Sprott Physical Silver Trust Updates Its "At-the-Market" Equity Program

Executive Summary

• Sprott Asset Management announced an amendment to the Trust’s at‑the‑market (ATM) equity program, authorizing issuance of up to US $2.0 billion of units of the Sprott Physical Silver Trust.
• Proceeds from any future ATM distributions will be used to acquire additional physical silver bullion, aligning with the Trust’s investment objective.
• The amendment updates the underlying sales agreement (originally dated Dec 6 2024, amended May 2 2025) and is documented in prospectus supplements filed on Jan 20 2026 with the SEC (Form F‑10) and SEDAR+.

Key Details

• Program Capacity: Up to US $2.0 billion of Trust units may be issued under the ATM program in the United States and Canada.
• Sales Agreement Parties:
• Manager – Sprott Asset Management (Trust manager)
• Agents – Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corp., Virtu Americas LLC, Virtu Canada Corp., BMO Capital Markets Corp., BMO Nesbitt Burns Inc., Canaccord Genuity LLC, and Canaccord Genuity Corp.
• Distribution Mechanics: Units will be sold “at‑the‑market” on NYSE Arca (U.S.) and Toronto Stock Exchange (Canada) at prevailing market prices; U.S. agents may only sell in the U.S., Canadian agents only in Canada.
• Use of Proceeds: Any net proceeds received from ATM issuances will be directed to purchase physical silver bullion consistent with the Trust’s objective and subject to its investment/operating restrictions.
• Regulatory Filings:
• U.S. Prospectus Supplement, U.S. Base Prospectus, and Registration Statement (Form F‑10, File No. 333‑292817) filed with the SEC on Jan 20 2026.
• Canadian Prospectus Supplement and Base Shelf Prospectus filed on SEDAR+ the same date.
• Listing Requirements: Units sold under the ATM program must satisfy all applicable NYSE and TSX listing standards.
• Forward‑Looking Statements Disclaimer: The release contains forward‑looking statements regarding investor demand, timing of distributions, and ability to obtain approvals; actual results may differ due to market and regulatory risks.

Notable Quotes

• “The Trust’s expanded ATM program provides us with a flexible capital‑raising tool to support ongoing silver bullion acquisitions, enhancing our ability to meet investor demand while adhering to the Trust’s disciplined investment mandate,” – Glen Williams, Managing Partner, Investor & Institutional Client Relations, Sprott Asset Management.