Mr. Glen Williams reports

SPROTT PHYSICAL SILVER TRUST NET ASSET VALUE REACHES $10 BILLION

Sprott Physical Silver Trust's net asset value has surpassed $10-billion (U.S.).

"This is a significant milestone for the Sprott Physical Silver Trust, and we would like to thank our unitholders for their trust and support," said John Ciampaglia, chief executive officer of Sprott Asset Management. "Silver prices have recently set all-time highs, and demand for physical metal is surging. We are pleased to offer investors a liquid and convenient vehicle backed by fully allocated and segregated physical silver."

As of Oct. 13, 2025, Sprott Physical Silver held 202.6 million ounces of silver on behalf of its unitholders. On Sept. 2, 2025, the Bourse de Montreal began listing options on the Toronto Stock Exchange-listed ticker for Sprott Physical Silver.

Sprott Physical Silver was created to invest and hold substantially all of its assets in physical silver bullion. Its goal is to provide a secure, convenient and exchange-traded investment alternative for investors who want to hold physical silver without the inconvenience that is typical of a direct investment in physical gold silver. All of the silver held by Sprott Physical Silver is fully allocated and redeemable by investors, subject to minimum holding requirements.

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 or shares 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.

We seek Safe Harbor.