Mr. Glen Williams reports

SPROTT PHYSICAL PLATINUM AND PALLADIUM TRUST UPDATES ITS "AT-THE-MARKET" EQUITY PROGRAM

Sprott Physical Platinum and Palladium Trust has updated its at-the-market (ATM) equity program to issue an additional $50-million (U.S.) of units of the trust in the United States and Canada, pursuant to a prospectus supplement dated March 31, 2025, to the short form base shelf prospectus dated Sept. 6, 2024. Copies of the prospectus supplement and the base shelf prospectus are available on EDGAR at the U.S. Securities Exchange and Commission website and on SEDAR+, maintained by the Canadian Securities Administrators. Distributions will no longer be made under previous ATM program prospectus supplements, including the amended and restated prospectus supplement dated Dec. 6, 2024.

Distributions under the ATM program will be completed in accordance with the terms of an amended and restated sales agreement dated Dec. 6, 2024, between Sprott Asset Management LP (as the manager of the trust), the trust, Cantor Fitzgerald & Co., Virtu Americas LLC, BMO Capital Markets Corp. and Canaccord Genuity LLC (the U.S. agents), and Virtu Canada Corp., Cantor Fitzgerald Canada Corp. (Cantor Canada), BMO Nesbitt Burns Inc. (BMO Canada) and Canaccord Genuity Corp. (Canaccord Canada) (the Canadian agents). The sales agreement is available on EDGAR and SEDAR+.

Sales of units through the agents, acting as agents, will be made through at-the-market issuances on the NYSE Arca and the Toronto Stock Exchange, or other existing trading markets in the United States and Canada, at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. agents are registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. agents will only sell units on marketplaces in the U.S., and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any units in Canada. The Canadian agents may only sell units on marketplaces in Canada.

The volume and timing of distributions under the ATM program, if any, will be determined in the trust's sole discretion. The trust intends to use the proceeds from the ATM program, if any, to acquire physical platinum and palladium bullion in accordance with the trust's objective and subject to the trust's investment and operating restrictions.

The offering under the ATM program is being made pursuant to a prospectus supplement dated March 31, 2025, to the trust's U.S. base prospectus, included in its registration statement on Form F-10 (file No. 333-281996), filed with the SEC on Sept. 6, 2024, and pursuant to the prospectus supplement and the base shelf prospectus. The U.Sp srospectus Supplement, the U.S. base prospectus and the registration statement are available on EDGAR, and the prospectus supplement and the base shelf prospectus are available on SEDAR+.

Before you invest, you should read the offering documents and other documents that the trust has filed for more complete information about the trust, the sales agreement and the ATM program.

Listing of the units sold pursuant to the ATM program on the NYSE and the TSX will be subject to fulfilling all applicable listing requirements.

About Sprott Inc. and 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. Sprott's in-depth knowledge, experience and relationships separate Sprott from the generalists. Its 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 NYSE and the TSX under the symbol SII.

About Sprott Physical Platinum and Palladium Trust

Important information about the trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the trust's annual information form (AIF) for the year ended Dec. 31, 2024. Commissions, management fees, or other charges and expenses may be associated with investing in the trust. The performance of the trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

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