Earnings release
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Sprott Announces Third Quarter 2026 Results TORONTO, Nov. 04, 2026 -- Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2026. Management commentary "Sprott’s Assets Under Management (“AUM”) were $57.3 billion as at September 30, 2026, up 3% from $55.6 billion as at June 30, 2026 and down 4% from $59.6 billion as at December 31, 2025," said Whitney George, Chief Executive Officer of Sprott. "Stronger precious metals and critical materials prices contributed to market value appreciation across most of our fund products during the quarter. Our critical materials strategies delivered positive net sales during the period, while we experienced net redemptions in our precious metals strategies. Our average AUM was $58.8 billion for the quarter, up $16.5 billion or 39% from $42.3 billion for the quarter ended September 30, 2025." "We continue to apply a disciplined capital allocation framework and, despite the current volatile environment, we remain confident in Sprott's future and the improving fundamentals for our core investment themes. Given our continued strong financial results, on November 3, 2026 our board of directors approved a 25% increase to our regular quarterly dividend," added Mr. George. Key AUM highlights1 • AUM was $57.3 billion as at September 30, 2026, up 3% from $55.6 billion as at June 30, 2026 and down 4% from $59.6 billion as at December 31, 2025. On a three months ended basis, our AUM was positively impacted by market value appreciation across a majority of our fund products. On a nine months ended basis, our AUM was negatively impacted by market value depreciation and net outflows from our precious metals products, partially offset by positive net inflows to our critical materials products. Average AUM was $58.8 billion for the quarter, up $16.5 billion or 39% from $42.3 billion for the quarter ended September 30, 2025, and $64 billion on a year-to-date basis, up $26.3 billion or 70% from $37.7 billion for the nine months ended September 30, 2025. On a three and nine months ended basis, our average AUM was positively impacted by a combination of net inflows and market value appreciation across a majority of our fund products since the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations. Key revenue highlights • Management fees were $70.8 million for the quarter, up $20.1 million or 40% from $50.7 million for the quarter ended September 30, 2025, and $228.7 million on a year-to-date basis, up $93.6 million or 69% from $135.1 million for the nine months ended September 30, 2025. Carried interest and performance fees were $0.1 million for the quarter, down $1.7 million or 95% from $1.8 million for the quarter ended September 30, 2025, and $52.1 million on a year-to-date basis, up $35.6 million from $16.6 million for the nine months ended September 30, 2025. Net fees were $64.5 million for the quarter, up $17.4 million or 37% from $47.1 million for the quarter ended September 30, 2025, and $227.6 million on a year-to-date basis, up $91 million or 67% from $136.6 million for the nine months ended September 30, 2025. Our revenue performance in the quarter and on a nine months ended basis was primarily due to an increase in average AUM attributable to a combination of net inflows and market value appreciation across a majority of our fund products since the end of the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations that commenced in the second quarter of this year. Additionally, we benefited from carried interest crystallization in our private strategies segment in the first quarter. • Commission revenues were $0.5 million for the quarter, down $3.3 million or 88% from $3.8 million for the quarter ended September 30, 2025 and $7.7 million on a year-to-date basis, up $1.9 million or 33% from $5.8 million for the nine months ended September 30, 2025. Net commissions were $0.3 million for the quarter, down $1.4 million or 80% from $1.7 million for the quarter ended September 30, 2025 and $4 million on a year-to-date basis, up $1.4 million or 53% from $2.6 million for the nine months ended September 30, 2025. The decrease in the quarter was due to lower ATM activity in our physical uranium trust and the increase on a nine months ended basis was due to higher ATM activity, primarily in our physical uranium trust, and to a lesser extent, in our physical copper trust. • Finance income was $1.9 million for the quarter, up $0.3 million or 20% from $1.6 million for the quarter ended September 30, 2025 and $6 million on a year-to-date basis, up $1.8 million or 43% from $4.2 million for the nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was primarily due to increased interest income on higher cash balances. Key expense highlights • Net compensation expense was $22.1 million for the quarter, up $3.1 million or 16% from $19 million for the quarter ended September 30, 2025 and $68.5 million on a year-to-date basis, up $14.2 million or 26% from $54.3 million for the
