# EDGAR Filing Document

**Accession Number:** 0001512920
**File Stem:** 0001104659-26-017278
**Filing Date:** 2026-2
**Character Count:** 35030
**Document Hash:** 0a5247b17fdb1b78a09ae44fae7cc6cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-017278.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001104659-26-017278

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260219

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT INC.
- **CENTRAL INDEX KEY:** 0001512920
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39298
- **FILM NUMBER:** 26651470

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, SOUTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2600
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1
- **BUSINESS PHONE:** 416-943-4065

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA, SOUTH TOWER
- **STREET 2:** 200 BAY STREET, SUITE 2600
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2J1

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934**

---

| | | |
|:---|:---|:---|
| For the month of | **February** | **2026** |
| Commission File Number | **001-39298** |  |

---

---

| |
|:---|
| **Sprott Inc.** |
| (Translation of registrant's name into English) |
| **Suite 2600, 200 Bay Street**<br> **Royal Bank Plaza, South Tower**<br> **Toronto, Ontario, Canada M5J 2J1** |
| (Address of principal executive offices) |

---

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ◻ Form 40-F ⌧

**DOCUMENTS INCLUDED AS PART OF THIS REPORT**

---

| | |
|:---|:---|
| **Exhibit** |  |
| [99.1](tm266559d2_ex99-1.htm) | [Press Release dated February 19, 2026](tm266559d2_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | *Sprott Inc.* | *Sprott Inc.* | *Sprott Inc.* |
|  |  | (Registrant) | (Registrant) | (Registrant) |
| Date: | February 19, 2026 | By: | /s/ Kevin Hibbert | /s/ Kevin Hibbert |
|  |  |  | Name: | Kevin Hibbert |
|  |  |  | Title: | Co-Chief Operating Officer and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**SPROTT ANNOUNCES YEAR ENDED 2025 RESULTS**

**TORONTO, ON - February 19, 2026** - Sprott Inc. (NYSE/TSX: SII) ("Sprott" or the "Company") today announced its financial results for the year ended December 31, 2025.

**Management commentary** 

"Sprott's Assets Under Management ("AUM") were $59.6 billion as at December 31, 2025, up 21% from $49.1 billion as at September 30, 2025 and up 89% from $31.5 billion as at December 31, 2024," said Whitney George, Chief Executive Officer of Sprott. "During the year we benefited from market value appreciation across the majority of our fund products and $3.9 billion in net sales, primarily in our Exchange Listed Products segment."

"It was a banner year for precious metals as gold, silver, platinum and palladium all dramatically outperformed traditional asset classes," continued Mr. George. "Despite recent volatility, the fundamentals for precious metals remain compelling. Our critical materials investment strategies also performed well in 2025, driven by growing investor demand as well as increased government intervention in response to rising geopolitical tensions."

"With our core expertise in precious metals and critical materials investments, we believe we are well positioned to capitalize on powerful macro-economic trends to create value for shareholders in the years ahead," concluded Mr. George.

<u>Key AUM highlights</u><sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· AUM
 was $59.6 billion as at December 31, 2025, up 21% from $49.1 billion as at September 30,
 2025 and up 89% from $31.5 billion as at December 31, 2024. On a three and twelve months
 ended basis, we benefited from market value appreciation across a majority of our fund products
 and positive net inflows to our exchange listed products.

<u>Key revenue highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Management
 fees were $63.8 million for the quarter, up $22.4 million or 54% from $41.4 million for the
 quarter ended December 31, 2024 and $199 million on a full-year basis, up $43.6 million or
 28% from $155.3 million for the year ended December 31, 2024. Carried interest and performance
 fees were $38.1 million in the quarter, up $35.6 million from $2.5 million for the quarter
 ended December 31, 2024 and $54.7 million on a full-year basis, up $47.3 million from $7.3
 million for the year ended December 31, 2024. Net fees were $80.4 million for the quarter,
 up $41.9 million from $38.6 million for the quarter ended December 31, 2024 and $216 million
 on a full-year basis, up $71.4 million or 49% from $144.6 million for the year ended December
 31, 2024. Our revenue performance in the quarter and on a full-year basis was due to a combination
 of higher average AUM on market value appreciation and inflows to our precious metals physical
 trusts and ETFs, the generation of performance fees in our managed equities and private strategies
 segments, and carried interest earned in a legacy fixed-term exploration LP within our managed
 equities segment.

