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.TO) (TSX:U-U.TO) (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.