Q3 2025 Sprott Inc Earnings Call

Speaker #1: Good morning , ladies and gentlemen , and thank you for standing by . Welcome to SPROTT INC. . 2025 third Quarter Results conference call .

Speaker #1: At this time , all participants are in a listen only mode . Following the presentation , we will conduct a question and answer session .

Speaker #1: Instructions will be provided at that time for you to queue up for questions . As a reminder , this conference is being recorded today , November 5th , 2025 , on behalf of the speakers that follow .

Speaker #1: Listeners are cautioned that today's presentation and the responses to questions may contain forward looking information and forward looking statements within the meaning of applicable Canadian and US securities laws .

Speaker #1: 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 .

Speaker #1: 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 mDNA for the quarter and Sprott's other filings with the Canadian and U.S.

Speaker #1: securities regulators . I will now turn the conference over to Mr. Whitney George . Please go ahead . Mr. George .

Speaker #2: Thank you . Operator . And good morning , everyone . I'll start on slide three . Thanks for joining us today on the call with me is our CFO , Kevin Hibbert and John Ciampaglia , CEO of Sprott Asset Management .

Speaker #2: Our 2020 third quarter results released this morning and are available on our website , where you can also find the financial statements and mDNA on slide four .

Speaker #2: I'd like to review our third quarter and year to date highlights our assets under management increased by 9 billion during the quarter , driven by surging gold and silver prices in October .

Speaker #2: Subsequent to the quarter end, our AUM surpassed $50 billion for the first time. We reported strong sales during the third quarter, driven by interest in both precious metals and critical materials.

Speaker #2: Our managed equities business has delivered outstanding performance both during the quarter and on a year to date basis , with some strategies up more than 100% as of October 31st .

Speaker #2: The active ETFs we launched earlier this year to leverage our strength , the strength of our investment team , have been among our most successful ETF launches to date .

Speaker #2: Since we acquired the Sprott Uranium Miners ETF in 2022 , our ETF business has grown from under 400 million in assets to more than 4.4 billion today .

Speaker #2: Given the strength of our financial results and our confidence in Sprott's future , yesterday our board declared a third quarter dividend of $0.40 per share , an increase of 33% .

Speaker #2: And finally , today , we announced that we have strengthened our executive team with the appointments of Ryan McIntyre as president and Kevin Hibbert and Arthur Einav as co-CEO of Sprott .

Speaker #2: While retaining their their current positions as chief counsel and CFO . Respectively . On behalf of our board and the entire Sprott team , I'd like to congratulate Ryan , Kevin and Arthur on these appointments .

Speaker #2: And with that , I'll pass it over to Kevin for a look at our financial results . Kevin .

Speaker #3: Thank you . Whitney , and good morning , everyone . I'll start on slide five , which provides a summary of our historical AUM .

Speaker #3: AUM . Finished the quarter at $49.1 billion , up 23% from $40 billion as at June 30th and up 56% from $31.5 billion as at December 31st , 2020 .

Speaker #3: For on a three and nine months ended basis , we benefited from strong market value appreciation across our fund products and a positive net inflows to our physical trusts .

Speaker #3: As Whitney noted , subsequent to quarter end on October 31st , our AUM was $51 billion , up 4% from our September 30th AUM level .

Speaker #3: Our performance subsequent to the quarter end was the result of $1.2 billion of market value , appreciation and $793 million in net inflows to our physical trusts .

Speaker #3: Slide six provides a brief look at our three and nine month earnings . Net income this quarter was $13.2 million , up 4% from $12.7 million over the same three month period last year .

Speaker #3: And on a year to date basis , net income was $38.6 million , up 3% from $37.6 million this time last year . Our net income performance was primarily due to a change in accounting requirements brought on by our new cash settled stock plan that took effect this year .

Speaker #3: Largely offsetting much of the net income we otherwise generated on market value , appreciation and inflows into our precious metals , physical trusts and carried interest and performance fee crystallizations in our managed equities segment .

Speaker #3: As we discussed last quarter , cash settled stock plans like the one we implemented this year require the use of Mark to market and graded vest accounting under IFRS two , which created transitional accounting noise for us in the form of accelerated vesting that occurs in the early years of the program i.e. we have to expense 60% of the total cash settled rsu's under our three year program in 2025 alone , and then 30% in 2026 , and the final 10% in 2027 .

