Mr. John Ciampaglia reports

SPROTT PHYSICAL URANIUM TRUST NET ASSET VALUE REACHES $5.0 BILLION

Sprott Physical Uranium Trust's net asset value (NAV) has surpassed $5.0-billion (U.S.).

"We would like to thank our unitholders for their trust and support in helping the Sprott Physical Uranium Trust reach this significant milestone," said John Ciampaglia, chief executive officer of Sprott Asset Management. "Since SPUT's launch, there has been a growing recognition that nuclear power is an essential component in achieving global carbon reduction targets while providing energy security. We are proud that our relentless focus on education helped investors globally to better understand the uranium investment opportunity. We continue to believe it is the early stages of a uranium bull market as global support for nuclear energy grows and the utility contracting cycle accelerates," added Mr. Ciampaglia.

"We are grateful for the contributions of our partners at WMC Group in helping SPUT procure and store more than 62 million pounds of [triuranium octoxide] and the invaluable market insights they are able to help us provide to unitholders," continued Mr. Ciampaglia.

Since inception in July, 2021, Sprott Physical's NAV has grown from $630-million (U.S.) to more than $5.0-billion (U.S.) as of Nov. 20, 2023. Over this same period, Sprott Physical's unit price has increased by more than 100 per cent while its liquidity and trading volumes have steadily improved.

Sprott Asset Management is the world's largest manager of uranium-related investments (1), with approximately $7.0-billion (U.S.) of uranium-related assets under management, providing investors with innovative, transparent and highly liquid strategies to participate in this compelling investment theme.

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. 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.

(1) According to Morningstar as of Sept. 30, 2023.