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nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 33% in the quarter (September 30, 2025 - 39%) and 31% on a year-to-date basis (September 30, 2025 - 42%). Stock-based compensation expense was $16.5 million for the quarter, down $5.8 million or 26% from $22.4 million for the quarter ended September 30, 2025 and $56.3 million on a year-to-date basis, up $9.1 million or 19% from $47.2 million for the nine months ended September 30, 2025. The decrease in the quarter was due to a lower mark-to-market taken on our cash-settled restricted stock units ("RSUs"), as our stock price appreciated 6% during the quarter, whereas this same time last year the mark appreciated 20%. On a year-to-date basis, the increase was primarily due to the settlement of a portion of the 2025 stock grant in the first quarter of 2026, at a time when the stock price reached near record highs ($142.90/share). Since inception of our RSU program in 2025, stock-based compensation expense has moved in line with the Company's stock price, while the magnitude of the expense has dropped significantly since Q2, 2026 due to the Company issuing 71% less RSUs this year than in 2025. • SG&A expense was $5.7 million for the quarter, up $1.2 million or 27% from $4.5 million for the quarter ended September 30, 2025 and $16.6 million on a year-to-date basis, up $3.2 million or 24% from $13.4 million for the nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was due to higher marketing and professional services costs. 1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of "Supplemental financial information" Earnings summary • Net income for the quarter was $22 million ($0.86 per share), up $8.8 million or 67% from $13.2 million ($0.51 per share) for the quarter ended September 30, 2025 and $85.5 million ($3.32 per share) on a year-to-date basis, up $46.9 million from $38.6 million ($1.50 per share) for the nine months ended September 30, 2025. Our net income performance was primarily due to higher average AUM in our exchange listed products and managed equities segments, as well as carried interest crystallization in our private strategies segment in the first quarter. • Adjusted EBITDA was $46 million ($1.79 per share) for the quarter, up $14.1 million or 44% from $31.9 million ($1.24 per share) for the quarter ended September 30, 2025 and $154.7 million ($6.01 per share) on a year-to-date basis, up $75.4 million or 95% from $79.3 million ($3.07 per share) for the nine months ended September 30, 2025. Our Adjusted EBITDA increased in the quarter and on a nine months ended basis due to higher average AUM, attributable to a combination of net inflows and market value appreciation across a majority of our fund products since the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations. Subsequent events • Subsequent to quarter-end, as at October 30, 2026, AUM was $52.1 billion, down 9% from $57.3 billion as at September 30, 2026. • On November 3, 2026, the Sprott Board of Directors declared a quarterly dividend of $0.50 per share. Supplemental financial information Please refer to the September 30, 2026 quarterly financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company's financial position as at September 30, 2026 and the Company's financial performance for the three and nine months ended September 30, 2026. Schedule 1 - AUM continuity 3 months results (In millions $) AUM Jun. 30, 2026 Net inflows Market value changes Other net inflows AUM Sep. 30, 2026 Net management fee rate(1) Exchange listed products - Precious metals physical trusts and ETFs - Physical Gold Trust 14,749 381 506 — 15,636 0.35% - Physical Silver Trust 12,642 (542) 426 — 12,526 0.45% - Physical Gold and Silver Trust7,332 (208) 245 — 7,369 0.40% - Precious Metals ETFs 1,473 17 202 — 1,692 0.39% - Physical Platinum & Palladium Trust 543 (47) 35 — 531 0.50% 36,739 (399) 1,414 — 37,754 0.40% - Critical materials physical trusts and ETFs - Physical Uranium Trust 7,044 — 360 — 7,404 0.31%
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- Critical Materials ETFs 3,960 236 (299) — 3,897 0.57% - Physical Copper Trust 203 (4) 16 — 215 0.33% 11,207 232 77 — 11,516 0.41% Total exchange listed products47,946 (167) 1,491 — 49,270 0.40% Managed equities(2) 5,619 (37) 460 — 6,042 0.80% Private strategies 1,997 (3) 15 — 2,009 0.75% Total AUM 55,562 (207) 1,966 — 57,321 0.45% 9 months results (In millions $) AUM Dec. 31, 2025 Net inflows Market value changes Other net inflows AUM Sep. 30, 2026 Net management fee rate(1) Exchange listed products - Precious metals physical trusts and ETFs - Physical Gold Trust 15,976 295 (635) — 15,636 0.35% - Physical Silver Trust 15,109 (51) (2,532) — 12,526 0.45% - Physical Gold and Silver Trust9,065 (1,008) (688) — 7,369 0.40% - Precious Metals ETFs 1,654 45 (7) — 1,692 0.39% - Physical Platinum & Palladium Trust 773 (86) (156) — 531 0.50% 42,577 (805) (4,018) — 37,754 0.40% - Critical materials physical trusts and ETFs - Physical Uranium Trust 6,158 703 543 — 7,404 0.31% - Critical