Speaker #3: This compares to only one third increments annually under our former equity settled program , and the second way in which this transition accounting noise impacts our net income is by adding market volatility to each accelerated vested amount .

Speaker #3: And at a time when our stock is appreciated , 97% on a year to date basis . So suffice it to say that our actual after tax settlement obligation will be a fraction of these IFRS two derived amounts .

Speaker #3: Adjusted EBITDA , on the other hand , which excludes quarterly volatility from items like stock based compensation and carried interest in performance fee Crystallizations was $31.9 million in the quarter , up 54% from $20 million over the same three month period last year , and was $79.3 million on a year to date basis , up 26% from $62.8 million this time last year .

Speaker #3: Adjusted EBITDA in the quarter and on a year to date basis bid from higher average AUM on market value , appreciation and inflows to our precious metals physical trusts .

Speaker #3: Finally , slide seven provides a few treasury and balance sheet management highlights . And as you can see , our cash and liquidity profile remains quite strong .

Speaker #3: And to Whitney's point , given the strength of our earnings , our free cash flow and overall outlook , our board has declared a third quarter dividend of $0.40 per share , which is a 33% increase from the second quarter level .

Speaker #3: For more information on our revenues , expenses , net income , adjusted EBITDA and balance sheet metrics , you can refer to the Supplemental Information section of this presentation , as well as our quarterly MDA and financial statements filed earlier this morning .

Speaker #3: So with that said , I'll pass things over to John .

Speaker #4: Thanks , Kevin , and good morning , everybody . Just turning to slide eight . Our fiscal trucks finished October at 39.4 billion .

Speaker #4: And now represent 76% of our overall AUM . Year to date , the growth has been tremendous at plus 15.4 billion or 64% , with strong gains across the metals complex .

Speaker #4: As I've mentioned on previous calls . Scale liquidity , liquidity are critical to attract institutional investors into our funds . And we and we believe we are still in the early phase of institutional investors allocating to metals .

Speaker #4: We are also seeing some new use cases for our trusts , for example , our Silver Trust PSLV , has experienced very high trading volumes of late as silver and ETF market participants are now using Sslv as a short term trading and hedging instrument .

Macro Trends. The first trend is related to the geopolitical fractures being created. As the global trading system is being reordered, precious metals, as well as critical metals are the primary beneficiaries. The second trend is related to the AI infrastructure buildout which will require significantly more energy, namely electricity the generation transmission and storage of electricity will be very mineral intensive.

Benefiting a wide range of metals and mining companies.

These macro drivers are unlikely to be transitory as they represent, pivotal shifts.

In energy and Industrial policies. They also highlight the Strategic importance of critical material supply chains, energy, Security, National Security and the shift to DD dollarize foreign exchange reserves by central banks.

So far in 2025 we have already achieved higher net flows in our previous full year record which was achieved in 2021.

I'd like to highlight our net flows in the month of September where we recorded our highest ever monthly sales number. What's more impressive? Is that we achieved this with 18 different funds contributing with positive sales.

Our previous record in February 2021, was achieved largely from 1 fund, the silver Trust.

our sales results, reflect Broad and growing interest in our funds and confirms the benefits of making the Strategic decision in 2021, to extend our suite of funds to a broader range of metals and listing ETFs across multiple

jurisdictions.

Turning to slide 10 of our ETF product suite, we see very sharp AUM growth this year at plus 83%.

Most of our ETFs now exceed break-even AUM levels, which is very important for profitability. We're also experiencing the same scale and liquidity effect as the funds grow in size. They are gaining access to ever more distribution platforms.

Most of our ETFs have unitary or fixed fees, so scale helps to improve our profitability. As many of our operating expenses scale down with size.

And then finally turning to slide 11 Q3 represented the 16th consecutive quarter of positive flows.

1 ETF. I'd like to highlight is the Sprat, silver, Miners and physical silver ETFs.

The ticker is slvr on the NASDAQ. We launched slvr in January, and the ETF is already having very good success in taking market. Share from long-standing incumbents.

AUM is currently 350 million and represents 1 of our fastest growing new ETF launches.

We continue to experience some redemptions from our uranium mining ETFs. As investors have been chasing some high-flying stocks in the downstream segment of the nuclear fuel supply chain. We believe that uranium mining stocks are well positioned to benefit from the ever growing Supply deficit which doesn't seem to be solvable in any time soon. And with that, I'll turn it over to Whitney.

