Sprott Inc. · TSX:SII
Sprott — Q4 2024 Earnings Presentation
20 slides from Sprott's earnings presentation, Feb 26, 2025
Slide 1: 2024 Annual Results
2024 Annual Results February 26, 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: 2024 Review
2024 Review • 7th consecutive year of double-digit AUM growth o On a full-year basis, AUM increased by $2.8B to $31.5B o As of 2/21/25, AUM was $33.5B, up $2.0B YTD • $698MM in net sales in 2024 • Managed equities strategies performed well on a full-year basis with certain strategies generating perf
Slide 5: Assets Under Management
Assets Under Management Segment mix Product mix (1) In billions $ (1) Each product exposure includes exposures pertaining to metals, materials, equities, lending and streaming products Sprott Inc. | 5 NOTE: As at February 21, 2025, AUM was $33.5 billion, up 6% from $31.5 billion on December 31, 2024
Slide 6: Earnings Results – 3 and 12 Months Ended
Earnings Results – 3 and 12 Months Ended In millions $ Net income (IFRS) Adjusted base 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 $46.8 million of cash and cash equivalents (December 31, 2023 - $20.7 million). In addition, the Company had $72.8 million of co-investments (December 31, 2023 - $93.5 million) of which $23.8 million (December 31, 2023 - $39.5 mi
Slide 8: Exchange Listed Products: Physical Trusts AUM
Exchange Listed Products: Physical Trusts • Physical Trusts AUM declined by $1.1B during the quarter due to softer gold, silver and uranium prices • The Trusts have regained more than $1.8B in AUM YTD as gold and silver prices have broken out early in 2025 Physical Trust AUM (in billions) $25.8 $25.
Slide 9: Exchange Listed Products: Physical Trust Sales
Exchange Listed Products: Physical Trusts • $126MM in net sales during Q4 2024 • $957MM in net sales for full-year 2024, including $110MM from COP IPO Physical Trust Sales (in millions) $1,500 $1,338 $1,300 $1,100 $900 $700 $617 $500 $478 $429 $300 $210 $126 $113 $128 $149 $51 $100 $(100) $(2) $(49)
Slide 10: ETF Product Suite: AUM
ETF Product Suite: AUM • ETF suite AUM was $2.4B as of 12/31/2024 and currently stands at $2.3B as of 2/21/2025 ETF AUM (in billions) $2.8 $2.7 $2.6 $2.5 $2.4 $2.3 $2.0 $1.4 $1.3 $1.2 $1.2 $1.1 $0.4 1Q2022 3Q2022 1Q2023 3Q2023 1Q2024 3Q2024 QTD (02/21/2025) SGDJ SGDM SETMETF SETMUCITS LITP URNM URNM
Slide 11: ETF Product Suite: Flows
ETF Product Suite: Flows • A modest $17MM in ETF sales during Q4 2024 as precious metals and critical materials prices weakened • $297MM in net sales for the year, driven largely by our uranium ETFs ETF Flows (in millions) $425 $203 $194 $40 $104 $45 $17 $48 $38 $16 $14 $24 $11 SGDJ SGDM SETM SETM U
Slide 12: Sprott Silver Miners & Physical Silver ETF (SLVR)
Sprott Silver Miners & Physical Silver ETF (SLVR) • Launched the Sprott Silver Miners & Physical Silver ETF (SLVR) • SLVR tracks a co-branded Sprott/Nasdaq index o Nasdaq is a proven partner that regularly supports our ETF marketing efforts • Key differentiators to competitors: o SLVR tracks a pure-
Slide 13: Sprott Active Gold and Silver Miners ETF (GBUG)
Sprott Active Gold and Silver Miners ETF (GBUG) • Launched Sprott Active Gold and Silver Miners ETF (GBUG) on 2/20/25 • The first actively managed ETF to provide targeted exposure to mining equities o Active ETF AUM has grown from ~$100b in 2020 to ~$500B • Leverages Sprott’s experienced portfolio m
Slide 14: Managed Equities: Performance and Flows
Managed Equities: Performance and Flows • Strong full-year performance not withstanding the pullback in precious metals equity strategies in Q4 o Flagship Gold Equity fund down 9.3% in Q4, up 20.6% FY24 o Certain strategies generated performance fees in 2024 • Managed equities reported $182MM in net
Slide 15: 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. | 15
Slide 16: Summary
Summary • Strong precious metals prices driving AUM growth o Gold has reached a series of record highs in 2025 o Silver prices poised to move higher • Outlook for uranium and critical materials remains compelling despite disappointing performance in 2024 • Continuing to expand exchange listed produc
Slide 17: Supplemental Financial Information
Supplemental Financial Information
Slide 18: Revenues
Revenues 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2024 2023 (1) 2024 2023 (1) Management fees 41.2 34.2 154.3 131.2 Fund expenses (2.7) (2.2) (10.0) (7.6) Direct payouts (1.6) (1.3) (5.9) (5.3) Carried interest and performance fees 2.5 0.5 7.3 0.9 Carried interest and performance fee
Slide 19: Expenses
Expenses 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2024 2023 (1) 2024 2023 (1) Compensation 19.7 17.1 75.4 75.1 Direct payouts (1.6) (1.3) (5.9) (5.3) Carried interest and performance fee payouts - internal (0.8) (0.2) (1.1) (0.5) Commission expense - internal (0.1) (0.2) (0.9) (2.5)
Slide 20: Adjusted Base EBITDA Reconciliation
Adjusted Base EBITDA Reconciliation 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2024 2023 (1) 2024 2023 (1) Net income for the period 11.7 9.7 49.3 41.8 (2) 27% 24% 28% 28% Net income margin Adjustments: Interest expense 0.6 0.8 3.1 4.1 Provision for income taxes 4.8 1.2 19.7 8.5 Deprec