Sprott (SII) investor relations material

Executive summary

• Assets under management (AUM) reached $65.1 billion as of March 31, 2026, up 9% from December 31, 2025, with $1.7 billion in net sales, 96% from critical materials strategies.

• Net income for Q1 2026 was $29.2 million ($1.13 per share), up from $12 million ($0.46 per share) in Q1 2025, driven by higher average AUM and carried interest crystallization.

• Adjusted EBITDA rose to $57.9 million ($2.25 per share), up from $21.9 million ($0.85 per share) year-over-year, benefiting from market appreciation and inflows.

• New product launches, including the Sprott Rare Earths Ex-China ETF and Sprott Physical Copper Trust, expanded the critical materials suite and contributed to record ETF flows.

• Managed Equities segment AUM grew 12% to $6.3 billion, showing resilience despite challenging markets.

Financial highlights

• Management fees rose to $81.5 million, up from $40 million in Q1 2025.

• Carried interest and performance fees totaled $52 million, primarily from private strategies.

• Net fees reached $93.8 million, up from $35.9 million year-over-year.

• Adjusted EBITDA margin improved to 72% from 59% year-over-year.

• Cash and cash equivalents totaled $173.9 million at quarter end, with no outstanding debt.

Outlook and guidance

• Management expects continued growth in ETF and critical materials franchises, citing strong fundamentals and increased investor demand.

• Fundraising for Lending Fund IV is expected to begin after Q2, targeting $1.5B–$2B from global institutional investors.

• The structural bull market for precious metals and critical materials is seen as intact and reinforced by ongoing geopolitical events.