EX-99.18 19 tm2016525d3_ex99-18.htm EXHIBIT 99.18

Exhibit 99.18

Consolidated Financial Statements

Three and nine months ended September 30, 2019

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As at		Sept. 30			Dec. 31
(In thousands of Canadian dollars)		2019			2018
Assets
Current
Cash and cash equivalents			89,431			47,252
Fees receivable			8,802			8,635
Loans receivable	(Note 5)		—			15,275
Proprietary investments	(Note 3)		18,358			26,711
Other assets	(Note 6)		11,270			10,774
Income taxes recoverable			3,072			2,379
Total current assets			130,933			111,026

Loans receivable	(Note 5)		2,871			20,746
Long-term investments	(Note 3)		92,341			102,560
Other assets	(Note 6)		1,765			1,214
Property and equipment, net			22,504			12,334
Intangible assets	(Note 4)		149,269			148,324
Goodwill	(Note 4)		25,371			26,115
Deferred income taxes	(Note 8)		6,124			5,896
			300,245			317,189
Total assets			431,178			428,215

Liabilities and Shareholders' Equity
Current
Accounts payable and accrued liabilities			30,105			41,641
Compensation payable			6,612			9,466
Obligations related to securities sold short	(Note 3)		—			255
Loan facility	(Note 12)		5,000			—
Income taxes payable			47			607
Total current liabilities			41,764			51,969
Other accrued liabilities			6,112			—
Loan facility	(Note 12)		16,250			—
Deferred income taxes	(Note 8)		4,470			3,125
Total liabilities			68,596			55,094

Shareholders' equity
Capital stock	(Note 7)		411,805			412,938
Contributed surplus	(Note 7)		46,482			43,383
Deficit			(128,399	)		(117,201	)
Accumulated other comprehensive income			32,694			34,001
Total shareholders' equity			362,582			373,121
Total liabilities and shareholders' equity			431,178			428,215

Commitments and provisions	(Note 13)

The accompanying notes form part of the financial statements

"Ron Dewhurst"	"Sharon Ranson, FCPA, FCA"
Director	Director

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

		For the three months ended						For the nine months ended
		Sept. 30			Sept. 30			Sept. 30			Sept. 30
(In thousands of Canadian dollars, except for per share amounts)		2019			2018			2019			2018
Revenues
Management fees			13,964			13,722			40,851			42,337
Carried interest and performance fees			—			—			—			1,802
Commissions			7,995			4,573			16,810			20,946
Interest income			3,381			4,824			11,894			11,183
Gain (loss) on proprietary investments	(Note 3)		(474	)		(4,765	)		(2,561	)		(9,694	)
Gain (loss) on long-term investments	(Note 3)		1,265			(151	)		2,812			(167	)
Other income (loss)	(Note 6)		604			(275	)		(599	)		9,650
Total revenue			26,735			17,928			69,207			76,057

Expenses
Compensation			10,671			7,993			27,706			29,611
Stock-based compensation	(Note 7)		2,154			2,980			5,482			8,914
Trailer and sub-advisor fees			65			45			154			141
Placement and referral fees			150			223			564			575
Selling, general and administrative			4,191			3,404			12,614			12,895
Interest expense			393			26			1,019			107
Amortization of intangibles	(Note 4)		292			292			875			1,139
Amortization of property and equipment			888			165			2,503			462
Other expenses	(Note 6)		263			790			4,299			2,771
Total expenses			19,067			15,918			55,216			56,615
Income before income taxes for the period			7,668			2,010			13,991			19,442
Provision (recovery) for income taxes	(Note 8)		1,945			35			2,368			(2,105	)
Net income for the period			5,723			1,975			11,623			21,547
Basic earnings per share	(Note 7)	$	0.02		$	0.01		$	0.05		$	0.09
Diluted earnings per share	(Note 7)	$	0.02		$	0.01		$	0.05		$	0.09
Net income for the period			5,723			1,975			11,623			21,547
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation gain (loss) on foreign operations (taxes of $Nil)			540			(779	)		(1,307	)		2,004
Total other comprehensive income (loss)			540			(779	)		(1,307	)		2,004
Comprehensive income			6,263			1,196			10,316			23,551

The accompanying notes form part of the financial statements

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

(In thousands of Canadian dollars, other than number of shares)		Number of Shares Outstanding		Capital Stock		Contributed Surplus		Deficit		Accumulated Other Comprehensive Income		Total Equity
At Dec. 31, 2018		243,062,337		412,938		43,383		(117,201	)	34,001		373,121
Shares acquired for equity incentive plan	(Note 7)	(1,498,124	)	(5,530	)	—		—		—		(5,530	)
Shares released on vesting of equity incentive plan	(Note 7)	915,136		2,199		(2,199	)	—		—		—
Foreign currency translation gain on foreign operations		—		—		—		—		(1,307	)	(1,307	)
Stock-based compensation	(Note 7)	—		—		5,482		—		—		5,482
Issuance of share capital on conversion of RSUs and other share based considerations	(Note 7)	765,735		2,053		(184	)	—		—		1,869
Dividends declared	(Note 10)	44,186		145		—		(22,821	)	—		(22,676	)
Net income		—		—		—		11,623		—		11,623
Balance, Sep. 30, 2019		243,289,270		411,805		46,482		(128,399	)	32,694		362,582

