On September 9, 2025, Sprott Physical Platinum and Palladium Trust (the “Trust”) announced a public offering of transferable, redeemable trust units with an aggregate value of up to US$100,000,000 (approximately C$138,140,000). The offering is made through an amended and restated sales agreement dated December 6, 2024, as amended May 2, 2025, with Cantor Fitzgerald & Co., Virtu Americas LLC, Canaccord Genuity LLC, and BMO Capital Markets Corp. acting as U.S. Agents, and Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc. as Canadian Agents. The Agents will receive a cash fee 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.), while Borden Ladner Gervais LLP (Canada) and Cooley LLP (U.S.) act for the Agents.

Net proceeds will be used to acquire physical platinum and palladium bullion in line with the Trust’s objectives and restrictions. The trust units are listed on NYSE Arca (“SPPP”) and TSX (“SPPP” in C$, “SPPP.U” in US$). As of September 8, 2025, the closing price was US$12.21 (C$16.88), with a total NAV of US$397,590,577.48 and NAV per unit of US$12.3502. The offering is an “at-the-market distribution” with no minimum raise required. The Trust previously sold 7,646,741 units for US$92,063,003.