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Interested in Americas Gold and Silver Corporation? Here are five stocks we like better. Strong quarterly improvement: Second-quarter revenue rose 71% year over year to approximately $46.3 million, while the net loss narrowed to $5 million and adjusted EBITDA improved to $12 million, helped by higher silver prices and stronger Cosalá performance. Production outlook maintained: The company remains on track to produce 3.2 million–3.6 million ounces of silver in 2026. Cosalá production increased 26%, while high-grade drilling could support future mine-plan additions. Operations and balance sheet strengthened: Galena’s shaft modernization more than doubled sustained hoisting capacity, and settlements with Sprott and Royal Gold eliminated over $76 million in future variable metal obligations and more than $28 million in annual debt servicing, leaving $89 million in cash. 3 Gold Stocks Under $5 With Massive Upside Americas Gold and Silver (NYSEAMERICAN:USAS) reported higher second-quarter revenue and reduced losses as stronger silver prices and improved performance at its Cosalá mine supported results, while the company completed infrastructure work at its Galena Complex in Idaho and settled its remaining metal-delivery obligations. Revenue rose 71% from a year earlier to approximately $46.3 million in the second quarter, while first-half revenue increased 126% to $114 million, Chief Financial Officer Warren Varga said during the company’s second-quarter 2026 conference call. The average realized silver price was $67 per ounce during the quarter, compared with $34 per ounce in the prior-year period. → Lumentum Just Delivered the AI Growth Investors Wanted The company posted a net loss of about $5 million, or $0.02 per share, improving from a loss of approximately $15 million, or $0.06 per share, in the second quarter of 2025. Adjusted EBITDA was approximately $12 million, compared with an adjusted EBITDA loss of $4.1 million a year earlier, according to Varga. Americas Gold and Silver produced approximately 665,000 ounces of silver during the quarter, or slightly more than 800,000 silver-equivalent ounces. Chairman and Chief Executive Officer Paul Huet said the company remains on track to meet its full-year production guidance of 3.2 million to 3.6 million ounces of silver, with production expected to be weighted toward the second half of the year. → Ryman Checks Into a $1.38B Hospitality Upgrade Huet said the company had spent capital earlier in the year on infrastructure improvements, particularly at Galena, and expects the benefits of that work to support higher production later in 2026. At Cosalá in Mexico, silver production increased 26% year over year to approximately 337,000 ounces. Huet attributed the performance to higher grades, improved metallurgical recoveries and commercial production from the EC-120 area. Cash costs at Cosalá declined to $16.91 per ounce, aided by grades and copper byproduct credits. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal The company said resource-conversion drilling at San Rafael upper zones and the 120 zones has returned grades averaging roughly two to three times previously reported inferred resource grades. Huet highlighted drill hole SR568, which intersected 14 meters grading 600 grams per metric ton of silver, compared with a modeled resource grade of 110 grams per ton in the same area. He said the intercept is close to existing mine infrastructure and could potentially be included in mine plans during the fourth quarter or in 2027. At the Galena Complex, the company completed phase two of the No. 3 shaft modernization. Huet said the work lifted sustained hoisting throughput to 85 tons per hour from roughly 42 tons per hour previously, while peak rates have reached 105 tons per hour. The modernization included increasing the hoist motor from 1,750 horsepower to 2,250 horsepower, adding a second 2,250-horsepower motor as a critical spare, and upgrading loading, mechanical, electrical, braking and control systems. Americas Gold and Silver also added more than 10 mobile equipment units and installed fiber-optic communications infrastructure intended to support real-time equipment tracking, future automation and mine connectivity. During the question-and-answer session, Huet said the company is undertaking waste development at both Galena and Crescent to support future mining. He said the company needs to establish a secondary egress at Crescent before ore can be extracted there under Mine Safety and Health Administration requirements. The company is also advancing a transition toward long-hole stoping at Galena. Huet said the mine had completed its 13th long-hole stope and is targeting 30% to 40% long-hole mining by the end of 2026, followed by approximately 50% to 60% in 2027. He said the mine will retain some conventional jackleg mining because certain flatter-lying areas are less suited to long-hole methods. Huet said a paste-fill plant remains a key element of the plan, as it is expected to reduce stope filling time to about 36 hours from approximately 10 days using sand fill. Some capital spending related to the paste-fill plant and shaft relining is expected to be weighted toward the fourth quarter, he said. Executive Vice President of Corporate Development Oliver Turner said the company settled its remaining silver delivery obligation with Sprott Mining Inc. and its remaining gold delivery obligation with Royal Gold during the second quarter. According to Turner, the transactions removed more than $76 million of future variable metal-price-linked obligations and more than $28 million in annual debt-servicing obligations. He said the settlements resulted in combined shareholder dilution of 3.3% and eliminated future mark-to-market volatility associated with the instruments. Varga said the company ended the quarter with approximately $89 million in cash and cash equivalents and $49 million in working capital, following capital deployment for growth projects and the settlements with Sprott and Royal Gold. Consolidated cost of sales was $32 per silver-equivalent ounce sold. Cash costs averaged $25.68 per silver ounce sold during the quarter. All-in sustaining costs averaged $40.63 per silver ounce sold in the second quarter and $37 per ounce sold for the first half of 2026. Huet said the company recorded zero lost-time accidents for more than one year across its U.S. and Mexican operations. Looking ahead, he said Americas Gold and Silver plans to continue its drilling campaign, ramp Idaho operations and advance its antimony strategy with joint venture partner United States Antimony Corporation. Americas Gold and Silver Corporation is a precious metals mining company focused on the exploration, development and production of silver and gold assets in North America. The company's core operations center on the Cosalá district in Sinaloa, Mexico and the Relief Canyon mine in Nevada, where it pursues both open-pit and underground mining techniques. In addition to these producing mines, Americas Gold and Silver maintains an exploration portfolio designed to support future growth and reserve replacement. The Cosalá operation comprises multiple silver-gold deposits accessed via ramp and portal infrastructure. