Core Viewpoint - TD Securities has maintained a "Hold" rating for Sprott Inc. while raising the price target to C$180 from C$176, indicating confidence in the company's growth potential in the precious metals sector [1][5] Financial Performance - Sprott reported a significant increase in Assets Under Management (AUM), reaching $59.6 billion by the end of 2025, which represents a 21% rise from $49.1 billion in September 2025 and an 89% increase from $31.5 billion at the end of 2024 [2] - The growth in AUM was attributed to market value appreciation and $3.9 billion in net sales, particularly in the Exchange Listed Products segment [2] Market Conditions - The year 2025 was favorable for precious metals, with gold, silver, platinum, and palladium outperforming traditional asset classes, reinforcing the strong fundamentals of precious metals as emphasized by Sprott's CEO [3] - The company's investment strategies in critical materials also performed well, driven by increasing investor demand [3] Stock Performance - Sprott's stock price has increased to $142.56, reflecting an 8.99% rise or $11.77, with fluctuations between $132.43 and $142.685 on the same day [4] - The stock has a 52-week high of $143 and a low of $39.33, with a market capitalization of approximately $3.68 billion and a trading volume of 263,847 shares [4]

Core Viewpoint - Sprott Inc. reported significant growth in Assets Under Management (AUM) and net income for the year ended December 31, 2025, driven by market value appreciation and strong demand for precious metals and critical materials [2][11][20]. AUM Highlights - AUM reached $59.6 billion as of December 31, 2025, representing a 21% increase from $49.1 billion as of September 30, 2025, and an 89% increase from $31.5 billion as of December 31, 2024 [2][3]. - The growth in AUM was attributed to market value appreciation across fund products and $3.9 billion in net sales, particularly in the Exchange Listed Products segment [2][3]. Revenue Highlights - Management fees for the quarter were $63.8 million, up 54% from $41.4 million for the same quarter in 2024, and $199 million for the full year, up 28% from $155.3 million in 2024 [6]. - Carried interest and performance fees for the quarter were $38.1 million, a significant increase from $2.5 million in the same quarter of 2024, and $54.7 million for the full year, up from $7.3 million in 2024 [6]. - Total net revenues for the year were $285.1 million, compared to $178.7 million in 2024, reflecting strong performance across various segments [20]. Expense Highlights - Net compensation expense for the quarter was $20.9 million, up 22% from $17 million in the same quarter of 2024, and $75.1 million for the full year, up 12% from $66.8 million in 2024 [5]. - Stock-based compensation expense for the quarter was $28.2 million, significantly higher than $5 million in the same quarter of 2024, due to a transition to a cash-settled stock-based compensation plan [5][21]. - SG&A expenses were $5.1 million for the quarter, a slight increase from $4.9 million in the same quarter of 2024, while full-year SG&A expenses decreased to $18.5 million from $18.8 million in 2024 [7]. Earnings Summary - Net income for the quarter was $28.7 million ($1.11 per share), up from $11.7 million ($0.46 per share) in the same quarter of 2024, and $67.3 million ($2.61 per share) for the full year, up 37% from $49.3 million ($1.94 per share) in 2024 [11][22]. - Adjusted EBITDA for the quarter was $42.1 million ($1.63 per share), an 88% increase from $22.4 million ($0.88 per share) in the same quarter of 2024, and $121.4 million ($4.71 per share) for the full year, up 43% from $85.2 million ($3.35 per share) in 2024 [11][24]. Subsequent Events - As of February 13, 2026, AUM increased to $70.1 billion, reflecting an 18% rise from $59.6 billion as of December 31, 2025, driven by $7.7 billion in market value appreciation and $2.8 billion in net inflows [11]. - The Board of Directors announced a quarterly dividend of $0.40 per share on February 18, 2026 [11].