Sprott Inc (SII) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2025 third-quarter results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, November 5, 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.

女士們、先生們，早安，感謝各位的耐心等待。歡迎參加 Sprott 公司 2025 年第三季業績電話會議。（操作員說明）提醒各位，本次會議將於2025年11月5日錄製。謹代表接下來的發言者提醒各位聽眾，今天的演講和對問題的回答可能包含符合加拿大和美國適用證券法定義的前瞻性資訊和前瞻性陳述。

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 US securities regulators. I will now turn the conference over to Mr. Whitney George. Please go ahead, Mr. George.

前瞻性陳述涉及風險和不確定性，不應過度依賴此類陳述。前瞻性陳述隱含著某些重要因素或假設，實際結果可能與此類陳述中明示或暗示的結果有重大差異。有關可能導致實際結果與預期存在重大差異的因素以及在作出前瞻性聲明時所應用的重大因素或假設的更多信息，請參閱該季度的管理層討論與分析以及 Sprott 向加拿大和美國證券監管機構提交的其他文件。現在我將把會議交給惠特尼·喬治先生。請繼續，喬治先生。

Thank you, operator, and good morning, everyone. I'll start on slide 3. Thanks for joining us today. On the call with me is our CFO, Kevin Hibbert; and John Ciampaglia, 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 4, 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.

謝謝接線員，大家早安。我將從第三張投影片開始。感謝您今天收看我們的節目。與我一起通話的是我們的財務長凱文·希伯特；以及斯普羅特資產管理公司執行長約翰·錢帕利亞。我們 2025 年第三季業績已於今天上午發布，您可以在我們的網站上查看，網站上還包含財務報表和管理層討論與分析。在第 4 張幻燈片中，我想回顧一下我們第三季和年初至今的亮點。受黃金和白銀價格飆升的推動，本季我們的管理資產增加了 90 億美元。10 月份，季度結束後，我們的資產管理規模首次突破 500 億美元。第三季銷售額強勁成長，主要得益於市場對貴金屬和關鍵材料的需求。

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 31. The active ETFs we launched earlier this year to leverage our strength -- 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%.

我們的股票管理業務在本季和年初至今都取得了優異的業績，截至 10 月 31 日，部分策略的漲幅超過 100%。今年早些時候，我們推出了主動型 ETF，以發揮我們的優勢——我們投資團隊的實力，這些 ETF 是我們迄今為止最成功的 ETF 發行之一。自 2022 年我們收購 Sprott 鈾礦 ETF 以來，我們的 ETF 業務資產已從不到 4 億美元成長到如今的 44 億美元以上。鑑於我們強勁的財務業績以及我們對 Sprott 未來的信心，昨天，我們的董事會宣布第三季每股派息 0.40 美元，成長 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 Einav as co-COOs of Sprott, while retaining their current positions as Chief Counsel and CFO, respectively. On behalf of our Board and the entire Sprott 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?

最後，今天我們宣布，我們已加強了執行團隊，任命 Ryan McIntyre 為總裁，Kevin Hibbert 和 Arthur Einav 為 Sprott 的聯席首席營運官，同時分別保留他們目前的首席法律顧問和首席財務官職位。我謹代表董事會和整個 Sprott 團隊，祝賀 Ryan、Kevin 和 Arthur 榮任此職。接下來，我將把鏡頭交給凱文，讓他來看看我們的財務表現。凱文？

Thank you, Whitney, and good morning, everyone. I'll start on slide 5, which provides a summary of our historical AUM. AUM finished the quarter at $49.1 billion, up 23% from $40 billion at June 30, and up 56% from $31.5 billion as at December 31, 2024. On a three and nine months ended basis, we benefited from strong market value appreciation across our fund products and positive net inflows to our physical trusts. As Whitney noted, subsequent to quarter end, on October 31, 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 6 provides a brief look at our three- and nine-month earnings.

謝謝你，惠特尼，大家早安。我將從第 5 張投影片開始，其中概述了我們歷史上的資產管理規模。截至本季末，資產管理規模為 491 億美元，較 6 月 30 日的 400 億美元成長 23%，較 2024 年 12 月 31 日的 315 億美元成長 56%。以截至三個月和九個月的周期計算，我們受益於基金產品的強勁市場價值成長以及實物信託的正淨流入。正如惠特尼所指出的，季末（10 月 31 日），我們的資產管理規模為 510 億美元，比 9 月 30 日的資產管理規模增加了 4%。季末之後，我們的業績得益於 12 億美元的市值成長和 7.93 億美元的實物信託淨流入。第 6 張投影片簡要介紹了我們三個月和九個月的收益狀況。

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.

本季淨利潤為 1,320 萬美元，比去年同期的 1,270 萬美元成長了 4%。今年迄今為止，淨收入為 3,860 萬美元，比去年同期的 3,760 萬美元成長了 3%。我們的淨收入表現主要歸因於今年生效的新現金結算股票計劃帶來的會計要求的變化，這在很大程度上抵消了我們原本通過市場價值增值、貴金屬實物信託資金流入以及管理股票部門的附帶權益和業績費實現而產生的淨收入。

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 our 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 has appreciated 97% on a year-to-date basis.

正如我們上個季度討論的那樣，像我們今年實施的這種現金結算股票計劃需要根據 IFRS 2 使用市值計價和分級歸屬會計，這給我們帶來了過渡性會計噪音，表現為在計劃早期階段加速歸屬，也就是說，我們必須在 2025 年將我們三年計劃中現金結算的限制性股票計劃總額的 60% 203% 計入費用，然後在最後計入 2020202 202020% 202020 202 202020% 202020% 2020 2020% 20202 2020%年計入剩餘的 10%。相比之下，我們先前的股權結算計畫每年僅增加三分之一。這種過渡會計噪音影響我們淨收入的第二個方式是，它將市場波動性添加到每個加速歸屬的金額中，而此時我們的股票今年迄今已經上漲了 97%。

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 and 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 in the quarter and on a year-to-date basis from higher average AUM on market value appreciation and inflows to our precious metals physical trust.

