Sprott Junior Copper Miners ETF · NASDAQ:COPJ
Sprott Junior Copper Miners ETF — Sprott Copper Miners ETFs — Investor Presentation (June 2026)
49 slides from Sprott Junior Copper Miners ETF's investor presentation, Jun 30, 2026
Slide 1: Sprott Copper Miners ETFs Investor Presentation
Sprott Copper Miners ETFs Nasdaq: COPP and COPJ Investor Presentation June 30, 2026 V7 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 Why Invest in Copper Miners Now 4 Copper Demand Is Growing 5-19 Copper Demand is Transforming 20-24 Copper Supply Faces Challenges 25-29 Copper Price Dynamics Spurring New Production 30-32 Copper Miners May Offer Opportunities 33-38 Sprott Copper Miners ETFs: Over
Slide 4: Why Invest in Copper Miners Now
Why Invest in Copper Miners Now 1. Copper Demand Is Growing Surging energy consumption from developing countries, artificial intelligence, data centers, the energy transition, and rising demand from defense and advanced technologies may deepen the structural supply deficit in the copper market. 2. C
Slide 5: Copper Demand Is Growing
Copper Demand Is Growing Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 5
Slide 6: Copper: A Critical and Transforming Role
Copper: A Critical and Transforming Role • The copper market is large and mature; valued as the third Copper Demand 20252 largest metals market by U.S. dollar value behind iron ore and 5% gold. 6% • Copper’s durability, malleability and reliable conductivity (second 30% only to silver) have diversif
Slide 7: 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 8: Economic Growth is Energy Intensive
Economic Growth is Energy Intensive • As countries develop and become wealthier the Electricity & Income Per Capita2 need for electricity intensifies. 20,000 U.S. • Developing countries’ electricity growth has been China 2025 Electricity Consumption Per Capita (KWh) substantial compared to developed
Slide 9: Copper Demand Growth Climbing with Developing Countries
Copper Demand Growth Climbing with Developing Countries • Growth countries have significant critical materials requirements with Copper Consumption Forecasts countries like India, Brazil and China leading the way for copper. 10% • As people become wealthier, they may increase their quality of life 9
Slide 10: 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 2.2x by 2030— Data Center Electricity Growth1 to a level exceeding Japan’s total power use.1 1,200 4.0% • AI will be the most significant driver of this increase, with AI data centers power use set to inc
Slide 11: AI Exacerbates Escalating Copper Deficits
AI Exacerbates Escalating Copper Deficits • As data centers’ AI capabilities grow, so does the need for copper-intensive electrical equipment to efficiently handle increased power densities and reduce operational costs. • Given their electricity needs, a rise in data centers will likely lead to anci
Slide 12: 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 13: Copper is Indispensable for Modern Defense
Copper is Indispensable for Modern Defense • NATO Defense Spending Is Surging. NATO has pledged to raise World Defense Spending Is Increasing defense spending to 5% of GDP by 2035, double today’s 2.5%. 4.5% $3.0 • Geopolitical tensions are rising. Ongoing conflicts such as in Ukraine and in the Midd
Slide 14: Investment in Strategic Sectors Up 78% Since 2020
Investment in Strategic Sectors Up 78% Since 2020 • Strategic spending is accelerating. Total investment $6,000 Defense Energy Transition Artifical Intelligence across defense, the energy transition and AI is up 78% since 2020. $5,000 o Defense: +36% o Energy Transition: +137% o AI: +324% $4,000 • A
Slide 15: Electric Grids Require Considerable Investment
Electric Grids Require Considerable Investment • Strong & Sustained Grid Investment. The global grid is undergoing a major build-out, with grid spending expected to Annual Grid Investments for Net-Zero1 grow at a robust 9–10% CAGR through the end of the 1000 decade, with growth front-loaded over the
Slide 16: Global Investment in the Energy Transition
Global Investment in the Energy Transition 2025 energy transition investment, at $2.3 trillion, has more than doubled since 2020, according to new energy research group BloombergNEF. $ billion 2,400 2,309 Grids Power grids 2,200 2,136 Industry Clean industry 2,000 1,906 1,800 Buildings Electrified h
Slide 17: Strong Growth in Battery-Based Electric Vehicles Is Underway
Strong Growth in Battery-Based Electric Vehicles Is Underway Across the globe, approximately 20.8 million electric cars (EVs) are estimated to have been sold in 2025, more than six times the sales five years ago. Despite a slowdown in the U.S., sales are estimated to reach 23.3 million in 2026. Mill
