Company Overview - Sprott Asset Management USA, Inc. is a wholly-owned subsidiary of Sprott Inc., focusing on precious metals and critical materials investments [3] - The company operates globally with offices in Toronto, New York, Connecticut, and California [3] - Sprott's investment strategies include Exchange Listed Products, Managed Equities, and Private Strategies [3] Management Changes - As of September 10, 2025, Andrew Hicks is no longer a portfolio manager of the Sprott Funds Trust [1] - Ryan Mischker and Charles Perkins will continue as portfolio managers at ALPS Advisors, Inc., responsible for the day-to-day management of the funds [2] Fund Characteristics - The Sprott Active Metals & Miners ETF, Sprott Active Gold & Silver Miners, and Sprott Silver Miners & Physical Silver ETFs are new with limited operating history [8] - The funds are non-diversified and can invest a greater portion of assets in individual issuers, particularly in the natural resources and precious metals sectors [6] - Shares of the funds are not individually redeemable and are traded on a secondary market [7]

Core Viewpoint - Sprott Inc. has launched the Sprott Active Metals & Miners ETF (METL), an actively managed ETF aimed at long-term capital appreciation by investing in companies across the metals and mining industry lifecycle, including miners, recyclers, and royalty and streaming companies associated with high-demand strategic metals [1][2]. Investment Strategy - METL employs a value-oriented and contrarian investment strategy, focusing on undervalued companies with strong long-term fundamentals or growth potential that are currently out of favor with investors [2]. - The investment team combines top-down sector analysis with bottom-up stock selection, leveraging decades of collective experience in the metals and mining industry [2]. Management Team - The investment team is led by Senior Portfolio Manager & Economic Geologist Justin Tolman, along with other experienced professionals including Maria Smirnova, Shree Kargutkar, and Victor Huwang [2]. Market Positioning - Sprott's investment team conducts around 200 management meetings annually within the mining sector and performs up to 30 mining site visits to assess asset potential and identify challenges [3]. - The ETF aims to create a dynamic portfolio of essential materials miners, including those involved in copper, uranium, silver, steel, and lithium, which are critical for energy independence and national security [3]. ETF Features - METL combines the benefits of active management with the flexibility of an ETF, offering daily transparency, liquidity, and potential tax efficiency [3]. - It is part of Sprott's expanding portfolio of ETFs, which includes various other specialized funds targeting precious metals and critical materials [3][4]. Company Overview - Sprott is a global asset manager focused on precious metals and critical materials investments, with a strategy that includes Exchange Listed Products, Managed Equities, and Private Strategies [6]. - The company operates offices in Toronto, New York, Connecticut, and California, and is listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII [6].

Group 1 - The global demand for uranium from nuclear reactors is projected to increase by one-third to 86,000 tons by 2030 and reach 150,000 tons by 2040, according to the World Nuclear Association [3][4] - The current uranium market is undergoing significant changes, with supply-demand imbalances leading to a surge in spot prices from $30 per pound in 2020 to around $80 per pound currently, with a peak exceeding $100 per pound [1][7] - The Sprott Physical Uranium Trust has raised $200 million to purchase physical uranium, indicating strong demand in the market [1][6] Group 2 - A significant supply gap is expected as existing uranium mines are projected to deplete by 50% between 2030 and 2040, threatening the revival of nuclear power [3][4] - The global nuclear power capacity is expected to double to 746 GW by 2040, necessitating increased investment in uranium mining and processing facilities [4][5] - The demand for nuclear energy is being driven by geopolitical factors, such as the desire of European countries to reduce dependence on Russian gas, and the growing energy needs from data centers and electric vehicles [4][5] Group 3 - Major uranium producers are facing challenges, with some announcing production cuts due to aging mines, and new projects taking 6 to 8 years to come online [4][6] - Analysts from Morgan Stanley and Citigroup have a bullish outlook on uranium prices, predicting prices could rise to $87 per pound by Q4 2025 and potentially reach $100 per pound by 2026 [7][8] - The development of small modular reactors (SMRs) is expected to account for 20% of total uranium demand by 2040, further influencing market dynamics [7]

TORONTO, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott Asset Management”), a wholly-owned subsidiary of Sprott Inc., on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (“SPUT” or the “Trust”) today announced that the Bourse de Montreal began listing options on the Sprott Physical Uranium Trust (“SPUT”) on September 2, 2025. “We are pleased to announce that SPUT is the first physical uranium vehicle to offer option trading, further building on its leading market po ...