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Americas Gold and Silver Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Sprott stock has delivered a very strong multi year return, yet the current valuation checks flag it as expensive rather than a clear bargain. After such a sharp move, investors are weighing impressive past gains against a low value score and richer market multiples. Sprott has returned about 322.3% over the past 5 years, which sets a high bar for what needs to happen next to justify the current share price. The recent focus on critical materials strategies and a declared US$0.40 dividend may support sentiment, while the recent decline in assets under management linked to softer gold and silver prices highlights how sensitive the business can be to commodity markets. Sprott screens as expensive on the broader checks, with 0 of 6 tests suggesting the stock is undervalued, which points to limited room for disappointment if conditions soften. The stock's next move may depend on whether Sprott's current fundamentals and fee base are strong enough to support this higher valuation after such a long run up. Sprott delivered 84.8% returns over the last year. See how this stacks up to the rest of the Capital Markets industry. P/E is the most common way investors look at an asset manager like Sprott, since earnings tend to reflect the health of its fee base and investment strategies. On this measure, Sprott trades on a P/E of about 28.6x, compared with an average of roughly 7.9x for the wider Capital Markets industry and a peer group average near 9.1x. That represents a very large premium to sector norms. Despite the recent Q2 2026 update and declared US$0.40 dividend helping sentiment, the current P/E still prices Sprott well above typical capital markets stocks. The gap suggests investors are already paying up for its exposure to precious metals and critical materials, even as recent AUM moved with softer gold and silver prices. For anyone considering Sprott stock, this earnings multiple indicates that expectations embedded in the share price are already relatively demanding. On the P/E multiple alone, Sprott appears expensive compared with both its industry and peer benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation puzzle for Sprott leaves off and explain what sort of future growth, margins and earnings would need to hold for the stock to be worth materially more or less than it is today. Each narrative links its numbers to a clear view on how Sprott's growth, profitability and risks could develop, which you can revisit on the Community page as fresh information comes through. You can be one of the early voices in the Simply Wall St community to set out a clear, number driven case on Sprott, including a view on whether the recent dividend declaration and AUM moves add up to a price that still makes sense. Share a Narrative, lock in your assumptions, and see how your thesis holds up as new results come through. Do you think there's more to the story for Sprott? Head over to our Community to see what others are saying! Sprott's valuation looks stretched on market multiples, with a P/E that sits well above broader capital markets peers and a low value score from the wider checks. That puts more weight on the company sustaining its current fee base and precious metals and critical materials positioning to keep justifying the premium. The key question from here is whether investor enthusiasm for that exposure holds, or whether any cooling in sentiment or AUM would prompt the multiple to settle closer to industry norms. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SII.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10 a.m. ET CFO and Co-COO - Kevin Hibbert CEO of Sprott Asset Management - John Ciampaglia Mr. - Whitney George Operator: Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2026 Second Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, August 5, 2026. On behalf of the speakers that follow, listeners are cautioned that today's presentation and the responses to questions may contain forward-looking information and forward-looking statements within the meaning of the applicable Canadian and U.S. securities laws. Forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are implied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements, please consult the MD&A for the quarter and Sprott's other filings with the Canadian and U.S. securities regulators. I will now turn the conference over to Mr. Whitney George. Please go ahead, Mr. George. W. George: Thank you, operator, and good morning, everyone, and thanks for joining us today. On the call with me today is our CFO and Co-COO, Kevin Hibbert; and John Ciampaglia, CEO of Sprott Asset Management. Our 2026 second quarter results were released this morning and are available on our website, where you can also find the financial statements and MD&A. I'll start on Slide 4. With some second quarter highlights or maybe you might call them lowlights. The second quarter was a challenging quarter for precious metals with significant volatility across commodity, currency and interest rate markets. Sprott gold declined 14.1% as investors adjusted rapidly to changing geopolitical and monetary policy expectations. Silver fell more dropping 22%. Rising oil prices strengthened the dollar during the quarter, which tightened global liquidity and created a challenging environment for gold. While the metals second quarter correction was severe, we believe it was driven primarily by cyclical factors rather than any deterioration in its long-term fundamentals. Many of the forces that have supported gold over the past several years remain firmly in place, rising government debt burdens, persistent fiscal deficits, ongoing monetary debasement and a growing demand for reserve assets outside the traditional sovereign debt system. Our AUM decreased $9.5 billion in the second quarter to $55.6 billion, and we reported $400 million -- $0.4 billion in net redemptions, primarily from our precious metals physical trusts. Our critical materials ETFs were a bright spot, delivering net sales despite a tough environment. Our most recent ETF launches have continued to scale nicely, hitting AUM and liquidity targets more quickly than our previous launches and expanding our audience in both the broker-dealer and institutional channels. With