Core Points - Eric Sprott's corporation, 2176423 Ontario Ltd., acquired 249,300 common shares of Maritime Resources Corp, representing approximately 0.2% of the outstanding shares at an average price of $2.20 per share for a total of about $549,208 [1] - Following this acquisition, Mr. Sprott's total beneficial ownership increased to 10,255,000 shares and 2,666,700 warrants, representing approximately 8.3% of the outstanding shares on a non-diluted basis and 10.2% on a partially diluted basis [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]

Financial Data and Key Metrics Changes - Assets under management (AUM) increased by $9 billion during the quarter, reaching $49.1 billion, a 23% increase from $40 billion as of June 30, and a 56% increase from $31.5 billion as of December 31, 2024 [3][6] - Net income for the quarter was $13.2 million, up 4% from $12.7 million year-over-year, while year-to-date net income was $38.6 million, up 3% from $37.6 million [7][10] - Adjusted EBITDA for the quarter was $31.9 million, a 54% increase from $20 million year-over-year, and year-to-date adjusted EBITDA was $79.3 million, up 26% from $62.8 million [10] Business Line Data and Key Metrics Changes - The managed equities business performed exceptionally well, with some strategies up more than 100% as of October 31 [4] - The physical trusts segment finished October at $39.4 billion, representing 76% of overall AUM, with year-to-date growth of $15.4 billion or 64% [12] - The ETF product suite saw AUM growth of 83% this year, with most ETFs exceeding break-even AUM levels [15] Market Data and Key Metrics Changes - The company experienced record high net flows in September, with the highest-ever monthly sales number achieved across 18 different funds [14] - The uranium market saw a price increase, with the term price reaching a multi-year high of $86, indicating strong demand [25] - The silver market experienced a dislocation, with significant trading activity and movement of physical silver between markets [55] Company Strategy and Development Direction - The company is focused on expanding its suite of funds to include a broader range of metals and listing ETFs across multiple jurisdictions to attract institutional investors [14] - The strategic importance of critical material supply chains and energy security is emphasized, with the U.S. government ramping up interventions in critical materials markets [20] - The company aims to leverage the strengths of its investment team through actively managed ETFs, which are gaining popularity among investors [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the current environment is favorable for multiple metals, driven by geopolitical shifts and the demand for critical materials due to AI infrastructure build-out [13][20] - The company believes that gold is chronically under-owned among U.S. investors, suggesting potential for significant price increases with slight allocation adjustments [19] - The outlook for critical materials remains strong, with government initiatives aimed at securing supply and reducing reliance on foreign sources [20] Other Important Information - The board declared a third-quarter dividend of $0.40 per share, a 33% increase from the previous quarter [4][10] - The company announced the strengthening of its executive team with new appointments, signaling confidence in its leadership [5] Q&A Session Summary Question: Challenges in sourcing uranium material - Management indicated that sourcing uranium has been active, with 7 million pounds purchased in the spot market since late June, despite market tightness [24] Question: Impact of ETF growth on net flow volatility - Management explained that physical trusts are less volatile than mining stocks, and institutions typically start with physical allocations before moving to equities [28] Question: Flows in the quarter and institutional demand - Management noted that flows have been largely institutional-driven, with a mix of retail and institutional interest, and a growing trend of institutional allocations to the space [36] Question: Plans for cash on the balance sheet - Management expressed commitment to not building a money market fund, indicating plans for potential acquisitions and continued share buybacks [42] Question: Update on uranium trust inventory and U.S. origin material - Management clarified that a small percentage of uranium inventory is of U.S. origin, with ongoing discussions about a strategic uranium reserve by the U.S. government [52] Question: Insights on the physical silver market - Management provided insights into recent dislocations in the silver market, highlighting significant trading activity and the movement of silver between jurisdictions [55]