Group 1: Market Overview - Gold has seen a record-breaking spike in market value due to rising uncertainties in the global economy and geopolitical tensions, leading to increased interest in silver as a similarly valuable asset [1][2] - Silver's demand profile is appealing to retail investors, as it serves both as a store of value and a critical industrial material [2][4] Group 2: Industrial Demand and Supply Dynamics - Silver's unique properties, such as electrical and thermal conductivity, make it essential in various sectors, including electronics and medical applications [3] - The global silver supply has been unable to keep pace with demand for seven consecutive years, with industrial demand now accounting for 59% of silver usage [4] Group 3: Price Trends and Forecasts - Since the beginning of the year, the spot price of silver has risen approximately 30%, indicating strong market interest [5] - A recent analysis shows a balanced trend in silver prices over the past 10 weeks, with an equal number of up and down weeks, suggesting potential for continued price movement [6] - Conditional forecasts indicate an upside target of $41.65 and a downside target of $38.11 for silver over the next 10 weeks [8] Group 4: Investment Vehicles - The Sprott Silver Miners & Physical Silver ETF (SLVR) is the only ETF focused solely on silver miners and physical silver, aiming to track the performance of the Nasdaq Sprott Silver Miners Index [12][13] - Since its launch in January, the SLVR ETF has gained over 58%, benefiting from the performance of the silver mining sector [15] - Future projections for SLVR suggest an upside target of $36.54 and a downside target of $33.44 over the next 10 weeks, with potential for a sustained upward trend if certain technical patterns emerge [17]

Group 1 - Eric Sprott's corporation, 2176423 Ontario Ltd., acquired 4,760,000 Units of Emerita Resources Corp. at $1.05 per Unit, totaling $4,998,000 [1] - Following the acquisition, Sprott's total beneficial ownership increased to 25,214,544 Shares, representing approximately 8.7% of the outstanding Shares on a non-diluted basis [2] - The acquisition resulted in a decrease in holdings on a partially-diluted basis of approximately 1.2% since the last filing, bringing total holdings below 10%, thus ceasing to be insiders of Emerita Resources Corp. [2] Group 2 - The securities are held for investment purposes, with a long-term view, and Sprott may acquire or sell additional securities depending on market conditions [3]

Group 1 - Eric Sprott's corporation, 2176423 Ontario Ltd., purchased 10,777,116 common shares of Erdene Resource Development Corporation at a price of $0.90 per share, totaling approximately $9,699,404, representing about 2.9% of the outstanding shares on a non-diluted basis [1] - Following the acquisition, Mr. Sprott's total beneficial ownership increased to 83,689,581 shares, which is approximately 22.9% of the outstanding shares on a non-diluted basis, up from 19.9% prior to the acquisition [2] - The shares were acquired for investment purposes, with a long-term view, and Mr. Sprott may consider acquiring additional securities or selling existing ones based on market conditions [3]

Group 1 - The article does not provide any specific insights or data regarding a company or industry [1][2][3][4]