that, I'll pass it over to Kevin for a review of our financial results. Kevin Hibbert: Thank you, Whitney, and good morning, everyone. I'll start on Slide 5, which provides a summary of our historical AUM. AUM finished the quarter at $55.6 billion, down 15% from $65.1 billion as at March 31, 2026, and down 7% from $59.6 billion as at December 31, 2025. On a 3 and 6 months ended basis, our AUM was negatively impacted to Whitney's point, by market value depreciation and net outflows from our precious metals products, partially offset by net inflows to our critical materials products. Conversely, average AUM was $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion this time last year and $66.6 billion on a year-to-date basis, up $31.2 billion or 88% from $35.4 billion this time last year. Our average AUM was positively impacted by a combination of net inflows and market value appreciation across the majority of our fund products since the second quarter of last year, which more than offset the impact of the June pullback in precious metals valuation. Slide 6 provides a brief look at our 3-and 6-month earnings. Net income this quarter was $34.3 million, up $20.8 million from $13.5 million over the same 3-month period last year. On a year-to-date basis, net income was $63.5 million, up $38 million from $25.5 million this time last year. Our 3-and 6-months ended results were primarily due to higher average AUM in our exchange-listed products and managed equity segments with our 6-month ended results, in particular, also benefiting from carried interest crystallization in our Private Strategies segment in the first quarter of the year. Adjusted EBITDA, which excludes quarterly volatility from items like stock-based compensation and intermittent carried interest and performance fee crystallizations was $50.8 million for the quarter, up $25.3 million from $25.5 million over the same 3-month period last year. And it was $108.7 million on a year-to-date basis, up $61.3 million from $47.4 million this time last year. Adjusted EBITDA doubled in the quarter and on a 6 months ended basis due to an increase in average AUM attributable to the combination of net inflows and market value appreciation across the majority of our fund products since the second quarter of last year, as I just mentioned, which more than offset the impact of that June pullback in precious metals valuations. Finally, Slide 7 provides a few treasury and balance sheet management highlights. And as you can see, our cash and liquidity profile remains strong, and we continue to repurchase shares opportunistically. For more information on our revenues, expenses, net income, adjusted EBITDA and balance sheet metrics, you can refer to the supplemental information section of this presentation as well as our quarterly MD&A and financial statements filed earlier this morning. With that said, I'll pass things over to John. John Ciampaglia: Thanks, Kevin, and good morning, everybody. As Whitney mentioned in his opening comments, we experienced a sharp correction in precious metals in the second quarter. This resulted in an $8.2 billion or 16% decline in our AUM in the physical trusts. Precious metals prices have since stabilized and despite the correction, our AUM is still up over 40% over the past year. Critical materials fared better in the quarter. The uranium price remains resilient, supported by a structural supply deficit, while the copper price is near an all-time high due to tightness in the physical market and speculation the U.S. could impose tariffs on a broader range of copper forms in the new year. Turning to Slide 9. After 8 consecutive quarters of inflows, we experienced outflows in the second quarter. Profit taking in precious metals drove the redemption activity. Our uranium trust bucked the trends with positive sales reported in the quarter. And a quick look at Slide 10. Our ETF product suite fared better in the quarter with an AUM decline of 10%. AUM was helped by positive gains in copper stocks in the quarter. Moving over to Slide 11. Despite the challenging market conditions, net flows were positive in the quarter, reflecting broadening interest in uranium, critical materials and rare earths. Over the past couple of years, we have seen interest evolve from specialists to generalist investors who are looking to capitalize on several trends, including electrification, growing electricity requirements from AI data centers, energy securities and defense technologies. Investors are increasingly recognizing the role critical commodities like copper, uranium and rare earths play. And then finally, on Slide 12. Over the past 4 years, our team has been focused on growing our product suite organically to capitalize on the secular trends mentioned earlier. As we grow our product suite and investor base, we are experiencing the benefits of scale. On this graph, we have plotted the number of days it took each of our ETFs to reach $50 million in assets. As you can see, the timelines continue to decline, helping us to reach profitability faster and meet product approval thresholds with distributors. Our latest ETF, the Sprott Rare Earths ETF Ex-China symbol REXC, took just 32 trading days to reach this $50 million mark. I will now pass it over to Whitney to update you on our managed equity segment. W. George: Thank you, John. I'm on Slide 13. Our managed equities AUM contracted by approximately $0.7 billion during the quarter as lower precious metal prices weighed on mining equities. On Slide 14, you can see we reported modest net redemptions during the quarter. However, we did see positive flows in our Sprott USA business as we completed the final phases of converting legacy brokerage client accounts to AUM. I'll turn now to Slide 15 on our Private Strategies. Private Strategies AUM was $2 billion as of June 30, 2026. We remain committed to growing our Private Strategies segment and are evaluating new strategies and extensions of existing offerings. Fundraising for our fourth private lending fund is underway, and we expect to close that fund sometime in 2027. Slide 16 is a reasonably new slide. Before I get to my closing remarks, I'd like to just point out that the reason I love this business so much is that we can deliver operating leverage without financial leverage. Our adjusted EBITDA margins have steadily increased from 53% to 71%, creating significant leverage. As a result, we are now debt-free and generating significant free cash flow. This is the power of our business model, the ability to deliver on the promises we made half a decade ago. I'll move to Slide 17 for a quick recap. Despite the pullback in precious metal prices, as of June 30th, our average AUM was up 70% from the same period last year, demonstrating the resilience of our business model. Current geopolitical and