Thank you, operator, and good morning, everyone. Thank you 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 first 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 the year-to-date highlights. A lot's happened since we spoke last time, and it's hard to believe it's only 4 months into this year.

The first quarter was an exceptionally volatile quarter for precious metals. After a powerful rally to all-time new highs in January, positioning and momentum in gold became increasingly stretched.

On January 29th, the market tipped, triggering gold's largest 1-day decline in over 4 decades as systemic strategies, CTAs, and leveraged investors rapidly unwound crowded positions. The correction proved brief.

Gold rebounded sharply through February, rising from 4663 to over 5300 by early March. That recovery, however, was abruptly interrupted by the escalation of the conflict in the Middle East.

The US-Israel strike on Iran and the subsequent closure of the Strait of Hormuz triggered a global liquidity event rather than a conventional risk-off response. In a scramble to raise cash amid surging cross-asset volatility, investors sold their most liquid and successful holdings, and gold was no exception.

Compounding the move, central bank and sovereign demand, particularly from the Gulf states, temporarily stalled amid disruptions to oil revenue. In some cases, reserves were drawn down to fund fiscal and defense needs.

As a result, gold fell sharply in March, briefly breaking below 4100 in thin, illiquid markets, but has since stabilized. Importantly, the decline reflected a liquidity-driven deleveraging and a pause in reserve flow demand, not a failure of gold's underlying investment thesis.

While near-term volatility remains elevated, the structural foundation of gold's bull market remain firmly intact. Gold has since stabilized and is currently trading around 4700.

Silver followed a similar, although more dramatic, trajectory to gold during the quarter. After spending the first half of 2025 trading in the mid-$30 range an ounce, silver broke out in the second half of the year to close at 71.47 at year-end.

Rather than slowing down in January, silver's ascent continued as speculators piled into the trade. When the precious metals corrected in late January, silver gave back most of its 2026 gains, falling 38% peak to trough.

While prices have recovered somewhat and silver is currently trading around $77 per ounce, silver has not bounced back as well as gold. Silver is both a precious metal and a critical material, which is entering its 6th year of structural supply deficit.

We are optimistic about its long-term prospects as it has come way off its highs and is a long way from an inflation-adjusted peak. Despite the volatility in precious metals, Sprott managed to deliver another strong quarter, largely due to the continued growth of our critical materials strategies.

Our assets under management increased by 5.5 billion to 65.1 billion, and we reported 1.7 billion in net sales, 96% of which came to our critical materials segment. These flows were broad-based, with 21 separate strategies generating positive sales during the quarter.

We continue to expand our critical materials suite with the recent launch of the Sprott Rare Earths ex-China ETF, REX-C. This new fund was launched on April 15th and has already exceeded 30 million in assets, making it our most successful ETF launch to date.

John will give you more details on this in a few minutes. Our managed equities business delivered solid relative performance during the quarter despite the challenging precious metals market.

Finally, we recorded $52 million in performance fees and carried interest in our private strategies. With that, I'll pass it over to Kevin for a review of our financial results.

Kevin?

Thanks, Whitney, and good morning, everyone. I'll start on slide 5, which provides a summary of our historical AUM.

AUM finished the quarter at $65.1 billion, up 9% from $59.6 billion as at December 31st, 2025. On a 3-month ended basis, we benefited from market value appreciation across a majority of our fund products and positive net inflows to our exchange-listed products.

Slide 6 provides a brief look at our 3-month earnings. Net income this quarter was $29.2 million, up $17.3 million from $12 million over the same 3-month period last year.

Our net income performance was primarily due to higher average AUM in our exchange-listed products segment, managed equities segment, and carried interest crystallization in our private strategies segment. These increases were partially offset by higher stock-based compensation expense, primarily due to our stock price appreciating 46% in the quarter, compared to only 6% in the first quarter of last year.

Consistent with my comment last year that the rising stock price would lead to a materially lower amount of RSUs being granted in 2026, our total RSU issuance for 2026 was 276,943 units, down 72% from 976,550 units granted last year. Adjusted EBITDA, which excludes quarterly volatility from items like stock-based compensation and intermittent carried interest and performance fee crystallizations, was $57.9 million for the quarter, up $36 million from $21.9 million over the same 3-month period last year.

