The BlackRock or Vanguard for precious metal and real asset investments.

The Grayscale of physical gold, silver, and uranium trusts.

• Asset Management Services: Manages a range of investment products including ETFs, closed-end funds, and managed accounts, primarily focused on precious metals, uranium, and natural resource equities.
• Physical Bullion Services: Facilitates the buying, selling, and secure storage of physical precious metals for investors.
• Lending Services: Provides debt financing and capital solutions to companies within the natural resource and mining sectors.

Sprott (NYSE: SII) operates as an alternative asset manager specializing in precious metals and real assets. Its customer base is diverse, encompassing both individual and institutional investors, as well as corporate clients for specialized services. Given its broad reach across various investment products and services, Sprott serves the following categories of customers:

1. Individual Retail and High-Net-Worth Investors: This category includes everyday investors and affluent individuals seeking exposure to precious metals and real assets. They primarily invest in Sprott's publicly traded products, such as its physical trusts (e.g., Sprott Physical Gold Trust - NYSE: PHYS, Sprott Physical Silver Trust - NYSE: PSLV) and various exchange-traded funds (ETFs), typically through brokerage accounts. High-net-worth individuals may also access some of Sprott's managed accounts or private strategies, depending on their accreditation.

2. Institutional Investors: This segment comprises large entities such as pension funds, endowments, sovereign wealth funds, family offices, and other financial institutions. These customers allocate significant capital to Sprott's specialized investment products, including its physical trusts, ETFs, managed equity strategies, and private funds focused on the natural resource and precious metals sectors. Institutional clients value Sprott's focused expertise in alternative assets and its active management approach.

3. Mining and Natural Resource Companies: Through its lending division and corporate finance arm (Sprott Capital Partners), Sprott provides specialized financial services to companies operating within the natural resource and mining sectors. These services include corporate lending, capital markets advisory, and facilitating access to public markets. In this capacity, these companies are direct business-to-business (B2B) customers for Sprott's financial and advisory services, rather than investors in its funds.

Royal Canadian Mint

Computershare Limited (ASX: CPU)

Whitney George

Chief Executive Officer, Sprott Inc.

Whitney George was named Chief Executive Officer of Sprott Inc. in 2022. He also serves as a Senior Portfolio Manager at Sprott Asset Management USA. Mr. George joined Sprott in 2015. Prior to joining Sprott, he spent 23 years in senior roles at Royce & Associates LLC in New York, where he was Co-Chief Investment Officer from 2009 to 2013. He played a key role in Royce's growth into a leading U.S. small-cap manager with peak assets of more than US$40 billion. Mr. George also held positions with Dominick & Dominick, Inc., WR Lazard & Laidlaw, Inc., Laidlaw, Adams & Peck, and Oppenheimer & Co. Inc. When he joined Sprott, he brought two existing funds with approximately $285 million in assets under management from Royce to Sprott.

Kevin Hibbert

Co-Chief Operating Officer & Chief Financial Officer, Sprott Inc.

Kevin Hibbert serves as Co-Chief Operating Officer and Chief Financial Officer of Sprott Inc. He is also a Senior Managing Partner and Co-Head of the Enterprise Shared Services Group. Mr. Hibbert joined Sprott in early 2014 and was appointed Chief Financial Officer in 2015 at the age of 38, making him the youngest CFO of a publicly traded management firm in Canada at that time. In his role, he is responsible for leading global operations teams in corporate finance and administration, investment operations, tax, treasury, financial planning and analysis, investor relations, corporate communications, information technology, office facilities, and administration. Before joining Sprott, he was RBC Dominion Securities Financial Controller and RBC Direct Investing Chief Financial Officer for nearly four years. He also served as Head of Finance, Policy & Advisory in CIBC's Chief Accounting Division and spent over four years as a Staff Accountant with Ernst & Young Financial Services sector. Mr. Hibbert currently serves as a board member of the UHN Foundation and formerly served as Vice Chairman and Treasurer of Dixon Hall Neighbourhood Services from 2016 to 2022.

John Ciampaglia

Chief Executive Officer, Sprott Asset Management & Senior Managing Partner, Sprott Inc.

John Ciampaglia has over 30 years of investment industry experience and since 2017 has served as Chief Executive Officer of Sprott Asset Management and as Senior Managing Partner of Sprott Inc. He joined Sprott in 2010 as Chief Operating Officer. He is responsible for overseeing Sprott's public market investment strategies and is the Portfolio Manager for the company's physical commodity funds. Mr. Ciampaglia also plays an active role in the development of new investment strategies, acquisitions, marketing, and strategic partnerships. Prior to joining Sprott, he was a Senior Executive at Invesco Canada, holding the position of Senior Vice President, Product Development. Before Invesco, he spent more than four years at TD Asset Management.

Ryan McIntyre

President, Sprott Inc.

Ryan McIntyre holds the position of President at Sprott Inc. He is also an MBA and CFA charterholder.

Arthur Einav

Co-Chief Operating Officer & General Counsel, Sprott Inc.