trade disruptions have put short-term pressures on prices, but the structural elements of the precious metals bull market are intact despite recent volatility. Critical materials are top of mind for investors and governments globally with security of supply being the primary driver of interest and investment in this space. We continue to invest in our business to support our growing client base, adding new talent in sales and marketing. We've also expanded our technology capabilities to address new productivity opportunities. And finally, we've created a team to monitor and better understand the rapidly evolving landscape of digital offerings. That concludes our remarks for today's call, and I'll now turn it back to the operator for some Q&A. Thank you. Operator: [Operator Instructions] Your first question comes from the line of Matthew Lee at CGF. Matthew Lee: Nice quarter overall despite a tougher environment. I wanted to touch on how you guys think about growth for the ETF business if we don't see another step-up of material prices. Maybe asked another way, if underlying resource prices remain flat for the next year or so, what level of AUM growth should we be expecting? Kevin Hibbert: John, do you want to answer that one? John Ciampaglia: Yes, sure. Yes, I mean, that's a tricky question to answer. Obviously, this is part of a really large secular trend. This is part of a geopolitical puzzle that's going on right now among superpowers. These critical materials are obviously very important for a lot of technologies, defense technologies, in particular. And we think this is part of a much larger re-rating and long-term secular trend. We think this trend is obviously going to take years and years to play out. And the reason is, obviously, we need to build massive amounts of capacity in both mining and refining of these metals in the West to derisk the reliance that we currently have on China, particularly for rare earths. And that was really the key reason why we launched the Rare Earths Ex-China ETF to really play this thematic. So we think commodity prices have more room to grow. The reason being we need higher incentive pricing to reshore and incentivize more build-out of capacity in the West. I think the other point is we're still very early in the cycle in terms of allocation, meaning most general investors are just starting to learn the words critical materials, rare earths and recognize how important they are in the supply chain. Rare earths is a really good example. It's a relatively small industry relative to some of the bigger segments like steel and iron ore and copper. But if you shut off rare earths, you literally cripple trillions of dollars of the economy. And so investors are finally starting to realize the importance of some of these supply chains. And this is why we spend so much of our time at Sprott educating investors about these different markets, how they operate. They're all very unique. They're all on different kind of time lines and cycles. So we think this is still very early in terms of investor awareness and more importantly, allocation. And it doesn't take a lot of money moving from large capital pools and generalist buckets from things that they're, I would say, largely exposed to or overexposed to, say, technology companies to critical materials and obviously, precious metals-oriented investments to really keep money coming into our sector. So despite the air pocket we hit, we still think we're in the very early part of the cycle. Matthew Lee: Okay. That's a robust answer. And then maybe on the profitability side for the exchange-listed products business, net fees were down almost 20%, but margins actually have been at all-time highs. I'm just trying to think about, is that primarily due to better cost structure than prior years? Or is there maybe a cost timing element to it as well? John Ciampaglia: Yes. I mean the beauty of ETF is about scale. As you build scale in these products, given they have unitary fees, unitary fees for the -- like the 40 Act funds that we have and the funds we have in Europe are a fixed fee. So the investor has complete predictability and consistency with respect to how much they pay. So as you grow those funds, the variable costs, obviously, the variable costs, but the fixed costs obviously come down as a percentage of AUM, and that helps to flow down to our bottom line. So scaling ETFs is really important in terms of fixed fees, but they also on the variable fees have a benefit because with most service providers, you tend to pay them less as a percentage of the fund as the AUM goes up. So there is a scale effect there as well. And as we showed you on that chart, we just arbitrarily picked $50 million. That is not a breakeven on a fund. Every fund is slightly different. But for many of our 40 Act funds, we think our breakeven is closer to $25 million per fund. Costs in Europe are different. They're higher. But for many of the funds we've been focused on in North America, we can get down to breakeven around $25 million. So that's very good. It helps us, it gives us confidence to launch new funds and get them to at least breakeven, and that's obviously helping the overall product suite in terms of profitability. Operator: Your next question comes from the line of Graham Ryding at TD Securities. Graham Ryding: John, maybe I'll just stick with you on that theme of critical materials. Energy security and rising demand for electricity or some themes that you flagged in your comments. What commodities specifically would you call out that would be best positioned to benefit from that theme? John Ciampaglia: Yes, sure. Good to talk to you, Graham. I mean, obviously, there's a lot of commodities that play critical roles in these thematics. Obviously, copper is really the linchpin in terms of anything to do with moving electrons. Copper is really your go-to metal. And I think it's reflected in the current pricing. I mean copper is floating with an all-time high in an environment where we've obviously had a pretty severe correction in some other metals and commodities. And that's really, I think, reflecting the recognition of the strategic importance of copper, but also the scarcity of copper. I mean, just yesterday, Codelco, which is the largest copper miner in the world, announced that they're having seismic issues at one of their key copper mines. So we obviously are benefiting from demand drivers around electrification, AI, electric vehicles, all these kinds of things. But on the supply side, it's been very challenging. We've had a number of disruptions at some of the biggest copper mines in the world. And bringing new copper mines to market is underway, but these are very long lead projects often involving investment decisions of spending $10 billion or $15 billion to build these projects. They