因此，可以說我們實際的稅後結算義務將只是這些根據 IFRS 2 計算出的金額的一小部分。另一方面，經調整的 EBITDA（不包括股票選擇權費用、附帶權益和業績費結算等項目的季度波動）在本季度為 3,190 萬美元，比去年同期的 2,000 萬美元增長了 54%；年初至今為 7,930 萬美元，比去年同期的 6,280 萬美元增長了 26%。本季及年初至今的調整後 EBITDA 成長，主要得益於市價上漲和貴金屬實物信託資金流入，導致平均資產管理規模 (AUM) 增加。

Finally, slide 7 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 $0.40 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.

最後，第 7 張投影片重點介紹了一些財務和資產負債表管理的要點。如您所見，我們的現金和流動性狀況依然非常強勁。正如惠特尼所說，鑑於我們強勁的盈利能力、自由現金流和整體前景，董事會已宣布第三季度每股派息 0.40 美元，比第二季度增長 33%。有關我們的收入、支出、淨利潤、調整後 EBITDA 和資產負債表指標的更多信息，您可以參考本次演示文稿的補充信息部分以及我們今天早上早些時候提交的季度管理層討論與分析和財務報表。那麼，接下來就交給約翰了。

Thanks, Kevin, and good morning, everybody. Just turning to slide 8. 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 plus $15.4 billion or 64% with strong gains across the metals complex. As I've mentioned on previous calls, scale and liquidity are critical to attract institutional investors into our funds, and we believe we are still in the early phase of institutional investors allocating to metals.

謝謝你，凱文，大家早安。翻到第8張幻燈片。截至 10 月底，我們的實體信託資產規模為 394 億美元，目前占我們總資產管理規模的 76%。今年迄今為止，金屬產業成長迅猛，成長了 154 億美元，增幅達 64%，金屬產業整體表現強勁。正如我在先前的電話會議中提到的，規模和流動性對於吸引機構投資者投資我們的基金至關重要，我們認為我們仍處於機構投資者配置金屬的早期階段。

We are also seeing some new use cases for our trusts. For example, our Silver Trust, PSLV, has experienced very high trading volumes of late as silver and ETF market participants are now using PSLV as a short-term trading and hedging instrument. In early September, the Uranium, Gold, and Silver Trusts became the first closed-end funds in Canada to have listed options on them. This is most significant for Sprott as it's now the only listed uranium investment vehicle in the world with options and open interest continues to grow.

我們也看到了信託的一些新應用場景。例如，我們的白銀信託基金 PSLV 近期交易量非常高，因為白銀和 ETF 市場參與者現在將 PSLV 用作短期交易和對沖工具。9月初，鈾、黃金和白銀信託基金成為加拿大首批上市選擇權的封閉式基金。這對 Sprott 來說意義最為重大，因為它是目前世界上唯一一家上市的鈾投資工具，其選擇權和未平倉合約數量持續成長。

The scale and liquidity effect not only makes the funds more investable to ever-larger institutions, but it also provides very valuable operating leverage, and we're starting to see the benefits with our margins being enhanced. Turning to slide 9. We've often spoken about the ideal environment for our business, which is to have multiple metals working at the same time. While we've previously experienced periods where one or two metals are working together, we are currently experiencing an environment where just about all metals are benefiting from two powerful macro trends. The first trend is related to the geopolitical fractures being created as the global trading system is being reordered, precious metals as well as critical metals are the primary beneficiaries.

規模和流動性效應不僅使這些資金更容易被規模越來越大的機構投資，而且還提供了非常有價值的營運槓桿，我們已經開始看到利潤率提高帶來的好處。翻到第9張投影片。我們經常談到我們業務的理想環境，那就是多種金屬同時進行加工。雖然我們之前也經歷過一兩種金屬共同作用的時期，但目前我們正處於幾乎所有金屬都受益於兩大宏觀趨勢的環境中。第一個趨勢與全球貿易體系重組過程中產生的地緣政治裂痕有關，貴金屬和關鍵金屬是主要受益者。

The second trend is related to the AI infrastructure build-out, which will require significantly more energy, namely electricity. The generation, transmission, and storage of electricity will be very mineral intensive, benefiting a wide range of metals and mining companies. These macro drivers are unlikely to be transitory as they represent pivotal shifts in energy and industrial policies. They also highlight the strategic importance of critical material supply chains, energy security, national security, and the shift to de-dollarized foreign exchange reserves by central banks.

第二個趨勢與人工智慧基礎設施建設有關，這將需要更多的能源，特別是電力。電力生產、輸送和儲存將高度依賴礦產資源，這將使許多金屬和礦業公司受益。這些宏觀驅動因素不太可能是暫時的，因為它們代表著能源和產業政策的重大轉變。他們也強調了關鍵材料供應鏈、能源安全、國家安全以及中央銀行外匯存底去美元化的戰略重要性。

So far in 2025, we have already achieved higher net flows than our previous full-year record, which was achieved in 2021. I'd like to highlight our net flows in the month of September, where we recorded our highest ever monthly sales number. What's more impressive is that we achieved this with 18 different funds contributing with positive sales. Our previous record in February 2021 was achieved largely from one fund, the Silver Trust.

