Sprott Physical Uranium Trust (the “Trust”) announced on January 3, 2024, an at-the-market (ATM) equity program of up to US$1 billion (C$1.33 billion) in trust units, with sales occurring at market prices on the Toronto Stock Exchange (TSX) under ticker symbols “U.UN” (CAD) and “U.U” (USD). The TSX has conditionally approved the listing of these additional units. Cantor Fitzgerald Canada Corporation and Virtu Canada Corp. are acting as agents for the offering and will receive up to 3.0% of gross proceeds as compensation.

Net proceeds will be used to acquire physical uranium, with annual purchases limited to 9.0 million pounds to manage market impact. As of January 2, 2024, the Trust had a net asset value (NAV) of US$5.78 billion (C$7.70 billion) and a NAV per unit of US$22.61 (C$30.12). The offering has no set minimum and may be conducted intermittently or discontinued at any time.

Stikeman Elliott LLP is advising the Trust, while Borden Ladner Gervais LLP is representing the agents. The Trust remains committed to long-term uranium holdings and supporting the growing nuclear energy investment sector.