Sprott (SII) was up 10% on the back of its Q4 results, which blew estimates out of the water and came with another step change higher for AUM…

… as investors look to increase their exposure to metals. Listed products were the primary driver, adding $10B Q/Q on a combination of price appreciation and inflows…

… that have potential to keep ramping, with management highlighting the positive feedback loop created as each fund scales…

❝

So as these funds get bigger, they trade more and institutions feel more comfortable putting on positions of size. So it does create a bit of a flywheel effect.

John Ciampaglia - SII Q4’25 call

… which should drive margin expansion, specifically in its ETFs. The market is counting on it, with higher forward EBITDA expectations moderating SII’s multiple.

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.

You might be interested in…