Sprott Inc (SII) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2025 second-quarter results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, August 6, 2025.

女士們、先生們，早安，謝謝你們的支持。歡迎參加 Sprott Inc. 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議將於今天（2025 年 8 月 6 日）進行錄製。

I would now like to hand the conference over to your first speaker today, Mr. Whitney George. Please go ahead.

現在我想將會議交給今天的第一位發言者惠特尼·喬治先生。請繼續。

Good morning, everyone, and thanks for joining us today. I'm starting on slide 3. On the call with me today is our CFO, Kevin Hibbert; and John Ciampaglia, CEO of Sprott Asset Management. As you can see from slide 3, all the turmoil has not aged us a bit. Our 2025 second-quarter results were released this morning and are available on our website where you can also find the financial statements and MD&A.

大家早安，感謝大家今天加入我們。我從第 3 張投影片開始。今天與我一起通話的有我們的財務長 Kevin Hibbert 和 Sprott Asset Management 的執行長 John Ciampaglia。正如您在幻燈片 3 中看到的，所有的動盪並沒有讓我們變老。我們的 2025 年第二季業績已於今天上午發布，可在我們的網站上查閱，您也可以在該網站上找到財務報表和 MD&A。

Slide 4. 2025 continues to be an eventful year. Since the April 2 Liberation Day tariff announcements, we have witnessed extreme volatility in all markets. A 20% correction in the S&P 500 Index, followed by a full recovery. The new highs in one quarter is extreme, but not unexpected.

投影片 4. 2025 年仍將是多事的一年。自4月2日解放日關稅公告發布以來，我們目睹了所有市場都出現了劇烈波動。標普 500 指數回檔 20%，隨後全面回升。在一個季度內創下新高是極端的，但並不令人意外。

As I noted in this quarter's letter to shareholders, we expect more of the same going forward. In the short term, we don't know what comes next, and we will avoid making any predictions.

正如我在本季度致股東的信中指出的那樣，我們預計未來還會有更多類似的情況。短期內，我們不知道接下來會發生什麼，我們會避免做出任何預測。

Turning now to (technical difficulty) that our assets under management increased by $5 billion in the second quarter to $40 billion. Net sales continued to accelerate during the quarter due to the rising interest in multiple metals. In addition to strong ATM (technical difficulty) physical trust, we also completed two capital raises in the Sprott Physical Uranium Trust, which John will speak to more about in a few minutes.

現在談談（技術難題），我們的管理資產在第二季增加了 50 億美元，達到 400 億美元。由於對多種金屬的興趣不斷增長，本季淨銷售額繼續加速成長。除了強大的 ATM（技術難度）實物信託之外，我們還在 Sprott Physical Uranium Trust 中完成了兩次融資，John 將在幾分鐘後詳細介紹這一點。

(technical difficulty) strategies continued to perform well, delivering strong results in the quarter and over the first half of 2025, and we also benefited from carried interest and performance fees crystallization in our Managed Equities segment.

(技術難度) 策略持續表現良好，在本季度和 2025 年上半年取得了強勁的業績，同時我們也受益於管理股票部門的附帶權益和績效費的結晶。

Earlier this year, we launched two new precious metals ETFs, and we are very pleased with the early results from these strategies. The Sprott Active Gold and Silver Miners ETF, our first actively managed ETF and the Sprott Silver Miners and Physical Silver ETF have been 2 of our most successful ETF launches to date hitting key AUM thresholds more quickly than any of our previous (technical difficulty)

今年早些時候，我們推出了兩檔新的貴金屬 ETF，我們對這些策略的早期結果非常滿意。Sprott Active 黃金和白銀礦業 ETF 是我們的第一隻主動管理型 ETF，而 Sprott 白銀礦業和實物白銀 ETF 是我們迄今為止推出的最成功的 ETF 之一，它們比我們之前推出的任何 ETF 都更快地達到了關鍵的 AUM 門檻（技術難度）

With that, I'll pass it over to Kevin for a look at financial results. Kevin?

說完這些，我會把它交給凱文來查看財務結果。凱文？

Thanks, Whitney, and good morning, everyone. I'll start on slide 5, which provides a summary of our historical AUM. AUM finished the quarter, as Whitney noted, at $40 billion, up 14% from $35.1 billion as at March 31, 2025, and up 27% from $31.5 billion as at December 31, 2024. On a three and six months ended basis, we benefited from positive market value appreciation across the majority of our fund products and positive net inflows to our physical trusts. Slide 6 provides a brief look at our three- and six-month earnings.

謝謝，惠特尼，大家早安。我將從第 5 張投影片開始，它提供了我們歷史 AUM 的摘要。惠特尼指出，本季資產管理規模達 400 億美元，較 2025 年 3 月 31 日的 351 億美元成長 14%，較 2024 年 12 月 31 日的 315 億美元成長 27%。在截至第三季和第六季的數據中，我們受惠於大多數基金產品的市場價值正成長以及實物信託的正淨流入。幻燈片 6 簡要介紹了我們的三個月和六個月的收益。

Net income this quarter was $13.5 million, up 1% from $13.4 million over the same three-month period last year. On a year-to-date basis, net income was $25.5 million, up 2% from $24.9 million this time last year. Our flat net income performance was caused by 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 appreciation and flows into our physical trusts and carried interest and performance fee crystallization in our Managed Equity segment.

