.9 Fund expense recoveries (0.4) (0.3) (1.0) (0.8) Fund expenses (2.8) (2.4) (7.9) (7.3) Direct payouts (1.9) (1.5) (5.2) (4.4) Carried interest and performance fees 1.8 4.1 16.6 4
Slide 17: Expenses
Expenses 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2025 2024 2025 2024 Compensation 38.6 18.5 92.0 55.7 Direct payouts (2.9) (1.6) (7.7) (5.3) Severance, new hire accruals and other (0.1) (0.1) (0.2) (0.1) Impacts of market value fluctuation and graded vesting (16.6) (0.1) (29.8) (0.5)
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 3 months ended 9 months ended In millions $ Q3 Q3 Q3 Q3 2025 2024 2025 2024 Net income for the period 13.2 12.7 38.6 37.6 Net income margin(1) 20% 27% 22% 28% Adjustments: Interest expense 0.3 0.9 0.8 2.5 Provision for income taxes 4.1 5.7 13.3 14.9 Depreciation and am