截至 2025 年，我們的淨流量已經超過了 2021 年創下的全年紀錄。我想重點介紹一下我們9月份的淨流量，我們當月的銷售額創下了歷史新高。更令人印象深刻的是，我們是在 18 個不同的基金都做出積極貢獻的情況下實現這一目標的。我們在 2021 年 2 月取得的前一個紀錄主要來自一個基金，即 Silver Trust。

Our sales results reflect broad and growing interest in our funds and confirms the benefits of making the strategic decision in 2021 to extend our suite of funds to a broader range of metals and listing ETFs across multiple jurisdictions. Turning to slide 10, our ETF product suite, very sharp AUM growth this year at plus 83%. Most of our ETFs now exceed breakeven AUM levels, which is very important for profitability. And we're also experiencing the same scale and liquidity effect as the funds grow in size, they are gaining access to ever more distribution platforms. Most of our ETFs have unitary or fixed fees, so scale helps to improve our profitability as many of our operating expenses scale down with size. And then finally, turning to slide 11. Q3 represented the 16th consecutive quarter of positive flows. One ETF I'd like to highlight is the Sprott Silver Miners and Physical Silver ETF.

我們的銷售表現反映了市場對我們基金的廣泛且不斷增長的興趣，並證實了我們在 2021 年做出的戰略決策的益處，即把我們的基金系列擴展到更廣泛的金屬領域，並在多個司法管轄區上市 ETF。翻到第 10 張投影片，我們的 ETF 產品系列，今年資產管理規模成長非常迅猛，達到 83%。我們大多數 ETF 的資產管理規模現在都超過了損益平衡點，這對獲利能力來說非常重要。隨著基金規模的成長，我們也感受到了同樣的規模經濟和流動性效應，它們獲得了越來越多的分銷平台。我們的大多數 ETF 都採用統一費用或固定費用，因此規模有助於提高我們的獲利能力，因為我們的許多營運費用會隨著規模的擴大而減少。最後，翻到第 11 張投影片。第三季是連續第16季實現正成長。我想重點介紹 Sprott 白銀礦業和實體白銀 ETF。

The ticker is SLVR on the Nasdaq. We launched SLVR in January, and the ETF is already having very good success in taking market share from long-standing incumbents. AUM is currently $350 million and represents one of our fastest-growing new ETF launches. We continue to experience some redemptions from our uranium mining ETFs as investors have been chasing some high-flying stocks in the downstream segment of the nuclear fuel supply chain. We believe that uranium mining stocks are well positioned to benefit from the ever-growing supply deficit, which doesn't seem to be solvable in anytime soon. And with that, I'll turn it over to Whitney.

該股票在納斯達克的股票代號是SLVR。我們在 1 月推出了 SLVR，該 ETF 已經取得了非常好的成功，從長期佔據市場份額的現有投資者手中奪取了份額。目前資產管理規模為 3.5 億美元，是我們成長最快的新 ETF 產品之一。由於投資者一直在追逐核燃料供應鏈下游領域的一些熱門股票，我們的鈾礦開採 ETF 繼續出現贖回潮。我們認為，鈾礦開採股票有望從不斷擴大的供應缺口中受益，而這一缺口似乎短期內無法解決。接下來，我將把麥克風交給惠特尼。

Thanks, 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 44% during the quarter and has gained 105% year to date. We are pleased with the early response to our two active ETF launches. In recent years, investors have demonstrated a clear preference for ETFs over traditional mutual funds. Actively managed ETFs offer an excellent way for us to leverage the strength of our investment team in an ETF format. Investing in mining comes with a number of risks, and we think they're best mitigated through active management, and we'll continue to look for new ways to showcase that expertise.

謝謝你，約翰。現在我們來看看第 12 張投影片，了解我們的管理權益部分。正如我在開場白中提到的，我們今年的股票管理策略表現良好。我們的旗艦黃金股票基金本季上漲了 44%，今年迄今已上漲了 105%。我們對兩隻主動式ETF的早期市場反應感到滿意。近年來，投資人對ETF的偏好明顯高於傳統共同基金。主動式管理 ETF 為我們提供了一種極好的方式，讓我們能夠以 ETF 的形式發揮我們投資團隊的實力。投資採礦業有許多風險，我們認為透過積極管理可以最好地降低這些風險，我們將繼續尋找新的方式來展示我們的專業知識。

I'll now turn to private strategies on slide 13. Private Strategies AUM was $2.1 billion, unchanged from June 30. The team continues to assess new investment opportunities for Lending Fund III and is actively monitoring our streaming and royalty portfolio investments. Slide 14, for some closing remarks. To recap, we are pleased with what we have accomplished so far this year. AUM has increased by nearly $20 billion, driven by rising precious metals prices and more than $3.5 billion in net sales. The rise in gold and silver prices has been dramatic and the recent technical correction was not unexpected. However, our view is while gold may be technically overbought, it is chronically under-owned.

接下來，我將在第 13 頁投影片中討論私人策略。私募策略資產管理規模為 21 億美元，與 6 月 30 日持平。團隊將繼續評估貸款基金 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。第 14 張投影片，有些總結性發言。總而言之，我們對今年迄今為止的成就感到滿意。受貴金屬價格上漲和淨銷售額超過 35 億美元的推動，資產管理規模增加了近 200 億美元。黃金和白銀價格上漲幅度巨大，近期的技術性回檔也在意料之中。然而，我們認為，雖然從技術上看黃金可能已被超買，但它長期以來一直被低估。

Despite recent inflows into physically backed gold, ETFs, most US investors are still significantly underweight gold in their portfolios. Just a slight increase in this allocation could have a dramatic impact on the price. At the same time, price-insensitive buying from central banks is likely to persist as it is driven by ongoing restructuring -- the ongoing restructuring of global trade and military alliances. The appeal of precious metals increases in uncertain times, and we expect the reshaping of the current world order to continue for some time with the ultimate outcome unknown.