本季淨收入為 1,350 萬美元，較去年同期的 1,340 萬美元成長 1%。今年迄今，淨收入為 2,550 萬美元，較去年同期的 2,490 萬美元成長 2%。我們的淨收入表現持平是由於我們今年生效的新現金結算股票計劃帶來的會計要求變化，這在很大程度上抵消了我們原本通過市場升值和流入實物信託以及管理股權部門的附帶權益和績效費結晶而產生的大部分淨收入。

By way of background, cash settled stock plans like the one we implemented this year require the use of mark-to-market and great best accounting under IFRS 2 which creates the dual impact of accelerating the amount of vesting that occurs each period and adding market volatility to each vested amount. In our case, at a time when our stock has appreciated 54% in the quarter and 64% on a year-to-date basis.

背景是，我們今年實施的現金結算股票計劃需要使用 IFRS 2 下的按市價計價和最佳會計方法，這會產生雙重影響，即加速每個期間發生的歸屬金額並增加每個歸屬金額的市場波動。就我們而言，我們的股票在本季上漲了 54%，年初至今上漲了 64%。

In contrast, last year, we had an equity settled stock program, that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period. Adjusted EBITDA, on the other hand, which excludes quarterly volatility from items such as stock-based compensation, FX volatility and intermittent carried interest and performance fee crystallizations was $25.5 million for the quarter, up 14% from $22.4 million over the same three-month period last year and was $47.4 million on a year-to-date basis, up 12% from $42.1 million this time last year.

相較之下，去年我們有一個股權結算股票計劃，要求每項歸屬在整個攤銷期間以原始授予日的公允價值進行恆定估值。另一方面，調整後的 EBITDA（不包括股票薪酬、外匯波動和間歇性附帶權益和績效費結晶等項目的季度波動）本季為 2,550 萬美元，較去年同期的 2,240 萬美元增長 14%；年初至今為 4,740 萬美元，較去年同期的 4,210 萬美元增長 12%。

Adjusted EBITDA in the quarter and on a year-to-date basis benefited from higher average AUM on market value appreciation and inflows to our precious metals physical trust. However, Offsetting these positives was our finance income being down due to last year's higher syndication fees and our net commissions also being down due to last year's Copper Trust IPO and higher ATM activity in our physical uranium trust.

本季和年初至今的調整後 EBITDA 受益於市場價值升值和貴金屬實物信託資金流入導致的平均 AUM 增加。然而，抵消這些積極因素的是，由於去年銀團費用增加，我們的財務收入下降，並且由於去年 Copper Trust IPO 和實物鈾信託的 ATM 活動增加，我們的淨佣金也下降。

Finally, slide 7 provides a few treasury and balance sheet management highlights, and as you can see there, our cash and liquidity profile remains quite strong. 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.

最後，第 7 張投影片提供了一些財務和資產負債表管理亮點，如您所見，我們的現金和流動性狀況仍然相當強勁。有關我們的收入、支出、淨收入、調整後的 EBITDA 和資產負債表指標的更多信息，您可以參考本演示文稿的補充信息部分以及我們今天早上提交的季度 MD&A 和財務報表。

With that said, I'll pass thing over to John.

話雖如此，我會把事情交給約翰。

Thanks, Kevin, and good morning, everybody. Thanks for joining us. We enjoyed a very strong operating results in the second quarter. As Kevin mentioned, with significant asset growth in our physical trust product suite. A combination of market appreciation and net flows contributed to this growth.

謝謝，凱文，大家早安。感謝您的加入。我們第二季的經營業績非常強勁。正如凱文所提到的，我們的實體信託產品套件的資產顯著增長。市場升值和淨流量的共同作用促成了這一成長。

Gold, silver, platinum, palladium and uranium were all solid performers in the quarter. AUM was $31 billion as of August 1, which represents an all-time high for the physical trust product suite.

本季度，黃金、白銀、鉑金、鈀金和鈾均表現穩健。截至 8 月 1 日，資產管理規模為 310 億美元，創下實體信託產品套件的歷史新高。

As the funds continue to grow in size, they benefit from an important scale effect, which drives liquidity which in turn begets liquidity. This is critical in order to attract more institutional capital as they begin to reallocate to the metal sector. Next slide, please.

隨著基金規模不斷擴大，它們受益於重要的規模效應，這推動了流動性，進而產生了流動性。當機構資本開始重新配置到金屬產業時，這一點對於吸引更多的機構資本至關重要。請看下一張投影片。

We enjoyed our strongest sales quarter in the past three years, driven by renewed interest as we said in multiple metals. Our business tends to produce the best results when multiple metals are working at the same time. As we discussed in previous quarters, metals like silver are finally experiencing a catch-up trade with gold. Silver remains undervalued relative to gold and is still well off its 2011 high. Since the beginning of 2021, our Physical Silver Trust has captured over 100% of net flows amongst US-listed peers, allowing us to grow our market share of assets meaningfully Shifting over to uranium. Our Uranium Trust completed two novel capital raises, which were well supported by institutional investors with the proceeds, Sprott has accumulated another 2 million pounds of uranium bringing our overall stockpile to 68 and 4 million pounds. And since the inception of Sprott 4 years ago, we have now purchased a total of 50 million pounds of uranium.

