[6-K] SPROTT INC. Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Sprott Inc. reported a strong year for 2025, with Assets Under Management reaching $59.6 billion as of December 31, 2025, up from $31.5 billion a year earlier. Growth was driven by $3.9 billion in net inflows and substantial market value gains, especially in precious metals products.

In the fourth quarter, Sprott generated total revenues of $111.4 million and net income of $28.7 million, or $1.11 per share$67.3 million and adjusted EBITDA was $121.4 million, reflecting higher management fees on a larger AUM base.

Expenses rose notably due to a shift to cash-settled stock-based compensation, with related expense at $75.5 million for 2025 versus $18.8 million in 2024, amplified by the company’s share price increasing 132% over the year. Management highlights strong performance in precious metals and critical materials strategies and sees a supportive macro backdrop for these asset classes.

Insights

Asset management analyst

Rapid AUM growth and strong profitability highlight a breakout 2025 for Sprott.

Sprott delivered significant scale expansion in 2025, with AUM climbing to $59.6 billion from $31.5 billion as of December 31, 2024. The AUM bridge shows $3.9 billion in net inflows and $24.5 billion of market value gains, mainly in exchange listed precious metals and critical materials products.

Higher AUM translated into stronger earnings. Full-year net income reached $67.3 million, up from $49.3 million, while adjusted EBITDA increased to $121.4 million from $85.2 million. Q4 2025 was particularly strong, with total revenues of $111.4 million, net income of $28.7 million, and an adjusted EBITDA margin of 68%, supported by high carried interest and performance fees.

A key nuance is compensation. Stock-based compensation rose to $75.5 million for 2025 from $18.8 million, driven by a shift to cash-settled plans and a 132% share price increase. While this dampens reported earnings, management notes the estimated restricted share unit cash liability for 2025 is 49% lower than the accounting charge. Future filings will be important for understanding how this accounting-driven volatility evolves as markets and the share price change.

02/19/2026 - 07:13 AM

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	February		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	Press Release dated February 19, 2026

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:		February 19, 2026		By:	/s/ Kevin Hibbert
					Name:	Kevin Hibbert
					Title:	Co-Chief Operating Officer and Chief Financial Officer

Exhibit 99.1

SPROTT ANNOUNCES YEAR ENDED 2025 RESULTS

TORONTO, ON - February 19, 2026 - Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the year ended December 31, 2025.

Management commentary

"Sprott’s Assets Under Management (“AUM”) were $59.6 billion as at December 31, 2025, up 21% from $49.1 billion as at September 30, 2025 and up 89% from $31.5 billion as at December 31, 2024," said Whitney George, Chief Executive Officer of Sprott. "During the year we benefited from market value appreciation across the majority of our fund products and $3.9 billion in net sales, primarily in our Exchange Listed Products segment."

"It was a banner year for precious metals as gold, silver, platinum and palladium all dramatically outperformed traditional asset classes," continued Mr. George. "Despite recent volatility, the fundamentals for precious metals remain compelling. Our critical materials investment strategies also performed well in 2025, driven by growing investor demand as well as increased government intervention in response to rising geopolitical tensions."

"With our core expertise in precious metals and critical materials investments, we believe we are well positioned to capitalize on powerful macro-economic trends to create value for shareholders in the years ahead," concluded Mr. George.

Key AUM highlights¹

·  AUM was $59.6 billion as at December 31, 2025, up 21% from $49.1 billion as at September 30, 2025 and up 89% from $31.5 billion as at December 31, 2024. On a three and twelve months ended basis, we benefited from market value appreciation across a majority of our fund products and positive net inflows to our exchange listed products.

Key revenue highlights

·  Management fees were $63.8 million for the quarter, up $22.4 million or 54% from $41.4 million for the quarter ended December 31, 2024 and $199 million on a full-year basis, up $43.6 million or 28% from $155.3 million for the year ended December 31, 2024. Carried interest and performance fees were $38.1 million in the quarter, up $35.6 million from $2.5 million for the quarter ended December 31, 2024 and $54.7 million on a full-year basis, up $47.3 million from $7.3 million for the year ended December 31, 2024. Net fees were $80.4 million for the quarter, up $41.9 million from $38.6 million for the quarter ended December 31, 2024 and $216 million on a full-year basis, up $71.4 million or 49% from $144.6 million for the year ended December 31, 2024. Our revenue performance in the quarter and on a full-year basis was due to a combination of higher average AUM on market value appreciation and inflows to our precious metals physical trusts and ETFs, the generation of performance fees in our managed equities and private strategies segments, and carried interest earned in a legacy fixed-term exploration LP within our managed equities segment.