At Dec. 31, 2017		234,098,634		392,556		39,907		(118,272	)	29,673		343,864
IFRS 9 transition adjustment		—		—		—		(50	)	—		(50	)
Shares acquired for equity incentive plan		(2,362,500	)	(7,058	)	—		—		—		(7,058	)
Shares released on vesting of equity incentive plan		678,815		1,666		(1,666	)	—		—		—
Shares released on exercise of stock option plan		558,048		1,217		(1,217	)					—
Foreign currency translation loss on foreign operations		—		—		—		—		2,004		2,004
Issuance of share capital on purchase of management contracts		6,997,387		17,284		—		—		—		17,284
Stock-based compensation		—		—		8,914		—		—		8,914
Issuance of share capital on conversion of RSUs and other share based considerations		439,401		1,025		(662	)	—		—		363
Dividends declared		215,625		684		—		(22,672	)	—		(21,988	)
Net income		—		—		—		21,547		—		21,547
Balance, Sep. 30, 2018		240,625,410		407,374		45,276		(119,447	)	31,677		364,880

The accompanying notes form part of the financial statements

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the nine months ended
	Sept. 30			Sept. 30
(In thousands of Canadian dollars)	2019			2018
Operating Activities
Net income for the period		11,623			21,547
Add (deduct) non-cash items:
Loss (gain) on proprietary investments		2,561			9,694
Loss (gain) on Long-term investments		(2,812	)		167
Stock-based compensation		5,482			8,914
Amortization of property, equipment and intangible assets		3,378			1,601
Current portion of lease liability		(2,133	)		—
Deferred income tax recovery		1,090			(3,133	)
Current income tax expense		1,278			1,028
Other items		550			(190	)
Income taxes paid		(2,523	)		(3,196	)
Changes in:
Fees receivable		(167	)		3,838
Loans receivable		33,150			12,141
Other assets		(1,047	)		14,899
Accounts payable, accrued liabilities and compensation payable		(14,390	)		(1,748	)
Cash provided by operating activities		36,040			65,562
Investing Activities
Purchase of investments		(30,700	)		(61,909	)
Sale of investments		48,718			25,826
Purchase of property and equipment		(3,965	)		(1,139	)
Purchase of intangible assets		—			(115,221	)
Cash provided by (used in) investing activities		14,053			(152,443	)
Financing Activities
Acquisition of common shares for equity incentive plan		(5,530	)		(7,058	)
Net advances from loan facility		21,250			—
Dividends paid		(22,676	)		(21,988	)
Cash provided by (used in) financing activities		(6,956	)		(29,046	)
Effect of foreign exchange on cash balances		(958	)		1,259
Net increase (decrease) in cash and cash equivalents during the period		42,179			(114,668	)
Cash and cash equivalents, beginning of the period		47,252			156,120
Cash and cash equivalents, end of the period		89,431			41,452
Cash and cash equivalents:
Cash		84,154			41,191
Short-term deposits		5,277			261
		89,431			41,452
Supplementary disclosure of cash flow information
Amount of interest received during the period		4,779			3,355

The accompanying notes form part of the financial statements

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

1	CORPORATE INFORMATION

Sprott Inc. (the "Company") was incorporated under the Business Corporations Act (Ontario) on February 13, 2008. Its registered office is at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario M5J 2J1.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

The interim financial statements have been prepared in accordance with IFRS standards in effect as at September 30, 2019, specifically, IAS 34 Interim Financial Reporting.

Compliance with IFRS requires the Company to exercise judgment and make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may vary. Except as otherwise noted, significant accounting judgments and estimates are described in Note 2 of the December 31, 2018 annual audited financial statements and have been applied consistently to the interim financial statements as at and for the three and nine months ended September 30, 2019.

Basis of presentation

These interim financial statements have been prepared on a going concern basis and on a historical cost basis, except for financial assets and financial liabilities classified as fair value through profit or loss ("FVTPL") or fair value through other comprehensive income ("FVOCI"), both of which have been measured at fair value. The financial statements are presented in Canadian dollars and all values are rounded to the nearest thousand ($000), except when indicated otherwise.

Principles of consolidation

These interim financial statements of the Company are prepared on a consolidated basis so as to include the accounts of all limited partnerships and corporations the Company is deemed to control under IFRS. Controlled limited partnerships and corporations ("subsidiaries") are consolidated from the date the Company obtains control. All intercompany balances with subsidiaries are eliminated upon consolidation. Subsidiary financial statements are prepared over the same reporting period as the Company and are based on accounting policies consistent with that of the Company.

Control exists if the Company has power over the entity, exposure or rights to variable returns from its involvement with the entity and the ability to use its power over the entity to affect the amount of returns the Company receives. In many, but not all instances, control will exist when the Company owns more than one half of the voting rights of a corporation, or is the sole limited and general partner of a limited partnership.

The Company currently controls the following principal subsidiaries:

• Sprott Asset Management LP ("SAM");

• Sprott Capital Partners LP ("SCP");

• Sprott Consulting LP ("SC");

•

Sprott Asia LP ("Sprott Asia") and Sprott Korea Corporation ("Sprott Korea");

•

Sprott U.S. Holdings Inc. ("SUSHI"), parent of: (1) Rule Investments Inc. ("RII") (2) Sprott Global Resource Investments Ltd. ("SGRIL"); (3) Sprott Asset Management USA Inc. ("SAM US"); and (4) Resource Capital Investment Corporation ("RCIC");

• Sprott Resource Lending Corp. ("SRLC");

• Sprott Inc. 2011 Employee Profit Sharing Plan Trust (the "Trust")

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

Changes in accounting policies

In the first quarter of the year, the Company adopted IFRS 16 Leases (“IFRS 16”) and IFRIC 23 Uncertainty over Income Tax Treatments ("IFRIC 23"). The adoption of IFRIC 23 did not have a material effect on the Company's consolidated financial statements. As permitted by the transition provisions of IFRS 16, the Company applied a modified retrospective approach. Accordingly, the Company elected not to restate comparative period results and there was no impact to opening retained earnings. Below is a summary of the IFRS 16 impacts.