Adjusted EBITDA in the quarter benefited from higher average AUM on market value appreciation and inflows to our physical trusts and ETFs, as well as higher average AUM in our managed equities products. Finally, slide 7 provides a few treasury and balance sheet management highlights.

As you can see here, our cash and liquidity profile continues to be quite strong. For more information on our revenues, expenses, net earnings, adjusted EBITDA, and balance sheet metrics, you can refer, as always, 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.

Thanks, Kevin, and good morning, everybody. Thank you for joining our call.

Turning over to slide 8. It was obviously a very eventful quarter, with extreme volatility experienced in most metal prices.

AUM in the physical trusts was up 3.5 billion or 7.4% in the quarter. Despite the noise and uncertainty in the market, the fundamentals for metals are very constructive, and geopolitical events have only reinforced their strategic importance.

Year-to-date, we have witnessed all-time high metal prices for gold, silver, copper, and uranium briefly touched triple digits per pound. While many investors are currently sitting on the sidelines, we view the market pause as transitory in nature as it is impossible to model and price risk related to the current conflict in the Middle East.

Turning to the next slide. Flows were very robust in the quarter at 862 million, marking the 4th consecutive quarter of net flows exceeding $800 million.

While we did experience some physical redemptions during the quarter, we are already seeing a moderation as discounts to NAV have tightened. The Sprott Physical Uranium Trust continues to attract new capital at a record rate as the growing structural supply deficit and a renewed focus on energy security is expected to benefit nuclear energy.

SPUT has raised more capital in dollar terms over the past few quarters than at any time since its inception in July of 2021, reflecting this bullish outlook. Silver, as Whitney mentioned, was also a key performer in the quarter, fueled by its long overdue rerating and catch-up trade to gold.

Shifting to our ETF product suite on slide 10. We generated very strong asset growth driven by market appreciation and net flows across a broadening range of metal segments.

AUM in the quarter jumped 30% and 42% year-to-date to May 1st. As you can see from the groups of color-coded ticker symbols, we have developed a broad suite of ETFs over the last 4 years in anticipation of the secular rotation back to metals and mining.

Commodity cycles run much longer than business cycles, elongated by their long CapEx and development timelines, and we continue to believe we are still in the early innings. We continue to engage with a growing list of generalist investors as they are attracted to the strong fundamentals, seek portfolio diversification, and begin to hedge against novel risks like stagflation.

At the beginning of 2022, our only two ETFs focused on gold mining stocks. Since then, through a key acquisition and an active organic product development strategy, we now offer a broad suite of mining ETFs covering precious metals, critical materials, copper, battery metals, and rare earths.

This thoughtfully executed strategy is delivering strong results, and more importantly, has positioned Sprott as the go-to firm for metals and mining funds. Moving to slide 11.

ETF flows reached a record 1.1 billion in the quarter. Most of our ETFs experienced inflows, reflecting the broad interest across the metals complex.

Momentum post the quarter has remained strong, with another 184 million in net flows. Finally, just turning to slide 12, which highlights our product pipeline.

As I mentioned, we have aggressively developed our product suite over the past few years to capitalize on the bull market currently underway. In 2024, we completed the IPO of the Sprott Physical Copper Trust on the Toronto Stock Exchange.

On Monday of this week, we successfully cross-listed the trust on the New York Stock Exchange under the ticker SCOP. This represents the very first physical copper vehicle listed in the United States.

Like with uranium, we believe there's a sizable market opportunity to scale our copper trust. Copper is the backbone of electrification and other critical applications, while supply conditions remain constructively tight.

Copper's growing uses outside of traditional industrial applications are driving global demand. Finally, we're very excited about our latest addition, the Sprott Rare Earths ex-China ETF.

The ticker is REX-C. That's listed on the NASDAQ, which we launched in mid-April.

Investors and governments alike have realized the strategic importance of rare earth metals for technologies, defense, and energy sectors. REX-C represents the first pure-play rare earths ETF listed globally, and it also has a unique ex-China focus to capitalize on the reshoring efforts that are only accelerating as China continues to weaponize its dominance of the global supply chain for rare earths.

