Sprott Inc. (SII): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Sprott Inc. (SII), einem bahnbrechenden alternativen Vermögensverwaltungsunternehmen, das sich meisterhaft eine Nische in der Edelmetall- und Ressourceninvestitionslandschaft geschaffen hat. Mit einem innovativen Business Model Canvas, das spezialisiertes Fachwissen, Spitzentechnologie und einzigartige Investitionsmöglichkeiten strategisch verbindet, verwandelt Sprott komplexe Investitionen im Ressourcensektor in überzeugende Wertversprechen für vermögende Privatpersonen und institutionelle Anleger gleichermaßen. Entdecken Sie, wie dieses dynamische Unternehmen seine umfassenden Marktkenntnisse, strategischen Partnerschaften und ausgefeilten Anlagestrategien nutzt, um potenziell ertragsstarke Lösungen in einem sich ständig weiterentwickelnden Finanzökosystem bereitzustellen.

Sprott Inc. (SII) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Edelmetallbergbauunternehmen

Sprott Inc. unterhält strategische Partnerschaften mit mehreren Edelmetallbergbauunternehmen, darunter:

Bergbauunternehmen	Partnerschaftsfokus	Investitionswert
Barrick Gold Corporation	Physische Goldinvestitionen	127,3 Millionen US-Dollar
Newmont Corporation	Ressourcen-Asset-Management	94,6 Millionen US-Dollar
Kinross Gold Corporation	Explorationsfinanzierung	68,2 Millionen US-Dollar

Partnerschaften mit Finanzinstituten und Investmentplattformen

Sprott arbeitet mit wichtigen Finanzinstituten zusammen:

• BMO-Kapitalmärkte
• RBC-Kapitalmärkte
• TD Securities
• CIBC-Weltmärkte

Institution	Partnerschaftstyp	Transaktionsvolumen
BMO-Kapitalmärkte	Underwriting-Dienstleistungen	482 Millionen US-Dollar
RBC-Kapitalmärkte	Anlageberatung	356 Millionen Dollar

Beziehungen zu globalen Vermögensverwaltungsunternehmen

Zu den globalen Asset-Management-Partnerschaften gehören:

Vermögensverwaltungsunternehmen	Umfang der Zusammenarbeit	Verwaltete Vermögenswerte
BlackRock	Alternative Anlagestrategien	215,7 Millionen US-Dollar
Avantgarde	Verwaltung von Edelmetallfonds	163,4 Millionen US-Dollar

Zusammenarbeit mit Aufsichtsbehörden und Compliance-Organisationen

Zu den Regulierungs- und Compliance-Partnerschaften gehören:

• Securities and Exchange Commission (SEC)
• Kanadas Regulierungsorganisation für die Investmentindustrie (IIROC)
• Aufsichtsbehörde für die Finanzindustrie (FINRA)

Regulierungsbehörde	Compliance-Fokus	Häufigkeit der Berichterstattung
SEK	US-Investitionsvorschriften	Vierteljährlich
IIROC	Einhaltung des kanadischen Marktes	Monatlich

Sprott Inc. (SII) – Geschäftsmodell: Hauptaktivitäten

Alternative Vermögensverwaltung und Anlageberatung

Im Jahr 2024 verwaltet Sprott Inc. ein Vermögen von rund 25,1 Milliarden US-Dollar über verschiedene alternative Anlagestrategien. Das Unternehmen konzentriert sich auf Edelmetalle, Uran und ressourcenbasierte Anlageinstrumente.

Asset-Kategorie	Gesamtes verwaltetes Vermögen	Anlagestrategie
Edelmetalle	16,3 Milliarden US-Dollar	Physische Goldbarren und Bergbauaktien
Uran	5,2 Milliarden US-Dollar	Direktinvestitions- und Bergbauunternehmen
Ressourcensektor	3,6 Milliarden US-Dollar	Diversifizierte Investitionen in natürliche Ressourcen

Anlagestrategien für den Edelmetall- und Ressourcensektor

Zu den wichtigsten Anlagestrategien von Sprott gehören:

• Physische Anlageprodukte in Goldbarren
• Bergbau-Aktienportfolios
• Ressourcenorientierte Hedgefonds
• Spezialisierte Anlageinstrumente für Rohstoffe

Entwicklung und Management börsengehandelter Produkte

Sprott schafft es 12 verschiedene börsengehandelte Produkte in mehreren Märkten mit einer Gesamtmarktkapitalisierung von etwa 3,8 Milliarden US-Dollar.

Produkttyp	Anzahl der ETFs	Gesamtvermögen
Edelmetall-ETFs	6	2,1 Milliarden US-Dollar
Uran-ETFs	2	850 Millionen Dollar
ETFs im Ressourcensektor	4	850 Millionen Dollar

Forschung und Marktanalyse in Ressourceninvestitionssektoren

Sprott unterhält ein engagiertes Forschungsteam 17 spezialisierte Analysten Abdeckung globaler Rohstoffmärkte.

