Sprott Asset Management LP is the investment manager to the Sprott Physical Uranium Trust (the “Trust”). Readers should consult with their own accountants and/or lawyers for advice on their specific circumstances before taking any action. The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be tax, legal, accounting or professional advice.

Past performance is not an indication of future results. A discussion of these and other risks and uncertainties facing the Trust appears in the Trust's continuous disclosure filings, which are available at 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.

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 update. 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. With respect to the forward-looking statements contained in this update, the Trust has made numerous assumptions regarding, among other things: its ability to satisfy the requirement of the OTC Markets in a timely manner, or at all. Forward-looking statements in this update include, without limitation, statements regarding expected future compliance with Rule 15-c-211 and the resumption of regular trading of the SRUUF ticker once OTC Markets confirms that the Trust has satisfied its public information eligibility requirements. The above update contains forward-looking information within the meaning of applicable Canadian securities laws ('forward-looking statements'). Please refer to the Management Information Circular or the Prospectus for a description of these risks. The Sprott Physical Uranium Trust is generally exposed to the multiple risks that have been identified and described in the Management Information Circular and the Prospectus. Securities Act of 1933 and is listed on the NYSE Arca. registered exchange traded fund established pursuant to the U.S. The Trusts are not registered as investment companies under the U.S. investors by way of listings on the NYSE Arca pursuant to the U.S.

PHYS, PSLV, CEF and SPPP are available to U.S. †The Trusts are closed-end funds established under the laws of the Province of Ontario in Canada.

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