Slide 1: Sprott Silver Miners & Physical Silver ETF
Sprott Silver Miners & Physical Silver ETF Nasdaq: SLVR Investor Presentation June 30, 2026 V6 8/5/2026
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: Presentation Outline
Presentation Outline Content Slides The Monetary Case for Silver 4-8 Growing Silver Demand and Stagnant Supply 9-16 Silver Miners May Offer Opportunities 17-22 Sprott Silver Miners & Physical Silver ETF (SLVR): Fund Overview 23-26 Sprott Client Services Team 27 Distributor Contact Details 28 Risk Di
Slide 4: The Monetary Case for Silver
The Monetary Case for Silver Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 4
Slide 5: Historic Price Growth
Silver Historic Price Growth Silver has had an annualized 9.42% return since the turn of the century. Rising long-term electrical demand, investor interest and falling interest rates may continue to propel the price forward. $100.00 $90.00 $80.00 Current: Rising Demand and $70.00 Stagnant Silver Pri
Slide 6: Has Performed Well with Easing Cycles
Silver Has Performed Well with Easing Cycles Silver has historically rallied following rate cuts from the Federal Reserve. $140 60% 55% Silver Price/Troy Ounce $US $120 50% $100 45% 40% $80 35% $60 30% 25% $40 441% 143% 20% $20 413% 15% 10% $- Fed Funds Rate 5% $(20) 0% Silver Spot Price Fed Funds R
Slide 7: Silver and Precious Metals Bull Markets
Silver and Precious Metals Bull Markets • Silver and gold have historically rallied during periods of fiat currency debasement, inflation, falling interest rates, economic recoveries and rising geopolitical risks. • In past precious metals bull markets, silver’s rally has been ~2x as large as gold,*
Slide 8: Silver's Dwindling Inventories
Silver’s Dwindling Inventories Silver inventories have fallen 22% over the past five years as industrial demand increases. Much of the London Bullion Market Association (LBMA) inventories are allocated to silver ETFs and are not readily available. Silver Inventories 1,800.00 1,600.00 Silver in Milli
Slide 9: Growing Silver Demand and Stagnant Supply
Growing Silver Demand and Stagnant Supply Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 9
Slide 10: Silver Demand Is Multifaceted
Silver Demand Is Multifaceted • Silver is one of the oldest forms of currency with investments spanning coins, bars, jewelry and silverware. However, industrial applications account for a larger portion of demand at 58% for 2025. • Silver is second only to oil as the most widely used commodity and h
Slide 11: Industrial Use Is Taking Over
Industrial Use Is Taking Over • Silver industrial demand stood at 657 million ounces Industrial Silver Demand in 2025. 800 35% • The electrical and electronics sector drove this 700 growth in recent years and accounted for 450 million 30% ounces in 2025, or 40% of total demand. 600 25% • Key drivers
Slide 12: Electricity Demand Estimated to Increase by 157% by 2050
Electricity Demand Estimated to Increase by 157% by 2050 • Evolving energy systems require more 90,000 electricity, which depends on critical materials. 80,175 • Surging Energy Consumption in the East: 80,000 World Electricity Demand (Terawatt-hour – TWh) Driven by energy security and the urbanizati
Slide 13: Installation of Solar Power Is Growing Rapidly
Installation of Solar Power Is Growing Rapidly • Global solar industry additions grew 33% in Solar Annual New Additions (GW)1 2024 and another 11% in 2025.1 900 • Longer-term the solar industry has grown at a 800 rate of 28% annualized since 2015.1 700 • Solar now accounts for 17% of total silver de
Slide 14: Investment Demand May Be Set to Rise
Silver Investment Demand May Be Set to Rise Visible investment demand (ETFs + CFTC Managed Money Silver buying in the East has correlated with rises in silver, Futures) buying activity has historically increased in with the premium currently at $7.12 or 12% of the silver monetary easing cycles, whic
Slide 15: Stagnant Silver Supply
Stagnant Silver Supply • Silver supply has been flat gaining 1% annualized since 2017 and is forecasted to fall 2% in 2026. • The recycling supply of silver increased in 2021 and 2022 but has been relatively flat since, now accounting for 18% of the supply. 1200 Silver Supply Millions of Troy Ounces