are in very challenging environments, usually at high altitude and with scarcity of water, and I'm referring to the Andes. And then the second one, obviously, is uranium. As the world kind of pivots back to nuclear energy, given its incredible energy density and base load characteristics, you really need to underpin your grid with baseload power. And that's what nuclear energy and obviously some thermal supply sources provide. The world has built an enormous amount of solar capacity over the last 10 years, but we're at saturation points in terms of how much more capacity grids can add given the variability in capacity factors, which are only about 25%. So we're very bullish, obviously, on copper for energy transmission, electricity transmission and uranium for electricity production. And obviously, there are a whole bunch of others supporting metals, but those are the two big ones that we're most excited about. Graham Ryding: Okay. Great. And then Whitney, just looking at precious metals from a macro perspective, what are you watching for most closely that you think is going to have the biggest impact on the direction of precious metals prices over perhaps the near term or into '27? W. George: Well, I mean, I think we had a sharp correction, and it looked like gold based around $4,000 in a fairly healthy way. Central Bank resumed buying back in May at sort of their accelerated pace. So that kind of underpins the market. Today, we're obviously seeing gold up $150 as we speak. I think what gets the generalist involved again is some hint of QE. And I'm not certain the plumbing of the intervention that the U.S. and Japan did on the yen last week, but I suspect there's a little bit of QE behind that. And once the market snips that out, I think we're off and going to exceed the highs in fairly short order. Graham Ryding: Okay. Great. And then one more, if I could. Any particular reason why your gold and silver trust had higher outflows on a relative basis when you look at your other exchange-listed precious metals funds? W. George: So we bought that trust back in 2018, I believe, as part of our initial focus on precious metals. It's a very old trust. It's got long, long-term shareholders. It is both gold and silver, and we found most investors would prefer to buy one or the other individually. So it's always kind of had a legacy issue of being less attractive to institutions or others who want to focus on one particular metal. And as a consequence, it is typically traded at a wider discount than the other trust, which makes it vulnerable for redemption activity. Operator: Your next question comes from the line of Mike Kozak from Cantor Fitzgerald. Michael Kozak: Pretty solid quarter overall, given the size of the drawdown in precious metals. It looks like the bottom is now in, but we will see. I just had one question. The NCIB, it was nice to see it active in the quarter on the share price pullback. My question is, like do you guys have a set framework for how active that buyback program will be? And what I mean is that buyback, is it primarily a function of your valuation versus peers, some internal valuation metric, free cash flow generation or some combination thereof? Just some guidance on how you're thinking about the buyback going forward would be helpful. W. George: Sure. We have sort of a program in place for our blackout period to execute on the buyback. At some -- at any level, we need to buy a little bit back to satisfy the TSX, so they'll allow us to renew it each year. In this quarter, obviously, we saw the stock come down. They're set levels. They're kind of based on our own financials, not on any peers and the level of cash. And we tend to be dollar cost averages. And so the lower the stock price goes, the more aggressive we'll become. Michael Kozak: Okay. Maybe one follow-up. Were you -- are you active so far in Q3 on the buyback? W. George: Yes. Operator: Your next question comes from the line of Katy Chen from BMO Capital Markets. Katy Chen: Just want to circle back on the recent launch of REXC. To what factors do you attribute your ability to raise a record level of capital in just a few months after launch? John Ciampaglia: Sure. It's John. I think it's really two things. One is market related, when investors are opening up the Wall Street Journal or Barron's each week and reading more and more stories about how important rare earths are, it's definitely getting the attention of investors. Obviously, governments are intervening in terms of these markets and making all kinds of investments through equity investments, offtakes, loans, et cetera. So governments are trying to essentially crowd in private capital. So there's a very interesting dynamic, but specifically to the product, it's the only pure-play rare earth ETF that we are aware of in the world. And that was an opportunity we saw to design a product and bring it to market on a timely basis. We also don't have any Chinese exposure, Chinese equities in the fund, which was a deliberate decision to really capitalize on this reshoring effort underway. So I think the uniqueness of the product and the timing of its launch were really two factors that have allowed us to get investor interest right out of the gate. Operator: [Operator Instructions] And at this time, we have no further questions. I'll turn it back to management for closing remarks. W. George: Thank you, operator, and thank you, everyone, for participating in this call. We appreciate your interest in Sprott and look forward to speaking to you again after our third quarter results. Until then, we remain contrarian, innovative and aligned. Thank you. Operator: Thank you. This does conclude today's conference call. We thank you for attending, and you may now disconnect your lines. 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Interested in Sprott Inc.? Here are five stocks we like better. Precious-metals volatility reduced assets under management: Sprott’s AUM fell to C$55.6 billion, down C$9.5 billion quarter over quarter, after gold and silver declined sharply and investors recorded profits. The company reported C$400 million in net redemptions, mainly from physical precious-metals trusts. Earnings increased on higher average AUM: Second-quarter net income rose to C$34.3 million from C$13.5 million, while adjusted EBITDA doubled to C$50.8 million. Average AUM remained substantially above the prior year, supporting operating leverage despite the quarterly decline. Critical-materials ETFs attracted net inflows: Investor interest in uranium, copper, rare earths and other energy-security themes helped offset broader ETF AUM declines. Sprott said its newer products are reaching scale faster, while it continues fundraising and expanding its private-strategies business. Sprott (NYSE:SII) reported second-quarter results marked by lower assets under management following a sharp pullback in precious-metals prices, while higher average assets over the past year supported growth in earnings and adjusted EBITDA. Chief Executive Officer Whitney George described the period as a challenging quarter for precious metals, citing volatility across commodity, currency and interest-rate markets. Spot gold declined 14.1% during the quarter and silver fell 22%, he said. George attributed the correction primarily to cyclical factors, adding that the company believes longer-term supports for gold—including government debt, fiscal deficits, monetary debasement and demand for reserve assets outside traditional sovereign debt markets—remain in place. