Sprott Inc. (NYSE: SII) doubles adjusted EBITDA as gold pulls back

Rhea-AI Filing Summary

Sprott Inc. delivered sharply higher profitability in Q2 2026 despite commodity volatility. Net income was $34.3 million ($1.33 per share) versus $13.5 million ($0.52 per share) a year earlier, and first-half net income reached $63.5 million ($2.46 per share) versus $25.5 million ($0.99 per share). Adjusted EBITDA was $50.8 million ($1.97 per share) in Q2, up from $25.5 million ($0.99 per share), with first-half Adjusted EBITDA of $108.7 million ($4.22 per share) versus $47.4 million ($1.83 per share).

Assets under management were $55.6 billion at June 30, 2026, down 15% from $65.1 billion at March 31 and 7% from $59.6 billion at December 31, 2025, reflecting $9.1 billion of market value depreciation and $377 million of Q2 net redemptions in precious-metals products, partly offset by approximately $1.3 billion of year-to-date net inflows into critical materials funds. Average AUM for the quarter climbed to $63.9 billion from $37.6 billion in the prior-year quarter.

Management fees rose to $76.4 million in Q2 from $44.4 million a year earlier, driving total net revenues to $71.8 million from $42.3 million, while the net compensation ratio improved to 32% from 43%. Liquidity remained strong with $189.8 million of cash and cash equivalents, $59.5 million of co-investments and no borrowings on a $75 million revolving credit facility. The company paid cash dividends of $0.40 per share for each of the first two 2026 quarters and repurchased 53,580 shares under its normal course issuer bid.

Positive

• Profitability surged: Q2 2026 net income reached $34.3 million ($1.33 per share) and Adjusted EBITDA $50.8 million ($1.97 per share), both more than doubling versus the prior-year quarter, driven by much higher management fees on significantly larger average AUM and strong performance fees year-to-date.
• Higher-quality revenue mix and margins: Management fees grew to $76.4 million from $44.4 million year-over-year, net revenues rose to $71.8 million from $42.3 million, and the net compensation ratio improved to 32% from 43%, supporting a 71% Adjusted EBITDA margin.
• Robust balance sheet and shareholder returns: Cash and cash equivalents increased to $189.8 million with no credit facility drawn; the company maintained a $0.40 per-share quarterly dividend (total $20.6 million declared year-to-date) and repurchased $6.5 million of shares.

Negative

• AUM contracted sharply in the quarter: Assets under management fell 15% from $65.1 billion at March 31, 2026 to $55.6 billion at June 30, 2026, driven by $9.1 billion of market value declines and $377 million of net redemptions in precious-metals products.
• Business remains concentrated in cyclical sectors: Management highlights that a significant portion of AUM is focused on precious metals and critical materials, exposing revenues and co-investments to commodity price swings and sector-specific downturns.

Filing Explained

A $0.40 dividend was declared for eligible shareholders, with payment scheduled for September 1, 2026.

Form 6-K is an interim report for a foreign private issuer. This filing supplies Sprott’s unaudited results for the three and six months ended June 30, 2026 and reports that a regular dividend has been declared, but its payment remains scheduled for a future date.

The dividend is $0.40 per common share, with shareholders of record at the close of business on August 17, 2026 eligible for payment on September 1, 2026. The filing therefore establishes a declared distribution and its eligibility and payment dates, rather than reporting that this distribution has already been paid.

After quarter-end, AUM was $55.3 billion on July 31, 2026, compared with $55.6 billion at June 30, 2026, providing a later operating snapshot than the quarter-end figures.

Key Figures

Net income Q2 2026: 34,257 Adjusted EBITDA Q2 2026: 50,765 Total AUM June 30, 2026: 55,562,022 +5 more

8 metrics

Net income Q2 2026 34,257 Three months ended June 30, 2026, in thousands of U.S. dollars

Adjusted EBITDA Q2 2026 50,765 Three months ended June 30, 2026, in thousands of U.S. dollars

Total AUM June 30, 2026 55,562,022 Assets under management as at June 30, 2026

Total AUM March 31, 2026 65,071,077 Assets under management as at March 31, 2026, comparison baseline

Management fees Q2 2026 76,388 Three months ended June 30, 2026, in thousands of U.S. dollars

Cash and cash equivalents 189,815 Cash and cash equivalents as at June 30, 2026, in thousands of U.S. dollars

Dividends declared 2026 YTD 20,625 Total dividend amount in thousands of U.S. dollars for six months ended June 30, 2026

Credit facility size 75,000 Revolving credit facility capacity in thousands of U.S. dollars, bullet maturity August 8, 2028

Key Terms

Assets under Management, Adjusted EBITDA, carried interest crystallization, net management fee rate, +2 more

6 terms

Assets under Management financial

"Sprott’s Assets Under Management ("AUM") were $55.6 billion as at June 30, 2026"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

Adjusted EBITDA financial

"Adjusted EBITDA was $50.8 million ($1.97 per share) for the quarter"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

carried interest crystallization financial

"as well as carried interest crystallization in our private strategies segment"

net management fee rate financial

"Total AUM 65,071 ... 55,562 ... Net management fee rate (2)"

non-controlling interest financial

"Non-controlling interest consists of third-party interest in the Company's co-investments"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

fair value through profit or loss financial

"classified as fair value through profit or loss ("FVTPL") and which are measured at fair value"

An accounting classification for certain financial assets where their current market price is used to update value on the books, and any increase or decrease is recorded immediately in the company’s profit & loss statement. Like checking the daily score of an investment and noting the gain or loss right away, this approach makes reported earnings reflect market swings more quickly, which can increase short-term volatility in reported profits and help investors see real-time value changes.

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

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FAQ

How did Sprott Inc. (SII) perform financially in Q2 2026?

Sprott reported Q2 2026 net income of $34.3 million ($1.33 per share), up from $13.5 million ($0.52 per share) a year earlier. Adjusted EBITDA was $50.8 million ($1.97 per share), nearly doubling from $25.5 million ($0.99 per share), reflecting higher fees on larger average AUM.

What happened to Sprott Inc. (SII) assets under management in Q2 2026?

Assets under management were $55.6 billion at June 30, 2026, down 15% from $65.1 billion at March 31. The decline reflected $9.1 billion of market depreciation and $377 million of net redemptions in precious-metals products, partly offset by strong inflows to critical materials funds.

What dividends is Sprott Inc. (SII) paying to shareholders in 2026?

Sprott declared cash dividends of $0.40 per share for each of the first two quarters of 2026, totaling $20.6 million year-to-date. A further $0.40 per-share dividend for Q2 2026 was declared on August 4, 2026, payable September 1, 2026 to shareholders of record August 17, 2026.

How strong is Sprott Inc. (SII)'s liquidity and leverage position?

At June 30, 2026 Sprott held $189.8 million of cash and cash equivalents and $59.5 million of co-investments, with no borrowings on a $75 million revolving credit facility. The company was in compliance with all covenants, including minimum AUM and EBITDA-based leverage and interest coverage tests.

Which segments drove Sprott Inc. (SII)'s Q2 2026 results?

The exchange listed products segment led performance, with income before taxes of $49.4 million and Adjusted EBITDA of $48.7 million. Managed equities delivered $5.7 million of pre-tax income and $5.6 million of Adjusted EBITDA, while private strategies generated $2.3 million of pre-tax income and $1.7 million of Adjusted EBITDA.

How are commodity markets affecting Sprott Inc. (SII)'s business?

Management notes that Q2 2026 was marked by sharp declines in gold and silver prices, which reduced precious-metals AUM and drove $677 million of net redemptions in physical trusts. Conversely, critical materials strategies, including uranium and copper products, saw positive net sales and higher long-term uranium prices.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of			August						2026
Commission File Number			001-39298

Sprott Inc.

(Translation of registrant’s name into English)

Suite 2600, 200 Bay Street

Royal Bank Plaza, South Tower

Toronto, Ontario, Canada M5J 2J1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F Form 40-F X

DOCUMENTS INCLUDED AS PART OF THIS REPORT

Exhibit
99.1			Management’s Discussion & Analysis and Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2026
99.2			Chief Executive Officer Certification of Interim Filings, dated August 5, 2026
99.3			Chief Financial Officer Certification of Interim Filings, dated August 5, 2026
99.4			Press Release dated August 5, 2026

Exhibit 99.1 of this Report on Form 6-K is incorporated by reference into the Registration Statement on Form S-8 of the Registrant, which was originally filed with the Securities and Exchange Commission on August 7, 2020 (File No. 333-242456).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Sprott Inc.

(Registrant)

Date:

August 5, 2026

By:

/s/ Kevin Hibbert

Name:

Kevin Hibbert

Title:

Co-Chief Operating Officer and Chief Financial Officer

2026 Second Quarter Report

Contrarian. Innovative. Aligned.

Table of Contents

Letter to shareholders    2

Management's Discussion and Analysis    6

Consolidated Financial Statements    25

Notes to the Consolidated Financial Statements    30

Dear fellow shareholders,

Q2 2026 and YTD Review

Sprott’s Assets Under Management (“AUM”) were $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025. On a three and six 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. During the second quarter, we reported $377 million in net redemptions. On a year-to-date basis, net inflows were $1.3 billion as of June 30, 2026.

Net income for the quarter was $34.3 million ($1.33 per share), up $20.8 million from $13.5 million ($0.52 per share) for the quarter ended June 30, 2025 and $63.5 million ($2.46 per share) on a year-to-date basis, up $38 million from $25.5 million ($0.99 per share) for the six months ended June 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. On a six months ended basis, these increases were partially offset by higher stock-based compensation expense as a result of the Company’s stock price appreciating 15% over the six month period.

Adjusted EBITDA was $50.8 million ($1.97 per share) for the quarter, up $25.3 million, from $25.5 million ($0.99 per share) for the quarter ended June 30, 2025 and $108.7 million ($4.22 per share) on a year-to-date basis, up $61.3 million from $47.4 million ($1.83 per share) for the six months ended June 30, 2025. Our Adjusted EBITDA doubled in the quarter and on a six months ended basis 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations.

Precious Metals

The second quarter of 2026 was marked by significant volatility across commodity, currency, and interest rate markets. Spot gold declined 14.1% during the quarter, ending June at $4,008/oz, as investors adjusted to rapidly changing geopolitical and monetary policy expectations. Silver fell more significantly, dropping 22% to close at $58.60/oz at quarter-end. The quarter began with continued repercussions from the U.S.-Iran conflict, which disrupted oil markets and drove energy prices higher. Rising oil prices strengthened the U.S. dollar, which tightened global liquidity and created a challenging environment for gold. While gold’s second quarter correction was severe, we believe it was driven primarily by cyclical factors rather than any deterioration in the metal’s long-term fundamentals. Many of the forces that have supported gold over the past several years remain firmly in place: rising government debt burdens, persistent fiscal deficits, ongoing monetary debasement, and growing demand for reserve assets outside the traditional sovereign debt system.

As we enter the third quarter, we have grown increasingly constructive on the outlook for gold. Beyond our contrarian instincts, the metal appears deeply oversold while generally holding the $4,000/oz level. Investor sentiment has become excessively pessimistic and we believe the risk-reward profile has improved meaningfully. The fact that open interest in derivative markets (options and futures) has retreated to levels last seen during the 2013 precious metals bear market, even as central banks have resumed accumulating gold at the record levels seen last fall, reinforces our conviction.

2

Figure 1 - Central bank gold activity (in tonnes)

Any moderation in rate-hike expectations, renewed liquidity support from policymakers, or a sustained recovery in sovereign-related gold purchases could each serve as important catalysts for a rebound. As a result, we see the potential for gold’s cyclical trend to realign with its longer-term secular uptrend in the quarters ahead.

Critical Materials

Critical materials investments delivered mixed performance during the second quarter, giving back some gains after several strong quarters but generally remaining positive year-to-date. Positive net sales during the quarter helped partially offset the impact of the weaker market. The uranium spot price remained relatively flat, while the long-term price reached $94/lb at quarter-end, its highest level in 18 years and up 8% from December 31, 2025. Uranium mining equities declined as near-term uncertainty and risk-off positioning overshadowed strengthening sector fundamentals. Copper prices reached all-time highs during the quarter despite the U.S.-Iran conflict, and copper equities outperformed all other critical materials subsectors.

We remain constructive on the outlook for critical materials. The growing emphasis on energy security, grid reliability and rising electricity demand continues to reinforce the long-term investment case across the sector, while supply constraints in many key materials provide additional support for prices and related equities.

