Sprott Inc. (NYSE:SII) Q3 2024 Earnings Conference Call November 6, 2024 10:00 AM ET
Company Participants
Conference Call Participants
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc.'s 2024 Third Quarter 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, November 6, 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 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 U.S. securities regulators.
I will now turn the conference over to Mr. Whitney George. Please go ahead, Mr. George.
Whitney George
Thank you, operator; and good morning, everyone, and thanks for joining us today. On the call with me today is our CFO, Kevin Hibbert; and John Ciampaglia, our CEO of Sprott Asset Management. Our 2024 third quarter results were released this morning and are available on our website, where you can also find the financial statements and MD&A.
I'd like to start on slide four. Before I get into our results for the quarter, I'd like to comment on the elephant in the room. Last night's election was decisively won by Donald Trump, a result that is sure to cause some volatility in the financial markets as we are already seeing this morning. However, at Sprott, it's not our job to be distracted by noise, short term noise, and remain focused on the long term drivers of our business, which are fundamentally unchanged. With our focus on precious metals and critical materials' investments, we are very well positioned to benefit from the powerful trends that define the current market environment.
Turning now to our results for the quarter, I'm pleased to report that our assets under management increased by $2.3 billion to $33.4 billion, which is another record high for Sprott. Our assets have continued to grow subsequent to the quarter and AUM was $34.2 billion as of November 1. Precious metals' prices have been the main driver of our asset growth this year. Gold has posted gains every month of 2024 and is currently trading near all-time highs, up 32% year-to-date, today notwithstanding. Silver broke out late in Q3 and is up approximately 36% year-to-date.