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Total assets under management ended the quarter at C$55.6 billion, down C$9.5 billion from the prior quarter and 15% below C$65.1 billion as of March 31. AUM was also down 7% from C$59.6 billion at the end of 2025. The company reported C$400 million in net redemptions during the quarter, primarily from precious-metals physical trusts. John Ciampaglia, CEO of Sprott Asset Management, said the physical-trust business experienced a C$8.2 billion, or 16%, AUM decline as investors took profits in precious metals after eight consecutive quarters of inflows. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Despite the quarterly decline, Ciampaglia said AUM in physical trusts remained more than 40% higher than a year earlier. Average AUM for the second quarter was C$63.9 billion, up 70% from C$37.6 billion in the year-earlier period. Year-to-date average AUM was C$66.6 billion, an 88% increase from the comparable period in 2025. Managed-equities AUM declined by about C$700 million during the quarter as lower precious-metals prices weighed on mining equities. George said the segment recorded modest net redemptions, although the company saw positive flows in its U.S. business as it completed the conversion of legacy brokerage client accounts into AUM. → No Hangover: Revisiting Microsoft One Week After Earnings Second-quarter net income was C$34.3 million, compared with C$13.5 million a year earlier. For the first six months of 2026, net income totaled C$63.5 million, up from C$25.5 million in the prior-year period. Adjusted EBITDA was C$50.8 million in the quarter, doubling from C$25.5 million a year earlier. First-half adjusted EBITDA reached C$108.7 million, compared with C$47.4 million in the first half of 2025. Chief Financial Officer and Co-COO Kevin Hibbert said the increases were driven primarily by higher average AUM in the company’s exchange-listed products and managed-equity businesses. The first-half results also benefited from carried-interest crystallization in the private-strategies segment during the first quarter. George said Sprott’s adjusted EBITDA margin was 71% and characterized the company’s model as one that can generate operating leverage without financial leverage. He said the company is debt-free, produces significant free cash flow and continues to repurchase shares opportunistically. Critical-materials products were a relative bright spot in the quarter. While the company’s ETF suite recorded a 10% AUM decline, it generated positive net flows, supported by investor interest in uranium, copper, critical materials and rare earths. Positive performance in copper stocks also helped ETF AUM, Ciampaglia said. Ciampaglia said uranium prices remained resilient amid what he called a structural supply deficit, while copper prices were near all-time highs because of tight physical-market conditions and speculation about potential U.S. tariffs on a broader range of copper products. In response to analyst questions, Ciampaglia identified copper and uranium as two commodities Sprott views as especially important to energy-security and electricity-demand themes. He cited copper’s role in electricity transmission and uranium’s role in nuclear power generation, while noting that new copper mines are expensive and lengthy projects to develop. The company said its newer ETFs have reached asset and liquidity milestones more quickly than earlier launches. Its Sprott Rare Earths ETF Ex-China, trading under the symbol REXC, reached C$50 million in assets in 32 trading days. Ciampaglia said the fund’s early traction reflected investor attention to rare-earth supply chains, the fund’s pure-play focus and its lack of Chinese-equity exposure. Ciampaglia also said scale is improving ETF profitability. He said many of Sprott’s North American ’40 Act funds can reach break-even at approximately C$25 million in assets, while larger asset bases reduce fixed costs as a percentage of AUM and can lower service-provider costs. Private-strategies AUM was C$2 billion as of June 30. George said Sprott is evaluating new strategies and extensions of existing offerings, while fundraising continues for its fourth private-lending fund. The company expects that fund to close sometime in 2027. Management said it continues to invest in sales, marketing and technology capabilities and has formed a team to monitor developments in digital offerings. George said geopolitical and trade disruptions had created near-term pressure on commodity prices, but management continues to see structural investment interest in both precious metals and critical materials. Sprott Inc is a Toronto‐based alternative asset manager specializing in precious metals, real assets and related investment vehicles. Founded in 1981 by Eric Sprott, the firm has built a reputation for offering physically backed bullion trusts, exchange‐traded funds (ETFs), mutual funds and private managed accounts that provide exposure to gold, silver, platinum and other hard assets. Sprott's product lineup also includes royalty and streaming strategies, which grant investors long‐term participation in mining project cash flows without direct operational risk. In addition to its flagship physical bullion trusts, Sprott offers actively managed equity portfolios that focus on companies engaged in the exploration, development and production of precious metals. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Sprott Q2 Earnings Call Highlights" was originally published by MarketBeat. 