Physical Trusts

Our physical trust AUM declined by $8.2 billion during the quarter due to the pullback in gold and silver prices, as well as $677 million in net redemptions from our precious metals trusts. These were offset somewhat by net inflows to the Sprott Physical Uranium Trust and the Sprott Physical Copper Trust. On May 4, 2026, the Sprott Physical Copper Trust began trading on the New York Stock Exchange under the symbol “SCOP.” The new listing and the enhanced redemption feature have already led to a substantial increase in liquidity.

ETFs

Our ETFs were a bright spot during the second quarter, delivering $228 million in net sales despite the challenging market for commodity-related investments. On April 15, 2026, we launched the Sprott Rare Earths Ex-China ETF (“REXC”), the only ETF providing focused exposure to rare earth companies outside China. REXC was one of our most successful launches to date. Each new ETF offering is achieving key AUM and liquidity milestones faster than its predecessor — key factors for gaining access to larger broker-dealer platforms and improving accessibility for large investors and institutions.

Managed Equities

Managed equities AUM decreased by 11% quarter-over-quarter, driven primarily by market value depreciation in precious metals and resource equities, coupled with modest net redemptions. Our flagship Sprott Gold Equity Fund was down 13.4% in Q2 and down 7.8% year-to-date as of July 27, 2026. The Sprott Active Gold & Silver Miners ETF (“GBUG") continues to scale (now at $143.6 million as of July 27, 2026) and gradually gain traction on broker-dealer platforms.

Precious metals producers continued to generate robust cash flows and maintain healthy balance sheets, yet equity valuations remained under pressure amid a cautious risk environment. This provides a compelling value proposition and we believe our portfolios are well-positioned to capture renewed investor interest in actively-managed mining strategies.

3

Private Strategies

Our private strategies have been strong contributors in 2026, delivering a meaningful performance fee during the first quarter. The origination and deployment pipeline is very active as the strong equity market over the past 12 months is giving rise to a broad range of financing opportunities (development and M&A financing) the team is ideally positioned to capture. With increasing opportunities and rising capital requirements, we expect accelerating growth in this segment over the coming years.

Inflation 2.0

Modern history teaches us that the arrival of a new Federal Reserve chair is often followed by a crisis that tests and ultimately defines their leadership. Paul Volcker took office with the challenge of fighting the inflation of the 1970s. Alan Greenspan was confronted by the 1987 stock market crash shortly after taking office. Ben Bernanke had a bit more time before facing the Global Financial Crisis, as did Jerome Powell before the onset of the COVID-19 pandemic. Janet Yellen appears to be the exception, having avoided a major crisis during her tenure.

We wonder what lies ahead for Kevin Warsh. As chair, he is still only one of 12 voting members responsible for setting interest-rate policy, and he inherits a hard-coded inflation target of 2% that may not be achievable. Since the establishment of the Federal Reserve in 1914, inflation has averaged approximately 3.3%. At the same time, the Treasury Department benefits from the additional tax revenue and currency depreciation that inflation can provide, making it easier to service the nation’s debt and deficits. We therefore wonder how long the 2% target will endure.

The concept of a 2% target originated with the economic juggernaut of New Zealand in 1989. It was subsequently adopted by Western central banks throughout the 1990s and finally introduced in the United States under Ben Bernanke in 2012. Kevin Warsh is now bound by that target and has created a task force to help him manage it.

While we believe there will be attempts to meet the 2% target by changing how inflation is calculated, history will ultimately dictate what we experience in our daily lives. The long-term average inflation rate of 3.3% fluctuates with global financial conditions. Wars have led to higher rates, while depressions and recessions have driven inflation closer to or below 0%. Given today’s geopolitical environment, we expect inflation to remain above its historical average for some time, regardless of how it is calculated.

Figure 2 - CPI year-over-year change

4

Outlook

While equity markets traded in a pattern in the first six months that eerily resembled the first half of 2025, we do not expect the same for the rest of the year. In 2025, the market started off strongly only to be interrupted by “Liberation Day” tariffs. After a sharp correction, it resumed quickly after the Trump Administration backed off, extended deadlines, and never looked back. This year, a strong start was interrupted by the U.S.-Iran conflict. This time, there is no opportunity for the President to change his mind and have everything return to normal.

We have often cautioned that the one risk to our business that we cannot control is commodity pricing. Clearly, the second quarter of 2026 demonstrated this, but it also highlighted the resilience of our business model. As investors shifted their focus and capital to the wonders of artificial intelligence, data centers in space, and the opportunity to colonize Mars, they seemed myopic about the challenges on our own planet. The “Memorandum of Misunderstanding” (“MOM”) with Iran has come and gone and, as of this writing, the war is escalating with no clear path to resolution in sight. In our view, the consequences of trade disruptions and asset destruction have yet to be discounted by markets. The case for critical materials and non-dollar reserves has only strengthened and we are confident in our long-term positioning.

During this uncertain period, we have continued to grow our human capital with new talent. Our focus has been primarily on sales and marketing to serve our expanding investor audience and technology to enhance our efficiency. Our employees are our most important asset and key to our past and future growth.

As always, we thank you, our fellow shareholders, for your continued support. We look forward to reporting to you on our progress in the quarters ahead. We remain contrarian, innovative and aligned.

Sincerely,

Whitney George

Chief Executive Officer

5

Management's Discussion and Analysis

Three and six months ended June 30, 2026

6

Forward looking statements

Certain statements in this Management's Discussion & Analysis ("MD&A"), and in particular the "Outlook" section, 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 MD&A 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 Inc. (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 herein under the heading "Critical Accounting Estimates and significant judgments". 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 Risk" and "Managing Non-Financial Risk" in this MD&A. 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.

Management's discussion and analysis

This MD&A of financial condition and results of operations, dated August 4, 2026, presents an analysis of the consolidated financial condition of the Company and its subsidiaries as at June 30, 2026, compared with December 31, 2025, and the consolidated results of operations for the three and six months ended June 30, 2026, compared with the three and six months ended June 30, 2025. The board of directors of the Company approved this MD&A on August 4, 2026. All note references in this MD&A are to the notes to the Company's June 30, 2026 interim condensed consolidated financial statements ("interim financial statements"), unless otherwise noted. The Company was incorporated under the Business Corporations Act (Ontario) on February 13, 2008.

Presentation of financial information

The interim financial statements, including the required comparative information, have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") in effect as at June 30, 2026, specifically, IAS 34 Interim Financial Reporting. Financial results, including related historical comparatives contained in this MD&A, unless otherwise specified herein, are based on the interim financial statements. While the Company's primary transactional currency and presentation currency is the U.S. dollar, IFRS requires that the Company measure its foreign exchange gains and losses through its consolidated statements of operations and comprehensive income using the Canadian dollar as its functional currency. All dollar references in this MD&A are in U.S. dollars. The use of the term "prior period" refers to the three and six months ended June 30, 2025.

7

Key performance indicators and non-IFRS and other financial measures

The Company measures the success of its business using a number of key performance indicators that are not measurements in accordance with IFRS and should not be considered an alternative to net income (loss) or any other measure of performance under IFRS. 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 page 12 of this MD&A.

Assets under management

Assets under management ("AUM") refers to the total net assets managed by the Company through its various investment product offerings and managed accounts.

Net inflows

Net inflows result in changes to AUM, and as such, have a direct impact on the revenues and earnings of the Company. They are described individually below:

Trust unit issuances and exchange traded funds ("ETF") unit ‘creations’

The primary way in which inflows arise in our exchange listed products segment is through: (1) units of our physical trusts being issued through at-the-market (“ATM”) transactions and, secondary public and private offerings; and (2) new 'creations' of ETF units.

Net sales

Fund sales (net of redemptions) are the primary manner in which net inflows arise in our managed equities segment.

Net capital calls

Capital calls, net of capital distributions ("net capital calls") are the primary manner in which net inflows arise in our private strategies segment.

Other net inflows

Other net inflows primarily include fund acquisitions. It is possible for committed capital in our private strategies to earn a commitment fee despite being uncalled, in which case, it will also be included in this category as AUM.

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.

Total shareholder return

Total shareholder return is the financial gain (loss) that results from a change in the Company's share price, plus any dividends paid over the period.

Liquid co-investments

Liquid co-investments are the Company's co-investments that can be monetized in less than 90 days.

8

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. Adjusted EBITDA further adjusts for items noted in the below reconciliation table. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenues.

EBITDA, adjusted EBITDA and adjusted EBITDA margin are measures 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 the 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.

Neither EBITDA, adjusted EBITDA or adjusted EBITDA margin have a standardized meaning under IFRS. Consequently, they should not be considered in isolation, nor should they be used in substitute for measures of performance prepared in accordance with IFRS.

The following table outlines how our EBITDA, adjusted EBITDA and adjusted EBITDA margin measures are determined:

			3 months ended						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Net income for the period			34,257			13,501			63,475			25,458
Net income margin (1)			43		%	21		%	28		%	23		%
Adjustments:
Interest expense			291			286			592			566
Provision for income taxes			11,972			5,359			24,694			9,154
Depreciation and amortization			673			637			1,362			1,178
EBITDA			47,193			19,783			90,123			36,356
Adjustments:
(Gain) loss on investments (2)			(615)			(2,703)			(1,488)			(4,237)
Stock-based compensation (3)			5,014			18,587			39,744			24,843
Foreign exchange (gain) loss			(980)			3,263			(1,381)			3,817
Severance, new hire accruals and other			153			32			322			84
Carried interest and performance fees			—			(14,807)			(52,033)			(14,807)
Carried interest and performance fee payouts - internal			—			1,298			31,121			1,298
Carried interest and performance fee payouts - external			—			—			2,247			—
Adjusted EBITDA			50,765			25,453			108,655			47,354
Adjusted EBITDA margin			71		%	61		%	71		%	60		%

(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 decrease in the quarter and the increase 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. This led to stock price changes that were driven by NYSE:SII being down 21% in the quarter and up 15% on a year-to-date basis.

9

Business overview

Our reportable operating segments are as follows:

For a detailed account of the underlying principal subsidiaries within our reportable operating segments, refer to the Company's Annual Information Form and Note 2 of the annual audited financial statements.

10

Business highlights

On April 15, 2026, the Company launched a new critical materials ETF, Sprott Rare Earths Ex-China ETF ("REXC"), an ETF providing focused exposure to rare earths companies outside of China.

On May 4, 2026, the Sprott Physical Copper Trust began trading on the New York Stock Exchange under the symbol ("SCOP"). Concurrent with the new listing, the trust enhanced its redemption feature which allows for monthly physical redemptions. We expect both developments to broaden the trust's appeal to a wider range of investors.

