SPROTT PHYSICAL URANIUM TRUST ANNOUNCES UPDATED “AT-THE-MARKET” EQUITY PROGRAM

TORONTO, Feb. 15, 2023 /CNW/ – Sprott Asset Management LP ("Sprott Asset Management"), on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (the "Trust" or "SPUT"), a closed-ended trust created to invest and hold substantially all of its assets in physical uranium, today announced that the Trust has updated its at-the-market equity program (the "ATM Program") to issue up to an additional US$1.3 billion of trust units (the "Units") pursuant to a prospectus supplement dated February 15, 2023 (the "Prospectus Supplement") to the second amended and restated short form base shelf prospectus dated November 22, 2021 (the "Second A&R Shelf Prospectus" and, together with the Prospectus Supplement, the "Offering Documents"). Copies of the Offering Documents are available at www.sedar.com . Distributions will no longer be made under previous ATM Program prospectus supplements, including the prospectus supplement dated November 22, 2021.

Distributions under the ATM Program, if any, […]

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