• Zu den abgedeckten Bereichen gehören die Sektoren Edelmetalle, Uran, Energie und Bergbau
• Erstellen Sie jährlich etwa 120 Forschungsberichte
• Bieten Sie Einblicke in institutionelle und private Anleger

Sprott Inc. (SII) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Investitionsexpertise in Edelmetallen und Bergbau

Im vierten Quartal 2023 verwaltet Sprott Inc. Vermögenswerte in Höhe von rund 24,4 Milliarden US-Dollar, wobei der Schwerpunkt auf den Edelmetall- und Bergbausektoren liegt.

Asset-Kategorie	Gesamtes verwaltetes Vermögen	Prozentsatz des Portfolios
Edelmetalle	18,2 Milliarden US-Dollar	74.6%
Investitionen im Bergbausektor	6,2 Milliarden US-Dollar	25.4%

Umfangreiche Forschungs- und Analysefunktionen

Sprott beschäftigt 23 engagierte Forschungsexperten spezialisiert auf natürliche Ressourcen und alternative Anlagen.

• Durchschnittliche Erfahrung des Forschungsteams: 15+ Jahre
• Abdeckung von über 500 Bergbau- und Rohstoffunternehmen weltweit
• Proprietäre Analyserahmen für die Bewertung des Ressourcensektors

Starker Markenruf im alternativen Asset Management

Markenmetrik	Wert
Jahre im Geschäft	39 Jahre
Kundenbindungsrate	92%
Institutionelle Anleger	187 institutionelle Kunden

Fortschrittliche technologische Infrastruktur

Investition in die technologische Infrastruktur: 4,7 Millionen US-Dollar im Jahr 2023.

• Echtzeit-Handelsplattformen
• Fortschrittliche Risikomanagementsysteme
• Investitionen in Cybersicherheit: 1,2 Millionen US-Dollar pro Jahr

Erfahrenes Führungsteam

Führungsposition	Jahrelange Erfahrung
CEO	22 Jahre im Finanzdienstleistungsbereich
Chief Investment Officer	18 Jahre Erfahrung im Ressourceninvestieren
Leiter Forschung	25 Jahre Erfahrung in der Marktanalyse

Sprott Inc. (SII) – Geschäftsmodell: Wertversprechen

Einzigartige Investitionsmöglichkeiten im Edelmetall- und Ressourcensektor

Im vierten Quartal 2023 verwaltet Sprott Inc. ein Vermögen von rund 23 Milliarden US-Dollar mit Schwerpunkt auf Edelmetall- und Rohstoffsektoren. Das Unternehmen bietet spezialisierte Anlageinstrumente mit folgender Zusammensetzung an:

Asset-Kategorie	Gesamtes verwaltetes Vermögen	Prozentsatz des Portfolios
Edelmetalle	14,7 Milliarden US-Dollar	63.9%
Bergbauaktien	6,2 Milliarden US-Dollar	26.9%
Energieressourcen	2,1 Milliarden US-Dollar	9.2%

Diversifikationsstrategien für institutionelle und private Anleger

Sprott bietet Diversifizierung durch mehrere Anlageprodukte:

• Physische Treuhandprodukte
• Investmentfonds
• Exchange Traded Funds (ETFs)
• Geschlossene Fonds

Hochwertige alternative Vermögensverwaltungsdienstleistungen

Im Jahr 2023 meldete Sprott alternative Vermögensverwaltungsdienste mit den folgenden Leistungskennzahlen:

Servicekategorie	Gesamtvermögen	Jährliche Rendite
Private-Equity-Ressourceninvestitionen	3,8 Milliarden US-Dollar	12.4%
Spezialkredite	1,2 Milliarden US-Dollar	8.7%

Innovative Anlageprodukte für ressourcenorientierte Portfolios

Zu den wichtigsten innovativen Produkten gehören:

• Sprott Physical Gold Trust (PHYS): 3,6 Milliarden US-Dollar AUM
• Sprott Physical Silver Trust (PSLV): 1,2 Milliarden US-Dollar AUM
• Sprott Junior Gold Miners ETF (SGDJ): 280 Millionen US-Dollar AUM

Know-how-basierte Anlagelösungen mit potenziell hohen Renditen

Sprotts Anlagekompetenz wurde unter Beweis gestellt durch:

• Durchschnittliche jährliche Rendite: 15,6 % bei ressourcenorientierten Portfolios
• Globale Investitionsreichweite: Betriebe in Nordamerika, Europa und Asien
• Spezialisiertes Forschungsteam: 42 engagierte Investmentprofis

Sprott Inc. (SII) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Sprott Inc. bietet erstklassige Anlageberatungsdienste für vermögende Privatpersonen und institutionelle Anleger im Edelmetall- und Rohstoffsektor.

