SII Sprott Inc

Sprott Asset Management LP (“Sprott Asset Management”), on behalf of Sprott Physical Copper Trust (the “Trust”), announced that on May 31, 2024, a final prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories, and that it has entered into an underwriting agreement for its initial public offering of 10,000,000 transferable units (the “Units”) of the Trust at a price of US$10.00 per Unit (the “Offering”). The Offering will generate gross proceeds of $100,000,000.

The Trust has also received conditional approval for the listing of the Units on the Toronto Stock Exchange (“TSX”) under the symbols “COP.UN” and “COP.U”. Listing is subject to the Trust fulfilling all of the requirements of the TSX. It is anticipated that trading in the Units on the Toronto Stock Exchange will commence upon closing of the Offering. Closing of the offering is scheduled for June 6, 2024, subject to customary closing conditions.

The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal (“Copper”). The net proceeds of the Offering will be used to purchase Copper.

The Trust’s investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to holders of the Units.

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation are acting as joint bookrunners for the Offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the Offering.

WMC Energy B.V. is acting as technical advisor to Sprott Asset Management and will arrange all procurement and handling of Copper.

The Trust has granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the date of closing of the Offering, to cover over-allotments, if any. If such option is exercised in full, gross proceeds of the Offering will be $115,000,000.

About Sprott Asset Management and the Trust

Sprott Asset Management, a subsidiary of Sprott Inc. (“Sprott”) (NYSE/TSX: SII), is the investment manager to the Trust. Sprott is a global leader in precious metal and critical materials investments. We are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Contact:Glen Williams Managing PartnerInvestor and Institutional Client Relations Direct: 416-943-4394gwilliams@sprott.com

This Offering is only made by prospectus. The prospectus contains important detailed information relating to the securities being offered and has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the prospectus may be obtained from any one of the underwriters noted above. Investors should read the prospectus before making an investment decision.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Trust’s securities referred to herein in the United States.

This is not an offer to sell these securities and not a solicitation of an offer to buy these securities in any state where the offer or sale is not permitted and should be accompanied by the final prospectus. Investors should carefully consider the Trust’s investment objectives, risks, charges and expenses before investing. The final prospectus, which contains this and other information about the Trust, should be read carefully before investing.

You could lose some or all of your investment. For a summary of the risks of an investment in the Trust, please see the “RISK FACTORS” section of the final prospectus. Consult your financial advisor before investing.

This material may contain certain statements which constitute “forward-looking information”. Forward-looking information includes, among other things, projections, estimates, and information about possible or future results related to the Trust, market, or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Trust undertakes no obligation to update the views expressed herein.