Lease Commitments

The Company recognizes a right-to-use asset and a lease liability as at the lease commencement date. The right-to-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation and impairment. The lease liability is initially measured at the present value of future lease payments over the anticipated lease term, discounted using the Company's incremental borrowing rate. Upon transition to IFRS 16, a right-to-use asset and lease liability of $9.8 million were recorded. The right-to-use asset is presented on the property and equipment line of the consolidated balance sheet and the short and long-term portions of the lease liability are presented on the accounts payable and accrued liabilities line and other accrued liabilities line, respectively, of the consolidated balance sheet.

The Company used the practical expedient when applying IFRS 16 for short-term leases under 12 months and low-value assets such as IT equipment, with lease payments being expensed as they are occurred.

Prior to the adoption of IFRS 16, the Company classified its lease obligation as operating leases, with the lease payments being presented within the selling, general and administrative line of the consolidated statements of operations. Upon transition to IFRS 16, the right-to-use asset is amortized on a straight-line basis over the term of the lease with the amortization expense being presented on the amortization of property and equipment line of the consolidated statements of operations. The lease liability is subsequently remeasured at amortized cost using the effective interest rate method, with the interest charge on the incremental borrowing rate being presented on the interest expense line of the consolidated statements of operations.

Other accounting policies

All other accounting policies, judgments, and estimates described in the annual audited financial statements have been applied consistently to these consolidated interim financial statements unless otherwise noted.

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

3	PROPRIETARY INVESTMENTS, OBLIGATIONS RELATED TO SECURITIES SOLD SHORT AND LONG-TERM INVESTMENTS

Proprietary investments and Obligations related to securities sold short

Consist of the following (in thousands $):


	Classification and measurement criteria	Sept. 30, 2019		Dec. 31, 2018
Public equities and share purchase warrants	FVTPL		11,156		19,066
Fixed income securities	FVTPL		2,627		2,796
Private holdings:
- Private investments	FVTPL		2,750		2,830
- Energy contracts	Non-financial instrument		1,825		2,019
Total proprietary investments			18,358		26,711

Obligations related to securities sold short	FVTPL		—		255

Long-term investments

Consists of the following (in thousands $):

	Classification and measurement criteria	Sept. 30, 2019		Dec. 31, 2018
Co-investments in funds	FVTPL		64,684		72,739
Private holdings
- Private investments	FVTPL		27,657		29,821
Total long-term investments			92,341		102,560

Realized gains and losses on financial assets classified at FVTPL are included in the gain (loss) on proprietary investments and gain (loss) on long-term investments, as applicable, on the consolidated statements of operations.

SPROTT INC. NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

4 GOODWILL AND INTANGIBLE ASSETS

Consist of the following (in thousands $):

	Goodwill			Fund management contracts (indefinite life)			Fund management contracts (finite life)			Total
Cost
At December 31, 2017		166,882			—			47,416			214,298
Additions		—			133,303			—			133,303
Net exchange differences		13,482			—			—			13,482
At December 31, 2018		180,364			133,303			47,416			361,083
Additions		—			1,830			—			1,830
Net exchange differences		(4,798	)		(10	)		—			(4,808	)
At September 30, 2019		175,566			135,123			47,416			358,105

Accumulated amortization
At December 31, 2017		(142,859	)		—			(30,964	)		(173,823	)
Amortization charge for the period		—			—			(1,431	)		(1,431	)
Net exchange differences		(11,390	)		—			—			(11,390
At December 31, 2018		(154,249	)		—			(32,395	)		(186,644	)
Amortization charge for the period		—			—			(875	)		(875	)
Net exchange differences		4,054			—			—			4,054
At September 30, 2019		(150,195	)		—			(33,270	)		(183,465	)

Net book value at:
December 31, 2018		26,115			133,303			15,021			174,439
September 30, 2019		25,371			135,123			14,146			174,640

SPROTT INC. NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

Impairment assessment of goodwill

Previously, the Company reported seven cash generating units ("CGU") for goodwill impairment assessment and testing purposes:

• Exchange Listed Products

• Alternative Asset Management

• Global

• Lending

• Consulting

• Merchant Banking & Advisory

• Corporate

During the first quarter of 2019, as the Company completed the reorganization of its reportable segments, the assets that were previously aggregated to create the global CGU no longer met the requirements of a CGU as they no longer generated independent cash flows. As a result, these assets were disaggregated from the global CGU, and were reallocated to existing CGUs with similar assets that generate largely independent cash flows (brokerage assets within the brokerage CGU and fixed term LP assets within the managed equities CGU). The Company CGUs are now as follows:

• Exchange Listed Products

• Lending

• Managed Equities

• Brokerage

• Corporate

As at September 30, 2019, the Company had allocated $25.4 million (December 31, 2018 - $26.1 million) of goodwill on a relative value approach basis to the exchange listed products and managed equities CGUs (previously called the alternative asset management CGU).

In the normal course, goodwill is tested for impairment once per annum, which for the Company is during the fourth quarter of each year or earlier if there are indicators of impairement. During the quarter, there were no indicators of impairment in either the exchange listed products CGU or the managed equities CGU.

Impairment assessment of indefinite life fund management contracts

As at September 30, 2019, the Company had an exchange listed fund management contract within the exchange listed products CGU of $135.1 million related to Central Fund of Canada (December 31, 2018 - $133.3 million). There were no indicators of impairment as at September 30, 2019.

Impairment assessment of finite life fund management contracts

As at September 30, 2019, the Company had exchange listed fund management contracts within the exchange listed products CGU of $14.1 million (December 31, 2018 - $15.0 million). There were no indicators of impairment as at September 30, 2019.

