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

Executive Summary

• Sprott Asset Management, on behalf of the Sprott Physical Uranium Trust, announced an amendment to its at‑the‑market (ATM) equity program authorizing up to US$1.0 billion of new unit issuances in Canada.
• The ATM program will be executed through Cantor Fitzgerald Canada, Virtu Canada, BMO Nesbitt Burns, and Canaccord Genuity under an amended sales agreement dated December 6 2024.
• Proceeds from any future ATM distributions are intended to be used to acquire additional physical uranium in line with the Trust’s investment objective.

Key Details

• Program Capacity: Up to US$1.0 billion of Trust Units may be issued under the ATM program.
• Sales Agreement: Amended and restated agreement dated 6 Dec 2024 involving Sprott Asset Management (manager), the Trust, Cantor Fitzgerald Canada, Virtu Canada, BMO Nesbitt Burns, and Canaccord Genuity (agents).
• Issuance Mechanics: Units will be sold on‑market at prevailing TSX prices; sale price may vary per transaction. Only Canadian marketplaces may be used.
• Discretionary Timing/Volume: The Trust will determine the timing and amount of each distribution at its sole discretion.
• Use of Proceeds: Intended exclusively for the acquisition of physical uranium, subject to the Trust’s investment and operating restrictions.
• Regulatory Filings: Offering made pursuant to a prospectus supplement dated 26 Jan 2026, complementing the short‑form base shelf prospectus dated 22 Jan 2026; both available on SEDAR+.
• Listing Requirements: Units sold under the ATM program will be listed on the TSX pending fulfillment of applicable listing standards.

Notable Quotes

(No direct quotes were provided in the release.)