Sprott Inc 6-K, filed Aug 7, 2020

Sprott Inc. (SII)

6-K 2020-08-07 For: 2020-06-30

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Added on April 08, 2026

About this 6-K

Sprott Inc filed this 6-K on August 7, 2020.

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For the month of	August		2020
Commission File Number	001-39298

Exhibit

99.1	Press Release dated August 7, 2020.
99.2	Management's Discussion & Analysis and Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2020.
99.3	Chief Executive Officer Certification of Interim Filings, dated August 7, 2020.
99.4	Chief Financial Officer Certification of Interim Filings, dated August 7, 2020.

		Sprott Inc.
		(Registrant)

Date:	August 7, 2020	By:	/s/ Kevin Hibbert
			Name:	Kevin Hibbert
			Title:	Senior Managing Director and Chief Financial Officer

(In millions $)	AUM Mar. 31, 2020		Net Inflows ⁽¹⁾			Market Value Changes		Other ⁽²⁾			AUM Jun. 30, 2020
Exchange Listed Products
- Physical Trusts		6,798		1,187			1,196		—			9,181
- ETFs		187		28			113		—			328
		6,985		1,215			1,309		—			9,509

Managed Equities
- Precious Metals Strategies		1,919		(562	)		922		—			2,279
- Other		209		1			67		—			277
		2,128		(561	)		989		—			2,556

Lending		839		86			11		(43	)		893	⁽³⁾

Other		783		6			146		—			935

Total		10,735		746			2,455		(43	)		13,893

	3 months ended
(in thousands $)	Jun. 30, 2020			Jun. 30, 2019
Net income for the periods		10,492			1,581
Adjustments:
Interest expense		350			226
Provision (recovery) for income taxes		1,645			(339	)
Depreciation and amortization		1,049			819
EBITDA		13,536			2,287

Other adjustments:
(Gains) losses on investments ⁽¹⁾		(8,142	)		288
Non-cash stock-based compensation		559			756
Other expenses ⁽²⁾		3,251			3,701
Adjusted EBITDA		9,204			7,032

Other adjustments:
Carried interest and performance fees		—			—
Carried interest and performance fee related expenses		—			—
Adjusted base EBITDA		9,204			7,032

Letter to Shareholders		2

Management's Discussion and Analysis		3

Consolidated Financial Statements		25

Notes to the Consolidated Financial Statements		30


	3 months ended				6 months ended

(in thousands $)	Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020		Jun. 30, 2019

Net income for the periods	10,492		1,581		11,554		4,428
Adjustments:
Interest expense	350		226		586		470
Provision (recovery) for income taxes	1,645		(339	)	3,510		320
Depreciation and amortization	1,049		819		2,037		1,648
EBITDA	13,536		2,287		17,687		6,866

Other adjustments:
(Gains) losses on investments ⁽¹⁾	(8,142	)	288		(3,790	)	233
Non-cash stock-based compensation	559		756		657		2,003
Other expenses ⁽²⁾	3,251		3,701		2,837		4,848
Adjusted EBITDA	9,204		7,032		17,391		13,950

Other adjustments:
Carried interest and performance fees	—		—		—		—
Carried interest and performance fee related expenses	—		—		—		—
Adjusted base EBITDA	9,204		7,032		17,391		13,950
Operating margin ⁽³⁾	49	%	39	%	46	%	39	%


	⁽¹⁾	This adjustment removes the income effects of certain gains or losses on short-term investments, co-investments, and digital gold strategies to ensure the reporting objectives of our EBITDA metric as described above are met.

	⁽²⁾	See Other expenses in Note 6 of the interim financial statements. In addition to the items outlined in Note 6, Other expenses also includes severance and new hire accruals of $0.4 million for the 3 months ended (3 months ended June 30, 2019 - $0.7 million) and $1 million for the 6 months ended (6 months ended June 30, 2019 - $0.8 million).