&nbsp;&nbsp;&nbsp;&nbsp;· Commission
 revenues were $2.7 million for the quarter, up $1.8 million from $0.8 million for the quarter
 ended December 31, 2024 and $8.5 million on a full-year basis, up $2.8 million or 49% from
 $5.7 million for the year ended December 31, 2024. Net commissions were $1.2 million for
 the quarter, up $0.9 million from $0.4 million for the quarter ended December 31, 2024 and
 $3.9 million on a full-year basis, up $1.2 million or 46% from $2.7 million for the year
 ended December 31, 2024. Commission revenue increased in the quarter and on a full-year basis
 due to higher ATM activity in our physical uranium trust.

&nbsp;&nbsp;&nbsp;&nbsp;· Finance
 income was $2.5 million for the quarter, up $1 million or 71% from $1.4 million for the quarter
 ended December 31, 2024 and $6.7 million on a full-year basis, down $2.2 million or 25% from
 $8.9 million for the year ended December 31, 2024. The increase in the quarter was due to
 higher income generated in our co-investments in our private strategies segment, while the
 decrease on a full-year basis was due to last year's syndication activity in the first half
 of the year in the same segment.

1 See "non-IFRS financial measures" section in this press release and schedule 2 and 3 of "Supplemental financial information"

<u>Key expense highlights</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 compensation expense was $20.9 million for the quarter, up $3.8 million or 22% from $17 million
 for the quarter ended December 31, 2024 and $75.1 million on a full-year basis, up $8.3 million
 or 12% from $66.8 million for the year ended December 31, 2024. The increase in the quarter
 and on a full-year basis was primarily due to higher incentive compensation on increased
 net fee generation. Our net compensation ratio was 34% in the quarter (December 31, 2024
 - 44%) and 40% on a full-year basis (December 31, 2024 - 45%).

Stock-based compensation expense was $28.2 million for the quarter, up $23.2 million from $5 million for the quarter ended December 31, 2024 and $75.5 million on a full-year basis, up $56.6 million from $18.8 million for the year ended December 31, 2024. The increase in the quarter and on a full-year basis was primarily due to a change in accounting requirements as we moved our employees to a new cash-settled stock-based compensation plan this year. Cash-settled stock plans require the use of mark-to-market and graded vest accounting under IFRS 2, which creates the dual impact of: (1) accelerating the amount of vesting that occurs each period and (2) adding market volatility to each vested amount, in our case, at a time when our stock has appreciated 18% in the quarter and 132% on a full-year basis. In contrast, last year, we had an equity-settled program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period. As at December 31, 2025, the total dollar amount of restricted share unit liability (net of tax) that management estimates will be paid for the year ended December 31, 2025 is 49% lower than the estimates noted above. The total number of restricted shares management estimates will vest for the year ended December 31, 2025 is 1.9% of the Company's total NYSE/TSX shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;· SG&A
 expense was $5.1 million for the quarter, up $0.1 million or 2% from $4.9 million for the
 quarter ended December 31, 2024 and $18.5 million on a full-year basis, down $0.3 million
 or 2% from $18.8 million for the year ended December 31, 2024. The increase in the quarter
 was due to higher marketing costs, while the decrease on a full-year basis was primarily
 due to lower technology costs.

