<SEC-DOCUMENT>0000919574-20-001093.txt : 20200213
<SEC-HEADER>0000919574-20-001093.hdr.sgml : 20200213
<ACCEPTANCE-DATETIME>20200213164142
ACCESSION NUMBER:		0000919574-20-001093
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200213
DATE AS OF CHANGE:		20200213
EFFECTIVENESS DATE:		20200213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT INC.
		CENTRAL INDEX KEY:			0001512920
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14703
		FILM NUMBER:		20611405

	BUSINESS ADDRESS:	
		STREET 1:		ROYAL BANK PLAZA, SOUTH TOWER
		STREET 2:		200 BAY STREET, SUITE 2600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-943-4065

	MAIL ADDRESS:	
		STREET 1:		ROYAL BANK PLAZA, SOUTH TOWER
		STREET 2:		200 BAY STREET, SUITE 2600
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <filer>
        <credentials>
          <cik>0001512920</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2019</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2019</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>SPROTT INC.</name>
        <address>
          <ns1:street1>Royal Bank Plaza, South Tower</ns1:street1>
          <ns1:street2>200 Bay Street, Suite 2600</ns1:street2>
          <ns1:city>Toronto</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J 2J1</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-14703</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Ahsan Ahmed</name>
      <title>Chief Compliance Officer</title>
      <phone>416-943-6388</phone>
      <signature>/s/ Ahsan Ahmed</signature>
      <city>Toronto</city>
      <stateOrCountry>A6</stateOrCountry>
      <signatureDate>02-13-2020</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>103</tableEntryTotal>
      <tableValueTotal>6050459</tableValueTotal>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
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      <sshPrnamt>390200</sshPrnamt>
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      <Sole>725800</Sole>
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      <Sole>274275</Sole>
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    <nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
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    <value>527</value>
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    <nameOfIssuer>INDUSTRIAS BACHOCO S A B DE</nameOfIssuer>
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    <cusip>456463108</cusip>
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    <nameOfIssuer>INNOVATIVE INDL PPTYS INC</nameOfIssuer>
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    <nameOfIssuer>INTERNATIONAL TOWER HILL MINES</nameOfIssuer>
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      <Sole>32900</Sole>
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      <None>0</None>
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    <nameOfIssuer>INVESCO DB MLTI SECTR CMMTY</nameOfIssuer>
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    <cusip>46140h106</cusip>
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      <sshPrnamt>13750</sshPrnamt>
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      <Sole>13750</Sole>
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    <nameOfIssuer>ISHARES GOLD TRUST</nameOfIssuer>
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    <cusip>464285105</cusip>
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      <sshPrnamt>26336</sshPrnamt>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287432</cusip>
    <value>311</value>
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      <sshPrnamt>2298</sshPrnamt>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <value>796</value>
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      <sshPrnamt>9412</sshPrnamt>
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    <nameOfIssuer>KENNEDY-WILSON HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>512807108</cusip>
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    <nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55903q104</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>56585a102</cusip>
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    <nameOfIssuer>MAVERIX METALS INC</nameOfIssuer>
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    <cusip>57776f405</cusip>
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    <nameOfIssuer>MCEWEN MNG INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>644535106</cusip>
    <value>199</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>65340p106</cusip>
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    <nameOfIssuer>NORTHERN DYNASTY MINERALS LT</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>66510m204</cusip>
    <value>11</value>
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      <Sole>25000</Sole>
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    <nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67077m108</cusip>
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      <sshPrnamt>8439</sshPrnamt>
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      <Sole>8439</Sole>
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    <nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68827l101</cusip>
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      <Sole>79291</Sole>
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    <nameOfIssuer>PAN AMERICAN SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697900108</cusip>
    <value>29122</value>
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      <Sole>1097769</Sole>
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    <nameOfIssuer>PANHANDLE OIL AND GAS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>698477106</cusip>
    <value>483</value>
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      <Sole>43096</Sole>
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    <nameOfIssuer>PLATINUM GROUP METALS LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>72765q882</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>74139c102</cusip>
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      <sshPrnamt>644458</sshPrnamt>
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    <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759509102</cusip>
    <value>7784</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>65000</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>780287108</cusip>
    <value>3500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28632</sshPrnamt>
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    <votingAuthority>
      <Sole>28632</Sole>
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      <None>0</None>
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    <nameOfIssuer>SANDERSON FARMS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800013104</cusip>
    <value>2643</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>80013r206</cusip>
    <value>19679</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2641523</sshPrnamt>
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      <Sole>2641523</Sole>
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      <None>0</None>
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    <nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811916105</cusip>
    <value>8413</value>
    <shrsOrPrnAmt>
      <sshPrnamt>536425</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>536425</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82835p103</cusip>
    <value>2739</value>
    <shrsOrPrnAmt>
      <sshPrnamt>373867</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>373867</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>828363101</cusip>
    <value>19626</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2297212</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>2297212</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>83191h107</cusip>
    <value>2016</value>
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      <sshPrnamt>800000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463v107</cusip>
    <value>201</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1400</Sole>
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      <None>0</None>
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    <cusip>78468r663</cusip>
    <value>10578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115700</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>GOLD MINERS ETF</titleOfClass>
    <cusip>85210b102</cusip>
    <value>265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPROTT FOCUS TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85208j109</cusip>
    <value>238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32340</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32340</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPROTT PHYSICAL GOLD &amp; SILVE</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>85208r101</cusip>
    <value>772</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52690</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPROTT PHYSICAL GOLD TRUST</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>85207h104</cusip>
    <value>1247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102386</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>102386</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPROTT PHYSICAL PLAT PALLAD</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>85207q104</cusip>
    <value>452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31436</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>31436</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>85207k107</cusip>
    <value>806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123220</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123220</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SSR MNG INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784730103</cusip>
    <value>11322</value>
    <shrsOrPrnAmt>
      <sshPrnamt>475813</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>475813</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>STAR BULK CARRIERS CORP</nameOfIssuer>
    <titleOfClass>SHS PAR</titleOfClass>
    <cusip>y8162k204</cusip>
    <value>707</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59839</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59839</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>TEXAS PAC LD TR</nameOfIssuer>
    <titleOfClass>SUB CTF PROP I T</titleOfClass>
    <cusip>882610108</cusip>
    <value>695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>890</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>885160101</cusip>
    <value>5571750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>75000</Sole>
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      <None>0</None>
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    <titleOfClass>REG SHS</titleOfClass>
    <cusip>h8817h100</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TRILOGY METALS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89621c105</cusip>
    <value>1413</value>
    <shrsOrPrnAmt>
      <sshPrnamt>543209</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>543209</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>900435108</cusip>
    <value>74</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>916896103</cusip>
    <value>501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>527642</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>527642</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>VANECK VECTORS ETF TR GOLD MINERS</nameOfIssuer>
    <titleOfClass>GOLD MINERS ETF</titleOfClass>
    <cusip>92189f106</cusip>
    <value>1676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57229</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57229</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>VANGUARD SCOTTSDALE FDS</nameOfIssuer>
    <titleOfClass>SHRT TRM CORP BD</titleOfClass>
    <cusip>92206c409</cusip>
    <value>3558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>COM</titleOfClass>
    <cusip>958102105</cusip>
    <value>11425</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>960413102</cusip>
    <value>9821</value>
    <shrsOrPrnAmt>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>962879102</cusip>
    <value>41038</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>98462y100</cusip>
    <value>121</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>30357</Sole>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