Slide 18: EVs and Renewables Require More Copper
EVs and Renewables Require More Copper • EVs require 2.4x more copper than a conventional Copper Intensities internal combustion engine (ICE) car. Lb/Vehicle • Solar requires 2.5x more than fossil fuel 0 20 40 60 80 100 120 140 counterparts per megawatt (MW). Conventional Car • Onshore wind requires
Slide 19: Copper Demand Has Doubled Roughly Every 25 Years
Copper Demand Has Doubled Roughly Every 25 Years • Global copper demand has grown 12.5x since Global Copper Consumption 1936, doubling roughly every 25 years 30,000 1913 Mass Production of Automobiles 1920 Mass Production of Radios • 1936: 2 Million Metric Tons (MMT) 1934 Radar 1937 Jet Engine • 196
Slide 20: Copper Demand Is Transforming
Copper Demand Is Transforming Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 20
Slide 21: Copper's Critical Electrical Role Set to Dominate
Copper’s Critical Electrical Role Set to Dominate • Electrical infrastructure is now copper’s dominant demand source, surpassing construction and widening the lead, rising from 24% of total usage in 2020 to 30% in 2025, with further gains expected. • Even in China, construction-linked demand has wea
Slide 22: Copper Demand Is Shifting Toward Strategic, Less Price Sensitive End Uses
Copper Demand Is Shifting Toward Strategic, Less Price Sensitive End Uses Price inelasticity is rising: incremental copper demand is increasingly tied to non-discretionary buildouts like AI data centers and defense, where projects are priority-driven and therefore less price-sensitive than tradition
Slide 23: No More Dr. Copper?
No More Dr. Copper? Unlike iron ore and oil, which remain closely tied to the economic cycle, copper’s rally is propelled by new structural drivers. $15,000 $300 $16,000 $150 $13,000 $250 $14,000 $130 $12,000 $110 $11,000 $200 $10,000 $90 Iron Ore Copper Copper $9,000 $150 Oil $8,000 $70 $7,000 $100
Slide 24: Copper is Becoming Less Correlated to Chinese Equities
Copper is Becoming Less Correlated to Chinese Equities Similarly to copper’s breakout from its correlation to iron ore and oil, copper has diverged from Chinese equities. 295 Copper Chinese Equities 275 255 235 215 Growth of $100 195 175 155 135 115 95 75 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19
Slide 25: Copper Supply Faces Challenges
Copper Supply Faces Challenges Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 25
Slide 26: Copper's Supply Struggling with Disruptions
Copper’s Supply Struggling with Disruptions • Substantial supply disruptions in 2025 have occurred recently, notably at Grasberg and Kamoa-Kakula. The Grasberg outage alone resulted in lost production greater than the annual output of the world’s third-largest copper mine. • 2025 is set to be the we
Slide 27: Copper's Supply Headwinds
Copper’s Supply Headwinds • Ore grades are declining. Today, they are typically less than 1% which represents a fraction of what they were historically. • They are further forecasted to decline as the world focused on the high-grade deposits first. • Major copper discoveries are becoming less common
Slide 28: Copper's Supply Inhibited by Long Lead Times
Copper’s Supply Inhibited by Long Lead Times Long lead times hamper supply response as it takes on average 17 years to move from discovery to first production, over double the 7 years it took in the 90s. This includes 12.2 years for exploration, permitting and financing, 2.6 years for waiting time a
Slide 29: Copper: A Central Role in Electricity Transmission
Copper: A Central Role in Electricity Transmission Demand for copper is likely to outstrip supply. Copper Supply and Demand Imbalance Likely to Grow Grid Transport Energy Storage Power Others Copper Supply 60 50 Millions of Metric Tons 40 30 20 10 0 2025 2030 2040 2050 Sources: BloombergNEF Transiti
Slide 30: Copper Price Dynamics Spurring New Production
Copper Price Dynamics Spurring New Production Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 30
Slide 31: Copper Historic Price Growth
Copper Historic Price Growth Given the demand-supply dynamics for physical copper, we believe the price may be set up for a new super cycle. $16,000 $14,000 $13,349 $12,000 2020s Surging Energy Demand Copper Price/Metric Tons $US $10,000 2010s: Decade of Underinvestment $8,000 2020 COVID-19 Downturn
Slide 32: Copper Treatment Costs Are at Historic Lows
Copper Treatment Costs Are at Historic Lows Spot Treatment Charges (TCs) have collapsed further into negative values in 2025, from >$90 per metric ton in 2023 to -$121, reflecting a shortage of mined copper. $ Per Ton $150 $100 $50 TCs are the fees paid from miners to smelters and are a $0 key drive