<u>Earnings summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Net
 income for the quarter was $28.7 million ($1.11 per share), up $17 million from $11.7 million
 ($0.46 per share) for the quarter ended December 31, 2024 and was $67.3 million ($2.61 per
 share) on a full-year basis, up $18.1 million or 37% from $49.3 million ($1.94 per share)
 for the year ended December 31, 2024. Our net income performance was primarily due to market
 value appreciation and inflows to our precious metals physical trusts and carried interest
 and performance fee crystallizations in our managed equities and private strategies segments.
 These increases were partially offset by a change in accounting requirements brought on by
 our new cash-settled stock plan that took effect this year. 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 creates the dual impact of: (1) accelerating the amount of vesting that
 occurs each period and (2) adding market volatility to each vested amount, in our case, at
 a time when our stock has appreciated 18% in the quarter and 132% on a full-year basis. In
 contrast, last year we had an equity-settled stock program that required each vest to be
 valued at the original grant date fair value on a constant basis over the entire amortization
 period.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted
 EBITDA was $42.1 million ($1.63 per share) for the quarter, up $19.8 million or 88% from
 $22.4 million ($0.88 per share) for the quarter ended December 31, 2024 and $121.4 million
 ($4.71 per share) on a full-year basis, up $36.2 million or 43% from $85.2 million ($3.35
 per share) for the year ended December 31, 2024. Adjusted EBITDA in the quarter and on a
 full-year basis benefited from higher average AUM on market value appreciation and inflows
 to our precious metals physical trusts and ETFs.

<u>Subsequent event</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequent
 to year-end, as at February 13, 2026, AUM was $70.1 billion, up 18% from $59.6 billion as
 at December 31, 2025. Our performance subsequent to year-end was the result of $7.7 billion
 of market value appreciation and $2.8 billion in net inflows, primarily in our exchange listed
 products.

&nbsp;&nbsp;&nbsp;&nbsp;· On February 18,
 2026, the Sprott Board of Directors announced a quarterly dividend of $0.40 per share.

**Supplemental financial information**

Please refer to the December 31, 2025 annual financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company's financial position as at December 31, 2025 and the Company's financial performance for the year ended December 31, 2025.

<u>Schedule 1 - AUM continuity</u>

**3 months results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions $) | AUM<br> Sep. 30, 2025 | Net <br> inflows <sup>(1)</sup> | Market<br> value changes | Other<br> net inflows <sup>(1)</sup> | AUM<br> Dec. 31, 2025 | Net management<br> fee rate <sup>(2)</sup> |
| **Exchange listed products** |  |  |  |  |  |  |
| - Precious metals physical trusts and ETFs |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Physical Gold Trust | 14112 | 191 | 1673 |  | 15976 | 0.35% |
| &nbsp;&nbsp;&nbsp;- Physical Silver Trust | 9338 | 661 | 5110 |  | 15109 | 0.45% |
| &nbsp;&nbsp;&nbsp;- Physical Gold and Silver Trust | 7309 | (113) | 1869 |  | 9065 | 0.40% |
| &nbsp;&nbsp;&nbsp;- Precious Metals ETFs | 1216 | 222 | 216 |  | 1654 | 0.35% |
| &nbsp;&nbsp;&nbsp;- Physical Platinum & Palladium Trust | 485 | 124 | 164 |  | 773 | 0.50% |
|  | 32460 | 1085 | 9032 |  | 42577 | 0.39% |
| - Critical materials physical trusts and ETFs |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Physical Uranium Trust | 6015 | 201 | (58) |  | 6158 | 0.31% |
| &nbsp;&nbsp;&nbsp;- Critical Materials ETFs | 3200 | 101 | (351) |  | 2950 | 0.51% |
| &nbsp;&nbsp;&nbsp;- Physical Copper Trust | 104 | 5 | 22 |  | 131 | 0.33% |
|  | 9319 | 307 | (387) |  | 9239 | 0.37% |
| **Total exchange listed products** | 41779 | 1392 | 8645 |  | 51816 | 0.39% |
| **Managed equities** <sup>(3)</sup>** | 5171 | (108) | 906 | (313) | 5656 | 0.82% |
| **Private strategies** | 2138 | (1) | (3) |  | 2134 | 0.85% |
| **Total AUM** <sup>(4)</sup>** | 49088 | 1283 | 9548 | (313) | 59606 | 0.46% |

