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Sprott Asset Management LP ("Sprott Asset Management"), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (the "Trust"), a non-redeemable investment fund created to invest and hold substantially all of its assets in physical uranium, today announced that it has updated its at-the-market equity program to issue up to U.S.$1.0 billion of units of the Trust ("Units") in Canada.
Distributions under the at-the-market equity program in Canada (the "ATM Program") will be completed in accordance with the terms of an amended and restated sales agreement dated December 6, 2024 (the "Sales Agreement") between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald Canada Corporation ("Cantor"), Virtu Canada Corp. ("Virtu"), BMO Nesbitt Burns Inc. ("BMO") and Canaccord Genuity Corp. ("Canaccord" and, together with Cantor, Virtu and BMO, the "Agents"). The Sales Agreement is available at the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.
Sales of Units through the Agents, acting as agent, will be made through "at-the-market" issuances on the Toronto Stock Exchange ("TSX") or other existing trading markets in Canada at-the-market price prevailing at the time of each sale, and, as a result, sale prices may vary. The Agents may only sell Units on marketplaces in Canada.
The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical uranium in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.
The offering under the ATM Program is being made pursuant to a prospectus supplement dated January 26, 2026 (the "Prospectus Supplement") to the Trust's Canadian short form base shelf prospectus dated January 22, 2026 (the "Base Shelf Prospectus" and together with the Prospectus Supplement, the "Offering Documents"). The Offering Documents are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.
Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.
Listing of the Units sold pursuant to the ATM Program on the TSX will be subject to fulfilling all applicable listing requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.
About Sprott and Sprott Asset Management
Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global asset manager in precious metals and critical materials investments. At Sprott, we are specialists. We believe 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 Sprott's common shares are listed on the New York Stock Exchange and the TSX under the symbol "SII".
About the Trust
Important information about the Trust, including its investment objectives and strategies, applicable management fees and expenses is contained in the Trust's annual information form for the year ended December 31, 2024 (the "AIF"). 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.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the uranium and nuclear energy market. 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 Offering Documents, as updated by the Trust's continuous disclosure filings, which are available 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.
For more information:
Glen Williams
Managing Partner
Investor and Institutional Client Relations
Direct: 416-943-4394
gwilliams@sprott.com
