Mr. Glen Williams reports

SPROTT PHYSICAL URANIUM TRUST ANNOUNCES UPDATED "AT-THE-MARKET" EQUITY PROGRAM

Sprott Asset Management LP, on behalf of the Sprott Physical Uranium Trust, has updated its at-the-market equity program to issue up to an additional $1.0-billion (U.S.) of trust units pursuant to a prospectus supplement dated Jan. 3, 2024, to the short form base shelf prospectus dated Jan. 3, 2024. Copies of the offering documents are available at SEDAR+.

Distributions under the ATM program, if any, will be completed in accordance with the terms of an amended and restated sales agreement dated Sept. 13, 2021, as amended on Nov. 22, 2021, and as further amended on Sept. 8, 2023, between Sprott Asset Management (as the manager of the trust), the trust, Cantor Fitzgerald Canada Corp. and Virtu Canada Corp. The sales agreement is also available at SEDAR+.

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.

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.

We seek Safe Harbor.