正如我們所說，受多種金屬重新受到關注的推動，我們經歷了過去三年來最強勁的銷售季度。當多種金屬同時工作時，我們的業務往往會產生最佳結果。正如我們在前幾季所討論的那樣，白銀等金屬終於開始追趕黃金的交易。與黃金相比，白銀價格仍然被低估，且仍遠低於 2011 年的高點。自 2021 年初以來，我們的實體白銀信託已佔據了美國上市同行中超過 100% 的淨流量，這使我們能夠大幅增加資產市場份額，並轉向鈾。我們的鈾信託基金完成了兩次新的融資，並得到了機構投資者的大力支持，Sprott 又累積了 200 萬磅鈾，使我們的總庫存達到 6,800 萬磅和 400 萬磅。自 4 年前 Sprott 成立以來，我們已累積購買了 5,000 萬磅鈾。

Moving to slide 10. Shifting to our suite of ETFs. We've seen a nice recovery in AUM since the market lows in early April. Assets have rebounded to $3 billion. We have been extremely pleased with the initial market reception for our two latest ETF launches, the Sprott Silver Miners and Physical Silver ETF, ticker SLVR is off to a very strong start with assets of approximately $170 million.

移至投影片 10。轉向我們的 ETF 套件。自 4 月初市場低點以來，我們看到 AUM 出現了良好的復甦。資產已回升至30億美元。我們對我們最新推出的兩隻 ETF —— Sprott Silver Miners 和 Physical Silver ETF ——的初始市場反應感到非常滿意，股票代碼為 SLVR，開局非常強勁，資產規模約為 1.7 億美元。

And just for context, there are so many new ETFs coming to market, new ETFs in their first year of life, somewhere -- attract somewhere around $5 million, just to put it into context.

就背景情況而言，有許多新的 ETF 進入市場，新 ETF 在推出的第一年就吸引了約 500 萬美元的資金，這只是一個大概的情況。

Our first actively managed ETF to Sprott Active Gold and Silver Miners ETF is also gaining traction and is approaching $50 million. We believe there are strong opportunities to grow our market share with both of these new ETFs and obviously, they're very scalable.

我們的第一隻主動式管理 ETF——Sprott Active Gold and Silver Miners ETF 也正在獲得關注，規模接近 5,000 萬美元。我們相信，這兩隻新的 ETF 都有很大的機會擴大我們的市場份額，而且顯然它們的可擴展性非常強。

Moving to slide 11 to talk about ETF flows. Overall, it was a solid quarter despite mixed results by product type. The precious metals mining ETFs are driving most of the flows, while the uranium mining ETFs have been under some redemption pressure of late. We attribute this to some investors shifting to the downstream segment of the nuclear energy sector as more market participants understand that we are entering another nuclear renaissance period. We expect this to be transitory as the price of uranium still remains quite low in our opinion and the uranium mining stocks represent good value to capture that upside.

轉到投影片 11，討論 ETF 流動。整體而言，儘管產品類型的業績好壞參半，但本季仍表現穩健。貴金屬礦業ETF推動了大部分資金流動，而鈾礦業ETF最近面臨一些贖回壓力。我們認為這是因為一些投資者轉向核能領域的下游部分，因為越來越多的市場參與者認識到我們正在進入另一個核能復興時期。我們預計這只是暫時的，因為我們認為鈾價仍然很低，而鈾礦股具有良好的價值，可以抓住這個上漲空間。

And with that, I'm going to pass it over to William.

說完這些，我會把麥克風交給威廉。

Thank you, John. We'll move now to slide 12 for a look at our managed equity segment. As I mentioned in my opening remarks, our managed equity strategies have performed well this year. Our flagship gold equity fund was up 15.5% during the quarter and has gained 46% year-to-date. However, flows continue to performance and we reported $61 million in net redemptions during the quarter and $81 million on a year-to-date basis.

謝謝你，約翰。我們現在轉到第 12 張投影片來查看我們的管理股權部分。正如我在開場白中提到的，我們的管理股票策略今年表現良好。我們的旗艦黃金股票基金本季上漲了 15.5%，今年迄今已上漲 46%。然而，資金流繼續表現良好，我們報告本季淨贖回額為 6,100 萬美元，年初至今淨贖回額為 8,100 萬美元。

One of the reasons we launched Sprott's Active Gold and Silver Miners ETF was to capitalize on investors' current preference for ETFs over mutual funds. GBUG, it allows strength of our investment team in an active strategy within an ETF wrapper, which is more transparent and tax efficient for investors. We are pleased with the early response to this new strategy, which actually yesterday just surpassed $50 million in AUM.

我們推出 Sprott 活躍黃金和白銀礦業 ETF 的原因之一是利用投資者目前對 ETF 而非共同基金的偏好。GBUG，它使我們的投資團隊能夠在 ETF 包裝內採用主動策略，這對投資者來說更加透明且稅收效率更高。我們對這項新策略的早期反應感到高興，實際上昨天該策略的資產管理規模剛剛超過 5,000 萬美元。

Looking ahead, we expect to launch at least one additional active ETF before the end of 2025.

展望未來，我們預計將在 2025 年底前推出至少一隻額外的主動式 ETF。

I'll turn now to the private strategies on slide 13. Private Strategies AUM was $2.1 billion, down slightly from March 31, 2025. The decline reflects a net decrease in investments quarter over quarter, new investments less distributions to our partners across the lending and streaming and royalty segments. The team continues to assess new investment opportunities for Lending Fund III and is actively monitoring our streaming and royalty portfolio investments.

