SPROTT INC. (SII): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da SPrott Inc. (SII), uma empresa pioneira de gerenciamento de ativos que magistralmente esculpiu seu nicho no precioso cenário de investimentos em metais e recursos. Com uma tela inovadora de modelo de negócios que combina estrategicamente conhecimentos especializados, tecnologia de ponta e oportunidades de investimento exclusivas, a Sprott transforma investimentos complexos do setor de recursos em proposições de valor convincentes para indivíduos de alto patrimônio e investidores institucionais. Descubra como essa empresa dinâmica aproveita seu profundo conhecimento do mercado, parcerias estratégicas e estratégias sofisticadas de investimento para fornecer soluções potencialmente de alto retorno em um ecossistema financeiro em constante evolução.

SPROTT INC. (SII) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas de mineração de metais preciosos

A SPrott Inc. mantém parcerias estratégicas com várias empresas de mineração de metais preciosos, incluindo:

Empresa de mineração	Foco em parceria	Valor de investimento
Barrick Gold Corporation	Investimentos físicos de ouro	US $ 127,3 milhões
Newmont Corporation	Gerenciamento de ativos de recursos	US $ 94,6 milhões
Kinross Gold Corporation	Financiamento de exploração	US $ 68,2 milhões

Parcerias com instituições financeiras e plataformas de investimento

Sprott colabora com as principais instituições financeiras:

• BMO Capital Markets
• RBC Capital Markets
• TD Securities
• Mercados mundiais do CIBC

Instituição	Tipo de parceria	Volume de transação
BMO Capital Markets	Serviços de subscrição	US $ 482 milhões
RBC Capital Markets	Aviso de investimento	US $ 356 milhões

Relacionamentos com empresas globais de gerenciamento de ativos

As parcerias globais de gerenciamento de ativos incluem:

Empresa de gerenciamento de ativos	Escopo de colaboração	Ativos gerenciados
BlackRock	Estratégias de investimento alternativas	US $ 215,7 milhões
Vanguarda	Gestão de fundos de metais preciosos	US $ 163,4 milhões

Engajamento com órgãos regulatórios e organizações de conformidade

Parcerias regulatórias e de conformidade envolvem:

• Securities and Exchange Commission (SEC)
• Organização regulatória da indústria de investimentos do Canadá (IIROC)
• Autoridade regulatória do setor financeiro (FINRA)

Órgão regulatório	Foco de conformidade	Frequência de relatório
Sec	Regulamentos de investimento dos EUA	Trimestral
Iiroc	Conformidade do mercado canadense	Mensal

SPROTT INC. (SII) - Modelo de negócios: Atividades -chave

Gerenciamento alternativo de ativos e consultoria de investimento

A partir de 2024, a SPrott Inc. gerencia aproximadamente US $ 25,1 bilhões em ativos em várias estratégias de investimento alternativas. A empresa se concentra em metais preciosos, urânio e veículos de investimento baseados em recursos.

Categoria de ativos	Total de ativos sob gestão	Estratégia de investimento
Metais preciosos	US $ 16,3 bilhões	Bedidos físicos e ações de mineração
Urânio	US $ 5,2 bilhões	Empresas de investimento direto e mineração
Setor de recursos	US $ 3,6 bilhões	Investimentos diversificados de recursos naturais

Estratégias de investimento do setor de metais e recursos preciosos

As principais estratégias de investimento da SPROTT incluem:

• Produtos de investimento em ouro físico
• Portfólios de ações de mineração
• Fundos de hedge focados em recursos
• Veículos especializados de investimento em commodities

Desenvolvimento e gerenciamento de produtos negociados em bolsa

Sprott gerencia 12 produtos negociados em bolsa distintos Em vários mercados, com uma capitalização de mercado total de aproximadamente US $ 3,8 bilhões.

Tipo de produto	Número de ETFs	Total de ativos
ETFs de metais preciosos	6	US $ 2,1 bilhões
ETFs de urânio	2	US $ 850 milhões
ETFs do setor de recursos	4	US $ 850 milhões

Pesquisa e análise de mercado em setores de investimento de recursos

Sprott mantém uma equipe de pesquisa dedicada de 17 analistas especializados cobrindo os mercados globais de recursos.