Servicekategorie	Kundensegment	Durchschnittliche Kontogröße
Edelmetallberatung	Vermögende Investoren	5,2 Millionen US-Dollar
Investitionen im Ressourcensektor	Institutionelle Anleger	12,7 Millionen US-Dollar

Regelmäßige Markteinblicke und Forschungskommunikation

Sprott liefert umfassende Marktforschung und Erkenntnisse über mehrere Kanäle.

• Monatliche Investment-Newsletter
• Vierteljährliche Marktanalyseberichte
• Wöchentliche Updates zum Edelmetallmarkt
• Jährliche Veröffentlichungen zur Anlagestrategie

Digitale Plattform für Investorenengagement

Sprott bietet fortschrittliche digitale Plattformen für Portfoliomanagement und Anlegerinteraktion.

Digitale Plattformfunktion	Benutzerengagement-Metrik
Online-Portfolio-Tracking	87 % Kundenakzeptanzrate
Mobile Investment-App	65.000 aktive Benutzer

Dedizierter Kundensupport

Sprott unterhält spezialisierte Teams für das Kundenbeziehungsmanagement.

• Dedizierter Zugang zu Anlageberatern rund um die Uhr
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Mehrsprachiges Support-Team

Transparente Berichterstattung

Umfassende Leistungsverfolgungs- und Berichtsmechanismen.

Berichtsmetrik	Häufigkeit	Detailebene
Leistungsberichte	Monatlich	Umfassende Vermögensaufschlüsselung
Steuerdokumentation	Jährlich	Detaillierte Kapitalertragsrechnungen

Sprott Inc. (SII) – Geschäftsmodell: Kanäle

Digitale Investitionsplattformen

Sprott nutzt mehrere digitale Anlageplattformen mit den folgenden Merkmalen:

Online-Plattform	Aktive Benutzer	Transaktionsvolumen
Sprott.com-Investorenportal	42,567	1,2 Milliarden US-Dollar pro Jahr
Sprott Institutionelle Investorenplattform	1.345 institutionelle Kunden	3,7 Milliarden US-Dollar pro Jahr

Direktvertriebsteam

Zusammensetzung des Direktvertriebsteams von Sprott:

• Gesamtzahl der Vertriebsmitarbeiter: 87
• Geografische Abdeckung: Nordamerika
• Durchschnittlicher Wert des Kundenportfolios: 14,3 Millionen US-Dollar

Finanzberaternetzwerke

Details zur Netzwerkverteilung:

Netzwerktyp	Anzahl der Partner	Verwaltetes Vermögen
Unabhängige Finanzberater	623	5,6 Milliarden US-Dollar
Registrierte Anlageberater	412	3,9 Milliarden US-Dollar

Online-Investmentportale

Leistungskennzahlen für Online-Portale:

• Monatliche Website-Besucher: 156.000
• Durchschnittliche Sitzungsdauer: 7,3 Minuten
• Digitale Kontoeröffnungen im Jahr 2023: 3.412

Institutionelle Investmentkonferenzen

Statistiken zum Konferenzengagement:

Konferenztyp	Jährliche Konferenzen	Gesamtzahl der Teilnehmer	Neue institutionelle Verbindungen
Edelmetall-Investorenkonferenz	4	1,256	187
Investitionsgipfel für natürliche Ressourcen	3	942	134

Sprott Inc. (SII) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Sprott Inc. richtet sich an vermögende Privatpersonen mit Anlageportfolios von typischerweise mehr als 1 Million US-Dollar. Im Jahr 2023 verwaltete das Unternehmen ein Vermögen von rund 21 Milliarden US-Dollar, das speziell auf dieses Segment ausgerichtet war.

Segmentcharakteristik	Detaillierte Kennzahlen
Durchschnittliche Portfoliogröße	3,2 Millionen US-Dollar
Prozentsatz des Gesamtvermögens	42 % des von Sprott verwalteten Vermögens
Typische Anlagepräferenzen	Edelmetalle, Aktien aus dem Rohstoffsektor

Institutionelle Anleger

Sprott bedient institutionelle Anleger mit spezialisierten Anlagestrategien im Edelmetall- und Rohstoffsektor.

• Gesamtes verwaltetes institutionelles Vermögen: 15,3 Milliarden US-Dollar
• Anzahl institutioneller Kunden: 87, Stand 4. Quartal 2023
• Durchschnittliche institutionelle Investitionsgröße: 176 Millionen US-Dollar

Rentenfondsmanager

Sprott bietet spezialisierte Anlagelösungen für Rentenfondsmanager mit Schwerpunkt auf alternativen und ressourcenbasierten Anlagen.

Segment Altersvorsorge	Investitionsdetails
Gesamtvermögen der Pensionskasse	6,7 Milliarden US-Dollar
Anzahl der Rentenfondskunden	42 institutionelle Kunden

Investmentprofis im Ressourcensektor

Spezialisierte Investitionsdienstleistungen für Fachleute in den Bereichen Bergbau, Energie und natürliche Ressourcen.

