Sprott Announces Third Quarter 2026 Results

Higher average assets supported fee growth, but assets under management fell 9% after quarter-end to $52.1 billion.

Rhea-AI Summary

Sprott (NYSE/TSX: SII) reported third-quarter 2026 net income of $22 million, with earnings rising from the same period last year. Earnings per share were $0.86, versus $0.51, while net income increased 67%. Management fees rose 40% to $70.8 million. Adjusted EBITDA, a non-IFRS earnings measure, increased 44% to $46 million.

Assets under management were $57.3 billion at September 30, up 3% from June 30 but down 4% from December 31, 2025. Quarterly average assets rose 39% year over year to $58.8 billion. Precious metals strategies experienced net redemptions, while critical materials strategies had positive net sales. Assets subsequently fell 9% to $52.1 billion by October 30.

Nine-month net income reached $85.5 million, or $3.32 per share, versus $38.6 million, or $1.50 per share. On November 3, the board approved a 25% dividend increase, declaring a quarterly payment of $0.50 per share.

15 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 10 points

How the balance works

Positive

• Moderate pointQuarterly net income rose 67% to $22 million; earnings per share increased to $0.86 from $0.51.
• Moderate pointManagement fees rose 40% to $70.8 million quarterly and 69% to $228.7 million over nine months.
• Moderate pointAdjusted EBITDA, a non-IFRS measure, rose 44% to $46 million quarterly and 95% to $154.7 million over nine months.
• Moderate pointAverage assets under management rose 39% to $58.8 billion quarterly and 70% to $64 billion over nine months, year over year.
• Moderate pointNine-month carried interest and performance fees increased to $52.1 million from $16.6 million.
• Moderate pointNet compensation ratio fell to 33% from 39% quarterly and to 31% from 42% over nine months.

9 minor points

• Minor pointNine-month net income reached $85.5 million versus $38.6 million; earnings per share rose to $3.32 from $1.50.
• Minor pointQuarterly dividend increased 25% to $0.50 per share, approved November 3, 2026.
• Minor pointNet fees rose 37% to $64.5 million quarterly and 67% to $227.6 million over nine months.
• Minor pointSeptember 30 assets under management rose 3% from June 30 to $57.3 billion, but remained 4% below December 31.
• Minor pointCritical materials products attracted $232 million in quarterly net inflows and $2,335 million over nine months.
• Minor pointNine-month commissions rose 33% to $7.7 million; net commissions increased 53% to $4 million.
• Minor pointFinance income rose 20% to $1.9 million quarterly and 43% to $6 million over nine months.
• Minor pointQuarterly stock-based compensation expense decreased 26% to $16.5 million from $22.4 million.
• Minor pointRestricted stock units issued were 71% lower this year than in 2025.

Negative

• Moderate pointAssets under management at October 30 fell 9% from September 30 to $52.1 billion.
• Moderate pointNine-month market value changes reduced total assets under management by $3,415 million.
• Moderate pointNet compensation expense increased 16% to $22.1 million quarterly and 26% to $68.5 million over nine months.
• Minor pointPrecious metals products recorded $399 million in quarterly net outflows and $805 million over nine months.
• Minor pointManaged equities net outflows were $37 million quarterly and $212 million over nine months.

5 minor points

• Minor pointPrivate strategies net outflows were $3 million quarterly and $188 million over nine months.
• Minor pointQuarterly carried interest and performance fees fell 95% to $0.1 million from $1.8 million.
• Minor pointQuarterly commissions fell 88% to $0.5 million; net commissions declined 80% to $0.3 million.
• Minor pointNine-month stock-based compensation expense increased 19% to $56.3 million from $47.2 million.
• Minor pointSelling, general and administrative expense rose 27% to $5.7 million quarterly and 24% to $16.6 million over nine months.

News Explained

In its third-quarter results, Sprott reported that nine-month net inflows of $1,130 million were outweighed by $3,415 million of negative market-value changes, leaving AUM at September 30, 2026 below its December 31, 2025 level despite overall net inflows.

