Sprott Junior Copper Miners ETF · NASDAQ:COPJ
Sprott Junior Copper Miners ETF — Sprott Active Gold & Silver Miners ETF — Investor Presentation (June 2026)
34 slides from Sprott Junior Copper Miners ETF's investor presentation, Jun 30, 2026
Slide 1: Sprott Active Gold & Silver Miners ETF
Sprott Active Gold & Silver Miners ETF Nasdaq: GBUG Investor Presentation June 30, 2026 V6 8/6/2026
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 Sprott Active Gold & Silver Miners ETF (GBUG): Introduction 4 Sprott Active Gold & Silver Miners ETF (GBUG): Investment Team and Process 5-10 The Case for Gold and Silver Mining Equities 11-23 Sprott Active Gold & Silver Miners ETF (GBUG): Fund Overview 24-27 Spro
Slide 4: Sprott Active Gold & Silver Miners ETF (GBUG)
Sprott Active Gold & Silver Miners ETF (GBUG) Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) GBUG (the Fund) is an actively managed ETF that aims to provide long-term capital appreciation by investing in shares of gold- and silver-focused companies that are engaged in exploring, developing an
Slide 5: Investment Team and Process
Sprott Active Gold & Silver Miners ETF (GBUG) Investment Team and Process Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 5
Slide 6: GBUG Investment Team
GBUG Investment Team John Hathaway, MBA, CFA, Senior Portfolio Manager John Hathaway joined Sprott Asset Management USA, Inc. in January 2020. Mr. Hathaway is a Senior Portfolio Manager of Sprott Concentrated M&A Strategy, Co-Portfolio Manager of the Sprott Gold Equity Fund and Portfolio Manager of
Slide 7: GBUG Investment Team
GBUG Investment Team Justin Tolman, MBA, Senior Portfolio Manager and Economic Geologist Justin Tolman joined Sprott in 2018 as an economic geologist. He specializes in project and company evaluations. Mr. Tolman is a Portfolio Manager for Sprott Gold Equity Fund, Senior Portfolio Manager, Economic
Slide 8: Sprott's Active Management Advantage
Sprott’s Active Management Advantage GBUG, an actively managed ETF of gold and silver mining stocks, seeks to provide the following advantages: • Stock selection based on our 100+ years of collective experience investing in miners with prospects of strong growth or takeover potential. The variabilit
Slide 9: Sprott Active Gold & Silver Miners ETF (GBUG) Investment Process
Sprott Active Gold & Silver Miners ETF (GBUG) Investment Process • Credibility: focus on projects with management teams that have a demonstrated track record • Familiarity: conduct >200 management meetings per year, including meetings with Boards of Directors • Governance and Alignment of Interests:
Slide 10: Boots on the Ground
Boots on the Ground • The Sprott team of geologists and mining engineers conducts technical reviews of up to 30 site visits annually to assess asset potential, identify challenges, and explore geologic opportunities • Countries have included Australia, Bolivia, Brazil, Cambodia, Canada, Colombia, Co
Slide 11: The Case for Gold and Silver Mining Equities
The Case for Gold and Silver Mining Equities Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 11
Slide 12: New Political Environment for Gold
New Political Environment for Gold “I think we’re in a long-term bull market* in Gold. We’re seeing reserve accumulation by central banks. I follow it closely. It’s my biggest position.” – Scott Bessent, U.S. Secretary of the Treasury, Nov. 4, 2024 Click to edit Master title style Source: Capital Al
Slide 13: Sprott's Gold and Silver Mining Equities Outlook
Sprott’s Gold and Silver Mining Equities Outlook Gold Mining Equities • Undervalued Relative to Gold: Gold equities remain attractively valued, with multiples still below prior cycle peaks. • Balance Sheet Health: Historic profit margins and moderating costs have driven strong cash flows, enabling d
Slide 14: Gold and Silver Have Outperformed Other Asset Classes
Gold and Silver Have Outperformed Other Asset Classes Gold and Silver vs. Stocks, Bonds and USD Returns for Period from 12/31/1999-6/30/2026 2500 Compound Annual Returns 2000 Index (Base = 100) 1500 Gold 10.44% Bull Markets Silver 9.42% 1000 Post GFC S&P 500 8.30% Precious Metals Bull Market 500 Cli
Slide 15: Gold Supply is Limited
Gold Supply is Limited • Since 1980, the quantity of above-ground Physical Gold Has Limited Supply Relative to Paper gold has a 1.82% CAGR vs. a CAGR of Above Ground Gold U.S. Government Debt 9.02% for U.S. government debt outstanding. $45,000 4,500,000 • Gold “float” is extremely limited. $38,514 $
Slide 16: Central Banks Purchases of Gold Have Accelerated
Central Banks Purchases of Gold Have Accelerated Central banks have treated gold as a strategic monetary reserve in a world of higher debt, higher uncertainty and greater geopolitical risk. Large reserve holders want to reduce reliance on any single currency, including the U.S. dollar. Gold Central
