Sprott Physical Uranium Trust Fund : SPUT Investor Presentation Deck 3/31/2024

Sprott Physical Uranium Trust

Investor Presentation

March 31, 2024

V6_5.2.2024

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 trusts' 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: $5.63 Billion
	Sprott Physical Gold Trust
	NYSE Arca: PHYS | TSX: PHYS.U ($US); PHYS ($CA)
	AUM: $6.89 Billion
	Sprott Physical Silver Trust
	NYSE Arca: PSLV | TSX: PSLV.U ($US); PSLV ($CA)
	AUM: $4.24 Billion
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	Physical Gold and Silver Trust
	NYSE Arca: CEF | TSX: CEF.U ($US); CEF ($CA)
	AUM: $4.40 Billion
	Sprott Physical Platinum and Palladium Trust
	NYSE Arca: SPPP | TSX: SPPP.U ($US); SPPP ($CA)
	AUM: $111.57 Million

All figures as of March 31, 2024, in $US. Reflects net asset values.

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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 March 31, 2024)

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: 63,611,826 lbs
Market Value of Uranium Held by Trust:	$5.61 Billion/99.6%
Total Net Asset Value of Trust:	$5.63 Billion
Fees:	Annual Management Expense Fee: 0.35%; Management Expense Ratio: 0.71%*

*Management Expense Ratio (MER) is based on total expenses (including applicable sales taxes and excluding commissions) and is expressed as an

annualized percentage of the average daily net asset value (NAV) for the period ended 12/31/2023. Dollar amounts in $US.

• Based on Morningstar's universe of listed commodity funds. Data as of 3/31/2024.

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Trust Key Benefits

1. World's Largest Physical Uranium Investment Fund

• Sprott Physical Uranium Trust is the largest and only publicly-listed physical uranium fund currently in the marketplace.1

2. Experienced Commodity Fund Manager & Uranium Technical Advisor

• 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

3. Liquid and Convenient Way to Own Physical Uranium

• 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

4. Transparent Daily Reporting of Net Asset Value (NAV) and Holdings

• Added transparency of assets and daily posting of the Trust's net asset value is unique

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5. Low Management Fees

• Annual Management Fee of 0.35% per annum plus operating expenses

• Based on Morningstar's universe of listed commodity funds. Data as of 3/31/2024.

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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

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The Investment Case for Uranium

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Why Invest in Uranium Now?

1. Relatively More Reliable, Efficient, Clean, Safe and Uses Less Land
2. • Nuclear energy is highly reliable and efficient compared to other forms of electricity generation1
   • Nuclear energy is one of the cleanest energy sources based on CO2 emissions2
   • Nuclear energy is one of the safest energy sources available3
3. Uranium and Nuclear Energy May Be Critical to the Clean Energy Transition & Achieving Energy Security
4. • Nuclear fuel supply security is vital, as national grids depend on stable nuclear power
   • Increased focus on decarbonization and energy security has shifted nuclear energy policies and government support where at COP28, 22 countries pledge to triple global nuclear capacity by 2050
   • The Russia-Ukraine war (started in February 2022) has created an urgent energy crisis
   • Geopolitical implications are constraining supply with the coup in Niger, utilities self-sanctioning regarding Russia, and the Prohibiting Russian Uranium Imports Act passed in the U.S. House and awaits the Senate
   • The G7 has pledged to end reliance on Russian uranium and fuel services. As bottlenecks in conversion and enrichment are worked through, an industry shift to overfeeding may increase near-term demand for uranium
5. New Uranium Bull Market Remains Intact
6. • Unprecedented number of nuclear plant restarts, extensions and new builds is increasing demand for uranium
   • 2023 long-term contracts were 160 million lbs., providing a return to utility replacement rate contracting for the

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• Mine supply remains well short of world reactor requirements (a supply-demand deficit)

• Despite increases in the incentive price, well-established producers have struggled to meet production targets. Kazatomprom announced that 2024 production increases will not occur, and production will largely be flat YoY

• Uranium demand isn't price sensitive, as fuel costs minimally impact nuclear plant profitability

• We firmly believe the era of destocking is over, and utilities are likely to buy more uranium for supply security

• Existing uranium supply may fall short of future needs, inviting non-utility buyers into the market; secondary uranium supplies have diminished in recent years

Footnotes: (1) See slides 8 and 9 for more details; (2) see slide 10 for more details; (3) see slide 11 for more details.

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Nuclear Energy is Reliable…

• Nuclear energy has the highest capacity factor1 versus both traditional and alternative energy sources, prompting renewed attention to help solve global energy needs
• Most nuclear power utilities are required to hold at least three years' worth of uranium supply2

Capacity Factor

93.1%

59.6%58.8%

42.1%

34.2%33.5%

23.3%

11.2%

Nuclear

Biomass

Natural Gas

Coal

Hydro

Wind

Solar

Oil

• Capacity factor measures the total amount of energy produced during a period of time divided by the amount of energy the plant would have produced at full capacity.
  2 According to research completed by Nigel Littlewood & Jackson Lee, May 2018 Research Note (Uranium).
  Source: U.S. Energy Information Administration and energy.gov. Data as of 12/31/2023. Included for illustrative purposes only.

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Efficient…

• Uranium's high energy density reduces the impact of extraction and transport, facilitating the ability to contain waste
• One nuclear fuel pellet is roughly 10-13 millimeters long and 8-13.5 millimeters in diameter (approximately the size of a gummy bear) and weighs ~10 grams1

Source: American Nuclear Association.

• Cameco Corporation.

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Clean…

Nuclear energy produces the least CO2 equivalent emissions versus other energy forms, helping solidify its place in global decarbonization goals.

Nuclear has the Lowest Full-Cycle Carbon Footprint

CO2 Equivalent Emissions per Gigawatt-Hour

Nuclear 3

Win d 4

Solar 5

Hydro 34

Biomass154

Natural Gas

Oil

Coal

490

720

820

Source: https://ourworldindata.org/nuclear-energyas of 2021; measured in emissions of CO2-equivalent per gigawatt-hour of electricity over the life cycle of the power plant. Included for illustrative purposes only.

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