·  Commission revenues were $2.7 million for the quarter, up $1.8 million from $0.8 million for the quarter ended December 31, 2024 and $8.5 million on a full-year basis, up $2.8 million or 49% from $5.7 million for the year ended December 31, 2024. Net commissions were $1.2 million for the quarter, up $0.9 million from $0.4 million for the quarter ended December 31, 2024 and $3.9 million on a full-year basis, up $1.2 million or 46% from $2.7 million for the year ended December 31, 2024. Commission revenue increased in the quarter and on a full-year basis due to higher ATM activity in our physical uranium trust.

·  Finance income was $2.5 million for the quarter, up $1 million or 71% from $1.4 million for the quarter ended December 31, 2024 and $6.7 million on a full-year basis, down $2.2 million or 25% from $8.9 million for the year ended December 31, 2024. The increase in the quarter was due to higher income generated in our co-investments in our private strategies segment, while the decrease on a full-year basis was due to last year's syndication activity in the first half of the year in the same segment.

1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of "Supplemental financial information"

Key expense highlights

·  Net compensation expense was $20.9 million for the quarter, up $3.8 million or 22% from $17 million for the quarter ended December 31, 2024 and $75.1 million on a full-year basis, up $8.3 million or 12% from $66.8 million for the year ended December 31, 2024. The increase in the quarter and on a full-year basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was 34% in the quarter (December 31, 2024 - 44%) and 40% on a full-year basis (December 31, 2024 - 45%).

Stock-based compensation expense was $28.2 million for the quarter, up $23.2 million from $5 million for the quarter ended December 31, 2024 and $75.5 million on a full-year basis, up $56.6 million from $18.8 million for the year ended December 31, 2024. The increase in the quarter and on a full-year basis was primarily due to a change in accounting requirements as we moved our employees to a new cash-settled stock-based compensation plan this year. Cash-settled stock plans require the use of mark-to-market and graded vest accounting under IFRS 2, which creates the dual impact of: (1) accelerating the amount of vesting that occurs each period and (2) adding market volatility to each vested amount, in our case, at a time when our stock has appreciated 18% in the quarter and 132% on a full-year basis. In contrast, last year, we had an equity-settled program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period. As at December 31, 2025, the total dollar amount of restricted share unit liability (net of tax) that management estimates will be paid for the year ended December 31, 2025 is 49% lower than the estimates noted above. The total number of restricted shares management estimates will vest for the year ended December 31, 2025 is 1.9% of the Company's total NYSE/TSX shares outstanding.

·  SG&A expense was $5.1 million for the quarter, up $0.1 million or 2% from $4.9 million for the quarter ended December 31, 2024 and $18.5 million on a full-year basis, down $0.3 million or 2% from $18.8 million for the year ended December 31, 2024. The increase in the quarter was due to higher marketing costs, while the decrease on a full-year basis was primarily due to lower technology costs.

Earnings summary

·  Net income for the quarter was $28.7 million ($1.11 per share), up $17 million from $11.7 million ($0.46 per share) for the quarter ended December 31, 2024 and was $67.3 million ($2.61 per share) on a full-year basis, up $18.1 million or 37% from $49.3 million ($1.94 per share) for the year ended December 31, 2024. Our net income performance was primarily due to market value appreciation and inflows to our precious metals physical trusts and carried interest and performance fee crystallizations in our managed equities and private strategies segments. These increases were partially offset by a change in accounting requirements brought on by our new cash-settled stock plan that took effect this year. Cash-settled stock plans like the one we implemented this year require the use of mark-to-market and graded vest accounting under IFRS 2, which creates the dual impact of: (1) accelerating the amount of vesting that occurs each period and (2) adding market volatility to each vested amount, in our case, at a time when our stock has appreciated 18% in the quarter and 132% on a full-year basis. In contrast, last year we had an equity-settled stock program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period.