Arthur Einav serves as Co-Chief Operating Officer and General Counsel for Sprott Inc. He is also the Corporate Secretary, Senior Managing Partner, and Co-Head of Enterprise Shared Services for Sprott Inc.

The increasing institutional acceptance and mainstream adoption of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge. This directly competes with and could divert capital away from traditional precious metals and related assets, which form the core of Sprott's investment offerings. The launch of spot Bitcoin ETFs has significantly broadened accessibility for investors, establishing a clear competitive landscape where Bitcoin is increasingly positioned as "digital gold," potentially diminishing the unique appeal and demand for physical gold and silver products managed by Sprott.

Sprott (SII) is an asset manager specializing in precious metals and critical materials investments, offering exchange-listed products, managed equities, and private strategies.

Addressable Markets for Main Products and Services:

1. Precious Metals Asset Management (Global)

The global precious metals management market, encompassing services like storage, trading, and asset management for precious metals, was estimated at approximately USD 16.68 billion in 2025, with projections to reach USD 22.07 billion by 2029. North America was the largest region in this market in 2024, and Asia-Pacific is expected to be the fastest-growing region.

More broadly, the global precious metals market (including gold, silver, palladium, platinum, and platinum group metals) is estimated at USD 290.34 billion in 2025 and is projected to increase to USD 386.16 billion by 2030. Another report forecasts the global precious metal market to grow from USD 330.0 billion in 2025 to USD 450.0 billion by 2035. Gold is expected to dominate this market, holding a 65.0% market share.

2. Physical Gold Trusts (e.g., Sprott Physical Gold Trust - PHYS)

The global gold mining market is projected to exceed USD 250 billion in 2025. Other estimates place the global gold mining market at USD 213.54 billion in 2025, with a projection to reach USD 304.14 billion by 2035. The financial physical gold market, which includes bars, coins, gold ETFs, and central bank reserves, was valued at nearly US$5 trillion globally as of April 2023.

3. Physical Silver Trusts (e.g., Sprott Physical Silver Trust - PSLV)

The global silver mining market was valued at USD 21.52 billion in 2024 and is projected to grow to USD 41.95 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 8.7%. Other analyses indicate the global silver mining market is poised to reach USD 55.8 billion by 2035 from USD 21.9 billion in 2024. Asia-Pacific and North America are significant regions in this market.

4. Physical Uranium Trusts (e.g., Sprott Physical Uranium Trust - SPUT)

The global uranium market size was valued at USD 15.0 billion in 2023 and is projected to grow from USD 15.57 billion in 2024 to USD 20.98 billion by 2032, with a CAGR of 3.8%. The global uranium mining market is estimated to reach USD 9.58 billion by 2032, growing at a CAGR of 8.3% from 2025.

5. Physical Platinum & Palladium Trust (e.g., Sprott Physical Platinum & Palladium Trust - SPPP)

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6. Critical Materials Mining ETFs (e.g., Sprott Uranium Miners ETF - URNM, Sprott Critical Materials ETF - SETM)

For the Sprott Uranium Miners ETF (URNM), the addressable market can be considered the global uranium mining market, as noted above (USD 9.58 billion by 2032). For other Critical Materials ETFs focused on copper, lithium, and nickel, Sprott's critical materials strategies (which include these and uranium, cobalt) represented approximately $8.04 billion of their total Assets Under Management (AUM) as of February 21, 2025. However, specific addressable market sizes for a combined "critical materials mining ETF" or for individual copper, lithium, or nickel mining ETF markets are not explicitly available in the provided information. Therefore, for the broader category of Critical Materials Mining ETFs beyond uranium, the addressable market size is null.

Sprott Inc. (SII) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Sustained Growth in Precious Metals Assets Under Management (AUM): Sprott has experienced significant increases in AUM, particularly in its physical gold and silver trusts, driven by surging precious metals prices and strong investor inflows. In the third quarter of 2025, AUM rose by $9 billion, and surpassed $50 billion for the first time in October 2025, primarily due to rising gold and silver prices.
2. Expansion and Success of the Exchange Traded Fund (ETF) Platform: The company's ETF business has demonstrated substantial growth, increasing from under $400 million to over $4.4 billion in assets since the acquisition of the Sprott Uranium Miners ETF (URNM) in 2022. Recently launched active ETFs, such as GBUG and METL, have been among the most successful to date, with plans to introduce at least one more active ETF by the end of 2025.
3. Increasing Demand for Critical Materials: Sprott is strategically positioned to capitalize on powerful global trends, including geopolitical shifts and the build-out of AI infrastructure, which are anticipated to drive demand for critical materials. Executives have noted a "new kind of scarcity" in metal markets, and there is an expectation of increased activity in the uranium market. The company has also actively purchased significant volumes of uranium for its trust, indicating confidence in this sector.
4. Strong Performance and Inflows in Managed Equities: Sprott's managed equities business has consistently delivered outstanding performance and strong sales, contributing positively to overall growth in assets and revenue. This segment continues to attract investor interest, with some strategies showing significant year-to-date gains.