現在我將轉到第 13 張投影片上的私人策略。私人策略資產管理規模為 21 億美元，較 2025 年 3 月 31 日略有下降。這一下降反映了投資額環比淨減少，即新投資減去對貸款、串流媒體和特許權使用費部門合作夥伴的分配​​。團隊繼續評估貸款基金 III 的新投資機會，並積極監控我們的串流媒體和特許權使用費投資組合投資。

Slide 14. To recap, we're pleased with our results over the first half of 2025. AUM has increased $8.5 billion year-to-date, driven by rising metal prices as well as $1.6 billion in net sales. Metal markets are experiencing a new kind of scarcity, which is placing upward pressure on prices. The global trade and inventory system for some metals is starting to break down due to geopolitical tensions, protectionist trade policies and resource nationalism.

幻燈片 14。總而言之，我們對 2025 年上半年的業績感到滿意。受金屬價格上漲以及 16 億美元淨銷售額的推動，今年迄今為止，AUM 已增加 85 億美元。金屬市場正在經歷一種新的稀缺現象，這給價格帶來了上行壓力。由於地緣政治緊張局勢、貿易保護主義政策和資源民族主義，一些金屬的全球貿易和庫存體系開始崩潰。

The result is greater volatility in spreads, higher regional price differences and a long-term premium on strategically essential metals. Gold has set a new series of record price out to a 12-year high and Platinum was recently at its highest level in 10 years. Prices may stay elevated even without significant changes in traditional supply-demand metrics because it's become harder for metals to flow freely around the world.

其結果是價差波動加劇、地區價格差異加大以及戰略必需金屬的長期溢價。黃金價格創下 12 年來的新高，鉑金價格最近也達到了 10 年來的最高水準。即使傳統的供需指標沒有重大變化，價格仍可能保持高位，因為金屬在全球範圍內自由流動變得更加困難。

At Sprott, we're fortunate to be extremely well positioned to create value for our clients and our shareholders with an asset base divided between precious metals and critical materials investments. We look forward to reporting to you on our progress in the quarters ahead.

在 Sprott，我們很幸運能夠憑藉貴金屬和關鍵材料投資的資產基礎，為我們的客戶和股東創造價值。我們期待在未來幾季向您報告我們的進展。

That concludes our remarks for today's call, and I'll now turn it over to the operator for some Q&A. Operator?

今天的電話會議發言到此結束，現在我將把時間交給接線員進行一些問答。操作員？

(Operator Instructions)

（操作員指示）

Matt Lee, CG.

馬特李，CG。

Maybe starting with the housekeeping one. Can I just ask you how you determine the market value changes in private strategies? Like is it that market to market? Or is it recognized in the underlying investments each maturity.

也許可以從家事開始。我可以問一下您如何確定私人策略中的市場價值變化嗎？就像是市場對市場？或它在每個到期日的基礎投資中得到確認。

Matt, it's Kevin here. Good question. So the accounting requires -- because they're loans, we have to use pull-to-par accounting. So it's basically amortized cost, but we also believe that amortized cost is a reasonable proxy for market.

馬特，我是凱文。好問題。因此會計要求——因為它們是貸款，所以我們必須使用按面值計算的會計方法。所以它基本上是攤銷成本，但我們也認為攤銷成本是市場的合理代理。

But some of them have like equity components, right, in the private strategies. And inevitably, if it's gold related and given how well the gold market is done, in theory, there's some market appreciation that's not captured in that market value change.

但其中一些在私人策略中具有類似股權的成分。不可避免的是，如果它與黃金相關，考慮到黃金市場的良好表現，理論上，會有一些市場升值，但並未體現在市場價值變化中。

Well, the market -- so when you're dealing with those types of equity kickers, those equity kickers actually come out and then you have the pull to par accounting, that will get you back up to that ultimate amortized cost value. So in times like this, to your point, where the market value has gone up a fair bit, you will see some of that, but the equity kickers tend to make up a relatively smaller portion of the overall value of those loans.

好吧，市場——所以當你處理這些類型的股權附加價值時，這些股權附加價值實際上就會出現，然後你就會有平價會計的拉動，這將使你回到最終的攤銷成本價值。因此，在這種時候，正如您所說，當市場價值上漲了不少時，您會看到一些收益，但股權附加價值往往只佔這些貸款總價值的較小部分。

All right. Got it. That's helpful. And then maybe can you just give us an idea of what you're seeing in the uranium market in general? Sprott market does seem to have pulled back a been in the last month.

好的。知道了。這很有幫助。那麼，您能否向我們介紹一下您對鈾市場的整體看法？Sprott 市場似乎確實在上個月有所回落。

But if you read the news, US executive orders, international demand, both seem to point towards kind of an upswing. Is that kind of what you mean when you're saying there's going to be a nuclear renaissance on the way?

但如果你讀新聞，你會發現美國的行政命令、國際需求似乎都指向某種上升趨勢。這就是您所說的核復興即將到來時的意思嗎？

Matthew. It's John. Yes, sure, I'd love to pick up on that. Yes, I think it's fair to say that the -- there's been kind of a dissect between the physical uranium market and the overwhelming shift of energy policy support back to nuclear energy over the last three years? Most of that disconnect has been in the last 12 months, and it's been related to largely uncertainty around, obviously, the incoming administration.

