<SEC-DOCUMENT>0000919574-23-003145.txt : 20230515
<SEC-HEADER>0000919574-23-003145.hdr.sgml : 20230515
<ACCEPTANCE-DATETIME>20230512175501
ACCESSION NUMBER:		0000919574-23-003145
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230515
DATE AS OF CHANGE:		20230512
EFFECTIVENESS DATE:		20230515

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:		23917458

	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
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        <credentials>
          <cik>0001512920</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2023</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2023</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>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>05-12-2023</signatureDate>
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    <cusip>29259W700</cusip>
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    <nameOfIssuer>ENDEAVOUR SILVER CORP</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>EQUINOX GOLD CORP</nameOfIssuer>
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    <cusip>29446Y502</cusip>
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    <cusip>296006109</cusip>
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      <Sole>602746</Sole>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
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    <cusip>30231G102</cusip>
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      <Sole>113217</Sole>
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      <None>0</None>
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    <cusip>314211103</cusip>
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    <nameOfIssuer>FIRST MAJESTIC SILVER CORP</nameOfIssuer>
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    <cusip>32076V103</cusip>
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      <Sole>769286</Sole>
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      <None>0</None>
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    <cusip>349915108</cusip>
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      <Sole>1995742</Sole>
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      <None>0</None>
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      <Sole>186808</Sole>
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      <None>0</None>
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    <cusip>35671D857</cusip>
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      <Sole>5444</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>30292L107</cusip>
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    <nameOfIssuer>FURY GOLD MINES LIMITED</nameOfIssuer>
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    <value>29605</value>
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    <nameOfIssuer>GOLD ROYALTY CORP</nameOfIssuer>
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    <cusip>38071H106</cusip>
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    <nameOfIssuer>HECLA MNG CO</nameOfIssuer>
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    <cusip>44955L106</cusip>
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    <nameOfIssuer>INTERNATIONAL TOWER HILL MIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46050R102</cusip>
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    <nameOfIssuer>INVESCO EXCHANGE TRADED FD T</nameOfIssuer>
    <titleOfClass>DYNMC OIL GAS</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>46564T107</cusip>
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    <cusip>489398107</cusip>
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    <nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
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    <cusip>496902404</cusip>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
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    <nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55903Q104</cusip>
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    <nameOfIssuer>METALLA RTY &amp; STREAMING LTD</nameOfIssuer>
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    <cusip>59124U605</cusip>
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    <nameOfIssuer>MP MATERIALS CORP</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>553368101</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>644535106</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>64782A107</cusip>
    <value>63051</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23439</sshPrnamt>
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    <votingAuthority>
      <Sole>23439</Sole>
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      <None>0</None>
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    <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>7152459</value>
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      <sshPrnamt>145909</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>NEXGEN ENERGY LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65340P106</cusip>
    <value>3198072</value>
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      <sshPrnamt>833556</sshPrnamt>
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    <votingAuthority>
      <Sole>833556</Sole>
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      <None>0</None>
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    <nameOfIssuer>NOVAGOLD RES INC</nameOfIssuer>
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    <cusip>66987E206</cusip>
    <value>15529182</value>
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      <sshPrnamt>2496653</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>12110448</value>
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      <sshPrnamt>78400</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67077M108</cusip>
    <value>1931842</value>
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      <sshPrnamt>26159</sshPrnamt>
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    <votingAuthority>
      <Sole>26159</Sole>
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      <None>0</None>
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    <nameOfIssuer>NVR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>36</sshPrnamt>
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    <votingAuthority>
      <Sole>36</Sole>
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    <nameOfIssuer>ORLA MNG LTD NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68634K106</cusip>
    <value>762375</value>
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      <sshPrnamt>160500</sshPrnamt>