(In thousands $)	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q4 2018		Q3 2018
SUMMARY INCOME STATEMENT
Management fees	15,825		15,125		10,685		10,577		9,962		10,195		9,979		10,498
Carried interest and performance fees	—		—		1,811		—		—		—		—		—
less: Trailer and sub-advisor fees	326		154		966		50		67		—		29		34
less: Carried interest and performance fee payouts	—		—		86		—		—		—		—		—
Net Fees	15,499		14,971		11,444		10,527		9,895		10,195		9,950		10,464
Commissions	6,133		5,179		6,599		6,056		3,293		3,315		4,855		3,499
less: Commission expense	2,377		1,870		2,658		2,654		1,356		1,386		2,047		1,872
Net Commissions	3,756		3,309		3,941		3,402		1,937		1,929		2,808		1,627
Finance income ⁽¹⁾	656		914		2,481		2,561		3,435		2,946		3,213		3,691
Gains (losses) on investments	8,142		(4,352	)	(1,252	)	600		(408	)	5		5,238		(3,761	)
Other income (loss)	285		113		623		91		93		77		173		209
Total Net Revenues	28,338		14,955		17,237		17,181		14,952		15,152		21,382		12,230

Compensation ⁽²⁾	8,256		7,588		7,368		6,892		5,457		6,306		8,450		6,248
Compensation - severance and new hire accruals	358		667		157		168		650		109		29		275
Placement and referral fees	246		86		434		114		251		58		279		171
Selling, general and administrative	3,049		3,544		2,986		3,175		3,256		3,062		3,157		2,604
Interest expense	350		236		269		297		226		244		236		20
Amortization and impairment charges	1,049		988		1,254		893		819		829		453		350
Other expenses	2,893		(1,081	)	2,376		(167	)	3,051		1,038		(1,225	)	1,024
Total Expenses	16,201		12,028		14,844		11,372		13,710		11,646		11,379		10,692

Net Income	10,492		1,062		1,445		4,336		1,581		2,847		7,442		1,511
Net Income per share ⁽³⁾	0.43		0.04		0.06		0.18		0.06		0.12		0.31		0.06
Adjusted base EBITDA	9,204		8,187		7,441		7,612		7,032		6,918		7,639		7,426
Adjusted base EBITDA per share ⁽³⁾	0.38		0.33		0.31		0.31		0.29		0.28		0.32		0.31
Operating margin	49	%	43	%	38	%	36	%	39	%	39	%	38	%	36	%

SUMMARY BALANCE SHEET
Total Assets	338,931		318,318		324,943		325,442		338,530		332,504		313,895		310,055
Total Liabilities	70,818		65,945		53,313		51,774		68,008		54,009		40,386		28,185

Total AUM	13,893,039		10,734,831		9,252,515		8,548,982		8,103,723		7,909,488		7,756,582		7,776,062
Average AUM	13,216,415		11,007,781		8,932,651		8,608,001		7,898,334		7,887,089		7,599,173		7,964,464

FUND	AUM	BLENDED NET MANAGEMENT FEE RATE		CARRIED INTEREST & PERFORMANCE FEE CRITERIA

Exchange Listed Products
Sprott Physical Gold Trust	4,100	0.35	%	N/A ⁽¹⁾
Sprott Physical Gold and Silver Trust	3,562	0.40	%	N/A ⁽¹⁾
Sprott Physical Silver Trust	1,425	0.45	%	N/A ⁽¹⁾
Sprott Gold Miner's ETF	255	0.35	%	N/A ⁽¹⁾
Sprott Physical Platinum & Palladium Trust	94	0.50	%	N/A ⁽¹⁾
Sprott Jr. Gold Miner's ETF	73	0.35	%	N/A ⁽¹⁾
Total	9,509	0.39	%

Managed Equities: Precious Metals Strategies
Sprott Gold Equity Fund	1,203	0.75	%	N/A
Institutional Accounts	342	0.55	%	0-20% of all net profits in excess of the HWM
Bullion Funds ⁽²⁾	201	0.28	%	N/A
Fixed Term Limited Partnerships	200	1.70	%	15-30% over preferred return
Corporate Class Funds ⁽²⁾	165	0.71	%	5% excess over applicable benchmark indices
Gold and Precious Minerals Fund ⁽²⁾	120	1.00	%	5% excess over applicable benchmark indices
Sprott Hathaway Special Situations Fund	48	1.50	%	20% of net profits over preferred return
Total	2,279	0.79	%