11

Results of operations

Summary financial information

(In thousands $)			Q2 2026			Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024
Management fees			76,388			81,538			63,818			50,710			44,446			39,989			41,441			38,968
Fund expenses			(4,107)			(3,452)			(3,304)			(2,778)			(2,699)			(2,464)			(2,708)			(2,385)
Direct payouts			(3,007)			(2,987)			(2,247)			(1,871)			(1,709)			(1,602)			(1,561)			(1,483)
Carried interest and performance fees			—			52,033			38,104			1,757			14,807			—			2,511			4,110
Carried interest and performance fee payouts - internal			—			(31,121)			(15,465)			(690)			(1,298)			—			(830)			—
Carried interest and performance fee payouts - external			—			(2,247)			—			—			—			—			—			—
Net fees			69,274			93,764			80,906			47,128			53,547			35,923			38,853			39,210
Commissions			1,456			5,822			2,655			3,816			1,725			286			819			498
Commission expense - internal			(65)			(71)			(275)			(329)			(180)			(52)			(146)			(147)
Commission expense - external			(652)			(2,791)			(1,143)			(1,801)			(779)			(47)			(290)			(103)
Net commissions			739			2,960			1,237			1,686			766			187			383			248
Finance income			1,634			2,481			2,464			1,583			1,213			1,402			1,441			1,574
Co-investment income			129			205			198			234			280			151			296			418
Less: Carried interest and performance fees (net of payouts)			—			(18,665)			(22,639)			(1,067)			(13,509)			—			(1,681)			(4,110)
Total net revenues (1)			71,776			80,745			62,166			49,564			42,297			37,663			39,292			37,340
Add: Carried interest and performance fees			—			52,033			38,104			1,757			14,807			—			2,511			4,110
Gain (loss) on investments			615			873			4,195			7,012			2,703			1,534			(3,889)			937
Fund expenses			4,107			3,452			3,304			2,778			2,699			2,464			2,708			2,385
Direct payouts			3,007			2,987			2,247			1,871			1,709			1,602			1,561			1,483
Commission expense - internal/external			717			2,862			1,418			2,130			959			99			436			250
Total revenues			80,222			142,952			111,434			65,112			65,174			43,362			42,619			46,505
Compensation			24,157			86,071			61,329			38,550			33,825			19,597			19,672			18,547
Direct payouts			(3,007)			(2,987)			(2,247)			(1,871)			(1,709)			(1,602)			(1,561)			(1,483)
Carried interest and performance fee payouts - internal			—			(31,121)			(15,465)			(690)			(1,298)			—			(830)			—
Commission expense - internal			(65)			(71)			(275)			(329)			(180)			(52)			(146)			(147)
Severance, new hire accruals and other			(153)			(169)			(125)			(111)			(32)			(52)			(166)			(58)
Impact of stock price changes and graded vesting    amortization on cash-settled equity plans (2)			1,756			(27,988)			(22,351)			(16,598)			(12,758)			(412)			71			(114)
Net compensation			22,688			23,735			20,866			18,951			17,848			17,479			17,040			16,745
Net compensation ratio			32		%	29		%	34		%	39		%	43		%	47		%	44		%	46		%
Direct payouts			3,007			2,987			2,247			1,871			1,709			1,602			1,561			1,483
Carried interest and performance fee payouts - internal			—			31,121			15,465			690			1,298			—			830			—
Commission expense - internal			65			71			275			329			180			52			146			147
Severance, new hire accruals and other			153			169			125			111			32			52			166			58
Impact of stock price changes and graded vesting amortization on cash-settled equity plans (2)			(1,756)			27,988			22,351			16,598			12,758			412			(71)			114
Fund expenses (3)			4,107			3,452			3,304			2,778			2,699			2,464			2,708			2,385
Carried interest and performance fee payouts - external (3)			—			2,247			—			—			—			—			—			—
Commission expense - external (3)			652			2,791			1,143			1,801			779			47			290			103
Selling, general, and administrative ("SG&A")			5,093			5,862			5,053			4,473			4,825			4,127			4,949			4,612
Interest expense			291			301			395			261			286			280			613			933
Depreciation and amortization			673			689			652			647			637			541			600			502
Foreign exchange (gain) loss			(980)			(401)			1,080			(666)			3,263			554			(2,706)			1,028
Total expenses			33,993			101,012			72,956			47,844			46,314			27,610			26,126			28,110
Net income			34,257			29,218			28,728			13,159			13,501			11,957			11,680			12,697
Net income per share			1.33			1.13			1.11			0.51			0.52			0.46			0.46			0.50
Adjusted EBITDA			50,765			57,890			42,130			31,916			25,453			21,901			22,362			20,675
Adjusted EBITDA per share			1.97			2.25			1.63			1.24			0.99			0.85			0.88			0.81
Total assets			515,758			504,271			525,779			466,169			439,429			386,131			388,798			412,477
Total liabilities			123,575			124,225			158,534			121,441			93,955			59,986			65,150			82,198
Total AUM			55,562,022			65,071,077			59,605,519			49,088,162			40,040,822			35,076,761			31,535,062			33,439,221
Average AUM			63,896,900			69,316,718			53,216,229			42,346,242			37,580,867			33,265,327			33,401,157			31,788,412

(1) Prior period net revenues include the following revenues from non-reportable segments: Q4 2024 - $406 and Q3 2024 - $497 and fund expense recoveries: Q4 2025 - $469; Q3 2025 - $386; Q2 2025 - $327; Q1 2025 - $279; Q4 2024 - $280; and Q3 2024 - $275.

(2) The decrease in the quarter and the increase 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. This led to stock price changes that were driven by NYSE:SII being down 21% in the quarter and up 15% on a year-to-date basis.

(3) Together, fund expenses, carried interest and performance fee payouts - external and commission expense - external are included in "Fund expenses" on the income statement.

12

AUM summary

AUM was $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025. On a three and six 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 $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion for the quarter ended June 30, 2025, and $66.6 billion on a year-to-date basis, up $31.2 billion or 88% from $35.4 billion for the six months ended June 30, 2025. On a three and six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Subsequent to quarter-end, as at July 31, 2026, AUM was $55.3 billion, down slightly from $55.6 billion as at June 30, 2026.

3 months results
(In millions $)			AUM Mar. 31, 2026			Net inflows (1)			Market value changes			Other net inflows (1)			AUM Jun. 30, 2026						Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			17,275			(76)			(2,450)			—			14,749						0.35%
- Physical Silver Trust			16,345			(96)			(3,607)			—			12,642						0.45%
- Physical Gold and Silver Trust			9,362			(466)			(1,564)			—			7,332						0.40%
- Precious Metals ETFs			1,824			(90)			(261)			—			1,473						0.40%
- Physical Platinum & Palladium Trust			722			(39)			(140)			—			543						0.50%
			45,528			(767)			(8,022)			—			36,739						0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			6,844			141			59			—			7,044						0.31%
- Critical Materials ETFs			4,184			318			(542)			—			3,960						0.56%
- Physical Copper Trust			180			7			16			—			203						0.33%
			11,208			466			(467)			—			11,207						0.41%
Total exchange listed products			56,736			(301)			(8,489)			—			47,946						0.40%
Managed equities (3)			6,332			(69)			(644)			—			5,619						0.80%
Private strategies			2,003			(7)			1			—			1,997						0.78%
Total AUM			65,071			(377)			(9,132)			—			55,562						0.45%
6 months results
(In millions $)			AUM Dec. 31, 2025			Net inflows (1)			Market value changes			Other net inflows (1)			AUM Jun. 30, 2026						Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			15,976			(86)			(1,141)			—			14,749						0.35%
- Physical Silver Trust			15,109			491			(2,958)			—			12,642						0.45%
- Physical Gold and Silver Trust			9,065			(800)			(933)			—			7,332						0.40%
- Precious Metals ETFs			1,654			28			(209)			—			1,473						0.40%
- Physical Platinum & Palladium Trust			773			(39)			(191)			—			543						0.50%
			42,577			(406)			(5,432)			—			36,739						0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			6,158			703			183			—			7,044						0.31%
- Critical Materials ETFs			2,950			1,336			(326)			—			3,960						0.56%
- Physical Copper Trust			131			64			8			—			203						0.33%
			9,239			2,103			(135)			—			11,207						0.41%
Total exchange listed products			51,816			1,697			(5,567)			—			47,946						0.40%
Managed equities (3)			5,656			(175)			138			—			5,619						0.80%
Private strategies			2,134			(185)			48			—			1,997						0.78%
Total AUM			59,606			1,337			(5,381)			—			55,562						0.45%
(1) See "Net inflows" and "Other net inflows" in the key performance indicators and non-IFRS and other financial measures section of this MD&A.
(2) Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.
(3) Managed equities is made up of funds and high net worth managed accounts invested primarily in precious metals strategies (94%) and U.S. value strategies (6%).

13

Key revenue lines Key expense lines

Management, carried interest and performance fees

Management fees were $76.4 million for the quarter, up $31.9 million, or 72% from $44.4 million for the quarter ended June 30, 2025, and $157.9 million on a year-to-date basis, up $73.5 million, or 87% from $84.4 million for the six months ended June 30, 2025. Carried interest and performance fees were $nil for the quarter, down $14.8 million from $14.8 million for the quarter ended June 30, 2025, and $52 million on a year-to-date basis, up $37.2 million from $14.8 million for the six months ended June 30, 2025. Net fees were $69.3 million for the quarter, up $15.7 million, or 29% from $53.5 million for the quarter ended June 30, 2025, and $163 million on a year-to-date basis, up $73.6 million, or 82% from $89.5 million for the six months ended June 30, 2025. Our revenue performance in the quarter and on a six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Additionally, we benefited from carried interest crystallization in our private strategies segment in the first quarter.

Commission revenues

Commission revenues were $1.5 million for the quarter, down $0.3 million from $1.7 million for the quarter ended June 30, 2025 and $7.3 million on a year-to-date basis, up $5.3 million from $2 million for the six months ended June 30, 2025. Net commissions were $0.7 million for the quarter, down slightly from $0.8 million for the quarter ended June 30, 2025 and $3.7 million on a year-to-date basis, up $2.7 million from $1 million for the six months ended June 30, 2025. The decrease in the quarter was due to lower private placement activity in our U.S. broker-dealer and the increase on a six months ended basis was due to higher ATM activity predominantly within our physical uranium trust, and to a lesser degree, in our physical copper trust.

Finance income

Finance income was $1.6 million for the quarter, up $0.4 million or 35% from $1.2 million for the quarter ended June 30, 2025 and $4.1 million on a year-to-date basis, up $1.5 million or 57% from $2.6 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to increased interest income on higher cash balances.

Compensation

Net compensation expense was $22.7 million for the quarter, up $4.8 million or 27% from $17.8 million for the quarter ended June 30, 2025 and $46.4 million on a year-to-date basis, up $11.1 million or 31% from $35.3 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 32% in the quarter (June 30, 2025 - 43%) and 30% on a year-to-date basis (June 30, 2025 - 45%).

Stock-based compensation expense was $5 million for the quarter, down $13.6 million or 73% from $18.6 million for the quarter ended June 30, 2025 and $39.7 million on a year-to-date basis, up $14.9 million or 60% from $24.8 million for the six months ended June 30, 2025. The decrease in the quarter was due to the Company's stock price depreciating 21% over the last three months, while the increase on a six months ended basis was due to our stock price appreciating 15% over the six month period. The Company issued 279,851 restricted stock units ("RSUs") this year, down 71% from 976,550 RSUs in 2025.

SG&A

SG&A expense was $5.1 million for the quarter, up $0.3 million or 6% from $4.8 million for the quarter ended June 30, 2025 and $11 million on a year-to-date basis, up $2 million or 22% from $9 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was due to higher marketing and professional services costs.

14

Earnings

Net income for the quarter was $34.3 million ($1.33 per share), up $20.8 million from $13.5 million ($0.52 per share) for the quarter ended June 30, 2025 and $63.5 million ($2.46 per share) on a year-to-date basis, up $38 million from $25.5 million ($0.99 per share) for the six months ended June 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. On a six months ended basis, these increases were partially offset by higher stock-based compensation expense as a result of the Company's stock price appreciating 15% over the six month period.

Adjusted EBITDA was $50.8 million ($1.97 per share) for the quarter, up $25.3 million, from $25.5 million ($0.99 per share) for the quarter ended June 30, 2025 and $108.7 million ($4.22 per share) on a year-to-date basis, up $61.3 million from $47.4 million ($1.83 per share) for the six months ended June 30, 2025. Our Adjusted EBITDA doubled in the quarter and on a six months ended basis 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations.

Additional revenues and expenses

Investment gains were $0.6 million for the quarter, down $2.1 million or 77% from investment gains of $2.7 million for the quarter ended June 30, 2025 and $1.5 million on a year-to-date basis, down $2.7 million or 65% from $4.2 million for the six months ended June 30, 2025. Investment gains in the quarter and on a six months ended basis were mainly driven by market value appreciation of our co-investments.

Depreciation of property and equipment was $0.7 million for the quarter, up slightly from $0.6 million for the quarter ended June 30, 2025 and $1.4 million on a year-to-date basis, up $0.2 million from $1.2 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was due to depreciation of leasehold improvements.

Balance sheet

Total assets were $515.8 million, down $10 million or 2% from $525.8 million as at December 31, 2025. The decrease was primarily due to a reduction in other assets. Total liabilities were $123.6 million, down $35 million or 22% from $158.5 million as at December 31, 2025. The decrease was primarily due to lower compensation payable. Total shareholders' equity was $392.2 million, up $24.9 million or 7% from $367.2 million as at December 31, 2025.

15

Reportable operating segments

Exchange listed products

			3 months ended						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Management fees			59,102			32,202			122,490			60,386
Fund expenses			(3,156)			(2,033)			(5,733)			(3,871)
Net fees			55,946			30,169			116,757			56,515
Commissions			1,270			1,419			6,781			1,419
Commission expense - internal			—			(105)			—			(105)
Commission expense - external			(620)			(721)			(3,375)			(721)
Net commissions			650			593			3,406			593
Total net revenues			56,596			30,762			120,163			57,108
Gain (loss) on investments			1,064			145			(158)			1,104
Fund expenses			3,156			2,033			5,733			3,871
Commission expense - internal			—			105			—			105
Commission expense - external			620			721			3,375			721
Total revenues			61,436			33,766			129,113			62,909
Net compensation			7,578			5,165			15,721			10,063
Commission expense - internal			—			105			—			105
Impact of stock price changes and graded vesting amortization on cash-settled equity plans			162			3,083			6,699			3,145
Fund expenses			3,156			2,033			5,733			3,871
Commission expense - external			620			721			3,375			721
SG&A			2,187			2,255			4,959			3,577
Interest expense			47			47			94			92
Depreciation and amortization			35			37			73			69
Foreign exchange (gain) loss			(1,746)			2,384			(2,648)			2,781
Total expenses			12,039			15,830			34,006			24,424
Income before income taxes			49,397			17,936			95,107			38,485
Adjusted EBITDA			48,715			24,881			103,222			46,536
Adjusted EBITDA margin			86		%	81		%	86		%	81		%
Total AUM			47,946,188			34,029,131			47,946,188			34,029,131
Average AUM			55,712,214			31,732,088			58,299,296			29,788,418

3 and 6 months ended

Income before income taxes was $49.4 million for the quarter, up $31.5 million from $17.9 million for the quarter ended June 30, 2025, and was $95.1 million on a year-to-date basis, up $56.6 million from $38.5 million for the six months ended June 30, 2025. Adjusted EBITDA was $48.7 million for the quarter, up $23.8 million from $24.9 million for the quarter ended June 30, 2025, and was $103.2 million on a year-to-date basis, up $56.7 million from $46.5 million for the six months ended June 30, 2025. Our three and six months ended results benefited from higher average AUM on market value appreciation in our physical trusts and ETFs.