In my opening remarks, I managed to equity strategies for performed. Well, this year, our Flagship gold Equity Fund was up 44% during the quarter and has gained 105% year to date.

We are pleased with the early response to our 2 active ETF launches in recent years. Investors have demonstrated a clear preference for ETFs over traditional mutual funds.

Actively managed ETFs offer an excellent way for us to leverage leverage, the strengths of our investment team in an ETF format investing. In mining comes with a number of risks and we think are their best mitigated through active management and will continue to look for new ways to Showcase that expertise.

I'll now turn to private strategies on slide 13.

Private strategies AUM was 2.1 billion. Unchanged from June 30th. Uh the team continued to assess new investment opportunities for Lending fund 3 and is actively monitoring or streaming in royalty portfolio Investments.

Slide 14.

For some closing remarks to recap, we are pleased with what we have accomplished so far. This year AUM has increased by nearly 20 billion dollars driven by a rising precious metals prices and more than 3.5 billion. In net sales. The rise in gold and silver prices has been dramatic and the recent truck. Technical correction was not unexpected. However, our view is while gold may be technically overbought, it is chronically under owned

Significantly underweight gold and their portfolios. Just a slight increase in this allocation could have a gramatik impact on the price.

At the same time, price insensitive, buying from central banks is likely to persist. As it is driven by ongoing restructuring. The ongoing restructuring of a g global trade and military alliances.

The appeal of precious metals increases in uncertain times and we expect the reshaping of the current world order to continue for some time with the ultimate outcome on known.

The outlook for critical materials is equally compelling. The U.S. government has ramped up its intervention in critical materials markets throughout 2025, implementing a multi-pronged strategy to secure a supply and reduce reliance on foreign sources, particularly China.

The Trump Administration is moving aggressively on this track. Even taking Equity positions in critical material, minors, not to be outdone, the big banks are also getting in on the ACT. The JP Morgan recently launched a 1.5 trillion security and resiliency initiative

aimed at bolstering US National Security through strategic investments in critical Industries.

In closing.

we are pleased to be delivering, Ste steadily, improving results and investment performance with our core positioning and precious metals and critical materials we believe we are well positioned to benefit from the powerful Global Trends outlined above

That concludes our remarks for today's call. And I'll now turn it over to the operator for some Q&A.

Operator.

Thank you.

Ladies and gentlemen, we will now conduct the question and answer session. If you do wish to ask a question, please press star 1 on your telephone keypad. If you are on a speakerphone, please lift your handset before doing. So if you wish to withdraw your question, you may press star 2 once again. If you wish to ask a question, please press star 1. Now we will take a moment to gather questions.

Your first question comes from the line of Matt Lee at cgf, your line is now open.

Hi guys, uh good good morning. Uh, just 1 from me over the quarter. It seems like the spot price of uranium has picked up and you've been pretty active in terms of picking up volumes.

Uh just a little just to a question. Can you just talk about how challenging? It's been to Source material particularly when the market is tight, like it is today?

Yeah. Hey Matt it's John. Um yeah I mean it's it's been pretty um amazing because obviously the trust wasn't trading well for the first few months of the year you know following up Fallout from The Liberation day and uncertainty. Um since late June, I think we've purchased about 7 million pounds of uranium in the spot Market.

Um, so we've been very active. We're very focused on selling our allocation, uh, before the year end which is 9 million pounds under the current perspective.

There's always material in the spot Market. It's lumpy it's hard to find the times, but there's material and I think what has um influenced the availability of materials so far. This year is we don't see producers coming in the spot Market in a meaningful way to buy.

We don't see utilities coming into the spot market, with the exception of one or two, in a meaningful way. So, you know, we've been able to kind of soak up the pounds, which is fine with us because.

Our current levels, we find it incredibly attractive to be buying uranium at 80 dollars.

Um the term price is now at a multi-year high. It's ticked up to 86. I think that's a very good sign.

And we're seeing a lot of utilities come back to market after largely standing on the sidelines, as they're waiting for some clarity from the Trump Administration on just about everything.

So we're very constructive. Um, you know, we've raised about 700 million in the uranium trust since May and I think that is a very strong vote of confidence in the market as well as the vehicle.

All right, thanks, that's helpful. I'll pass the line.

