U.U Sprott Physical Uranium Trust

Sprott Asset Management LP (the “Sprott Asset Management”), on behalf of the Sprott Physical Uranium Trust (TSX: U.UN and U.U) (the “Trust”), a closed-ended trust created to invest and hold substantially all of its assets in physical uranium, today announced that it has filed a new preliminary base shelf prospectus with Canadian securities regulatory authorities This filing corresponds to the expiration of the Trust’s current base shelf prospectus effective September 10, 2023.

As disclosed in the new preliminary base shelf prospectus, the Trust is actively considering the introduction of a limited redemption feature on a not less than annual basis, the implementation of limits on future treasury issuances of new trust units and other measures with the objective of having the trust units trade more consistently with its net asset value. These considerations are, in part, the result of ongoing discussions with staff at the Ontario Securities Commission regarding the Trust and its physical uranium holdings, as well as feedback from investors regarding the Trust and its operations. There is currently no definitive timeline for the completion of these ongoing considerations and discussions, and no decisions have been reached at this time. There can be no assurance that any changes to the Trust, including the introduction of such a redemption feature, the implementation of limits on future treasury issuances or any other measures, will be proposed, approved or implemented.

The Trust does not intend to make any further public comment regarding the ongoing considerations and discussions until they have been completed or where Sprott Asset Management, on behalf of the Trust, determines that further disclosure is required by law or stock exchange rules, or is otherwise deemed appropriate.

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 at www.sprott.com. 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.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements in this press release include, without limitation, statements regarding a limited redemption feature on a not less than annual basis, the implementation of limits on future treasury issuances of new trust units and other measures. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the results of the ongoing considerations and discussions. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s annual information form for the year ended December 31, 2022, which is available under the Trust’s profile at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law or stock exchange rules.

Contact:

Glen WilliamsManaging PartnerInvestor and Institutional Client RelationsDirect: 416-943-4394gwilliams@sprott.com