16

Managed equities

			3 months ended						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Management fees			13,720			8,177			27,754			15,487
Fund expenses			(858)			(544)			(1,683)			(1,116)
Direct payouts			(2,666)			(1,313)			(5,197)			(2,480)
Carried interest and performance fees			—			14,799			255			14,799
Carried interest and performance fee payouts - internal			—			(1,296)			(120)			(1,296)
Net fees			10,196			19,823			21,009			25,394
Finance income			142			54			412			103
Less: Carried interest and performance fees (net of payouts)			—			(13,503)			(135)			(13,503)
Total net revenues (1)			10,338			6,374			21,286			11,994
Add: Carried interest and performance fees			—			14,799			255			14,799
Gain (loss) on investments			(429)			2,184			650			3,609
Fund expenses			858			544			1,683			1,116
Direct payouts			2,666			1,313			5,197			2,480
Total revenues			13,433			25,214			29,071			33,998
Net compensation			3,912			3,751			8,501			7,395
Direct payouts			2,666			1,313			5,197			2,480
Carried interest and performance fee payouts - internal			—			1,296			120			1,296
Severance, new hire accruals and other			153			30			322			82
Impact of stock price changes and graded vesting amortization on cash-settled equity plans			155			1,597			2,569			1,629
Fund expenses			858			544			1,683			1,116
SG&A			1,356			1,056			2,684			1,946
Interest expense			60			64			123			129
Depreciation and amortization			100			101			207			196
Foreign exchange (gain) loss			(1,530)			1,882			(2,248)			2,000
Total expenses			7,730			11,634			19,158			18,269
Income before income taxes			5,703			13,580			9,913			15,729
Adjusted EBITDA			5,554			2,382			11,151			4,275
Adjusted EBITDA margin			54		%	39		%	52		%	38		%
Total AUM			5,619,287			3,883,071			5,619,287			3,883,071
Average AUM			6,183,251			3,676,156			6,231,939			3,409,486

(1) Prior period net revenues include fund expense recoveries of $327 in the quarter and $606 on a year-to-date basis.

3 and 6 months ended

Income before income taxes was $5.7 million for the quarter, down $7.9 million or 58% from $13.6 million for the quarter ended June 30, 2025 and was $9.9 million on a year-to-date basis, down $5.8 million or 37% from $15.7 million for the six months ended June 30, 2025. Our earnings were lower in the quarter and on a six months ended basis due to carried interest crystallization in the second quarter of last year.

Adjusted EBITDA was $5.6 million for the quarter, up $3.2 million from $2.4 million for the quarter ended June 30, 2025 and was $11.2 million on a year-to-date basis, up $6.9 million from $4.3 million for the six months ended June 30, 2025. Our three and six months ended results benefited from higher average AUM on market value appreciation across the majority of our fund products.

17

Private strategies

			3 months ended						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Management fees			3,695			4,347			8,016			8,993
Fund expenses			(93)			(122)			(143)			(176)
Direct payouts			(341)			(396)			(797)			(831)
Carried interest and performance fees			—			8			51,778			8
Carried interest and performance fee payouts - internal			—			(2)			(31,001)			(2)
Carried interest and performance fee payouts - external			—			—			(2,247)			—
Net fees			3,261			3,835			25,606			7,992
Finance income			602			768			2,174			1,758
Less: Carried interest and performance fees (net of payouts)			—			(6)			(18,530)			(6)
Total net revenues			3,863			4,597			9,250			9,744
Add: Carried interest and performance fees			—			8			51,778			8
Gain (loss) on investments			89			740			1,261			407
Fund expenses			93			122			143			176
Direct payouts			341			396			797			831
Total revenues			4,386			5,863			63,229			11,166
Net compensation			2,084			2,105			4,453			4,382
Direct payouts			341			396			797			831
Carried interest and performance fee payouts - internal			—			2			31,001			2
Impact of stock price changes and graded vesting amortization on cash-settled equity plans			(12)			—			24			—
Fund expenses			93			122			143			176
Carried interest and performance fee payouts - external			—			—			2,247			—
SG&A			324			394			799			832
Interest expense			1			1			2			3
Depreciation and amortization			14			13			27			25
Foreign exchange (gain) loss			(788)			2,663			(1,418)			2,729
Total expenses			2,057			5,696			38,075			8,980
Income before income taxes			2,329			167			25,154			2,186
Adjusted EBITDA			1,730			2,105			4,491			4,544
Adjusted EBITDA margin			45		%	46		%	49		%	47		%
Total AUM			1,996,547			2,128,620			1,996,547			2,128,620
Average AUM			2,001,435			2,172,623			2,063,121			2,236,016

3 and 6 months ended

Income before income taxes was $2.3 million for the quarter, up $2.2 million from $0.2 million for the quarter ended June 30, 2025 and was $25.2 million on a year-to-date basis, up $23 million from $2.2 million for the six months ended June 30, 2025. Our three months ended results benefited from foreign exchange gains and our six months ended results benefited from carried interest crystallization in our lending fund during the first quarter.

Adjusted EBITDA was $1.7 million for the quarter, down $0.4 million or 18% from $2.1 million for the quarter ended June 30, 2025 and was $4.5 million on a year-to-date basis, down $0.1 million or 1% from $4.5 million for the six months ended June 30, 2025. Our three and six months ended results were impacted by lower management fees due to lower average AUM.

18

Corporate

This segment is a cost center that provides capital, balance sheet management and shared services to the Company's subsidiaries.

			3 months ended						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Gain (loss) on investments			(1)			(11)			12			9
Finance income			824			314			1,398			590
Total revenues			823			303			1,410			599
Net compensation			9,113			6,666			17,748			12,998
Impact of stock price changes and graded vesting amortization on cash-settled equity plans			(2,061)			8,078			16,940			8,396
SG&A			1,126			982			2,311			2,261
Interest expense			183			174			373			342
Depreciation and amortization			522			483			1,051			882
Foreign exchange (gain) loss			3,133			(3,623)			5,206			(3,657)
Total expenses			12,016			12,760			43,629			21,222
Income (loss) before income taxes			(11,193)			(12,457)			(42,219)			(20,623)
Adjusted EBITDA			(5,288)			(3,866)			(10,431)			(7,694)

3 and 6 months ended

•Net compensation increased primarily due to higher incentive compensation on increased net fee generation.

•Market value of stock-based compensation expense was lower in the quarter and higher on a six months ended basis. The decrease in the quarter was due to the Company's stock price depreciating 21% over the last three months, while the increase on a year-to-date basis was due to our stock price appreciating 15% over the six month period. The Company issued 279,851 RSUs this year, down 71% from 976,550 RSUs in 2025.

•SG&A was up for the quarter and on a year-to-date basis, primarily due to an increase in marketing costs.

19

Dividends

The following dividends were declared by the Company during the six months ended June 30, 2026:

Record date

Payment date

Cash dividend     per share

Total dividend amount (in thousands $)

May 19, 2026 - Regular dividend Q1 2026

June 3, 2026

$0.40

10,310

March 2, 2026 - Regular dividend Q4 2025

March 17, 2026

$0.40

10,315

Dividends declared in 2026 (1)

20,625

(1) Subsequent to quarter-end, on August 4, 2026, a regular dividend of $0.40 per common share was declared for the quarter ended June 30, 2026. This dividend is payable on September 1, 2026 to shareholders of record at the close of business on August 17, 2026.

Capital stock

Total capital stock issued and outstanding was 25.7 million (December 31, 2025 - 25.8 million).

Earnings per share for the current and prior period have been calculated using the weighted average number of shares outstanding during the respective periods. Basic earnings per share was $1.33 for the quarter and $2.46 on a year-to-date basis compared to $0.52 and $0.99 in the prior periods, respectively. Diluted earnings per share was $1.33 for the quarter and $2.46 on a year-to-date basis compared to $0.52 and $0.99 in the prior periods, respectively.

A total of nil stock options are outstanding (December 31, 2025 - 12,500).

20

Liquidity and capital resources

As at June 30, 2026, the Company had $189.8 million (December 31, 2025 - $123.4 million) of cash and cash equivalents. In addition, the Company had $59.5 million of co-investments (December 31, 2025 - $76.7 million) of which $27.2 million (December 31, 2025 - $35.5 million) can be monetized in less than 90 days (liquid co-investments).

As at June 30, 2026, the Company had $nil (December 31, 2025 - $nil) outstanding on its credit facility, which matures on August 8, 2028. As at June 30, 2026, the Company was in compliance with all covenants, terms and conditions under the credit facility.

The Company has access to a credit facility of $75 million with a major Canadian schedule I chartered bank. Amounts under the facility may be borrowed in U.S. dollars through SOFR or base rate loans. Amounts may also be borrowed in Canadian dollars through prime rate loans or CORRA loans.

Key terms under the current credit facility are noted below:

Structure

•5-year, $75 million revolver with "bullet maturity" on August 8, 2028

Interest rate

•SOFR + 2.36%

Covenant terms

•Minimum AUM: $11.7 billion;

•Debt to EBITDA less than or equal to 2.5:1; and

•EBITDA to interest expense more than or equal to 2.5:1

Commitments

The Company has commitments to make co-investments in private strategies LPs or commitments to make co-investments in fund strategies in the Company's other segments. As at June 30, 2026, the Company had $nil in co-investment commitments in private strategies LPs due within one year (December 31, 2025 - $3 million) and $nil due after 12 months (December 31, 2025 - $nil).

21

Critical accounting estimates and significant judgments

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions and estimates as they occur. The Company’s material accounting policy information is described in Note 2 of the December 31, 2025 annual audited financial statements. Certain of these accounting policies require management to make key assumptions concerning the future and consider other sources of estimation uncertainty at the reporting date. These accounting estimates are considered critical because they require subjective and/or complex judgments that may have a material impact on the value of our assets, liabilities, revenues and expenses.

Critical accounting estimates

Impairment of goodwill and intangible assets

All indefinite life intangible assets and goodwill are reviewed for impairment quarterly and tested for impairment annually. Values associated with goodwill and intangibles involve estimates and assumptions, including those with respect to future cash inflows and outflows, discount rates, AUM and asset lives. These estimates require significant judgment regarding market growth rates and fund flow assumptions, which could affect the Company's future results if estimates of future performance and fair value change.

Significant judgments

Investments in other entities

IFRS 10 Consolidated Financial Statements ("IFRS 10") and IAS 28 Investments in Associates and Joint Ventures ("IAS 28") provide for the use of judgment in determining whether an investee should be included within the consolidated financial statements of the Company and on what basis (subsidiary, joint venture, financial instrument or associate). Significant judgment is applied in evaluating facts and circumstances relevant to the Company and investee, including: (1) the extent of the Company's direct and indirect interest in the investee; (2) the level of compensation to be received from the investee for management and other services provided to it; (3) "kick out rights" available to other investors in the investee; and (4) other indicators of the extent of power that the Company has over the investee.

Fair value of financial instruments

When the fair value of financial assets and financial liabilities recorded in the consolidated balance sheets cannot be derived from active markets, they are determined using valuation techniques and models. Model inputs are taken from observable markets where possible, but where this is not feasible, unobservable inputs may be used. These unobservable inputs include, but are not limited to, projected cash flows, discount rates, comparable recent transactions and volatility of underlying securities in warrant valuations. The use of unobservable inputs can involve significant judgment and materially affect the reported fair value of financial instruments.

22

Managing financial risks

Market risk

The Company separates market risk into three categories: price risk, interest rate risk and foreign currency risk.

