Slide 1: Contrarian. Innovative. Aligned. 2026 First Quarter Results
Contrarian. 2026 First Quarter Results Innovative. May 6th, 2026 Aligned. NYSE/TSX:SII
Slide 2: Forward-Looking Statement
2 Forward-Looking Statement 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
Slide 3: Speakers
3 Speakers Sprott Inc. Whitney George CEO, Sprott Inc. Kevin Hibbert CFO and Co-COO, Sprott Inc. John Ciampaglia CEO, Sprott Asset Management
Slide 4: Q1 and YTD Review
4 Q1 and YTD Review $5.5B $65.1B AUM as of ▪ AUM increased by $5.5B during Q1 to $65.1B AUM Increase Q1 March 31, 2026 ▪ Subsequent to quarter end AUM was $65.5B as of May 1, 2026 ▪ Broad-based metals demand, specifically in critical materials, supported $1.7B in Q1 net sales $1.7B 21 ▪ Critical mat
Slide 5: YTD AUM Mix
5 YTD AUM Mix In billions $ (1) By segment By product (2) (1) Includes direct commodity exposure and indirect exposure from equities (2) Consists of (1) high net worth managed accounts holding U.S equities and (2) U.S value strategies NOTE: As at May 1, 2026, AUM was $65.5 billion, up 1% from $65.1
Slide 6: Earnings Results – 3 Months Ended
6 Earnings Results – 3 Months Ended In millions $ Net income (IFRS) Adjusted EBITDA (Key non-IFRS measure)
Slide 7: Treasury and Balance Sheet Management
7 Treasury and Balance Sheet Management Balance sheet liquidity • We had $173.9 million of cash and cash equivalents (December 31, 2025 - $123.4 million). In addition, we had $59.3 million of co-investments (December 31, 2025 - $76.7 million) of which $26.7 million (December 31, 2025 - $35.5 million
Slide 8: Physical Trusts: AUM (in Billions)
8 Physical Trusts: AUM (in Billions) ▪ Investor interest in metals remains strong ▪ Geopolitical events highlight strategic importance of supply security ▪ Physical Trusts AUM increased by $3.5B or 7.4% during the quarter $50.7 $50.7 $47.2 $37.4 $30.8 $27.3 $24.0 $25.1 $22.8 $20.7 $21.3 $17.9 $17.7
Slide 9: Physical Trusts: Net Flows (in Millions)
9 Physical Trusts: Net Flows (in Millions) ▪ Continued rotation into real assets driven by multiple structural forces ▪ Net flows of $862MM in Q1; $48MM quarter to date to May 1 $1,338 $1,240 $1,069 $862 $907 $617 $407 $478 $429 $128 $210 $125 $113 $149 $48 $(2) $(49) $(216) PHYS PSLV SPPP SPUT CEF
Slide 10: ETF Product Suite: AUM (in Billions)
10 ETF Product Suite: AUM (in Billions) ▪ AUM continues to scale quickly, up 30% in Q1 and up 42% YTD to May 1 $6.5 ▪ Breadth of ETF offerings uniquely positions Sprott to capture investor interest $6.0 Uranium Miners Copper Miners Silver Miners Rare Earth Miners URNM COPP SLVR REXC URNJ COPJ SLVR U
Slide 11: ETF Product Suite: Net Flows (in Millions)
11 ETF Product Suite: Net Flows (in Millions) ▪ Record net flows, reflecting growing investor interest across multiple market segments $1,136 ▪ Net flows of $1.1B in Q1 and $184M QTD to May 1 Uranium Miners Copper Miners Silver Miners Rare Earth Miners URNM COPP SLVR REXC URNJ COPJ SLVR UCITS URNM U
Slide 12: Product Pipeline
12 Product Pipeline Sprott Physical Copper Trust (SCOP) ▪ Cross listed on NYSE Arca under ticker SCOP on May 4, 2026 ▪ First physical copper vehicle listed in the U.S. ▪ Growing interest in copper given its key role in electrification Sprott Rare Earths Ex-China ETF (REXC) ▪ Began trading on NASDAQ
Slide 13: Managed Equities: AUM (in Billions)
13 Managed Equities: AUM (in Billions) ▪ AUM increased during the quarter despite market turbulence and modest outflows $6.3 ▪ Actively managed metals strategies showed resilience in a volatile quarter $5.7 $5.2 $3.9 $3.4 $3.6 $3.3 $2.6 $2.9 $3.0 $2.9 $3.0 $2.7 $2.5 $2.5 $2.4 $2.2 Mutual Funds Insti
Slide 14: Managed Equities: Net Flows (in Millions)
14 Managed Equities: Net Flows (in Millions) ▪ Market value appreciation yet to translate into flows $135 $63 $7 $5 $9 -$2 -$6 -$38 -$29 -$47 -$36 -$55 -$70 -$55 -$61 -$106 -$108 Mutual Funds Institutional Managed Accounts Private Managed Accounts Sprott USA Bullion Funds Active ETPs
Slide 15: Private Strategies
15 Private Strategies ▪ Private strategies AUM was $2B as of March 31, 2026 o We are committed to growing Private Strategies segment o Evaluating new strategies and extensions of existing offerings ▪ Continuing to assess new investment opportunities for LF-III ▪ Expect to begin LF-IV fundraising in
Slide 16: Historical AUM & Adj. EBITDA Margin Growth
16 Historical AUM & Adj. EBITDA Margin Growth We’ve created operating leverage… 72% In billions $ 53% (1) Other net inflows include: (1) fund acquisitions and divestitures; (2) fund launches and closures; and (3) commitment fee earning committed capital
Slide 17: Balance Sheet Overview
17 Balance Sheet Overview …without financial leverage In millions $ (1) (1) In prior years, co-investments were included under loans receivable and proprietary investments on our balance sheet
Slide 18: Summary
18 Summary ▪ Geopolitical conflicts are reinforcing the case for both precious metals and critical materials investments ▪ Security of supply is top priority ▪ Structural elements of precious metals bull market are intact despite recent volatility ▪ Continuing to see benefits of expanding ETF produc
Slide 19: Supplemental Financial Information
Supplemental Financial Information
Slide 20: Revenues
20 Revenues 3 months ended In millions $ Q1 Q1 2026 2025 Management fees 81.5 40.0 Fund expenses (3.5) (2.5) Direct payouts (3.0) (1.6) Carried interest and performance fees 52.0 - Carried interest and performance fee payouts - internal (31.1) - Carried interest and performance fee payouts - externa
Slide 21: Expenses
21 Expenses 3 months ended In millions $ Q1 Q1 2026 2025 Compensation 86.1 19.6 Direct payouts (3.0) (1.6) Carried interest and performance fee payouts - internal (31.1) - Commission expense - internal (0.1) (0.1) Severance, new hire accruals and other (0.2) (0.1) Impact of market value fluctuation
Slide 22: Adjusted EBITDA Reconciliation
22 Adjusted EBITDA Reconciliation 3 months ended In millions $ Q1 Q1 2026 2025 Net income for the period 29.2 12.0 Net income margin(1) 20% 28% Adjustments: Interest expense 0.3 0.3 Provision for income taxes 12.7 3.8 Depreciation and amortization 0.7 0.5 EBITDA(2) 42.9 16.6 Adjustments: (Gain) loss