Financial Data and Key Metrics Changes - The company's Assets Under Management (AUM) increased by $10.5 billion during Q4 2025, closing the year at $59.6 billion, which is up 21% from $49.1 billion as of September 30, 2025, and up 89% from $31.5 billion as of December 31, 2024 [3][5] - Net income for Q4 was $28.7 million, up from $11.7 million in the same period last year, while full-year net income was $67.3 million, an increase of 37% from $49.3 million last year [6][10] - Adjusted EBITDA for Q4 was $42 million, up 88% from $22.4 million year-over-year, and $121 million for the full year, up 43% from $85.2 million [10] Business Line Data and Key Metrics Changes - The ETF business accounted for over $4.6 billion of total AUM as of year-end 2025, with AUM now approaching $7 billion in 2026 [4] - Managed equity strategies saw AUM increase by 97% to $5.7 billion, with flagship gold equity fund gaining 148% for the full year [18] - The physical trusts fund suite generated significant growth with a 97% gain in AUM to $47 billion [12] Market Data and Key Metrics Changes - Investor interest in multiple metals contributed to strong net sales in 2025, particularly in exchange-listed products [4] - Gold, silver, platinum, and copper reached all-time highs, while uranium hit a two-year high [12] - The copper trust generated $54 million year-to-date, reflecting growing investor interest in copper [13] Company Strategy and Development Direction - The company is positioned to capitalize on a new metals-driven commodity super cycle, with expectations of increased investor interest in critical materials [12][21] - Plans to continue expanding the ETF offerings and exploring new launches, with at least one new ETF expected in the first half of 2026 [21] - The company aims to maintain a strong balance sheet while growing dividends and considering opportunistic buybacks [64] Management's Comments on Operating Environment and Future Outlook - The management anticipates more market volatility in 2026, viewing recent sell-offs as healthy corrections [20] - There is a growing demand for critical materials investments, with government involvement expected to increase [21] - The company is optimistic about the interest in managed equity funds and private strategies translating into meaningful sales in 2026 [22] Other Important Information - The company raised its dividend by 33% in November 2025 due to improved earnings [10] - The cash and liquidity profile strengthened significantly in 2025 [10] Q&A Session Summary Question: How should we think about incremental margins on your ETFs relative to the trusts? - The ETF platform benefits from scale, allowing for additional margin capture as assets grow, with most funds now above break-even AUM levels [23][25] Question: Where would be the break-even level for the ETFs? - Break-even levels for ETFs range from $25 million to $75 million, depending on management fees and market listings [26] Question: Are you seeing greater competition from other asset managers in precious metals? - The ETF market is mature, with many offerings, but the company has not had to discount pricing due to the premium nature of its products [27][28] Question: Can you discuss performance fees and expectations for 2026? - Performance fees are episodic and depend on market conditions; significant contributions were from managed equities and legacy exploration LPs [33][36] Question: What is the current state of the physical silver market? - The physical market has seen significant buying, particularly in India and China, but has recently experienced volatility driven by paper markets [50][52]

Core Viewpoint - Sprott Inc. has declared a fourth quarter 2025 dividend of US$0.40 per common share, payable on March 17, 2026, to shareholders of record as of March 2, 2026 [1] Group 1: Dividend Details - The dividend will be paid in Canadian dollars to registered shareholders residing in Canada and beneficial holders whose intermediaries are participants in CDS, based on the spot price exchange rate on the payment date [2] - Registered shareholders outside Canada, including those in the United States, will receive their dividend in U.S. dollars, with an option for beneficial holders through CDS to elect for U.S. dollar payments [2] - The dividend is designated as an eligible dividend for Canadian income tax purposes [3] Group 2: Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, distinguishing itself through in-depth knowledge and relationships [4] - The company offers various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies, and has offices in Toronto, New York, Connecticut, and California [4] - Sprott's common shares are listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII [4]

Core Viewpoint - Sprott Inc. is set to release its fourth quarter results for 2026 on February 19, 2026, and will host a webcast to discuss these results [1]. Group 1: Earnings Release - The earnings release is scheduled for 7:00 a.m. ET on February 19, 2026 [1]. - A webcast will take place at 10:00 a.m. ET on the same day, featuring Sprott's CEO, CFO, and Asset Management CEO [1]. Group 2: Company Overview - 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].