儘管近期有資金流入實體黃金ETF，但大多數美國投資者在其投資組合中仍然嚴重低估了黃金的配置比例。即使略微增加這種配額，也可能對價格產生巨大影響。同時，由於持續的重組——全球貿易和軍事聯盟的持續重組——所驅動，央行對價格不敏感的購買行為可能會持續下去。在不確定的時期，貴金屬的吸引力會增加，我們預期當前世界秩序的重塑將持續一段時間，最終結果尚不明朗。

The outlook for critical materials is equally compelling. The US government has ramped up its intervention in critical materials markets throughout 2025, implementing a multi-pronged strategy to secure supply and reduce reliance on foreign sources, particularly China. The Trump administration is moving aggressively on this track, even taking equity positions in critical material miners. Not to be outdone, the big banks are also getting in on the act.

關鍵材料市場前景同樣令人矚目。美國政府已加強幹預2025年的關鍵材料市場，實施多管齊下的策略，以確保供應並減少對外國資源（尤其是中國）的依賴。川普政府正積極推動這項進程，甚至收購了關鍵材料礦業公司的股權。為了不甘示弱，各大銀行也紛紛加入這場競爭。

JPMorgan recently launched a $1.5 trillion security and resiliency initiative aimed at bolstering US national security through strategic investments in critical industries. In closing, we are pleased to be delivering steadily improving results and investment performance. With our core positioning in precious metals and critical materials, we believe we are well positioned to benefit from the powerful global trends outlined above. That concludes our remarks for today's call, and I'll now turn it over to the operator for some Q&A. Operator?

摩根大通最近啟動了一項 1.5 兆美元的安全和韌性計劃，旨在透過對關鍵產業的戰略投資來加強美國​​國家安全。最後，我們很高興能夠取得穩定提升的績效和投資表現。憑藉我們在貴金屬和關鍵材料領域的核心地位，我們相信我們能夠很好地受益於上述強大的全球趨勢。今天的電話會議發言到此結束，現在我將把電話交給接線生進行問答環節。操作員？

(Operator Instructions) Matt Lee, CGF.

（操作說明）Matt Lee，CGF。

Hi, guys, good morning. Just one from me. Over the quarter, it seems like the spot price of uranium has ticked up and you've been pretty active in terms of picking up volumes. I just have a logistical question. Can you just talk about how challenging it's been to source material, particularly when the market is tight like it is today?

大家好，早安。我只有一個。本季鈾現貨價格似乎有所上漲，而你們在收購量方面也相當積極。我有個後勤方面的問題。您能否談談尋找素材有多麼困難，尤其是在像今天這樣市場供應緊張的情況下？

Yeah. Hey, Matt, it's John. Yeah, I mean, it's been pretty amazing because, obviously, the trust wasn't trading well for the first few months of the year, falling out -- fallout from the Liberation Day and uncertainty. Since late June, I think we've purchased about 7 million pounds of uranium in the spot market. So we've been very active. We're very focused on filling our allocation before the year-end, which is 9 million pounds under the current prospectus. There's always material in the spot market. It's lumpy. It's hard to find at times, but there's material. And I think what has influenced the availability of material so far this year is we don't see producers coming in the spot market in a meaningful way to buy.

是的。嘿，馬特，我是約翰。是的，我的意思是，這相當了不起，因為很明顯，今年前幾個月該信託基金的交易情況並不好，受到解放日和不確定性的影響而下跌。自六月下旬以來，我認為我們已經在現貨市場上購買了大約700萬磅鈾。所以我們一直都非常活躍。我們目前正全力以赴，爭取在年底前完成我們的配額，根據目前的招股說明書，配額為 900 萬英鎊。現貨市場總是有貨的。它表面凹凸不平。雖然有時很難找到，但素材是有的。我認為今年迄今為止影響原材料供應的因素是，我們沒有看到生產商以有意義的方式進入現貨市場進行採購。

We don't see utilities coming into the spot market with the exception of one or two in a meaningful way. So we've been able to kind of soak up the pounds, which is fine with us because at current levels, we find it incredibly attractive to be buying uranium at $80. The term price is now at a multi-year high. It's ticked up to $86. I think that's a very good sign. And we're seeing a lot of utilities come back to market after largely standing on the sidelines as they're waiting for some clarity from the Trump administration on just about everything. So we're very constructive. We've raised about $700 million in the uranium trust since May. And I think that is a very strong vote of confidence in the market as well as the vehicle. Alright, thanks. That’s helpful. I’ll pass along.

除了少數一兩家之外，我們沒有看到其他公用事業公司以有意義的方式進入現貨市場。因此，我們已經能夠消化這些英鎊，這對我們來說很好，因為以目前的價位來看，我們認為以 80 美元的價格購買鈾非常有吸引力。目前該期限價格處於多年來最高的水平。價格已上漲至 86 美元。我認為這是一個非常好的跡象。我們看到許多公用事業公司在大多持觀望態度，等待川普政府就幾乎所有事情給出明確指示之後，現在又重返市場。所以我們非常注重建設性。自 5 月以來，我們已在鈾信託基金中籌集了約 7 億美元。我認為這充分體現了市場對這款車的信心。好的，謝謝。那很有幫助。我會轉告。

Etienne Ricard, BMO Capital Markets.

Etienne Ricard，BMO資本市場。

Thank you, and good morning, team. So it's great to see the growth to your ETF franchise. Historically, physical trust accounted for the vast majority of your AUM. Now to the extent ETF's become more meaningful as a percentage of the mix, how do you expect this to impact the volatility of net flows through the cycle?

謝謝，各位早安。很高興看到貴公司ETF業務的成長。從歷史上看，實體信託佔您資產管理規模的絕大部分。如果 ETF 在投資組合中所佔比例越來越高，您認為這將如何影響整個週期內淨資金流動的波動性？

Can you take that one?

