Sprott Physical Uranium Trust Fund : SPUT Investor Presentation Deck 6/30/2023

Sprott Physical Uranium Trust

Investor Presentation

June 30, 2023

V4_08.09.2023

Sprott Physical Commodity Trusts

• Provide a secure, convenient and exchange-traded investment alternative for investors who want to hold physical precious metals and commodities
• Sprott Asset Management LP serves as the Trust's manager and is backed by more than four decades of physical commodity investment experience

Sprott Physical Uranium Trust

TSX: U.U ($US); U.UN ($CA)

AUM: $3.47 Billion

Sprott Physical Gold Trust

NYSE Arca: PHYS | TSX: PHYS.U ($US); PHYS ($CA)

AUM: $6.12 Billion

Sprott Physical Silver Trust

NYSE Arca: PSLV | TSX: PSLV.U ($US); PSLV ($CA)

AUM: $3.99 Billion

Sprott Physical Gold and Silver Trust

NYSE Arca: CEF | TSX: CEF.U ($US); CEF ($CA)

AUM: $4.06 Billion

Sprott Physical Platinum and Palladium Trust

NYSE Arca: SPPP | TSX: SPPP.U ($US); SPPP ($CA)

AUM: $110.28 Million

All figures as of June 30, 2023, in $US. Reflects net asset values.

Sprott Physical Uranium Trust (TSX: U.UN) |

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Sprott Physical Uranium Trust

Sprott Physical Uranium Trust ("Trust") began trading on July 19, 2021, marking the successful completion of Sprott's reorganization of the Uranium Participation Corporation, the world's largest physical uranium fund.1

Trust Investment Objective & Strategy

The Trust will invest and hold substantially all of its assets in uranium in the form of U3O8. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding uranium.

Trust Details (as of June 30, 2023)

Ticker Symbols:	TSX: U.U ($US); U.UN ($CA)
Inception Date:	July 19, 2021
Fund Type:	Closed-End Trust
CUSIP:	85210A104
ISIN:	CA85210A1049
Manager:	Sprott Asset Management LP
Technical Advisor:	WMC Energy
Trustee:	RBC Investor Services
Auditor:	KPMG
Storage Providers & Locations:	Cameco (Canada); ConverDyn (U.S.); Orano (France)
Total Uranium Held:	U3O8: 61,745,847 lbs.
Market Value of Uranium Held by Trust:	$3.46 Billion/99.6%
Total Net Asset Value of Trust:	$3.47 Billion
Fees:	Annual Management Expense Fee: 0.35%; Management Expense Ratio: 0.70%*

*Management Expense Ratio (MER) is based on total expenses (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of the average daily NAV for the period ended 12/31/2022.

Dollar amounts in $US.

1Based on Morningstar's universe of listed commodity funds. Data as of 6/30/2023.

Sprott Physical Uranium Trust (TSX: U.UN) |

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Trust Key Benefits

1. World's Largest Physical Uranium Investment Fund
2. • Sprott Physical Uranium Trust is the largest and only publicly-listed physical uranium fund currently in the marketplace.1
3. Experienced Commodity Fund Manager & Uranium Technical Advisor
4. • Sprott Asset Management LP serves as the Trust's manager and is backed by more than four decades of physical commodity investment experience
   • WMC Energy, the Trust's technical advisor, is an independent company focused on the low carbon energy sector
5. Liquid and Convenient Way to Own Physical Uranium
6. • Trust units are exchange-traded and easy to buy, own and sell
   • At-the-Market(ATM) program plans for cost effective capital raises and potentially less disruption to the uranium market
7. Transparent Daily Reporting of Net Asset Value (NAV) and Holdings
8. • Added transparency of assets and daily posting of the Trust's net asset value is unique among physical uranium funds
9. Low Management Fees
10. • Annual Management Fee of 0.35% per annum plus operating expenses

1Based on Morningstar's universe of listed commodity funds. Data as of 6/30/2023.

Sprott Physical Uranium Trust (TSX: U.UN) |

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The Trust Holds "Yellowcake" Uranium

• The Sprott Physical Uranium Trust will hold primarily uranium as U3O8 or "yellowcake", which is created in the first stages of its lifecycle from mined ore to spent fuel

Sprott Physical Uranium Trust (TSX: U.UN) |

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