Sprott Inc. (NYSE:SII) Q1 2024 Earnings Conference Call May 8, 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
Rasib Bhanji - TD Cowen
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2024 First Quarter Results Conference Call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at the time for you to queue up for questions. As a reminder, this conference is being recorded today, May 8, 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 provision under Canadian provincial security 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's and U.S. security regulators.
I'll now turn the conference over to Mr. Whitney George. Please go ahead, Mr. George.
Whitney George
Thank you. [Technical Difficulty] John Ciampaglia, CEO of Sprott Asset Management. Our 2024 first quarter results were released this morning and are available on our website where you can also where you can also find the financial statements and MD&A.
I'll start on slide four. Our AUM once again reached record highs during the quarter, driven by stronger gold and silver prices late in the period, offset somewhat by what we view as a short-term weakness in uranium and related equities. Gold and silver gained 8% and 5%, respectively, on a rally that began in mid-February and has accelerated through March and April.
Our AUM as of March 31, 2024, was up $0.6 billion from the fourth quarter of 2023. Subsequent to the quarter end, AUM increased by $1.8 billion to $31.2 billion as of May 6, 2024. We reported $284 million in net redemptions during the quarter as our precious metals trust traded at wider discounts to net asset value. This was our first quarter of net redemptions in four years, and I'm happy to report the trend has reversed early in the second quarter.