---

**12 months results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions $) | AUM <br>Dec. 31, 2024 | Net <br> inflows <sup>(1)</sup> | Market <br>value changes | Other<br> net inflows <sup>(1)</sup> | AUM <br>Dec. 31, 2025 | Net management<br> fee rate <sup>(2)</sup> |
| **Exchange listed products** |  |  |  |  |  |  |
| - Precious metals physical trusts and ETFs |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Physical Gold Trust | 8608 | 1429 | 5939 |  | 15976 | 0.35% |
| &nbsp;&nbsp;&nbsp;- Physical Silver Trust | 5227 | 1410 | 8472 |  | 15109 | 0.45% |
| &nbsp;&nbsp;&nbsp;- Physical Gold and Silver Trust | 5013 | (301) | 4353 |  | 9065 | 0.40% |
| &nbsp;&nbsp;&nbsp;- Precious Metals ETFs | 354 | 531 | 767 | 2 | 1654 | 0.35% |
| &nbsp;&nbsp;&nbsp;- Physical Platinum & Palladium Trust | 168 | 318 | 287 |  | 773 | 0.50% |
|  | 19370 | 3387 | 19818 | 2 | 42577 | 0.39% |
| - Critical materials physical trusts and ETFs |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- Physical Uranium Trust | 4862 | 763 | 533 |  | 6158 | 0.31% |
| &nbsp;&nbsp;&nbsp;- Critical Materials ETFs | 2020 | 85 | 845 |  | 2950 | 0.51% |
| &nbsp;&nbsp;&nbsp;- Physical Copper Trust | 90 | 4 | 37 |  | 131 | 0.33% |
|  | 6972 | 852 | 1415 |  | 9239 | 0.37% |
| **Total exchange listed products** | 26342 | 4239 | 21233 | 2 | 51816 | 0.39% |
| **Managed equities** <sup>(3)</sup>** | 2873 | (99) | 3268 | (386) | 5656 | 0.82% |
| **Private strategies** | 2320 | (191) | 5 |  | 2134 | 0.85% |
| **Total AUM** <sup>(4)</sup>** | 31535 | 3949 | 24506 | (384) | 59606 | 0.46% |

---

<sup>(1)</sup> See "Net inflows" and "Other net inflows" in the key performance indicators and non-IFRS and other financial measures section of the MD&A.

<sup>(2)</sup> Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.

<sup>(3)</sup> Managed equities is made up of primarily precious metal strategies (54%), high net worth managed accounts (41%) and U.S. value strategies (5%).

<sup>(4)</sup> No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return.

