Sprott Physical Uranium Trust filed a prospectus supplement dated January 26, 2026, for an at-the-market distribution of trust units valued at up to U.S.$1,000,000,000 (approximately Cdn$1.38 billion based on the January 22, 2026 exchange rate). The offering will be conducted through agents Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc., who will receive compensation of up to 3.0% of aggregate gross proceeds.

The Trust will use net proceeds to acquire physical uranium in the form of uranium oxide concentrates and uranium hexafluoride, consistent with its investment objectives. As of January 22, 2026, the Trust reported total net asset value of U.S.$6,616,065,971.12 with 318,448,764 trust units outstanding, representing a NAV per unit of U.S.$20.7759. Trust units trade on the Toronto Stock Exchange under symbols U.UN (Canadian dollar denominated) and U.U (U.S. dollar denominated), with closing prices of Cdn$31.14 and U.S.$22.63 respectively on January 22, 2026.

Stikeman Elliott LLP serves as legal counsel to the Trust, while Borden Ladner Gervais LLP represents the agents. The Trust has committed to limiting spot market uranium purchases to 9.0 million pounds per calendar year during the prospectus period. Sales will occur directly on the TSX or other Canadian marketplaces at prevailing market prices, with no minimum offering amount required.