Argus Nov 4 session 10 alerts

+7.22% close to close 2.8x rel. volume Open Argus

Details

Market move: SII +7.22% in the Nov 4 session. 3Q26 earnings report

+4.5% Peak in 4 hr 58 min

$2.95B Mkt Cap at Peak Alert

On Nov 4, the day this news came out, SII closed 7.22% above the previous close. Argus tracked a peak move of +4.5% during that session. Our momentum scanner recorded 10 alerts for this stock that day. That session’s volume was 2.8x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Nov 4 session.

Key Figures

AUM: $57.3 billion Average AUM: $58.8 billion, up 39% Management fees: $70.8 million, up 40% +4 more

AUM

$57.3 billion

At September 30, 2026; up 3% from June 30 and down 4% from December 31, 2025

Average AUM

$58.8 billion, up 39%

Q3 2026 versus Q3 2025

Management fees

$70.8 million, up 40%

Q3 2026 versus Q3 2025

Net income

$22 million ($0.86 per share), up 67%

Q3 2026 versus Q3 2025

Adjusted EBITDA

$46 million ($1.79 per share), up 44%

Q3 2026 versus Q3 2025

Quarterly dividend

$0.50 per share, a 25% increase

Declared November 3, 2026

Subsequent AUM

$52.1 billion, down 9%

At October 30, 2026, compared with September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 2026 earnings

   24h Move

   +10.4%

   Year-over-year net income and adjusted EBITDA increased, while AUM fell sequentially.

2. Nov 05

   Q3 2025 earnings

   24h Move

   +2.5%

   Quarterly management fees, net income and adjusted EBITDA increased year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

aum, carried interest, mark-to-market, ifrs 2

4 terms

aum financial

"Assets Under Management (“AUM”) were $57.3 billion"

Assets under management (AUM) is the total market value of investments that a financial firm or fund manages on behalf of clients. Investors watch AUM like the size of a shop: larger AUM can mean more fee revenue, greater market influence and perceived stability, while rapid changes in AUM signal growing popularity or redemptions that may affect future earnings and investment strategy.

carried interest financial

"Carried interest and performance fees were $0.1 million for the quarter"

Carried interest is a share of the profits earned by investment managers from the investments they oversee, serving as their reward for successful performance. It functions like a bonus that motivates managers to maximize returns for investors, similar to earning a commission based on performance. This income is often taxed at a lower rate than regular income, making it a significant aspect of investment compensation.

mark-to-market financial

"due to a lower mark-to-market taken on our cash-settled restricted stock units"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

ifrs 2 regulatory

"requires mark-to-market accounting under IFRS 2"

IFRS 2 is the international accounting standard that requires companies to record the cost when they pay employees, contractors or suppliers with company shares or share-based instruments like stock options. It matters to investors because those share-based payments reduce reported profits and can dilute existing owners’ stake—think of paying staff with coupons that still lower the business’s value—so IFRS 2 makes such costs visible and comparable across companies.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three and nine months ended September 30, 2026.

Management commentary

"Sprott’s Assets Under Management (“AUM”) were $57.3 billion as at September 30, 2026, up 3% from $55.6 billion as at June 30, 2026 and down 4% from $59.6 billion as at December 31, 2025," said Whitney George, Chief Executive Officer of Sprott. "Stronger precious metals and critical materials prices contributed to market value appreciation across most of our fund products during the quarter. Our critical materials strategies delivered positive net sales during the period, while we experienced net redemptions in our precious metals strategies. Our average AUM was $58.8 billion for the quarter, up $16.5 billion or 39% from $42.3 billion for the quarter ended September 30, 2025."

"We continue to apply a disciplined capital allocation framework and, despite the current volatile environment, we remain confident in Sprott's future and the improving fundamentals for our core investment themes. Given our continued strong financial results, on November 3, 2026 our board of directors approved a 25% increase to our regular quarterly dividend," added Mr. George.