你能接下這個嗎？

I can take that one. Yeah. Etienne, it's John here again. Yeah, look, I mean, obviously, we've got two different dynamics. The physical trusts are obviously physical metals, and they obviously are not as volatile day to day and year to year as the underlying mining stocks, which represent the vast majority of the ETF exposure. What we obviously are seeing is a staged approach where institutions put their toe in the water typically with an allocation to the physical because they've got a constructive view on the commodity itself. And then what we see them doing typically is to transition into some allocation into the equities. They're starting to do that.

我可以接受這個。是的。埃蒂安，我是約翰，我又來了。是的，你看，我的意思是，很明顯，我們有兩種不同的動態。實體信託顯然是實體金屬，而且顯然不像構成 ETF 曝險絕大部分的基礎礦業股票那樣，每日和每年的波動性都很大。顯然，我們看到的是一種分階段的方法，機構通常會先試水，配置一些實體資產，因為他們對商品本身抱持建設性的看法。然後我們看到他們通常會將部分資金配置到股票中。他們開始這麼做了。

Obviously, there's a lot of capital flowing into the mining sector after a multi-year drought. And as Whitney mentioned, you've got governments now taking equity stakes in exchange for off-take agreements, loans, and whatnot. So we haven't seen this dynamic in the mining sector, and we would expect the mining stocks to be bigger beneficiaries going forward here with -- on the back of renewed capital flows into the sector and obviously, governments are sending some very strong signals. Equity flows, they're more volatile for sure, but it comes with the territory. So it's nice to have a diversified suite between physical and mining across multiple, obviously, metals and jurisdictions. That's one way we can help to dampen the volatility.

顯然，在經歷了多年的乾旱之後，大量資金正湧入採礦業。正如惠特尼所提到的那樣，現在各國政府透過持有股權來換取承購協議、貸款等等。因此，我們還沒有在採礦業看到這種動態，我們預計隨著資本重新流入該行業，採礦股未來將成為更大的受益者，而且顯然，各國政府也發出了一些非常強烈的信號。股票資金流動肯定波動性更大，但這是必然的。因此，在多種金屬和司法管轄區之間，擁有涵蓋實體和採礦的多元化產品組合是件好事。這是我們可以幫助緩解市場波動的一種方法。

Okay. I appreciate the details. And just to circle back on this morning's executive appointments, Whitney. Why was this the right time to make this announcement? And how do you think about leadership planning as part of the regular risk-management procedures?

好的。我很欣賞這些細節。惠特尼，再跟你說說今天早上的高階主管任命。為什麼現在是發布這項公告的好時機？您如何看待將領導規劃納入常規風險管理程序？

Well, I think the Board felt that the best time to think about the long-term future of the leadership is when things are going well as opposed to when you're in a more difficult environment. And certainly, this year, things have been going very well. So they hired an outside consultant to do an extensive review and profile of our existing leadership. And it came out very well, obviously, we're very pleased with -- I'm very pleased with my partners.

我認為董事會認為，思考領導階層的長期未來，最好的時機是在一切順利的時候，而不是在環境更艱難的時候。當然，今年一切都進展得非常順利。因此，他們聘請了一位外部顧問，對我們現有的領導階層進行了全面的審查和分析。結果非常理想，顯然我們都很滿意——我對我的合作夥伴非常滿意。

And so again, I think what we wanted to signal to the market is the importance -- the important roles that Kevin and Arthur have contributed over time and the fact that they do more than just their initial titles of Chief Financial Officer and Head of Legal as for Arthur and because they really have been performing co-Chief Operating Officer roles for some time. And then Ryan is a fairly new addition to the team and has a lot of investment experience, has been president of a public company in his prior career and is a valuable member, and we'd like to highlight his contribution and presence to investors.

所以，我認為我們想向市場傳達的信息是：凱文和亞瑟隨著時間的推移發揮了重要作用，而且他們所做的遠不止是最初的首席財務官和法律主管的頭銜（亞瑟還兼任首席營運官），因為他們實際上已經履行了一段時間的聯合首席營運官職責。Ryan 是團隊的新成員，他擁有豐富的投資經驗，曾在一家上市公司擔任總裁，是一位非常有價值的成員，我們希望向投資者重點介紹他的貢獻和影響力。

Thank you very much.

非常感謝。

Graham Ryding, TD Securities.

格雷厄姆·萊丁，TD證券。

Hi, good morning. Can you give us a feel for flows in the quarter and also October to date, just sort of the mix between retail and institutional? And can you maybe reiterate the case for -- it sounds like you think institutional demand is positioned to increase here?

您好，早安。能否大致介紹一下本季以及10月至今的資金流動情況，特別是零售和機構資金的佔比？您能否再次重申您的觀點—聽起來您認為機構需求在這裡將會增加？

Yeah, hi, Graham, John again. Yeah, I mean, obviously, September was a record high for us. We've continued that momentum through most of October. Obviously, we hit a bit of an air pocket with a number of different categories on the back of escalating trade tensions with China and clearly some profit taking. We were quite extended technically. But I think it's important to note that the interest is growing. It's very broad.

嗨，格雷厄姆，我是約翰。是的，我的意思是，很顯然，9 月對我們來說創下了歷史新高。整個十月，我們都保持了這種勢頭。顯然，由於與中國的貿易緊張局勢升級以及明顯的獲利回吐，我們在幾個不同類別中都遇到了一些困難。我們在技術上已經相當靈活了。但我認為值得注意的是，人們的興趣正在增長。範圍非常廣泛。

We're getting inbounds from everyone from family offices to institutions to registered investment advisers in the United States. We're seeing much more institutional allocation to the space. And to be candid, I mean, a lot of these institutions have had little to no exposure to the -- to these categories for the last 10 years. So it's been a long time in the making, and we are working very, very actively to ensure we get our fair share of those flows. And we're very pleased with the result.