Slide 17: Gold Supply Factors: Discovery & Production
Gold Supply Factors: Discovery & Production • Despite record spending on exploration, new gold discoveries are less frequent. • As gold production trends higher and discoveries dwindle, ore quality has become more marginal; in our view, there are likely not enough quality deposits to sustain future
Slide 18: Gold Equities-to-Bullion Gap: Significant Catch-Up Potential
Gold Equities-to-Bullion Gap: Significant Catch-Up Potential During the global financial crisis (GFC) gold equities caught up to gold bullion and provided impressive performance. Gold Equities Currently Lag Gold Bullion (2000-2026) 6000 $6,000 5000 $5,000 4000 $4,000 Current Gold Bull Market Gold Eq
Slide 19: Gold Miners Present Relative Value and Fundamentals
Gold Miners Present Relative Value and Fundamentals Gold mining equities are trading multiples lower than the S&P 500 and with greater profitability and lower leverage. Gold Miners (GDM) S&P 500 Comments EV/EBITDA 5.08x 15.25x GDM ~67% less expensive Dividend Yield 2.31% 1.14% GDM ~102% higher Net D
Slide 20: Earnings Momentum Signals Further Upside for Gold Mining Equities
Earnings Momentum Signals Further Upside for Gold Mining Equities Since the beginning of 2024, earnings per share (EPS) 2027 expectations for gold miners have increased by 384% (green line), while share prices, as measured by GDM (blue line), have increased by 157%.* This indicates that gold mining
Slide 21: Gold Miners: A Dispersion of Returns
Gold Miners: A Dispersion of Returns The large dispersion in gold mining returns presents an opportunity to add value through actively managed stock selection and portfolio construction Click to edit Master title style Source: Bloomberg and FactSet as of 12/31/2025. Gold Miners (GDM) represents the
Slide 22: Silver 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 23: 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 24: Fund Overview
Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) Fund Overview Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 24
Slide 25: Sprott Active Gold & Silver Miners ETF (GBUG)
Sprott Active Gold & Silver Miners ETF (GBUG) Sprott Active Gold & Silver Miners ETF (GBUG) Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) is an actively Investment Team John Hathaway, MBA, CFA, Senior Portfolio Manager managed ETF that aims to provide long-term capital appreciation by Maria
Slide 26: Sprott Active Gold & Silver Miners Fund Composition
Sprott Active Gold & Silver Miners ETF (GBUG) Sprott Active Gold & Silver Miners Fund Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 6/30/2026) (As of 6/30/2026) • Number of Issuers: 45 • Canada: 66.13% • Market Cap (millions): $626,030 • Australia: 17.05% • Weighted Avg.
Slide 27: Performance History
Sprott Active Gold & Silver Miners ETF (GBUG) 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 Active Gold & Silver Miners ETF (Net Asset Value) -13.37 -13.66 -10.57 57.18 66.58 Sprott Active Gold & Silver Miners ETF (Mark
Slide 28: Portfolio Allocation
Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) Portfolio Allocation Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 28
Slide 29: Gold and Silver Miners Have Offered Diversification
Gold and Silver Miners Have Offered Diversification Gold and silver miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits. Gold and Silver Miners Correlation* to Other Asset Classes 1.00 Gold Miners Silver Miners 0.80 Correlation vs. Gold
Slide 30: How Can GBUG Fit into an Investment Portfolio?
How Can GBUG Fit into an Investment Portfolio? Depending on the investor type and the investment portfolio mandate, an actively managed ETF of gold and silver mining stocks can fit into several asset class categories. Asset Class Categories: Commodities Small- to Mid-Cap Equities Alternatives
Slide 31: Sprott ETFs
Sprott ETFs Sprott Diversified Metals & Mining ETFs Sprott Precious Metals ETFs Sprott Active Sprott Active Sprott Gold Sprott Junior Gold Sprott Silver Metals & Miners Gold & Silver Miners ETF Miners ETF Miners & Physical ETF Miners ETF Silver ETF Sprott Critical Materials ETFs Sprott Critical Spro
Slide 32: Sprott Client Services Team
Sprott Client Services Team Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 32
Slide 33: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) | 33
Slide 34: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Active Gold & Silver Miners ETF (Nasdaq: GBUG) 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 Act
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