Key AUM highlights¹

• AUM was $57.3 billion as at September 30, 2026, up 3% from $55.6 billion as at June 30, 2026 and down 4% from $59.6 billion as at December 31, 2025. On a three months ended basis, our AUM was positively impacted by market value appreciation across a majority of our fund products. On a nine months ended basis, our AUM was negatively impacted by market value depreciation and net outflows from our precious metals products, partially offset by positive net inflows to our critical materials products. Average AUM was $58.8 billion for the quarter, up $16.5 billion or 39% from $42.3 billion for the quarter ended September 30, 2025, and $64 billion on a year-to-date basis, up $26.3 billion or 70% from $37.7 billion for the nine months ended September 30, 2025. On a three and nine months ended basis, our average AUM was positively impacted by a combination of net inflows and market value appreciation across a majority of our fund products since the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations.
  
  

Key revenue highlights

• Management fees were $70.8 million for the quarter, up $20.1 million or 40% from $50.7 million for the quarter ended September 30, 2025, and $228.7 million on a year-to-date basis, up $93.6 million or 69% from $135.1 million for the nine months ended September 30, 2025. Carried interest and performance fees were $0.1 million for the quarter, down $1.7 million or 95% from $1.8 million for the quarter ended September 30, 2025, and $52.1 million on a year-to-date basis, up $35.6 million from $16.6 million for the nine months ended September 30, 2025. Net fees were $64.5 million for the quarter, up $17.4 million or 37% from $47.1 million for the quarter ended September 30, 2025, and $227.6 million on a year-to-date basis, up $91 million or 67% from $136.6 million for the nine months ended September 30, 2025. Our revenue performance in the quarter and on a nine months ended basis was primarily due to an increase in average AUM attributable to a combination of net inflows and market value appreciation across a majority of our fund products since the end of the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations that commenced in the second quarter of this year. Additionally, we benefited from carried interest crystallization in our private strategies segment in the first quarter.
• Commission revenues were $0.5 million for the quarter, down $3.3 million or 88% from $3.8 million for the quarter ended September 30, 2025 and $7.7 million on a year-to-date basis, up $1.9 million or 33% from $5.8 million for the nine months ended September 30, 2025. Net commissions were $0.3 million for the quarter, down $1.4 million or 80% from $1.7 million for the quarter ended September 30, 2025 and $4 million on a year-to-date basis, up $1.4 million or 53% from $2.6 million for the nine months ended September 30, 2025. The decrease in the quarter was due to lower ATM activity in our physical uranium trust and the increase on a nine months ended basis was due to higher ATM activity, primarily in our physical uranium trust, and to a lesser extent, in our physical copper trust.
• Finance income was $1.9 million for the quarter, up $0.3 million or 20% from $1.6 million for the quarter ended September 30, 2025 and $6 million on a year-to-date basis, up $1.8 million or 43% from $4.2 million for the nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was primarily due to increased interest income on higher cash balances.
  
  

Key expense highlights

• Net compensation expense was $22.1 million for the quarter, up $3.1 million or 16% from $19 million for the quarter ended September 30, 2025 and $68.5 million on a year-to-date basis, up $14.2 million or 26% from $54.3 million for the nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 33% in the quarter (September 30, 2025 - 39%) and 31% on a year-to-date basis (September 30, 2025 - 42%).
  
