On June 18, 2025, Sprott Physical Uranium Trust (“SPUT” or the “Trust”) announced a public offering of 11,600,000 non-redeemable trust units at US$17.25 per unit, generating gross proceeds of approximately US$200 million (C$272.2 million). Each unit represents an equal, undivided ownership interest in the Trust’s net assets.

The offering was made under an underwriting agreement with Sprott Asset Management LP and Canaccord Genuity Corp., the sole underwriter. Units were offered across Canadian provinces and territories (excluding Québec), and in the U.S. through exempt broker-dealer channels. Units may also be sold privately outside Canada and the U.S.

Sprott Inc. confirmed the closing of the upsized offering on June 20, 2025. Net proceeds will be used to acquire physical uranium (in the form of uranium oxide in concentrates), in accordance with the Trust’s investment objectives. Net proceeds per unit were not less than 100 percent of the Trust’s most recently calculated NAV per unit before pricing.

Legal counsel includes Stikeman Elliott LLP for the Trust and Cassels Brock & Blackwell LLP for the underwriter. Designated professionals from both firms hold less than 1 percent of the Trust’s units or affiliated securities.