Core Points - Sprott Inc. plans to release its 2025 third quarter results on November 5, 2025, at 7:00 a.m. ET [1] - An earnings webcast will be held on the same day at 10:00 a.m. ET, featuring CEO Whitney George, CFO Kevin Hibbert, and Asset Management CEO John Ciampaglia [1] - Pre-registration for the webcast is currently open [2] Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, distinguishing itself through in-depth knowledge and experience [3] - The company's investment strategies include Exchange Listed Products, Managed Equities, and Private Strategies [3] - Sprott operates offices in Toronto, New York, Connecticut, and California, with its common shares listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII [3]

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$2 billion in units of the Sprott Physical Gold Trust, aimed at investing in physical gold bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement, with participation from various agents including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the U.S. agents restricted to U.S. marketplaces [3]. - The Trust will determine the volume and timing of distributions at its discretion, intending to use proceeds to acquire physical gold bullion [4]. Group 2: Offering Documents - The offering is made under a prospectus supplement dated October 29, 2025, which is part of the Trust's registration statement filed with the SEC [5]. - The U.S. and Canadian prospectus supplements are available on the SEC and SEDAR+ websites, respectively [5]. Group 3: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on Exchange Listed Products and Managed Equities [8]. - The Trust's investment objectives and strategies, along with management fees, are detailed in its annual information form for the year ended December 31, 2024 [9].

Core Points - Eric Sprott's corporation, 2176423 Ontario Ltd., acquired 3,333,333 units of Electric Metals (USA) Limited at a price of $0.30 per unit, totaling approximately $1,000,000 [1] - Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant allowing the purchase of one share at $0.45 for 18 months [1] - Following the acquisition, Sprott's total holdings increased to 17,727,272 shares and 5,833,333 warrants, representing approximately 8.8% of outstanding shares on a non-diluted basis and 11.4% on a partially-diluted basis [2] Summary of Holdings - Prior to the acquisition, Sprott owned 14,393,939 shares and 4,166,666 warrants, which represented about 7.7% of outstanding shares on a non-diluted basis and 9.7% on a partially-diluted basis [2] - The recent acquisition resulted in an increase in holdings above 10%, necessitating the filing of an early warning report [2] Investment Intent - The securities are held for investment purposes, with a long-term view on the investment [3] - Sprott may consider acquiring additional securities or selling existing ones based on market conditions and other relevant factors [3]

Group 1 - Eric Sprott announced the expiration of 2,500,000 common share purchase warrants of Trigon Metals Inc., resulting in a decrease of approximately 5.8% in holdings on a partially diluted basis [1][2] - Prior to the expiration, Sprott beneficially owned 6,509,666 shares, representing about 11.9% of the outstanding shares on a non-diluted basis and approximately 15.7% on a partially diluted basis [1][2] - Following the expiration of the warrants, Sprott's beneficial ownership is now 6,509,666 shares, maintaining the 11.9% ownership on a non-diluted basis [2] Group 2 - The securities held by Sprott are for investment purposes, with a long-term view, and there may be future acquisitions or sales depending on market conditions [3]

Core Insights - The North Shore Global Uranium Mining Index (URNMX) is undergoing modifications to enhance liquidity and improve ETF tracking, following its acquisition by VettaFi [1][2] Index Methodology Changes - The index targets companies that allocate at least 50% of their assets to uranium mining activities, including mining, exploration, and production [2] - Changes include adjustments to security eligibility, weighting, and the timing of index reconstitution and rebalances, effective after the close of trading on December 19, 2025 [2][3] Security Eligibility and Weighting - New securities must have a minimum free-float market capitalization of USD $125 million, up from USD $40 million, while existing holdings require a minimum of USD $100 million [5] - A minimum average daily value traded (ADVT) of USD $100,000 is required for new securities, with a buffer of USD $75,000 for existing holdings [5] - The index will now use free-float weighting for market capitalization eligibility and has increased the maximum weight cap for a single security from 15% to 20% [5]

Core Viewpoint - Eric Sprott has significantly increased his holdings in STLLR Gold Inc. through a private placement, acquiring 11,719,000 shares at a price of $1.28 per share, totaling $15,000,320 [1]. Group 1: Share Acquisition Details - Prior to the acquisition, Sprott owned 10,869,795 shares and 1,870,500 warrants, representing approximately 8.7% of the outstanding shares on a non-diluted basis and 10.1% on a partially-diluted basis [2]. - Following the acquisition, Sprott now owns 22,588,795 shares and 1,870,500 warrants, which equates to approximately 14.9% of the outstanding shares on a non-diluted basis and 16.0% on a partially-diluted basis [2]. Group 2: Investment Intentions - The securities are held for investment purposes, with a long-term view on the investment. Sprott may acquire additional securities or sell existing ones depending on market conditions and other relevant factors [3].

