08:15 AM EDT, 05/08/2024 (MT Newswires) -- Sprott Inc. ( SII ) on Wednesday reported first-quarter net income of US$11.6 million ($16 million), or US$0.45 per share, up 51% from US$7.6 million, or US$0.30 per share, a year earlier. Analysts estimates were not available.

The company said net income in the quarter benefited from market value appreciation across most of its exchange listed products and private strategies AUM, partially offset by lower commission income due to the sale of its former Canadian broker-dealer during the second quarter of last year. Earnings also benefited from no severance and other expenses.

Revenue for the quarter ended March 31 was US$37.1 million, up from US$34.3 million a year earlier. A sole analyst surveyed by Capital IQ expected US$54.9 million.

Adjusted base EBITDA for Q1 was US$19.8 million, up 14% from US$17.3 million a year earlier.

Assets under management were US$29.4 billion as at March 31, 2024, up 2% from US$28.7 billion as at Dec. 31, 2023.

Sprott's board declared a quarterly dividend of US$0.25 per share. The dividend is payable on June 5 to shareholders of record at the close of business on May 21.

"Sprott's 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 short-term weakness in uranium and related equities. As of March 31, 2024, AUM was $29.4 billion, up $0.6 billion from the end of 2023. Subsequent to quarter end, on May 6, 2024, AUM stood at $31.2 billion," said Whitney George, CEO of Sprott, in a statement.

"During the quarter, we further expanded our critical materials offerings with the launch of the Sprott Copper Miners ETF. We also added to our growing European product suite by introducing the Sprott Junior Uranium Miners UCITS ETF. We are pleased with the early responses to both"

But George added: "We expect 2024 to be a volatile year for investors as geopolitical conflicts spread, inflation remains stubbornly high and global elections present an uncertain backdrop for investors."

The company's shares, which slipped 0.7% in US trading yesterday, were down 0.07% in Canada on Tuesday.