Materials ETFs 2,950 1,572 (625) — 3,897 0.57% - Physical Copper Trust 131 60 24 — 215 0.33% 9,239 2,335 (58) — 11,516 0.41% Total exchange listed products51,816 1,530 (4,076) — 49,270 0.40% Managed equities(2) 5,656 (212) 598 — 6,042 0.80% Private strategies 2,134 (188) 63 — 2,009 0.75% Total AUM 59,606 1,130 (3,415) — 57,321 0.45% (1)Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses. (2)Managed equities is made up of funds and high net worth managed accounts invested primarily in precious metals strategies (95%) and U.S. value strategies (5%). Schedule 2 - Summary financial information (In thousands $) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Management fees 70,797 76,388 81,538 63,818 50,710 44,446 39,989 41,441 Fund expenses(3,534) (4,107) (3,452) (3,304) (2,778) (2,699) (2,464) (2,708) Direct payouts (2,778) (3,007) (2,987) (2,247) (1,871) (1,709) (1,602) (1,561) Carried interest and performance fees 82 — 52,033 38,104 1,757 14,807 — 2,511 Carried interest and performance fee payouts -
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internal (33) — (31,121) (15,465) (690) (1,298) — (830) Carried interest and performance fee payouts - external — — (2,247) — — — — — Net fees 64,534 69,274 93,764 80,906 47,128 53,547 35,923 38,853 Commissions 470 1,456 5,822 2,655 3,816 1,725 286 819 Commission expense - internal (31) (65) (71) (275) (329) (180) (52) (146) Commission expense - external (108) (652) (2,791) (1,143) (1,801) (779) (47) (290) Net commissions 331 739 2,960 1,237 1,686 766 187 383 Finance income 1,902 1,634 2,481 2,464 1,583 1,213 1,402 1,441 Co-investment income 160 129 205 198 234 280 151 296 Less: Carried interest and performance fees (net of payouts) (49) — (18,665) (22,639) (1,067) (13,509) — (1,681) Total net revenues(1) 66,878 71,776 80,745 62,166 49,564 42,297 37,663 39,292 Add: Carried interest and performance fees 82 — 52,033 38,104 1,757 14,807 — 2,511 Gain (loss) on investments 1,711 615 873 4,195 7,012 2,703 1,534 (3,889) Fund expenses 3,534 4,107 3,452 3,304 2,778 2,699 2,464 2,708 Direct payouts 2,778 3,007 2,987 2,247 1,871 1,709 1,602 1,561 Commission expense - internal/external 139 717 2,862 1,418 2,130 959 99 436 Total revenues75,122 80,222 142,952 111,434 65,112 65,174 43,362 42,619 Compensation 34,784 24,157 86,071 61,329 38,550 33,825 19,597 19,672 Direct payouts (2,778) (3,007) (2,987) (2,247) (1,871) (1,709) (1,602) (1,561) Carried interest and performance fee payouts - internal (33) — (31,121) (15,465) (690) (1,298) — (830) Commission expense - internal (31) (65) (71) (275) (329) (180) (52) (146) Severance, new hire accruals and other (235) (153) (169) (125) (111) (32) (52) (166) Impact of stock price changes and graded vesting amortization on cash-settled equity plans(2) (9,656) 1,756 (27,988) (22,351) (16,598) (12,758) (412) 71 Net compensation 22,051 22,688 23,735 20,866 18,951 17,848 17,479 17,040 Net compensation ratio 33% 32% 29% 34% 39% 43% 47% 44% Direct payouts 2,778 3,007 2,987 2,247 1,871 1,709 1,602 1,561 Carried interest and performance
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fee payouts - internal 33 — 31,121 15,465 690 1,298 — 830 Commission expense - internal 31 65 71 275 329 180 52 146 Severance, new hire accruals and other 235 153 169 125 111 32 52 166 Impact of stock price changes and graded vesting amortization on cash-settled equity plans(2) 9,656 (1,756) 27,988 22,351 16,598 12,758 412 (71) Fund expenses(3) 3,534 4,107 3,452 3,304 2,778 2,699 2,464 2,708 Carried interest and performance fee payouts - external(3) — — 2,247 — — — — — Commission expense - external(3) 108 652 2,791 1,143 1,801 779 47 290 Selling, general, and administrative ("SG&A") 5,676 5,093 5,862 5,053 4,473 4,825 4,127 4,949 Interest expense 388 291 301 395 261 286 280 613 Depreciation and amortization 799 673 689 652 647 637 541 600 Foreign exchange (gain) loss 124 (980) (401) 1,080 (666) 3,263 554 (2,706) Total expenses45,413 33,993 101,012 72,956 47,844 46,314 27,610 26,126 Net income 22,004 34,257 29,218 28,728 13,159 13,501 11,957 11,680 Net income per share 0.86 1.33 1.13 1.11 0.51 0.52 0.46 0.46 Adjusted EBITDA 46,023 50,765 57,890 42,130 31,916 25,453 21,901 22,362 Adjusted EBITDA per share 1.79 1.97 2.25 1.63 1.24 0.99 0.85 0.88 Total assets 551,712 515,758 504,271 525,779 466,169 439,429 386,131 388,798 Total liabilities151,084 123,575 124,225 158,534 121,441 93,955 59,986 65,150 Total AUM 57,320,822 55,562,022 65,071,077 59,605,519 49,088,162 40,040,822 35,076,761 31,535,062 Average AUM58,805,685 63,896,900 69,316,718 53,216,229 42,346,242 37,580,867 33,265,327 33,401,157 (1) Prior period net revenues include revenues from non-reportable segments: Q4 2024 - $406 and fund expense recoveries: Q4 2025 - $469; Q3 2025 - $386; Q2 2025 - $327; Q1 2025 - $279; and Q4 2024 - $280. (2) The movement in the quarter and on a year-to-date basis was primarily due to the Company's "cash-settled" stock-based compensation plan which requires mark-to- market accounting under IFRS 2. (3) Together, fund expenses, carried interest and performance fee payouts - external and commission expense - external are included in "Fund expenses" on the income statement. Schedule 3 - EBITDA reconciliation 3 months ended 9 months ended (In thousands $) Sep. 30, 2026Sep. 30, 2025Sep. 30, 2026Sep. 30, 2025 Net income for the period 22,004 13,159 85,479 38,617 Net income margin(1) 29% 20% 29% 22% Adjustments: Interest expense 388 261 980 827
