Mr. Glen Williams reports

SPROTT PHYSICAL URANIUM TRUST UPDATES ITS "AT-THE-MARKET" EQUITY PROGRAM

Sprott Asset Management LP, a subsidiary of Sprott Inc., on behalf of the Sprott Physical Uranium Trust, has updated its at-the-market equity program to issue up to $1.0-billion (U.S.) of units of the trust in Canada.

Distributions under the at-the-market (ATM) equity program in Canada will be completed in accordance with the terms of an amended and restated sales agreement dated Dec. 6, 2024, between Sprott Asset Management (as the manager of the trust), the trust, Cantor Fitzgerald Canada Corp., Virtu Canada Corp., BMO Nesbitt Burns Inc. and Canaccord Genuity Corp. The sales agreement is available on SEDAR+.

Sales of units through the agents, acting as agent, will be made through at-the-market issuances on the Toronto Stock Exchange 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 Jan. 26, 2026, to the trust's Canadian short form base shelf prospectus dated Jan. 22, 2026. The offering documents are available on SEDAR+.

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.

About Sprott Inc. and Sprott Asset Management LP

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. Sprott consists of specialists. Sprott believes its in-depth knowledge, experience and relationships separate the company from the generalists. Its 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 Toronto Stock Exchange under the symbol SII.

About Sprott Physical Uranium 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 Dec. 31, 2024. 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.

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