  Stock-based compensation expense was $16.5 million for the quarter, down $5.8 million or 26% from $22.4 million for the quarter ended September 30, 2025 and $56.3 million on a year-to-date basis, up $9.1 million or 19% from $47.2 million for the nine months ended September 30, 2025. The decrease in the quarter was due to a lower mark-to-market taken on our cash-settled restricted stock units ("RSUs"), as our stock price appreciated 6% during the quarter, whereas this same time last year the mark appreciated 20%. On a year-to-date basis, the increase was primarily due to the settlement of a portion of the 2025 stock grant in the first quarter of 2026, at a time when the stock price reached near record highs ($142.90/share). Since inception of our RSU program in 2025, stock-based compensation expense has moved in line with the Company's stock price, while the magnitude of the expense has dropped significantly since Q2, 2026 due to the Company issuing 71% less RSUs this year than in 2025.
• SG&A expense was $5.7 million for the quarter, up $1.2 million or 27% from $4.5 million for the quarter ended September 30, 2025 and $16.6 million on a year-to-date basis, up $3.2 million or 24% from $13.4 million for the nine months ended September 30, 2025. The increase in the quarter and on a nine months ended basis was due to higher marketing and professional services costs.
  
  1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of "Supplemental financial information"
  
  

Earnings summary

• Net income for the quarter was $22 million ($0.86 per share), up $8.8 million or 67% from $13.2 million ($0.51 per share) for the quarter ended September 30, 2025 and $85.5 million ($3.32 per share) on a year-to-date basis, up $46.9 million from $38.6 million ($1.50 per share) for the nine months ended September 30, 2025. Our net income performance was primarily due to higher average AUM in our exchange listed products and managed equities segments, as well as carried interest crystallization in our private strategies segment in the first quarter.
• Adjusted EBITDA was $46 million ($1.79 per share) for the quarter, up $14.1 million or 44% from $31.9 million ($1.24 per share) for the quarter ended September 30, 2025 and $154.7 million ($6.01 per share) on a year-to-date basis, up $75.4 million or 95% from $79.3 million ($3.07 per share) for the nine months ended September 30, 2025. Our Adjusted EBITDA increased in the quarter and on a nine months ended basis due to higher average AUM, attributable to a combination of net inflows and market value appreciation across a majority of our fund products since the third quarter of last year, which more than offset the impact of year-to-date pullbacks in precious metals valuations.
  
  

Subsequent events

• Subsequent to quarter-end, as at October 30, 2026, AUM was $52.1 billion, down 9% from $57.3 billion as at September 30, 2026.
• On November 3, 2026, the Sprott Board of Directors declared a quarterly dividend of $0.50 per share.
  
  

Supplemental financial information

Please refer to the September 30, 2026 quarterly financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company's financial position as at September 30, 2026 and the Company's financial performance for the three and nine months ended September 30, 2026.

Schedule 1 - AUM continuity

3 months results
(In millions $)	AUM Jun. 30, 2026	Net inflows	Market value changes	Other net inflows	AUM Sep. 30, 2026		Net management fee rate(1)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust	14,749	381	506	—	15,636		0.35%
- Physical Silver Trust	12,642	(542)	426	—	12,526		0.45%
- Physical Gold and Silver Trust	7,332	(208)	245	—	7,369		0.40%
- Precious Metals ETFs	1,473	17	202	—	1,692		0.39%
- Physical Platinum & Palladium Trust	543	(47)	35	—	531		0.50%
	36,739	(399)	1,414	—	37,754		0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust	7,044	—	360	—	7,404		0.31%
- Critical Materials ETFs	3,960	236	(299)	—	3,897		0.57%
- Physical Copper Trust	203	(4)	16	—	215		0.33%
	11,207	232	77	—	11,516		0.41%
Total exchange listed products	47,946	(167)	1,491	—	49,270		0.40%
Managed equities(2)	5,619	(37)	460	—	6,042		0.80%
Private strategies	1,997	(3)	15	—	2,009		0.75%
Total AUM	55,562	(207)	1,966	—	57,321		0.45%
9 months results
(In millions $)	AUM Dec. 31, 2025	Net inflows	Market value changes	Other net inflows	AUM Sep. 30, 2026		Net management fee rate(1)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust	15,976	295	(635)	—	15,636		0.35%
- Physical Silver Trust	15,109	(51)	(2,532)	—	12,526		0.45%
- Physical Gold and Silver Trust	9,065	(1,008)	(688)	—	7,369		0.40%
- Precious Metals ETFs	1,654	45	(7)	—	1,692		0.39%
- Physical Platinum & Palladium Trust	773	(86)	(156)	—	531		0.50%
	42,577	(805)	(4,018)	—	37,754		0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust	6,158	703	543	—	7,404		0.31%
- Critical Materials ETFs	2,950	1,572	(625)	—	3,897		0.57%
- Physical Copper Trust	131	60	24	—	215		0.33%
	9,239	2,335	(58)	—	11,516		0.41%
Total exchange listed products	51,816	1,530	(4,076)	—	49,270		0.40%
Managed equities(2)	5,656	(212)	598	—	6,042		0.80%
Private strategies	2,134	(188)	63	—	2,009		0.75%
Total AUM	59,606	1,130	(3,415)	—	57,321		0.45%
(1)Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.
(2)Managed equities is made up of funds and high net worth managed accounts invested primarily in precious metals strategies (95%) and U.S. value strategies (5%).