SPROTT INC. NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

5 LOANS RECEIVABLE

Components of loans receivable

Loans are reported at their amortized cost using the effective interest method. Loans are reported net of any expected credit loss provisions on the expected credit loss provisions line of the consolidated statements of operations. Total carrying value consists of the following (in thousands $):

	Sept. 30, 2019			Dec. 31, 2018
Loans
Loan principal		2,903			37,873
Accrued interest		89			14
Deferred revenue		(71	)		(1,816	)
Amortized cost		2,921			36,071
Expected credit loss provision		(50	)		(50	)
Less: current portion		—			(15,275	)
Total carrying value of non-current loans receivable		2,871			20,746

Expected credit losses ("ECL")

When a loan is classified as impaired, the original expected timing and amount of future cash flows may be revised to reflect new circumstances. These revised cash flows are discounted using the original effective interest rate to determine the net realizable value of the loan. Interest income is thereafter recognized on this net realizable value using the original effective interest rate. Additional changes to the amount or timing of future cash flows could result in further losses, or the reversal of previous losses, which would also impact the amount of subsequent interest income recognized.

As at September 30, 2019, the Company performed a comprehensive review of each loan measured at amortized cost in its portfolio to determine the requirement for an ECL provision. There was no increase in credit risk in the period and therefore, no further credit loss provision was required.

Interest income on impaired loans and the changes in expected credit loss provisions are as follows (in thousands $):

	For the nine months ended
	Sept. 30, 2019		Sept. 30, 2018
Interest on impaired loans		—		—
Expected credit loss provisions
Balance, beginning of the year		50		—
Transition adjustment		—		50
Revised balance, beginning of the year		50		50
Expected credit loss provision (recovery)		—		—
Net exchange differences		—		—
Balance, end of period		50		50

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

Sector distribution of loan principal

Distribution of the Company's outstanding loan principal balances by sector:

	Sept. 30, 2019				Dec. 31, 2018
	Number of Loans		(in thousands $)		Number of Loans		(in thousands $)
Loans
Metals and mining		—		—		1		34,931
Energy and other		2		2,903		2		2,942
Total loan principal		2		2,903		3		37,873

Geographic distribution of loan principal

Distribution of the Company's outstanding loan principal balances by geographic location of the underlying security:

	Sept. 30, 2019				Dec. 31, 2018
	Number of Loans		(in thousands $)		Number of Loans		(in thousands $)
Loans
Canada		1		1,578		1		1,578
United States of America		1		1,325		2		36,295
Total loan principal		2		2,903		3		37,873

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

6	OTHER ASSETS, INCOME AND EXPENSES

Other assets

Consist of the following (in thousands $):

	Sept. 30, 2019		Dec. 31, 2018
Fund recoveries and investment receivables		6,396		4,722
Prepaid expenses		4,948		5,369
Other ⁽¹⁾		1,691		1,897
Total Other assets		13,035		11,988

^{(1) Other includes miscellaneous
third-party receivables.}

Other income (loss)

Consist of the following (in thousands $):

	For the three months ended					For the nine months ended
	Sep. 30, 2019		Sep. 30, 2018			Sept. 30, 2019			Sept. 30, 2018
Net proceeds from sale transaction ⁽¹⁾		—		—			—			4,200
Other investment income ⁽²⁾		121		273			345			4,187
Foreign exchange gain (losses)		426		(809	)		(1,482	)		283
Total Other income (loss) ⁽³⁾		547		(536	)		(1,137	)		8,670

^{(1)
Gross proceeds of $5.0 million, net of transaction costs of $0.8 million. This relates to the January 29, 2018 closing of the
sale of our non-core private wealth client business.}

^{(2) Primarily includes
investment fund income, syndication and trailer fee income.}

^{(3)
Excludes royalty income of $0.1 million on a three month ended basis (September 30, 2018 - $0.3 million) and $0.5 million on a
nine month ended basis (September 30, 2018 - $1.0 million), which is presented net of operating, depletion and impairment charges
below.}

Other expenses

Consist of the following (in thousands $):

	For the three months ended					For the nine months ended
	Sep. 30, 2019		Sep. 30, 2018			Sept. 30, 2019		Sept. 30, 2018
Costs (recoveries) related to energy assets ⁽¹⁾		60		(34	)		62		(138	)
Other ⁽²⁾		146		563			3,699		1,929
Total Other expenses		206		529			3,761		1,791

^{(1)
Includes operating, depletion and impairment charges, net of royalty income of $0.1 million on a three month ended basis (September
30, 2018 - $0.3 million) and $0.5 million on a nine month ended basis (September 30, 2018 - $1.0 million).}

^{(2) Includes non-recurring
professional fees and transaction costs.}

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

7	SHAREHOLDERS' EQUITY

Capital stock and contributed surplus

The authorized and issued share capital of the Company consists of an unlimited number of common shares, without par value.

	Number of shares			Stated value (in thousands $)
At Dec. 31, 2017		234,098,634			392,556
Issuance of share capital under dividend reinvestment program		338,628			1,015
Issuance of share capital on purchase of management contracts		6,997,387			17,284
Released on exercise of stock option plan		558,048			1,217
Issuance of share capital on conversion of RSUs		635,939			1,581
Acquired for equity incentive plan		(2,402,500	)		(7,161	)
Released on vesting of equity incentive plan		2,836,201			6,446
At Dec. 31, 2018		243,062,337			412,938
Issuance of share capital under dividend reinvestment program		44,186			145
Issuance of share capital on conversion of RSUs and other share based considerations		765,735			2,053
Acquired for equity incentive plan		(1,498,124	)		(5,530	)
Released on vesting of equity incentive plan		915,136			2,199
At Sept. 30, 2019		243,289,270			411,805

Contributed surplus consists of: stock option expense; earn-out shares expense; equity incentive plans' expense; and additional purchase consideration.

