Slide 1: 2025 Second Quarter Results
2025 Second Quarter Results August 6, 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: Q2 and YTD Review
Q2 and YTD Review • AUM increased by $5 billion during Q2 to $40 billion as of June 30, 2025 • Net sales continuing to accelerate due to rising interest in multiple metals • Sprott Physical Uranium Trust completed two capital raises • Managed equities strategies performed well in Q2 and YTD • 2025 p
Slide 5: YTD AUM Mix
YTD AUM Mix (1) By segment By product In billions $ (1) Includes direct commodity exposure and indirect exposure from equities NOTE: As at August 1, 2025, AUM was $40.1 billion, up slightly from $40 billion as at June 30, 2025. Sprott Inc. | 5
Slide 6: Earnings Results – 3 and 6 Months Ended
Earnings Results – 3 and 6 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 $75.1 million of cash and cash equivalents (December 31, 2024 - $46.8 million). In addition, we had $71.5 million of co-investments (December 31, 2024 - $72.8 million) of which $30.6 million (December 31, 2024 - $23.8 million) ca
Slide 8: Physical Trusts: AUM
Physical Trusts: AUM • Physical Trusts AUM increased by $3.6B or 13% during the quarter • YTD, the Trusts have gained $7B or 29.4% in AUM to August 1 Physical Trust AUM (in billions) Sprott Inc. | 8
Slide 9: Physical Trusts: Flows
Physical Trusts: Flows • Sales are accelerating with Q2 net flows of $1.2B; July: $151MM • YTD $1.8B of flows with contributions from PHYS, SPUT, PSLV, SPPP Physical Trust Net Flows (in millions) Sprott Inc. | 9
Slide 10: ETF Product Suite: AUM
ETF Product Suite: AUM • Recently launched ETFs have hit AUM milestones faster than any prior launches o SLVR at $172MM as of 8/1/25 o GBUG at $47MM as of 8/1/25 ETF AUM (in billions) Sprott Inc. | 10
Slide 11: ETF Product Suite: Flows
ETF Product Suite: Flows • $230MM in net flows to precious metals ETFs year-to-date • URNM continues to experience redemption pressure ETF Net Flows (in millions) Sprott Inc. | 11
Slide 12: Managed Equities: Performance and Flows
Managed Equities: Performance and Flows • Strong recovery of AUM YTD as precious metals equity strategies continue to perform well o Flagship Gold Equity fund up 15.5% in Q2 and 46.0% YTD • Flows have lagged performance o Net redemptions of $61MM during Q2 and $81MM YTD • Recently launched actively
Slide 13: 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. | 13
Slide 14: Summary
Summary • Investor interest in multiple metals is driving AUM growth o AUM has increased $8.5 billion year-to-date o $1.6 billion in 1H net sales • Metals markets are experiencing new type of scarcity which is placing upward pressure on prices o Gold has set a series of price records in 2025 o Silve
Slide 15: Supplemental Financial Information
Supplemental Financial Information
Slide 16: Revenues
Revenues 3 months ended 6 months ended In millions $ Q2 Q2 Q2 Q2 2025 2024 2025 2024 Management fees 44.4 38.3 84.4 74.9 Fund expense recoveries (0.3) (0.3) (0.6) (0.5) Fund expenses (2.7) (2.7) (5.2) (4.9) Direct payouts (1.7) (1.4) (3.3) (2.9) Carried interest and performance fees 14.8 0.7 14.8 0.
Slide 17: Expenses
Expenses 3 months ended 6 months ended In millions $ Q2 Q2 Q2 Q2 2025 2024 2025 2024 Compensation 33.8 19.2 53.4 37.2 Direct payouts (3.2) (2.0) (4.8) (3.7) Severance, new hire accruals and other 0.0 0.0 (0.1) 0.0 Impacts of market value fluctuation and graded vesting (12.8) (0.3) (13.2) (0.4) amort
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 3 months ended 6 months ended In millions $ Q2 Q2 Q2 Q2 2025 2024 2025 2024 Net income for the period 13.5 13.4 25.5 24.9 Net income margin (1) 21% 28% 23% 28% Adjustments: Interest expense 0.3 0.7 0.6 1.5 Provision for income taxes 5.4 5.4 9.2 9.2 Depreciation and amo