Financial Data and Key Metrics Changes - Assets under management (AUM) increased by $5 billion in Q2 2025 to $40 billion, a 14% increase from $35.1 billion as of March 31, 2025, and a 27% increase from $31.5 billion as of December 31, 2024 [5][6] - Net income for the quarter was $13.5 million, up 1% from $13.4 million in the same period last year, while year-to-date net income was $25.5 million, up 2% from $24.9 million [7][8] - Adjusted EBITDA for the quarter was $25.5 million, up 14% from $22.4 million year-over-year, and year-to-date adjusted EBITDA was $47.4 million, up 12% from $42.1 million [9][10] Business Line Data and Key Metrics Changes - The physical trust product suite achieved an AUM of $31 billion as of August 1, marking an all-time high, driven by market appreciation and net flows [11][12] - The managed equity segment reported $61 million in net redemptions during the quarter, with a year-to-date total of $81 million [17][18] - Private strategies AUM was $2.1 billion, slightly down from March 31, 2025, reflecting a net decrease in investments [20] Market Data and Key Metrics Changes - The metals market is experiencing upward pressure on prices due to geopolitical tensions and resource nationalism, with gold reaching a twelve-year high and platinum at its highest level in ten years [21][22] - The physical silver trust captured over 100% of net flows among US-listed peers since the beginning of 2021, significantly increasing market share [13] Company Strategy and Development Direction - The company is focused on capitalizing on the growing interest in multiple metals and has launched two new precious metals ETFs, which have seen strong early results [5][6] - The company aims to grow its market share with new ETFs and is exploring additional active ETF launches before the end of 2025 [19] Management's Comments on Operating Environment and Future Outlook - Management noted the extreme volatility in markets and expects continued fluctuations, emphasizing a cautious approach to predictions [4][5] - The company is well-positioned to create value for clients and shareholders amid a changing global trade and inventory system for metals [21][22] Other Important Information - The company has seen a strong recovery in AUM for its ETFs, rebounding to $3 billion since market lows in early April [10][12] - The uranium trust completed two capital raises, accumulating an additional 2 million pounds of uranium, bringing the total stockpile to 68.4 million pounds [13][14] Q&A Session Summary Question: How does the company determine market value changes in private strategies? - The company uses pull to par accounting for loans, which is amortized cost, and believes it is a reasonable proxy for market value [24][25] Question: What is the outlook for the uranium market? - There is a disconnect between the physical uranium market and energy policy support for nuclear energy, but utilities are expected to return to the market soon [28][30] Question: What needs to happen for the copper trust to narrow its discount to NAV? - The company is applying for a dual listing to provide more flexible redemption options, which could help close the discount [35][36] Question: What are the incremental margins as AUM rises? - As the exchange-listed product segment grows, the company expects adjusted EBITDA margins to increase, potentially approaching 80% [39][41] Question: What is the outlook for carried interest and performance fees? - Performance fees are typically calculated at year-end, making it difficult to model them on a long-term basis [50][51] Question: Is there consideration for a special dividend? - The company is focused on maintaining a high payout on earnings and may consider special dividends based on performance fees [61][62] Question: Would the company consider an ETF tracking the nuclear fuel cycle? - The company is open to new ideas but aims to focus on its core strengths in metals and mining [64][66]

Assets Under Management (AUM) - AUM increased by $5 billion during Q2, reaching $40 billion as of June 30, 2025[9] - Year-to-date, AUM has increased by $85 billion[38] - Physical Trusts AUM increased by $36 billion or 13% during the quarter[23] - Year-to-date, Physical Trusts have gained $7 billion or 294% in AUM by August 1[23] Financial Performance - The company had $751 million of cash and cash equivalents, compared to $468 million on December 31, 2024[18] - The company had $715 million of co-investments, of which $306 million can be monetized in less than 90 days[18] - Net compensation ratio was 43% for Q2 2025, compared to 44% for Q2 2024[42] - Adjusted EBITDA was $255 million for Q2 2025, with an adjusted EBITDA margin of 61%[44] Flows and Sales - Q2 net flows for Physical Trusts were $12 billion[27] - Year-to-date flows for Physical Trusts totaled $18 billion[27] - Precious metals ETFs experienced $230 million in net flows year-to-date[34] - Net redemptions of managed equities were $61 million during Q2 and $81 million year-to-date[35] ETF Performance - SLVR ETF reached $172 million in AUM as of August 1, 2025[31] - GBUG ETF reached $47 million in AUM as of August 1, 2025[31, 35]