	Stated value (in thousands $)
At Dec. 31, 2017		39,907
Expensing of Stock-based compensation over the vesting period		12,358
Issuance of share capital on conversion of RSUs		(1,219	)
Released on exercise of stock option plan		(1,217	)
Released on vesting of common shares for equity incentive plan		(6,446	)
At Dec. 31, 2018		43,383
Expensing of Stock-based compensation over the vesting period		5,482
Issuance of share capital on conversion of RSUs and other share based considerations		(184	)
Released on vesting of common shares for equity incentive plan		(2,199	)
At Sept. 30, 2019		46,482

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

Stock option plan

The Company has an option plan (the "Plan") intended to provide incentives to directors, officers, employees and consultants of the Company and its wholly owned subsidiaries. The aggregate number of shares issuable upon the exercise of all options granted under the Plan and under all other stock-based compensation arrangements including the Trust and Equity Incentive Plan ("EIP") cannot exceed 10% of the issued and outstanding shares of the Company as at the date of grant. The options may be granted at a price that is not less than the market price of the Company's common shares at the time of grant. The options vest annually over a three-year period and may be exercised during a period not to exceed 10 years from the date of grant.

There were no stock options issued for the three and nine months ended September 30, 2019 (three months ended September 30, 2018 - Nil and nine months ended September 30, 2018 - 750,000). There were no options exercised for the three and nine months ended September 30, 2019 (three months ended September 30, 2018 - 1,330,000 options and nine months ended September 30, 2018 - 2,000,000 options). There were no options forfeited for the three and nine months ended September 30, 2019 (three and nine months ended September 30, 2018 - Nil).

For valuing share option grants, the fair value method of accounting is used. The fair value of option grants is determined using the Black-Scholes option-pricing model, which takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. Compensation cost is recognized over the vesting period, assuming an estimated forfeiture rate, with an offset to contributed surplus. When exercised, amounts originally recorded against contributed surplus as well as any consideration paid by the option holder is credited to capital stock.

A summary of the changes in the Plan is as follows:

	Number of options (in thousands)			Weighted average exercise price ($)
Options outstanding, December 31, 2017		6,975			5.14
Options exercisable, December 31, 2017		5,625			5.79
Options issued		750			2.33
Options exercised		(2,000	)		2.33
Options expired		(2,450	)		10.00
Options outstanding, December 31, 2018		3,275			2.57
Options exercisable, December 31, 2018		1,875			2.70
Options outstanding, September 30, 2019		3,275			2.57
Options exercisable, September 30, 2019		2,575			2.60

Options outstanding and exercisable as at September 30, 2019 are as follows:

Exercise price ($)	Number of outstanding options (in thousands)		Weighted average remaining contractual life (years)		Number of options exercisable (in thousands)
6.60		150		1.1		150
2.33		3,000		6.3		2,300
2.73		125		6.6		125
2.33 to 6.60		3,275		6.1		2,575

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

Equity incentive plan

For employees in Canada, the Trust has been established and the Company will fund the Trust with cash, which will be used by the trustee to purchase: (1) on the open market, common shares of the Company that will be held in the Trust until the awards vest and are distributed to eligible members; or (2) from treasury, common shares of the Company that will be held in the Trust until the awards vest and are distributed to eligible employees; and (3) from time-to-time, purchases from 2176423 Ontario Ltd., a company controlled by Eric Sprott, pursuant to the terms and conditions of a previously announced share transaction. For employees in the U.S. under the EIP plan, the Company will allot common shares of the Company as either: (1) restricted stock; (2) unrestricted stock; or (3) restricted stock units ("RSUs"), the resulting common shares of which will be issued from treasury.

There were 23,143 RSUs granted during the three months ended September 30, 2019 (three months ended September 30, 2018 - 100,000) and 699,549 RSUs granted during the nine months ended September 30, 2019 (nine months ended September 30, 2018 - 439,401). The Trust purchased 1.3 million shares in the three months ended September 30, 2019 (three months ended September 30, 2018 - nil) and 1.5 million shares in the nine months ended September 30, 2019 (nine months ended September 30, 2018 - 2.4 million shares).

	Number of common shares
Common shares held by the Trust, December 31, 2017		10,365,957
Acquired		2,402,500
Released on vesting		(2,836,201	)
Unvested common shares held by the Trust, December 31, 2018		9,932,256
Acquired		1,498,124
Released on vesting		(915,136	)
Unvested common shares held by the Trust, September 30, 2019		10,515,244

The table below provides a breakdown of the share-based compensation expense and the corresponding increase to contributed surplus:

	For the three months ended				For the nine months ended
	Sept. 30, 2019		Sept. 30, 2018		Sept. 30, 2019		Sept. 30, 2018
Stock option plan		57		58		188		349
EPSP / EIP		2,097		2,922		5,294		8,565
		2,154		2,980		5,482		8,914

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

Basic and diluted earnings per share

The following table presents the calculation of basic and diluted earnings (loss) per common share:

	For the three months ended						For the nine months ended
	Sept. 30, 2019			Sept. 30, 2018			Sept. 30, 2019			Sept. 30, 2018
Numerator (in thousands $):
Net income (loss) - basic and diluted		5,723			1,975			11,623			21,547

Denominator (Number of shares in thousands):
Weighted average number of common shares		253,656			252,327			253,523			251,516
Weighted average number of unvested shares purchased by the Trust		(9,718	)		(12,051	)		(9,399	)		(11,535	)
Weighted average number of common shares - basic		243,938			240,276			244,124			239,981
Weighted average number of dilutive stock options		3,125			3,125			3,125			3,125
Weighted average number of unvested shares purchased by the Trust		9,718			12,051			9,399			11,535
Weighted average number of common shares - diluted		256,781			255,452			256,648			254,641
Net income per common share
Basic	$	0.02		$	0.01		$	0.05		$	0.09
Diluted	$	0.02		$	0.01		$	0.05		$	0.09

Capital management

The Company's objectives when managing capital are:

•

to meet regulatory requirements and other contractual obligations;

•

to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders;

•

to provide financial flexibility to fund possible acquisitions;

•

to provide adequate seed capital for the Company's new product offerings; and

•

to provide an adequate return to shareholders through growth in assets under management, growth in management fees, carried interest and performance fees and return on the Company's invested capital that will result in dividend payments to shareholders.