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    <votingAuthority>
      <Sole>160500</Sole>
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      <None>0</None>
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    <nameOfIssuer>OSISKO DEVELOPMENT CORP</nameOfIssuer>
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    <cusip>68828E809</cusip>
    <value>4270115</value>
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      <sshPrnamt>871452</sshPrnamt>
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    <votingAuthority>
      <Sole>871452</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>53338839</value>
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      <sshPrnamt>3371608</sshPrnamt>
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    <votingAuthority>
      <Sole>3371608</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>45140700</value>
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      <sshPrnamt>2480258</sshPrnamt>
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    <votingAuthority>
      <Sole>2480258</Sole>
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      <None>0</None>
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    <nameOfIssuer>PIMCO ETF TR</nameOfIssuer>
    <titleOfClass>25YR+ ZERO U S</titleOfClass>
    <cusip>72201R882</cusip>
    <value>223167</value>
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      <sshPrnamt>2330</sshPrnamt>
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    <votingAuthority>
      <Sole>2330</Sole>
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      <None>0</None>
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    <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74762E102</cusip>
    <value>504753</value>
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      <sshPrnamt>3029</sshPrnamt>
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    <votingAuthority>
      <Sole>3029</Sole>
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    <nameOfIssuer>RELIANCE STEEL &amp; ALUMINUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759509102</cusip>
    <value>12734304</value>
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      <sshPrnamt>49600</sshPrnamt>
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    <votingAuthority>
      <Sole>49600</Sole>
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      <None>0</None>
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    <nameOfIssuer>RIO TINTO PLC</nameOfIssuer>
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    <cusip>767204100</cusip>
    <value>544067</value>
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      <sshPrnamt>7931</sshPrnamt>
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    <votingAuthority>
      <Sole>7931</Sole>
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    <nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780287108</cusip>
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      <sshPrnamt>75661</sshPrnamt>
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    <votingAuthority>
      <Sole>75661</Sole>
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    <nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
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    <cusip>80013R206</cusip>
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    <nameOfIssuer>SCHNITZER STEEL INDS INC</nameOfIssuer>
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    <cusip>806882106</cusip>
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      <Sole>317300</Sole>
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    <nameOfIssuer>SCOTTS MIRACLE-GRO CO</nameOfIssuer>
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    <cusip>810186106</cusip>
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    <nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811916105</cusip>
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    <nameOfIssuer>SIBANYE STILLWATER LTD</nameOfIssuer>
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    <cusip>82575P107</cusip>
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    <nameOfIssuer>SIGMA LITHIUM CORPORATION</nameOfIssuer>
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    <cusip>826599102</cusip>
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    <nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>SITIO ROYALTIES CORP</nameOfIssuer>
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    <cusip>82983N108</cusip>
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    <nameOfIssuer>SKEENA RES LTD NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83056P715</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>83191H107</cusip>
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    <nameOfIssuer>SOCIEDAD QUIMICA Y MINERA DE</nameOfIssuer>
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    <cusip>833635105</cusip>
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    <nameOfIssuer>SPDR GOLD TR</nameOfIssuer>
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    <cusip>78463V107</cusip>
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    <cusip>78463X202</cusip>
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    <cusip>78462F103</cusip>
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    <nameOfIssuer>SPDR SER TR</nameOfIssuer>
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    <cusip>78468R663</cusip>
    <value>22711402</value>
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    <nameOfIssuer>SPROTT ESG GOLD ETF</nameOfIssuer>
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    <cusip>85210H109</cusip>
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    <cusip>85210B102</cusip>
    <value>416342</value>
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    <nameOfIssuer>SPROTT FDS TR</nameOfIssuer>
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    <cusip>85208P303</cusip>
    <value>361006</value>
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      <Sole>11508</Sole>
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    <nameOfIssuer>SPROTT FOCUS TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85208J109</cusip>
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  <infoTable>
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    <titleOfClass>COM NEW</titleOfClass>
    <cusip>852066208</cusip>
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    <nameOfIssuer>SPROTT PHYSICAL GOLD &amp; SILVE</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>85208R101</cusip>
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    <nameOfIssuer>SPROTT PHYSICAL PLAT PALLAD</nameOfIssuer>
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