Managed Equities: Other
Sprott U.S. Value Strategies	202	1.00	%	N/A
Flow-through LPs ⁽²⁾	61	0.70	%	10% of all net profits in excess of the HWM
Legacy Managed Accounts ⁽³⁾	14	1.00	%	N/A
Total	277	0.93	%

Lending
Sprott private resource lending LPs	893	1.01	%	15-70% of net profits over preferred return

Other
Managed Companies ⁽⁴⁾	600	0.50	%	20% of net profits over preferred return
Separately Managed Accounts ⁽⁵⁾	335	0.61	%	20% of net profits over preferred return
Total	935	0.54	%

Total AUM	13,893	0.52	%

⁽¹⁾Exchange listed products do not generate performance fees, however the management fees they generate are closely correlated to precious metals prices.
⁽²⁾Management fee rate represents the net amount received by the Company.
⁽³⁾ Institutional managed accounts.
⁽⁴⁾ Includes Sprott Korea Corp.
⁽⁵⁾ Includes our private equity strategy in Sprott Asia and high net worth discretionary managed accounts in the U.S.

(In millions $)	AUM Mar. 31, 2020	Net Inflows ⁽¹⁾	Market Value Changes	Other ⁽²⁾	AUM Jun. 30, 2020
Exchange Listed Products
- Physical Trusts	6,798	1,187	1,196	—	9,181
- ETFs	187	28	113	—	328
	6,985	1,215	1,309	—	9,509

Managed Equities
- Precious Metals Strategies	1,919	(562)	922	—	2,279
- Other	209	1	67	—	277
	2,128	(561)	989	—	2,556

Lending	839	86	11	(43)	893	⁽³⁾

Other	783	6	146	—	935

Total	10,735	746	2,455	(43)	13,893

⁽¹⁾ See 'Net Inflows' in the key performance indicators (non-IFRS financial measures) section of this MD&A.
⁽²⁾ Includes new AUM from fund acquisitions and lost AUM from fund divestitures and capital distributions of our lending LPs.
⁽³⁾ $1.2 billion of committed capital remains uncalled, of which $0.5 billion earns a commitment fee (AUM), and $0.7 billion does not (future AUM).

(In millions $)	AUM Dec. 31, 2019	Net Inflows ⁽¹⁾	Market Value Changes	Other ⁽²⁾	AUM Jun. 30, 2020
Exchange Listed Products
- Physical Trusts	6,579	1,661	941	—	9,181
- ETFs	252	19	57	—	328
	6,831	1,680	998	—	9,509

Managed Equities
- Precious Metals Strategies	601	(592)	529	1,741	2,279
- Other	350	(3)	(70)	—	277
	951	(595)	459	1,741	2,556

Lending	783	149	5	(44)	893	⁽³⁾

Other	688	139	108	—	935

Total	9,253	1,373	1,570	1,697	13,893

⁽¹⁾ See 'Net Inflows' in the key performance indicators (non-IFRS financial measures) section of this MD&A.
⁽²⁾ Includes new AUM from fund acquisitions and lost AUM from fund divestitures and capital distributions of our lending LPs.
⁽³⁾ $1.2 billion of committed capital remains uncalled, of which $0.5 billion earns a commitment fee (AUM), and $0.7 billion does not (future AUM).