Slide 16: Market Deficits Persist
Silver Market Deficits Persist Market Balance (including ETPs) • With strong demand and stagnant supply, the silver market has been in deficit for the past seven consecutive years (including exchange-traded product (ETP) 100 investment). Surplus 50 • Silver supply has remained stagnant, growing from
Slide 17: Silver Miners May Offer Opportunities
Silver Miners May Offer Opportunities Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 17
Slide 18: Silver Equities Have Recently Outperformed Physical Silver During Bull Markets
Silver Equities Have Recently Outperformed Physical Silver During Bull Markets Given the demand-supply dynamics and macro backdrop for physical silver, investors may want to consider investing in silver miners to gain exposure to the sector. 600% 500% 400% 300% 252% 200% 213% 100% 0% -100% 6/30/16 6
Slide 19: Silver Miners Have Offered Diversification
Silver Miners Have Offered Diversification Silver miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits. Silver Miners Correlation* to Other Asset Classes 1.00 0.80 0.60 0.43 0.47 0.42 0.39 0.40 0.31 0.20 0.00 -0.20 -0.40 -0.60 -0.55 -0.80
Slide 20: Silver Mines' Healthy Profitability
Silver Mines’ Healthy Profitability • Primary silver mines’ all-in sustaining cost (AISC) of $12.21 per troy ounce is well below the current silver spot price. Primary silver mines have >50% of revenue tied to silver. • Implies a 79% AISC margin at the $58.60 silver spot price as of 06/30/2026. • In
Slide 21: Silver Supply Inelasticity
Silver Supply Inelasticity • 72% of silver was mined as a by-product to other Silver Mine Production by Source Metal in 2025 metals in 2024. Other 0.6% Gold • As such, increases in the silver price do not necessarily 15.9% impact the decision to increase production at non- Lead/Zinc primary silver
Slide 22: Investing in Silver Miners
Investing in Silver Miners 0 of the top 10 silver-producing companies are majority silver miners. Top 10 Silver Producing Companies 2025 Production – (Metric Tons) Ownership 2025 Revenue % – Silver Mining Fresnillo 1,480 Public 47% KGHM Polska Miedz 1,347 Public 17% Polymetal JSC 872 Private Subsidi
Slide 23: Sprott Silver Miners & Physical Silver ETF (SLVR) Fund Overview
Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) Fund Overview Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 23
Slide 24: Sprott Silver Miners & Physical Silver ETF (SLVR)
Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) is the only1 Investment Objective Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) seeks to ETF focused on providing pure-play2 expos
Slide 25: Sprott Silver Miners Fund Composition
Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners Fund Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 6/30/2026) (As of 6/30/2026) • Number of Issuers: 77 • Market Cap (millions): $189,673 • Weighted Avg. Company Market Cap (millions)2: $6,296 • Market
Slide 26: Performance History
Sprott Silver Miners & Physical Silver ETF (SLVR) Performance History Performance: Average Annual Total Returns* (%) QUARTER END AS OF 6/30/2026 1 MO 3 MO YTD 1 YR S.I.1 Sprott Silver Miners & Physical Silver ETF (Net Asset Value) -20.24 -14.81 -9.89 75.38 87.72 Sprott Silver Miners & Physical Silve
Slide 27: Sprott Client Services Team
Sprott Client Services Team Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 27
Slide 28: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 28
Slide 29: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) 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
Slide 30: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Index Definitions and Other Defined Terms Quantitative easing (QE) is a monetary policy tool used by central banks, like the U.S. Federal Reserve, to stimulate the economy. It involves the central bank purchasing financial assets, such as government b
Slide 31: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Index Definitions and Other Defined Terms, continued The Commodity Exchange (COMEX) is a major futures and options market for trading metals such as gold, silver, copper, and aluminum. COMEX provides a platform for market participants to lock in the p