Sprott Inc. · TSX:SII
Sprott — Investor Presentation (October 2026)
52 slides from Sprott's investor presentation, Oct 20, 2026
Slide 1: The Miners Take the Lead: What's Driving Gold & Silver Equities
The Miners Take the Lead: What’s Driving Gold & Silver Equities Webcast: October 20, 2026 V16 10/19/2026
Slide 2: Featured Speakers
Featured Speakers Maria Smirnova, MBA, CFA Justin Tolman, BSc (Hons), MBA Ed Coyne Managing Partner, Sprott Inc. and Senior Managing Partner, Sprott Inc. and Senior Senior Managing Partner, Portfolio Manager & Chief Investment Portfolio Manager & Economic Geologist, Global Sales, Sprott Inc. Officer
Slide 3: Webcast Outline
Webcast Outline Introduction Ed Coyne The Case for Gold and Silver Bullion Maria Smirnova, MBA, CFA Gold and Silver Mining Equities: Outlook and Opportunity Justin Tolman, BSc (Hons), MBA Summary and Q&A Ed Coyne Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 3
Slide 4: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$55.6B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $47.9 Billion AUM $5.6 Billion AUM $2 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold Equ
Slide 5: Sprott Puts Boots on the Ground
Sprott Puts Boots on the Ground • Maria Smirnova and Justin Tolman are part of Sprott’s precious metals team, which applies geological and engineering expertise—including up to 30 annual site visits—to assess project feasibility and risk. • Recent visits include mines and projects in Greece, Mexico,
Slide 6: The Case for Gold and Silver Bullion
The Case for Gold and Silver Bullion Maria Smirnova, CFA, MBA Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 6
Slide 7: Current Global Macroeconomic Backdrop
Current Global Macroeconomic Backdrop Click to edit Master title style Protesters in Bangkok gather near the venue for this week's International Monetary Fund meetings. RUNGROJ YONGRIT/EPA/SHUTTERSTOCK Source: Wall Street Journal, October 15, 2026. Sprott Webcast – The Miners Take the Lead: What’s D
Slide 8: Why Gold and Silver?
Why Gold and Silver? Gold Gold is consolidating after reaching an all-time high of $5,595/oz in January, driven by Central Bank buying and Asian demand. It has been resilient despite a macroeconomic backdrop that can be considered hostile. ETF demand has picked up, indicating investors are using the
Slide 9: Gold and Silver Have Outperformed Other Asset Classes
Gold and Silver Have Outperformed Other Asset Classes Gold and Silver vs. Stocks, Bonds and USD Returns for Period from 12/31/1999-9/30/2026 2500 Compound Annual Returns 2000 1500 Gold 10.49% Index (Base = 100) Bull Markets Silver 9.46% 1000 Post GFC S&P 500 8.31% Precious Metals Bull Market 500 Cli
Slide 10: Understanding Gold
Understanding Gold Gold is viewed as a monetary metal. DISTINCTIVE PROPERTIES • Historical Store of Value: Gold has been used as Gold Demand 2025 a store of value for thousands of years. Technology • Diversification Potential: Gold has historically 6% exhibited low correlation with many traditional
Slide 11: Gold Has Broken Its Old Relationship to Yields
Gold Has Broken Its Old Relationship to Yields Gold has reached substantially higher prices despite positive real yields. That suggests that investors should look beyond interest rates when assessing the case for gold. Spot Gold vs. U.S. 5-Year Real Yields (2003-2026) $4,000 Spot Gold Price $2,000 $
Slide 12: Central Banks View Gold as a Strategic Monetary Reserve
Central Banks View Gold as a Strategic Monetary Reserve Central banks continue to view gold as a strategic reserve amid rising debt, geopolitical risk and diversification away from the U.S. dollar. While purchases slowed in Q1 2026, buying rebounded strongly in Q2. Gold Central Bank Net Purchases (2
Slide 13: Central Banks Are Shifting Reserves from Dollars to Gold
Central Banks Are Shifting Reserves from Dollars to Gold Central banks are steadily diversifying reserves: from 2006 to Q2 2026, U.S. dollar-denominated reserves fell from 65% of reserves to 57%, while gold reserves increased from 11% to 31%. Central Bank Holdings of USD Reserves vs. Gold (2006-2026