馬修。是約翰。是的，當然，我很樂意了解這一點。是的，我認為可以公平地說——過去三年來，實體鈾市場和能源政策支持重回核能之間存在某種分歧？這種脫節大部分發生在過去 12 個月，顯然很大程度上與新政府的不確定性有關。

It was also in part to the price of uranium jumping very sharply in 2023 and early 2024, which I think made some utilities cautious about chasing the price.

部分原因是鈾價在 2023 年和 2024 年初大幅上漲，我認為這讓一些公用事業公司對追逐價格持謹慎態度。

Now that we have some clarity in terms of the Trump Administration's position with the four executive orders, which were incredibly holistic and beneficial for the sector as well as clarity on tariffs, which were not applied to uranium products or related fuel services, I think it's -- we're really set up right now for utilities to come back to market. And I'll just share a quick stat with you, which I think is very important. The industry basically operates through long-term purchase agreements and to August 4 year to date, the industry has signed a grand total of 30 million pounds of contracts for future delivery. That's about 1/3 of replacement rates so far year-to-date. So it really signaled that utilities have not been actively buying.

現在，我們對川普政府的四項行政命令的立場有了一些了解，這些命令非常全面，對該行業有利，並且明確了關稅，但不適用於鈾產品或相關燃料服務，我認為 - 我們現在確實已經為公用事業重返市場做好了準備。我只想與大家分享一個簡短的統計數據，我認為這非常重要。該行業基本上透過長期購買協議運作，截至今年 8 月 4 日為止，該行業已簽署總計 3000 萬英鎊的未來交付合約。這大約是今年迄今替代率的三分之一。因此，這確實表明公用事業公司尚未積極購買。

They've been on the sidelines because of all the distraction of noise, but we just yesterday got an early sign that a Korean utility came to market through a public RFP process for almost 9 million pounds of uranium that they're looking for.

由於各種噪音的干擾，他們一直處於觀望狀態，但我們昨天才得到一個早期信號，一家韓國公用事業公司通過公開 RFP 流程進入市場，尋求近 900 萬磅鈾。

And we're now moving into the seasonal start of the contracting cycle, which starts with the World Nuclear Association Conference, which is going to start the first week of September. So we think that the utilities are finally starting to emerge from their hibernation and the price and the term market and the spot market should respond accordingly to that.

我們現在正進入合約週期的季節性開始階段，該階段始於世界核能協會會議，會議將於 9 月第一周開始。因此，我們認為公用事業終於開始走出冬眠，價格、期限市場和現貨市場應該會對此做出相應的反應。

Etienne Ricard, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Etienne Ricard。

I'd like to cover copper. The Physical Trust is trading at quite a discount to NAV. I'm curious what do you think needs to happen for this discount to narrow? And more broadly, how is the trend volatility to trade policies impacting demand for the copper trust.

我想覆蓋銅。實物信託的交易價格遠低於資產淨值。我很好奇，您認為需要發生什麼才能縮小這個折扣？更廣泛地說，貿易政策的趨勢波動如何影響銅信託的需求。

Etienne, it's John. I'll cover that. Well, the most notable thing about the copper market, which I'll start with has obviously been up until a few days ago, the dislocation between CME and LME prices. And that was obviously due to uncertainty and tariff threats where CME prices, meaning copper stored in the US warehouse was trading about 30% higher than copper sitting in a European warehouse.

艾蒂安，我是約翰。我會講到這一點。好吧，首先我要說的是，銅市場最值得注意的事情顯然是直到幾天前 CME 和 LME 價格之間的錯位。這顯然是由於不確定性和關稅威脅造成的，芝加哥商品交易所 (CME) 的價格，即儲存在美國倉庫的銅的交易價格比儲存在歐洲倉庫的銅高出約 30%。

That obviously is unwound since in the last few days as tariffs were not applied as broadly as considered. So that dislocation between the two markets is now unwound. That has obviously created a lot of uncertainty and a lot of stress for traders and end users.

顯然，自過去幾天以來，這一局面已經解除，因為關稅的適用範圍沒有像預期的那樣廣泛。因此，兩個市場之間的錯位現在已經消除。這顯然給貿易商和最終用戶帶來許多不確定性和壓力。

With respect to the copper trust, yes, we acknowledge it is trading at a discount that we're clearly not happy with. It's approximately 20% discount, which is a real anomaly, an outlier relative to our other funds. One of the initiatives that is underway right now is that we have filed with the New York Stock Exchange and application to the SEC to duly list the vehicle and part of the dual listing would envision a more robust and flexible redemption option. And that physical redemption and cash redemption option, if approved, would, in our opinion, in our experience, act as a very powerful incentive to close that discount to NAV.

關於銅信託，是的，我們承認它的交易價格有折扣，這顯然讓我們不滿意。折扣約為 20%，這是一個真正的異常現象，與我們的其他基金相比是一個異常值。目前正在進行的舉措之一是，我們已向紐約證券交易所提交申請，並向美國證券交易委員會提交正式上市申請，雙重上市的一部分將設想一個更強大、更靈活的贖回選項。並且，根據我們的經驗，如果實物贖回和現金贖回選項獲得批准，那麼這將成為消除資產淨值折扣的非常強大的激勵因素。

So we are obviously still in kind of a quiet period with the SEC but that is our best effort to address the product and help to tighten that discount. We have had an institution that has been under some stress that has been selling shares, that has also, I think, exacerbated the situation.

