Mr. John Ciampaglia of Sprott Asset Management reports

SPROTT PHYSICAL SILVER TRUST NET ASSET VALUE REACHES $6 BILLION

Sprott Physical Silver Trust's net asset value has surpassed $6-billion (U.S.).

"We would like to thank our unitholders for their trust and support in helping the Sprott Physical Silver Trust reach this significant milestone," said John Ciampaglia, chief executive officer of Sprott Asset Management. "PSLV provides investors with an alternative way to own fully allocated and segregated physical silver at a time when physical ownership has never been more important.

"PSLV is fully backed by physical silver, which is redeemable, subject to minimum investment size, and does not store its metal with bullion banks," continued Mr. Ciampaglia. "PSLV is a liquid exchange-listed vehicle, which is easy to buy and sell at price levels that closely correspond to the spot silver market."

Key statistics:

• Sprott Physical Silver is the second-largest exchange-listed physical silver fund in the world (1) with 182.1 million ounces of silver held on behalf of its unitholders.
• Sprott Physical Silver has purchased over 120 million ounces since the beginning of 2020 and 1.5 million ounces so far in 2025.
• Sprott Physical Silver received physical redemption requests for 866,000 ounces of silver in 2024 and has received no physical redemption requests in 2025.

About Sprott Physical Silver Trust

Important information about the trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the prospectus. Please read the prospectus carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the trust on the Toronto Stock Exchange or the New York Stock Exchange. If the units are purchased or sold on the TSX or the NYSE, investors may pay more than the current net asset value when buying units of the trust and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

(1) Based on Morningstar's universe of listed investment funds. Data are as of Dec. 31, 2024.

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