Initial investor response has been very positive, and the fund is already over $30 million in assets in about 2 weeks. Finally, on prior calls, we highlighted the success of the Sprott Silver Miners and Physical Silver ETF, which has grown to almost 800 million in just over 1 year.

Flows and performance relative to competitors have both been excellent. On April 16th, we launched a UCITS version of this ETF for distribution in the UK and Europe.

With that, I'll pass it to Whitney.

Thanks, John. We'll move now to slide 13 for a look at our managed equities segment.

Our managed equities AUM grew 12% during the first quarter, despite the market turbulence, and now stands at 3.6 billion. On slide 14 is a picture of our flows.

We've yet to see meaningful flows into our managed equity offerings, despite the very, very strong performance. We continue to believe that a new crop of investors will rotate into the sector once the fundamentals become too compelling to ignore.

I'll now turn to slide 15 for a quick comment on our private strategies. Private strategies AUM was 2 billion at the end of March 2026.

This is a bit of a transition year for private strategies. We are exiting or winding down the second lending fund, and we'll begin marketing Lending Fund 4 sometime mid-year, which we expect to be a 12 to 18 month process.

We are optimistic that we can grow our private strategies, which have failed to keep pace with the rapid growth in other areas of our business, but we have an outstanding team and track record. We are currently evaluating new strategies and extensions of existing offerings.

The fundraising period, as I mentioned, for the next lending fund will be 12 to 18 months. I'd like to turn to slide 15 now, which should be taken closely with slide 16.

This is our historical AUM growth with our operating margin. The thing I love about the asset management business is one has the opportunity to deliver operating leverage without financial leverage.

I think many have seen the AUM EBITDA progression chart before, but something new is the next chart, which shows our balance sheet progression. As you can see, we were heavily invested in our own products back in 2000 or 10 years ago.

That co-investment blue line has come down significantly. Meanwhile, we had taken on some debt that's been completely paid off as of December '24.

Then the green line, of course, is the cash. Not only is our balance sheet stronger, but it's more liquid than it's ever been.

Slide 17, the ongoing 18, sorry, the ongoing geopolitical conflicts are reinforcing the case for both precious metals and critical material investments. Trade disruptions have highlighted the importance of physical ownership in sectors including metals, energy, and agriculture.

Security of supply is now a top priority. Despite recent volatility, the structural elements of the precious metals bull market remain intact, and even strengthened by recent events.

We're very pleased with the growth in our ETF product suite and critical materials franchise, and believe investor demand for these strategies will continue to increase. We've worked very hard to establish Sprott as a thought leader in the space, which is resulting in a greater brand recognition from institutions, advisors, and individual investors.

With our core positioning in precious metals and critical materials, we're well positioned to benefit from what we will believe be a powerful rotation into real asset investments. That concludes our remarks for today's call, and I'll now turn it over to the operator for some Q&A.

Operator?

Thank you, and good morning, team. To circle back on the meaningful increase to inflows across your ETF lineup, what has worked well for Sprott from a distribution standpoint?

A refresher on your ETF strategy for new launches would be appreciated.

Hi, Étienne. It's John.

Hope you're doing well. Lots of really good questions there.

I think, obviously, you need to have the right products at the right time when investor interest is there. I think our strategy is very simple.

We want to make sure that we have developed very thoughtful products. Obviously, our products on the ETF side are passively managed.

They run through very well-defined index methodologies, but I think it's fair to say that the index development has a lot of Sprott DNA, and our fingerprints all over those methodologies. What I'm referring to is that we have a partnership with Nasdaq, where we go through over 800 different mining companies, and we basically evaluate and score them for their exposures to different metals.

This is a very unique, I think, approach in the marketplace. As a result, you'll see our index construction process is very different.

I think the really best example I can share with you is our Silver Miners ETF, where we have two times the exposure relative to our other competitors. This really is playing itself out in terms of performance.

We have handily outperformed our competitors because we have more targeted exposure to silver. I think the market is slowly starting to appreciate this as we educate them that not all ETFs are created equally.

We have a very thoughtful approach. There's no point in coming to market with another me-too product.