我們收到了來自美國各地各方的諮詢，從家族辦公室到機構投資者，再到註冊投資顧問。我們看到越來越多的機構投資者對該領域進行投入。坦白說，我的意思是，在過去的 10 年裡，許多這樣的機構幾乎沒有接觸過這些類別。所以這件事醞釀已久，我們正在非常積極地努力，以確保我們能獲得應有的份額。我們對結果非常滿意。

The team has been incredibly busy talking to investors around the world. And we would expect institutions to continue to be the bulk of the allocations, but we're obviously seeing capital coming from advice channels and also individual investors, which you can't discount because there's a very large group of them out there that are more self-directed.

團隊一直非常忙碌，忙於與世界各地的投資者溝通。我們預期機構投資者仍將是資金分配的主要部分，但顯然我們也看到資金來自諮詢管道和個人投資者，這一點不容忽視，因為有相當一部分個人投資者更傾向於自主投資。

So sorry, the flows in Q3 and Q4 to date have been largely institutional driven or you're saying it's a mix?

抱歉，您是說第三季和第四季迄今的資金流動主要由機構投資者驅動，還是說兩者兼而有之？

It's a mix for sure. I mean we don't have total transparency, obviously, with exchange-traded funds. So we have to self-identify, and we're obviously engaging with institutions and advice channel participants day-to-day. But it's a good mix. And I think it's been more skewed to institutional and advice channels thus far.

這肯定是一種混合體。我的意思是，很明顯，對於交易所交易基金來說，我們無法做到完全透明。所以我們必須進行自我定位，而且我們顯然每天都在與機構和諮詢管道的參與者互動。但這是一種很好的組合。而且我認為到目前為止，這種趨勢更偏向於機構和諮詢管道。

Okay. That's helpful. Tokenization of real assets seems to be a theme that's gathering momentum. Is that something you've looked at all like the idea of token backed by physical bullion, could that potentially open up a portion of the retail market that's maybe focused on digital assets, but not so much on precious metals or critical minerals? Have you looked at that?

好的。那很有幫助。真實資產代幣化似乎是一個正在興起的趨勢。您是否考慮過以實體金條為支撐的代幣這種想法？這種想法是否有可能開拓一部分零售市場，這些市場可能更關注數位資產，但不太關注貴金屬或關鍵礦物？你看過那個嗎？

My predecessor made a variety of investments in digital gold. They were a little early. They didn't really work out. We've been watching it now very closely for -- since I've been here for 10 years. But in order -- in these new stable coins, in order to back the stable coins, you need the physical metal. And so we're paying very close attention. It could be a new factor, a new buying cohort of gold, in particular, on top of institutions and on top of the central banks that were underpinning it. But it will benefit our products one way or the other if people want gold-backed stable coins.

我的前任對數位黃金進行了各種投資。他們來得有點早。他們最終沒能成功。自從我來到這裡以來，我們已經密切關注了這件事——至今已有10年了。但是，為了支持這些新的穩定幣，你需要實體金屬。因此，我們非常密切地關注著。這可能是一個新的因素，一個新的黃金購買群體，尤其是在機構和央行支撐黃金價格的基礎上。但如果人們想要黃金支持的穩定幣，無論如何都會對我們的產品有好處。

We are watching it. We obviously have a strong brand in the space. We have a lot of technical expertise when it comes to purchasing and storage. But we lack some of the technology elements that you need to do to get into various cryptos. But there does seem to be a convergence now between the Bitcoins and physical gold in terms of people's investment. And even now with stable coins, they are more closely convergence where one can drive the other as opposed to be competing ways to get money out of the control of central banks.

我們正在關注此事。我們在這個領域顯然擁有強大的品牌影響力。我們在採購和倉儲方面擁有豐富的技術專長。但我們缺乏一些進入各種加密貨幣領域所需的技術要素。但就人們的投資而言，比特幣和實體黃金之間似乎確實存在著一種趨同的趨勢。即使現在有了穩定幣，它們之間的融合也更加緊密，一種穩定幣可以驅動另一種穩定幣，而不是相互競爭，都是為了讓貨幣擺脫中央銀行的控制。

Okay. Interesting. And then private strategies, any update there on like expected fundraising? Or should we expect you to just sort of maintain and harvest the AUM at these levels? How should we think about that part of your business?

好的。有趣的。那麼，關於私募策略，例如預期募款狀況，有什麼最新進展嗎？或者我們應該期望你們只是維持並實現這些水準的資產管理規模（AUM）？我們該如何看待您業務的這一部分？

Well, Fund II is very mature and probably in wind down. Fund III is still in the investment phase. And once we make some more progress on that, we can consider another product. So we're committed to that business. It's sort of lagged the rest of our business and maybe has an opportunity for a little focus in the next year to catch back up again.

二期基金已經非常成熟，可能正在逐步結束運作。第三期基金目前仍處於投資階段。一旦我們在這方面取得更多進展，我們就可以考慮其他產品了。所以我們會致力於這項業務。它在某種程度上落後於我們其他業務，也許明年有機會集中精力把它趕上來。

Great. And if I could get one more, just to be a little greedy. You've got $80 million of cash on your balance sheet. You've got some other liquidity that you flagged. What's your plan there? Are you happy to sit with elevated liquidity or do you have a plan for allocating that?

偉大的。如果可以的話，我再多要一個，就當是貪心一下吧。你的資產負債表上有8000萬美元現金。您也標記了一些其他流動性。你在那裡的計劃是什麼？你樂於接受高流動性現狀，還是有相對應的資金分配計畫？

I'm committed to not building a money market fund. I think the dividend increase is a pretty strong indicator of how we view cash. Again, dividends that we are hopeful one day, there might be another acquisition or two out there. And we're hoping to grow the private business, which requires some co-investment, and we will continue to be buyers of our own shares opportunistically.

