<SEC-DOCUMENT>0000919574-20-007447.txt : 20201207
<SEC-HEADER>0000919574-20-007447.hdr.sgml : 20201207
<ACCEPTANCE-DATETIME>20201207173000
ACCESSION NUMBER:		0000919574-20-007447
CONFORMED SUBMISSION TYPE:	13F-HR/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20201207
DATE AS OF CHANGE:		20201207
EFFECTIVENESS DATE:		20201207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT INC.
		CENTRAL INDEX KEY:			0001512920
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		13F-HR/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14703
		FILM NUMBER:		201373631

	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/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
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      <filer>
        <credentials>
          <cik>0001512920</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2020</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2020</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>1</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
        <confDeniedExpired>false</confDeniedExpired>
      </amendmentInfo>
      <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>Thomas W. Ulrich</name>
      <title>Chief Compliance Officer</title>
      <phone>203-656-2401</phone>
      <signature>/s/ Thomas W. Ulrich</signature>
      <city>Darien</city>
      <stateOrCountry>CT</stateOrCountry>
      <signatureDate>12-07-2020</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>103</tableEntryTotal>
      <tableValueTotal>1597982</tableValueTotal>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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    <nameOfIssuer>ANGLOGOLD ASHANTI LIMITED</nameOfIssuer>
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    <value>5334</value>
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      <None>0</None>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131325</sshPrnamt>
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    <votingAuthority>
      <Sole>131325</Sole>
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      <None>0</None>
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    <nameOfIssuer>FEDERATED HERMES INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>314211103</cusip>
    <value>7110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300000</Sole>
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      <None>0</None>
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    <nameOfIssuer>FIRST MAJESTIC SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32076V103</cusip>
    <value>3773</value>
    <shrsOrPrnAmt>
      <sshPrnamt>282536</sshPrnamt>
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      <Sole>282536</Sole>
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      <None>0</None>
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    <nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>349915108</cusip>
    <value>17324</value>
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      <sshPrnamt>2572647</sshPrnamt>
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      <Sole>2572647</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>351858105</cusip>
    <value>61828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>447117</sshPrnamt>
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    <votingAuthority>
      <Sole>447117</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>7969</value>
    <shrsOrPrnAmt>
      <sshPrnamt>380000</sshPrnamt>
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      <Sole>380000</Sole>
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      <None>0</None>
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    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>117</value>
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    <votingAuthority>
      <Sole>10090</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRP HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30292L107</cusip>
    <value>3652</value>
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      <sshPrnamt>90000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90000</Sole>
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      <None>0</None>
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    <nameOfIssuer>GALIANO GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36352H100</cusip>
    <value>53</value>
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      <sshPrnamt>40000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40000</Sole>
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      <None>0</None>
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    <nameOfIssuer>GENTEX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>371901109</cusip>
    <value>2577</value>
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      <sshPrnamt>100000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOLD FIELDS LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>38059T106</cusip>
    <value>62611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6472503</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>6472503</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOLD STD VENTURES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>380738104</cusip>
    <value>2499</value>
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      <sshPrnamt>3002500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3002500</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOLDEN STAR RES LTD CDA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38119T807</cusip>
    <value>503</value>
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      <sshPrnamt>173300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>173300</Sole>
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      <None>0</None>
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    <nameOfIssuer>GRAFTECH INTL LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384313508</cusip>
    <value>251</value>
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      <sshPrnamt>31472</sshPrnamt>
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    <votingAuthority>
      <Sole>31472</Sole>
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    <nameOfIssuer>HARMONY GOLD MINING CO LTD</nameOfIssuer>
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    <cusip>413216300</cusip>
    <value>3796</value>
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      <sshPrnamt>671700</sshPrnamt>
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    <votingAuthority>
      <Sole>671700</Sole>
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      <None>0</None>
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    <nameOfIssuer>HECLA MNG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422704106</cusip>
    <value>7655</value>
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      <sshPrnamt>1724500</sshPrnamt>
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    <votingAuthority>
      <Sole>1724500</Sole>
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      <None>0</None>
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    <nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>423452101</cusip>
    <value>7820</value>
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      <sshPrnamt>400828</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>400828</Sole>
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      <None>0</None>
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    <nameOfIssuer>INDUSTRIAS BACHOCO S A B DE</nameOfIssuer>
    <titleOfClass>SPON ADR B</titleOfClass>
    <cusip>456463108</cusip>
    <value>2462</value>
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    <votingAuthority>
      <Sole>70000</Sole>
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      <None>0</None>
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    <nameOfIssuer>INTERNATIONAL TOWER HILL MIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46050R102</cusip>
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      <Sole>28968469</Sole>
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      <None>0</None>
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    <nameOfIssuer>POWERSHARES DB MULTI-SECTOR</nameOfIssuer>
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    <cusip>46140H106</cusip>
    <value>186</value>
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      <sshPrnamt>13750</sshPrnamt>
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    <votingAuthority>
      <Sole>13750</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES GOLD TR</nameOfIssuer>
    <titleOfClass>ISHARES</titleOfClass>
    <cusip>464285105</cusip>
    <value>508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29872</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29872</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>1 3 YR TREAS BD</titleOfClass>
    <cusip>464287457</cusip>
    <value>387</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4466</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>4466</Sole>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>3 7 YR TREAS BD</titleOfClass>
    <cusip>464288661</cusip>
    <value>324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2422</sshPrnamt>
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      <Sole>2422</Sole>
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    <nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
    <titleOfClass>ISHARES</titleOfClass>
    <cusip>46428Q109</cusip>
    <value>733</value>
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      <Sole>43070</Sole>
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    <nameOfIssuer>KENNEDY-WILSON HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>489398107</cusip>
    <value>9152</value>
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      <Sole>601340</Sole>
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      <None>0</None>
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    <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>496902404</cusip>
    <value>63419</value>
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      <Sole>8430626</Sole>
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    <nameOfIssuer>KIRKLAND LAKE GOLD LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49741E100</cusip>
    <value>69349</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>1693918</Sole>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>512807108</cusip>
    <value>3235</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55903Q104</cusip>
    <value>70141</value>
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    <nameOfIssuer>MARCUS &amp; MILLICHAP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>566324109</cusip>
    <value>3175</value>
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      <Sole>110000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MAVERIX METALS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>57776F405</cusip>
    <value>25381</value>
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    <nameOfIssuer>METALLA RTY &amp; STREAMING LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>59124U605</cusip>
    <value>306</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57656</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>644535106</cusip>
    <value>410</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>303643</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>62392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1023812</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1023812</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEXGEN ENERGY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65340P106</cusip>
    <value>2102</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>1204676</Sole>
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      <None>0</None>
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    <nameOfIssuer>NOVAGOLD RES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>66987E206</cusip>
    <value>28643</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3169655</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3169655</Sole>
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      <None>0</None>
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    <nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67077M108</cusip>
    <value>344</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10714</sshPrnamt>
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    <votingAuthority>
      <Sole>10714</Sole>
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      <None>0</None>
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    <nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68827L101</cusip>
    <value>44742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4429849</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>4429849</Sole>
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      <None>0</None>
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    <nameOfIssuer>PAN AMERN SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>697900108</cusip>
    <value>115923</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>3650566</Sole>
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