You really need to have something differentiated. I think the power of our brand and our long history in metals and mining give us a unique advantage in terms of distribution.

Our relentless focus on education across every investor segment globally has really paid off for us. We've obviously been educating investors for many years about the investment cases and the fundamentals for many of these metals.

We often get called from institutions right around the world that want to talk to us for our views on uranium, even though these are passively managed products. I think that clearly highlights there is an intangible value to what we've brought to market.

The ETFs provide obviously a very unique distribution strategy because anybody that can access those tickers is a potential target for us. We obviously see lots of cross-border, cross-regional interest in our ETFs, which almost provide ubiquitous distribution for us.

It's a lot of pieces coming together. Obviously, market timing is important.

I think this Rare Earths ex-China ETF is probably one of our best-timed new funds in terms of what's going on in the markets, and how the mainstream media is really helping to do our job in terms of educating investors around the weaponization of materials that are very important to run everything from cars, to cell phones, to missiles, to other very important strategic technologies. We're very thoughtful about how we come to market.

I think that's allowed us to bring a suite of products that's highly differentiated, and also products that are not getting sucked into the race to zero, which is obviously fee compression in the ETF world, which is very widespread in a lot of the mainstream cluttered categories with lots of competitors. I hope that gives you some color on how we've approached the market.

I think it's fair to say that after many years of planting seeds, that we are really harvesting right now, which is really exciting.

Thanks for sharing, John. I want to follow up on the Copper Trust and the listing on the NYSE.

How meaningful could this be in terms of raising new capital? In terms of risk, how do you think about redemption risk for this trust relative to gold or silver, for example?

Good questions. The New York Stock Exchange is obviously kind of your premier listing.

Obviously, we have products listed on both the Toronto and New York Stock Exchange. What we've historically experienced is the bulk of the trading happens there.

We were able to list the Copper Trust on the OTC market in the United States as a bridge, but you quickly find out that many investor groups are unable to trade OTC tickers. We were really not gaining full access to the available marketplace.

Listing the vehicle, I think, really opens the door for access: retail investors, obviously, advisors, and even some institutional investors, and institutional investors abroad obviously have ready access to the New York Stock Exchange. One of the enhancements and requirements that we had to implement in order to list on the New York Stock Exchange was to broaden the physical redemption feature on the vehicle from twice per year with a cap to monthly with no cap.

This is a key function that allows and incentivizes arbitrage, which means if the trust drifts too much away from its net asset value, market participants will take advantage of that dislocation, buy up the shares, help to tighten that spread, and in most cases, they physically will just try to sell their shares into the market when that happens. The second off-ramp is if it doesn't happen in a reasonable amount of time, some entities will be able to tender their shares back in for physical redemption.

Now, who is able to do that? It's obviously investors that have a high minimum dollar amount because it is 100 metric tons minimum, but they also need to have a storage arrangements at LME or COMEX warehouses.

That's the second constraint. Obviously, that limits the number of players to typically traders and perhaps some hedge funds.

They do play a role to help the fund trade tighter, and that's important for institutional interest, and it's also important because it better positions us to be able to raise new equity, because we can't raise new equity in the vehicle until it trades above its NAV. It is part of the ecosystem.

It has worked very well for our other physical trusts that have had the same feature for the last 15 years. We're hopeful that these enhancements are going to accelerate the growth in the Copper Trust, which I think more and more generalist investors are starting to understand how important physical copper is.

Right now, there are other funds, but they are solely focused on copper futures, and we obviously believe that physical copper right now is of utmost importance given the supply disruptions we're seeing globally.

Great. Thank you very much.

Great. Good morning, and thanks for taking my questions.

I wanted to ask around the balance sheet, and thanks for that added disclosure on slide 17. Clearly in a really strong position with no debt.

Cash just keeps growing. Could you update us on capital allocation?

If these performance continues, could this result in sort of capital returns to shareholders in some form or another? Thanks.

Absolutely. I'll take that, and maybe Kevin could add on to it.

As you can see, this is all fairly new. We have a history of paying nice dividends, dividend growth would obviously be one priority.

Not only myself, but every single employee is a Sprott shareholder, and so, dividends are clearly enjoyed. We have a share buyback in place.

