Sprott Inc. · TSX:SII
Sprott — Sprott Silver Miners & Physical Silver ETF — Investor Presentation (December 2025)
32 slides from Sprott's investor presentation, Dec 31, 2025
Slide 1: Sprott Silver Miners & Physical Silver ETF
Sprott Silver Miners & Physical Silver ETF Nasdaq: SLVR Investor Presentation December 31, 2025 V5 2/19/2026
Slide 2: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$59.6B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $51.8 Billion AUM $5.7 Billion AUM $2.1 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold E
Slide 3: Presentation Outline
Presentation Outline Content Slides The Monetary Case for Silver 4-10 Growing Silver Demand and Stagnant Supply 11-18 Silver Miners May Offer Opportunities 19-23 Sprott Silver Miners & Physical Silver ETF (SLVR): Fund Overview 24-27 Sprott Client Services Team 28 Distributor Contact Details 29 Risk
Slide 4: The Monetary Case for Silver
The Monetary Case for Silver Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 4
Slide 5: Silver Historic Price Growth
Silver Historic Price Growth Silver has had an annualized 10.46% return since the turn of the century and has made all-time highs. Rising electrical demand, investor interest and falling interest rates may continue to propel the price forward. $80.00 $71.66 $70.00 Current: Rising Demand $60.00 and S
Slide 6: Inflation and Employment Deceleration Points to Lower Rates
Inflation and Employment Deceleration Points to Lower Rates The U.S. Federal Reserve has a dual mandate of promoting stable inflation and maximum employment. With inflation decelerating and unemployment rising, further interest rate cuts are likely. Implied Overnight Rate & Number of Cuts 1.40% U.S.
Slide 7: Silver Has Performed Well with Easing Cycles
Silver Has Performed Well with Easing Cycles Silver has historically rallied following rate cuts from the Federal Reserve. $140 60% 55% Silver Price/Troy Ounce $US $120 50% $100 45% 40% $80 35% $60 30% 25% 441% $40 20% 143% $20 413% 15% 10% $- Fed Funds Rate 5% $(20) 0% Silver Spot Price Fed Funds R
Slide 8: Silver and Precious Metals Bull Markets
Silver and Precious Metals Bull Markets • Silver and gold have historically rallied during periods of fiat currency debasement, inflation, falling interest rates, economic recoveries and rising geopolitical risks. • In past precious metals bull markets, silver’s rally has been ~2x as large as gold,*
Slide 9: Silver's Dwindling Inventories
Silver’s Dwindling Inventories Silver inventories have fallen 13% over the past five years as industrial demand increases. Most of the London Bullion Market Association (LBMA) inventories are allocated to silver ETFs and are not readily available. Silver Inventories 1,800 Silver in Millions of Troy
Slide 10: Silver's Rising Lease Rates
Silver’s Rising Lease Rates Silver lease rates have risen significantly, reflecting tightening availability in the physical market. These rates represent the cost to borrow silver and are a key indicator of supply-demand stress and short-term market pressure. Silver Lease Rates 25% Silver Lease Rate
Slide 11: Growing Silver Demand and Stagnant Supply
Growing Silver Demand and Stagnant Supply Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 11
Slide 12: Silver Demand Is Multifaceted
Silver Demand Is Multifaceted • Silver is one of the oldest forms of currency with investments spanning coins, bars, jewelry and silverware. However, industrial applications account for a larger portion of demand at 59% for 2024. • Silver is second only to oil as the most widely used commodity and h
Slide 13: Industrial Use Is Taking Over
Industrial Use Is Taking Over • Silver industrial demand grew to a record 681 million Industrial Silver Demand Reaching New Highs ounces in 2024. 800 35% • The electrical and electronics sector drove this 700 growth and accounted for 461 million ounces in 30% 2024, or 40% of total demand. 600 25% •
Slide 14: 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 15: Installation of Solar Power Is Growing Rapidly
Installation of Solar Power Is Growing Rapidly • Global solar industry additions grew 76% in Solar Annual New Additions (GW)1 2023 and another 35% in 2024.1 1,000 • Longer-term the solar industry has grown at a 900 rate of 30% annualized since 2015.1 800 • Solar now accounts for 17% of total silver
Slide 16: Silver Investment Demand May Be Set to Rise
Silver Investment Demand May Be Set to Rise Visible investment demand (ETFs + CFTC Managed Money Silver buying in the East has correlated with rises in silver, Futures) buying activity has historically increased in with the premium currently at $4.27, or 6% of the silver monetary easing cycles, whic
