Sprott Physical Uranium Trust Closes Upsized US$200 Million Bought Deal Financing

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This press release constitutes a “designated news release” for the purposes of the Trust’s amended and restated prospectus supplement dated December 6, 2024 to its base shelf prospectus dated January 3, 2024.

TORONTO, June 20, 2025 (GLOBE NEWSWIRE) -- Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (“SPUT” or the “Trust”), is pleased to announce the closing of its previously announced upsized bought deal public offering (the “Offering”), pursuant to which 11,600,000 units of the Trust (the “Units”) were issued at a price of US$17.25 per Unit for total gross proceeds of approximately US$200 million. Canaccord Genuity Corp. (the “Underwriter”) acted as sole underwriter for the Offering.

The net proceeds of the Offering will be used by the Trust to acquire physical uranium in the form of uranium oxide in concentrates and related fees and expenses in accordance with the Trust's objective and subject to the Trust’s investment and operating restrictions. The net proceeds per Unit received by the Trust were not less than 100% of the most recently calculated net asset value of the Trust per Unit prior to the determination of the pricing of the Offering.

“We are very pleased to have completed this Offering with the strong support from both current and new SPUT unitholders,” said John Ciampaglia, CEO of Sprott Asset Management. “This transaction, the non-brokered private placement completed in May and the Trust’s at-the-market equity program demonstrate the Trust’s ability to continue to raise capital through a variety of methods.”

“The long-term investment thesis for uranium continues to improve as a nuclear renaissance unfolds globally with announcements around plant life extensions and new builds accelerating, supported by new government policies,” continued Mr. Ciampaglia. “We are pleased to provide investors the opportunity to participate in this long-term secular trend through access to the world’s largest physical uranium fund¹.”

The Trust suspended its at-the-market equity program to facilitate the Offering and agreed with the Underwriter not to issue any Units, including under the at-the-market equity program, for a period of 30 days from the closing of the Offering without the prior written consent of the Underwriter, such consent not to be unreasonably withheld, conditioned or delayed.