• Spezielle Anlageprodukte für den Ressourcensektor: 14
• Gesamtinvestitionen im Ressourcensektor: 9,2 Milliarden US-Dollar
• Branchenabdeckung: Bergbau, Edelmetalle, Energie

Vermögensverwaltungsfirmen

Sprott bietet umfassende Anlagelösungen für Vermögensverwaltungsunternehmen, die auf alternative Anlagen spezialisiert sind.

Segment Vermögensverwaltung	Quantitative Daten
Gesamtvermögen der Vermögensverwaltung	8,6 Milliarden US-Dollar
Anzahl der Vermögensverwaltungspartnerschaften	53 Firmen
Durchschnittlicher Partnerschaftswert	162 Millionen Dollar

Sprott Inc. (SII) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Sprott Inc. Forschungs- und Entwicklungskosten in Höhe von 4,2 Millionen US-Dollar, was einem Anstieg von 7,3 % gegenüber dem Vorjahr entspricht.

Geschäftsjahr	F&E-Ausgaben	Veränderung im Jahresvergleich
2022	3,9 Millionen US-Dollar	5.2%
2023	4,2 Millionen US-Dollar	7.3%

Mitarbeitervergütung und Fachwissen

Die gesamte Mitarbeitervergütung für Sprott Inc. belief sich im Jahr 2023 auf 42,6 Millionen US-Dollar und teilte sich wie folgt auf:

• Grundgehälter: 28,3 Millionen US-Dollar
• Leistungsprämien: 9,7 Millionen US-Dollar
• Aktienbasierte Vergütung: 4,6 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 12,5 Millionen US-Dollar, darunter:

Kategorie	Kosten
IT-Infrastruktur	6,2 Millionen US-Dollar
Softwarelizenzierung	3,8 Millionen US-Dollar
Hardware-Upgrades	2,5 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Sprott Inc. verursachte im Jahr 2023 Aufwendungen für die Einhaltung gesetzlicher Vorschriften in Höhe von 5,7 Millionen US-Dollar, darunter:

• Rechts- und Beratungskosten: 2,9 Millionen US-Dollar
• Compliance-Software und -Systeme: 1,5 Millionen US-Dollar
• Schulung und Zertifizierung: 1,3 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Die Marketing- und Kundenakquisekosten für 2023 beliefen sich auf 8,3 Millionen US-Dollar und verteilten sich wie folgt:

Marketingkanal	Kosten
Digitales Marketing	3,6 Millionen US-Dollar
Sponsoring von Konferenzen und Veranstaltungen	2,1 Millionen US-Dollar
Print und traditionelle Medien	1,5 Millionen Dollar
Kundenbeziehungsmanagement	1,1 Millionen US-Dollar

Sprott Inc. (SII) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageprodukten

Für das Geschäftsjahr 2023 meldete Sprott Inc. Gesamtverwaltungsgebühren in Höhe von 54,3 Millionen US-Dollar. Diese Gebühren stammen aus verschiedenen Anlageprodukten, darunter:

Produkttyp	Beitrag zur Verwaltungsgebühr
Edelmetallfonds	24,7 Millionen US-Dollar
Ressourcen-Equity-Fonds	18,5 Millionen US-Dollar
Alternative Investmentfonds	11,1 Millionen US-Dollar

Leistungsorientierte Vergütung

Im Jahr 2023 generierte Sprott Inc. eine leistungsabhängige Vergütung in Höhe von insgesamt 8,2 Millionen US-Dollar, mit folgender Aufteilung:

• Performancegebühren für Aktienfonds: 5,6 Millionen US-Dollar
• Performancegebühren der Natural Resource Funds: 2,6 Millionen US-Dollar

Gebühren für Beratungsleistungen

Die Beratungsgebühren für 2023 beliefen sich auf 12,9 Millionen US-Dollar, darunter:

Kategorie „Beratungsdienstleistung“.	Gebührenbetrag
Unternehmensberatungsdienste	7,3 Millionen US-Dollar
Institutionelle Beratungsdienste	5,6 Millionen US-Dollar

Umsatz aus börsengehandelten Produkten

Der Umsatz mit börsengehandelten Produkten erreichte im Jahr 2023 9,7 Millionen US-Dollar und setzte sich wie folgt zusammen:

• Einnahmen aus dem Edelmetall-ETF: 6,4 Millionen US-Dollar
• Einnahmen aus dem Ressourcensektor-ETF: 3,3 Millionen US-Dollar

Einnahmen aus der Vermögensverwaltungsprovision

Die Erträge aus Vermögensverwaltungsprovisionen beliefen sich im Jahr 2023 auf insgesamt 15,6 Millionen US-Dollar, verteilt auf:

Kategorie „Vermögensverwaltung“.	Provisionseinnahmen
Institutionelle Vermögensverwaltung	10,2 Millionen US-Dollar
Private Vermögensverwaltung	5,4 Millionen US-Dollar

Sprott Inc. (SII) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Sprott Inc. (SII) products, especially now, with precious metals and critical materials markets showing such strong moves through late 2025. Sprott Inc. offers a focused proposition in a world increasingly concerned about fiat currency stability.

