The Globe and Mail reports in its Friday, Jan. 23, edition that TD Cowen analyst Graham Ryding is keeping his "hold" ranking for Sprott intact. The Globe's David Leeder writes that Mr. Ryding's share target soared $46 to $176. Analysts on average target the shares at $147.01. Mr. Ryding anticipates that Sprott's 2025 fourth quarter will show significant growth in assets under management. Mr. Ryding says in a note: "Our $59.6-billion estimate implies 21-per-cent growth quarter-over-quarter and 89 per cent year-over-year. ... Currently, 81 per cent of Sprott's AUM is behind precious metals strategies, with 19 per cent in critical materials and other (largely uranium). ... Capital allocation should be a theme to monitor, in our view. Given the strong AUM and earnings growth outlook, no debt, and expectation for cash to build on the balance sheet, we think capital return potential should be a theme for Sprott. The firm recently increased its quarterly dividend by 33 per cent (as of Q4/25), and we are forecasting a further increase in 2027. We believe Sprott has the balance sheet capacity for tuck-in M&A opportunities, or a special dividend (we think buybacks may be muted given the strong appreciation in the share price."