<SEC-DOCUMENT>0000919574-22-003288.txt : 20220516
<SEC-HEADER>0000919574-22-003288.hdr.sgml : 20220516
<ACCEPTANCE-DATETIME>20220513190343
ACCESSION NUMBER:		0000919574-22-003288
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220516
DATE AS OF CHANGE:		20220513
EFFECTIVENESS DATE:		20220516

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14703
		FILM NUMBER:		22924638

	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>
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<TYPE>13F-HR
<SEQUENCE>1
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      <filer>
        <credentials>
          <cik>0001512920</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2022</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2022</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>
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      <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>05-13-2022</signatureDate>
    </signatureBlock>
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    <cusip>248356107</cusip>
    <value>5678</value>
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    <votingAuthority>
      <Sole>3484498</Sole>
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      <None>0</None>
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    <nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
    <titleOfClass>DAILY GOLD MINER</titleOfClass>
    <cusip>25460G880</cusip>
    <value>4336</value>
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      <sshPrnamt>361600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>361600</Sole>
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      <None>0</None>
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    <nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
    <titleOfClass>20YR TRES BULL</titleOfClass>
    <cusip>25459W540</cusip>
    <value>366</value>
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      <sshPrnamt>18700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18700</Sole>
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      <None>0</None>
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    <nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>284902509</cusip>
    <value>951</value>
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      <sshPrnamt>89214</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>89214</Sole>
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      <None>0</None>
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    <nameOfIssuer>EMX RTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26873J107</cusip>
    <value>8924</value>
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      <sshPrnamt>4114633</sshPrnamt>
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      <Sole>4114633</Sole>
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    <cusip>292671708</cusip>
    <value>183</value>
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      <sshPrnamt>19994</sshPrnamt>
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    <votingAuthority>
      <Sole>19994</Sole>
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      <None>0</None>
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    <nameOfIssuer>EQUINOX GOLD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29446Y502</cusip>
    <value>48353</value>
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      <Sole>5854118</Sole>
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      <None>0</None>
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    <nameOfIssuer>ERO COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>296006109</cusip>
    <value>3740</value>
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      <sshPrnamt>255435</sshPrnamt>
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    <votingAuthority>
      <Sole>255435</Sole>
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      <None>0</None>
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    <nameOfIssuer>EXCELLON RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30069C801</cusip>
    <value>18</value>
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      <sshPrnamt>20480</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20480</Sole>
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      <None>0</None>
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    <nameOfIssuer>EXCHANGE TRADED CONCEPTS TR</nameOfIssuer>
    <titleOfClass>NORTH SHOR GBL</titleOfClass>
    <cusip>301505715</cusip>
    <value>421</value>
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      <sshPrnamt>5058</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5058</Sole>
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      <None>0</None>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>3242</value>
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      <sshPrnamt>39251</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39251</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FEDERATED HERMES INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>314211103</cusip>
    <value>11580</value>
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      <sshPrnamt>340000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>340000</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>6951</value>
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      <sshPrnamt>528946</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>528946</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>11217</value>
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      <sshPrnamt>2948926</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2948926</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>351858105</cusip>
    <value>36550</value>
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      <sshPrnamt>229394</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>229394</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>5863</value>
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      <sshPrnamt>210000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>1000</value>
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      <sshPrnamt>20103</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20103</Sole>
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      <None>0</None>
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    <nameOfIssuer>FRP HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30292L107</cusip>
    <value>6936</value>
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      <sshPrnamt>120000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>120000</Sole>
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      <None>0</None>
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    <nameOfIssuer>FURY GOLD MINES LIMITED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36117T100</cusip>
    <value>9</value>
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    <votingAuthority>
      <Sole>13579</Sole>
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      <None>0</None>
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    <nameOfIssuer>GATOS SILVER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>368036109</cusip>
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      <sshPrnamt>1376378</sshPrnamt>
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      <Sole>1376378</Sole>
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    <nameOfIssuer>GOLD FIELDS LTD</nameOfIssuer>
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    <nameOfIssuer>GOLD ROYALTY CORP</nameOfIssuer>
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    <cusip>38071H114</cusip>
    <value>194</value>
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    <nameOfIssuer>GOLD ROYALTY CORP</nameOfIssuer>
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    <cusip>38071H106</cusip>
    <value>5792</value>
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      <Sole>1405729</Sole>
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    <nameOfIssuer>GOLD STD VENTURES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>380738104</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>38149E101</cusip>
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      <Sole>39500</Sole>
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    <nameOfIssuer>GRAFTECH INTL LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <Sole>42713</Sole>
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    <nameOfIssuer>HECLA MNG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422704106</cusip>
    <value>14179</value>
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    <nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
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    <nameOfIssuer>HYCROFT MINING HOLDING CORP</nameOfIssuer>
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    <cusip>44862P109</cusip>
    <value>1000</value>
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    <value>8</value>
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    <cusip>44934S206</cusip>
    <value>198</value>
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    <nameOfIssuer>INDUSTRIAS BACHOCO SAB</nameOfIssuer>
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      <Sole>68946</Sole>
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    <nameOfIssuer>INGREDION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>457187102</cusip>
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      <Sole>3385</Sole>
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    <nameOfIssuer>INTEGRA RES CORP</nameOfIssuer>
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    <cusip>45826T301</cusip>
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      <Sole>2663762</Sole>
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    <nameOfIssuer>INTERNATIONAL TOWER HILL MIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
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    <cusip>46428Q109</cusip>
    <value>895</value>
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    <nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
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    <cusip>46428Q109</cusip>
    <value>1449</value>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>JPMORGAN USD EMG</titleOfClass>
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    <value>32065</value>