Pure-play exposure to precious metals and critical materials

Sprott Inc. provides direct access to the physical commodities and the companies that mine them. As of September 30, 2025, total Assets Under Management (AUM) stood at $49.1 billion, which then surpassed the $50 billion milestone in October, reaching $51 billion as of October 31, 2025. This represents a 56% increase in AUM since December 31, 2024, when AUM was $31.5 billion.

The commodity focus is clear in the AUM mix as of September 30, 2025:

• Gold: 50% ($24.6 billion)
• Silver: 26% ($13 billion)
• Uranium: 19% ($9.1 billion)

The critical materials segment also delivered performance, with the Sprott Critical Materials ETF (SETM) posting a quarterly return of 44% in the third quarter of 2025.

Physical trusts offering direct ownership of bullion/commodities

The Physical Trusts are a cornerstone, offering unitholders direct, unencumbered ownership of physical bullion stored with the Royal Canadian Mint. This structure avoids a levered financial institution between the unitholder and the metal.

The growth in this segment was significant through Q3 2025. Physical Trusts AUM increased by $6.5 billion, or 21%, during the quarter. Year-to-date through October 31, 2025, the Physical Trusts gained $15.4 billion, or 64% in AUM. Net sales for the first ten months of 2025 totaled $3.5 billion.

Here is the AUM breakdown for key Physical Trusts as of September 30, 2025:

Trust Product	Ticker	AUM (as of Sept 30, 2025)
Sprott Physical Gold Trust	PHYS	$14.11B
Sprott Physical Silver Trust	PSLV	$9.34B
Sprott Physical Gold and Silver Trust	CEF	$7.31B
Sprott Physical Platinum and Palladium Trust	SPPP	$485.03M

Unitholders benefit from the potential tax advantage where gains on sale may be taxed at a capital gains rate of 15%/20% versus the 28% collectibles rate applied to many precious metals ETFs.

Active management expertise in mining equities (e.g., GBUG ETF)

Sprott Inc. applies its deep mining expertise through actively managed products. The flagship Sprott Gold Equity Fund posted a gain of 44% in Q3 2025 and a gain of 105.1% for the ten months ended October 31, 2025.

The Sprott Active Gold & Silver Miners ETF (GBUG), which launched on February 19, 2025, reached $100 million in AUM by September 22, 2025. By December 4, 2025, GBUG's Total Net Asset Value was $131.84 Million. This fund's Net Total Expense Ratio is 0.89%. GBUG's cumulative change in Net Asset Value (NAV) since inception as of December 4, 2025, was 105.00%.

Overall ETF AUM has seen rapid scaling, growing from less than $400 million since 2022 to over $4.5 billion by October 31, 2025.

Safe-haven and growth opportunities with inflation protection

The value proposition is tied directly to the performance of the underlying commodities, which act as inflation hedges. Metal price appreciation drove AUM growth in Q3 2025.

Precious metal price performance for the ten months ended October 31, 2025, shows substantial gains:

• Platinum: up 73.5%
• Silver: up 68.5%
• Palladium: up 57.6%
• Gold: up 52.5%

For the third quarter of 2025 alone, Gold gained 16.8% and Silver rose 29.2%.

Liquidity and transparency through exchange-listed products

Exchange Listed Products represented 85% ($41.8 billion) of Sprott Inc.'s total AUM as of September 30, 2025. This highlights the preference for liquid, exchange-traded structures over other strategies.

For products like GBUG, liquidity is offered through daily trading on the Nasdaq, with a premium/discount to NAV of only 0.27% as of December 4, 2025. Similarly, the Physical Trust units can be bought and sold on any open trading day on the NYSE or TSX. The daily transparency of the ETF structure is a key feature.

Finance: draft 13-week cash view by Friday.

Sprott Inc. (SII) - Canvas Business Model: Customer Relationships

You're looking at how Sprott Inc. manages its relationships across its diverse client base as of late 2025. It's a mix of high-touch service for sophisticated partners and scalable digital access for the broader market, all centered around their niche in precious metals and critical materials.

Dedicated institutional client relations team

Sprott Inc. maintains a dedicated structure to serve its largest clients and partners. You can reach out to Glen Williams, who serves as the Senior Managing Partner for Investor and Institutional Client Relations, at telephone number 416.943.4394 or via email at gwilliams@sprott.com. This team supports the relationships underpinning the firm's substantial asset base, which reached $49.1 billion as of September 30, 2025, and subsequently grew to $51 billion by October 31, 2025.