·  Adjusted EBITDA was $42.1 million ($1.63 per share) for the quarter, up $19.8 million or 88% from $22.4 million ($0.88 per share) for the quarter ended December 31, 2024 and $121.4 million ($4.71 per share) on a full-year basis, up $36.2 million or 43% from $85.2 million ($3.35 per share) for the year ended December 31, 2024. Adjusted EBITDA in the quarter and on a full-year basis benefited from higher average AUM on market value appreciation and inflows to our precious metals physical trusts and ETFs.

Subsequent event

·  Subsequent to year-end, as at February 13, 2026, AUM was $70.1 billion, up 18% from $59.6 billion as at December 31, 2025. Our performance subsequent to year-end was the result of $7.7 billion of market value appreciation and $2.8 billion in net inflows, primarily in our exchange listed products.

·  On February 18, 2026, the Sprott Board of Directors announced a quarterly dividend of $0.40 per share.

Supplemental financial information

Please refer to the December 31, 2025 annual 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 December 31, 2025 and the Company's financial performance for the year ended December 31, 2025.

Schedule 1 - AUM continuity

3 months results

(In millions $)		AUM Sep. 30, 2025				Net inflows (1)				Market value changes				Other net inflows (1)				AUM Dec. 31, 2025				Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			14,112				191				1,673				—				15,976				0.35	%
- Physical Silver Trust			9,338				661				5,110				—				15,109				0.45	%
- Physical Gold and Silver Trust			7,309				(113	)			1,869				—				9,065				0.40	%
- Precious Metals ETFs			1,216				222				216				—				1,654				0.35	%
- Physical Platinum & Palladium Trust			485				124				164				—				773				0.50	%
			32,460				1,085				9,032				—				42,577				0.39	%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			6,015				201				(58	)			—				6,158				0.31	%
- Critical Materials ETFs			3,200				101				(351	)			—				2,950				0.51	%
- Physical Copper Trust			104				5				22				—				131				0.33	%
			9,319				307				(387	)			—				9,239				0.37	%
Total exchange listed products			41,779				1,392				8,645				—				51,816				0.39	%
Managed equities (3)			5,171				(108	)			906				(313	)			5,656				0.82	%
Private strategies			2,138				(1	)			(3	)			—				2,134				0.85	%
Total AUM (4)			49,088				1,283				9,548				(313	)			59,606				0.46	%

12 months results

(In millions $)		AUM Dec. 31, 2024				Net inflows (1)				Market value changes				Other net inflows (1)				AUM Dec. 31, 2025				Net management fee rate (2)
Exchange listed products
- Precious metals physical trusts and ETFs
- Physical Gold Trust			8,608				1,429				5,939				—				15,976				0.35	%
- Physical Silver Trust			5,227				1,410				8,472				—				15,109				0.45	%
- Physical Gold and Silver Trust			5,013				(301	)			4,353				—				9,065				0.40	%
- Precious Metals ETFs			354				531				767				2				1,654				0.35	%
- Physical Platinum & Palladium Trust			168				318				287				—				773				0.50	%
			19,370				3,387				19,818				2				42,577				0.39	%
- Critical materials physical trusts and ETFs
- Physical Uranium Trust			4,862				763				533				—				6,158				0.31	%
- Critical Materials ETFs			2,020				85				845				—				2,950				0.51	%
- Physical Copper Trust			90				4				37				—				131				0.33	%
			6,972				852				1,415				—				9,239				0.37	%
Total exchange listed products			26,342				4,239				21,233				2				51,816				0.39	%
Managed equities (3)			2,873				(99	)			3,268				(386	)			5,656				0.82	%
Private strategies			2,320				(191	)			5				—				2,134				0.85	%
Total AUM (4)			31,535				3,949				24,506				(384	)			59,606				0.46	%

⁽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 primarily precious metal strategies (54%), high net worth managed accounts (41%) and U.S. value strategies (5%).

⁽⁴⁾  No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return.