<u>Schedule 2 - Summary financial information</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In thousands $) | Q4<br> 2025 | Q3<br> 2025 | Q2<br> 2025 | Q1<br> 2025 | Q4<br> 2024 | Q3<br> 2024 | Q2<br> 2024 | Q1<br> 2024 |
| Management fees | 63818 | 50710 | 44446 | 39989 | 41441 | 38968 | 38325 | 36603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund expense recoveries | (469) | (386) | (327) | (279) | (280) | (275) | (260) | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund expenses | (3304) | (2778) | (2699) | (2464) | (2708) | (2385) | (2657) | (2234) |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct payouts | (2247) | (1871) | (1709) | (1602) | (1561) | (1483) | (1408) | (1461) |
| Carried interest and performance fees | 38104 | 1757 | 14807 |  | 2511 | 4110 | 698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carried interest and performance fee payouts | (15465) | (690) | (1298) |  | (830) |  | (251) |  |
| Net fees | 80437 | 46742 | 53220 | 35644 | 38573 | 38935 | 34447 | 32677 |
| Commissions | 2655 | 3816 | 1725 | 286 | 819 | 498 | 3332 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission expense - internal | (275) | (329) | (180) | (52) | (146) | (147) | (380) | (217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission expense - external | (1143) | (1801) | (779) | (47) | (290) | (103) | (1443) | (312) |
| Net commissions | 1237 | 1686 | 766 | 187 | 383 | 248 | 1509 | 518 |
| Finance income | 2464 | 1583 | 1213 | 1402 | 1441 | 1574 | 4084 | 1810 |
| Co-investment income | 198 | 234 | 280 | 151 | 296 | 418 | 416 | 274 |
| Less: Carried interest and performance fees (net of payouts) | (22639) | (1067) | (13509) |  | (1681) | (4110) | (447) |  |
| Total net revenues <sup>(1)</sup> | 61697 | 49178 | 41970 | 37384 | 39012 | 37065 | 40009 | 35279 |
| Add: Carried interest and performance fees (net of payouts) | 22639 | 1067 | 13509 |  | 1681 | 4110 | 447 |  |
| Gain (loss) on investments | 4195 | 7012 | 2703 | 1534 | (3889) | 937 | 1133 | 1809 |
| Fund expenses <sup>(2)</sup> | 4447 | 4579 | 3478 | 2511 | 2998 | 2488 | 4100 | 2546 |
| Direct payouts <sup>(3)</sup> | 17987 | 2890 | 3187 | 1654 | 2537 | 1630 | 2039 | 1678 |
| Fund expense recoveries | 469 | 386 | 327 | 279 | 280 | 275 | 260 | 231 |
| **Total revenues <sup>(4)</sup>** | **111434** | **65112** | **65174** | **43362** | **42619** | **46505** | **47988** | **41543** |
| Compensation | 61329 | 38550 | 33825 | 19597 | 19672 | 18547 | 19225 | 17955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct payouts <sup>(3)</sup> | (17987) | (2890) | (3187) | (1654) | (2537) | (1630) | (2039) | (1678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, new hire accruals and other | (125) | (111) | (32) | (52) | (166) | (58) |  |  |
| Impact of market value fluctuation and graded vesting<br> amortization on cash-settled equity plans <sup>(5)</sup> | (22351) | (16598) | (12758) | (412) | 71 | (114) | (252) | (155) |
| Net compensation | 20866 | 18951 | 17848 | 17479 | 17040 | 16745 | 16934 | 16122 |
| Net compensation ratio | 34% | 39% | 43% | 47% | 44% | 46% | 44% | 47% |
| Fund expenses <sup>(2)</sup> | 4447 | 4579 | 3478 | 2511 | 2998 | 2488 | 4100 | 2546 |
| Direct payouts <sup>(3)</sup> | 17987 | 2890 | 3187 | 1654 | 2537 | 1630 | 2039 | 1678 |
| Severance, new hire accruals and other | 125 | 111 | 32 | 52 | 166 | 58 |  |  |
| Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans <sup>(5)</sup> | 22351 | 16598 | 12758 | 412 | (71) | 114 | 252 | 155 |
| Selling, general, and administrative ("SG&A") | 5053 | 4473 | 4825 | 4127 | 4949 | 4612 | 5040 | 4173 |
| Interest expense | 395 | 261 | 286 | 280 | 613 | 933 | 715 | 830 |
| Depreciation and amortization | 652 | 647 | 637 | 541 | 600 | 502 | 568 | 551 |
| Foreign exchange (gain) loss | 1080 | (666) | 3263 | 554 | (2706) | 1028 | 122 | 168 |
| Other (income) and expenses |  |  |  |  |  |  | (580) |  |
| **Total expenses** | **72956** | **47844** | **46314** | **27610** | **26126** | **28110** | **29190** | **26223** |
| **Net income <sup>(6)</sup>** | **28728** | **13159** | **13501** | **11957** | **11680** | **12697** | **13360** | **11557** |
| **Net income per share <sup>(7)</sup>** | **1.11** | **0.51** | **0.52** | **0.46** | **0.46** | **0.50** | **0.53** | **0.45** |
| Adjusted EBITDA <sup>(8)</sup> | 42130 | 31916 | 25453 | 21901 | 22362 | 20675 | 22375 | 19751 |
| Adjusted EBITDA per share | 1.63 | 1.24 | 0.99 | 0.85 | 0.88 | 0.81 | 0.88 | 0.78 |
| **Total assets <sup>(9)</sup>** | **525779** | **466169** | **439429** | **386131** | **388798** | **412477** | **406265** | **389784** |
| **Total liabilities <sup>(10)</sup>** | **158534** | **121441** | **93955** | **59986** | **65150** | **82198** | **90442** | **82365** |
| Total AUM | 59605519 | 49088162 | 40040822 | 35076761 | 31535062 | 33439221 | 31053136 | 29369191 |
| Average AUM | 53216229 | 42346242 | 37580867 | 33265327 | 33401157 | 31788412 | 31378343 | 29035667 |