Schedule 2 - Summary financial information

(In thousands $)	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
Management fees	70,797		76,388		81,538		63,818		50,710		44,446		39,989		41,441
Fund expenses	(3,534	)	(4,107	)	(3,452	)	(3,304	)	(2,778	)	(2,699	)	(2,464	)	(2,708	)
Direct payouts	(2,778	)	(3,007	)	(2,987	)	(2,247	)	(1,871	)	(1,709	)	(1,602	)	(1,561	)
Carried interest and performance fees	82		—		52,033		38,104		1,757		14,807		—		2,511
Carried interest and performance fee payouts - internal	(33	)	—		(31,121	)	(15,465	)	(690	)	(1,298	)	—		(830	)
Carried interest and performance fee payouts - external	—		—		(2,247	)	—		—		—		—		—
Net fees	64,534		69,274		93,764		80,906		47,128		53,547		35,923		38,853
Commissions	470		1,456		5,822		2,655		3,816		1,725		286		819
Commission expense - internal	(31	)	(65	)	(71	)	(275	)	(329	)	(180	)	(52	)	(146	)
Commission expense - external	(108	)	(652	)	(2,791	)	(1,143	)	(1,801	)	(779	)	(47	)	(290	)
Net commissions	331		739		2,960		1,237		1,686		766		187		383
Finance income	1,902		1,634		2,481		2,464		1,583		1,213		1,402		1,441
Co-investment income	160		129		205		198		234		280		151		296
Less: Carried interest and performance fees (net of payouts)	(49	)	—		(18,665	)	(22,639	)	(1,067	)	(13,509	)	—		(1,681	)
Total net revenues(1)	66,878		71,776		80,745		62,166		49,564		42,297		37,663		39,292
Add: Carried interest and performance fees	82		—		52,033		38,104		1,757		14,807		—		2,511
Gain (loss) on investments	1,711		615		873		4,195		7,012		2,703		1,534		(3,889	)
Fund expenses	3,534		4,107		3,452		3,304		2,778		2,699		2,464		2,708
Direct payouts	2,778		3,007		2,987		2,247		1,871		1,709		1,602		1,561
Commission expense - internal/external	139		717		2,862		1,418		2,130		959		99		436
Total revenues	75,122		80,222		142,952		111,434		65,112		65,174		43,362		42,619
Compensation	34,784		24,157		86,071		61,329		38,550		33,825		19,597		19,672
Direct payouts	(2,778	)	(3,007	)	(2,987	)	(2,247	)	(1,871	)	(1,709	)	(1,602	)	(1,561	)
Carried interest and performance fee payouts - internal	(33	)	—		(31,121	)	(15,465	)	(690	)	(1,298	)	—		(830	)
Commission expense - internal	(31	)	(65	)	(71	)	(275	)	(329	)	(180	)	(52	)	(146	)
Severance, new hire accruals and other	(235	)	(153	)	(169	)	(125	)	(111	)	(32	)	(52	)	(166	)
Impact of stock price changes and graded vesting amortization on cash-settled equity plans(2)	(9,656	)	1,756		(27,988	)	(22,351	)	(16,598	)	(12,758	)	(412	)	71
Net compensation	22,051		22,688		23,735		20,866		18,951		17,848		17,479		17,040
Net compensation ratio	33	%	32	%	29	%	34	%	39	%	43	%	47	%	44	%
Direct payouts	2,778		3,007		2,987		2,247		1,871		1,709		1,602		1,561
Carried interest and performance fee payouts - internal	33		—		31,121		15,465		690		1,298		—		830
Commission expense - internal	31		65		71		275		329		180		52		146
Severance, new hire accruals and other	235		153		169		125		111		32		52		166
Impact of stock price changes and graded vesting amortization on cash-settled equity plans(2)	9,656		(1,756	)	27,988		22,351		16,598		12,758		412		(71	)
Fund expenses(3)	3,534		4,107		3,452		3,304		2,778		2,699		2,464		2,708
Carried interest and performance fee payouts - external(3)	—		—		2,247		—		—		—		—		—
Commission expense - external(3)	108		652		2,791		1,143		1,801		779		47		290
Selling, general, and administrative ("SG&A")	5,676		5,093		5,862		5,053		4,473		4,825		4,127		4,949
Interest expense	388		291		301		395		261		286		280		613
Depreciation and amortization	799		673		689		652		647		637		541		600
Foreign exchange (gain) loss	124		(980	)	(401	)	1,080		(666	)	3,263		554		(2,706	)
Total expenses	45,413		33,993		101,012		72,956		47,844		46,314		27,610		26,126
Net income	22,004		34,257		29,218		28,728		13,159		13,501		11,957		11,680
Net income per share	0.86		1.33		1.13		1.11		0.51		0.52		0.46		0.46
Adjusted EBITDA	46,023		50,765		57,890		42,130		31,916		25,453		21,901		22,362
Adjusted EBITDA per share	1.79		1.97		2.25		1.63		1.24		0.99		0.85		0.88
Total assets	551,712		515,758		504,271		525,779		466,169		439,429		386,131		388,798
Total liabilities	151,084		123,575		124,225		158,534		121,441		93,955		59,986		65,150
Total AUM	57,320,822		55,562,022		65,071,077		59,605,519		49,088,162		40,040,822		35,076,761		31,535,062
Average AUM	58,805,685		63,896,900		69,316,718		53,216,229		42,346,242		37,580,867		33,265,327		33,401,157

