Sprott Physical Platinum and Palladium Trust (the “Trust”) has launched an offering of transferable, redeemable trust units valued at up to US$100 million, with the equivalent in Canadian dollars based on the Bank of Canada exchange rate at the time of sale. The value equates to approximately C$136.79 million. Each trust unit represents an undivided ownership interest in the Trust’s net assets.

The offering is being made under an amended and restated sales agreement dated December 6, 2024, and amended on May 2, 2025. The distribution will be conducted through a syndicate of agents: Cantor Fitzgerald & Co., Virtu Americas LLC, Canaccord Genuity LLC, and BMO Capital Markets Corp. (U.S. Agents); and Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc. (Canadian Agents). The units will be sold via “at-the-market” transactions on the TSX and NYSE Arca. The Agents will receive a commission of up to 3.0% of the gross proceeds.

Legal counsel for the Trust includes Stikeman Elliott LLP (Canada) and Seward & Kissel LLP (U.S.). Legal counsel to the Agents includes Borden Ladner Gervais LLP (Canada) and Cooley LLP (U.S.). Designated professionals of Stikeman Elliott LLP beneficially own less than 1% of the Trust’s units or related securities