Slide 17: Stagnant Silver Supply
Stagnant Silver Supply • Silver supply has been flat falling 4% since 2016 and is forecasted to be similar in 2025. • The recycling supply of silver increased in 2021 and 2022 but has been relatively flat since, now accounting for 19% of the supply. 1200 Silver Supply Millions of Troy Ounces 1000 80
Slide 18: Silver Market Deficits Persist
Silver Market Deficits Persist Market Balance (including ETPs) • With rising demand and stagnant supply, the silver market has been in deficit for the past six consecutive years (including exchange-traded product (ETP) 100 investment). Surplus 50 • Silver industrial demand grew to a record 681 milli
Slide 19: Silver Miners May Offer Opportunities
Silver Miners May Offer Opportunities Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 19
Slide 20: Silver Equities Have Recently Outperformed Physical Silver During Bull Markets
Silver Equities Have Recently Outperformed Physical Silver During Bull Markets Given the demand-supply dynamics and macro backdrop for physical silver, investors may want to consider investing in silver miners to gain exposure to the sector. 400% 365% 350% 348% 300% 250% 200% 150% 100% 50% 0% -50% 2
Slide 21: Silver Miners Have Offered Diversification
Silver Miners Have Offered Diversification Silver miners have exhibited a low/moderate correlation to major asset classes, posing potential diversification benefits. Silver Miners Correlation* to Other Asset Classes 1.00 0.80 Correlation vs. Silver Miners 0.60 0.44 0.47 0.38 0.42 0.39 0.40 0.20 Inde
Slide 22: Silver Mines' Healthy Profitability
Silver Mines’ Healthy Profitability • Primary silver mines’ all-in sustaining cost (AISC) of $14.58 per troy ounce is well below the current silver spot price. Primary silver mines have >50% of revenue tied to silver. • Implies a 80% AISC margin at the $71.66 silver spot price as of 12/31/2025. • In
Slide 23: Investing in Silver Miners
Investing in Silver Miners • 72% of silver was mined as a by-product to other Silver Mine Production by Source Metal in 2024 metals in 2024. Other Gold 0.5% • As such, increases in the silver price do not necessarily 15.5% impact the decision to increase production at non- primary silver mines. Lead
Slide 24: Sprott Silver Miners & Physical Silver ETF Fund Overview
Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) Fund Overview Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 24
Slide 25: Sprott Silver Miners & Physical Silver ETF (SLVR)
Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) is the only1 Investment Objective Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) seeks to ETF focused on providing pure-play2 expos
Slide 26: Sprott Silver Miners Index Composition
Sprott Silver Miners & Physical Silver ETF (SLVR) Sprott Silver Miners Index Composition Portfolio Characteristics1 Company Domicile Breakdown1 (As of 12/31/2025) (As of 12/31/2025) • Number of Issuers: 66 • Market Cap (millions): $220,390 • Weighted Avg. Company Market Cap (millions)2: $6,543 • Mar
Slide 27: Performance History
Sprott Silver Miners & Physical Silver ETF (SLVR) Performance History Performance: Average Annual Total Returns* (%) QUARTER END AS OF 12/31/2025 1 MO 3 MO S.I.1 Sprott Silver Miners & Physical Silver ETF (Net Asset Value) 12.89 30.64 177.89 Sprott Silver Miners & Physical Silver ETF (Market Price)2
Slide 28: Sprott Client Services Team
Sprott Client Services Team Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 28
Slide 29: Distributor Contact Details
Distributor Contact Details ALPS Distributors, Inc. 1290 Broadway, Suite 1000 Denver, CO 80203 Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) | 29
Slide 30: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Sprott Silver Miners & Physical Silver ETF (Nasdaq: SLVR) This material must be preceded or accompanied by a prospectus. An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. To obtain a Sprott
Slide 31: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Index Definitions and Other Defined Terms Quantitative easing (QE) is a monetary policy tool used by central banks, like the U.S. Federal Reserve, to stimulate the economy. It involves the central bank purchasing financial assets, such as government b
Slide 32: Risk Disclosures and Other Important Information
Risk Disclosures and Other Important Information Index Definitions and Other Defined Terms, continued The Commodity Exchange (COMEX) is a major futures and options market for trading metals such as gold, silver, copper, and aluminum. COMEX provides a platform for market participants to lock in the p
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