Thank you. Your next question comes from the line of Etienne Ricard from BMO Capital markets. Your line is now open.

Thank you and uh, good morning team. So it's uh, it's great to see the growth to your, uh, ETF franchise, historically. Um, physical trusts accounted for the the vast majority of your AUM.

Now, to the extent ETFs become more meaningful as a percentage of the mix.

How do you expect this to impact the volatility of net flows through the cycle?

You want me to take that? Yeah, I I

2 different Dynamics. The physical trusts are obviously physical Metals, um and they obviously are not as volatile day to day and year to year as the underlying mining stocks which represent the vast uh majority of um the ETF exposure. What we obviously are seeing is is kind of a staged approach, where institutions put their toe in, the water, typically with an allocation to the physical, uh, because they've got a constructive view on the commodity itself. And then what we see them doing typically is to transition into some allocation into the equities. They're starting to do that. Obviously there's a lot of capital flowing into the mining sector after a multi-year drought. And as Whitney mentioned, you've got, you know, governments now, taking Equity Stakes, uh, in exchange for offtake agreements loans and, and whatnot. So we haven't seen this dynamic in the mining sector. Um, and we would expect the mining stocks to be, you know, bigger, beneficiaries going forward here.

um, with the, you know, on the back of um,

Renewed Capital, uh flows into the sector and obviously governments are sending some very strong signals, um, Equity flows. They're more volatile for sure. Um, but um, you know, it it, it comes with the territory. So it's nice to have a diversified Suite between physical and Mining across, you know, multiple obviously metals and jurisdictions. That's 1 way we can help to dampen the the volatility,

Okay, appreciate the details and and just to Circle back on. This morning's um, executive appointments uh, with me. Why was this uh, the right time to make this announcement. And uh, how do you think about leadership planning as part of the uh, regular risk management procedures?

Well, I think the board felt that the best time to think about the long-term future of, you know, the leadership is, um, when things are going well, um, as opposed to, when you're in a more difficult environment, and certainly this this year, things have been going very well. So, um, they hired an outside consultant to do an extensive, um, review, uh, in profile of our existing leadership. And, um, again, it, it came out very, very well. Obviously, we're very pleased with, you know, I'm very pleased with my partners. And so, again, I think, um, what we wanted to signal to the market, um, is the importance, the important roles that, um, Kevin and Arthur have, um, you know, contributed over time. And the fact that they do more than just their initial titles of Chief, uh, of of the Achieve Financial Officer and, um, and head of, um, of legal for Arthur. And, uh, because they really have been performing, uh, Chief Co

Uh, co-chief, Operating Officer roles for some time. And then Ryan is a fairly new addition to the team, um, and um, has a lot of investment experience, um, has been president of a of a public company in his prior career, um, and is a valuable valuable member and we'd like to, you know, highlight his contribution and presence to investors.

Thank you very much.

Thank you. Your next question comes from the line of Graham writing at TD, Security's, your line is now open.

Hi, good morning. Can you give us a feel for, um, flows in the quarter and also October, um, to date, um, just sort of the mix between retail and institutional and you. Maybe reiterate the, the case for you, it sounds like you think institutional demand is positioned to increase here.

Yeah. Hi Graeme. Uh, John again. Yeah, I mean obviously September was, was record high for us.

Um, we continue that momentum through most of October, obviously, we hit a bit of an air pocket with um, a number of different categories on the back of uh escalating trade tensions.

with China and, and clearly some profit taking we were quite, you know, extended to technically

But, um, I think it's important to note that the interest is, is growing. It's very broad. We're getting inbounds from, um, everyone from family, offices to institutions to, you know, registered investment, advisors in the United States. We're we're seeing much more institutional allocation to the space.

And to be candid. I mean, a lot of these institutions have had little to no exposure to the

to these categories for the last 10 years. So it's been a long time in the making

and we are working. Um,

I'm sure we we get our fair share of those flows. And uh, we're very pleased with the result. Um, the team has been incredibly busy, um, talking to investors around the world. And, you know, we would expect institutions to continue to to be the bulk of the allocations, but we're obviously seeing Capital coming from advice channels.

um and and also individual investors, which you can't discount because there's a very large group of them out there that are more self-directed

So sorry, the Flows In Q3 and and Q4 to date, have been largely, institutional driven, or you're saying, it's a mix.