---

(1) Prior
 period net revenues include the following revenues from non-reportab le segments: Q4
 2024 - $406; Q3 2024 - $497; Q2 2024 - $650; and Q1
 2024 - $465.

(2) Includes fund expenses
 and commission expense - external. Together, these amounts are included in "Fund expenses"
 on the income statement.

(3) Includes direct
 payouts, internal carried interest and performance fee payouts and commission payouts - internal.
 Together, these amounts are included in "Compensation" on the income statement.

(4) Total revenues for
 the year ended December 31, 2025 were $285,082 (December 31, 2024- $178,655; December 31,
 2023- $151,367).

(5) The
 increase in the quarter and on a full-year basis was primarily due to the Company transitioning
 its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation
 plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations
 that were driven b y NYSE:SII being up 18% in the quarter and 132% on a full-year basis.
 The balance also includes the effect of the new program's requirement to use graded vesting
 amortization.

(6) Net income for the
 year ended December 31, 2025 was $67,345 (December 31, 2024 - $49,294; December 31, 2023-
 $41,799).

(7) Basic and diluted
 net income per share for the year ended December 31, 2025 was $2.61 and $2.61, respectively
 (December 31, 2024 - $1.94 and $1.91, respectively; December 31, 2023 - $1.66 and $1.60,
 respectively).

(8) Effective Q1 2025,
 we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA"
 to "adjusted EBITDA". This was made to simplify wording and there was no impact
 to its calculation.

(9) Total assets as
 at December 31, 2025 were $525,779 (December 31, 2024 - $388,798; December 31, 2023- $378,835).

(10) Total liabilities
 as at December 31, 2025 were $158,534 (December 31, 2024 - $65,150; December 31, 2023 - $73,130).

<u>Schedule 3 - EBITDA reconciliation</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 3 months ended | 3 months ended | 12 months ended | 12 months ended |
| (In thousands $) | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 |
| **Net income for the period** | **28728** | **11680** | **67345** | **49294** |
| Net income margin <sup>(1)</sup> | 26% | 27% | 24% | 28% |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 395 | 613 | 1222 | 3091 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 9750 | 4813 | 23013 | 19712 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 652 | 600 | 2477 | 2221 |
| EBITDA | 39525 | 17706 | 94057 | 74318 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on investments <sup>(2)</sup> | (4195) | 3889 | (15444) | 10 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation <sup>(3)</sup> | 28234 | 4988 | 75451 | 18817 |
| &nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss | 1080 | (2706) | 4231 | (1388) |
| &nbsp;&nbsp;&nbsp;Severance, new hire accruals and other | 125 | 166 | 320 | 224 |
| &nbsp;&nbsp;&nbsp;Revaluation of contingent consideration |  |  |  | (580) |
| &nbsp;&nbsp;&nbsp;Carried interest and performance fees | (38104) | (2511) | (54668) | (7319) |
| &nbsp;&nbsp;&nbsp;Carried interest and performance fee payouts <sup>(4)</sup> | 15465 | 830 | 17453 | 1081 |
| Adjusted EBITDA <sup>(5)</sup> | 42130 | 22362 | 121400 | 85163 |
| Adjusted EBITDA margin <sup>(6)</sup> | 68% | 59% | 64% | 58% |

