Table of Contents Letter to shareholders 2 Management's Discussion and Analysis 4 Consolidated Financial Statements 23 Notes to the Consolidated Financial Statements 28 Dear fellow shareholders, Q2 2025 Review Sprott's Assets Under Management ("AUM") were $40 billion as of June 30, 2025, up 14$35.1 billion as of March 31, 2025 and up 27% from $31.5 billion as of December 31, 2024. Subsequent to quarter-end, as of August 1, 2025, AUM increased slightly to$40.1 billion. During the quarter we benefited ...