Its a mix for sure. I mean, we don't have total transparency obviously with with exchange traded funds. So, we have to self-identify and we're obviously engaging with institutions and and um, advice Channel, participants day to day. But it's it's a good mix and I think it's been more skewed to institutional and advice channels thus far.

Okay.

Uh, that's helpful. Um, tokenization of sort of real assets has to be a theme that's gathering momentum. Is that something you've looked at at all, like the idea of a token?

Back by physical bullying. Could that potentially open up a portion of the retail market?

Maybe focused on digital assets, but not so much on on precious metals or or critical minerals. Have you looked at that?

Um, my predecessor, um, made a variety of investments in digital uh, in digital gold. Um, they were they were a little early, they didn't really work out. We've been watching it. Um, now very closely for since I've been here for 10 years.

Um, but in order in the, you know, these new stable coins in order to you know back the stable coins, you need the physical metal. Um and so we're paying very close attention to. It could be a new factor, a new Vine cohort. Um of gold in particular. Um on top of um on top of Institutions, and on top of the central banks that were are underpinning it? Um, but it will benefit our products um 1 way or the other. Um if people want a gold back stable coins, we are watching it we obviously you know have a strong brand, you know, in the space uh we have a lot of technical expertise when it comes to purchasing and storage. Um but we lack some of the technology elements that you need to do to get into various cryptos, but there does seem to be a convergence now between um, the bitcoin's, you know, and and physical gold in in, in terms of people's, um, investment. And even now a stable

More closely convergence, uh, where you know, 1 can drive the other as opposed to be competing, you know, ways to get money. Um, out of the control of central banks,

okay uh interesting and then um private strategies, any any update there on like expected fundraising or you sort of should we expect you just sort of maintain and

um sort of harvest the the the AUM at these levels. What how should we think about that part of your business?

Um, well.

1 2 is very mature um and probably in wounds on 3 you can still in the investment phase and once we make some more progress on that we can consider um you know another product. So we are, you know, we're committed to that business. Um it's it's sort of lagged, the rest of our business and maybe has an opportunity for a little extra focus in the next year to catch back up again.

Great. And if I could get 1 more just to be a little greedy, you've got 80 million of cash on your balance sheet, you've got some other liquidity that you flagged,

Um, what's your plan? There. Are you happy to sort of sit with?

uh, elevated liquidity or

do you have a plan for allocating that?

I'm committed to not building a money market fund. Um, you know, I think the dividend increase is a pretty strong indicator of, you know how we view, uh, cash. Uh, again uh dividends um, you know that we're hopeful 1 Day, there might be another acquisition or, you know, or 2 out there. Um and um we're hoping to grow the private business which requires some co-investment and we will continue to be uh buyers of our own shares um, you know, opportunistically

That's it for me. Thank you.

Thank you. As a reminder. If you do wish to ask a question. Please press star 1 on your telephone keypad,

Your next question comes from the line of Mike koak from cantoris jail. Your line is now open

Yeah.

9 million pounds of purchases. You can make at any given year. Uh, my question was and this actually came in, from from an account the other day, uh, does that 9 million pounds does that reset, on Jan 1, every calendar year? Or is it like a rolling 12 months number? Because I think you're already at 7 and a half million pounds for this calendar year or thereabouts. So you're bumping up against it.

Yeah. Hi Mike it's John uh yeah that um basically covers calendar years um and the base shelf prospectus will expire at the end of January next year. So in the coming weeks we will be starting the process to uh file A New Perspective. And our expectation is we will be able to roll that amount forward. Um but we haven't started that that engagement yet. Um and you know, we still have Runway to continue to buy between now and the end of the perspective. So it's business as usual.

Okay, uh, that's helpful. Thanks. Uh, the second question I had was, um, approximately how much of, uh, the uranium trust inventory is held at Conor dine, and then as a smaller subset of that, what I, I suspect it's small but what percentage would be of us originally, and the reason I ask is, um, you know, with US government or various agencies, increasingly getting involved in in critical minerals.

there is a there's increasing chatter on my end anyway that there's a very real possibility that you're going to get some sort of bifurcated pricing on, uranium whereby us origin or us domiciled material, get some sort of fixed premium pricing set by a government agency, similar to like what we saw with ndpr

um, so I just want to get a sense of where the inventories are at Conrad and what percent approximately would be of us origin if you can

Yeah. Okay. Interesting question, for sure. So, out of our 72 million odd pounds that were holding, there's very little us origin. And the reason is simple. There was a obviously multiple years where there was no uranium mining in the United States. And as, you know, even this year, it's going to be quite diminished relative to uh, annual requirements. Now, let's take a step back, obviously, in the Biden Administration, the department of energy undertook, um, the first step towards building a strategic uranium Reserve, they had a grand total of 75 million to procure, uranium, they went out bought a million pounds, they ended up paying way over spot for us Origins. That obviously was was, uh, historically mined material sitting above ground.