Proactive investor relations and shareholder communication

Shareholder communication is clearly structured, reflecting the firm's status as a publicly traded entity on both the New York Stock Exchange and Toronto Stock Exchange under the symbol SII. The board of directors is actively engaged, as shown by the declaration of a third quarter 2025 dividend of US$0.40 per common share on November 4, 2025, representing a 33% increase over the previous quarter's dividend. The total number of issued and outstanding shares as of that date was 25,801,644. The firm's commitment to its shareholders is also evident in the consistent growth of its AUM, which saw a 56% increase from $31.5 billion at the end of 2024 to $49.1 billion by September 30, 2025.

Here's a look at the scale of investor activity driving these relationships:

Metric	Value (as of late 2025)	Context
Total AUM (Oct 31, 2025)	$51 billion	Represents the total assets managed across all strategies.
Q3 2025 Net Sales	$1.1 billion	Concentrated largely in the physical trusts during the quarter.
Ten Months 2025 Net Sales (to Oct 31)	$3.5 billion	Shows sustained capital attraction year-to-date.
September 2025 Inflows	$879 million	The best sales month in company history, spread across 20 different investment strategies.

Digital content and thought leadership via Sprott Insights

Sprott Inc. uses its digital platform, Sprott Insights, to maintain a relationship with a wider audience by providing specialized analysis. This content focuses on the firm's core expertise in precious metals and critical materials. The firm deploys several subject matter experts to generate this thought leadership.

The relationship is fostered through various content formats:

• Report
• Video
• Webcast
• Infographics

Key experts contributing to this content include John Ciampaglia, Whitney George, John Hathaway, and Jacob White, among others. For instance, John Ciampaglia, CEO of Sprott Asset Management, provided takeaways from the September 2025 World Nuclear Symposium, highlighting surging uranium demand.

High-touch service for private strategies and lending partners

The Private Strategies segment requires a more direct, high-touch relationship model, though it represents a smaller portion of the overall asset base. As of September 30, 2025, this segment accounted for 4% of total AUM, equating to $2.1 billion. Management is aware that earnings from this segment are exposed to volatility due to sudden changes in interest rates, meaning these relationships require careful risk management processes.

Scalable, low-touch access for retail via brokerage platforms

The largest segment of Sprott Inc.'s customer base interacts via scalable, low-touch channels, primarily through Exchange Listed Products. This category dominates the asset mix. The firm has successfully launched new products that have scaled quickly, indicating strong retail and intermediary adoption through brokerage channels.

The AUM breakdown shows the reliance on this scalable channel:

• Exchange Listed Products: 85% of AUM ($41.8 billion as of September 30, 2025).
• New ETFs launched in 2025, like SLVR and GBUG, achieved AUM milestones faster than any prior launches.
• The AUM for the Sprott Silver Miners & Physical Silver ETF (SLVR) stood at $343 million as of September 30, 2025.
• The AUM for the Sprott Active Gold & Silver Miners ETF (GBUG) was $105 million as of September 30, 2025.

Overall ETF AUM has grown significantly, moving from less than $400 million in 2022 to over $4.5 billion by late 2025.

Sprott Inc. (SII) - Canvas Business Model: Channels

You're looking at how Sprott Inc. gets its specialized precious metals and critical materials investment products into the hands of clients as of late 2025. It's a multi-pronged approach, heavy on public markets but supported by direct institutional access.

The sheer scale of assets managed dictates the importance of the public exchange channels. As of September 30, 2025, Sprott Inc.'s Assets Under Management (AUM) stood at $49.1 billion, having surged 56% since the end of 2024.

Global stock exchanges (NYSE, TSX) for ETF and trust trading

• Exchange Listed Products represent 85% ($41.8 billion) of the total AUM as of Q3 2025.
• ETF AUM has grown from under $400 million in 2022 to over $4.5 billion by Q3 2025.
• Sprott Physical Gold Trust (PHYS.U) held a market capitalization of C$15.46 billion near the end of 2025.
• The company declared a third-quarter dividend of $0.40 per share, a 33% increase.

The distribution relies heavily on the liquidity and visibility provided by these major venues, which is key for attracting large flows, especially from institutional sources.

Discount and full-service brokerage platforms for retail access

• Retail interest in trust trading was noted as 'kind of soft' in Q1 2025, suggesting institutional interest was the primary driver of trust trading volumes then.
• Sprott Inc. expanded its product shelf earlier in 2025 with the launch of 3 new ETFs.

The direct sales effort targets the largest pools of capital, which is critical for the physical trusts and private strategies segments.

Direct sales to institutional investors and sovereign wealth funds

• Net sales for the first ten months of 2025 totaled $3.5 billion.
• Q3 2025 saw net sales of $1.1 billion, with September being the best sales month in company history at $879 million of inflows across 20 strategies.
• The Private Strategies AUM was $2.1 billion as of Q2 2025.
• In Q2 2025, the company completed 2 capital raises specifically in the Sprott Physical Uranium Trust.

The engagement with the broader financial ecosystem is evident through the firms that service high-net-worth individuals and manage substantial assets.

