Sprott has closed the second quarter of 2026 with earnings up 154% compared to the same period last year. The stock responded with a 10% jump, signaling that investors are looking past the dip in overall AUM and focusing on what matters most: the structural strength of its critical materials platform, with uranium leading the charge.
Total assets under management stood at $55.6 billion as of June 30, 2026, down 15% from $65.1 billion at the end of March and 7% below year-end 2025 levels. The main driver of the decline was a correction in gold and silver prices during the quarter, which weighed on precious metals strategies. Critical materials, by contrast, recorded positive net inflows that partially offset the contraction. Average AUM for the quarter reached $63.9 billion, up 70% from Q2 2025 — a figure that explains the earnings surge despite the end-of-period decline.
Within the critical materials segment, uranium-linked products account for $10.1 billion, roughly 82% of the $12.2 billion allocated to this category, which itself represents 22% of total AUM. Copper strategies account for $1.5 billion, with other critical materials making up the remaining $600 million. CEO Whitney George confirmed that the AUM decline is almost entirely attributable to the precious metals correction and expects a swift recovery. On the operational side, quarterly fee revenues were driven primarily by ATM activity in the physical uranium trust, consistent with prior quarters.
Sprott CEO John Ciampaglia reiterated on the earnings call that uranium remains structurally supported by the global nuclear renaissance. This is not a short-term bullish view — it reflects the trajectory that governments are actively charting through agreements, investments, and new reactor builds. The U.S. Department of Energy has committed up to $5 billion to fund ten new Westinghouse AP1000 reactors, and Brookfield Asset Management has been selected by the DoE to develop a large AI campus on a former uranium enrichment site in Kentucky. These are concrete signals that the cycle is not speculative.
In Q1 2026, uranium equity stocks had already outperformed every other critical materials sub-sector. Demand for nuclear fuel is growing in tandem with energy consumption from data centers and artificial intelligence — two forces that reinforce each other and show no signs of slowing. Sprott is in the position of a firm that built its platform before the market understood where things were heading. With $10 billion in uranium exposure and an expanding institutional investor base, the second half of 2026 opens on far more solid ground than the quarterly AUM decline might suggest.