Slide 33: Copper Miners May Offer Opportunities
Copper Miners May Offer Opportunities Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 33
Slide 34: Copper Equities Have Outperformed Spot During Bull Markets
Copper Equities Have Outperformed Spot During Bull Markets Given the demand-supply dynamics for physical copper, investors may want to consider copper miners as a way to gain exposure to the sector. 500% 400% 300% 312% 200% 100% 87% 0% -100% Copper Spot Copper Miners Source: Bloomberg. Data as of 6/
Slide 35: Copper Miners Have Performed Well Over the Past Five Years
Copper Miners Have Performed Well Over the Past Five Years Copper miners have beaten the broader U.S. equity market. 260 121.53% 210 111.02% 87.57% 160 42.75% 30.29% 110 60 Copper Miners Junior Copper Miners Copper Spot Price Commodities U.S. Equities Source: Bloomberg and Sprott Asset Management. D
Slide 36: Copper Miners' Healthy Profitability
Copper Miners’ Healthy Profitability Copper miners margins are at an all-time high based on: $5.93 copper spot price as of 6/30/2026 implies: • All time high copper prices • 60% AISC margin and 99% of copper mines profitable, • Elevated by-product prices with an AISC lower than the current spot pric
Slide 37: Copper Miners Remain at a Discount
Copper Miners Remain at a Discount Copper miners are 55% less expensive than the S&P 500, despite their increases in profitability. 20.00 18.00 16.00 15.25 14.00 EV/EBITDA (x) 12.00 10.00 8.00 6.90 6.00 4.00 2.00 0.00 Copper Miners S&P 500 Source: Bloomberg and Sprott Asset Management. Data as of 6/
Slide 38: Investing in Copper Miners
Investing in Copper Miners Only three of the top 10 copper-producing companies are majority copper miners and publicly listed. Top 10 Copper Producing Companies 2025 Attributable Production – (tonnes) Ownership 2025 Revenue % – Copper Mining BHP Group Limited 1,493,651 Public 47% Corporación Naciona
Slide 39: Sprott Copper Miners ETFs Overview of Funds
Sprott Copper Miners ETFs Overview of Funds Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 39
Slide 40: Sprott Copper Miners ETF (COPP)
Sprott Copper Miners ETF (COPP) Sprott Copper Miners ETF (COPP) Sprott Copper Miners ETF (Nasdaq: COPP) is the only1 ETF to provide Investment Objective Sprott Copper Miners ETF (Nasdaq: COPP) seeks to provide investment pure-play2 exposure to copper miners and physical copper. Copper results that,
Slide 41: Sprott Copper Miners ETF Composition
Sprott Copper Miners ETF (COPP) Sprott Copper Miners ETF Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 6/30/2026) (As of 6/30/2026) • Number of Issuers: 80 • Market Cap (millions): $503,887 • Weighted Avg. Company Market Cap (millions) 2: $42,192 • Market Cap Breakdown o
Slide 42: Performance History
Sprott Copper Miners ETF (COPP) 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 Copper Miners ETF (Net Asset Value) -9.46 8.69 10.60 70.92 36.23 Sprott Copper Miners ETF (Market Price)2 -9.39 7.62 10.31 70.33 36.23 Nasdaq
Slide 43: Sprott Junior Copper Miners ETF (COPJ)
Sprott Junior Copper Miners ETF (COPJ) Sprott Junior Copper Miners ETF (COPJ) Sprott Junior Copper Miners ETF (Nasdaq: COPJ) is the only1 ETF to Investment Objective Sprott Junior Copper Miners ETF (Nasdaq: COPJ) seeks to provide provide pure-play2 exposure to small,3 exploration- and development-st
Slide 44: Sprott Junior Copper Miners ETF Composition
Sprott Junior Copper Miners ETF (COPJ) Sprott Junior Copper Miners ETF Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 6/30/2026) (As of 6/30/2026) • Number of Issuers: 69 • Market Cap (millions): $36,341 • Weighted Avg. Company Market Cap (millions): $938 • Market Cap Brea
Slide 45: Performance History
Sprott Junior Copper Miners ETF (COPJ) Performance History Performance: Average Annual Total Returns* (%) QUARTER END AS OF 6/30/2026 1 MO 3 MO YTD 1 YR 3 YR S.I.1 Sprott Junior Copper Miners ETF (Net Asset Value) -11.25 4.13 1.61 81.90 38.57 31.11 Sprott Junior Copper Miners ETF (Market Price)2 -11
Slide 46: Sprott Client Services Team
Sprott Client Services Team Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 46
Slide 47: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Copper Miners ETFs (Nasdaq: COPP and COPJ) | 47
Slide 48: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Copper Miners ETF (Nasdaq: COPP) 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 Copper Miners ETF
Slide 49: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Junior Copper Miners ETF (Nasdaq: COPJ) 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 Cop
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