Assets Under Management (AUM) - AUM increased by $9.1 billion during Q3, reaching $49.1 billion[9] - AUM surpassed $50 billion for the first time in October[9] - Physical Trusts AUM increased by $6.5 billion or 21% during the quarter[25] - Year-to-date, Physical Trusts have gained $15.4 billion or 64% in AUM[25] - ETF AUM is up sharply in 2025, increasing by 83%[31] Financial Performance - The company bought back 15,386 shares during the quarter at an average price of $64.99/share, totaling $1 million[21] - Year-to-date, the company bought back 28,601 shares at an average price of $54.27/share, totaling $1.6 million[21] - Third quarter dividend increased by 33% to $0.40 per share from the second quarter's $0.30 per share[9, 22] - Adjusted EBITDA reached $31.9 million for Q3 2025, with an adjusted EBITDA margin of 65%[43] - Net income for the period was $13.2 million, resulting in a net income margin of 20%[43]

Core Insights - Sprott Inc. reported significant growth in Assets Under Management (AUM), reaching $49.1 billion as of September 30, 2025, a 23% increase from $40 billion at the end of June 2025 and a 56% increase from $31.5 billion at the end of December 2024 [2][3] - The company achieved $1.1 billion in net sales during the quarter, with September marking the best sales month in its history at $879 million across 20 investment strategies [2] - Sprott's ETF offerings have expanded, with AUM growing from less than $400 million in 2022 to over $4.5 billion [2] - A quarterly dividend of $0.40 per share was declared, representing a 33% increase, reflecting confidence in the company's future [2] AUM Highlights - AUM was $49.1 billion as of September 30, 2025, up 23% from $40 billion as of June 30, 2025, and up 56% from $31.5 billion as of December 31, 2024 [3] - The growth in AUM was driven by market value appreciation and positive net inflows, particularly in physical trusts [3] Revenue Highlights - Management fees for the quarter were $50.7 million, a 30% increase from $39 million for the same quarter in 2024 [6] - Net fees were $46.7 million for the quarter, up 20% from $38.9 million for the same quarter in 2024 [6] - Commission revenues increased to $3.8 million for the quarter, up from $0.5 million for the same quarter in 2024 [6] Expense Highlights - Net compensation expense was $19 million for the quarter, up 13% from $16.7 million for the same quarter in 2024 [5] - Stock-based compensation expense was $22.4 million for the quarter, significantly up from $4.8 million for the same quarter in 2024 [5] - Selling, general, and administrative expenses were $4.5 million for the quarter, down 3% from $4.6 million for the same quarter in 2024 [7] Earnings Summary - Net income for the quarter was $13.2 million ($0.51 per share), a 4% increase from $12.7 million ($0.50 per share) for the same quarter in 2024 [11] - Adjusted EBITDA was $31.9 million ($1.24 per share) for the quarter, up 54% from $20.7 million ($0.81 per share) for the same quarter in 2024 [11] Subsequent Events - New executive appointments include Ryan McIntyre as President and Kevin Hibbert and Arthur Einav as Co-Chief Operating Officers [9][10] - As of October 31, 2025, AUM increased to $51 billion, reflecting continued market value appreciation and net inflows [11]

Core Points - Sprott Inc. announced a third quarter 2025 dividend of US$0.40 per common share, marking a 33% increase from the previous quarter's dividend [1] - The dividend will be payable on December 2, 2025, to shareholders of record as of November 17, 2025 [1] Dividend Payment Details - Registered shareholders in Canada will receive dividends in Canadian dollars, while those outside Canada, including the U.S., will receive them in U.S. dollars [2] - Beneficial holders in Canada can elect to receive dividends in U.S. dollars by contacting their broker [2] - The dividend is designated as an eligible dividend for Canadian income tax purposes [3] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments [4] - The company employs various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies [4] - Sprott has offices in Toronto, New York, Connecticut, and California, and its shares are listed on both the NYSE and TSX under the symbol SII [4]

