SII · Sprott Inc.

Sprott Inc. delivered strong Q1 2026 results with AUM growing 9% quarter-over-quarter to $65.1 billion, fueled by $1.7 billion in net inflows primarily into critical materials strategies (96% of sales) and market value appreciation. Revenue surged on higher average AUM in exchange-listed products and managed equities, plus $52 million in carried interest crystallization from private strategies, driving management fees to $81.5 million (up from $40 million YoY) and net fees to $93.8 million. Net income rose to $29.2 million from $12 million YoY, though tempered by elevated stock-based compensation from 46% stock price appreciation. Adjusted EBITDA of $57.9 million reflected robust fee generation and operational leverage, with net compensation ratio improving to 29%. Physical trusts saw strong inflows into uranium ($562 million) and silver ($587 million), while new listings like Sprott Physical Copper Trust (SCOP) and Sprott Rare Earths Ex-China ETF (REXC) expand critical materials exposure. CEO Whitney George highlighted intact precious metals bull market amid volatility and geopolitical risks strengthening resource security themes. AUM hit $65.5 billion by May 1 on continued inflows, with a $0.40 quarterly dividend signaling confidence in cash generation. Forward-looking commentary emphasizes stagflation risks bolstering precious metals and critical materials, though no numeric guidance provided.