We executed a little bit when the stock fell at the end of the first quarter and a little bit more subsequently. Depending on the price level, we could get a lot more aggressive on executing on that.

Again, we're going to launch some new private strategies which require co-invest. Finally, we're still always open to looking at things that might make good acquisitions that are on strategy for Sprott.

Great, thanks for that. Then, I guess, a segue if can into private strategies.

You're looking to fundraise LF4 in Q2. Could you give us a sense of maybe what the investor mix, geographic mix you're targeting, and then what percentage of co-invest you might be looking to participate in that fund?

We've got to be a little careful about how much we talk about private strategies. Once upon a time, our co-invest was 100%, and our first lending fund, I think it was 10.

I think that the standard, now that we have a long record, is more like 2. I would say the fundraising would begin probably after the second quarter and into the third.

We expect to have a lot of returning investors, which tend to be very large institutions. The minimums are large.

They're predominantly in the US, but we have prospects and clients in Canada, in the Middle East. It's kind of a global audience.

Great, very helpful. Thanks.

Hi, good morning. Could you just give us some color on the 50 million, 52 million of carried interest in the quarter?

Was that related to the 178 million of private strategies that was distributed back, or was it related to more than that? Then maybe any color on unrealized carry that's currently sitting behind your 2 billion of private strategies?

Right. Hey, Graham, I'll tackle that.

The 50 the 52 million or 51 specifically on the private side, it's unrelated to the capital distribution. That's related to one of our legacy funds for one thing.

Then, I think your other question was color on any unrealized carry?

Correct. Yep.

Okay. Again, we can't provide color on that.

The accounting rules changed a few years ago precluding us from coming up with accruals and estimates on unrealized unless there's pretty much virtual certainty around it. Not an awful lot to provide there except to say that the investments that are chosen by the management team on that side continue to be quite compelling.

We're looking forward to the future and continuing to provide value in that regard in terms of future carry, but can't give you anything in terms of estimates or outlooks or anything like that, unfortunately. Okay.

What triggered the 52 million of carried interest this quarter if it wasn't related to distributions back to the shareholders? What gives you the visibility to realize on that now?

The fact that it's actually been earned and paid out. The way the accounting works now under IFRS for carry is once you've passed the critical event in the earnings process, and in particular, it's actually been paid out, that's when you book it.

It's essentially cash accounting.

Okay. Then your Lending Fund 2, can you remind us how big that is, because it's obviously in sort of the harvesting phase now, and then what's the size that you're targeting for Lending Fund 4?

I don't know Whitney, do you want to tackle the Lending Fund 4 piece?

Sure. I think at peak, Lending 2 had committed capital of $900 million.

Each fund has gotten bigger, primarily because clients have been happy and increased their appetite each one. The record is long and strong, and so given Sprott's brand, our expanded institutional team, I would love to see the next one be twice as big as the last one.

Okay. Understood.

Then my last question, just make sure I'm sort of getting your messaging right here, but if we are to see some resolution start to surface in the Middle East eventually, any reason why the sort of factors that were driving precious metals previous to that situation, any reason why they wouldn't surface again?

It's certainly our expectation that we're just in a pause in a very long-term bull market for precious metals, really driven by the fiscal situation in all the developed world. It's actually not that gold's necessarily going up so much, it's just all the currencies it's measured in are going down.

The reason they're going down is because of the level of debt that exists out there and the ability to service it. That's still very much there, if not more so post this conflict.

We do seem to be de-dollarizing in our case. Again, I think all hard assets are in a very strong position as you look forward.

Of course, it's been decades since investors actually looked at mining companies. As we mentioned, their individual fundamentals are so strong and so obvious now that I think we'll see continued performance from that sector, and better performance.

Graham, just to answer the last half of your second question to me, the Lending Fund 2 was roughly about $27 million that's left.

Okay. That's it for me.

Thank you.

Good morning. Thanks for taking my question, and congratulations on a strong quarter.

My question is around clients. Historically, you've skewed more institutional.

Are you seeing any meaningful pick-up in retail or other channels, particularly given the macro backdrop around gold and critical minerals, and is that changing how you think about distributions?