Summary of Key Points Core Viewpoint - Eric Sprott has significantly increased his holdings in Sokoman Minerals Corp through a private placement, acquiring 53 million shares at a total cost of $10,070,000, indicating a strong investment interest in the company [1][2]. Group 1: Acquisition Details - On October 31, 2025, 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, acquired 53,000,000 common shares of Sokoman Minerals Corp at a price of $0.19 per share [1]. - The total consideration for this acquisition amounted to $10,070,000 [1]. Group 2: Ownership Changes - Prior to the acquisition, Eric Sprott owned and controlled 60,414,465 shares, which represented approximately 16.7% of the outstanding shares [2]. - Following the acquisition, his total ownership increased to 113,414,465 shares, representing approximately 23.8% of the outstanding shares, marking an increase of about 2.7% from the previous report [2]. Group 3: Investment Intentions - The shares are held for investment purposes, with a long-term view on the investment [3]. - Eric Sprott may consider acquiring additional securities or selling existing ones depending on market conditions and other relevant factors [3].

Core Points - Sprott Inc. plans to release its 2025 third quarter results on November 5, 2025, at 7:00 a.m. ET [1] - An earnings webcast will be held on the same day at 10:00 a.m. ET, featuring CEO Whitney George, CFO Kevin Hibbert, and Asset Management CEO John Ciampaglia [1] - Pre-registration for the webcast is currently open [2] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, distinguishing itself through in-depth knowledge and experience [3] - The company's investment strategies include Exchange Listed Products, Managed Equities, and Private Strategies [3] - Sprott operates offices in Toronto, New York, Connecticut, and California, with its common shares listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII [3]

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$2 billion in units of the Sprott Physical Gold Trust, aimed at investing in physical gold bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement, with participation from various agents including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the U.S. agents restricted to U.S. marketplaces [3]. - The Trust will determine the volume and timing of distributions at its discretion, intending to use proceeds to acquire physical gold bullion [4]. Group 2: Offering Documents - The offering is made under a prospectus supplement dated October 29, 2025, which is part of the Trust's registration statement filed with the SEC [5]. - The U.S. and Canadian prospectus supplements are available on the SEC and SEDAR+ websites, respectively [5]. Group 3: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on Exchange Listed Products and Managed Equities [8]. - The Trust's investment objectives and strategies, along with management fees, are detailed in its annual information form for the year ended December 31, 2024 [9].

Core Points - Eric Sprott's corporation, 2176423 Ontario Ltd., acquired 3,333,333 units of Electric Metals (USA) Limited at a price of $0.30 per unit, totaling approximately $1,000,000 [1] - Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant allowing the purchase of one share at $0.45 for 18 months [1] - Following the acquisition, Sprott's total holdings increased to 17,727,272 shares and 5,833,333 warrants, representing approximately 8.8% of outstanding shares on a non-diluted basis and 11.4% on a partially-diluted basis [2] Summary of Holdings - Prior to the acquisition, Sprott owned 14,393,939 shares and 4,166,666 warrants, which represented about 7.7% of outstanding shares on a non-diluted basis and 9.7% on a partially-diluted basis [2] - The recent acquisition resulted in an increase in holdings above 10%, necessitating the filing of an early warning report [2] Investment Intent - The securities are held 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 - Eric Sprott announced the expiration of 2,500,000 common share purchase warrants of Trigon Metals Inc., resulting in a decrease of approximately 5.8% in holdings on a partially diluted basis [1][2] - Prior to the expiration, Sprott beneficially owned 6,509,666 shares, representing about 11.9% of the outstanding shares on a non-diluted basis and approximately 15.7% on a partially diluted basis [1][2] - Following the expiration of the warrants, Sprott's beneficial ownership is now 6,509,666 shares, maintaining the 11.9% ownership on a non-diluted basis [2] Group 2 - The securities held by Sprott are for investment purposes, with a long-term view, and there may be future acquisitions or sales depending on market conditions [3]