Core Insights - Sprott Critical Materials ETF (SETM) has reached $100 million in assets under management as of September 23, 2025, and is the only ETF providing pure-play exposure to critical materials and mining equities essential for energy generation, transmission, and storage [1][2]. Investment Opportunity - The growing gap between supply and demand for materials essential to electrification is prompting nations to focus on energy security and resource nationalism, creating investment opportunities in the critical materials sector [2]. - SETM's index methodology ensures that only companies with a majority of their business operations related to critical materials are included, focusing on those involved in mining, exploration, development, production, recycling, refining, or smelting [2]. ETF Suite Overview - SETM is part of a suite of seven Sprott Critical Materials ETFs, which combine the benefits of ETFs with exposure to various critical materials and their miners [3]. - The suite includes ETFs focused on uranium, copper, lithium, nickel, and other critical materials, each designed to track specific indices related to their respective sectors [3][4]. Company Background - Sprott Asset Management USA, Inc. is a global asset manager specializing in precious metals and critical materials investments, with a focus on providing in-depth knowledge and experience in the sector [6].

Core Points - Sprott Physical Silver Trust's net asset value has exceeded US$10 billion, marking a significant milestone for the Trust [1][2] - The Trust currently holds 202.6 million ounces of silver, reflecting a surge in demand for physical silver as prices reach all-time highs [2][3] Company Overview - Sprott Inc. is a global asset manager specializing in precious metals and critical materials investments, with a focus on providing secure and convenient investment alternatives [4] - The company operates through various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies, and has offices in multiple locations including Toronto and New York [4] Trust Details - The Sprott Physical Silver Trust was established to invest primarily in physical silver bullion, offering investors a liquid and exchange-traded option to hold physical silver without the typical inconveniences [3] - All silver held by the Trust is fully allocated and redeemable by investors, subject to minimum holding requirements [3]

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$250 million in units of the Sprott Physical Platinum and Palladium Trust, aimed at investing in physical platinum and palladium bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement with various agents, including Cantor Fitzgerald and BMO Capital Markets [2]. - Sales of units will occur through "at the market" issuances on the NYSE Arca and the Toronto Stock Exchange, with prices varying based on market conditions at the time of sale [3]. - The Trust retains discretion over the volume and timing of distributions under the program, intending to use proceeds for acquiring physical platinum and palladium [4]. Group 2: Offering Documents - The offering is made pursuant to a prospectus supplement dated October 10, 2025, which is part of the Trust's registration statement filed with the SEC [5]. - The U.S. and Canadian prospectus supplements are available on the SEC and SEDAR+ websites, respectively [5]. Group 3: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on in-depth knowledge and experience in the sector [8]. - The company operates offices in multiple locations, including Toronto and New York, and is listed on the NYSE and TSX under the symbol "SII" [9].

Core Insights - The gold market is experiencing a significant rally, with prices surpassing the $4,000 mark, indicating that the rally may just be beginning [1][8] - Gold has historically served as a store of value and a hedge against economic instability, but its lack of yield can limit its appeal during normal economic cycles [2][3] - The investment narrative in the gold market extends beyond spot prices, with individual gold miners seeing substantial increases in market value [4][5] Gold Market Dynamics - The current gold rally is driven by rising concerns about economic stability and the depreciation of the dollar, with predictions of gold reaching $5,000 by 2026 and potentially $10,000 by the end of the decade [7][8] - Analysts believe the current rally is setting the stage for future growth, with some forecasting gold could reach $20,000 per ounce [9] Investment Vehicles - Sprott offers various ETFs for investors looking to gain exposure to gold mining, including the Sprott Gold Miners ETF (SGDM) and the Sprott Junior Gold Miners ETF (SGDJ), which focus on senior and junior mining enterprises respectively [10][11] - The Sprott Active Gold & Silver Miners ETF (GBUG) aims to identify undervalued opportunities in the mining sector, leveraging the firm's expertise in precious metals investments [12] Performance Metrics - The SGDM ETF has gained over 125% year-to-date, while the SGDJ ETF has increased by over 127% in the same period [14][16] - The GBUG ETF, launched in February, has nearly doubled in value, reflecting strong market interest [20] - All three ETFs have seen significant increases in trading volume, indicating sustained investor interest in gold [17][23]