The Company's capital is comprised of equity, including capital stock, contributed surplus, retained earnings (deficit) and accumulated other comprehensive income (loss). SCP is a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), SAM is a registrant of the Ontario Securities Commission ("OSC") and the U.S. Securities and Exchange Commission ("SEC"), SAM US is registered with the SEC and SGRIL is a member of the Financial Industry Regulatory Authority ("FINRA"). As a result, all of these entities are required to maintain a minimum level of regulatory capital. To ensure compliance, management monitors regulatory and working capital on a regular basis. As at September 30, 2019 and 2018, all entities were in compliance with their respective capital requirements.

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

8	INCOME TAXES

The major components of income tax expense are as follows (in thousands $):

	For the nine months ended
	Sept. 30, 2019		Sept. 30, 2018
Current income tax expense (recovery)
Based on taxable income of the current period		1,278		1,159
Other		—		(131	)
		1,278		1,028
Deferred income tax expense (recovery)
Total deferred income tax expense		1,090		(3,133	)
Income tax expense reported in the consolidated statements of operations		2,368		(2,105	)

Taxes calculated on the Company's earnings differs from the theoretical amount that would arise using the weighted average tax rate applicable to earnings of the Company as follows (in thousands $):

	For the nine months ended
	Sept. 30, 2019			Sept. 30, 2018
Income before income taxes		13,991			19,442
Tax calculated at domestic tax rates applicable to profits in the respective countries		3,737			5,183
Tax effects of:
Non-deductible stock-based compensation		120			229
Non-taxable capital (gains) and losses		(217	)		(124	)
Intangibles		85			(5,122	)
Adjustments in respect of previous periods		66			(131	)
Other temporary differences not benefited		(29	)		(341	)
Non-capital losses not benefited previously		(1,427	)		(2,540	)
Rate differences and other		33			741
Tax charge		2,368			(2,105	)

The weighted average statutory tax rate was 26.7% (September 30, 2018 - 26.7%). The Company has $12 million of capital tax losses from prior years that will begin to expire in 2019. The benefit of these capital losses has not been recognized.

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. The ability to realize the tax benefits of these losses is dependent upon a number of factors, including the future profitability of operations in the jurisdictions in which the tax losses arose. The movement in significant components of the Company's deferred income tax assets and liabilities is as follows (in thousands $):

For the nine months ended September 30, 2019

	Dec. 31, 2018		Recognized in income			Recognized in other comprehensive income			Sept. 30, 2019
Deferred income tax assets
Stock-based compensation		4,300		465			—			4,765
Non-capital losses		5,018		1			(27	)		4,992
Unrealized gains		386		(364	)					22
Other		513		28			—			541
Total deferred income tax assets		10,217		130			(27	)		10,320

Deferred income tax liabilities
Fund management contracts		7,317		1,526			—			8,843
Proceeds receivable		70		(70	)		—			—
Other		59		(236	)		—			(177	)
Total deferred income tax liabilities		7,446		1,220			—			8,666
Net deferred income tax assets		2,771		(1,090	)		(27	)		1,654

For the year ended December 31, 2018

	Dec. 31, 2017			Recognized in income			Recognized in other comprehensive income		Dec. 31, 2018
Deferred income tax assets
Other stock-based compensation		2,588			1,712			—		4,300
Non-capital losses		820			4,185			13		5,018
Unrealized gains		481			(95	)		—		386
Other		485			28			—		513
Total deferred income tax assets		4,374			5,830			13		10,217

Deferred income tax liabilities
Fund management contracts		431			6,886			—		7,317
Proceeds receivable		279			(209	)		—		70
Other		(116	)		175			—		59
Total deferred income tax liabilities		594			6,852			—		7,446
Net deferred income tax assets		3,780			(1,022	)		13		2,771

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

9	FAIR VALUE MEASUREMENTS

The following tables present the Company's recurring fair value measurements within the fair value hierarchy. The Company did not have non-recurring fair value measurements as at September 30, 2019 and December 31, 2018 (in thousands $).

Proprietary Investments

Sept. 30, 2019	Level 1		Level 2		Level 3		Total
Public equities and share purchase warrants		8,792		2,364		—		11,156
Fixed income securities		—		1,627		1,000		2,627
Private holdings		—		—		2,750		2,750
Obligations related to securities sold short		—		—		—		—
Total net recurring fair value measurements		8,792		3,991		3,750		16,533

Dec. 31, 2018	Level 1			Level 2		Level 3		Total
Public equities and share purchase warrants		13,680			5,386		—		19,066
Fixed income securities		—			1,796		1,000		2,796
Private holdings		—			—		2,830		2,830
Obligations related to securities sold short		(255	)		—		—		(255	)
Total net recurring fair value measurements		13,425			7,182		3,830		24,437

Long-term investments

Sept. 30, 2019	Level 1		Level 2		Level 3		Total
Co-investments in funds		—		60,056		4,628		64,684
Private holdings		—		—		27,657		27,657
Total net recurring fair value measurements		—		60,056		32,285		92,341

Dec. 31, 2018	Level 1		Level 2		Level 3		Total
Co-investments in funds		—		72,739		—		72,739
Private holdings		—		—		29,821		29,821
Total net recurring fair value measurements		—		72,739		29,821		102,560

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

The following tables provides a summary of changes in the fair value of Level 3 financial assets (in thousands $):

