Mr. Glen Williams reports

SPROTT PHYSICAL URANIUM TRUST ANNOUNCES FILING OF NEW PRELIMINARY BASE SHELF PROSPECTUS AND CONSIDERATION OF STRUCTURAL CHANGES

Sprott Physical Uranium Trust has filed a new preliminary base shelf prospectus with Canadian securities regulatory authorities. This filing corresponds to the expiration of the Trust's current base shelf prospectus effective September 10, 2023.

As disclosed in the new preliminary base shelf prospectus, the Trust is actively considering the introduction of a limited redemption feature on a not less than annual basis, the implementation of limits on future treasury issuances of new trust units and other measures with the objective of having the trust units trade more consistently with its net asset value. These considerations are, in part, the result of ongoing discussions with staff at the Ontario Securities Commission regarding the Trust and its physical uranium holdings, as well as feedback from investors regarding the Trust and its operations. There is currently no definitive timeline for the completion of these ongoing considerations and discussions, and no decisions have been reached at this time. There can be no assurance that any changes to the Trust, including the introduction of such a redemption feature, the implementation of limits on future treasury issuances or any other measures, will be proposed, approved or implemented.

The Trust does not intend to make any further public comment regarding the ongoing considerations and discussions until they have been completed or where Sprott Asset Management, on behalf of the Trust, determines that further disclosure is required by law or stock exchange rules, or is otherwise deemed appropriate.

About Sprott Asset Management and the Trust

Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. 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.

We seek Safe Harbor.