Price risk

Price risk arises from the possibility that changes in the price of the Company's on and off-balance sheet assets and liabilities will result in changes in carrying value or recoverable amounts. The Company's revenues are also exposed to price risk since management fees, carried interest and performance fees are correlated with AUM, which fluctuates with changes in the market values of the assets in the funds and managed accounts managed by the Company.

Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will adversely affect the value of, or cash flows from, financial assets and liabilities. The Company’s earnings, particularly through its private strategies segment, are exposed to volatility as a result of sudden changes in interest rates. Management takes into account a number of factors and is committed to several processes to ensure that this risk is appropriately managed.

Foreign currency risk

The Company enters into transactions that are denominated primarily in U.S. dollars. Foreign currency risk arises from foreign exchange rate movements that could negatively impact the liquidity of the Company in instances where there is a translation from U.S. dollars to a different currency.

Credit risk

Credit risk is the risk that a borrower will not honor its commitments and a loss to the Company may result. Credit risk generally arises in the Company's investment portfolio.

Investments

The Company incurs credit risk when entering into, settling and financing transactions with counterparties. Management takes into account a number of factors and is committed to several processes to ensure that this risk is appropriately managed.

Other

The majority of receivables relate to management fees, carried interest and performance fees receivable from the funds and managed accounts managed by the Company. These receivables are short-term in nature and any credit risk associated with them is managed by dealing with counterparties that the Company believes to be creditworthy and by actively monitoring credit exposure and the financial health of the counterparties.

Liquidity risk

Liquidity risk is the risk that the Company cannot meet a demand for cash or fund its obligations as they come due. The Company's exposure to liquidity risk is minimal, as it maintains sufficient levels of liquid assets to meet its obligations as they come due. The Company has $189.8 million (December 31, 2025 - $123.4 million) of cash and cash equivalents. In addition, the Company has $59.5 million of co-investments (December 31, 2025 - $76.7 million) of which $27.2 million (December 31, 2025 - $35.5 million) can be monetized in less than 90 days (liquid co-investments). The Company also has access to a credit facility of $75 million with a major Canadian schedule I chartered bank.

The Company's exposure to liquidity risk as it relates to its co-investments in private strategies LPs arises from fluctuations in cash flows from making capital calls and receiving capital distributions. The Company manages its co-investment liquidity risk through the ongoing monitoring of scheduled capital calls and distributions ("match funding") and through its broader treasury risk management program and enterprise capital budgeting.

23

Financial liabilities, including accounts payable and accrued liabilities and compensation payable, are generally short-term in nature and due within a year.

The Company's management team is responsible for reviewing resources to ensure funds are readily available to meet its financial obligations as they come due and ensuring adequate funds exist to support business strategies and operations growth. The Company manages liquidity risk by monitoring cash balances on a daily basis and through its broader treasury risk management program. To meet any liquidity shortfalls, actions taken by the Company could include, but are not limited to: drawing on the line of credit; slowing its co-investment activities; liquidating investments; and adjusting or otherwise temporarily suspending Annual Incentive Plan ("AIP") payments.

Concentration risk

As a natural consequence of our business strategy, a significant portion of the Company's AUM is focused on the precious metals and critical materials sectors. If such AUM declines, either because of declining market values or net outflows from the funds, our revenues would be adversely affected.

In addition, certain investments may be concentrated to a material degree, in a single position or group of positions, in precious metals and critical materials. Management takes into account a number of factors and is committed to several processes to ensure that the investment risk is appropriately managed, but the investments may decline due to declines in such sectors.

Disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR")

Management is responsible for the design and operational effectiveness of DC&P and ICFR in order to provide reasonable assurance regarding the disclosure of material information relating to the Company. This includes information required to be disclosed in the Company's annual filings, interim filings and other reports filed under securities legislation, as well as the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

Our chief executive officer and chief financial officer, after evaluating the effectiveness of our DC&P and ICFR (as defined in the applicable U.S. and Canadian securities laws), concluded that the Company's DC&P and ICFR were properly designed and were operating effectively as at June 30, 2026. In addition, there were no material changes to ICFR during the quarter.

Managing non-financial risks

For details around other risks managed by the Company (e.g. confidentiality of information, conflicts of interest, etc.) refer to the

Company's annual report as well as the Annual Information Form available on EDGAR at www.sec.gov and SEDAR+ at

www.sedarplus.com.

Additional information relating to the Company, including the Company's Annual Information Form is available on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.com.

24

Consolidated Financial Statements

Three and six months ended June 30, 2026

25

Interim condensed consolidated balance sheets (unaudited)

As at						Jun. 30			Dec. 31
(In thousands of U.S. dollars)						2026			2025
Assets
Current
Cash and cash equivalents						189,815			123,444
Fees receivable						7,164			46,038
Short-term investments			(Notes 3 & 9)			685			640
Other assets			(Note 5)			9,316			14,261
Income taxes recoverable						5,238			3,357
Total current assets						212,218			187,740
Co-investments			(Notes 4 & 9)			59,517			76,697
Other assets			(Notes 5 & 9)			24,694			34,469
Property and equipment, net						20,573			21,280
Intangible assets			(Note 7)			176,417			183,116
Goodwill			(Note 7)			19,149			19,149
Deferred income taxes						3,190			3,328
						303,540			338,039
Total assets						515,758			525,779
Liabilities and shareholders' equity
Current
Accounts payable and accrued liabilities						7,449			13,552
Compensation payable						44,215			81,318
Income taxes payable						10,150			2,668
Total current liabilities						61,814			97,538
Other accrued liabilities						47,848			47,738
Deferred income taxes						13,913			13,258
Total liabilities						123,575			158,534
Shareholders' equity
Capital stock			(Note 8)			442,075			448,575
Contributed surplus			(Note 8)			34,515			35,057
Retained earnings (deficit)						9,401			(33,449)
Accumulated other comprehensive loss						(93,808)			(82,938)
Total shareholders' equity						392,183			367,245
Total liabilities and shareholders' equity						515,758			525,779
Commitments and contingencies			(Note 13)
The accompanying notes form part of the unaudited interim condensed consolidated financial statements

"Ronald Dewhurst" "Graham Birch"

Director     Director

26

Interim condensed consolidated statements of operations and comprehensive

income (unaudited)

						For the three months ended						For the six months ended
						Jun. 30			Jun. 30			Jun. 30			Jun. 30
(In thousands of U.S. dollars, except for per share amounts)						2026			2025			2026			2025
Revenues
Management fees						76,388			44,446			157,926			84,435
Carried interest and performance fees						—			14,807			52,033			14,807
Commissions						1,456			1,725			7,278			2,011
Finance income						1,634			1,213			4,115			2,615
Gain (loss) on investments			(Notes 3, 4 and 5)			615			2,703			1,488			4,237
Co-investment income			(Note 6)			129			280			334			431
Total revenues						80,222			65,174			223,174			108,536
Expenses
Compensation			(Note 8)			24,157			33,825			110,228			53,422
Fund expenses						4,759			3,478			13,249			5,989
Selling, general and administrative						5,093			4,825			10,955			8,952
Interest expense						291			286			592			566
Depreciation of property and equipment						673			637			1,362			1,178
Foreign exchange (gain) loss						(980)			3,263			(1,381)			3,817
Total expenses						33,993			46,314			135,005			73,924
Income before income taxes						46,229			18,860			88,169			34,612
Provision for income taxes						11,972			5,359			24,694			9,154
Net income for the period						34,257			13,501			63,475			25,458
Net income per share:
Basic			(Note 8)			1.33			0.52			2.46			0.99
Diluted			(Note 8)			1.33			0.52			2.46			0.99
Net income for the period						34,257			13,501			63,475			25,458
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation gain (loss) (taxes of $Nil)						(5,810)			13,550			(10,870)			13,651
Total other comprehensive income (loss)						(5,810)			13,550			(10,870)			13,651
Comprehensive income						28,447			27,051			52,605			39,109
The accompanying notes form part of the unaudited interim condensed consolidated financial statements

27

Interim condensed consolidated statements of changes in shareholders' equity (unaudited)

(In thousands of U.S. dollars, except for number of shares)						Number of shares   outstanding			Capital stock			Contributed surplus			Retained earnings (deficit)			Accumulated other comprehensive income (loss)			Total  equity
At Dec. 31, 2025						25,786,258			448,575			35,057			(33,449)			(82,938)			367,245
Shares released on equity incentive plans			(Note 8)			—			—			(542)			—			—			(542)
Shares acquired and canceled under normal course issuer bid			(Note 8)			(53,580)			(6,500)			—			—			—			(6,500)
Foreign currency translation gain (loss)						—			—			—			—			(10,870)			(10,870)
Dividends declared			(Note 10)			—			—			—			(20,625)			—			(20,625)
Net income						—			—			—			63,475			—			63,475
Balance, Jun. 30, 2026						25,732,678			442,075			34,515			9,401			(93,808)			392,183
At Dec. 31, 2024						25,814,859			450,127			36,267			(67,255)			(95,491)			323,648
Shares released on equity incentive plans			(Note 8)			—			—			(1,283)			—			—			(1,283)
Shares acquired and canceled under normal course issuer bid			(Note 8)			(13,215)			(552)			—			—			—			(552)
Foreign currency translation gain (loss)						—			—			—			—			13,651			13,651
Stock-based compensation			(Note 8)			—			—			36			—			—			36
Dividends declared						—			—			—			(15,484)			—			(15,484)
Net income						—			—			—			25,458			—			25,458
Balance, Jun. 30, 2025						25,801,644			449,575			35,020			(57,281)			(81,840)			345,474
The accompanying notes form part of the unaudited interim condensed consolidated financial statements

28

Interim condensed consolidated statements of cash flows (unaudited)

						For the six months ended
						Jun. 30			Jun. 30
(In thousands of U.S. dollars)						2026			2025
Operating activities
Net income for the period						63,475			25,458
Add (deduct) non-cash items:
(Gain) loss on investments						(1,488)			(4,237)
Stock-based compensation						—			36
Depreciation of property and equipment						1,362			1,178
Deferred income tax expense						1,171			1,419
Current income tax expense						23,523			7,735
Other items						(18)			(390)
Income taxes paid						(17,624)			(20,670)
Changes in:
Fees receivable						38,874			3,756
Other assets						17,108			1,914
Accounts payable, accrued liabilities and compensation payable						(46,574)			19,561
Cash provided by (used in) operating activities						79,809			35,760
Investing activities
Purchase of investments						—			(5,866)
Sale of investments						18,485			11,385
Purchase of property and equipment						(1,338)			(1,115)
Cash provided by (used in) investing activities						17,147			4,404
Financing activities
Acquisition of common shares under normal course issuer bid						(6,500)			(552)
Repayment of lease liabilities						(752)			(530)
Contributions from non-controlling interest						2,104			1,689
Dividends paid						(20,625)			(15,484)
Cash provided by (used in) financing activities						(25,773)			(14,877)
Effect of foreign exchange on cash balances						(4,812)			2,954
Net increase (decrease) in cash and cash equivalents during the period						66,371			28,241
Cash and cash equivalents, beginning of the period						123,444			46,834
Cash and cash equivalents, end of the period						189,815			75,075
Cash and cash equivalents:
Cash						184,253			69,013
Short-term deposits						5,562			6,062
						189,815			75,075
The accompanying notes form part of the unaudited interim condensed consolidated financial statements

29

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

1 Corporate information

Sprott Inc. (the "Company") was incorporated under the Business Corporations Act (Ontario) on February 13, 2008. Its registered office is at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario M5J 2J1.

2 Summary of material accounting policy information

Statement of compliance

These unaudited interim condensed consolidated financial statements ("interim financial statements") have been prepared in accordance with International Financial Reporting Standards ("IFRS") in effect as at June 30, 2026 as issued by the International Accounting Standards Board ("IASB").

Compliance with IFRS requires the Company to exercise judgment and make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may vary. Except as otherwise noted, significant accounting judgments and estimates are described in Note 2 of the December 31, 2025 annual audited consolidated financial statements and have been applied consistently to the interim financial statements as at and for the three and six months ended June 30, 2026.

The interim financial statements have been authorized for issue by a resolution of the board of directors of the Company on August 4, 2026.

Basis of presentation

These interim financial statements have been prepared on a going concern basis and on a historical cost basis, except for certain financial instruments classified as fair value through profit or loss ("FVTPL") and which are measured at fair value to the extent required or permitted under IFRS and as set out in the relevant accounting policies. The interim financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($000), except when indicated otherwise.

Principles of consolidation

These interim financial statements of the Company are prepared on a consolidated basis so as to include the accounts of all limited partnerships and corporations the Company is deemed to control under IFRS. Controlled limited partnerships and corporations ("subsidiaries") are consolidated from the date the Company obtains control. All intercompany balances with subsidiaries are eliminated upon consolidation. Subsidiary financial statements are prepared for the same reporting period as the Company and are based on accounting policies consistent with that of the Company.

