Sprott Inc. (NYSE:SII) Q4 2023 Earnings Call Transcript February 21, 2024 10:00 AM ET
Company Participants
Whitney George - Chief Executive Officer
Kevin Hibbert - Chief Financial Officer
John Ciampaglia - Chief Executive Officer-Sprott Asset Management
Conference Call Participants
Graham Ryding - TD Securities
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2023 Annual Results Conference Call. At this time, all participants are in a listen only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. As a reminder, this conference is being recorded today February 21, 2024.
On behalf of the speakers that follow, listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the Safe Harbor provisions of the Canadian provincial securities law. Forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements please consult the MD&A for the quarter and Sprott’s other filings with the Canadian and US security regulators.
I would now turn the conference over to Mr. Whitney George. Please go ahead Mr. George.
Whitney George
Thank you. The rest of this presentation will go much faster than the disclosures. Good morning, everyone and thanks for joining us today. On the call with me today is our CFO, Kevin Hibbert and John Ciampaglia, the CEO of Sprott Asset Management. Our 2023 Annual Results were released this morning and are available on our website where you can also find the financial statements and MD&A.
Starting on slide 4. We are pleased with our performance during 2023 as we grew our AUM by $5.3 billion to $28.7 billion. This strong AUM growth was driven largely by our strong uranium prices and inflows into our exchange-listed products.
On the year, we generated $1.1 billion in net sales. Much of our AUM growth in 2023 came late in the fourth quarter and is positively impacting our 2024 performance. In 2023, we also finished the cleanup of our legacy non-core businesses exiting both our Canadian broker-dealer and our Korean operations.