Table of Contents Letter to shareholders 2 Management's Discussion and Analysis 4 Consolidated Financial Statements 23 Notes to the Consolidated Financial Statements 28 Dear fellow shareholders, Q2 2025 Review Sprott's Assets Under Management ("AUM") were $40 billion as of June 30, 2025, up 14% from $35.1 billion as of March 31, 2025 and up 27% from $31.5 billion as of December 31, 2024. Subsequent to quarter-end, as of August 1, 2025, AUM increased slightly to $40.1 billion. During the quarter we benefited ...

Core Viewpoint - MAX Power Mining Corp. has successfully closed non-brokered private placements for total gross proceeds of C$2,450,000, with Eric Sprott as the lead investor [1][2][3] Group 1: Private Placement Details - The company issued a total of 5,681,818 Units at a price of C$0.22, which includes 5,618,818 common shares and 5,681,818 share purchase warrants exercisable at C$0.29 per share [2] - Additionally, 7,500,000 Units were issued at C$0.16, comprising 7,500,000 common shares and 7,500,000 share purchase warrants exercisable at C$0.25 per share [2] - The warrants are exercisable until August 1, 2027, and are subject to an acceleration clause [2] Group 2: Investor Participation - Eric Sprott, through his corporation, acquired a total of 10,369,318 common shares and warrants, representing approximately 13.3% on a non-diluted basis and 23.5% on a fully diluted basis [4] - Prior to the offerings, Mr. Sprott did not own any securities of the company [4] - Insiders, including Mr. Sprott, participated in the offerings for a total of $2,072,000, which constitutes a related party transaction [7] Group 3: Use of Proceeds and Future Plans - Proceeds from the offerings will be allocated towards exploration of Natural Hydrogen properties in Saskatchewan and general working capital [8] - The company anticipates closing a previously announced LIFE Offering private placement at a price of C$0.20 per unit for total gross proceeds of C$2,000,000 on or about August 6, 2025 [8] Group 4: Company Overview - MAX Power is focused on the Natural Hydrogen sector, holding approximately 1.3 million acres (521,000 hectares) of permits for exploration [10] - The company aims to capitalize on the growing demand for decarbonization and has outlined high-priority initial drill target areas [10] - MAX Power also has a portfolio of properties in the U.S. and Canada, including a notable discovery at the Willcox Playa Lithium Project in Arizona [10]

Core Viewpoint - Eric Sprott's 2176423 Ontario Ltd. acquired a significant number of shares and warrants of Silver47 Exploration Corp. through a statutory plan of arrangement with Summa Silver Corp. [2] Group 1: Transaction Details - On August 1, 2025, 2176423 Ontario Ltd. acquired 10,383,434 common shares and 1,525,000 purchase warrants of Silver47 Exploration Corp. as part of the arrangement [2] - The arrangement allowed holders of Summa Silver Shares to receive 0.452 of a Silver47 Share for each Summa Silver Share held [2] Group 2: Ownership Changes - Prior to the arrangement, Sprott owned 22,972,200 Summa Silver Shares, representing approximately 15.3% of the outstanding shares on a non-diluted basis [3] - Following the arrangement, Sprott no longer holds any securities of Summa Silver and ceased to be an insider of the company [3] Group 3: Current Holdings in Silver47 Exploration - After the arrangement, Sprott beneficially owns 15,883,424 Silver47 Shares and 2,275,000 Silver47 Warrants, representing approximately 11.5% of the outstanding shares on a non-diluted basis [4] - Sprott's previous ownership in Silver47 was 5,500,000 shares, which was approximately 7.8% on a non-diluted basis [4] - Sprott has a long-term investment view and may acquire or sell additional securities of Silver47 Exploration depending on market conditions [4]

Group 1 - Sprott Inc. plans to release its 2025 second quarter results on August 6, 2025, at 7:00 a.m. ET [1] - An earnings webcast will be held on the same day at 10:00 a.m. ET, hosted by CEO Whitney George, CFO Kevin Hibbert, and CEO of Sprott Asset Management John Ciampaglia [1] - Research analysts covering the company are required to pre-register for the webcast [2] Group 2 - Sprott is a global asset manager specializing in precious metals and critical materials investments [3] - The company employs various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies [3] - Sprott operates offices in Toronto, New York, Connecticut, and California, and its shares are listed on both the NYSE and TSX under the symbol SII [3]

Core Viewpoint - Sierra Madre Gold and Silver Ltd. is increasing its private placement offering to issue up to 27,858,000 units at a price of $0.70 per unit, aiming for gross proceeds of up to $19,500,600 [1][2]. Group 1: Offering Details - The offering will consist of units, each comprising one common share and half a common share purchase warrant, with warrants allowing the purchase of additional shares at $0.85 for 12 months [3]. - The offering is available to Canadian residents, excluding Quebec, under the Listed Issuer Financing Exemption, with no hold period for Canadian subscribers [4]. - The expected closing date for the offering is around July 24, 2025, pending necessary regulatory approvals [7]. Group 2: Company Background - Sierra Madre Gold and Silver Ltd. focuses on precious metals development and exploration, particularly at the Guitarra mine in Mexico, which has resumed commercial production as of January 2025 [8]. - The Tepic Project, covering over 2,600 hectares, contains low-sulphidation epithermal gold and silver mineralization with an existing historic resource [9]. - The management team has extensive experience in raising capital for mining companies, having collectively raised over $1 billion [9].