The Company consolidates interest in its funds or subsidiaries if the Company has control over the entity. Control exists if the Company has power over the entity, exposure or rights to variable returns from its involvement with the entity and the ability to use its power over the entity to affect the amount of returns the Company receives. In many, but not all instances, control will exist when the Company owns more than one half of the voting rights of a corporation, or is the sole limited and general partner of a limited partnership.

The Company records third-party interest in the funds which do not qualify to be equity due to redeemable or limited life features, as non-controlling interest liabilities. Such interests are initially recognized at fair value, with any changes recorded in the co-investment income line of the consolidated statements of operations and comprehensive income.

30

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

The Company currently controls the following principal subsidiaries:

•Sprott Asset Management LP ("SAM");

•Sprott U.S. Holdings Inc. ("SUSHI"), parent of: (1) SGRIL Holdings Inc. ("SGRIL Holdings"); (2) Sprott Global Resource Investments Ltd. ("SGRIL"); (3) Sprott Asset Management USA Inc. ("SAM US"); and (4) Resource Capital Investment Corporation ("RCIC"). Collectively, the interests of SUSHI are referred to as "US entities" in these financial statements;

•Sprott Resource Streaming and Royalty Corporation and Sprott Private Resource Streaming and Royalty (Management) Corp. ("SRSR"); and

•Sprott Resource Lending Corp. ("SRLC")

Other accounting policies

All other accounting policies, judgments, and estimates described in the December 31, 2025 annual audited consolidated financial statements have been applied consistently to the interim financial statements unless otherwise noted.

Future Changes in Accounting Policies

IFRS 18 Presentation and disclosure in financial statements ("IFRS 18")

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces changes with how an entity presents its consolidated statement of operations, including mandatory totals and subtotals, as well as classification of income and expenses into five categories: operating, investing, financing, income taxes and discontinued operations. IFRS 18 also requires additional disclosure around management-defined performance measures.

IFRS 18 is effective for the Company’s fiscal year beginning on January 1, 2027 and will be applied retrospectively. The Company is currently assessing the impacts of the conversion to IFRS 18.

31

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

3 Short-term investments

Primarily consist of equity investments in public entities the Company receives as consideration during private strategies, managed equities and broker-dealer activities (in thousands $):

			Classification and measurement criteria			Jun. 30, 2026			Dec. 31, 2025
Public equities and share purchase warrants			FVTPL			685			640
Total short-term investments						685			640

Gains (losses) on financial assets and liabilities classified at FVTPL of $nil for the three and six months ended June 30, 2026 (three and six months ended June 30, 2025 - $nil) are included in the gain (loss) on investments line in the consolidated statements of operations and comprehensive income.

4 Co-investments

Consists of the following (in thousands $):

			Classification and measurement criteria			Jun. 30, 2026			Dec. 31, 2025
Co-investments in funds			FVTPL			59,517			76,697
Total co-investments						59,517			76,697

Gains (losses) on co-investments of $0.6 million for the three months ended June 30, 2026 (three months ended June 30, 2025 - $2.7 million) and $1.5 million for the six months ended June 30, 2026 (six months ended June 30, 2025 - $4.2 million) are included in the gain (loss) on investments line in the consolidated statements of operations and comprehensive income.

32

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

5 Other assets and non-controlling interest

Other assets

Consist of the following (in thousands $):

			Jun. 30, 2026			Dec. 31, 2025
Assets attributable to non-controlling interest			19,028			16,918
Fund recoveries and investment receivables			5,407			10,312
Private holdings (1)			4,156			4,311
Prepaid expenses			3,728			4,145
Other (2)			1,691			1,232
Advance on unrealized carried interest			—			11,812
Total other assets			34,010			48,730

(1) Private holdings are financial instruments classified at FVTPL. Gains and losses are included in the gain (loss) on investments line in the consolidated statements of operations and comprehensive income.

(2) Includes miscellaneous third-party receivables.

Non-controlling interest assets and liabilities

Non-controlling interest consists of third-party interest in the Company's co-investments that are consolidated. Assets attributable to non-controlling interest represent the underlying investments in the funds. The following table provides a summary of amounts attributable to this non-controlling interest (in thousands $):

			Jun. 30, 2026			Dec. 31, 2025
Assets			19,028			16,918
Liabilities - current (1)			(35)			(29)
Liabilities - long-term (1)			(18,993)			(16,889)

(1) Current and long-term liabilities attributable to non-controlling interest are included in accounts payable and accrued liabilities and other accrued liabilities, respectively.

33

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

6 Co-investment income

			For the three months ended						For the six months ended
			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Co-investment income			129			280			334			431
Income attributable to non-controlling interest			(11)			1,048			2,396			1,806
Expense attributable to non-controlling interest			11			(1,048)			(2,396)			(1,806)
Total co-investment income			129			280			334			431

34

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

7 Goodwill and intangible assets

Consist of the following (in thousands $):

			Goodwill			Fund management contracts (indefinite life)			Total
Cost
At Dec. 31, 2024			132,251			168,254			300,505
Additions (1)			—			6,468			6,468
Net exchange differences			—			8,394			8,394
At Dec. 31, 2025			132,251			183,116			315,367
Net exchange differences			—			(6,699)			(6,699)
At Jun. 30, 2026			132,251			176,417			308,668
Impairment
At Dec. 31, 2024			(113,102)			—			(113,102)
Impairment charge for the year			—			—			—
At Dec. 31, 2025			(113,102)			—			(113,102)
Impairment charge for the period			—			—			—
At Jun. 30, 2026			(113,102)			—			(113,102)
Net book value at:
At Dec. 31, 2025			19,149			183,116			202,265
At Jun. 30, 2026			19,149			176,417			195,566

(1) See "Indefinite life fund management contracts" on the following page for more details.

35

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

Goodwill

The Company has identified 4 cash generating units ("CGU") as follows:

•Exchange listed products

•Managed equities

•Private strategies

•Corporate

As at June 30, 2026, the Company had allocated $19.1 million (December 31, 2025 - $19.1 million) of goodwill between the exchange listed products CGU ($17.9 million) and the managed equities CGU ($1.2 million). Goodwill was allocated on a relative value approach basis.

Indefinite life fund management contracts

As at June 30, 2026, the Company had indefinite life intangibles related to fund management contracts of $176.4 million (December 31, 2025 - $183.1 million). These contracts are held within the exchange listed products and managed equities CGUs. The addition of $6.5 million in the second quarter of the previous year was related to the remeasurement of a provision related to a historical acquisition.

Impairment assessment of goodwill and indefinite life fund management contracts

In the normal course, goodwill and indefinite life fund management contracts are tested for impairment once per annum, which for the Company is during the fourth quarter of each year or earlier if there are indicators of impairment. There were no indicators of impairment in either the exchange listed products or the managed equities CGUs as at June 30, 2026.

36

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

8 Shareholders' equity

Capital stock and contributed surplus

The authorized and issued share capital of the Company consists of an unlimited number of common shares, without par value.

			Number of shares			Stated value  (in thousands $)
At Dec. 31, 2024			25,814,859			450,127
Shares acquired and canceled under normal course issuer bid			(28,601)			(1,552)
At Dec. 31, 2025			25,786,258			448,575
Shares acquired and canceled under normal course issuer bid			(53,580)			(6,500)
At Jun. 30, 2026			25,732,678			442,075

Contributed surplus consists of stock option expense, earn-out shares expense, equity incentive plans' expense, and additional purchase consideration.

			Stated value (in thousands $)
At Dec. 31, 2024			36,267
Released on equity incentive plans			(1,283)
Stock-based compensation			73
At Dec. 31, 2025			35,057
Released on equity incentive plans			(542)
At Jun. 30, 2026			34,515

37

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

Equity incentive plans

The Company granted 2,908 cash-settled restricted stock units ("RSUs") during the three months ended June 30, 2026 (three months ended June 30, 2025 - nil) and 279,851 cash-settled RSUs during the six months ended June 30, 2026 (six months ended June 30, 2025 - 976,550) that will vest over a period of up to three years assuming the vesting criteria is met.

As at June 30, 2026, there are nil options outstanding (December 31, 2025 - 12,500).

The Company recorded stock-based compensation of $5 million during the three months ended June 30, 2026 (three months ended June 30, 2025 - $18.6 million) and $39.7 million during the six months ended June 30, 2026 (six months ended June 30, 2025 - $24.8 million).

Basic and diluted earnings per share

The following table presents the calculation of basic and diluted earnings per common share:

						For the three months ended						For the six months ended
									Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Numerator (in thousands $):
Net income - basic and diluted									34,257			13,501			63,475			25,458
Denominator (number of shares in thousands):
Weighted average number of common shares									25,768			25,802			25,777			25,806
Weighted average number of common shares - basic									25,768			25,802			25,777			25,806
Weighted average number of dilutive stock options									—			13			—			13
Weighted average number of unvested shares under equity incentive plan									—			5			—			5
Weighted average number of common shares - diluted									25,768			25,820			25,777			25,824
Net income per common share
Basic									1.33			0.52			2.46			0.99
Diluted									1.33			0.52			2.46			0.99

38

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

Capital management

The Company's objectives when managing capital are:

•to meet regulatory requirements and other contractual obligations;

•to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns to shareholders;

•to provide financial flexibility to fund possible acquisitions;

•to provide adequate seed capital for the Company's new product offerings; and

•to provide an adequate return to shareholders through growth in assets under management, growth in management fees, carried interest and performance fees and return on the Company's invested capital that will result in dividend payments to shareholders.

The Company's capital is comprised of equity, including capital stock, contributed surplus, retained earnings (deficit) and accumulated other comprehensive income (loss). SAM is a registrant of the Ontario Securities Commission ("OSC") and SGRIL is a member of the Financial Industry Regulatory Authority ("FINRA"). As a result, all of these entities are required to maintain a minimum level of regulatory capital. To ensure compliance, management monitors regulatory and working capital on a regular basis. SAM US and RCIC are registered with the U.S. Securities and Exchange Commission ("SEC") . As at June 30, 2026 and 2025, all entities were in compliance with their respective capital requirements.

39

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

9     Fair value measurements

The following tables present the Company's recurring fair value measurements within the fair value hierarchy. The Company did not have non-recurring fair value measurements as at June 30, 2026 and December 31, 2025 (in thousands $).

Short-term investments

Jun. 30, 2026			Level 1			Level 2			Level 3			Total
Public equities and share purchase warrants			618			67			—			685
Total recurring fair value measurements			618			67			—			685
Dec. 31, 2025			Level 1			Level 2			Level 3			Total
Public equities and share purchase warrants			578			62			—			640
Total recurring fair value measurements			578			62			—			640

Co-investments

Jun. 30, 2026			Level 1			Level 2			Level 3			Total
Co-investments (1)			14,577			44,940			—			59,517
Total recurring fair value measurements			14,577			44,940			—			59,517
Dec. 31, 2025			Level 1			Level 2			Level 3			Total
Co-investments (1)			14,735			61,962			—			76,697
Total recurring fair value measurements			14,735			61,962			—			76,697

(1) Co-investments also include investments made in funds which the Company consolidates that directly hold publicly traded equities, precious metals or critical materials.

40

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

Other assets

Jun. 30, 2026			Level 1			Level 2			Level 3			Total
Private holdings			—			—			4,156			4,156
Assets attributable to non-controlling interest			—			19,028			—			19,028
Total recurring fair value measurements			—			19,028			4,156			23,184
Dec. 31, 2025			Level 1			Level 2			Level 3			Total
Private holdings			—			—			4,311			4,311
Assets attributable to non-controlling interest			—			16,918			—			16,918
Total recurring fair value measurements			—			16,918			4,311			21,229

The following tables provide a summary of changes in the fair value of level 3 financial assets (in thousands $):

Short-term investments

Changes in the fair value of Level 3 measurements - Jun. 30, 2026

Dec. 31, 2025

Purchases and reclassifications

Sales

Net unrealized gains (losses) included in net income

Jun. 30, 2026

Share purchase warrants

—

—

—

—

—

Total

—

—

—

—

—

			Changes in the fair value of Level 3 measurements - Dec. 31, 2025
			Dec. 31, 2024			Purchases and reclassifications			Sales			Net unrealized gains (losses) included in net income			Dec. 31, 2025
Share purchase warrants			6			—			—			(6)			—
Total			6			—			—			(6)			—

41

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

Other assets

			Changes in the fair value of Level 3 measurements - Jun. 30, 2026
			Dec. 31, 2025			Purchases and reclassifications			Sales			Net unrealized gains (losses) included in net income			Jun. 30, 2026
Private holdings			4,311			—			—			(155)			4,156
Total			4,311			—			—			(155)			4,156

			Changes in the fair value of Level 3 measurements - Dec. 31, 2025
			Dec. 31, 2024			Purchases and reclassifications			Sales			Net unrealized gains (losses) included in net income			Dec. 31, 2025
Private holdings			4,371			—			—			(60)			4,311
Total			4,371			—			—			(60)			4,311

During the six months ended June 30, 2026, the Company transferred public equities of $nil (December 31, 2025 - $nil) from level 2 to level 1 within the fair value hierarchy.

