0000825202 2026-01-01 2026-06-30 0000825202 us-gaap:CommonStockMember 2026-06-30 2026-06-30 0000825202 us-gaap:CommonStockMember 2026-06-30 0000825202 sfti:CommonStockRiskMember 2026-01-01 2026-06-30 0000825202 sfti:RepurchaseAgreementsRiskMember 2026-01-01 2026-06-30 0000825202 sfti:ForeignCurrencyMember 2026-01-01 2026-06-30 0000825202 sfti:MetalsAndMiningIndustryRiskMember 2026-01-01 2026-06-30 shares iso4217:USD shares false N-CSRS 0000825202 SPROTT FOCUS TRUST, INC. 2026-06-30 150000000 29751311

10.48

3. RISKS <div style="font-family: Arial, Helvetica, Sans-Serif; margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif"> </div></div> A. Common Stock The Fund invests a significant amount of assets in common stock. The value of common stock held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the issuers of common stock held by the Fund participate or factors relating to specific companies in which the Fund invests. B. Repurchase Agreements The Fund may enter into repurchase agreements with institutions that the Adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The maturity associated with these securities is considered continuous. C. Foreign Currency The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates. D. Metals and Mining Industry Risk Companies in the metals and mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which the Fund has exposure. A. Common Stock The Fund invests a significant amount of assets in common stock. The value of common stock held by the Fund will fluctuate, sometimes rapidly and unpredictably, due to general market and economic conditions, perceptions regarding the industries in which the issuers of common stock held by the Fund participate or factors relating to specific companies in which the Fund invests. B. Repurchase Agreements The Fund may enter into repurchase agreements with institutions that the Adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The maturity associated with these securities is considered continuous. C. Foreign Currency The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates. D. Metals and Mining Industry Risk Companies in the metals and mining industry are susceptible to fluctuations in worldwide metal prices and extraction and production costs. In addition, metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which the Fund has exposure. 6. CAPITAL STOCK <div style="font-family: Arial, Helvetica, Sans-Serif; margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1pt solid; font: 1pt Arial, Helvetica, Sans-Serif"> </div></div> The Fund issued 467,860 and 1,419,551 shares of Common Stock as reinvestments of distributions for the six months ended June 30, 2026 and year ended December 31, 2025, respectively. The Board authorized a share repurchase program, under which the Fund may purchase up to 10% of its outstanding common shares on June 5, 2026 until June 30, 2027. Any such repurchase would take place at the prevailing prices in the open market or in other transactions. The following table summarizes the Fund’s share repurchases under its share repurchase program for the six months ended June 30, 2026 and year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">For the six-month period ended June 30, 2026</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">For year ended December 31, 2025</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Dollar amount repurchased</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">6,002,522</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">$</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 9%; text-align: right">11,782,942</td> <td style="font-family: Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shares repurchased</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">612,283</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">1,542,087</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Average price per share (including commission)</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">9.80</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right">7.79</td> <td style="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Weighted average discount to NAV</td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right">10.27</td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right">10.85</td> <td style="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: left">%</td></tr> </table>