Proprietary Investments

	Changes in the fair value of Level 3 measurements - Sep. 30 2019
	Dec. 31, 2018		Purchases and reclassifications		Settlements			Net unrealized gains (losses) included in net income			Sept. 30, 2019
Private holdings		2,830		100		(57	)		(123	)		2,750
Fixed income securities		1,000		—		—			—			1,000
		3,830		100		(57	)		(123	)		3,750

	Changes in the fair value of Level 3 measurements - Dec. 31, 2018
	Dec. 31, 2017		Purchases and reclassifications		Settlements			Net unrealized gains (losses) included in net income		Dec. 31, 2018
Private holdings		4,269		2,135		(3,680	)		106		2,830
Fixed income securities		—		1,000		—			—		1,000
		4,269		3,135		(3,680	)		106		3,830

Long-term investments

	Changes in the fair value of Level 3 measurements - Sep. 30, 2019
	Dec. 31, 2018		Purchases and reclassifications		Settlements		Net unrealized gains (losses) included in net income			Sept. 30, 2019
Private holdings		24,945		3,424		—		(712	)		27,657
Co-investments in funds		4,876		—		—		(248	)		4,628
		29,821		3,424		—		(960	)		32,285

	Changes in the fair value of Level 3 measurements - Dec. 31, 2018
	Dec. 31, 2017		Purchases and reclassifications		Settlements		Net unrealized gains (losses) included in net income		Dec. 31, 2018
Private holdings		12,152		13,145		—		4,524		29,821
		12,152		13,145		—		4,524		29,821

During the nine months ended September 30, 2019, the Company transferred public equities of $3.6 million (December 31, 2018 - $0.7 million) from Level 2 to Level 1 within the fair value hierarchy due to the release of trading restrictions by the issuer. For the nine months ended September 30, 2019, the Company purchased level 3 investments of $3.5 million (December 31, 2018 - $16.3 million). For the nine months ended September 30, 2019, the Company transferred $Nil (December 31, 2018 - $Nil) from Level 3 to Level 1 within the fair value hierarchy.

SPROTT INC.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the three and nine months ended September 30, 2019 and 2018

The following table presents the valuation techniques used by the Company in measuring fair values:

Type	Valuation Technique
Public equities and share purchase warrants	Fair values are determined using pricing models which incorporate all available market-observable inputs.
Co-investments in funds	Fair values are based on the last available Net Asset Value.
Fixed income securities	Fair values are based on independent market data providers or third-party broker quotes.

The Company’s Level 3 securities consist of private holdings, co-investment in funds and fixed income securities of private companies. The Company determines fair value using a variety of valuation techniques, including discounted cash flows, comparable recent transactions and other techniques used by market participants. The significant unobservable input used in these valuation techniques can vary considerably over time, and include grey market financing prices, discount rates and extraction recovery rates of mining projects. A significant change in any of these inputs in isolation would result in a material impact in fair value measurement. The potential impact of a 5% change in the significant unobservable inputs on profit or loss would be approximately $1.2 million (December 31, 2018 - $1.2 million).

Financial instruments not carried at fair value

For fees receivable, other assets, accounts payable and accrued liabilities and compensation payable, the carrying amount represents a reasonable approximation of fair value due to their short term maturity.

DIVIDENDS

The following dividends were declared by the Company during the nine months ended September 30, 2019:

Record date	Payment Date	Cash dividend per share ($)		Total dividend amount (in thousands $)
March 08, 2019 - Regular Dividend Q4 - 2018	March 25, 2019		0.03		7,602
May 21, 2019 - Regular Dividend Q1 - 2019	June 5, 2019		0.03		7,605
August 19, 2019 - Regular Dividend Q2 - 2019	September 3, 2018		0.03		7,614
Dividends ⁽¹⁾					22,821

⁽¹⁾Subsequent to the quarter-end, on November 7, 2019, a regular dividend of $0.03 per common share was declared for the quarter ended September 30, 2019. This dividend is payable on December 3, 2019 to shareholders of record at the close of business on November 18, 2019.

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

11 SEGMENTED INFORMATION

For management purposes, the Company is organized into business units based on its products, services and geographical location and has five reportable segments as follows:

•

Exchange Listed Products (reportable), which provides management services to the Company's closed-end physical trusts and exchange traded funds ("ETFs"), both of which are actively traded on public securities exchanges;

•

Lending (reportable), which provides lending activities through limited partnership vehicles as well as through direct lending activities using the Company's balance sheet;

•

Managed Equities (reportable), which provides asset management and sub-advisory services to the Company's branded funds, fixed-term LPs and managed accounts;

•

Brokerage (reportable), which includes the activities of our Canadian and U.S broker-dealers;

•

Corporate (reportable), which provides capital, balance sheet management and enterprise shared services to the Company's subsidiaries;

•

All Other Segments (non-reportable), which do not meet the definition of reportable segments as per IFRS 8.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on earnings before interest expense, income taxes, amortization and impairment of intangible assets and goodwill, gains and losses on proprietary investments (as if such gains and losses had not occurred), foreign exchange gains and losses, one time non-recurring expenses, non-cash and non-recurring stock-based compensation, carried interest and performance fees and carried interest and performance fee payouts (adjusted base EBITDA).

Adjusted base EBITDA is not a measurement in accordance with IFRS and should not be considered as an alternative to net income or any other measure of performance under IFRS.

Transfer pricing between operating segments is performed on an arm's length basis in a manner similar to transactions with third parties.