Record date	Payment Date	Cash dividend per share (CAD $) ⁽¹⁾	Total dividend amount (in thousands $)
March 9, 2020 - Regular Dividend Q4 2019	March 24, 2020	0.30	5,387
May 19, 2020 - Regular Dividend Q1 2020	June 3, 2020	0.30	5,560
Dividends ⁽²⁾			10,947


As at		Jun. 30		Dec. 31		Jan. 1
(In thousands of US dollars)		2020		2019		2019

Assets				(Note 2)		(Note 2)
Current
Cash and cash equivalents		40,287		54,748		34,637
Fees receivable		7,850		8,682		6,330
Loans receivable		—		—		11,197
Short-term investments	(Notes 3 & 9)	15,432		17,495		19,580
Other assets	(Note 6)	9,941		12,980		7,893
Income taxes recoverable		1,573		1,439		1,744
Total current assets		75,083		95,344		81,381

Loans receivable		—		—		15,207
Co-investments	(Note 4 & 9)	61,640		55,595		56,894
Other assets	(Note 6 & 9)	18,645		20,276		19,175
Property and equipment, net		15,974		16,230		16,392
Intangible assets	(Note 5)	145,950		114,078		108,726
Goodwill	(Note 5)	19,149		19,149		19,149
Deferred income taxes	(Note 8)	2,490		4,271		4,322
		263,848		229,599		239,865
Total assets		338,931		324,943		321,246

Liabilities and Shareholders' Equity
Current
Accounts payable and accrued liabilities		31,285		23,618		32,106
Compensation payable		6,092		6,912		6,939
Obligations related to securities sold short		—		—		187
Loan facility	(Note 13)	3,657		3,829		—
Income taxes payable		1,402		807		445
Total current liabilities		42,436		35,166		39,677
Other accrued liabilities		10,320		4,247		5,769
Loan facility	(Note 13)	14,249		11,486		—
Deferred income taxes	(Note 8)	3,813		2,414		2,291
Total liabilities		70,818		53,313		47,737

Shareholders' equity
Capital stock	(Note 7)	412,589		407,900		407,775
Contributed surplus	(Note 7)	45,542		43,160		42,964
Deficit		(107,615	)	(108,222	)	(95,422	)
Accumulated other comprehensive loss		(82,403	)	(71,208	)	(81,808	)
Total shareholders' equity		268,113		271,630		273,509
Total liabilities and shareholders' equity		338,931		324,943		321,246

Commitments and provisions	(Note 14)

The accompanying notes form part of the consolidated financial statements


		For the three months ended					For the six months ended

		Jun. 30		Jun. 30			Jun. 30			Jun. 30
(In thousands of US dollars, except for per share amounts)		2020		2019			2020			2019

				(Note 2)						(Note 2)
Revenues
Management fees		15,825		9,962			30,950			20,157
Commissions		6,133		3,293			11,312			6,608
Finance income		656		3,435			1,570			6,381
Gain (loss) on investments	(Note 3 & 4)	8,142		(408		)	3,790			(403		)
Other income	(Note 6)	285		93			398			170
Total revenue		31,041		16,375			48,020			32,913

Expenses
Compensation		10,124		6,665			19,694			12,767
Stock-based compensation	(Note 7)	867		798			1,422			2,497
Trailer and sub-advisor fees		326		67			480			67
Placement and referral fees		246		251			332			309
Selling, general and administrative		3,049		3,256			6,593			6,318
Interest expense		350		226			586			470
Amortization of intangibles	(Note 5)	211		217			426			437
Amortization of property and equipment		838		602			1,611			1,211
Other expenses	(Note 6)	2,893		3,051			1,812			4,089
Total expenses		18,904		15,133			32,956			28,165
Income before income taxes for the period		12,137		1,242			15,064			4,748
Provision (recovery) for income taxes	(Note 8)	1,645		(339		)	3,510			320
Net income for the period		10,492		1,581			11,554			4,428
Basic earnings per share ⁽¹⁾	(Note 7)	$	0.43	$	0.06		$	0.47		$	0.18
Diluted earnings per share ⁽¹⁾	(Note 7)	$	0.41	$	0.06		$	0.45		$	0.17

Net income for the period			10,492		1,581			11,554			4,428
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation gain (loss) on foreign operations (taxes of $Nil)			7,501		(1,036	)		(11,195	)		3,986
Total other comprehensive income (loss)			7,501		(1,036	)		(11,195	)		3,986
Comprehensive income			17,993		545			359			8,414

The accompanying notes form part of the consolidated financial statements


(In thousands of US dollars, other than number of shares)		Number of Shares Outstanding ⁽¹⁾		Capital Stock		Contributed Surplus		Deficit		Accumulated Other Comprehensive Income		Total Equity

