Sprott Inc. · TSX:SII
Sprott — Q1 2025 Earnings Presentation
18 slides from Sprott's earnings presentation, May 7, 2025
Slide 1: 2025 First Quarter Results
2025 First Quarter Results May 7, 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: Q1 and YTD Review
Q1 and YTD Review • Strong AUM growth through extremely volatile market environment o AUM increased by $3.5B during Q1 to $35.1B o $407MM in net inflows during Q1 o Asset growth driven by surging gold prices and inflows to precious metals strategies • Managed equities strategies performed well in Q1
Slide 5: Assets Under Management
Assets Under Management Segment mix Product mix In billions $ NOTE: As at May 2, 2025, AUM was $36.5 billion, up 4% from $35.1 billion as at March 31, 2025. Our performance subsequent to quarter-end was the result of $0.8 billion of net inflows and $0.6 billion of market value appreciation, primaril
Slide 6: Earnings Results – 3 Months Ended
Earnings Results – 3 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 $55.9 million of cash and cash equivalents (December 31, 2024 - $46.8 million). In addition, we had $69.4 million of co-investments (December 31, 2024 - $72.8 million) of which $27.2 million (December 31, 2024 - $23.8 million) ca
Slide 8: Exchange Listed Products: Physical Trusts
Exchange Listed Products: Physical Trusts • Physical Trusts AUM increased by $3.3B or 14% during the quarter • YTD the Trusts have gained $4.5B or 19% in AUM to May 2, 2025 Physical Trust AUM (in billions) $28.5 $27.3 $25.1 $24.0 $22.8 $21.3 $20.7 $18.3 $17.9 $17.7 $17.4 $16.8 $15.9 $14.9 PHYS PSLV
Slide 9: Exchange Listed Products: Physical Trusts
Exchange Listed Products: Physical Trusts • Sales accelerated in Q1, with net flows of $407 MM • YTD net sales $1.2B of which $1.1B is PHYS o Recorded two largest ATM days ever in April Physical Trust Net Flows (in millions) $1,338 $794 $617 $407 $478 $429 $128 $210 $125 $113 $149 $(2) $(49) $(216)
Slide 10: ETF Product Suite: AUM
ETF Product Suite: AUM • ETF suite AUM currently stands at $2.5B, down 6% in Q1 but up 11% QTD • YTD most funds have negative performance, except precious metal miners ETF AUM (in billions) $2.8 $2.7 $2.6 $2.5 $2.5 $2.4 $2.2 $2.0 $1.4 $1.3 $1.2 $1.2 $1.1 $0.4 SGDJ SGDM SETMETF SETMUCITS LITP URNM UR
Slide 11: ETF Product Suite: Flows
ETF Product Suite: Flows • Solid net flows despite mixed performance • Solid contributions from multiple existing and recently-launched funds ETF Net Flows (in millions) $425 $203 $194 $40 $135 $104 $45 $17 $48 $41 $16 $14 $24 $11 SGDJ SGDM SETM SETM UCITS LITP URNM URNM UCITS SESG URNJ COPJ NIKL CP
Slide 12: Managed Equities: Performance and Flows
Managed Equities: Performance and Flows • Precious metals equities strategies performed well in Q1 o Flagship Gold Equity fund up 26.4% in Q1 • Managed equities reported $20MM in net redemptions during Q1 o Flows have lagged performance • Successfully launched first actively managed ETF to capitaliz
Slide 13: Private Strategies
Private Strategies • Private Strategies AUM was $2.2B, down slightly from December 31, 2024 o Reflects a net decrease in investments QoQ (new investments less distributions) across lending and streaming/royalty segments • Team continues to assess new investment opportunities for LF III and Streaming
Slide 14: Summary
Summary • Strong precious metals prices and flows driving AUM growth o Gold has reached a series of record highs in 2025 o Silver has lagged and appears poised to move higher once tariff uncertainty dissipates • Outlook for critical materials is constructive despite recent weakness o Uranium prices
Slide 15: Supplemental Financial Information
Supplemental Financial Information
Slide 16: Revenues
Revenues 3 months ended In millions $ Q1 Q1 2025 2024 Management fees 40.0 36.6 SG&A recoveries from funds (0.3) (0.2) Fund expenses (2.5) (2.2) Direct payouts (1.6) (1.5) Carried interest and performance fees 0.0 0.0 Carried interest and performance fee payouts 0.0 0.0 Net fees (1) 35.6 32.7 Commis
Slide 17: Expenses
Expenses 3 months ended In millions $ Q1 Q1 2025 2024 Compensation 19.6 18.0 Direct payouts (1.7) (1.7) Severance, new hire accruals and other (0.1) 0.0 Market value fluctuation on cash-settled equity plans (0.4) (0.2) Net compensation (1) 17.5 16.1 Net compensation ratio 47% 47% Fund expenses 2.5 2
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 3 months ended In millions $ Q1 Q1 2025 2024 Net income for the period 12.0 11.6 Net income margin (1) 28% 28% Adjustments: Interest expense 0.3 0.8 Provision for income taxes 3.8 3.8 Depreciation and amortization 0.5 0.6 EBITDA (2) 16.6 16.7 Adjustments: (Gain) loss o