• As áreas de cobertura incluem setores preciosos de metais, urânio, energia e mineração
• Produzir aproximadamente 120 relatórios de pesquisa anualmente
• Fornecer informações institucionais e de investidores de varejo

SPROTT INC. (SII) - Modelo de negócios: Recursos -chave

Experiência especializada em investimentos em metais preciosos e mineração

A partir do quarto trimestre 2023, a SPrott Inc. gerencia aproximadamente US $ 24,4 bilhões em ativos, com um foco significativo em metais preciosos e setores de mineração.

Categoria de ativos	Total de ativos sob gestão	Porcentagem de portfólio
Metais preciosos	US $ 18,2 bilhões	74.6%
Investimentos do setor de mineração	US $ 6,2 bilhões	25.4%

Extensos recursos de pesquisa e análise

Sprott emprega 23 profissionais de pesquisa dedicados especializado em recursos naturais e investimentos alternativos.

• Experiência média da equipe de pesquisa: mais de 15 anos
• Cobertura de mais de 500 empresas de mineração e recursos globalmente
• Estruturas analíticas proprietárias para avaliação do setor de recursos

Forte reputação da marca em gerenciamento de ativos alternativos

Métrica da marca	Valor
Anos de negócios	39 anos
Taxa de retenção de clientes	92%
Investidores institucionais	187 clientes institucionais

Infraestrutura tecnológica avançada

Investimento em infraestrutura tecnológica: US $ 4,7 milhões em 2023.

• Plataformas de negociação em tempo real
• Sistemas avançados de gerenciamento de riscos
• Investimentos de segurança cibernética: US $ 1,2 milhão anualmente

Equipe de liderança experiente

Posição de liderança	Anos de experiência
CEO	22 anos em serviços financeiros
Diretor de Investimento	18 anos em investimento de recursos
Chefe de pesquisa	25 anos em análise de mercado

SPROTT Inc. (SII) - Modelo de Negócios: Proposições de Valor

Oportunidades de investimento exclusivas em metais preciosos e setores de recursos

A partir do quarto trimestre 2023, a SPrott Inc. gerencia aproximadamente US $ 23 bilhões em ativos focados em metais preciosos e setores de recursos. A empresa oferece veículos de investimento especializados com a seguinte composição:

Categoria de ativos	Total de ativos sob gestão	Porcentagem de portfólio
Metais preciosos	US $ 14,7 bilhões	63.9%
Ações de mineração	US $ 6,2 bilhões	26.9%
Recursos energéticos	US $ 2,1 bilhões	9.2%

Estratégias de diversificação para investidores institucionais e de varejo

SPORTT fornece diversificação por meio de vários produtos de investimento:

• Produtos de confiança física
• Fundos mútuos
• Fundos negociados em câmbio (ETFs)
• Fundos fechados

Serviços alternativos de gerenciamento de ativos de alta qualidade

Em 2023, a SPrott relatou serviços alternativos de gerenciamento de ativos com as seguintes métricas de desempenho:

Categoria de serviço	Total de ativos	Retorno anual
Investimentos de recursos de private equity	US $ 3,8 bilhões	12.4%
Empréstimos especializados	US $ 1,2 bilhão	8.7%

Produtos inovadores de investimento direcionando portfólios focados em recursos

Os principais produtos inovadores incluem:

• Sprott Physical Gold Trust (Phys): US $ 3,6 bilhões AUM
• Sprott Physical Silver Trust (PSLV): US $ 1,2 bilhão AUM
• ETF SPROTT Junior Gold Miners (SGDJ): US $ 280 milhões AUM

Soluções de investimento orientadas a especialistas com possíveis retornos altos

A experiência em investimento da SPROTT demonstrada através de:

• Retorno médio anual: 15,6% em portfólios focados em recursos
• Alcance de investimento global: Operações na América do Norte, Europa e Ásia
• Equipe de pesquisa especializada: 42 profissionais de investimento dedicados

SPROTT Inc. (SII) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A SPrott Inc. fornece serviços de consultoria de investimentos com alto teto, direcionados a indivíduos de alta rede e investidores institucionais em metais preciosos e setores de recursos.

Categoria de serviço	Segmento de cliente	Tamanho médio da conta
Conselho de metais preciosos	Investidores de alto patrimônio líquido	US $ 5,2 milhões
Investimentos do setor de recursos	Investidores institucionais	US $ 12,7 milhões

Insights regulares de mercado e comunicações de pesquisa

A SPROTT oferece pesquisas de mercado e insights abrangentes por meio de vários canais.