Slide 14: Gold and Various Currencies Measured in Gold 2006-2026
Gold and Various Currencies Measured in Gold 2006-2026 Currencies around the world have lost their value relative to gold (XAU Curncy). Gold vs. Fiat Currencies (2006-2026) 120 Value in Gold 100 80 60 40 20 0 USD/Gold EUR/Gold Gold/Gold CAD/Gold Yen/Gold British Pound/Gold Source: Bloomberg. Period
Slide 15: Gold's Relationship with M2 Money Supply
Gold’s Relationship with M2 Money Supply Historical data shows a general correlation between surges in the money supply and increases in gold prices, but this relationship is not always perfectly linear or immediate. The theory is that an increase in the money supply (which is inflationary) relative
Slide 16: The +$40T U.S. National Debt Supports the Case for Gold
The +$40T U.S. National Debt Supports the Case for Gold Gold gains appeal as a store of value when large-scale government borrowing erodes a currency’s purchasing power. Gold Price & U.S. Debt (1970-2026) $4,500 45.00T $4,186 $4,000 40.00T $3,500 35.00T U.S. Total Public Debt $3,000 30.00T Gold Spot
Slide 17: Gold Supply Is Limited
Gold Supply Is Limited • Since 1980, the quantity of above-ground Physical Gold Has Limited Supply Relative to Paper gold has a 1.82% CAGR vs. a CAGR of Above Ground Gold U.S. Government Debt 9.02% for U.S. government debt outstanding. $45,000 4,500,000 • Gold “float” is extremely limited. $38,514 $
Slide 18: Gold Supply Factors: Discovery & Production
Gold Supply Factors: Discovery & Production • Despite record spending on exploration, new gold discoveries are less frequent. • As gold production trends higher and discoveries dwindle, ore quality has become more marginal; in our view, there are likely not enough quality deposits to sustain future
Slide 19: Gold ETF Holdings Are Rebuilding Alongside a Higher Gold Price
Gold ETF Holdings Are Rebuilding Alongside a Higher Gold Price Global gold ETF holdings have risen sharply since early 2024 as the gold price advanced, signaling renewed investor participation. Holdings remain below their 2020 peak, suggesting additional room for ETF demand to recover. Gold ETF Hold
Slide 20: Understanding Silver
Understanding Silver Silver is viewed as both a monetary and an industrial metal. DISTINCTIVE PROPERTIES • Electrical and Thermal Conductivity: Silver Silver Demand 2025 conducts electricity and heat better than any other Photography metal, making it essential in electronics, power Silverware 2% sys
Slide 21: Silver Market Deficits Persist
Silver Market Deficits Persist Market Balance (including ETPs) • With strong demand and stagnant supply, the silver market has been in deficit for the past seven consecutive years (including exchange-traded product (ETP) 100 investment). Surplus 50 • Silver supply has remained stagnant, growing from
Slide 22: Electricity Demand Estimated to Increase by 157% by 2050
Electricity Demand Estimated to Increase by 157% by 2050 • Evolving energy systems require more 90,000 electricity, which depends on critical materials. 80,175 • Surging Energy Consumption in the East: 80,000 World Electricity Demand (Terawatt-hour – TWh) Driven by energy security and the urbanizati
Slide 23: Silver Investment Demand May Be Set to Rise
Silver Investment Demand May Be Set to Rise Eastern physical buying has tracked silver's advance, with the Shanghai premium now at $8.67 an ounce. A near-$9 Shanghai premium signals physical silver is scarce where demand is strongest. Shanghai Silver Premium (2024-2026) 40 35 30 25 USD/Oz 20 15 10 5
Slide 24: Silver Supply Inelasticity
Silver Supply Inelasticity • 67% of silver was mined as a by-product of other Silver Mine Production by Source Metal in 2025 metals in 2025. Other 0.6% Gold • As such, increases in the silver price do not necessarily 15.9% impact the decision to increase production at non- primary silver mines. Lea
Slide 25: Stagnant Silver Supply
Stagnant Silver Supply • Silver supply has been flat, gaining 1% annualized since 2017 and is forecast to fall 2% in 2026. • The recycling supply of silver increased in 2021 and 2022 but has been relatively flat since, now accounting for 18% of the supply. 1200 Silver Supply Millions of Troy Ounces