The following table presents the valuation techniques used by the Company in measuring fair values:

Type			Valuation technique
Public equities, precious metals and share purchase warrants			Fair values are determined using publicly available prices or pricing models which incorporate all available market-observable inputs.
Co-investments			Fair values are based on the last available net asset value.
Fixed income securities			Fair values are based on independent market data providers or third-party broker quotes.
Private holdings			Fair values are based on a variety of valuation techniques, including discounted cash flows, comparable recent transactions and other techniques used by market participants.

The Company’s level 3 securities consist of private holdings and share purchase warrants. The significant unobservable inputs used in these valuation techniques can vary considerably over time, and include gray market financing prices, volatility and discount rates. The potential impact of a 5% change in the significant unobservable inputs on profit or loss would be approximately $0.2 million (December 31, 2025 - $0.2 million).

Included in compensation payable and other accrued liabilities are liabilities related to stock-based compensation of $55.3 million (December 31, 2025 - $76.2 million) which are carried at fair value based on the underlying stock price of Sprott Inc. shares.

Financial instruments not carried at fair value

The carrying amounts of fees receivable, other assets, accounts payable and accrued liabilities, other accrued liabilities and compensation payable excluding the above mentioned stock-based compensation payable represent a reasonable approximation of fair value as they are short term in nature.

42

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

10     Dividends

The following dividends were declared by the Company during the six months ended June 30, 2026:

Record date			Payment date			Cash dividend per share			Total dividend amount (in thousands $)
May 19, 2026 - Regular dividend Q1 2026			June 3, 2026			$0.40			10,310
March 2, 2026 - Regular dividend Q4 2025			March 17, 2026			$0.40			10,315
Dividends declared in 2026 (1)									20,625

(1) Subsequent to quarter-end, on August 4, 2026, a regular dividend of $0.40 per common share was declared for the quarter ended June 30, 2026. This dividend is payable on September 1, 2026 to shareholders of record at the close of business on August 17, 2026.

11     Segmented information

For management purposes, the Company is organized into business units based on its products, services and geographical locations and has four reportable segments as follows:

•Exchange listed products (reportable), which provides management services to the Company's closed-end physical trusts and exchange traded equity investment strategies;

•Managed equities (reportable), which provides management services to the Company's active equity investment strategies;

•Private strategies (reportable), which provides management services to the Company's lending and streaming investment strategies;

•Corporate (reportable), which provides capital, balance sheet management and enterprise shared services to the Company's subsidiaries; and

•All other segments (non-reportable), which do not meet the definition of reportable segments per IFRS 8.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on earnings before interest expense, income taxes, amortization and impairment of intangible assets and goodwill, gains and losses on investments (as if such gains and losses had not occurred), stock-based compensation, severance, new hire accruals and other, foreign exchange (gain) loss, carried interest and performance fees and carried interest and performance fee payouts (adjusted EBITDA).

Adjusted EBITDA is not a measurement in accordance with IFRS and should not be considered as an alternative to net income or any other measure of performance under IFRS.

Transfer pricing between operating segments is performed on an arm's length basis in a manner similar to transactions with third parties.

43

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

The following tables present the operations of the Company's segments (in thousands $):

For the three months ended June 30, 2026

			Exchange listed products			Managed equities			Private strategies			Corporate			Consolidation, elimination and all other segments			Consolidated
Total revenue			61,436			13,433			4,386			823			144			80,222
Total expenses			12,039			7,730			2,057			12,016			151			33,993
Income (loss) before income taxes			49,397			5,703			2,329			(11,193)			(7)			46,229
Adjusted EBITDA			48,715			5,554			1,730			(5,288)			54			50,765

For the three months ended June 30, 2025

			Exchange listed products			Managed equities			Private strategies			Corporate			Consolidation, elimination and all other segments			Consolidated
Total revenue			33,766			25,214			5,863			303			28			65,174
Total expenses			15,830			11,634			5,696			12,760			394			46,314
Income (loss) before income taxes			17,936			13,580			167			(12,457)			(366)			18,860
Adjusted EBITDA			24,881			2,382			2,105			(3,866)			(49)			25,453

For the six months ended June 30, 2026

			Exchange listed products			Managed equities			Private strategies			Corporate			Consolidation, elimination and all other segments			Consolidated
Total revenue			129,113			29,071			63,229			1,410			351			223,174
Total expenses			34,006			19,158			38,075			43,629			137			135,005
Income (loss) before income taxes			95,107			9,913			25,154			(42,219)			214			88,169
Adjusted EBITDA			103,222			11,151			4,491			(10,431)			222			108,655

For the six months ended June 30, 2025

			Exchange listed products			Managed equities			Private strategies			Corporate			Consolidation, elimination and all other segments			Consolidated
Total revenue			62,909			33,998			11,166			599			(136)			108,536
Total expenses			24,424			18,269			8,980			21,222			1,029			73,924
Income (loss) before income taxes			38,485			15,729			2,186			(20,623)			(1,165)			34,612
Adjusted EBITDA			46,536			4,275			4,544			(7,694)			(307)			47,354

44

SPROTT INC.

Notes to the interim condensed consolidated financial statements (unaudited)

For the three and six months ended June 30, 2026 and 2025

For geographic reporting purposes, transactions are primarily recorded in the location that corresponds with the underlying subsidiary's country of domicile that generates the revenue. The following table presents the revenue of the Company by geographic location (in thousands $):

			For the three months ended						For the six months ended
			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Canada			72,412			43,110			205,758			79,981
United States			7,810			22,064			17,416			28,555
			80,222			65,174			223,174			108,536

12     Loan facility

As at June 30, 2026, the Company had $nil (December 31, 2025 - $nil) outstanding on its credit facility, which matures on August 8, 2028. As at June 30, 2026, the Company was in compliance with all covenants, terms and conditions under the credit facility.

The Company has access to a credit facility of $75 million with a major Canadian schedule I chartered bank. Amounts under the facility may be borrowed in U.S. dollars through SOFR or base rate loans. Amounts may also be borrowed in Canadian dollars through prime rate loans or CORRA loans.

Key terms under the current credit facility are noted below:

Structure

•5-year, $75 million revolver with "bullet maturity" on August 8, 2028

Interest rate

•SOFR + 2.36%

Covenant terms

•Minimum AUM: $11.7 billion;

•Debt to EBITDA less than or equal to 2.5:1; and

•EBITDA to interest expense more than or equal to 2.5:1

13     Commitments and contingencies

The Company has commitments to make co-investments in private strategies LPs or commitments to make co-investments in fund strategies in the Company's other segments. As at June 30, 2026, the Company had $nil in co-investment commitments in private strategies LPs due within one year (December 31, 2025 - $3 million) and $nil due after 12 months (December 31, 2025 - $nil).

45

Corporate Information

Head Office

Sprott Inc.

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2600

Toronto, Ontario M5J 2J1, Canada

416.943.8099

1.855.943.8099

Directors & Officers

Ronald Dewhurst, Chairman

Graham Birch, Director

Barbara Connolly Keady, Director

Judith W. O’Connell, Director

Catherine Raw, Director

Dinaz Dadyburjor, Director

Whitney George, Chief Executive Officer & Director

Ryan McIntyre, President

Kevin Hibbert, Co-Chief Operating Officer & CFO

Arthur Einav, Co-Chief Operating Officer & General Counsel

US Transfer Agent and Registrar

Continental Stock Transfer & Trust Company

1 State Street 30th Floor

New York, NY 10004-1561

212.509.4000

www.continentalstock.com

Canadian Transfer Agent and Registrar

TSX Trust Company

301 - 100 Adelaide St. West

Toronto, Ontario, Canada M5H 4H1

Toll Free: 866.600.5869

www.tsxtrust.com

Legal Counsel

Stikeman Elliott LLP

5300 Commerce Court West

199 Bay Street

Toronto, Ontario M5L 1B9

Auditors

KPMG LLP

Bay Adelaide Centre

333 Bay Street, Suite 4600

Toronto, Ontario M5H 2S5

Investor Relations

Shareholder requests may be directed to

Investor Relations by e-mail at ir@sprott.com

or via telephone at 416.943.8099

or toll free at 1.855.943.8099

Stock Information

Sprott Inc. common shares are traded on the New York Stock Exchange and Toronto Stock Exchange under the symbol “SII”

46

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Whitney George, Chief Executive Officer of Sprott Inc., certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Sprott Inc. (the “issuer”) for the interim period ended June 30, 2026.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the COSO (Committee of Sponsoring Organizations of the Treadway Commission) internal control framework.

5.2    ICFR – material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on Juen 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date:    August 5, 2026

“Whitney George”        

Whitney George

Chief Executive Officer

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Kevin Hibbert, Chief Financial Officer of Sprott Inc., certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Sprott Inc. (the “issuer”) for the interim period ended June 30, 2026.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the COSO (Committee of Sponsoring Organizations of the Treadway Commission) internal control framework.

5.2    ICFR – material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: August 5, 2026

“Kevin Hibbert”            

Kevin Hibbert

Chief Financial Officer

SPROTT ANNOUNCES SECOND QUARTER 2026 RESULTS

TORONTO, ON - August 5, 2026 - Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three and six months ended June 30, 2026.

Management commentary

"Sprott’s Assets Under Management (“AUM”) were $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025," said Whitney George, Chief Executive Officer of Sprott. "After a spectacular run, gold and silver prices corrected during the second quarter, accounting for the majority of the decline in our AUM. We expect this pullback to be short-lived. Any moderation in rate-hike expectations, renewed liquidity support from policymakers, or a sustained recovery in sovereign-related gold purchases could each serve as important catalysts for a rebound. As a result, we see the potential for gold’s cyclical trend to realign with its longer-term secular uptrend in the quarters ahead."

"Our critical materials strategies performed better and delivered positive net sales during the period," continued Mr. George. "We remain constructive on the sector as the growing emphasis on energy security, grid reliability and rising electricity demand continues to reinforce the long-term investment case for critical materials, while supply constraints in many key materials provide additional support for prices and related equities."

"Despite weaker metals prices, our average AUM was $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion for the quarter ended June 30, 2025, highlighting the resilience of our business model," added Mr. George.

Key AUM highlights1

•AUM was $55.6 billion as at June 30, 2026, down 15% from $65.1 billion as at March 31, 2026 and down 7% from $59.6 billion as at December 31, 2025. On a three and six 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 $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion for the quarter ended June 30, 2025, and $66.6 billion on a year-to-date basis, up $31.2 billion or 88% from $35.4 billion for the six months ended June 30, 2025. On a three and six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations.

Key revenue highlights

•Management fees were $76.4 million for the quarter, up $31.9 million, or 72% from $44.4 million for the quarter ended June 30, 2025, and $157.9 million on a year-to-date basis, up $73.5 million, or 87% from $84.4 million for the six months ended June 30, 2025. Carried interest and performance fees were $nil for the quarter, down $14.8 million from $14.8 million for the quarter ended June 30, 2025, and $52 million on a year-to-date basis, up $37.2 million from $14.8 million for the six months ended June 30, 2025. Net fees were $69.3 million for the quarter, up $15.7 million, or 29% from $53.5 million for the quarter ended June 30, 2025, and $163 million on a year-to-date basis, up $73.6 million, or 82% from $89.5 million for the six months ended June 30, 2025. Our revenue performance in the quarter and on a six 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations. Additionally, we benefited from carried interest crystallization in our private strategies segment in the first quarter.

•Commission revenues were $1.5 million for the quarter, down $0.3 million from $1.7 million for the quarter ended June 30, 2025 and $7.3 million on a year-to-date basis, up $5.3 million from $2 million for the six months ended June 30, 2025. Net commissions were $0.7 million for the quarter, down slightly from $0.8 million for the quarter ended June 30, 2025 and $3.7 million on a year-to-date basis, up $2.7 million from $1 million for the six months ended June 30, 2025. The decrease in the quarter was due to lower private placement activity in our U.S. broker-dealer and the increase on a six months ended basis was due to higher ATM activity predominantly within our physical uranium trust, and to a lesser degree, in our physical copper trust.