^{(1) Prior period net revenues include revenues from non-reportable segments: Q4 2024 - $406 and fund expense recoveries: Q4 2025 - $469; Q3 2025 - $386; Q2 2025 - $327; Q1 2025 - $279; and Q4 2024 - $280.
(2) The movement in the quarter and on a year-to-date basis was primarily due to the Company's "cash-settled" stock-based compensation plan which requires mark-to-market accounting under IFRS 2.
(3) Together, fund expenses, carried interest and performance fee payouts - external and commission expense - external are included in "Fund expenses" on the income statement.} 

Schedule 3 - EBITDA reconciliation

	3 months ended				9 months ended
(In thousands $)	Sep. 30, 2026		Sep. 30, 2025		Sep. 30, 2026		Sep. 30, 2025
Net income for the period	22,004		13,159		85,479		38,617
Net income margin(1)	29	%	20	%	29	%	22	%
Adjustments:
Interest expense	388		261		980		827
Provision for income taxes	7,705		4,109		32,399		13,263
Depreciation and amortization	799		647		2,161		1,825
EBITDA	30,896		18,176		121,019		54,532
Adjustments:
(Gain) loss on investments(2)	(1,711	)	(7,012	)	(3,199	)	(11,249	)
Stock-based compensation(3)	16,528		22,374		56,272		47,217
Foreign exchange (gain) loss	124		(666	)	(1,257	)	3,151
Severance, new hire accruals and other	235		111		557		195
Carried interest and performance fees	(82	)	(1,757	)	(52,115	)	(16,564	)
Carried interest and performance fee payouts - internal	33		690		31,154		1,988
Carried interest and performance fee payouts - external	—		—		2,247		—
Adjusted EBITDA	46,023		31,916		154,678		79,270
Adjusted EBITDA margin	69	%	65	%	71	%	62	%