At Dec. 31, 2019		24,417,639		407,900		43,160		(108,222	)	(71,208	)	271,630
Shares acquired for equity incentive plan	(Note 7)	(122,304	)	(2,274	)	—		—		—		(2,274	)
Issuance of share capital on purchase of management contracts	(Note 7)	104,720		2,500				—		—		2,500
Share-based contingent consideration related to the Acquisition	(Note 7)	—		—		4,879		—		—		4,879
Shares released on vesting of equity incentive plan	(Note 7)	10,084		288		(288	)	—		—		—
Issuance of share capital on exercise of stock options	(Note 7)	150,000		5,159		(2,655	)					2,504
Shares acquired and canceled under normal course issuer bid	(Note 7)	(112,343	)	(2,024	)	—		—		—		(2,024	)
Foreign currency translation gain (loss) on foreign operations		—		—		—		—		(11,195	)	(11,195	)
Stock-based compensation	(Note 7)	—		—		1,422		—		—		1,422
Issuance of share capital on conversion of RSUs and other share based considerations	(Note 7)	50,879		976		(976	)	—		—		—
Dividends declared	(Note 10)	3,119		64		—		(10,947	)	—		(10,883	)
Net income		—		—		—		11,554		—		11,554
Balance, Jun. 30, 2020		24,501,794		412,589		45,542		(107,615	)	(82,403	)	268,113

At Dec. 31, 2018	(Note 2)	24,306,233		407,775		42,964		(95,422	)	(81,808	)	273,509
Shares acquired for equity incentive plan		(16,226	)	(378	)	—		—		—		(378	)
Shares released on vesting of equity incentive plan		60,646		1,146		(1,146	)	—		—		—
Foreign currency translation gain (loss) on foreign operations		—		—		—		—		3,986		3,986
Stock-based compensation		—		—		2,497		—		—		2,497
Issuance of share capital on conversion of RSUs and other share based considerations		47,603		817		588		—		—		1,405
Dividends declared		3,089		72		—		(11,400	)	—		(11,328	)
Net income		—		—		—		4,428		—		4,428
Balance, Jun. 30, 2019	(Note 2)	24,401,345		409,432		44,903		(102,394	)	(77,822	)	274,119

The accompanying notes form part of the consolidated financial statements

	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 1, 2019
As at reporting date	1.31	1.31	1.34	1.36
Average rate for the 3 month ended	1.32	1.34	1.33	1.32


	Classification and measurement criteria	June 30, 2020	Dec. 31, 2019

Public equities and share purchase warrants	FVTPL	11,661	10,520
Fixed income securities	FVTPL	1,920	4,220
Private holdings:
- Private investments	FVTPL	1,851	1,864
- Energy contracts	Non-financial instrument	—	891
Total short-term investments		15,432	17,495

	Goodwill		Fund management contracts (indefinite life)		Fund management contracts (finite life)		Total
Cost
At Dec. 31, 2018	132,251		97,744		34,768		264,763
Additions	—		1,376		—		1,376
Net exchange differences	—		4,350		1,540		5,890
At Dec. 31, 2019	132,251		103,470		36,308		272,029
Additions	—		36,107		—		36,107
Net exchange differences	—		(3,325	)	(484	)	(3,809	)
At Jun. 30, 2020	132,251		136,252		35,824		304,327

Accumulated amortization
At Dec. 31, 2018	(113,102	)	—		(23,753	)	(136,855	)
Amortization charge for the period	—		—		(879	)	(879	)
Net exchange differences	—		—		(1,068	)	(1,068	)
At Dec. 31, 2019	(113,102	)	—		(25,700	)	(138,802	)
Amortization charge for the period	—		—		(426	)	(426	)
Net exchange differences	—		—		—		—
At Jun. 30, 2020	(113,102	)	—		(26,126	)	(139,228	)

Net book value at:
Dec. 31, 2019	19,149		103,470		10,608		133,227
Jun. 30, 2020	19,149		136,252		9,698		165,099