And I think more interestingly in September at the iaea uh Chris Wright Department of energy secretary.

Stated again, the need for a strategic uranium Reserve, which is obviously Fanning a lot of speculation. Um, obviously the US is trying to reshore the entire supply chain. They're most focused on enrichment and conversion, obviously made a huge announcement last week around the, the Westinghouse, um, new build. And obviously, they're trying to resuscitate us mining. We could see a 2-tiered um, pricing environment where if the US government is willing to pay a premium for us origin. Uh, that is entirely possible. Um, we have seen in the past bifurcated markets, you know, mostly, uh, many decades ago kind of during the Cold War.

I, I think it's important to note that the US is, is clearly focused on the the reality that they are largely sourcing, all of their uranium from outside the country. And obviously, with the with the recent announcement, they're, they're aspirations to build, even more reactors is, is compounding. Um,

So it will be, you know, to be determined whether funds are procured to start building a strategic uranium reserve. Um, in terms of where we're storing our material, we're only allowed to store it in the 3 Western licensed conversion facilities; that's the chemical facility, the Orano facility in France.

And the conversion facility in the United States. Um, if memory serves me, we have about 20% at converting, um,

And the bulk of it is in Canada, at this point, I think the the main point I would leave you with is the US is very focused on building its Supply Chain by building capacity. Locally you're seeing them make investments obviously in enrichment facilities with irano with urano with Westinghouse.

Um, they want to resuscitate mining. They're fast-tracking mining permitting, and I think what they're focused on is production and building capacity along the supply chain.

That's helpful. Um, and then 1 more, if I could Switching gears, uh, on Silver, I, I'd love if you could give me some color on the, the tightness in the the physical silver market from last month. There was all kinds of articles about, well, the potential squeeze on the physical metal. I think that the silver Futures curve was in backwardation there for for a few days. There was there was reports about, you know, um, Traders chartering private, private planes, taking physical silver, from London to New York, and I think pslv was issuing and buying in the market over that period. So any color you could give me on the physical silver market. Um, what would be appreciated?

Yeah, I I think we're probably 1 of the largest buyers of physical silver in the world of The Last 5 Years. Uh, so we obviously have a lot of insights into what's going going on there. And yes, a few weeks ago, there was clearly a dislocation, but the dislocation was, was really

Um, driven by a mismatch of inventories in different jurisdictions. So, um, shortage of metal in London, which is the primary market and um, a surplus of metal in the Comax markets, which is us.

Based on, and you know, there is a point in time where the pricing differential between those two markets...

Um, incentivizes putting metal on ships, which is the primary way to move. Silver around, not airplanes like gold and move it across the pond. And to to to capture that Arbitrage, that is obviously happening. There's at least 30 million pound. Excuse me. 30 million oz of silver that have left kmax vaults in the last few weeks.

Um, and the situation is starting to Abate in terms of that, that dislocation, but clearly too much metal left London. When there was concern about tariffs, which ultimately did not transpire, and now that metal is stock and needs to go back, we've actually been big beneficiaries of that dislocation because as we've been raising money, we've been able to

Buy inventory, that's stuck in the US that people want to get rid of. So we've had no issues.

Sourcing metal, and a lot of the London metal is, you know, moving on to India where, um, it's.

It seems as though it's a Relentless there in terms of how much silver um people in India want to own right now so um it is abating but uh I'd say it's it was actually a big big help to us.

Okay, very good that is that's good color. Thank you. I'll turn it over.

Thank you. At this time, I will open the call back to management for closing remarks.

Thank you, everyone for participating on this call. Uh, we appreciate your interest in Sprat. We remain contrarian innovated in a line and look forward to speaking to you again, after our fourth quarter results,

thank you. This does conclude today's conference call. We thank you for attending. You may now disconnect your lines.