Hi. It's John.

Look, we're seeing, I think, broadening interest. A few years ago, I think retail investors were kind of the lone group that were positioned in a lot of these segments.

It's only been, I would say, in the last 2, 3, 4 years that we've seen a broadening of interest institutionally, and it started off amongst more specialty funds, funds with specific mandates related to metals and mining or energy transition or just general energy and power trading funds. In the last 2 years, there's been a clear pivot to more generalist funds.

These are funds that, I would say, have been 0 weight metals and mining for the last 10 to 12 years. We're at the point now where it's impossible to ignore for a few reasons: one, the fundamentals look really fantastic; but two, it's starting to create benchmark risk, meaning any investor who's managing an active strategy against a benchmark with metals and mining is really starting to underperform with little to no weight in metals and mining.

We're definitely seeing investors reach out to us to better understand the landscape of metals and mining, as well as investing in Sprott Inc., the company itself, as a proxy to gain exposure to a broad range of metals and mining. Those are discussions we just have not had for many, many years.

Even though the discussions have accelerated dramatically, we still think we're in the early innings, and that most investors are still very, very underweight all things metals and mining. As understanding and acceptance and some of the legacy stigma and scar tissue fade away, we think there's more and more money to come.

That's helpful color. Thank you.

I'll pass the line.

Good morning, Whitney, John, Kevin, and team. Congrats on the quarter.

A couple of questions from me. My first one, you kind of, John, you just kind of just just answered it, but I want to be a bit more specific.

I found it interesting in Q1 to see large net inflows to the critical materials ETFs despite copper and uranium prices that net-net were basically flat quarter quarter-over-quarter. Do you do you have a good sense of just where those specific inflows came from in Q1 geographically, and then and then retail versus institutional?

That that would be interesting color. Yeah.

Hi, Mike. What's interesting when you look at our lineup of funds, where we have the greatest skew to institutional ownership is uranium one, copper two.

Those are the categories that I think most institutions are well-positioned in and are starting to build their exposures to. With uranium, it is very global in nature.

We're seeing lots of interest in North America, parts of Asia, Australia. It has become, I think, a very universal investment thesis.

Copper obviously is a very big metals category, and that makes it very investable. We would argue that there's even broader distribution and interest in copper.

The interest in those two categories, I would say, is very institutional. The retail interest in uranium has faded a little bit.

There's some signs of it coming back. We've had very good performance and flows in the uranium mining funds in the last 2 months.

Copper, I'd say, is more institutionally driven than retail. Sometimes we find retail are looking for things that are a little bit more spicy and volatile, and we've seen, I think, greater interest in some of the copper mining funds.

Our Junior Copper Mining ETF was one of the best performing last year, and we think that that has more of a retail investor audience.

The advisor channel is very important for us, and we've been working at it for many, many years. I think our size and scale of our products has allowed them to gradually get into larger and larger platforms.

We have a key accounts department. They're working with some of the larger regional broker-dealers that are out there that are now adopting our products and approving them on their platform.

Certainly, our silver ETF has a lot of retail appeal for reasons mentioned earlier. Then some of our broad-based critical materials ETFs, both SETM, which is passive, and our active, METL, again, provide an advisor with a great solution to get cross-exposure without having to pick copper, uranium, or silver at any one period in time.

That's all resonating. Again, in the ETF business, size begets size.

Yeah. Okay.

That's very helpful. Then my second question, if I could.

Whitney, you touched on this at the top of the call, obviously a ton of volatility in gold and silver prices in Q1. I'm sure you guys monitor this internally, but I'm just kind of curious, what was total consolidated AUM in late January when gold was north of 5300 and silver was north of 110?

Just curious.

Kevin can probably be precise, but it was north of 80 billion.

That's right. It was about 85, Mike.

For 1 day.

Hey,

we'll see where things go over the medium and longer term here, right? I was just curious.

All right, thanks. That's it for me, guys.

Congrats on the quarter.

Thank you, operator. Thank you, everyone, for participating in this call.

We appreciate your interest in Sprott, and look forward to speaking to you again after our second quarter results. We will remain contrarian, innovative, and aligned.

Have a great day.