<SEC-DOCUMENT>0001387131-22-008845.txt : 20220817
<SEC-HEADER>0001387131-22-008845.hdr.sgml : 20220817
<ACCEPTANCE-DATETIME>20220817164622
ACCESSION NUMBER:		0001387131-22-008845
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220817
FILED AS OF DATE:		20220817
DATE AS OF CHANGE:		20220817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
		CENTRAL INDEX KEY:			0001539190
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35765
		FILM NUMBER:		221174767

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 2700, SOUTH TOWER
		STREET 2:		ROYAL BANK PLAZA, 200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		SUITE 2700, SOUTH TOWER
		STREET 2:		ROYAL BANK PLAZA, 200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sppp-6k_081722.htm
<DESCRIPTION>CURRENT REPORT OF FOREIGN ISSUER
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of August 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35765</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPROTT PHYSICAL PLATINUM AND PALLADIUM TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite&nbsp;2600, South Tower,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Royal Bank Plaza,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 Bay Street,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada M5J 2J1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: center">Form&nbsp;20-F &#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1)&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note:</B> Regulation S-T Rule&nbsp;101(b)(1)&nbsp;only
permits the submission in paper of a Form&nbsp;6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7)&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note:</B> Regulation S-T Rule&nbsp;101(b)(7)&nbsp;only
permits the submission in paper of a Form&nbsp;6-K if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant&rsquo;s home country), or under the rules&nbsp;of the home country exchange on which the registrant&rsquo;s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the
registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form&nbsp;6-K submission or
other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INFORMATION CONTAINED IN THIS FORM&nbsp;6-K REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attached hereto as <A HREF="sppp-ex99_1.htm">Exhibit 99.1</A> is a copy of
the press release issued by Sprott Physical Platinum and Palladium Trust (the &ldquo;Trust&rdquo;) on August 16, 2022: Sprott Physical
Platinum and Palladium Trust Updates its &ldquo;At-The-Market&rdquo; Equity Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPROTT PHYSICAL PLATINUM AND PALLADIUM TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">By Sprott Asset Management GP Inc.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as general partner of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the manager of the Registrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Hibbert</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Kevin Hibbert</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Dated: August 17, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>sppp-ex99_1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="sppp-6k_081722.htm">Sprott Physical Platinum and Palladium Trust 6-K</A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><B>for immediate release</B></FONT></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;NYSE: SPPP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;tsx: SPPP and SPPP.U</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Sprott
Physical PLATINUM AND PALLADIUM Trust UPDATES Its &#8220;At-The-Market&#8221; Equity Program</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>TORONTO, ON &#8211; August 16, 2022</B> &#8211;
Sprott Asset Management LP (&#8220;Sprott Asset Management&#8221;), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum
and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the &#8220;Trust&#8221;), a closed-ended mutual fund trust created to invest and
hold substantially all of its assets in physical platinum and palladium bullion, today announced that it has updated its at-the-market
equity program to issue up to US$100 million of units of the Trust (&#8220;Units&#8221;) in the United States and Canada.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Distributions under the at-the-market equity programs
in the United States and Canada (together, the &#8220;ATM Program&#8221;) will be completed in accordance with the terms of an amended
and restated sales agreement (the &#8220;Sales Agreement&#8221;) dated October 21, 2020 between Sprott Asset Management (as the manager
of the Trust), the Trust, Cantor Fitzgerald &amp; Co. (&#8220;CF&amp;Co&#8221;), Virtu Americas LLC (&#8220;Virtu&#8221; and together
with CF&amp;Co, the &#8220;U.S. Agents&#8221;) and Virtu ITG Canada Corp., as amended on August 16, 2022 (the &#8220;Canadian Agent&#8221;
and together with the U.S. Agents, the &#8220;Agents&#8221;). The Sales Agreement is available on EDGAR at the SEC&#8217;s website at
www.sec.gov and the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sales of Units through the Agents, acting as agent,
will be made through &#8220;at the market&#8221; issuances on the NYSE Arca (&#8220;NYSE&#8221;) and the Toronto Stock Exchange (&#8220;TSX&#8221;)
or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result,
sale prices may vary. Neither U.S. Agent is registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will
only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit
offers to purchase any Units in Canada. The Canadian Agent may only sell Units on marketplaces in Canada.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">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 gold bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The offering under the ATM Program is being made
pursuant to a prospectus supplement dated August 16, 2022 (the &#8220;U.S. Prospectus Supplement&#8221;) to the Trust&#8217;s U.S. base
prospectus (the &#8220;U.S. Base Prospectus&#8221;) included in its registration statement on Form F-10 (the &#8220;Registration Statement&#8221;)
(File No. 333-266898) filed with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) on August 15, 2022, and
pursuant to a prospectus supplement dated August 16, 2022 (the &#8220;Prospectus Supplement&#8221;) to the Trust's Canadian short form
base shelf prospectus dated August 15, 2022 (the &#8220;Base Shelf Prospectus&#8221; and together with the Prospectus Supplement, the
U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the &#8220;Offering Documents&#8221;). The U.S. Prospectus
Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov, and the
Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators
at www.sedar.com.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Listing of the Units sold pursuant to the ATM Program
on the NYSE and the TSX will be subject to fulfilling all applicable listing requirements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Sprott Asset Management and the Trust</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sprott Asset Management, a subsidiary of Sprott Inc.,
is the investment manager to 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, 2021 (the &#8220;AIF&#8221;),
which can be found on www.sprottphysicalbullion.com, in the U.S. on www.sec.gov and in Canada on www.sedar.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.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">To learn more about the Trust, please visit www.sprottphysicalbullion.com.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Caution Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">This press release contains forward-looking statements
within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities
laws (collectively, &#8220;forward-looking statements&#8221;). Forward-looking statements in this press release include, without limitation,
statements regarding the ATM Program, including the intended use of proceeds from any sale of Units and the timing and ability of the
Trust to obtain all necessary regulatory approvals. With respect to the forward-looking statements contained in this press release, the
Trust has made numerous assumptions regarding, among other things: the price of gold and anticipated costs and the impact of the COVID-19
pandemic on the Trust's business, financial condition and results of operations. 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 AIF, and the Offering Documents, each as
updated by the Trust's continuous disclosure filings, which are available at www.sec.gov and www.sedar.com. 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.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>For more information:</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">Glen Williams</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">Managing Director, Investor and Institutional Client
Relations</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">Tel: 416.943.4394</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">Email: gwilliams@sprott.com</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

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