Mr. John Ciampaglia of Sprott Asset Management reports

SPROTT PHYSICAL URANIUM TRUST RAISES US$25.55 MILLION THROUGH NON-BROKERED PRIVATE PLACEMENT

Sprott Physical Uranium Trust (SPUT) has completed a $25.55-million (U.S.) non-brokered private placement of trust units. The proceeds are expected to be used to cover general operating expenses of the trust for the next year.

"We launched SPUT with the objective of providing investors with the most liquid and efficient way to invest in physical uranium," said John Ciampaglia, chief executive officer of Sprott Asset Management. "Since the trust was launched in 2021, it has purchased approximately 48 million pounds of U3O8 [triuranium octoxide] and not sold or loaned out a single pound. I would like to take this opportunity to strongly reiterate that SPUT has the tools, including this private placement, to deliver on its intention not to sell any of the physical uranium that SPUT holds on behalf of thousands of investors. Sprott Asset Management participated in this placement alongside the subscribers, and we thank all our unitholders for their continued support of SPUT."

Key Sprott Physical Uranium statistics pro forma for the offering:

• World's largest physical uranium fund;
• 66.2 million pounds of physical uranium in triuranium octoxide form;
• $31.4-million (U.S.) of net cash;
• Net asset value of $4.64-billion (U.S.);
• Storage locations in Canada, the United States and France.

About Sprott Inc.

Sprott is a global asset manager focused on precious metals and critical-materials investments. The company consists of specialists. Sprott believes 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.

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