Slide 26: Gold and Silver Mining Equities: Outlook and Opportunity
Gold and Silver Mining Equities: Outlook and Opportunity Justin Tolman, BSc (Hons), MBA Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 26
Slide 27: Sprott's Gold & Silver Mining Equities Outlook
Sprott’s Gold & Silver Mining Equities Outlook Gold Mining Equities • Undervalued Relative to Gold: Even after gold's advance through 9/30/2026, equity multiples remain below prior cycle peaks. • Balance Sheet Health: Historic profit margins and moderating costs have driven strong cash flows, enabli
Slide 28: Gold Equities-to-Bullion Gap: Significant Catch-Up Potential
Gold Equities-to-Bullion Gap: Significant Catch-Up Potential During the global financial crisis (GFC) gold equities caught up to gold bullion and provided impressive performance. Gold Equities Currently Lag Gold Bullion (2000-2026) 6000 $6,000 5000 $5,000 4000 $4,000 Gold Equities Current Gold Bull
Slide 29: Gold Miners vs. Physical Gold: The Gap Is Narrowing
Gold Miners vs. Physical Gold: The Gap Is Narrowing Gold miners have gained ground on gold, with the ratio at 0.61 versus a period average of 0.485. Ratio of Gold Miners (GDM) to Gold (XAU) (2017-2026) 0.70 0.61 0.65 0.60 GDM/XAU Ratio 0.55 0.50 Average: 0.485 0.45 Click to edit Master title style 0
Slide 30: Gold Miners Have Entered a Stronger Cash-Flow Era
Gold Miners Have Entered a Stronger Cash-Flow Era The industry’s cash-flow profile has improved markedly, supporting stronger balance sheets, capital returns and more disciplined growth. Gold Miners (GDM): Free Cash Flow Per Share (2004-2026) $140 $130 $120 $100 $80 $80 Free Cash Flow Per Share $60
Slide 31: Earnings Momentum Signals Further Upside for Gold Mining Equities
Earnings Momentum Signals Further Upside for Gold Mining Equities Since the beginning of 2024, earnings per share (EPS) 2027 expectations for gold miners have increased by 331% (green line), while share prices, as measured by GDM (blue line), have increased by 202%.* This indicates that gold mining
Slide 32: Gold Miners Present Relative Value and Fundamentals
Gold Miners Present Relative Value and Fundamentals Gold mining equities are trading multiples lower than the S&P 500 and with greater profitability and lower leverage. Gold Mining Stocks (GDM) S&P 500 Index Comments EV/EBITDA 6.76x 15.34x GDM ~56% less expensive Dividend Yield 1.73% 1.11% GDM ~55%
Slide 33: Gold Miners: A Dispersion of Returns
Gold Miners: A Dispersion of Returns The large dispersion in gold mining returns presents an opportunity to add value through actively managed stock selection and portfolio construction Click to edit Master title style Source: Bloomberg and FactSet as of 12/31/2025. Gold Miners (GDM) represents the
Slide 34: Sprott's Active Management Investment Process
Sprott’s Active Management Investment Process Sprott combines top-down sector analysis with bottom-up stock selection to build a focused portfolio of gold-mining companies with attractive valuations, capable management teams and differentiated assets. Our process draws on technical expertise, indust
Slide 35: Gold at Record Highs, M&A on the Sidelines
Gold at Record Highs, M&A on the Sidelines No blockbuster M&A for years. A paltry four transactions account for ~86% of the YTD 2026 M&A value of ~US$12B. Activity was led by Genesis Minerals' pending US$3.9B acquisition of Vault Minerals; Equinox Gold’s US$5.1B purchase of Orla Mining; Agnico Eagle
Slide 36: Silver Mine Valuations Do Not Reflect Improving Fundamentals
Silver Mine Valuations Do Not Reflect Improving Fundamentals We believe mining stocks are undervalued relative to silver bullion prices. Silver Producers P/NAV (5%) vs. Silver Price (2020-2026) 4.0x $105 3.5x $85 3.0x $65 Silver Price ($/oz) 2.5x P/NAV 5% 2.0x $45 1.5x $25 1.0x $5 0.5x 0.0x -$15 1/3
Slide 37: Silver Mines' Healthy Profitability
Silver Mines’ Healthy Profitability • Primary silver mines’ 2025 all-in sustaining cost (AISC) of $12.21 per troy ounce is well below the current silver spot price. Primary silver mines have >50% of revenue tied to silver. • Implies an 83% AISC margin at the $73 silver spot price as of 9/30/2026. •
