Sprott Inc.

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2026 Second 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, August 5, 2026. 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 the applicable Canadian and U.S. 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, and thanks for joining us today. On the call with me today is our CFO, and co-COO Kevin Hibbert and John Ciampaglia, CEO of Sprott Asset Management. Our 2026 second quarter results were released this morning and are available on our website where you can also find the financial statements and MD&A. I'll start on slide four. With some second quarter highlights, or maybe you might call them lowlights. The second quarter was a challenging quarter for precious metals with significant volatility across commodity, currency, and interest rate markets. Spot gold declined 14.1% as investors adjusted rapidly to changing geopolitical and monetary policy expectations. Silver fell more, dropping 22%. Rising oil prices strengthened the dollar during the quarter, which tightened global liquidity and created a challenging environment for gold. While the metal's second quarter correction was severe, we believe it was driven primarily by cyclical factors rather than any deterioration in its long-term fundamentals. Many of the forces that have supported gold over the past several years remain firmly in place, rising government debt burdens, persistent fiscal deficits, ongoing monetary debasement, and a growing demand for reserve assets outside the traditional sovereign debt system. Our AUM decreased $9.5 billion in the second quarter to $55.6 billion, and we reported $.4 billion in net redemptions, primarily from our precious metals physical trusts. Our critical materials ETFs were a bright spot, delivering net sales despite a tough environment. Our most recent ETF launches have continued to scale nicely, hitting AUM and liquidity targets more quickly than our previous launches and expanding our audience in both the broker-dealer and institutional channels. With that, I'll pass it over to Kevin for a review of our financial results.

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 $55.6 billion, down 15% from $65.1 billion as at March 31st, 2026, and down 7% from $59.6 billion as at December 31st, 2025. On a three and six months ended basis, our AUM was negatively impacted to Whitney's point, by market value depreciation and net outflows from our precious metals products partially offset by net inflows to our critical materials products. Conversely, average AUM was $63.9 billion for the quarter, up $26.3 billion or 70% from $37.6 billion this time last year. and $66.6 billion on a year-to-date basis, up $31.2 billion or 88% from $35.4 billion this time last year. Our average AUM was positively impacted by a combination of net inflows and market value appreciation across a majority of our fund products since the second quarter of last year. which more than offset the impact of the June pullback in precious metals valuation. Slide six provides a brief look at our three and six month earnings. Net income this quarter was $34.3 million up $20.8 million from $13.5 million over the same three month period last year. On a year-to-date basis, net income was $63.5 million, up $38 million from $25.5 million this time last year. Our three- and six-month-ended results were primarily due to higher average AUM in our exchange-listed products and managed equity segments, with our six-month-ended results in particular also benefiting from carried interest crystallization and our private strategy segment in the first quarter of the year. Adjusted EBITDA, which excludes quarterly volatility from items like stock-based compensation and intermittent carried interest and performance fee crystallizations, was $50.8 million for the quarter, up $25.3 million from $25.5 million over the same three-month period last year. and it was $108.7 million on a year-to-date basis, up $61.3 million from $47.4 million this time last year. Adjusted EBITDA doubled in the quarter and on a six-month ended basis due to an increase in average AUM attributable to the combination of net inflows and market value appreciation across the majority of our fund products since the second quarter of last year, as I just mentioned, which more than offset the impact of that June pullback in precious metals valuations. Finally, slide seven provides a few treasury and balance sheet management highlights. And as you can see, our cash and liquidity profile remains strong and we continue to repurchase shares opportunistically. 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. With that said, I'll pass things over to John.