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

The following tables present the operations of the Company's segments (in thousands $):

For the three months ended September 30, 2019

	Exchange Listed Products		Lending		Managed Equities		Brokerage		Corporate			Elimination and all other segments			Consolidated
Total revenue		8,770		6,047		4,227		8,033		(54	)		(288	)		26,735
Total expenses		2,860		2,146		2,093		7,619		3,246			1,103			19,067
Pre-tax Income (loss)		5,910		3,901		2,134		414		(3,300	)		(1,391	)		7,668
Adjusted base EBITDA		6,593		3,115		1,187		1,861		(2,303	)		(404	)		10,049

For the three months ended September 30, 2018

	Exchange Listed Products		Lending		Managed Equities ⁽¹⁾		Brokerage ⁽¹⁾			Corporate			Elimination and all other segments ⁽¹⁾			Consolidated
Total revenue		7,939		3,891		3,197		5,806			(1,870	)		(1,035	)		17,928
Total expenses		2,134		1,784		2,562		6,505			1,946			987			15,918
Pre-tax Income (loss)		5,805		2,107		635		(699	)		(3,816	)		(2,022	)		2,010
Adjusted base EBITDA		6,324		3,999		1,012		(37	)		(1,637	)		46			9,707

^{(1) Prior
year figures have been restated to reflect the changes in operating segments.}

For the nine months ended September 30, 2019

	Exchange Listed Products		Lending		Managed Equities		Brokerage			Corporate			Elimination and all other segments			Consolidated
Total revenue		23,383		13,645		11,668		18,876			(372	)		2,007			69,207
Total expenses		8,132		5,910		7,183		19,624			9,584			4,783			55,216
Pre-tax Income (loss)		15,251		7,735		4,485		(748	)		(9,956	)		(2,776	)		13,991
Adjusted base EBITDA		17,824		10,989		3,158		2,094			(6,975	)		1,552			28,642

For the nine months ended September 30, 2018

	Exchange Listed Products		Lending		Managed Equities ⁽¹⁾		Brokerage ⁽¹⁾		Corporate			Elimination and all other segments ⁽¹⁾			Consolidated
Total revenue		25,249		17,482		10,010		26,342		(2,727	)		(299	)		76,057
Total expenses		6,892		5,344		7,792		22,356		9,948			4,283			56,615
Pre-tax Income (loss)		18,357		12,138		2,218		3,986		(12,675	)		(4,582	)		19,442
Adjusted base EBITDA		19,248		12,137		3,476		3,486		(7,962	)		35			30,420

^{(1) Prior
year figures have been restated to reflect the changes in operating segments.}

SPROTT INC.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
For the three and nine months ended September 30, 2019 and 2018

For geographic reporting purposes, transactions are primarily recorded in the location that corresponds with the underlying subsidiary's country of domicile that generates the revenue. The following table presents the revenue of the Company by geographic location (in thousands $):

	For the three months ended				For the nine months ended
	Sept. 30, 2019		Sept. 30, 2018		Sept. 30, 2019		Sept. 30, 2018

Canada		23,407		13,783		59,409		64,350
United States		3,328		4,145		9,798		11,707
		26,735		17,928		69,207		76,057

12 LOAN FACILITY

As at September 30, 2019, the Company had $21.3 million (December 31, 2018 - $Nil) outstanding on its credit facility, $5 million of which is due within 12 months and $16.3 million is due after 12 months (December 31, 2018 - $Nil and $Nil respectively).

The Company has a 5 year, $90 million credit facility with a major Canadian schedule I chartered bank. The facility consists of a $25 million term loan and a $65 million revolving line of credit. Amounts may be borrowed under the facility through prime rate loans or bankers’ acceptances. Amounts may also be borrowed in U.S. dollars through base rate loans. In the first quarter, the Company drew $25 million on the term loan portion of the credit facility to avoid its expiry and to partially fund anticipated growth in the business over the next 12-18 months. As at September 30, 2019, the Company was in compliance with all covenants, terms and conditions under the credit facility. Key terms under the credit facility are noted below:

Structure

◦ 5-year, $65 million revolver with "bullet maturity" December 31, 2022

◦ 5-year, $25 million term loan with 5% of principal amortizing quarterly

Interest Rate

◦ Prime rate + 0 bps or;

◦ Banker Acceptance Rate + 170 bps

Covenant Terms

◦ Minimum AUM: $8.2 billion

◦ Debt to EBITDA less than 2.5:1

◦ EBITDA to interest expense more than 2.5:1

13 COMMITMENTS AND PROVISIONS

Besides the Company's long-term lease agreement, there may be commitments to provide loans arising from the lending business or commitments to make investments in the net investments portfolio of the Company. As at September 30, 2019, the Company had $15.2 million in co-investment commitments from the lending segment (December 31, 2018 - $38.7 million).

Corporate Information

Head Office	Legal Counsel
Sprott Inc.	Baker & McKenzie LLP
Royal Bank Plaza, South Tower	Brookfield Place, Suite 2100
200 Bay Street, Suite 2600	181 Bay Street, P.O. Box 874
Toronto, Ontario M5J 2J1, Canada	Toronto, Ontario, Canada M5J 2T3
T: 416.943.8099
1.855.943.8099	Auditors
	KPMG LLP
Directors & Officers	Bay Adelaide Centre
Ronald Dewhurst, Chairman	333 Bay Street, Suite 4600
Peter Grosskopf, Chief Executive Officer and Director	Toronto, ON M5H 2S5
Rick Rule, Director
Sharon Ranson, FCPA, FCA, Director	Investor Relations
Rosemary Zigrossi, Director	Shareholder requests may be directed to
Whitney George, President	Investor Relations by e-mail at ir@sprott.com
Kevin Hibbert, CPA, CA, Chief Financial Officer	or via telephone at 416.943.8099
Arthur Einav, Corporate Secretary	or toll free at 1.855.943.8099

Transfer Agent & Registrar	Stock Information
TMX Equity Transfer Services	Sprott Inc. common shares are traded on the
200 University Avenue, Suite 300	Toronto Stock Exchange under the symbol ‘‘SII’’
Toronto, Ontario M5H 4H1
Toll Free: 1.866.393.4891
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