Core Points - Eric Sprott announced the expiration of 5,555,556 common share purchase warrants of Silver One Resources Inc. on July 14, 2025, resulting in a decrease of approximately 2.0% in his holdings on a partially diluted basis [1][2] - Following the expiration, Mr. Sprott now beneficially owns 37,873,016 shares, representing approximately 14.1% of the outstanding shares on a non-diluted basis [2] - The warrants' expiration led to a change in partially diluted ownership greater than 2%, necessitating an update to the early warning report [2] Company Holdings - Prior to the expiration, Mr. Sprott controlled 37,873,016 shares and 5,555,556 warrants, which represented approximately 14.1% of the outstanding shares on a non-diluted basis and approximately 15.8% on a partially diluted basis [1] - The securities are held 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]

Core Viewpoint - The Sprott Silver Miners & Physical Silver ETF (SLVR) has rapidly gained assets, reaching $100 million in assets under management within five months of its launch, highlighting strong investor interest in silver as an undervalued precious metal [2][3]. Company Overview - Sprott Asset Management USA, Inc. is a global asset manager focused on precious metals and critical materials investments, with a strong emphasis on in-depth knowledge and experience in the sector [9]. ETF Details - SLVR is the only ETF providing pure-play exposure to silver miners and physical silver, investing at least 80% of its total assets in securities of the Nasdaq Sprott Silver Miners Index (NSLVR) [2][3]. - The ETF aims to track the performance of a selection of securities in the silver industry, including producers, developers, explorers, and physical silver [3][4]. Market Context - Silver prices have recently surpassed $35 per ounce for the first time in over 12 years, indicating a potential upward trend that may benefit silver miners as fundamentals improve and industrial demand grows [3]. - The ETF's launch comes at a time when silver is perceived to be undervalued relative to gold, suggesting a favorable investment environment for silver-related assets [3]. Related Products - SLVR is part of a broader family of Sprott ETFs, which includes other precious metals ETFs such as the Sprott Active Gold & Silver Miners ETF (GBUG), Sprott Gold Miners ETF (SGDM), and Sprott Junior Gold Miners ETF (SGDJ) [4]. - Sprott also offers critical materials ETFs that provide exposure to sectors like uranium, copper, lithium, and nickel [4][6].

Core Viewpoint - NexGold Mining Corp. has announced additional results from its diamond drilling program at the Goliath Gold Complex, indicating promising gold mineralization and potential for resource expansion [1][3][22] Drilling Results - The company has completed 21,000 metres of a planned 25,000-metre drill program, with the latest drilling covering 6,355 metres across 30 holes [1][2] - Drilling at the Goliath Deposit focused on infilling shallow zones of mineralization, with 1,749 metres drilled in 14 holes, confirming gold mineralization in the C, D, and E zones [2][3] - The Eastern Alteration Corridor (EAC) prospect received 993 metres of drilling in four holes, also intersecting gold mineralization [2][3] Selected Drill Intercepts - Significant drill intercepts include: - 1.05 g/t gold over 21.20 metres in hole TL25710, with higher grades of 16.20 g/t over 0.70 metres [4][10] - 13.67 g/t gold over 1.75 metres in hole TL25698, including 34.20 g/t over 0.68 metres [4][10] - 4.97 g/t gold over 0.80 metres in hole GSW-25-04 at Goldlund Southwest [7][10] Goldlund Southwest Drilling - An initial drilling campaign at Goldlund Southwest covered 3,613 metres across 12 holes, targeting potential extensions of the granodiorite sills [5][10] - Drilling results indicated several quartz veins and zones of gold mineralization, although over short distances [5][7] Future Development Plans - The company plans further drilling at the EAC prospect to assess the extent of gold mineralization and its potential inclusion in future development [3][22] - Current drill results will not impact the ongoing Feasibility Study but may contribute to future Mineral Resource updates [22] Financial Update - NexGold has elected to issue 1,317,385 common shares to Sprott Resources Streaming and Royalty Corp. to satisfy a minimum payment of US$675,000 under a royalty agreement [14]

Core Viewpoint - Eric Sprott has increased his holdings in Inventus Mining Corp, acquiring an additional 11,842,000 common shares, which raises his total ownership to approximately 16.4% of the outstanding shares [1][2]. Group 1: Acquisition Details - The acquisition was made through 2176423 Ontario Ltd. at a price of $0.16 per share, totaling an investment of $1,894,720 [1]. - Prior to this acquisition, Sprott owned 21,549,833 shares, representing about 10.6% of the outstanding shares [2]. - The recent purchase represents an increase of approximately 5.8% in his holdings since the last early warning report [2]. Group 2: Investment Intentions - The shares were acquired for investment purposes, with a long-term view on the investment [3]. - Sprott may consider acquiring additional securities or selling existing ones based on market conditions and other relevant factors [3].

Group 1 - The investment strategy focuses on turnarounds in natural resource industries with a typical holding period of 2-3 years, emphasizing value for downside protection and upside participation [1][4] - The portfolio has achieved a compounded annual growth rate of 29% over the last 6 years [1] - Sprott Inc. is a North American investment company specializing in natural resource investments, with approximately 50% of assets under management (AUM) in gold, 25% in silver, and 25% in critical materials, primarily uranium-related products [3] Group 2 - The investing group targets companies with quality characteristics that are trading at depressed valuations, allowing for participation in the upside of natural resource investing while minimizing extreme drawdowns [4] - Current focus on natural resource industries is driven by monetary and fiscal policies, underinvestments, and attractive valuations [4]