	Jun. 30, 2020	Dec. 31, 2019

Digital gold strategies⁽¹⁾	17,293	18,913
Fund recoveries and investment receivables	5,270	5,951
Prepaid expenses	3,503	4,355
Other⁽²⁾	2,520	2,231
Deferred costs related to the Acquisition⁽³⁾	—	1,806
Total Other assets	28,586	33,256


	For the three months ended		For the six months ended

	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019

Investment income ⁽¹⁾	285	93	398	170
Total Other income	285	93	398	170


	Number of shares		Stated value (in thousands $)

At Dec. 31, 2018	24,306,233		407,775
Issuance of share capital under dividend reinvestment program	6,151		147
Acquired and cancelled under normal course issuer bid	(74,060	)	(1,715	)
Issuance of share capital on conversion of RSUs	81,528		1,654
Acquired for equity incentive plan	(182,612	)	(4,906	)
Released on vesting of equity incentive plan	280,399		4,945
At Dec. 31, 2019	24,417,639		407,900
Shares acquired for equity incentive plan	(122,304	)	(2,274	)
Issuance of share capital on purchase of management contracts	104,720		2,500
Shares released on vesting of equity incentive plan	10,084		288
Issuance of share capital on exercise of stock options	150,000		5,159
Acquired and canceled under normal course issuer bid	(112,343	)	(2,024	)
Issuance of share capital on conversion of RSUs and other share based considerations	50,879		976
Issuance of share capital under dividend reinvestment program	3,119		64
At Jun. 30, 2020	24,501,794		412,589


	Number of options		Weighted average exercise price (CAD $)

Options outstanding, Dec. 31, 2018	327,500		25.70
Options exercisable, Dec. 31, 2018	187,500		27.00
Options outstanding, Dec. 31, 2019	327,500		25.70
Options exercisable, Dec. 31, 2019	257,500		26.00
Options exercised during the year	(150,000	)	23.30
Options outstanding, Jun. 30, 2020	177,500		27.19
Options exercisable, Jun. 30, 2020	177,500		27.19


Exercise price (CAD $)	Number of options outstanding	Weighted average remaining contractual life (years)	Number of options exercisable

66.00	15,000	0.4	15,000
23.30	150,000	5.6	150,000
27.30	12,500	5.9	12,500
23.30 to 66.00	177,500	5.2	177,500


	Number of common shares

Common shares held by the Trust, Dec. 31, 2018	993,225
Acquired	182,612
Released on vesting	(280,399	)
Unvested common shares held by the Trust, Dec. 31, 2019	895,438
Acquired	122,304
Released on vesting	(10,084	)
Unvested common shares held by the Trust, Jun. 30, 2020	1,007,658

	Dec. 31, 2019		Recognized in income		Recognized in other comprehensive income		Jun. 30, 2020
Deferred income tax assets
Stock-based compensation	4,056		(688	)	(183	)	3,185
Non-capital losses	3,432		(1,903	)	(135	)	1,394
Unrealized losses	910		(387	)	(40	)	483
Other	247		237		22		506
Total deferred income tax assets	8,645		(2,741	)	(336	)	5,568

Deferred income tax liabilities
Fund management contracts	7,037		623		(322	)	7,338
Other	(249	)	(233	)	35		(447	)
Total deferred income tax liabilities	6,788		390		(287	)	6,891
Net deferred income tax assets	1,857		(3,131	)	(49	)	(1,323	)

	Dec. 31, 2018	Recognized in income		Recognized in other comprehensive income		Dec. 31, 2019
Deferred income tax assets
Other stock-based compensation	3,152	750		154		4,056
Non-capital losses	3,678	(372	)	126		3,432
Unrealized losses	283	604		23		910
Other	376	(143	)	14		247
Total deferred income tax assets	7,489	839		317		8,645

Deferred income tax liabilities
Fund management contracts	5,364	1,409		264		7,037
Other	94	(339	)	(4	)	(249	)
Total deferred income tax liabilities	5,458	1,070		260		6,788
Net deferred income tax assets	2,031	(231	)	57		1,857

