Sprott Physical Copper Trust Announces Exercise of Over-Allotment Option

Not for distribution to U.S. wire services or dissemination in the United States.

TORONTO, June 20, 2024 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management), a wholly owned subsidiary of Sprott Inc. (“Sprott“) (NYSE/TSX: SII), announced today on behalf of Sprott Physical Copper Trust (the “Trust“) that, in connection with the Trust’s initial public offering (the “Offer“), the underwriters partially exercised the over-allotment option and purchased 1,000,000 transferable units of the Trust (the “Units“) at the initial public offering price of US$10.00 per unit (the “Over-allocation exercise“). The over-allotment exercise was completed today and generated gross proceeds of US$10,000,000.

The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal. The net proceeds from the over-allotment exercise will generally be used to purchase copper. The Trust’s investment objectives are to provide a safe, convenient, publicly traded investment alternative to investors interested in holding copper without the typical disadvantages of investing directly in copper. The Trust does not anticipate making regular cash distributions to unitholders.

Canaccord Genuity Corp., BMO Capital Markets and Cantor Fitzgerald Canada Corporation acted as joint book-running managers on the offering. RBC Capital Markets and TD Securities Inc. also acted as underwriters for the offering.

WMC Energy BV acts as technical advisor to Sprott Asset Management and will organize all copper purchases and management.

About Sprott

Sprott Asset Management is a wholly owned subsidiary of Sprott and is the investment manager of the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships set us apart from generalists. Our investment strategies include publicly traded products, managed equities and private strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common stock is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.

Contact:
Glen Williams
Management partner
Investor and institutional client relations
Direct: 416-943-4394
[email protected]

This Offer is made only by means of a prospectus. The prospectus contains important detailed information regarding the securities offered and has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the prospectus may be obtained from any of the underwriters mentioned above. Investors should read the prospectus before making an investment decision.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold. directly or indirectly, in the United States (as defined in Regulation S under the US Securities Act), unless registered under the US Securities Act and the applicable securities laws of any state of the United States or under an exemption from these registration requirements. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities of the Trust mentioned herein in the United States.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the titles. laws of such jurisdiction.

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This document may contain certain statements that constitute “forward-looking information.” Forward-looking information includes, among other things, projections, estimates and information about possible or future outcomes relating to the Trust, the market or regulatory developments. The opinions expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions which could cause actual results to differ materially from the opinions expressed herein. The opinions expressed herein are subject to change at any time based on economic, market or other conditions and the Trust undertakes no obligation to update the opinions expressed herein.