因此，我們顯然仍處於與美國證券交易委員會 (SEC) 的靜默期，但這是我們解決產品問題並幫助縮小折扣的最大努力。我們有一個機構承受著一定的壓力，一直在出售股票，我認為這也加劇了局勢。

And a question maybe for Kevin. On operating expenses, can you remind us what incremental margins Sprott could achieve given the rising net flows?

也許還有一個問題想問凱文。關於營運費用，您能否提醒我們，在淨流量不斷增加的情況下，Sprott 可以實現多少增量利潤？

Sorry, I don't understand the question.

抱歉，我不明白這個問題。

Well, so currently, you're generating about 60% adjusted EBITDA margins. How do you think about incremental margins as you raise more AUM.

嗯，目前，您的調整後 EBITDA 利潤率約為 60%。當您增加 AUM 時，您如何看待增量利潤？

Okay. Okay. Got you. Okay. Thanks for that.

好的。好的。明白了。好的。謝謝。

Well, I think one of the things that can help you or any analyst or investor looking at the story to get a sense of what's left as far as margin expansion opportunities. As the earnings base grows. And to the extent that, that growth is coming primarily from our Exchange Listed Products segment. What will just happen is you'll see a greater proportion of that business making up the consolidated results. And if you just look at the margins of that business, it's a little north of 80%.

嗯，我認為有一件事可以幫助你或任何分析師或投資者了解這個故事，就利潤擴張機會而言，還剩下什麼。隨著獲利基礎的成長。從某種程度上來說，這種成長主要來自於我們的交易所上市產品部門。最終會發生的是，你會看到該業務在合併結果中所佔的比例越來越大。如果你看一下該業務的利潤率，它略高於 80%。

So in other words, as that business continues to grow and make up a bigger proportion of our overall consolidated results, you should see that 6% margin climbing higher.

換句話說，隨著該業務的持續成長並佔據我們整體合併績效的更大比例，您應該會看到 6% 的利潤率不斷攀升。

In theory, if the Exchange visit Products segment made up significantly bigger portion of the overall business, then you see the number getting closer to that 80% number there. But as Whitney's mentioned over the last few quarters, we do reinvest in the business to continue to achieve that growth. And so that will offset that climb a fair bit as well. So basically, if there was a high end, you're probably looking at somewhere a little closer to where the exchange listed business is right now, which is -- I think it's Page 14 of the of the shareholders' report. And then the low end would be, to the extent the managed equities business became a bigger portion since that's the lower margin segment that we'd have.

理論上，如果交易所訪問產品部分佔整體業務的很大一部分，那麼您會看到這個數字越來越接近 80%。但正如惠特尼在過去幾個季度提到的那樣，我們確實對業務進行了再投資，以繼續實現成長。因此，這也會在一定程度上抵消這一增長。所以基本上，如果有一個高端，你可能會看到更接近交易所上市業務現在的位置，也就是 - 我認為這是股東報告的第 14 頁。然後，低端將是管理股票業務佔據更大份額的程度，因為這是我們利潤率較低的部分。

I'd add to that, we would like to grow the lower-margin businesses because they carry higher fees on AUM. So we would trade off margin expansion for absolute net income growth for sure. But we've been blessed by having these physical trusts do very well. And it's certainly our hope that other divisions catch up at some point.

我想補充一點，我們希望發展利潤率較低的業務，因為它們對 AUM 收取的費用更高。因此，我們肯定會用利潤率擴張來換取絕對淨收入的成長。但我們很高興這些實體信託表現良好。我們當然希望其他部門將來也能趕上。

And then sorry to pile on with that, but that was another good point on Whitney's and that -- those businesses are also where all the carry and performance fees come from.

然後很抱歉我又說了這麼多，但這是惠特尼的另一個好觀點——這些業務也是所有收益和績效費用的來源。

Graham Ryding, TD Securities.

道明證券的 Graham Ryding。

Maybe I could start on that carried interest performance fees. Can you just give us some color on like maybe what the contribution was in the quarter from I think there was one fund that you -- it was sort of in a wind up and then there was also some contribution from your active mining equity fund. Can you maybe give us some color on the mix?

也許我可以從附帶權益的績效費用開始。您能否向我們詳細介紹本季的貢獻情況？我認為有一檔基金——它處於清盤階段，另外還有來自您的主動採礦股票基金的一些貢獻。您能給我們講講混音方面的情況嗎？

Yes, sure. It's Kevin here, Graham. How is it going? So I'd say probably roughly about 65%, 65% to 70% would have come from that legacy at exploration LP and the rest would have come from our resource exploration and development and active equity fund.

是的，當然。我是凱文，格雷厄姆。最近好嗎？所以我想說大概 65%、65% 到 70% 來自勘探 LP 的遺產，其餘部分來自我們的資源勘探和開發以及主動股權基金。

Okay. And then on that, it looked like the sort of the payout or the compensation payout was quite low relative to the, I think, $15 million in total carrying interest in foreign fees. Any reason why that was so low?

好的。然後就這一點而言，看起來這種支出或補償支出相對於總的 1500 萬美元的外國費用利息來說相當低。為什麼這麼低？有什麼原因嗎？

Yes. The -- so because it's from that -- the majority of it was from that Legacy LP, when we reimagined and restructured the business, and exited those areas, we were left at those exploration LPs that we're now harvesting for cash and in the process of closing down so the folks that would have otherwise had a bigger claim on that P&L are no longer here. So we're in the enviable position of retaining it for our shareholders. And that's pretty much the reason.