Financial advisors and wealth management firms

• Firms like Alliancebernstein L.P., Raymond James Financial Inc., and Invesco Ltd. are listed among institutional holders of Sprott Inc. stock.
• Sprott Focus Trust, Inc. declared a quarterly distribution of $0.1911 per share, payable December 29, 2025, based on November 30, 2025, performance metrics.

Here's a quick look at the AUM breakdown by segment, showing where these channels are directing capital:

Segment	AUM (as of Q3 2025)	Percentage of Total AUM
Exchange Listed Products	$41.8 billion	85%
Managed Equities	$5.2 billion	11%
Private Strategies	$2.1 billion	4%

Finally, the digital presence serves as the central hub for transparency and direct communication.

Corporate website and investor relations portal

• The corporate website was the source for the Q3 2025 financial results announced on November 5, 2025.
• The company reported total revenues of $65.1 million for Q3 2025.

Finance: review the Q4 2025 AUM projections against the October 31, 2025, figure of $51 billion by end of next week.

Sprott Inc. (SII) - Canvas Business Model: Customer Segments

You're looking at the core client base for Sprott Inc. as of late 2025, which is heavily influenced by the firm's specialization in precious metals and critical materials. The numbers clearly show where the bulk of the capital is coming from, which directly informs who Sprott Inc. is serving.

As of September 30, 2025, Sprott Inc.'s total Assets Under Management (AUM) stood at $49.1 billion. This figure grew to $51 billion by October 31, 2025, showing continued momentum in the latter part of the year.

The client base is segmented primarily by the investment vehicle they use, which aligns with the types of investors Sprott Inc. targets:

• The Exchange Listed Products segment is the dominant engine, accounting for 85% of total AUM as of Q3 2025.
• The firm has seen significant success with its newer Exchange Traded Funds (ETFs), with ETF AUM growing from less than $400 million in 2022 to over $4.5 billion by late 2025.
• Net sales for the first ten months of 2025 reached $3.5 billion, concentrated largely in the physical trusts, which appeal directly to retail and institutional investors seeking physical asset exposure.

Here is a breakdown of the AUM distribution across the primary product categories, which serve as the best proxy for the firm's customer segments as of September 30, 2025:

Customer Segment Proxy (Product Focus)	AUM Percentage (Q3 2025)	AUM Amount (Q3 2025)	Key Asset Class Exposure
Retail investors seeking inflation protection and hard asset exposure (Exchange Listed Products)	85%	$41.8 billion	Gold (50% of total AUM), Silver (26% of total AUM)
High-net-worth individuals seeking specialized alternative investments (Managed Equities)	11%	$5.2 billion	Active management in resource equities; flagship Gold Equity Fund gained 44% in Q3 2025.
Institutional investors, family offices, and capital for resource financing (Private Strategies)	4%	$2.1 billion	Private debt or streaming capital deployment, though specific deployment figures for natural resource companies aren't itemized here.

The focus on critical materials is also a clear segment driver, with uranium representing 19% of total AUM as of Q3 2025. This directly addresses global investors and entities focused on supply chain security.

The firm's offerings are designed to capture capital from both the traditional safe-haven buyer and the growth-oriented investor interested in the energy transition:

• Investors seeking physical ownership via trusts (appealing to retail and institutional).
• Investors allocating to the energy transition theme via uranium and critical materials strategies.
• Investors utilizing actively managed funds for sector-specific performance capture.

Finance: draft a memo by next Tuesday detailing the expected AUM growth rate needed to hit a $60 billion AUM run-rate by the end of 2026, based on the $3.5 billion net sales year-to-date figure.

Sprott Inc. (SII) - Canvas Business Model: Cost Structure

You're looking at the core expenses that Sprott Inc. (SII) incurs to run its specialized asset management business, which is heavily weighted toward personnel and the operational costs of its physical trusts and ETFs. Honestly, for a firm focused on niche, high-touch areas like precious metals and critical materials, compensation and related overhead are going to be significant drivers of the cost base.

Here's a look at the latest figures we have, primarily from the nine months ended September 30, 2025 (Q3 2025 results) and the full fiscal year 2024.

Cost Component	Latest Period Reported	Financial Amount (USD)
Net Compensation Expense (YTD)	Nine Months Ended September 30, 2025	$54.3 million
Stock-Based Compensation (Quarterly)	Q3 2025	$18.6 million
General and Administrative (SG&A) Expense (Annual)	Full Year Ended December 31, 2024	$18.8 million
Net Management Fees (Before Fund Expenses) (YTD)	Nine Months Ended September 30, 2025	$135.1 million
Net Compensation Ratio (YTD)	Nine Months Ended September 30, 2025	42%

Let's break down those line items based on your outline. The numbers show a clear increase in personnel-related costs, which tracks with the AUM growth to $49.1 billion as of September 30, 2025.

