Sprott's AUM Soars 89% to $59.6B on Precious Metals, Critical Materials

TORONTO, ON – February 19, 2026 – Sprott Inc. (NYSE/TSX: SII) today announced a landmark year, with its assets under management (AUM) surging 89% to $59.6 billion for the year ended December 31, 2025. The specialist asset manager, known for its focus on precious metals and critical materials, capitalized on a volatile global market to deliver record earnings and substantial shareholder returns.

The dramatic growth reflects a combination of strong market appreciation and significant investor inflows. The company’s AUM jumped from $31.5 billion at the end of 2024, and the momentum has continued into the new year, with AUM reaching $70.1 billion by mid-February 2026.

"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."

The Specialist's Edge in a Volatile Market

Sprott’s banner year underscores the power of its niche strategy in an environment where traditional asset classes faced headwinds. The firm's focus on hard assets proved exceptionally timely, as precious metals dramatically outperformed broader equity markets.

"It was a banner year for precious metals as gold, silver, platinum and palladium all dramatically outperformed traditional asset classes," Mr. George continued. The numbers bear this out: while the S&P 500 and Nasdaq-100 posted respectable total returns of 17.9% and 21% respectively in 2025, the gains in precious metals were staggering. Gold prices surged approximately 65%, while silver skyrocketed by 148%. This performance was fueled by persistent geopolitical risks, a weakening U.S. dollar, and continued purchasing by central banks, driving investors toward safe-haven assets.

Sprott was perfectly positioned to capture this shift. The company’s Exchange Listed Products segment, which includes its popular physical metal trusts, was the primary beneficiary, attracting the lion's share of the year's $3.9 billion in net sales. The Sprott Physical Gold Trust and Physical Silver Trust saw their AUM swell by a combined $12.5 billion over the year, driven by both market appreciation and over $2.8 billion in collective net inflows.

Beyond Gold: Critical Materials and Geopolitics

While precious metals grabbed headlines, Sprott’s impressive results were also significantly bolstered by its strategic investments in critical materials—a sector increasingly shaped by global power dynamics.

"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," Mr. George noted in his commentary.

Throughout 2025, supply chain security became a paramount concern for Western governments. China, a dominant producer of many essential minerals, tightened its grip on the market by implementing new export controls on materials like rare earths, gallium, and germanium. Concurrently, the United States responded by expanding its own list of critical minerals to include uranium and copper, signaling a strategic push to reduce reliance on foreign suppliers.

These geopolitical maneuvers created significant market volatility and price momentum, benefiting funds like the Sprott Physical Uranium Trust. Despite some price fluctuations, uranium equities appreciated by approximately 45% in 2025, fueled by a resurgence in demand for nuclear energy and growing supply uncertainty. Sprott's uranium trust saw its AUM grow from $4.8 billion to over $6.1 billion during the year, reflecting both market gains and over $760 million in net inflows as investors sought exposure to the burgeoning nuclear energy theme.

Translating Record Growth into Shareholder Value

The firm’s strategic success translated directly into robust financial performance and increased returns for shareholders. For the full year 2025, Sprott reported net income of $67.3 million, or $2.61 per share, a 37% increase from the prior year. Adjusted EBITDA, a key measure of profitability, rose 43% to $121.4 million.

In a clear sign of confidence, the company's Board of Directors announced a quarterly dividend of $0.40 per share. This represents a significant increase and reflects a financial position that analysts describe as sustainable, with a payout ratio well-covered by earnings. The strong performance has continued to impress investors, with Sprott's stock price appreciating 132% over the course of 2025.

That stock appreciation had a notable, if complex, impact on the company's financial statements. A 2025 transition to a new cash-settled stock-based compensation plan, combined with the soaring stock price, led to a significant increase in reported compensation expenses. The company noted this was an accounting requirement under IFRS 2, which mandates mark-to-market valuation and can amplify expenses during periods of high stock performance. However, underlying profitability remained exceptionally strong.

With its specialized focus on assets at the center of major macroeconomic and geopolitical trends, Sprott has demonstrated a powerful model for growth. "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.