SII Sprott Inc

Sprott Asset Management LP (“Sprott Asset Management”), on behalf of Sprott Physical Copper Trust (the “Trust”), announced that on May 13, 2024 a preliminary prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering (the “Offering”) of transferable units (the “Units”) at a price of US$10.00 per Unit. The number of Units to be sold has not yet been determined.

The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal (“Copper”). The net proceeds of the Offering will be used to purchase Copper.

The Trust’s investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to holders of the Units.

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation are acting as joint bookrunners for the Offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the Offering.

WMC Energy B.V. is acting as technical advisor to Sprott Asset Management and will arrange all procurement and handling of Copper.

About Sprott Asset Management and the Trust

Sprott Asset Management, a subsidiary of Sprott Inc. (NYSE/TSX: SII), is the investment manager to the Trust. Sprott Asset Management’s head office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1.

Contact:Glen Williams Managing PartnerInvestor and Institutional Client Relations and Head of Corporate CommunicationsDirect: 416-943-4394gwilliams@sprott.com

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the underwriters noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Trust’s securities referred to herein in the United States.

This is not an offer to sell these securities and not a solicitation of an offer to buy these securities in any state where the offer or sale is not permitted and should be accompanied by the preliminary prospectus. Investors should carefully consider the Trust’s investment objectives, risks, charges and expenses before investing. The preliminary prospectus, which contains this and other information about the Trust, should be read carefully before investing.

You could lose some or all of your investment. For a summary of the risks of an investment in the Trust, please see the “RISK FACTORS” section of the preliminary prospectus. Consult your financial advisor before investing.

This material may contain certain statements which constitute “forward-looking information”. Forward-looking information includes, among other things, projections, estimates, and information about possible or future results related to the Trust, market, or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Trust undertakes no obligation to update the views expressed herein.