Ninepoint Silver Bullion Fund

Investment Team

Sprott Asset Management

Sprott Asset Management

Sprott Asset Management LP is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toront...
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Key Takeaways

Silver had a highly volatile October, surging to a record high before a sharp correction, ultimately ending the month with strong overall gains.
Tight supply, strong industrial demand, and supportive monetary policy continued to reinforce silver’s long-term outlook despite short-term swings.

The Ninepoint Silver Bullion Fund returned +5.07% (Series F CAD) in October bringing year-to-date performance to +62.25% (Series F CAD) versus spot silver in CAD returning +5.19% in October and +64.37% year-to-date.

NINEPOINT SILVER BULLION FUND - COMPOUNDED RETURNS¹ (%) AS OF OCTOBER 31, 2025 (SERIES F NPP326) | INCEPTION DATE: MAY 10, 2011

	1M	YTD	3M	6M	1YR	3YR	5YR	10YR	INCEPTION
FUND	5.07%	62.25%	33.56%	50.49%	48.34%	35.90%	15.14%	10.90%	2.44%

October 2025 proved to be a rollercoaster month for silver bullion investors, characterized by explosive gains early on, a record-breaking peak, and a sharp late-month correction. The white metal surged approximately 15.5% from September's close of $42.82/oz to end the month at $49.44, outpacing gold's more modest rally. However, this net advance masked significant volatility: silver touched an all-time high of $54.49 mid-month before plummeting over 10% in the final weeks amid profit-taking and broader market turbulence. For long-term holders, the month's fundamentals underscored silver's dual role as both an industrial powerhouse and a safe-haven asset, positioning it for potential rebounds in Q4.

Fundamentals Drove the Rally

Fundamentals remained in overdrive, with global mine supply down 2.1% year-over-year in primary production and even sharper declines in byproduct output from lead and zinc. This exacerbated a projected 2025 deficit of 218 million ounces, the widest since 2018. Industrial offtake shattered records, consuming roughly 72% of annual supply, led by a 42% surge in solar PV demand to 285 million ounces, 28% growth in EVs and 5G to 118 million ounces, and 9% expansion in electronics to 262 million ounces, fueled by AI servers and semiconductors.

Monetary Support

In October 2025, monetary support for silver bullion gained significant momentum amid a dovish global policy landscape, with the U.S. Federal Reserve implementing its second 25-basis-point interest rate cut of the year, lowering the federal funds rate to a target range of 3.75%-4.00%. This diminishes the opportunity cost of holding silver, a non-yielding asset, while enhancing its appeal as an inflation hedge and monetary metal.

Central Banks Emerge As New Structural Pillar

Central bank purchases marked a historic inflection, with official sector buying of physical silver emerging as a new structural pillar for the first time since the 1960s. The People’s Bank of China (PBoC) added 4.2 million ounces in October—its third consecutive monthly purchase—bringing its disclosed silver reserves to 18.7 million ounces. This move aligns with Beijing’s broader strategy to diversify from U.S. Treasuries and secure critical materials for domestic solar and EV supply chains. The Reserve Bank of India (RBI) accumulated 1.8 million ounces, continuing the program launched in Q2 2025 to hedge rupee volatility and support India’s booming solar manufacturing sector. Smaller but symbolically significant buys came from Turkey (+0.6 moz) and Poland (+0.4 moz), both citing “portfolio resilience” amid NATO-Russia tensions. In total, central banks absorbed ~6.8 million ounces in October, which is modest versus gold but unprecedented for silver and signalled intent to continue at a 2–3 million-ounce monthly pace into 2026.

Investor Demand

Investor demand for silver bullion in October 2025 reached a fever pitch, driven by retail investors, institutional rebalancing, and tactical ETF flows that collectively absorbed over 55 million ounces across physical and paper markets (equivalent to nearly 7% of annual mine supply in a single month). Retail investors, fueled by social media hype and fears of missing the breakout, pushed physical coin and bar premiums to multi-year highs: American Silver Eagles traded at +28% over spot mid-month (versus a 2024 average of +8%). Institutional demand was equally robust: the world’s largest silver ETF, recorded net inflows of 16.8 million ounces despite a 21.4 million-ounce outflow in the final 10 days, while global physical ETF holdings rose 4.2% month-over-month.

October 2025 should not be seen as the bursting of a bubble, but rather as a critical stress test that helped weed out short-term traders and reset overall market sentiment. In the case of silver, the combination of industrial shortages, continued monetary accommodation, and the added premium from geopolitical volatility has created a compelling opportunity with significant upside potential. The dip towards the end of the month has proven to be a valuable opportunity for disciplined investors.

Until next time,
Ninepoint Partners

Sources: Bloomberg, World Gold Council, Thomson Reuters, The Silver Institute, CFTC

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Commentary

March 2025

Ninepoint Silver Strategy
The United States has anchored the global financial system since the end of World War II through a combination of military might, economic prowess, political stability, and institutional credibility.

Gold & Precious Minerals
Commentary

December 2024

Ninepoint Silver Strategy
Silver had a strong 2024, rising 21.46% through the year. The Silver Institute expects that silver will yet again be in a deficit for 2024 as robust industrial demand for silver is expected to continue. The supply demand deficit is expected to continue for the fourth consecutive year. During the first three quarters of 2024, strong demand for silver and rising premiums seen in China catalyzed a move to nearly $35 per ounce—the highest level since 2012. If it were not for the large pullback silver experienced in Q4, silver would have outperformed gold’s exceptional returns.

Gold & Precious Minerals

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NPP326

(Series F)

Ninepoint Silver Bullion Fund

Mutual Funds Exchange Traded Funds Bullion

$15.04 $0.41 (2.81%)

As at 11/24/2025

Growth of $10,000 Invested as at 10/31/2025

Performance as at 10/31/2025

1 Year
48.34%

3 Year
35.90%

5 Year
15.14%

10 Year
10.90%

Incept.¹
2.44%

¹ Inception Date 5/10/2011

Go To Fund

All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 10/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

The Fund is generally exposed to the following risks: Active management risk; Commodity risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Inflation risk; Interest rate risk; Market risk; Series risk; Sub-adviser risk; Substantial securityholder risk; Tax risk; Uninsured losses risk.

Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 10/31/2025 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

¹All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 10/31/2025.

The Fund is generally exposed to the following risks: Active management risk; Commodity risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Inflation risk; Interest rate risk; Market risk; Series risk; Sub-adviser risk; Substantial securityholder risk; Tax risk; Uninsured losses risk.

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rate of return for series F shares of the Fund for the period ended 10/31/2025 is based on the historical annual compounded total return including changes in share value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

The opinions, estimates and projections (“information”) contained within this report are solely those of Ninepoint Partners LP and are subject to change without notice. Ninepoint Partners makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint Partners assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Ninepoint Partners is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances.

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners LP. Any reference to a particular company is for illustrative purposes only and should not to be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by Ninepoint Partners LP is or will be invested.

Ninepoint Partners LP and/ or its affiliates may collectively beneficially own/control 1% or more of any class of the equity securities of the issuers mentioned in this report. Ninepoint Partners LP and/or its affiliates may hold short position in any class of the equity securities of the issuers mentioned in this report. During the preceding 12 months, Ninepoint Partners LP and/or its affiliates may have received remuneration other than normal course investment advisory or trade execution services from the issuers mentioned in this report.