Mr. Glen Williams reports

SPROTT PHYSICAL SILVER TRUST UPDATES ITS "AT-THE-MARKET" EQUITY PROGRAM

Sprott Asset Management LP, a subsidiary of Sprott Inc., on behalf of Sprott Physical Silver Trust, has updated its at-the-market equity (ATM) program to issue up to $1-billion (U.S.) of units of the trust in the United States and Canada.

Distributions under the ATM equity programs in the U.S. and Canada will be completed in accordance with the terms of an amended and restated sales agreement dated Dec. 6, 2024, as amended on May 2, 2025, between Sprott Asset Management (as the manager of the trust), the trust, Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corp. (Cantor Canada), Virtu Americas LLC, Virtu Canada Corp. (Virtu Canada), BMO Capital Markets Corp., BMO Nesbitt Burns Inc. (BMO Canada), Canaccord Genuity LLC, and Canaccord Genuity Corp. (Canaccord Canada). The sales agreement is available on EDGAR at the United States Securities and Exchange Commission's (SEC) website and on SEDAR+, maintained by the Canadian Securities Administrators.

Sales of units through the agents, acting as agent, will be made through at-the-market issuances on the NYSE Arca and the Toronto Stock Exchange, or other existing trading markets in the U.S. and Canada, at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. agents are registered as dealers in any Canadian jurisdiction and, accordingly, the U.S. agents will only sell units on marketplaces in the U.S., and are not permitted to, and will not, directly or indirectly, advertise or solicit offers to purchase any units in Canada. The Canadian agents may only sell Units un marketplaces in Canada.

The volume and timing of distributions under the ATM program, if any, will be determined in the trust's sole discretion. The trust intends to use the proceeds from the ATM program, if any, to acquire physical silver bullion in accordance with the trust's objective and subject to the trust's investment and operating restrictions.

The offering under the ATM program is being made pursuant to a prospectus supplement dated May 2, 2025, to the trust's U.S. base prospectus, included in its registration statement on Form F-10 (file No. 333-286897), filed with the SEC on May 2, 2025, and pursuant to a prospectus supplement dated May 2, 2025, to the trust's Canadian short form base shelf prospectus dated May 1, 2025. The U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR at the SEC's website, and the prospectus supplement and the base shelf prospectus are available on SEDAR+, maintained by the Canadian Securities Administrators.

Before you invest, you should read the offering documents and other documents that the trust has filed for more complete information about the trust, the sales agreement and the ATM program.

Listing of the units sold pursuant to the ATM program on the NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

Sprott Asset Management is a wholly owned subsidiary of Sprott and is the investment manager to the trust. Sprott is a global leader in precious metals and critical materials investments. Sprott is a specialist. Its in-depth knowledge, experience and relationships separate Sprott from the generalists. Sprott's investment strategies include exchange-listed products, managed equities and private strategies. Sprott has offices in Toronto, New York, Connecticut and California, and Sprott's common shares are listed on the NYSE and the TSX under the symbol SII.

Important information about the trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the trust's annual information form (AIF) for the year ended Dec. 31, 2024. Commissions, management fees, or other charges and expenses may be associated with investing in the trust. The performance of the trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

We seek Safe Harbor.