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This article first appeared on GuruFocus. Assets Under Management (AUM): $55.6 billion as of June 30, 2026, down 15% from $65.1 billion at March 31, 2026, and down 7% from $59.6 billion at December 31, 2025. Average AUM: $63.9 billion for the quarter, up 70% from $37.6 billion in the same period last year; $66.6 billion on a year-to-date basis, up 88% from $35.4 billion. Net Redemptions: $0.4 billion in the second quarter, primarily from precious metals physical trusts. Net Income: $34.3 million for the quarter, up from $13.5 million in the prior-year period; $63.5 million year-to-date, up from $25.5 million. Adjusted EBITDA: $50.8 million for the quarter, up from $25.5 million in the prior-year period; $108.7 million year-to-date, up from $47.4 million. Adjusted EBITDA Margin: Increased from 53% to 71%. Physical Trusts AUM: Declined by $8.2 billion or 16% in the quarter due to the precious metals correction. ETF Product Suite AUM: Declined 10% in the quarter, helped by positive gains in copper stocks. Managed Equities AUM: Contracted by approximately $0.7 billion during the quarter. Private Strategies AUM: $2 billion as of June 30, 2026. Precious Metals Performance: Sprott gold declined 14.1% and silver fell 22% in the quarter. Warning! GuruFocus has detected 2 Warning Signs with SII. Is SII fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Adjusted EBITDA doubled in Q2 2026 to $50.8 million, up from $25.5 million in the same period last year, reflecting strong operational performance. Average AUM surged 70% year-over-year to $63.9 billion in Q2 2026, driven by net inflows and market appreciation across most fund products. Critical materials ETFs, including uranium and rare earths, delivered positive net sales despite the challenging precious metals environment, showing diversification strength. The new Sprott Rare Earths ETF Ex-China (REXC) reached $50 million in assets in just 32 trading days, demonstrating rapid adoption and product innovation success. Adjusted EBITDA margins improved to 71% from 53%, highlighting significant operating leverage and a debt-free balance sheet with strong free cash flow generation. AUM decreased 15% quarter-over-quarter to $55.6 billion, driven by a sharp correction in precious metals prices and net redemptions. Net redemptions of $0.4 billion were recorded in Q2 2026, primarily from precious metals physical trusts, reflecting investor profit-taking. Sprott gold and silver prices fell sharply during the quarter, with gold down 14.1% and silver down 22%, impacting overall performance. Managed equities AUM contracted by approximately $0.7 billion due to lower precious metal prices weighing on mining equities. The precious metals physical trusts experienced higher relative outflows, partly due to legacy issues like wider discounts, making them more vulnerable to redemptions. Q: If underlying resource prices remain flat for the next year or so, what level of AUM growth should we be expecting for the ETF business?A: John Ciampaglia, CEO of Sprott Asset Management, stated that the current environment is part of a large secular trend driven by geopolitical factors and the need to build massive capacity in mining and refining critical materials in the West to derisk reliance on China. He believes commodity prices have more room to grow due to the need for higher incentive pricing to reshore capacity. He emphasized that investor awareness and allocation are still very early in the cycle, and it doesn't take a lot of money moving from large capital pools to keep money coming into the sector. Q: What commodities are best positioned to benefit from the themes of energy security and rising electricity demand?A: John Ciampaglia highlighted copper and uranium as the two most exciting commodities. Copper is the linchpin for moving electrons, with prices at all-time highs due to strategic importance and scarcity, despite supply disruptions and long lead times for new mines. Uranium is critical as the world pivots back to nuclear energy for baseload power, given the saturation of solar capacity and the need for reliable grid underpinning. Q: What are you watching most closely for the direction of precious metals prices over the near term or into 2027?A: Whitney George, CEO, noted that gold has found support around $4,000, with central banks resuming accelerated buying in May. He believes the key catalyst for generalist investors to re-engage is a hint of quantitative easing (QE), possibly from the US and Japan's intervention on the yen. Once the market sniffs out QE, he expects gold to exceed its highs in fairly short order. Q: Why did the gold and silver trust have higher outflows on a relative basis compared to other exchange-listed precious metals funds?A: Whitney George explained that the trust, acquired in 2018, is an older product with long-term shareholders. It holds both gold and silver, whereas most investors prefer to buy one metal individually. This legacy issue makes it less attractive to institutions, and it typically trades at a wider discount, making it more vulnerable to redemptions. Q: Do you have a set framework for how active the NCIB buyback program will be?A: Whitney George stated that the buyback program is based on their own financials and cash levels, not peer valuations. They tend to dollar-cost average, becoming more aggressive as the stock price declines. He confirmed they have been active in Q3 so far. Q: To what factors do you attribute the record level of capital raised by the REXC ETF in just a few months after launch?A: John Ciampaglia attributed the success to two main factors: market timing and product uniqueness. Investors are increasingly reading about the importance of rare earths, and governments are intervening to crowd in private capital. REXC is the only pure-play rare earth ETF in the world with no Chinese equity exposure, which was a deliberate decision to capitalize on the reshoring effort. Q: How are you thinking about growth and profitability for the exchange-listed products business given the recent fee decline?A: John Ciampaglia explained that the beauty of ETFs is scale. As funds grow, fixed costs decline as a percentage of AUM, and variable costs also decrease with service providers. He noted that the breakeven for many 40 Act funds is around $25 million, which gives confidence to launch new funds and improve overall product suite profitability. Q: Can you provide more detail on the net redemptions and the performance of the physical trusts during the quarter?A: John Ciampaglia noted that after eight consecutive quarters of inflows, the second quarter experienced outflows driven by profit-taking in precious metals. The uranium trust bucked the trend with positive sales. The physical trusts saw an $8.2 billion or 16% decline in AUM, but precious metals prices have since stabilized, and AUM is still up over 40% over the past year. