Sprott completes acquisition of Tocqueville Gold management and funds


Sprott Completes Acquisition of Tocqueville Gold Strategies and Provides Preliminary Assets-Under-Management Update

Company Announcement
via Globe Newswire, Los Angeles
Friday, January 17, 2020

Sprott Inc. (TSX: SII) announced today that it has successfully completed its previously announced acquisition by Sprott Asset Management LP of Tocqueville Asset Management LP gold strategies for total consideration of up to US$50 million, comprised of a payment at closing of US$12.5 million in cash and US$2.5 million in Sprott common shares based on a five-day volume weighted adjusted price.

Tocqueville is also eligible to receive contingent consideration valued at up to an additional US$30 million in cash and Sprott common shares valued at US$5 million, subject to the achievement of certain financial performance conditions over the two years following closing.

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Dunnedin Drills New Copper-Gold Porphyry Discovery
in 'Gate Zone' at MPD Project in Southern British Columbia

VANCOUVER, British Columbia, Canada -- Dunnedin Ventures Inc. (TSX-V: DVI) today reports results from its first drill program at its 100-percent owned MPD copper-gold porphyry project in southern British Columbia. The MPD project is accessible year-round from paved highways 5A and 97C.

Discovery drill hole MPD-19-003 has intersected the new Gate Zone containing the highest-grade porphyry copper-gold mineralization reported in drill core at the MPD property to-date.

The new discovery underlies a large copper-in-soil anomaly with over 1 kilometre of strike at the "Prime" area of the project. More than 100 historical drill holes containing copper and gold mineralization define a large, likely multi-center porphyry system across 10 square kilometers of the MPD project

The Gate Zone includes intervals of higher-grade copper-gold within a broad lower grade interval, with mineralization present from near surface to a vertical depth of 800 meters, and remains open at depth. ...

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This transaction adds approximately C$2.3 billion (US$1.8 billion) to Sprott’s total assets under management.

"The completion of this acquisition is a significant milestone for Sprott and the result of months of integration and planning," said Whitney George, president of Sprott. "With the addition of John Hathaway and Douglas Groh, we believe we now have the world's leading gold investment team in terms of sector experience, depth, and technical expertise."

"We are delighted to join Sprott, a globally-recognized organization with a long history in precious metals investments," said John Hathaway, senior portfolio manager of Sprott. "We believe that combining our teams will enhance our investment capabilities and sector expertise as we continue to seek out compelling long-term opportunities for our clients."

"This acquisition adds meaningful scale to our managed equities business and complements our other resource investment strategies at a time when gold is becoming an increasingly important component of investors' portfolios," said Peter Grosskopf, CEO of Sprott. "Sprott has now built a global full-service platform to offer a broad spectrum of precious metal investment strategies, ranging from bullion to private equity, to investors in North America, Europe, the United Kingdom, and Asia."

Sprott estimates that its assets under management as of January 17 is approximately C$14.8 billion (US$11.3 billion) (unaudited), an increase of approximately 40% from December 31, 2018. In addition to the acquisition of the Tocqueville gold strategies in Sprott’s Managed Equities segment, the increase is largely attributable to market value increases in Sprott's exchange-listed products segment and new capital raised in the company's Lending segment.

Effective January 17, both classes of the Tocqueville Gold Fund (TGLDX and TGLIX) have been successfully reorganized into classes of the Sprott Gold Equity Fund (SGDLX and SGDIX). The Falcon Gold Equity UCITS Fund has been renamed the Sprott Falcon Gold Equity UCITS Fund and Sprott will also sub-advise the Falcon Gold Equity Fund. ...

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