Sprott Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott, Inc.' 's 2025 third quarter results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. As a reminder, this conference is being recorded today, November 5th, 2025. On behalf of the speakers that follow, Listeners are cautioned that today's presentation and the responses to questions may contain forward-looking information and forward-looking statements within the meaning of applicable Canadian and US securities laws. Forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are implied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements, please consult the MD&A for the quarter and Sprott's other filings with the Canadian and U.S. securities regulators. I will now turn the conference over to Mr. Whitney George. Please go ahead, Mr. George.

Thank you, operator, and good morning, everyone. I'll start on slide three. Thanks for joining us today. On the call with me is our CFO, Kevin Hibbert, and John Chimpaglia, CEO of Sprott Asset Management. Our 2025 third quarter results were released this morning and are available on our website, where you can also find the financial statements and MD&A. On slide four, I'd like to review our third quarter and year-to-date highlights. Our assets under management increased by $9 billion during the quarter. driven by surging gold and silver prices. In October, subsequent to the quarter end, our AUM surpassed $50 billion for the first time. We reported strong sales during the third quarter, driven by interest in both precious metals and critical materials. Our managed equities business has delivered outstanding performance, both during the quarter and on a year-to-date basis, with some strategies up more than 100% as of October 31st. The active ETFs we launched earlier this year to leverage the strength of our investment team have been among our most successful ETF launches to date. Since we acquired the Sprott Uranium Miners ETF in 2022, our ETF business has grown from under $400 million in assets to more than $4.4 billion today. Given the strength of our financial results and our confidence in Sprott's future, yesterday our board declared a third-quarter dividend of $0.40 per share an increase of 33%. And finally, today, we announced that we have strengthened our executive team with the appointments of Ryan McIntyre as president and Kevin Hibbert and Arthur Einiv as co-COOs of Sprott while retaining their current positions as chief counsel and CFO, respectively. On behalf of our board and the entire SPRA team, I'd like to congratulate Ryan, Kevin, and Arthur on these appointments. And with that, I'll pass it over to Kevin for a look at our financial results. Kevin?

Thank you, Whitney, and good morning, everyone. I'll start on slide five, which provides a summary of our historical AUM. AUM finished the quarter at $49.1 billion, up 23% from $40 billion as at June 30. and up 56% from $31.5 billion as at December 31st, 2024. On a three and nine months ended basis, we benefited from strong market value appreciation across our fund products and a positive net inflows to our physical trusts. As Whitney noted, subsequent to quarter end on October 31st, our AUM was $51 billion. up 4% from our September 30 AUM level. Our performance subsequent to the quarter end was the result of $1.2 billion of market value appreciation and $793 million in net inflows to our physical trusts. Slide six provides a brief look at our three and nine month earnings. Net income this quarter was $13.2 million, up 4% from $12.7 million over the same three-month period last year. And on a year-to-date basis, net income was $38.6 million, up 3% from $37.6 million this time last year. Our net income performance was primarily due to a change in accounting requirements brought on by our new cash settled stock plan that took effect this year. largely offsetting much of the net income we otherwise generated on market value appreciation and inflows into our precious metals physical trusts and carried interest and performance fee crystallizations in our managed equities segment. As we discussed last quarter, 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 created transitional accounting noise for us in the form of accelerated vesting that occurs in the early years of the program, i.e., we have to expense 60% of the total cash settled RSUs under a three-year program in 2025 alone, and then 30% in 2026, and the final 10% in 2027. This compares to only one-third increments annually under our former equity settled program. And the second way in which this transition accounting noise impacts our net income is by adding market volatility to each accelerated vested amount and at a time when our stock is appreciated 97% on a year-to-date basis. So suffice it to say that our actual after-tax settlement obligation will be a fraction of these IFRS 2 derived amounts. Adjusted EBITDA, on the other hand, which excludes quarterly volatility from items like stock-based compensation and carried interest in performance fee crystallizations, was $31.9 million in the quarter, up 54% from $20 million over the same three-month period last year, and was $79.3 million on a year-to-date basis, up 26% from $62.8 million this time last year. Adjusted EBITDA on the quarter and on a year-to-date basis did from a higher average AUM on market value appreciation and inflows to our precious metals physical trusts. Finally, slide seven provides a few treasury and balance sheet management highlights. And as you can see, our cash and liquidity profile remains quite strong. And to Whitney's point, given the strength of our earnings, Our free cash flow and overall outlook, our board has declared a third quarter dividend of 40 cents per share, which is a 33% increase from the second quarter level. For more information on our revenues, expenses, net income, adjusted EBITDA, and balance sheet metrics, you can refer to the supplemental information section of this presentation, as well as our quarterly MD&A and financial statements filed earlier this morning. So with that said, I'll pass things over to John.