Mr. Glen Williams reports

SPROTT PHYSICAL COPPER TRUST ANNOUNCES FILING OF FINAL PROSPECTUS FOR INITIAL PUBLIC OFFERING

Sprott Inc.'s Sprott Asset Management LP, on May 31, 2024, filed a final prospectus for Sprott Physical Copper Trust, receipted by the securities regulatory authorities of all the Canadian provinces and territories, and has entered into an underwriting agreement for its initial public offering of 10 million transferable units of the trust at a price of $10 (U.S.) per unit. The offering will generate gross proceeds of $100-million.

The trust has also received conditional approval for the listing of the units on the Toronto Stock Exchange under the symbols COP.UN and COP.U. Listing is subject to the trust fulfilling all of the requirements of the TSX. It is anticipated that trading in the units on the Toronto Stock Exchange will commence upon closing of the offering. Closing of the offering is scheduled for June 6, 2024, subject to customary closing conditions.

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.

The trust has granted to the underwriters an overallotment option, exercisable for a period of 30 days from the date of closing of the offering, to cover overallotments, if any. If such option is exercised in full, gross proceeds of the offering will be $115-million.

We seek Safe Harbor.