我決心不建立貨幣市場基金。我認為提高股利是我們對現金態度的一個相當有力的指標。再次強調，我們希望有一天能再進行一、兩次收購，從而獲得分紅。我們希望發展私人業務，這需要一些共同投資，我們將繼續伺機購買我們自己的股份。

That’s it for me. Thank you.

我的故事就到此為止了。謝謝。

Mike Kozak, Cantor Fitzgerald.

麥克·科扎克，坎托·菲茨杰拉德。

Yeah (technical difficulty) 9 million pounds of purchases you can make in any given year. My question was, and this actually came in from an account the other day. Does that 9 million pounds, does that reset on Jan 1 every calendar year? Or is it like a rolling 12-month number? Because I think you're already at 7.5 million pounds for this calendar year or thereabouts. So you're bumping up against it.

是的（技術難題）你每年可以購買價值 900 萬英鎊的商品。我的問題是，這個問題實際上是前幾天從一個帳戶收到的。那900萬英鎊是不是每年1月1日都會重置？或者它是一個滾動的12個月數字？因為我認為你今年的收入已經達到或接近 750 萬英鎊了。所以你遇到了它。

Yeah, hi, Mike, it's John. Yes, that basically covers calendar years and the base shelf prospectus will expire at the end of January next year. So in the coming weeks, we will be starting the process to file a new prospectus. And our expectation is we will be able to roll that amount forward, but we haven't started that engagement yet. And we still have runway to continue to buy between now and the end of the prospectus. So it's business as usual.

嗨，麥克，我是約翰。是的，這基本上涵蓋了日曆年，基本招股說明書將於明年一月底到期。因此，在接下來的幾週內，我們將開始提交新的招股說明書的程序。我們預計能夠將這筆款項結轉到下一年，但我們還沒有開始這項工作。從現在到招股說明書結束，我們還有時間繼續買。一切照舊。

Okay. That's helpful, thanks. The second question I had was approximately how much of the uranium trust inventory is held at ConverDyn? And then as a smaller subset of that, what -- I suspect it's small, but what percentage would be of US origin approximately? And the reason I ask is with US government or various agencies increasingly getting involved in critical minerals, there's increasing chatter on my end anyway that there's a very real possibility that you're going to get some sort of bifurcated pricing on uranium, whereby US origin or US domiciled material get some sort of fixed premium pricing set by a government agency, similar to like what we saw with NDPR. So I just want to get a sense of where the inventories are at ConverDyn and what percent approximately would be of US origin, if you can?

好的。很有幫助，謝謝。我的第二個問題是，ConverDyn 大約持有多少鈾信託庫存？然後，從中再細分一個較小的子集，我懷疑這個子集很小，但大約有多少百分比是美國本土的呢？我之所以這麼問，是因為隨著美國政府或各種機構越來越多地參與到關鍵礦產領域，我這邊也越來越多地聽到這樣的說法：鈾價很有可能會出現某種二元定價，即美國產或美國境內生產的鈾將獲得由政府機構設定的某種固定溢價，類似於我們在NDPR中看到的情況。所以我想了解 ConverDyn 的庫存情況，以及其中大約有多少百分比是源自美國的，如果可以的話？

Yeah. Okay. Interesting questions for sure. So out of our 72 million-odd pounds that we're holding, there's very little US origin. And the reason is simple. There was obviously multiple years where there was no uranium mining in the United States. And as you know, even this year, it's going to be quite de minimis relative to annual requirements. Now let's take a step back. Obviously, in the Biden administration, the Department of Energy undertook the first step towards building a strategic uranium reserve. They had a grand total of $75 million to procure uranium.

是的。好的。確實是些有趣的問題。所以，在我們持有的7,200多萬英鎊中，美國製造的資產非常少。原因很簡單。顯然，美國曾有好幾年沒有進行鈾礦開採。如您所知，即使是今年，相對於年度需求而言，這個數字也微不足道。現在讓我們退後一步。顯然，在拜登政府時期，能源部邁出了建立戰略鈾儲備的第一步。他們總共有 7500 萬美元用於購買鈾。

They went out, bought 1 million pounds. They ended up paying way over spot for US origins that obviously was historically mined material sitting above ground. And I think more interestingly, in September at the IAEA, Chris Wright, the Department of Energy Secretary stated again the need for a strategic uranium reserve, which is obviously fanning a lot of speculation.

他們出去買了100萬英鎊。他們最終為產自美國、顯然是歷史上開採並堆放在地上的礦物支付了遠高於現貨價格的價格。更有趣的是，9 月在國際原子能總署會議上，能源部長克里斯·賴特再次強調了建立戰略鈾儲備的必要性，這顯然引發了許多猜測。

Obviously, the US is trying to reshore the entire supply chain. They're most focused on enrichment and conversion, obviously, made a huge announcement last week around the Westinghouse new build. And obviously, they're trying to resuscitate US mining. We could see a two-tiered pricing environment where if the US government is willing to pay a premium for US origin, that is entirely possible. We have seen in the past, bifurcated markets, mostly many decades ago kind of during the Cold War. I think it's important to note that the US is clearly focused on the reality that they are largely sourcing all of their uranium from outside the country. And obviously, with the recent announcement, their aspirations to build even more reactors is compounding.

