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

Executive Summary

• Sprott Physical Silver Trust announced an amendment to its ATM program authorizing up to US$1 billion of additional unit issuances in the United States and Canada.
• The new issuance will be conducted under a revised Sales Agreement with Cantor Fitzgerald, Virtu, BMO Capital Markets and Canaccord Genuity acting as agents.
• Proceeds are intended to be used to acquire additional physical silver bullion for the Trust’s portfolio.

Key Details

• Program Amendment: Updated ATM program permits issuance of up to US$1 billion of new Trust units (“Units”).
• Prospectus Documents: amendment filed via a prospectus supplement dated December 11 2025 to the short‑form base shelf prospectus (dated May 1 2025). Copies available on SEC EDGAR and SEDAR+.
• Sales Agreement: Amended and restated agreement dated Dec 6 2024, as amended May 2 2025, with U.S. agents (Cantor Fitzgerald, Virtu Americas, BMO Capital Markets, Canaccord Genuity) and Canadian agents (Cantor Canada, Virtu Canada, BMO Nesbitt Burns, Canaccord Canada).
• Distribution Mechanics: Units sold “at‑the‑market” on NYSE Arca and Toronto Stock Exchange; sale price varies with market conditions at time of each transaction. U.S. agents will sell only in the United States; Canadian agents will sell only in Canada.
• Use of Proceeds: All net proceeds, if any, will be directed to purchase physical silver bullion consistent with the Trust’s investment objective and operating restrictions.
• Timing & Volume: Determined at the Trust’s sole discretion; no guaranteed schedule or amount of distributions.
• Regulatory Filings: U.S. prospectus supplement, base prospectus, and registration statement (Form F‑10, File No. 333‑286897) filed with SEC; Canadian documents filed on SEDAR+.

Notable Quotes

(No direct quotes were provided in the release.)