Slide 1: 2025 Fourth Quarter Results
Contrarian. 2025 Fourth Quarter Results Innovative. February 19th, 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: Q4 and 2025 Review
4 Q4 and 2025 Review $10.5B $59.6B AUM as of ▪ AUM increased by $10.5B during Q4 to $59.6B AUM Increase Q4 December 31, 2025 ▪ On a full-year basis, AUM increased by $28.1B ▪ Subsequent to year end AUM was $70.1B as of February 13, 2026 $1.3B $3.9B ▪ Sales continued in Q4 driven by sustained interes
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 February 13, 2026, AUM was $70.1 billion, up 18% from
Slide 6: Earnings Results – 3 and 12 Months Ended
6 Earnings Results – 3 and 12 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 $123.4 million of cash and cash equivalents (December 31, 2024 - $46.8 million). In addition, we had $76.7 million of co-investments (December 31, 2024 - $72.8 million) of which $35.5 million (December 31, 2024 - $23.8 million)
Slide 8: Physical Trusts: AUM (in Billions)
8 Physical Trusts: AUM (in Billions) ▪ Physical Trusts AUM increased by $9.8B or 26% during the quarter, and $23.2B or 97% on a full year basis ▪ Subsequent to quarter end, the Physical Trusts have gained $7.2B or 15% in AUM to February 13 $54.4 $47.2 $37.4 $30.8 $27.3 $24.0 $25.1 $22.8 $20.7 $21.3
Slide 9: Physical Trusts: Net Flows (in Millions)
9 Physical Trusts: Net Flows (in Millions) ▪ Net sales continued in Q4 with net flows of $1.1B ▪ Subsequent to year end, net sales have totaled $1.7B as of February 13, 2026 ▪ FY 2025 flows of $3.6B with contributions from all the physical trusts $1,681 $1,338 $1,240 $1,069 $907 $617 $407 $478 $429
Slide 10: ETF Product Suite: AUM (in Billions)
10 ETF Product Suite: AUM (in Billions) ▪ AUM up 94% in 2025 ▪ Sprott Silver Miners & Physical Silver ETF (SLVR) surpassed $1B in AUM in January $6.7 Uranium Miners Copper Miners Silver Miners URNM COPP SLVR URNJ COPJ URNM UCITS CPPR UCITS Gold Miners URNJ UCITS SGDM $4.6 $4.4 SPUT ETC Critical Mine
Slide 11: ETF Product Suite: Net Flows (in Millions)
11 ETF Product Suite: Net Flows (in Millions) ▪ Flows in early 2026 have been robust ▪ Flows remained positive despite market correction $1,123 Uranium Miners Copper Miners Silver Miners URNM COPP SLVR URNJ COPJ URNM UCITS CPPR UCITS Gold Miners URNJ UCITS SGDM SPUT ETC Critical Minerals SGDJ SETM $
Slide 12: Managed Equities: Performance and Flows
12 Managed Equities: Performance and Flows ▪ Strong performance in both Q4 and FY 2025 with AUM increasing by 97% in the year ▪ Managed Equity AUM stood at $5.7B ▪ Flagship Gold Equity fund up 17.8% in Q4 and 147.7% on a full year basis ▪ Modest net outflows, despite outstanding performance ▪ In Q4
Slide 13: Private Strategies
13 Private Strategies ▪ Monitoring and harvesting LF-II investments Lending ▪ Actively assessing new investment opportunities for LF-III Streaming ▪ Ongoing monitoring of portfolio investments
Slide 14: Summary
14 Summary ▪ Well positioned for current markets with core strengths in precious metals and critical materials investments ▪ Fundamental drivers of precious metals intact despite recent technical correction ▪ We expect volatility to continue throughout 2026 ▪ Demand for critical materials investment
Slide 15: Supplemental Financial Information
Supplemental Financial Information
Slide 16: Revenues
16 Revenues 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2025 2024 2025 2024 Management fees 63.8 41.4 199.0 155.3 Fund expense recoveries (0.5) (0.3) (1.5) (1.0) Fund expenses (3.3) (2.7) (11.2) (10.0) Direct payouts (2.2) (1.6) (7.4) (5.9) Carried interest and performance fees 38.1 2.5
Slide 17: Expenses
17 Expenses 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2025 2024 2025 2024 Compensation 61.3 19.7 153.3 75.4 Direct payouts (18.0) (2.5) (25.7) (7.9) Severance, new hire accruals and other (0.1) (0.2) (0.3) (0.2) Impacts of market value fluctuation and graded vesting (22.4) 0.1 (52.1)
Slide 18: Adjusted EBITDA Reconciliation
18 Adjusted EBITDA Reconciliation 3 months ended 12 months ended In millions $ Q4 Q4 Q4 Q4 2025 2024 2025 2024 Net income for the period 28.7 11.7 67.3 49.3 Net income margin (1) 26% 27% 24% 28% Adjustments: Interest expense 0.4 0.6 1.2 3.1 Provision for income taxes 9.8 4.8 23.0 19.7 Depreciation a