顯然，美國正試圖將整個供應鏈遷回國內。顯然，他們最關注的是濃縮和轉化，上周圍繞西屋電氣的新項目發布了一項重大公告。顯然，他們正試圖重振美國採礦業。我們可能會看到一種雙層定價環境，如果美國政府願意為美國原產產品支付溢價，那麼這完全有可能。我們過去曾見過市場分裂的現象，大多發生在幾十年前的冷戰時期。我認為值得注意的是，美國顯然非常重視這樣一個現實：他們大部分的鈾都來自國外。顯然，隨著最近的公告，他們建造更多反應爐的願望更加強烈了。

So it will be to be determined whether funds are procured to start building a strategic uranium reserve. In terms of where we're storing our material, we're only allowed to store in the three Western license conversion facilities. That's the Cameco facility, the Orano facility in France and the ConverDyn facility in the United States. If memory serves me, we have about 20%-ish at ConverDyn. And the bulk of it is in Canada at this point. I think the main point I would leave you with is the US is very focused on building its supply chain by building capacity locally. You're seeing them make investments, obviously, in enrichment facilities with Orano, with Urenco, with Westinghouse. They want to resuscitate mining. They're fast tracking, mining permitting. And I think what they're focused on is production and building capacity along the supply chain.

因此，能否籌集資金開始建立戰略鈾儲備還有待確定。至於我們存放材料的地點，我們只被允許存放在三個西方許可證轉換設施中。那是 Cameco 工廠、法國 Orano 工廠和美國的 ConverDyn 工廠。如果我沒記錯的話，ConverDyn 大約有 20% 左右。目前大部分都在加拿大。我想留給大家的最重要的一點是，美國非常注重透過提升本地產能來建構其供應鏈。顯然，你會看到他們與 Orano、Urenco 和 Westinghouse 等公司合作，在濃縮設施方面進行投資。他們想重振採礦業。他們正在加快採礦許可的審批速度。我認為他們關注的重點是生產和提升供應鏈的產能。

Okay. That's helpful. And then one more, if I could, switching gears on silver. I'd love if you could give me some color on the tightness in the physical silver market from last month. There was all kinds of articles about, well, the potential squeeze on the physical metal, I think that the silver futures curve was in backwardation there for a few days. There's reports about traders chartering private planes taking physical silver from London to New York. And I think PSLV was issuing and buying in the market over that period. So any color you could give me on the physical silver market would be appreciated.

好的。那很有幫助。如果可以的話，再來一個，換個話題，說說銀。如果您能詳細介紹一下上個月實體白銀市場的緊張狀況，我將不勝感激。當時有很多文章都在討論實體金屬可能出現的擠壓，我想白銀期貨曲線在那幾天裡都處於現貨溢價狀態。有報導稱，一些交易員包租私人飛機，將實體白銀從倫敦運往紐約。我認為PSLV在那段時間裡既發行又購買了債券。所以，如果您能提供任何關於實體白銀市場的信息，我將不勝感激。

Yeah. I think we're probably one of the largest buyers of physical silver in the world over the last five years. So we obviously have a lot of insights into what's going on there. And yes, a few weeks ago, there was clearly a dislocation, but the dislocation was really driven by a mismatch of inventories in different jurisdictions. So shortage of metal in London, which is the primary market and a surplus of metal in the COMEX markets, which is US based. And there is a point in time where the pricing differential between those two markets incentivizes putting metal on ships, which is the primary way to move silver around, not airplanes like gold and move it across the pond and to capture that arbitrage.

是的。我認為在過去五年裡，我們可能是世界上最大的實體白銀買家之一。所以，我們顯然對那裡發生的事情有很多了解。是的，幾週前確實出現了供應混亂，但這種混亂實際上是由不同地區的庫存不匹配造成的。因此，作為主要市場的倫敦出現金屬短缺，而作為美國主要市場的COMEX市場則出現金屬過剩。在某個時間點，這兩個市場之間的價格差異會促使人們將金屬裝上船（這是白銀的主要運輸方式，而不是像黃金那樣用飛機運輸），然後跨大西洋運輸，從而獲得套利機會。

That is obviously happening. There's at least 30 million -- excuse me, 30 million ounces of silver that have left COMEX vault in the last few weeks. And the situation is starting to abate in terms of that dislocation. But clearly, too much metal left London when there was concern about tariffs, which ultimately did not transpire. And now that metal is stuck and needs to go back. We've actually been big beneficiaries of that dislocation because as we've been raising money, we've been able to buy inventory that's stuck in the US that people want to get rid of. So we've had no issues sourcing metal and a lot of the London metal is moving on to India where it seems as though it's relentless there in terms of how much silver people in India want to own right now. So it is abating, but I'd say it was actually a big help to us. Okay, very good. That’s a good color. Thank you, I’ll turn your over.

這種情況顯然正在發生。過去幾週，至少有 3000 萬盎司白銀——抱歉，是 3000 萬盎司白銀——離開了 COMEX 金庫。就這種混亂局面而言，情況正在開始緩解。但顯然，在擔心關稅的情況下，太多金屬從倫敦流出，而最終關稅並沒有發生。現在那塊金屬卡住了，需要把它取下來。實際上，我們從這種混亂局面中獲益匪淺，因為在籌集資金的過程中，我們得以購買滯留在美國、人們想要處理掉的庫存。因此，我們在金屬採購方面沒有任何問題，而且倫敦的許多金屬都流向了印度，看來印度人現在對白銀的需求非常旺盛。所以情況正在好轉，但我覺得這實際上對我們幫助很大。好的，很好。那是個好顏色。謝謝，我這就把你翻過來。

Thank you. At this time, I will turn the call back to management for closing remarks.

謝謝。此時，我將把電話轉回給管理階層，請他們作總結發言。

Thank you, everyone, for participating on this call. We appreciate your interest in Sprott. We remain contrarian, innovative, and aligned, and look forward to speaking to you again after our fourth quarter results.

感謝各位參加本次電話會議。感謝您對 Sprott 的關注。我們依然堅持逆向思維、創新精神和目標一致，期待在第四季度業績公佈後再次與您交流。

Thank you. This does conclude today's conference call. We thank you for attending. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的出席。現在您可以斷開線路了。