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Provision for income taxes 7,705 4,109 32,399 13,263 Depreciation and amortization 799 647 2,161 1,825 EBITDA 30,896 18,176 121,019 54,532 Adjustments: (Gain) loss on investments(2) (1,711) (7,012) (3,199) (11,249) Stock-based compensation(3) 16,528 22,374 56,272 47,217 Foreign exchange (gain) loss 124 (666) (1,257) 3,151 Severance, new hire accruals and other 235 111 557 195 Carried interest and performance fees (82) (1,757) (52,115) (16,564) Carried interest and performance fee payouts - internal33 690 31,154 1,988 Carried interest and performance fee payouts - external— — 2,247 — Adjusted EBITDA 46,023 31,916 154,678 79,270 Adjusted EBITDA margin 69% 65% 71% 62% (1) Calculated as IFRS net income divided by IFRS total revenue. (2) This adjustment removes the income effects of gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives of our adjusted EBITDA metric are met. (3) The movement in the quarter and on a year-to-date basis was primarily due to the Company's "cash-settled" stock-based compensation plan which requires mark-to- market accounting under IFRS 2. Conference Call and Webcast A webcast will be held today, November 4, 2026 at 10:00 am ET to discuss the Company's financial results. Webcast Details: Date: November 4, 2026 Time: 10:00am ET Webcast: Webcast Registration This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted EBITDA, adjusted EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the "Supplemental financial information" section of this press release. Net fees Net fees are calculated as: (1) total management fees net of fund expenses and direct payouts; and (2) carried interest and performance fees, net of their related payouts. Net fees is a key revenue indicator as it represents revenue contributions after directly associated costs in managing our AUM. Net commissions Net commissions are calculated as total commissions, net of commission expenses. Net commissions primarily arise from the purchase and sale of critical materials in our exchange listed products segment. Net revenues Net revenues are calculated as the total of: (1) net fees, excluding carried interest and performance fees, net of their related payouts; (2) net commissions; (3) finance income; and (4) co-investment income. Net compensation & net compensation ratio Net compensation is calculated as total compensation expense before: (1) commission expenses paid to employees; (2) direct payouts to employees; (3) carried interest and performance fee payouts to employees; (4) severance and new hire accruals; and (5) impact of stock price changes and graded vesting amortization on cash-settled equity plans. Net compensation ratio is calculated as net compensation divided by net revenues. EBITDA, adjusted EBITDA and adjusted EBITDA margin EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and
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investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company's underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted EBITDA margin is a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management. Forward-Looking Statements Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the foregoing, this press release contains Forward-Looking Statements pertaining to: (i) our positioning will benefit from a highly compelling environment for precious metals, critical materials and their related equities and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives. Although Sprott ("the Company") believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward- Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading "Critical Accounting Estimates and significant judgments" in the Company’s MD&A for the period ended September 30, 2026. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange ("FX") risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company's proprietary investments; (xxvi) risks relating to the Company's private strategies business; (xxvii) those risks described under the heading "Risk Factors" in the Company’s annual information form dated February 18, 2026; and (xxviii) those risks described under the headings "Managing Financial Risks" and "Managing Non-Financial Risks" in the Company’s MD&A for the period ended September 30, 2026. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws. About Sprott Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the Company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com. Investor contact information: Glen Williams Senior Managing Partner Investor and Institutional Client Relations (416) 943-4394 gwilliams@sprott.com