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      <Sole>328000</Sole>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>20 YR TR BD ETF</titleOfClass>
    <cusip>464287432</cusip>
    <value>1630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12340</sshPrnamt>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>20 YR TR BD ETF</titleOfClass>
    <cusip>464287432</cusip>
    <value>5362</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>46564T107</cusip>
    <value>30</value>
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      <None>0</None>
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    <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>496902404</cusip>
    <value>49389</value>
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      <sshPrnamt>8399518</sshPrnamt>
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    <cusip>496902404</cusip>
    <value>1770</value>
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      <Sole>301000</Sole>
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      <None>0</None>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>512807108</cusip>
    <value>269</value>
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      <sshPrnamt>500</sshPrnamt>
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      <Sole>500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55903Q104</cusip>
    <value>82171</value>
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      <sshPrnamt>5080197</sshPrnamt>
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    <cusip>566324109</cusip>
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      <None>0</None>
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    <value>27270</value>
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      <Sole>5688541</Sole>
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      <None>0</None>
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    <cusip>59124U605</cusip>
    <value>197</value>
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      <sshPrnamt>27874</sshPrnamt>
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    <votingAuthority>
      <Sole>27874</Sole>
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      <None>0</None>
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    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>594972408</cusip>
    <value>211</value>
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      <sshPrnamt>434</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>434</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>28125</value>
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      <sshPrnamt>15625096</sshPrnamt>
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    <votingAuthority>
      <Sole>15625096</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>61532</value>
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      <sshPrnamt>774478</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>774478</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEXGEN ENERGY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65340P106</cusip>
    <value>4574</value>
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      <sshPrnamt>808045</sshPrnamt>
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    <votingAuthority>
      <Sole>808045</Sole>
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      <None>0</None>
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    <cusip>66987E206</cusip>
    <value>22032</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>2850253</Sole>
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      <None>0</None>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>13432</value>
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      <sshPrnamt>90360</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90360</Sole>
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      <None>0</None>
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    <nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67077M108</cusip>
    <value>2704</value>
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      <sshPrnamt>26002</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26002</Sole>
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      <None>0</None>
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    <nameOfIssuer>ORLA MNG LTD NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68634K106</cusip>
    <value>698</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68827L101</cusip>
    <value>53360</value>
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      <sshPrnamt>4046533</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>4046533</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>68519</value>
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      <Sole>2510311</Sole>
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      <None>0</None>
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    <nameOfIssuer>PERPETUA RESOURCES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>714266103</cusip>
    <value>694</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>PLATINUM GROUP METALS LTD</nameOfIssuer>
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    <cusip>72765Q882</cusip>
    <value>25</value>
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      <None>0</None>
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    <nameOfIssuer>PROSHARES TR II</nameOfIssuer>
    <titleOfClass>ULTRA GOLD</titleOfClass>
    <cusip>74347W601</cusip>
    <value>470</value>
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      <sshPrnamt>7100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <None>0</None>
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    <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74762E102</cusip>
    <value>382</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759509102</cusip>
    <value>12695</value>
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      <sshPrnamt>69239</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>RIO TINTO PLC</nameOfIssuer>
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    <cusip>767204100</cusip>
    <value>233</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780287108</cusip>
    <value>14447</value>
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    <nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
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    <cusip>80013R206</cusip>
    <value>26937</value>
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    <cusip>806857108</cusip>
    <value>1562</value>
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      <Sole>37818</Sole>
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      <None>0</None>
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    <nameOfIssuer>SCHNITZER STEEL INDS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>806882106</cusip>
    <value>10440</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <None>0</None>
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    <nameOfIssuer>SCOTTS MIRACLE-GRO CO</nameOfIssuer>
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    <cusip>810186106</cusip>
    <value>525</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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    <nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811916105</cusip>
    <value>29776</value>
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    <nameOfIssuer>SHELL PLC</nameOfIssuer>
    <titleOfClass>SPON ADS</titleOfClass>
    <cusip>780259305</cusip>
    <value>206</value>
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      <None>0</None>
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    <nameOfIssuer>SIBANYE STILLWATER LTD</nameOfIssuer>
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    <cusip>82575P107</cusip>
    <value>54488</value>
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      <Sole>3357222</Sole>
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      <None>0</None>
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    <nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82835P103</cusip>
    <value>3295</value>
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      <sshPrnamt>904230</sshPrnamt>
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      <Sole>904230</Sole>
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      <None>0</None>
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    <nameOfIssuer>SILVERCREST METALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828363101</cusip>
    <value>69015</value>
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      <sshPrnamt>7747374</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>7747374</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SKEENA RES LTD NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83056P715</cusip>
    <value>12891</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1158327</sshPrnamt>
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      <Sole>1158327</Sole>
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      <None>0</None>
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    <nameOfIssuer>SMART SAND INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83191H107</cusip>
    <value>2760</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>800000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA Y MINERA DE</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>1125</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13142</sshPrnamt>
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      <Sole>13142</Sole>
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  <infoTable>
    <nameOfIssuer>SOLARIS OILFIELD INFRASTRUCT</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>83418M103</cusip>
    <value>129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11425</sshPrnamt>
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    <votingAuthority>
      <Sole>11425</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>75701</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
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    <value>60540</value>
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    <cusip>92189F106</cusip>
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    <value>750</value>
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</SEC-DOCUMENT>