^{(1) Calculated as IFRS net income divided by IFRS total revenue.
(2) This adjustment removes the income effects of gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives of our adjusted EBITDA metric are met.
(3) The movement in the quarter and on a year-to-date basis was primarily due to the Company's "cash-settled" stock-based compensation plan which requires mark-to-market accounting under IFRS 2.}

Conference Call and Webcast

A webcast will be held today, November 4, 2026 at 10:00 am ET to discuss the Company's financial results.

Webcast Details:
Date:	November 4, 2026
Time:	10:00am ET
Webcast:	Webcast Registration

This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted EBITDA, adjusted EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the "Supplemental financial information" section of this press release.

Net fees

Net fees are calculated as: (1) total management fees net of fund expenses and direct payouts; and (2) carried interest and performance fees, net of their related payouts. Net fees is a key revenue indicator as it represents revenue contributions after directly associated costs in managing our AUM.

Net commissions

Net commissions are calculated as total commissions, net of commission expenses. Net commissions primarily arise from the purchase and sale of critical materials in our exchange listed products segment.

Net revenues

Net revenues are calculated as the total of: (1) net fees, excluding carried interest and performance fees, net of their related payouts; (2) net commissions; (3) finance income; and (4) co-investment income.

Net compensation & net compensation ratio

Net compensation is calculated as total compensation expense before: (1) commission expenses paid to employees; (2) direct payouts to employees; (3) carried interest and performance fee payouts to employees; (4) severance and new hire accruals; and (5) impact of stock price changes and graded vesting amortization on cash-settled equity plans. Net compensation ratio is calculated as net compensation divided by net revenues.

EBITDA, adjusted EBITDA and adjusted EBITDA margin

EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company's underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted  EBITDA margin is a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.

Forward-Looking Statements

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the foregoing, this press release contains Forward-Looking Statements pertaining to: (i) our positioning will benefit from a highly compelling environment for precious metals, critical materials and their related equities and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although Sprott ("the Company") believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading "Critical Accounting Estimates and significant judgments" in the Company’s MD&A for the period ended September 30, 2026. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange ("FX") risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company's proprietary investments; (xxvi) risks relating to the Company's private strategies business; (xxvii) those risks described under the heading "Risk Factors" in the Company’s annual information form dated February 18, 2026; and (xxviii) those risks described under the headings "Managing Financial Risks" and "Managing Non-Financial Risks" in the Company’s MD&A for the period ended September 30, 2026. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the Company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Senior Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
gwilliams@sprott.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Sprott's third-quarter 2026 earnings?

Sprott reported net income of $22 million, or $0.86 per share, compared with $13.2 million, or $0.51 per share, in the third quarter of 2025. Adjusted EBITDA, a non-IFRS earnings measure, was $46 million versus $31.9 million.

How much did Sprott increase its quarterly dividend?

Sprott increased its regular quarterly dividend by 25% to $0.50 per share. The board approved the increase and declared the dividend on November 3, 2026.

Why did Sprott's commission revenue fall in the third quarter of 2026?

Quarterly commission revenue fell because of lower at-the-market issuance activity in the Physical Uranium Trust. Commission revenue declined 88% to $0.5 million, while net commissions fell 80% to $0.3 million.

Why did Sprott's stock-based compensation expense increase over the first nine months of 2026?

The increase primarily reflected settlement of a portion of the 2025 stock grant in the first quarter of 2026, when Sprott's share price reached near-record highs of $142.90 per share. Nine-month stock-based compensation expense rose 19% to $56.3 million.