Schedule 2 - Summary financial information

(In thousands $)		Q4 2025				Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024				Q2 2024				Q1 2024
Management fees			63,818				50,710				44,446				39,989				41,441				38,968				38,325				36,603
Fund expense recoveries			(469	)			(386	)			(327	)			(279	)			(280	)			(275	)			(260	)			(231	)
Fund expenses			(3,304	)			(2,778	)			(2,699	)			(2,464	)			(2,708	)			(2,385	)			(2,657	)			(2,234	)
Direct payouts			(2,247	)			(1,871	)			(1,709	)			(1,602	)			(1,561	)			(1,483	)			(1,408	)			(1,461	)
Carried interest and performance fees			38,104				1,757				14,807				—				2,511				4,110				698				—
Carried interest and performance fee payouts			(15,465	)			(690	)			(1,298	)			—				(830	)			—				(251	)			—
Net fees			80,437				46,742				53,220				35,644				38,573				38,935				34,447				32,677
Commissions			2,655				3,816				1,725				286				819				498				3,332				1,047
Commission expense - internal			(275	)			(329	)			(180	)			(52	)			(146	)			(147	)			(380	)			(217	)
Commission expense - external			(1,143	)			(1,801	)			(779	)			(47	)			(290	)			(103	)			(1,443	)			(312	)
Net commissions			1,237				1,686				766				187				383				248				1,509				518
Finance income			2,464				1,583				1,213				1,402				1,441				1,574				4,084				1,810
Co-investment income			198				234				280				151				296				418				416				274
Less: Carried interest and performance fees (net of payouts)			(22,639	)			(1,067	)			(13,509	)			—				(1,681	)			(4,110	)			(447	)			—
Total net revenues (1)			61,697				49,178				41,970				37,384				39,012				37,065				40,009				35,279
Add: Carried interest and performance fees (net of payouts)			22,639				1,067				13,509				—				1,681				4,110				447				—
Gain (loss) on investments			4,195				7,012				2,703				1,534				(3,889	)			937				1,133				1,809
Fund expenses (2)			4,447				4,579				3,478				2,511				2,998				2,488				4,100				2,546
Direct payouts (3)			17,987				2,890				3,187				1,654				2,537				1,630				2,039				1,678
Fund expense recoveries			469				386				327				279				280				275				260				231
Total revenues (4)			111,434				65,112				65,174				43,362				42,619				46,505				47,988				41,543
Compensation			61,329				38,550				33,825				19,597				19,672				18,547				19,225				17,955
Direct payouts (3)			(17,987	)			(2,890	)			(3,187	)			(1,654	)			(2,537	)			(1,630	)			(2,039	)			(1,678	)
Severance, new hire accruals and other			(125	)			(111	)			(32	)			(52	)			(166	)			(58	)			—				—
Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans (5)			(22,351	)			(16,598	)			(12,758	)			(412	)			71				(114	)			(252	)			(155	)
Net compensation			20,866				18,951				17,848				17,479				17,040				16,745				16,934				16,122
Net compensation ratio			34	%			39	%			43	%			47	%			44	%			46	%			44	%			47	%
Fund expenses (2)			4,447				4,579				3,478				2,511				2,998				2,488				4,100				2,546
Direct payouts (3)			17,987				2,890				3,187				1,654				2,537				1,630				2,039				1,678
Severance, new hire accruals and other			125				111				32				52				166				58				—				—
Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans (5)			22,351				16,598				12,758				412				(71	)			114				252				155
Selling, general, and administrative ("SG&A")			5,053				4,473				4,825				4,127				4,949				4,612				5,040				4,173
Interest expense			395				261				286				280				613				933				715				830
Depreciation and amortization			652				647				637				541				600				502				568				551
Foreign exchange (gain) loss			1,080				(666	)			3,263				554				(2,706	)			1,028				122				168
Other (income) and expenses			—				—				—				—				—				—				(580	)			—
Total expenses			72,956				47,844				46,314				27,610				26,126				28,110				29,190				26,223
Net income (6)			28,728				13,159				13,501				11,957				11,680				12,697				13,360				11,557
Net income per share (7)			1.11				0.51				0.52				0.46				0.46				0.50				0.53				0.45
Adjusted EBITDA (8)			42,130				31,916				25,453				21,901				22,362				20,675				22,375				19,751
Adjusted EBITDA per share			1.63				1.24				0.99				0.85				0.88				0.81				0.88				0.78
Total assets (9)			525,779				466,169				439,429				386,131				388,798				412,477				406,265				389,784
Total liabilities (10)			158,534				121,441				93,955				59,986				65,150				82,198				90,442				82,365
Total AUM			59,605,519				49,088,162				40,040,822				35,076,761				31,535,062				33,439,221				31,053,136				29,369,191
Average AUM			53,216,229				42,346,242				37,580,867				33,265,327				33,401,157				31,788,412				31,378,343				29,035,667

(1) Prior period net revenues include the following revenues from non-reportable segments: Q4 2024 - $406; Q3 2024 - $497; Q2 2024 - $650; and Q1 2024 - $465.

