Sprott Physical Silver Trust has filed a prospectus supplement under its short form base shelf prospectus dated January 20, 2026 to qualify an at-the-market distribution of up to US$2,000,000,000 (approximately C$2.78 billion) of transferable, redeemable trust units. The supplement sits under a broader shelf allowing issuances of up to US$4,000,000,000 (approximately C$5.57 billion) of units. Units will be sold on the NYSE Arca and TSX at prevailing market prices through agents Cantor Fitzgerald & Co., Virtu Americas LLC, Canaccord Genuity LLC, and BMO Capital Markets Corp. in the U.S., and Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc. in Canada. The Trust will pay agents a cash fee of up to 3.0% of aggregate gross proceeds, and estimates offering expenses (excluding agent fees) of about US$75,000 (approximately C$104,000). Net proceeds will be used to acquire fully allocated physical silver bullion in line with the Trust's objective. As of January 16, 2026, the Trust reported total NAV of US$19,669,306,954.09 (approximately C$27.37 billion) and NAV per unit of US$30.8406 (approximately C$42.91).

Stikeman Elliott LLP (Canada) and Seward & Kissel LLP (U.S.) act as legal counsel to the Trust, while Borden Ladner Gervais LLP (Canada) and Cooley LLP (U.S.) advise the agents.