•Finance income was $1.6 million for the quarter, up $0.4 million or 35% from $1.2 million for the quarter ended June 30, 2025 and $4.1 million on a year-to-date basis, up $1.5 million or 57% from $2.6 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to increased interest income on higher cash balances.

Key expense highlights

•Net compensation expense was $22.7 million for the quarter, up $4.8 million or 27% from $17.8 million for the quarter ended June 30, 2025 and $46.4 million on a year-to-date basis, up $11.1 million or 31% from $35.3 million for the six months ended June 30, 2025. The increase in the quarter and on a six months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 32% in the quarter (June 30, 2025 - 43%) and 30% on a year-to-date basis (June 30, 2025 - 45%).

Stock-based compensation expense was $5 million for the quarter, down $13.6 million or 73% from $18.6 million for the quarter ended June 30, 2025 and $39.7 million on a year-to-date basis, up $14.9 million or 60% from $24.8 million for the six months ended June 30, 2025. The decrease in the quarter was due to the Company's stock price depreciating 21% over the last three months, while the increase on a six months ended basis was due to our stock price appreciating 15% over the six month period. The Company issued 279,851 restricted stock units ("RSUs") this year, down 71% from 976,550 RSUs in 2025.

•SG&A expense was $5.1 million for the quarter, up $0.3 million or 6% from $4.8 million for the quarter ended June 30, 2025 and $11 million on a year-to-date basis, up $2 million or 22% from $9 million for the six months ended June 30, 2025. The increase in the quarter and on a six 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 $34.3 million ($1.33 per share), up $20.8 million from $13.5 million ($0.52 per share) for the quarter ended June 30, 2025 and $63.5 million ($2.46 per share) on a year-to-date basis, up $38 million from $25.5 million ($0.99 per share) for the six months ended June 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. On a six months ended basis, these increases were partially offset by higher stock-based compensation expense as a result of the Company's stock price appreciating 15% over the six month period.

•Adjusted EBITDA was $50.8 million ($1.97 per share) for the quarter, up $25.3 million, from $25.5 million ($0.99 per share) for the quarter ended June 30, 2025 and $108.7 million ($4.22 per share) on a year-to-date basis, up $61.3 million from $47.4 million ($1.83 per share) for the six months ended June 30, 2025. Our Adjusted EBITDA doubled in the quarter and on a six months ended basis 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 second quarter of last year, which more than offset the impact of the June pullback in precious metals valuations.

Subsequent events

•Subsequent to quarter-end, as at July 31, 2026, AUM was $55.3 billion, down slightly from $55.6 billion as at June 30, 2026.

•On August 4, 2026, the Sprott Board of Directors announced a quarterly dividend of $0.40 per share.

Supplemental financial information

Please refer to the June 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 June 30, 2026 and the Company's financial performance for the three and six months ended June 30, 2026.

Schedule 1 - AUM continuity

3 months results
(In millions $)			AUM Mar. 31, 2026			Net inflows (1)			Market value changes			Other net inflows (1)			AUM Jun. 30, 2026						Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			17,275			(76)			(2,450)			—			14,749						0.35%
- Physical Silver Trust			16,345			(96)			(3,607)			—			12,642						0.45%
- Physical Gold and Silver Trust			9,362			(466)			(1,564)			—			7,332						0.40%
- Precious Metals ETFs			1,824			(90)			(261)			—			1,473						0.40%
- Physical Platinum & Palladium Trust			722			(39)			(140)			—			543						0.50%
			45,528			(767)			(8,022)			—			36,739						0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			6,844			141			59			—			7,044						0.31%
- Critical Materials ETFs			4,184			318			(542)			—			3,960						0.56%
- Physical Copper Trust			180			7			16			—			203						0.33%
			11,208			466			(467)			—			11,207						0.41%
Total exchange listed products			56,736			(301)			(8,489)			—			47,946						0.40%
Managed equities (3)			6,332			(69)			(644)			—			5,619						0.80%
Private strategies			2,003			(7)			1			—			1,997						0.78%
Total AUM			65,071			(377)			(9,132)			—			55,562						0.45%
6 months results
(In millions $)			AUM Dec. 31, 2025			Net inflows (1)			Market value changes			Other net inflows (1)			AUM Jun. 30, 2026						Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			15,976			(86)			(1,141)			—			14,749						0.35%
- Physical Silver Trust			15,109			491			(2,958)			—			12,642						0.45%
- Physical Gold and Silver Trust			9,065			(800)			(933)			—			7,332						0.40%
- Precious Metals ETFs			1,654			28			(209)			—			1,473						0.40%
- Physical Platinum & Palladium Trust			773			(39)			(191)			—			543						0.50%
			42,577			(406)			(5,432)			—			36,739						0.40%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			6,158			703			183			—			7,044						0.31%
- Critical Materials ETFs			2,950			1,336			(326)			—			3,960						0.56%
- Physical Copper Trust			131			64			8			—			203						0.33%
			9,239			2,103			(135)			—			11,207						0.41%
Total exchange listed products			51,816			1,697			(5,567)			—			47,946						0.40%
Managed equities (3)			5,656			(175)			138			—			5,619						0.80%
Private strategies			2,134			(185)			48			—			1,997						0.78%
Total AUM			59,606			1,337			(5,381)			—			55,562						0.45%
(1) See "Net inflows" and "Other net inflows" in the key performance indicators and non-IFRS and other financial measures section of the MD&A.
(2) Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.
(3) Managed equities is made up of funds and high net worth managed accounts invested primarily in precious metals strategies (94%) and U.S. value strategies (6%).

Schedule 2 - Summary financial information

(In thousands $)			Q2 2026			Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024
Management fees			76,388			81,538			63,818			50,710			44,446			39,989			41,441			38,968
Fund expenses			(4,107)			(3,452)			(3,304)			(2,778)			(2,699)			(2,464)			(2,708)			(2,385)
Direct payouts			(3,007)			(2,987)			(2,247)			(1,871)			(1,709)			(1,602)			(1,561)			(1,483)
Carried interest and performance fees			—			52,033			38,104			1,757			14,807			—			2,511			4,110
Carried interest and performance fee payouts - internal			—			(31,121)			(15,465)			(690)			(1,298)			—			(830)			—
Carried interest and performance fee payouts - external			—			(2,247)			—			—			—			—			—			—
Net fees			69,274			93,764			80,906			47,128			53,547			35,923			38,853			39,210
Commissions			1,456			5,822			2,655			3,816			1,725			286			819			498
Commission expense - internal			(65)			(71)			(275)			(329)			(180)			(52)			(146)			(147)
Commission expense - external			(652)			(2,791)			(1,143)			(1,801)			(779)			(47)			(290)			(103)
Net commissions			739			2,960			1,237			1,686			766			187			383			248
Finance income			1,634			2,481			2,464			1,583			1,213			1,402			1,441			1,574
Co-investment income			129			205			198			234			280			151			296			418
Less: Carried interest and performance fees (net of payouts)			—			(18,665)			(22,639)			(1,067)			(13,509)			—			(1,681)			(4,110)
Total net revenues (1)			71,776			80,745			62,166			49,564			42,297			37,663			39,292			37,340
Add: Carried interest and performance fees			—			52,033			38,104			1,757			14,807			—			2,511			4,110
Gain (loss) on investments			615			873			4,195			7,012			2,703			1,534			(3,889)			937
Fund expenses			4,107			3,452			3,304			2,778			2,699			2,464			2,708			2,385
Direct payouts			3,007			2,987			2,247			1,871			1,709			1,602			1,561			1,483
Commission expense - internal/external			717			2,862			1,418			2,130			959			99			436			250
Total revenues			80,222			142,952			111,434			65,112			65,174			43,362			42,619			46,505
Compensation			24,157			86,071			61,329			38,550			33,825			19,597			19,672			18,547
Direct payouts			(3,007)			(2,987)			(2,247)			(1,871)			(1,709)			(1,602)			(1,561)			(1,483)
Carried interest and performance fee payouts - internal			—			(31,121)			(15,465)			(690)			(1,298)			—			(830)			—
Commission expense - internal			(65)			(71)			(275)			(329)			(180)			(52)			(146)			(147)
Severance, new hire accruals and other			(153)			(169)			(125)			(111)			(32)			(52)			(166)			(58)
Impact of stock price changes and graded vesting    amortization on cash-settled equity plans (2)			1,756			(27,988)			(22,351)			(16,598)			(12,758)			(412)			71			(114)
Net compensation			22,688			23,735			20,866			18,951			17,848			17,479			17,040			16,745
Net compensation ratio			32		%	29		%	34		%	39		%	43		%	47		%	44		%	46		%
Direct payouts			3,007			2,987			2,247			1,871			1,709			1,602			1,561			1,483
Carried interest and performance fee payouts - internal			—			31,121			15,465			690			1,298			—			830			—
Commission expense - internal			65			71			275			329			180			52			146			147
Severance, new hire accruals and other			153			169			125			111			32			52			166			58
Impact of stock price changes and graded vesting amortization on cash-settled equity plans (2)			(1,756)			27,988			22,351			16,598			12,758			412			(71)			114
Fund expenses (3)			4,107			3,452			3,304			2,778			2,699			2,464			2,708			2,385
Carried interest and performance fee payouts - external (3)			—			2,247			—			—			—			—			—			—
Commission expense - external (3)			652			2,791			1,143			1,801			779			47			290			103
Selling, general, and administrative ("SG&A")			5,093			5,862			5,053			4,473			4,825			4,127			4,949			4,612
Interest expense			291			301			395			261			286			280			613			933
Depreciation and amortization			673			689			652			647			637			541			600			502
Foreign exchange (gain) loss			(980)			(401)			1,080			(666)			3,263			554			(2,706)			1,028
Total expenses			33,993			101,012			72,956			47,844			46,314			27,610			26,126			28,110
Net income			34,257			29,218			28,728			13,159			13,501			11,957			11,680			12,697
Net income per share			1.33			1.13			1.11			0.51			0.52			0.46			0.46			0.50
Adjusted EBITDA			50,765			57,890			42,130			31,916			25,453			21,901			22,362			20,675
Adjusted EBITDA per share			1.97			2.25			1.63			1.24			0.99			0.85			0.88			0.81
Total assets			515,758			504,271			525,779			466,169			439,429			386,131			388,798			412,477
Total liabilities			123,575			124,225			158,534			121,441			93,955			59,986			65,150			82,198
Total AUM			55,562,022			65,071,077			59,605,519			49,088,162			40,040,822			35,076,761			31,535,062			33,439,221
Average AUM			63,896,900			69,316,718			53,216,229			42,346,242			37,580,867			33,265,327			33,401,157			31,788,412

(1) Prior period net revenues include the following revenues from non-reportable segments: Q4 2024 - $406 and Q3 2024 - $497 and fund expense recoveries: Q4 2025 - $469; Q3 2025 - $386; Q2 2025 - $327; Q1 2025 - $279; Q4 2024 - $280; and Q3 2024 - $275.

(2) The decrease in the quarter and the increase 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. This led to stock price changes that were driven by NYSE:SII being down 21% in the quarter and up 15% on a year-to-date basis.

(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						6 months ended
(In thousands $)			Jun. 30, 2026			Jun. 30, 2025			Jun. 30, 2026			Jun. 30, 2025
Net income for the period			34,257			13,501			63,475			25,458
Net income margin (1)			43		%	21		%	28		%	23		%
Adjustments:
Interest expense			291			286			592			566
Provision for income taxes			11,972			5,359			24,694			9,154
Depreciation and amortization			673			637			1,362			1,178
EBITDA			47,193			19,783			90,123			36,356
Adjustments:
(Gain) loss on investments (2)			(615)			(2,703)			(1,488)			(4,237)
Stock-based compensation (3)			5,014			18,587			39,744			24,843
Foreign exchange (gain) loss			(980)			3,263			(1,381)			3,817
Severance, new hire accruals and other			153			32			322			84
Carried interest and performance fees			—			(14,807)			(52,033)			(14,807)
Carried interest and performance fee payouts - internal			—			1,298			31,121			1,298
Carried interest and performance fee payouts - external			—			—			2,247			—
Adjusted EBITDA			50,765			25,453			108,655			47,354
Adjusted EBITDA margin			71		%	61		%	71		%	60		%

(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 decrease in the quarter and the increase 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. This led to stock price changes that were driven by NYSE:SII being down 21% in the quarter and up 15% on a year-to-date basis.

Conference Call and Webcast

A webcast will be held today, August 5, 2026 at 10:00 am ET to discuss the Company's financial results.

Webcast Details:

Date: August 5, 2026

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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 June 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 June 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

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