John Ciampaglia

“As Whitney mentioned in his opening comments we experienced a sharp correction of precious metals in the second quarter. This resulted in a 8.2 billion or 16% decline in our AUM in the physical trusts.”

“Just turning to slide eight, Sprite has held a bullish thesis on most metals and miners for the past few years.”

“Our physical trusts finished October at $39.4 billion and now represent 76% of our overall AUM. Year-to-date, the growth has been tremendous at an increase of $15.4 billion or 64% with strong gains across the metals complex.”

“We enjoyed a very strong operating result in the second quarter. As Kevin mentioned, a significant asset growth in our physical trust product suite. A combination of market appreciation and net flows contributed to this growth.”

“Before I review our operating results, I'd like to provide some additional color on what we're seeing in the market and how the current market environment is really an ideal and opportune time for Sprott.”