---

(1) Calculated as IFRS net
income divided by IFRS total revenue.

(2) This adjustment removes
the income effects of gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives
of our adjusted EBITDA metric are met.

(3) The increase in
the quarter and on a full-year basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled"
stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were
driven by NYSE:SII being up 18% in the quarter and 132% on a full-year basis. The balance also includes the effect of the new program's
requirement to use graded vesting amortization.

(4) Includes both internal
and external carried interest and performance fe e payouts.

(5) Effective Q1 2025, we changed the name of one of our key non-IFRS
measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact
to its calculation.

(6) Prior period adjusted EBITDA margin excludes adjusted EBITDA
from non-reportable segments o f ($372) for the three months ended December 31, 2024 and ($1,466)
for the year ended December 31, 2024.

**<u>Conference Call and Webcast</u>**

A webcast will be held today, February 19, 2026 at 10:00 am ET to discuss the Company's financial results.

**Webcast Details:**

Date: February 19, 2026

Time: 10:00am ET

Webcast: Webcast Registration

This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted EBITDA, adjusted EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the "Supplemental financial information" section of this press release.

<u>Net fees</u> 

Net fees are calculated as: (1) total management fees net of fund expenses and recoveries and direct payouts; and (2) carried interest and performance fees, net of their related payouts. Net fees is a key revenue indicator as it represents revenue contributions after directly associated costs in managing our AUM.

<u>Net commissions</u>

Net commissions are calculated as total commissions, net of commission expenses. Net commissions primarily arise from the purchase and sale of critical materials in our exchange listed products segment.

<u>Net revenues</u> 

Net revenues are calculated as the total of: (1) net fees, excluding carried interest and performance fees, net of their related payouts; (2) net commissions; (3) finance income; and (4) co-investment income.

<u>Net compensation & net compensation ratio</u>

Net compensation is calculated as total compensation expense before: (1) commission expenses paid to employees; (2) direct payouts to employees; (3) carried interest and performance fee payouts to employees; (4) severance and new hire accruals; and (5) impact of market value fluctuations and graded vesting amortization on cash-settled equity plans. Net compensation ratio is calculated as net compensation divided by net revenues.

<u>EBITDA, adjusted EBITDA and adjusted EBITDA margin</u>

Effective in the first quarter of the year, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". The change was made to simplify wording and there was no impact to the underlying calculation.

EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company's underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted EBITDA margin is a key indicator of a company's profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.

**Forward-Looking Statements**

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) our positioning will benefit from a highly compelling environment for precious metals, critical materials and their related equities; and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although Sprott ("the Company") believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading "Critical Accounting Estimates and significant judgments" in the Company's MD&A for the period ended December 31, 2025. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange ("FX") risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company's investment products; (xxv) risks relating to the Company's proprietary investments; (xxvi) risks relating to the Company's private strategies business; (xxvii) those risks described under the heading "Risk Factors" in the Company's annual information form dated February 18, 2026; and (xxviii) those risks described under the headings "Managing Financial Risks" and "Managing Non-Financial Risks" in the Company's MD&A for the period ended December 31, 2025. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company's earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

**About Sprott**

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the Company's common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

**Investor contact information:**

Glen Williams

Senior Managing Partner

Investor and Institutional Client Relations

(416) 943-4394

gwilliams@sprott.com