(2) Includes fund expenses and commission expense - external. Together, these amounts are included in "Fund expenses" on the income statement.

(3) Includes direct payouts, internal carried interest and performance fee payouts and commission payouts - internal. Together, these amounts are included in "Compensation" on the income statement.

(4) Total revenues for the year ended December 31, 2025 were $285,082 (December 31, 2024- $178,655; December 31, 2023- $151,367).

(5) The increase in the quarter and on a full-year basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were driven by NYSE:SII being up 18% in the quarter and 132% on a full-year basis. The balance also includes the effect of the new program's requirement to use graded vesting amortization.

(6) Net income for the year ended December 31, 2025 was $67,345 (December 31, 2024 - $49,294; December 31, 2023- $41,799).

(7) Basic and diluted net income per share for the year ended December 31, 2025 was $2.61 and $2.61, respectively (December 31, 2024 - $1.94 and $1.91, respectively; December 31, 2023 - $1.66 and $1.60, respectively).

(8) Effective Q1 2025, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact to its calculation.

(9) Total assets as at December 31, 2025 were $525,779 (December 31, 2024 - $388,798; December 31, 2023- $378,835).

(10) Total liabilities as at December 31, 2025 were $158,534 (December 31, 2024 - $65,150; December 31, 2023 - $73,130).

Schedule 3 - EBITDA reconciliation

		3 months ended								12 months ended
(In thousands $)		Dec. 31, 2025				Dec. 31, 2024				Dec. 31, 2025				Dec. 31, 2024
Net income for the period			28,728				11,680				67,345				49,294
Net income margin (1)			26	%			27	%			24	%			28	%
Adjustments:
Interest expense			395				613				1,222				3,091
Provision for income taxes			9,750				4,813				23,013				19,712
Depreciation and amortization			652				600				2,477				2,221
EBITDA			39,525				17,706				94,057				74,318
Adjustments:
(Gain) loss on investments (2)			(4,195	)			3,889				(15,444	)			10
Stock-based compensation (3)			28,234				4,988				75,451				18,817
Foreign exchange (gain) loss			1,080				(2,706	)			4,231				(1,388	)
Severance, new hire accruals and other			125				166				320				224
Revaluation of contingent consideration			—				—				—				(580	)
Carried interest and performance fees			(38,104	)			(2,511	)			(54,668	)			(7,319	)
Carried interest and performance fee payouts (4)			15,465				830				17,453				1,081
Adjusted EBITDA (5)			42,130				22,362				121,400				85,163
Adjusted EBITDA margin (6)			68	%			59	%			64	%			58	%

(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 increase in the quarter and on a full-year basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were driven by NYSE:SII being up 18% in the quarter and 132% on a full-year basis. The balance also includes the effect of the new program's requirement to use graded vesting amortization.

(4) Includes both internal and external carried interest and performance fee payouts.

(5) Effective Q1 2025, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact to its calculation.

(6) Prior period adjusted EBITDA margin excludes adjusted EBITDA from non-reportable segments of ($372) for the three months ended December 31, 2024 and ($1,466) for the year ended December 31, 2024.

Conference Call and Webcast

A webcast will be held today, February 19, 2026 at 10:00 am ET to discuss the Company's financial results.

Webcast Details:

Date: February 19, 2026

Time: 10:00am ET

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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 recoveries 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 market value fluctuations 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

Effective in the first quarter of the year, we changed the name of one of our key non-IFRS measures: “adjusted base EBITDA” to “adjusted EBITDA”. The change was made to simplify wording and there was no impact to the underlying calculation.

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 forgoing, 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 December 31, 2025. 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 December 31, 2025. 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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