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three and six months ended June 30, 2026. Management commentary “Sprott’s Assets Under Management (“AUM”) were $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025,” said Whitney George, Chief Executive Officer of Sprott. “After a spectacular run, gold and silver prices corrected during the second quarter, accounting for the majority of the decline in our AUM. We expect this pullback to be short-lived. Any moderation in rate-hike expectations, renewed liquidity support from policymakers, or a sustained recovery in sovereign-related gold purchases could each serve as important catalysts for a rebound. As a result, we see the potential for gold’s cyclical trend to realign with its longer-term secular uptrend in the quarters ahead.” “Our critical materials strategies performed better and delivered positive net sales during the period,” continued Mr. George. “We remain constructive on the sector as the growing emphasis on energy security, grid reliability and rising electricity demand continues to reinforce the long-term investment case for critical materials, while supply constraints in many key materials provide additional support for prices and related equities.” “Despite weaker metals prices, our average AUM was $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion for the quarter ended June 30, 2025, highlighting the resilience of our business model,” added Mr. George. Key AUM highlights1 AUM was $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025. On a three and six 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 $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion for the quarter ended June 30, 2025, and $66.6 billion on a year-to-date basis, up $31.2 billion or 88% from $35.4 billion for the six months ended June 30, 2025. On a three and six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Key revenue highlights Management fees were $76.4 million for the quarter, up $31.9 million, or 72% from $44.4 million for the quarter ended June 30, 2025, and $157.9 million on a year-to-date basis, up $73.5 million, or 87% from $84.4 million for the six months ended June 30, 2025. Carried interest and performance fees were $nil for the quarter, down $14.8 million from $14.8 million for the quarter ended June 30, 2025, and $52 million on a year-to-date basis, up $37.2 million from $14.8 million for the six months ended June 30, 2025. Net fees were $69.3 million for the quarter, up $15.7 million, or 29% from $53.5 million for the quarter ended June 30, 2025, and $163 million on a year-to-date basis, up $73.6 million, or 82% from $89.5 million for the six months ended June 30, 2025. Our revenue performance in the quarter and on a six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Additionally, we benefited from carried interest crystallization in our private strategies segment in the first quarter. Commission revenues were $1.5 million for the quarter, down $0.3 million from $1.7 million for the quarter ended June 30, 2025 and $7.3 million on a year-to-date basis, up $5.3 million from $2 million for the six months ended June 30, 2025. Net commissions were $0.7 million for the quarter, down slightly from $0.8 million for the quarter ended June 30, 2025 and $3.7 million on a year-to-date basis, up $2.7 million from $1 million for the six months ended June 30, 2025. The decrease in the quarter was due to lower private placement activity in our U.S. broker-dealer and the increase on a six months ended basis was due to higher ATM activity predominantly within our physical uranium trust, and to a lesser degree, in our physical copper trust. Finance income was $1.6 million for the quarter, up $0.4 million or 35% from $1.2 million for the quarter ended June 30, 2025 and $4.1 million on a year-to-date basis, up $1.5 million or 57% from $2.6 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to increased interest income on higher cash balances. Key expense highlights Net compensation expense was $22.7 million for the quarter, up $4.8 million or 27% from $17.8 million for the quarter ended June 30, 2025 and $46.4 million on a year-to-date basis, up $11.1 million or 31% from $35.3 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 32% in the quarter (June 30, 2025 - 43%) and 30% on a year-to-date basis (June 30, 2025 - 45%).Stock-based compensation expense was $5 million for the quarter, down $13.6 million or 73% from $18.6 million for the quarter ended June 30, 2025 and $39.7 million on a year-to-date basis, up $14.9 million or 60% from $24.8 million for the six months ended June 30, 2025. The decrease in the quarter was due to the Company's stock price depreciating 21% over the last three months, while the increase on a six months ended basis was due to our stock price appreciating 15% over the six month period. The Company issued 279,851 restricted stock units (“RSUs”) this year, down 71% from 976,550 RSUs in 2025. SG&A expense was $5.1 million for the quarter, up $0.3 million or 6% from $4.8 million for the quarter ended June 30, 2025 and $11 million on a year-to-date basis, up $2 million or 22% from $9 million for the six months ended June 30, 2025. The increase in the quarter and on a six 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 $34.3 million ($1.33 per share), up $20.8 million from $13.5 million ($0.52 per share) for the quarter ended June 30, 2025 and $63.5 million ($2.46 per share) on a year-to-date basis, up $38 million from $25.5 million ($0.99 per share) for the six months ended June 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. On a six months ended basis, these increases were partially offset by higher stock-based compensation expense as a result of the Company's stock price appreciating 15% over the six month period. Adjusted EBITDA was $50.8 million ($1.97 per share) for the quarter, up $25.3 million, from $25.5 million ($0.99 per share) for the quarter ended June 30, 2025 and $108.7 million ($4.22 per share) on a year-to-date basis, up $61.3 million from $47.4 million ($1.83 per share) for the six months ended June 30, 2025. Our Adjusted EBITDA doubled in the quarter and on a six months ended basis 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Subsequent events Subsequent to quarter-end, as at July 31, 2026, AUM was $55.3 billion, down slightly from $55.6 billion as at June 30, 2026. On August 4, 2026, the Sprott Board of Directors announced a quarterly dividend of $0.40 per share. Supplemental financial information Please refer to the June 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 June 30, 2026 and the Company's financial performance for the three and six months ended June 30, 2026. Schedule 1 - AUM continuity Schedule 2 - Summary financial information Schedule 3 - EBITDA reconciliation Conference Call and Webcast A webcast will be held today, August 5, 2026 at 10:00 am ET to discuss the Company's financial results. Webcast Details: Date: August 5, 2026Time: 10:00am ETWebcast: 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 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 June 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 June 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 WilliamsSenior Managing PartnerInvestor and Institutional Client Relations(416) [email protected]