是的。因為 — — 因為它來自於 — — 其中大部分來自於那個 Legacy LP，當我們重新構想和重組業務並退出那些領域時，我們留在了那些勘探 LP，我們現在正在收穫現金並處於關閉的過程中，所以那些原本可以對該損益表有更大索取權的人已經不在這裡了。因此，我們處於令人羨慕的地位，可以為股東保留這一地位。這就是大致的原因。

Yes. Okay. That makes sense. And then my last question on this theme is just -- can you give us any sort of color on sort of outlook maybe multiyear or next year, how you're thinking about the outlook for carried interest and performance fees because if I look historically, I think you're averaging about 3% of your net fees would come from carried interest or performance fees. But this quarter was obviously a big outlier.

是的。好的。這很有道理。然後，我關於這個主題的最後一個問題是——您能否給我們一些關於前景的信息，也許是多年期或明年，您如何看待附帶權益和績效費的前景，因為如果我從歷史角度來看，我認為您平均約 3% 的淨費用來自附帶權益或績效費。但本季顯然是一個很大的異常值。

So it doesn't feel like we should be using this as a run rate. But can you give us any sort of color on what your expectations are?

因此我們似乎不應該將其用作運行率。但是您能否向我們透露您的期望？

Do you want me to take that, Kevin?

凱文，你想讓我拿著它嗎？

Yes, sure, Whitney.

是的，當然，惠妮。

So generating performance fees, carried interest in the second quarter have been unusual. We have one small fund. It's an exploration partners fund that crystallizes performance fees semiannually, but most of our funds in managed equities calculate them and get them at year-end. So that's kind of the timing and the most of these come. And then, of course, there is a lending franchise, and those are long-term partnerships, and we earn those fees at the end of those partnerships.

因此，第二季產生的績效費和附帶權益是不尋常的。我們有一個小基金。這是一支探索合作基金，每半年明確一次績效費，但我們管理的大多數股票基金都是在年底計算並獲得績效費。這就是時機，而且大部分事情都已經發生了。當然，還有貸款特許經營權，這些都是長期合作夥伴關係，我們在這些合作夥伴關係結束時賺取這些費用。

Winding Fund II will wind up sometime maybe late next year. And that's when those lumpy performance or carried interest would show up, but I think it'd be very hard. I certainly wouldn't try and model them in on a long-term basis.

Winding Fund II 將於明年年底左右結束。那時，那些不穩定的表現或附帶利益就會顯現出來，但我認為這會非常困難。我當然不會嘗試長期塑造它們。

Okay. Understood. And then my last question, if I could be a bit greedy here, just flows quarter-to-date. It looks like I'm not stating about $100 million or just north of $100 million. Does that sound right?

好的。明白了。然後是我的最後一個問題，如果我可以有點貪心的話，只是本季迄今為止的流量。看起來我所說的並不是 1 億美元或略高於 1 億美元。聽起來對嗎？

I don't know, John, do you want to take that? .

我不知道，約翰，你想接受這個嗎？。

Graham, I don't have the number in front of me. I think it's fair to say that with heightened volatility in metals markets, which is what we've been experiencing, obviously, for the last few months, that does put us in a stronger position to issue new equity because of the requirement we need to achieve, which is issued above NAV. So that volatility, while markets and traders don't like it, it's actually positive for our business. And we have seen pretty consistent sales and it seems as though platinum carries the baton for a few weeks and then it goes to silver and then it goes to gold. And I think that's what's really helped our business is that we've had multiple metals kind of pulling the load and contributing here.

格雷厄姆，我面前沒有這個號碼。我認為可以公平地說，隨著金屬市場波動性的加劇（這顯然是我們在過去幾個月中經歷的），這確實使我們在發行新股方面處於更有利的地位，因為我們需要達到的要求是高於資產淨值的發行。因此，儘管市場和交易員不喜歡這種波動，但它實際上對我們的業務有利。我們看到銷售情況相當穩定，似乎鉑金在幾週內佔據主導地位，然後是白銀，然後是黃金。我認為對我們的業務真正有幫助的是，我們有多種金屬來承擔負荷並做出貢獻。

So I think that's why we've had such good sales in the last four months or so.

所以我認為這就是我們在過去四個月左右銷售業績如此好的原因。

And just remind me, Graham, you were saying what number did you say, Graham, you said $100 million, you have roughly?

格雷厄姆，提醒我一下，您剛才說的數字是多少，格雷厄姆，您說的是 1 億美元，您大概有多少錢？

Yes. For your exchange-listed products, I had just over $100 million a quarter like basically through July?

是的。你們在交易所上市的產品，截至 7 月份，我每季的銷售額略高於 1 億美元，對嗎？

Yes. We're probably a little higher than that.

是的。我們可能比這還要高一點。

On the other hand, we have had redemptions in some of our ETFs, particularly the uranium ETFs. So that's a little bit of an offset that might bring you down a bit.

另一方面，我們的一些 ETF 出現贖回，特別是鈾 ETF。所以這是一個小小的抵消，可能會讓你稍微失望一點。

Yes. So with the offset that Whitney -- sorry. So I was just going to say, Graham, with the offsets Whitney talked about and what you're probably missing, you probably want to be a little closer to $150 million.