Slide 38: Summary and Q&A
Summary and Q&A Ed Coyne Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 38
Slide 39: Gold and Silver Miners Have Offered Diversification
Gold and Silver Miners Have Offered Diversification Gold and silver miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits. Gold and Silver Miners Correlation* to Other Asset Classes 1.00 Gold Miners Silver Miners 0.80 Correlation vs. Gold
Slide 40: Sprott Gold and Silver Funds
Sprott Gold and Silver Funds Sprott Physical Trusts Actively Managed Mutual Fund Sprott Physical Sprott Physical Sprott Physical Sprott Gold Equity Gold Trust Silver Trust Gold and Silver Fund Trust Sprott Actively Managed ETFs Sprott Passive ETFs Sprott Active Sprott Active Sprott Gold Sprott Junio
Slide 41: Sprott Client Services Team
Sprott Client Services Team Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 41
Slide 42: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 42
Slide 43: Important Disclosures
Important Disclosures Past performance is not an indication of future results. Investments, commentary and statements are unique and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any o
Slide 44: Important Disclosures
Important Disclosures Sprott Gold Equity Fund Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus which should be considered carefully before investing. Click here to obtain the prospectus or
Slide 45: Important Disclosures
Important Disclosures Sprott ETFs An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a Fund’s Prospectus, which contains this and other information, contact your financial professional, call 1.888.622.1813, or visit sprottetfs.com
Slide 46: Appendix: Sprott's Active Management Investment Process
Appendix: Sprott’s Active Management Investment Process Sprott Webcast – The Miners Take the Lead: What’s Driving Gold & Silver Equities | 46
Slide 47: Investment Process: Evaluating Management Teams
Investment Process: Evaluating Management Teams Sprott conducts as many as 200 meetings per year with management teams from EVALUATION different miners. • Sprott conducts as many as 200 meetings per year with management teams across the universe of gold miners. • In mining, management decisions on c
Slide 48: Investment Process: Mine Due Diligence
Investment Process: Mine Due Diligence • Deep Industry Knowledge: We employ one of the financial industry’s deepest lineups of technical specialists, which includes geologists and mining engineers across our investment management and financial advisory teams. • Analysis: Our due diligence includes t
Slide 49: Investment Process: Analyzing Project Economics
Investment Process: Analyzing Project Economics Assessing the timing and adequacy of capital needs is critical to mining valuations. ANALYZING PROJECT ECONOMICS • The deployment of mining capital is spread over long development cycles, which can lead to variable project economics. Assessing the timi
Slide 50: Investment Process: Assessing Jurisdictional Risks
Investment Process: Assessing Jurisdictional Risks RISK ASSESSMENT • Our team continually monitors political and fiscal regimes in mining jurisdictions. • Permitting, geopolitical and environmental risks can outweigh mineralization concerns, particularly in high-risk regions. • Our proprietary “Heat
Slide 51: Investment Process: Selective Stock Selection & Portfolio Construction
Investment Process: Selective Stock Selection & Portfolio Construction Sprott’s active portfolio managers have the potential to add value through selective stock picking and thoughtful portfolio construction. Wide dispersion in mining-company returns highlights why security selection can be importan
Slide 52: Investment Process: Social License to Operate
Investment Process: Social License to Operate We assess whether companies can maintain the stakeholder support, workforce stability and environmental standards required to develop and operate mines. LABOR & STAKEHOLDER RELATIONS ENVIRONMENTAL STEWARDSHIP COMMUNITY RELATIONS • Workforce stability and