Sprott is a specialized alternative asset manager focused exclusively on precious metals and critical materials — primarily gold, silver, uranium, and copper. Sprott manages approximately $59.6B in AUM across physical trusts, ETFs, actively managed equity funds, private lending funds, and streaming and royalty funds. Sprott's flagship products are its exchange-listed physical trusts, which hold actual physical metal (gold, silver, platinum, palladium, uranium, copper) on behalf of investors, offering direct commodity price exposure without the burden of storage. Sprott also offers ETFs covering mining equities and hybrid structures. Revenue is driven almost entirely by AUM, with management fees as the primary source, calculated at a blended rate of roughly 0.46% across the business. The exchange-listed products segment, which accounts for roughly 55% of revenue, earns fees at approximately 0.39% of AUM and carries an EBITDA margin of roughly 80%. Managed equities (~35% of revenue) includes actively managed precious metals equity funds with a blended fee rate of ~0.82% and can earn performance fees. Private strategies (~10% of revenue) covers specialty lending and streaming/royalty funds, generating management fees, carried interest, and finance income from co-investments. AUM growth is driven by rising metal prices and net inflows into exchange-listed products, with meaningful operating leverage as incremental AUM drops through to profit at a high rate.