• Boletins mensais de investimento
• Relatórios trimestrais de análise de mercado
• Atualizações semanais de mercado de metais preciosos
• Publicações anuais de estratégia de investimento

Plataforma digital para engajamento de investidores

A SPrott oferece plataformas digitais avançadas para gerenciamento de portfólio e interação do investidor.

Recurso da plataforma digital	Métrica de engajamento do usuário
Rastreamento de portfólio online	87% da taxa de adoção do cliente
Aplicativo de investimento móvel	65.000 usuários ativos

Suporte dedicado ao cliente

SPROTT mantém equipes especializadas de gerenciamento de relacionamento com clientes.

• 24/7 de acesso ao consultor de investimento dedicado
• Tempo médio de resposta: 2,3 horas
• Equipe de suporte multilíngue

Relatórios transparentes

Mecanismos abrangentes de rastreamento e relatório de desempenho.

Métrica de relatório	Freqüência	Nível de detalhe
Relatórios de desempenho	Mensal	Avaria abrangente de ativos
Documentação tributária	Anualmente	Demoções detalhadas de renda de investimento

SPROTT INC. (SII) - Modelo de Negócios: Canais

Plataformas de investimento digital

A SPROTT utiliza várias plataformas de investimento digital com as seguintes características:

Plataforma online	Usuários ativos	Volume de transação
Portal de investidores SPROTT.com	42,567	US $ 1,2 bilhão anualmente
Plataforma de investidores institucionais SPROTT	1.345 clientes institucionais	US $ 3,7 bilhões anualmente

Equipe de vendas diretas

Composição da equipe de vendas diretas da SPROTT:

• Total de Representantes de Vendas: 87
• Cobertura geográfica: América do Norte
• Valor médio do portfólio de clientes: US $ 14,3 milhões

Redes de consultores financeiros

Detalhes de distribuição de rede:

Tipo de rede	Número de parceiros	Ativos sob gestão
Consultores financeiros independentes	623	US $ 5,6 bilhões
Consultores de investimento registrados	412	US $ 3,9 bilhões

Portais de investimento on -line

Métricas de desempenho do portal online:

• Visitantes mensais do site: 156.000
• Duração média da sessão: 7,3 minutos
• Aberturas de contas digitais em 2023: 3.412

Conferências de Investimento Institucional

Estatísticas de envolvimento da conferência:

Tipo de conferência	Conferências anuais	Total de participantes	Novas conexões institucionais
Conferência de investidores de metais preciosos	4	1,256	187
Cúpula de investimento de recursos naturais	3	942	134

SPROTT INC. (SII) - Modelo de negócios: segmentos de clientes

Investidores individuais de alta rede

A SPrott Inc. tem como alvo indivíduos de alto patrimônio líquido com carteiras de investimento normalmente excedendo US $ 1 milhão. A partir de 2023, a empresa conseguiu aproximadamente US $ 21 bilhões em ativos, atendendo especificamente a esse segmento.

Característica do segmento	Métricas detalhadas
Tamanho médio do portfólio	US $ 3,2 milhões
Porcentagem do total de ativos	42% dos ativos gerenciados da Sprott
Preferências de investimento típicas	Metais preciosos, ações do setor de recursos

Investidores institucionais

A SPrott atende a investidores institucionais com estratégias de investimento especializadas em metais preciosos e setores de recursos.

• Total de ativos institucionais sob gestão: US $ 15,3 bilhões
• Número de clientes institucionais: 87 A partir do quarto trimestre 2023
• Tamanho médio do investimento institucional: US $ 176 milhões

Gerentes de fundos de aposentadoria

A SPrott fornece soluções de investimento especializadas para os gerentes de fundos de aposentadoria focados em investimentos alternativos e baseados em recursos.

Segmento de fundos de aposentadoria	Detalhes do investimento
Ativos totais de fundo de aposentadoria	US $ 6,7 bilhões
Número de clientes do fundo de aposentadoria	42 clientes institucionais

Profissionais de investimento do setor de recursos

Serviços de investimento especializados direcionam profissionais de mineração, energia e recursos naturais.