Jun. 30, 2020	Level 1	Level 2	Level 3	Total

Public equities and share purchase warrants	7,537	4,124	—	11,661
Fixed income securities	—	1,189	731	1,920
Private holdings	—	—	1,851	1,851
Total net recurring fair value measurements	7,537	5,313	2,582	15,432

Dec. 30, 2019	Level 1	Level 2	Level 3	Total

Public equities and share purchase warrants	7,537	2,983	—	10,520
Fixed income securities	—	3,454	766	4,220
Private holdings	—	—	1,864	1,864
Total net recurring fair value measurements	7,537	6,437	2,630	16,604

	Changes in the fair value of Level 3 measurements - Jun. 30 2020
	Dec. 31, 2019	Purchases and reclassifications	Settlements	Net unrealized gains (losses) included in net income		Jun. 30, 2020
Private holdings	1,864	—	—	(13	)	1,851
Fixed income securities	766	—	—	(35	)	731
	2,630	—	—	(48	)	2,582

Type	Valuation Technique
Public equities and share purchase warrants	Fair values are determined using pricing models which incorporate all available market-observable inputs.
Hedge funds and private equity funds	Fair values are based on the last available Net Asset Value.
Fixed income securities	Fair values are based on independent market data providers or third-party broker quotes.
Private holdings (including digital gold strategies)	Fair values based on variety of valuation techniques, including discounted cash flows, comparable recent transactions and other techniques used by market participants.

Record date	Payment Date	Cash dividend per share (CAD $) ⁽¹⁾	Total dividend amount (in thousands $)
March 9, 2020 - Regular Dividend Q4 2019	March 24, 2020	0.30	5,387
May 19, 2020 - Regular Dividend Q1 2020	June 3, 2020	0.30	5,560
Dividends ⁽²⁾			10,947


	Exchange Listed Products	Managed Equities	Lending	Brokerage	Corporate	Elimination and all other segments	Consolidated
Total revenue	8,144	11,427	1,725	7,599	1,370	776	31,041
Total expenses	2,515	3,512	2,745	5,058	3,861	1,213	18,904
Income (loss) before income taxes	5,629	7,915	(1,020)	2,541	(2,491)	(437)	12,137
Adjusted base EBITDA	6,388	2,280	1,289	1,547	(2,612)	312	9,204

Head Office	Legal Counsel
Sprott Inc.	Stikeman Elliot LLP
Royal Bank Plaza, South Tower	5300 Commerce Court West
200 Bay Street, Suite 2600	199 Bay Street
Toronto, Ontario M5J 2J1, Canada	Toronto, Ontario M5L 1B9
T: 416.943.8099
1.855.943.8099	Auditors
	KPMG LLP
Directors & Officers	Bay Adelaide Centre
Ronald Dewhurst, Chairman	333 Bay Street, Suite 4600
Sharon Ranson, FCPA, FCA, Director	Toronto, Ontario M5H 2S5
Rosemary Zigrossi, Director
Graham Birch, Director	Investor Relations
Peter Grosskopf, Chief Executive Officer and Director	Shareholder requests may be directed to
Rick Rule, Director	Investor Relations by e-mail at ir@sprott.com
Whitney George, President	or via telephone at 416.943.8099
Kevin Hibbert, FCPA, FCA, Chief Financial Officer	or toll free at 1.855.943.8099
Arthur Einav, Corporate Secretary
	Stock Information
US Transfer Agent and Registrar	Sprott Inc. common shares are traded on the
Continental Stock Transfer & Trust Company	New York Stock Exchange and Toronto Stock
1 State Street 30th Floor	Exchange under the symbol “SII”
New York, NY 10004-1561
212.509.4000
continentalstock.com

Canadian Transfer Agent and Registrar
TMX Equity Transfer Services
200 University Avenue, Suite 300
Toronto, Ontario M5H 4H1
Toll Free: 1.866.393.4891
www.tmxequitytransferservices.com

Date:August 7, 2020

“Peter Grosskopf”
Peter Grosskopf
Chief Executive Officer