Mr. Glen Williams reports

SPROTT PHYSICAL COPPER TRUST ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION

Sprott Asset Management LP, a wholly owned subsidiary of Sprott Inc., noted today on behalf of the Sprott Physical Copper Trust that, in connection with the trust's initial public offering, the underwriters have partially exercised the overallotment option and purchased one million transferable units of the trust at the initial public offering price of $10.00 (U.S.) per unit. The overallotment exercise was completed today and generated gross proceeds of $10-million (U.S.).

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 overallotment exercise will generally 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 Capital Markets and Cantor Fitzgerald Canada Corp. acted as joint bookrunners for the offering. RBC Capital Markets and TD Securities Inc. also acted as underwriters for the offering.

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

About Sprott Asset Management LP

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. At Sprott, the company consists of specialists. Its in-depth knowledge, experience and relationships separate it from the generalists. The company'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 New York Stock Exchange and the Toronto Stock Exchange under the symbol SII.

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