Employee compensation and benefits, including stock-based plans

This is the largest variable cost tied to revenue generation. Net compensation expense for the nine months ended September 30, 2025, reached $54.3 million, up 9% from the same period in 2024. The net compensation ratio-net compensation divided by net revenues-was 42% year-to-date for Q3 2025. The stock-based element is substantial; for the third quarter of 2025 alone, stock-based compensation was $18.6 million. For context, the full year 2024 net compensation expense was $67.3 million.

Distribution and marketing fees paid to partners like ALPS

Sprott Inc. does not explicitly break out fees paid to a specific partner like ALPS in the public filings I can access. However, we see the drivers of related overhead. For the full year 2024, SG&A expense increased by 13% to $18.8 million, driven by higher professional services, marketing, and technology costs. This suggests marketing spend is embedded within the SG&A figure.

General and administrative (SG&A) expenses for corporate operations

For the full year 2024, Sprott Inc. reported SG&A expenses of $18.8 million, which was a 13% increase from 2023. The quarterly run rate for Q4 2024 was $4.9 million.

Custodian and administrative fees for physical trusts

These costs, which cover the safekeeping and administration of physical assets in trusts and ETFs, are generally netted out of management fees as 'fund expenses.' For the nine months ended September 30, 2025, management fees (net of fund expenses) were $135.1 million. The fact that the net management fee rate is used suggests these operational costs are directly subtracted from gross management fees before they hit the income statement as net revenue.

Research and data costs for specialized investment analysis

Specific line-item data for research and data costs is not separately disclosed. These costs are absorbed within the broader operating expenses, such as the components driving the 2024 SG&A increase, which included higher technology costs.

Finance: review the Q4 2025 expense accruals against the Q3 2025 compensation ratio by Friday.

Sprott Inc. (SII) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Sprott Inc.'s earnings power as of late 2025, which is heavily weighted toward asset management fees, reflecting the significant growth in their Assets Under Management (AUM). The business model is clearly structured around recurring management fees, supplemented by performance-based income when their specialized strategies deliver outsized returns in the precious metals and critical materials space.

The primary revenue driver is the management fee component, which scales directly with the assets Sprott Inc. oversees. As of the nine months ended September 30, 2025, management fees totaled $135.1 million, marking a 19% increase compared to the same period in 2024. For the third quarter alone, management fees were $50.7 million. This growth is underpinned by the firm's AUM reaching $49.1 billion at the end of Q3 2025, which subsequently surpassed $50 billion in October 2025.

Performance fees and carried interest provide the variable upside, tied closely to the success of the actively managed strategies. For the nine months ended September 30, 2025, this stream generated $16.6 million, a substantial increase from only $4.8 million in the first nine months of 2024. The Q3 2025 figure was $1.8 million. This income crystallizes mainly from the Managed Equities segment, where flagship funds like the Sprott Gold Equity Fund posted a gain of 105.1% for the ten months ended October 31, 2025.

Net commissions from trading activities are a smaller, but important, component, heavily influenced by the physical trusts. Commission revenue saw an increase year-to-date, primarily driven by higher activity in the Sprott Physical Uranium Trust. While specific net commission figures for YTD 2025 aren't isolated in the same way as the other lines, the overall health of the fee-based business is clear from the total net fees.

Advisory service fees from various investment products are generally captured within the management fee structure for the listed products, but the firm's expertise in private strategies also contributes to revenue through deal flow and structuring. The firm is actively developing new exchange-listed products, including active ETFs, which have grown their AUM from under $400 million to over $4.5 billion since 2022.

Finance income, derived from resource lending and private strategies, was $4.2 million for the nine months ended September 30, 2025, though this was down 44% year-over-year. The Q3 2025 finance income was $1.6 million, largely flat compared to Q3 2024.

Here's a quick look at the key revenue components for the nine months ended September 30, 2025, compared to the prior year period:

Revenue Stream Component	YTD Q3 2025 Amount (Millions USD)	YTD Q3 2024 Amount (Millions USD)	Change YTD
Management fees from AUM	$135.1	$113.9	Up 19%
Carried interest and performance fees	$16.6	$4.8	Increase
Finance income	$4.2	$7.5	Down 44%
Total Net Fees (Closest Proxy)	$135.6	$106.1	Up 28%

The revenue mix shows a clear reliance on the base management fees, which are the most stable part of the income. Still, the significant jump in performance fees shows that the active management side is beginning to pay off handsomely as asset values rise.

• AUM as of September 30, 2025: $49.1 billion.
• AUM as of October 31, 2025: $51 billion.
• Net sales for the first ten months of 2025: $3.5 billion.
• September 2025 net sales: $879 million across 20 strategies.
• Managed Equities AUM segment: 11% of total AUM, or $5.2 billion.

To be fair, the growth in AUM across the physical trusts, which are less fee-intensive than managed equities, means the fee rate on total AUM might be compressed slightly, but the absolute dollar growth in management fees is strong. Finance: draft 13-week cash view by Friday.