SPROTT FOCUS TR INC

CUSIP: 85208J109 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (1)

Kestra Advisory Services, LLC

Value ($000) $40 Shares 4,665

Institution	Shares	Value ($000)
Kestra Advisory Services, LLC	4,665	$40

Increased Positions (16)

Value ($000) $134,112 (+6.1%) Shares 15,450,730 (+1.5%)

BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC

Value ($000) $1,744 (+20.0%) Shares 200,923 (+14.9%)

LPL Financial LLC

Value ($000) $4,564 (+24.0%) Shares 525,819 (+18.7%)

ROYAL BANK OF CANADA

Value ($000) $6,038 (+17.0%) Shares 695,626 (+12.0%)

WELLS FARGO & COMPANY/MN

Value ($000) $917 (+11.9%) Shares 105,640 (+7.2%)

Value ($000) $2,475 (+6.2%) Shares 285,138 (+1.6%)

SAPIENT CAPITAL LLC

Value ($000) $705 (+7.2%) Shares 80,823 (+2.1%)

SUSQUEHANNA INTERNATIONAL GROUP, LLP

Value ($000) $204 (+14.1%) Shares 23,533 (+9.1%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $407 (+7.7%) Shares 46,888 (+3.1%)

CAPTRUST FINANCIAL ADVISORS

Value ($000) $741 (+6.1%) Shares 85,417 (+1.6%)

LEVEL FOUR ADVISORY SERVICES, LLC

Value ($000) $226 (+6.8%) Shares 26,083 (+2.3%)

CoreCap Advisors, LLC

Value ($000) $194 (+6.8%) Shares 22,357 (+2.2%)

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

Value ($000) $170 (+6.7%) Shares 19,567 (+2.2%)

BANK OF AMERICA CORP /DE/

Value ($000) $157 (+6.8%) Shares 18,113 (+2.2%)

Waverly Advisors, LLC

Value ($000) $96 (+6.8%) Shares 11,034 (+2.2%)

Steward Partners Investment Advisory, LLC

Value ($000) $14 (+6.7%) Shares 1,588 (+2.2%)

Institution	Prev Shares	Curr Shares	Change
SPROTT INC.	15,219,058	15,450,730	+231,672 (+1.5%)
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC	174,865	200,923	+26,058 (+14.9%)
LPL Financial LLC	443,037	525,819	+82,782 (+18.7%)
ROYAL BANK OF CANADA	620,962	695,626	+74,664 (+12.0%)
WELLS FARGO & COMPANY/MN	98,589	105,640	+7,051 (+7.2%)
MORGAN STANLEY	280,562	285,138	+4,576 (+1.6%)
SAPIENT CAPITAL LLC	79,187	80,823	+1,636 (+2.1%)
SUSQUEHANNA INTERNATIONAL GROUP, LLP	21,570	23,533	+1,963 (+9.1%)
RAYMOND JAMES FINANCIAL INC	45,493	46,888	+1,395 (+3.1%)
CAPTRUST FINANCIAL ADVISORS	84,108	85,417	+1,309 (+1.6%)
LEVEL FOUR ADVISORY SERVICES, LLC	25,504	26,083	+579 (+2.3%)
CoreCap Advisors, LLC	21,871	22,357	+486 (+2.2%)
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	19,146	19,567	+421 (+2.2%)
BANK OF AMERICA CORP /DE/	17,720	18,113	+393 (+2.2%)
Waverly Advisors, LLC	10,796	11,034	+238 (+2.2%)
Steward Partners Investment Advisory, LLC	1,554	1,588	+34 (+2.2%)

Decreased Positions (6)

Shaker Financial Services, LLC

Value ($000) $4,044 (+2.6%) Shares 465,917 (-1.8%)

Hara Capital LLC

Value ($000) $285 (-23.0%) Shares 32,889 (-26.3%)

Integrated Wealth Concepts LLC

Value ($000) $2,172 (-9.0%) Shares 250,275 (-12.8%)

AQR Arbitrage LLC

Value ($000) $1,081 (-7.0%) Shares 124,515 (-11.1%)

Value ($000) $111 (-88.9%) Shares 12,780 (-89.4%)

1607 Capital Partners, LLC

Value ($000) $1,156 (+1.2%) Shares 133,133 (-3.1%)

Institution	Prev Shares	Curr Shares	Change
Shaker Financial Services, LLC	474,364	465,917	-8,447 (-1.8%)
Hara Capital LLC	44,633	32,889	-11,744 (-26.3%)
Integrated Wealth Concepts LLC	287,121	250,275	-36,846 (-12.8%)
AQR Arbitrage LLC	140,061	124,515	-15,546 (-11.1%)
UBS Group AG	120,586	12,780	-107,806 (-89.4%)
1607 Capital Partners, LLC	137,368	133,133	-4,235 (-3.1%)

Exited Positions (4)

HighTower Advisors, LLC

Value ($000) $88 Shares 10,561

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $33 Shares 4,025

Ameritas Advisory Services, LLC

Value ($000) $7 Shares 792

NewEdge Advisors, LLC

Value ($000) $0 Shares 23

Institution	Prev Shares	Prev Value ($000)
HighTower Advisors, LLC	10,561	$88
WOLVERINE ASSET MANAGEMENT LLC	4,025	$33
Ameritas Advisory Services, LLC	792	$7
NewEdge Advisors, LLC	23	$0