是的。因此，惠特尼對此表示了歉意。所以我只是想說，格雷厄姆，考慮到惠特尼談到的補償以及你可能忽略的東西，你可能希望這個數字更接近 1.5 億美元。

Mike Kozak, Cantor Fitzgerald.

麥克·科扎克，菲茨傑拉德領唱。

Just two questions for me. First one maybe just at a higher level. You kind of got -- And John, you alluded to it just now, but you have multiple metals, and they're all kind of firing in all cylinders, gold at all-time highs. Silver, I think, made a 14-year high a couple of weeks ago. And then you guys reported a very nice cash build in the second quarter, I believe, about $20 million in free cash flow in Q2.

我只有兩個問題。第一個可能只是處於更高的層次。你有點明白了——約翰，你剛才提到了這一點，但你有多種金屬，而且它們都在全力以赴，黃金價格創歷史新高。我認為，白銀價格幾週前創下了 14 年來的最高點。然後你們報告說第二季的現金累積非常好，我相信，第二季的自由現金流約為 2000 萬美元。

How do you think kind of the corporate level about the dividend policy? Would you ever consider a special dividend when you have multiple metals running like this? .

您如何看待公司層面的股利政策？當您擁有多種金屬並像這樣運行的時候，您會考慮派發特別股息嗎？。

We brought that up with a lot of our shareholders. Most of them don't like special dividends. I always thought that if particularly when we've got performance fees or carried interest or one-off kind of windfalls that might be a way to distribute to shareholders. But I think the current thinking is that we're going to continue to maintain a high payout on our earnings. And if things persist and continue to grow, certainly, you should expect the dividend to grow.

我們向很多股東提出了這個問題。他們中的大多數人不喜歡特別股息。我一直認為，特別是當我們獲得績效費或附帶權益或一次性意外之財時，這可能是一種分配給股東的方式。但我認為，目前的想法是，我們將繼續保持高額的獲利支出。如果情況持續下去並繼續成長，那麼你當然應該預期股息會增加。

We are coming into kind of a difficult period for markets in general. And so we remain committed to buying shares back opportunistically. And there are always a few items worth looking at in the acquisition area, but not significant, I would say, at this point.

整體而言，我們正進入一個市場困難時期。因此，我們仍致力於適時回購股票。在收購領域總是有一些值得關注的項目，但我想說，目前這些項目並不重要。

Okay. And then my second question, and John, you kind of mentioned on the call, and I would agree with you that rightly or only the interest in the last couple of months has been elsewhere in the nuclear fuel cycle, specifically with the conversion enrichment, some of the SMR Tech companies. My question is, would you consider an ETF that tracks that section of the fuel cycle, I certainly think it would be well received in current market conditions?

好的。然後是我的第二個問題，約翰，你在電話中提到過，我同意你的觀點，或者說，只有過去幾個月人們的興趣才集中在核燃料循環的其他方面，特別是轉化濃縮，一些 SMR Tech 公司。我的問題是，您是否會考慮追蹤燃料循環這一部分的 ETF，我當然認為它在當前市場條件下會受到歡迎？

Mike, nice to check. Yes. Look, I mean, we're obviously very opportunistic and innovative at Sprott. I think our track record confirms that. And we're always looking for new ideas.

麥克，很高興檢查。是的。你看，我的意思是，我們 Sprott 顯然非常具有機會主義和創新精神。我認為我們的業績記錄證實了這一點。我們一直在尋找新的想法。

We have strict criteria around what we will do and not do. ETFs are very crowded. So the last thing we want to do is to create another me-too product. But we do acknowledge that the interest in the space has shifted somewhat. Some of those stocks have gotten way ahead of themselves.

對於要做什麼和不做什麼，我們有嚴格的標準。ETF 市場非常擁擠。所以我們最不想做的就是創造另一個類似的產品。但我們確實承認，人們對該領域的興趣已經發生了一些轉變。其中一些股票的價格已經遠遠超過了本身的價格。

So we have to be kind of mindful of what people are chasing. But yes, we're always open to different ideas, but we don't also want to stray out of our lane, which I think has been very helpful, and it allows us to really build on our core strengths and our competitive advantages.

所以我們必須留意人們所追求的是什麼。但是的，我們總是對不同的想法持開放態度，但我們也不想偏離自己的方向，我認為這非常有幫助，它使我們能夠真正發揮我們的核心優勢和競爭優勢。

Yes. We can find a way to make something better that brings our mining expertise to bear. That's certainly something we'd look at. But again, we want to be focused on what we think we're best at, and that's in metals and mining.

是的。我們可以找到一種方法來讓事情變得更好，並充分發揮我們的採礦專業知識。這當然是我們要考慮的事情。但同樣，我們希望專注於我們認為自己最擅長的領域，那就是金屬和採礦業。

(Operator Instructions) I'm showing no further questions at this time. This concludes the question-and-answer session. I would now like to turn it back to Whitney George for closing remarks.

（操作員指示）我現在沒有其他問題了。問答環節到此結束。現在我想請惠特尼·喬治致最後總結。

Thank you, everyone, for participating in this call. We appreciate your interest in Sprott and look forward to speaking to you again after our third quarter results. Have a great day.

感謝大家參加本次電話會議。我們感謝您對 Sprott 的關注，並期待在第三季業績公佈後再次與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接了。