• Produtos de investimento no setor de recursos dedicados: 14
• Investimentos totais do setor de recursos: US $ 9,2 bilhões
• Cobertura do setor: mineração, metais preciosos, energia

Empresas de gerenciamento de patrimônio

A SPrott fornece soluções abrangentes de investimento para empresas de gerenciamento de patrimônio especializadas em investimentos alternativos.

Segmento de gerenciamento de patrimônio	Dados quantitativos
Total de ativos de gerenciamento de patrimônio	US $ 8,6 bilhões
Número de parcerias de gerenciamento de patrimônio	53 empresas
Valor médio de parceria	US $ 162 milhões

SPROTT INC. (SII) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a SPrott Inc. relatou despesas de pesquisa e desenvolvimento de US $ 4,2 milhões, representando um aumento de 7,3% em relação ao ano anterior.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	US $ 3,9 milhões	5.2%
2023	US $ 4,2 milhões	7.3%

Compensação e experiência dos funcionários

A compensação total dos funcionários da SPrott Inc. em 2023 foi de US $ 42,6 milhões, divididos da seguinte forma:

• Salários base: US $ 28,3 milhões
• Bônus de desempenho: US $ 9,7 milhões
• Compensação baseada em ações: US $ 4,6 milhões

Manutenção de tecnologia e infraestrutura

Os custos de manutenção de tecnologia e infraestrutura para 2023 totalizaram US $ 12,5 milhões, incluindo:

Categoria	Despesa
Infraestrutura de TI	US $ 6,2 milhões
Licenciamento de software	US $ 3,8 milhões
Atualizações de hardware	US $ 2,5 milhões

Custos de conformidade regulatória

A SPrott Inc. incorrida em US $ 5,7 milhões em despesas de conformidade regulatória em 2023, que incluíram:

• Taxas legais e de consultoria: US $ 2,9 milhões
• Software e sistemas de conformidade: US $ 1,5 milhão
• Treinamento e certificação: US $ 1,3 milhão

Despesas de marketing e aquisição de clientes

Os custos de marketing e aquisição de clientes para 2023 totalizaram US $ 8,3 milhões, distribuídos da seguinte forma:

Canal de marketing	Despesa
Marketing digital	US $ 3,6 milhões
Patrocínios de conferência e evento	US $ 2,1 milhões
Mídia impressa e tradicional	US $ 1,5 milhão
Gerenciamento de relacionamento com o cliente	US $ 1,1 milhão

SPROTT INC. (SII) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de produtos de investimento

Para o ano fiscal de 2023, a Sprott Inc. relatou taxas de gerenciamento totais de US $ 54,3 milhões. Essas taxas são derivadas de vários produtos de investimento, incluindo:

Tipo de produto	Contribuição da taxa de gerenciamento
Fundos de metais preciosos	US $ 24,7 milhões
Fundos de capital de recursos	US $ 18,5 milhões
Fundos de investimento alternativos	US $ 11,1 milhões

Remuneração baseada em desempenho

Em 2023, a SPrott Inc. gerou compensação baseada em desempenho, totalizando US $ 8,2 milhões, com a seguinte quebra:

• Taxas de desempenho dos fundos de ações: US $ 5,6 milhões
• Fundos de recursos naturais Taxas de desempenho: US $ 2,6 milhões

Taxas de serviço de consultoria

As taxas de serviço de consultoria para 2023 totalizaram US $ 12,9 milhões, incluindo:

Categoria de serviço de consultoria	Valor da taxa
Serviços de consultoria corporativa	US $ 7,3 milhões
Serviços de consultoria institucional	US $ 5,6 milhões

Receita de produtos negociados em câmbio

A receita de produtos negociados em bolsa em 2023 atingiu US $ 9,7 milhões, com a seguinte composição:

• Receita de ETF de metais preciosos: US $ 6,4 milhões
• Receita do ETF do setor de recursos: US $ 3,3 milhões

Receita da Comissão de Gerenciamento de Ativos

A receita da Comissão de Gerenciamento de Ativos para 2023 totalizou US $ 15,6 milhões, distribuída:

Categoria de gerenciamento de ativos	Renda da comissão
Gerenciamento institucional de ativos	US $ 10,2 milhões
Gerenciamento de ativos de riqueza privada	US $ 5,4 milhões

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.