Mr. Glen Williams reports

SPROTT PHYSICAL COPPER TRUST FILES PRELIMINARY PROSPECTUS FOR PROPOSED INITIAL PUBLIC OFFERING

Sprott Inc.'s Sprott Asset Management LP, on May 13, 2024, filed a preliminary prospectus for Sprott Physical Copper Trust, receipted by the securities regulatory authorities of all the Canadian provinces and territories, for an initial public offering of transferable units at a price of $10.00 (U.S.) per unit. The number of units to be sold has not yet been determined.

The trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal. The net proceeds of the offering will be used to purchase copper.

The trust's investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding copper without the inconvenience that is typical of a direct investment in copper. The trust does not anticipate making regular cash distributions to holders of the units.

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corp. are acting as joint bookrunners for the offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the offering.

WMC Energy BV is acting as technical adviser to Sprott Asset Management, and will arrange all procurement and handling of copper.

About Sprott Asset Management and Sprott Physical Copper Trust

Sprott Asset Management, a subsidiary of Sprott, is the investment manager to the trust. Sprott Asset Management's head office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay St., Toronto, Ont., Canada, M5J 2J1.