Sprott Physical Platinum and Palladium Trust · TSX:SPPP
Sprott Physical Platinum and Palladium Trust — Sprott Physical Uranium Trust — Investor Presentation (June 2026)
39 slides from Sprott Physical Platinum and Palladium Trust's investor presentation, Jun 30, 2026
Slide 1: Sprott Physical Uranium Trust Investor Presentation
Sprott Physical Uranium Trust Investor Presentation June 30, 2026 V5 8/5/2026
Slide 2: Sprott Physical Commodity Trusts
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
Slide 3: Sprott Physical Uranium Trust
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 wil
Slide 4: Trust Key Benefits
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
Slide 5: The Trust Holds “Yellowcake” Uranium
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 | 5
Slide 6: The Investment Case for Uranium
The Investment Case for Uranium Sprott Physical Uranium Trust | 6
Slide 7: Why Invest in Uranium Now?
Why Invest in Uranium Now? 1. Relatively More Reliable, Efficient, Clean, Safe and Uses Less Land • 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 on
Slide 8: Nuclear Energy Is Reliable…
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. 91.0% Capacity Factor 59.0% 58.4% 48.7% 35.3% 34.2% 24.4% 11.3% Nuclear Biomass Natural Gas Coal Hydro Wi
Slide 9: Efficient…
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 (~ the size of a gummy bear) and weighs ~10 grams.1 Source: American Nu
Slide 10: Clean…
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 Nuclear 6 CO2 Equivalent Emissions per Gigawatt-Hour Wind 11 Hydro 24 Solar 53 Biomass 154 Natur
Slide 11: Safe…
Safe… • Uranium is likely responsible for the lowest mortality rate per terawatt hour (TWh) of energy produced. • Post-reactor radioactivity shows significant reductions after just 10 years. Mortality Rate per TWh of Energy Produced1 Post Reactor Radiation Levels (years)2 125 Energy Source Mortality
Slide 12: Nuclear Uses Less Land
Nuclear Uses Less Land • Nuclear energy uses the least land relative to the amount of energy generated. • If solar and wind were to power the entire U.S., it would need an area the size of Texas. Nuclear has the Lowest Land Footprint Source: U.S. Energy Information Administration for year 2024 as of
Slide 13: Electricity Demand Estimated to Increase by 157% by 2050
Electricity Demand Estimated to Increase by 157% by 2050 • Evolving energy systems require more 90,000 electricity, which depends on critical materials. 80,175 • Surging Energy Consumption in the East: 80,000 World Electricity Demand (Terawatt-hour – TWh) Driven by energy security and the urbanizati
Slide 14: Economic Growth is Energy Intensive
Economic Growth is Energy Intensive • As countries develop and become wealthier the Electricity & Income Per Capita2 need for electricity intensifies. 20,000 U.S. • Developing countries’ electricity growth has been 2025 Electricity Consumption Per Capita (KWh) substantial compared to developed count
Slide 15: AI and Data Center Growth Could Drive Power Demand
AI and Data Center Growth Could Drive Power Demand • Global data centers’ power demand may rise 2.2x by 2030— Data Center Electricity Growth1 to a level exceeding Japan’s total power use.1 1,200 4.0% • AI will be the most significant driver of this increase, with AI data centers power use set to inc
Slide 16: Nuclear: Ideal for Data Centers
Nuclear: Ideal for Data Centers American Nuclear Society: 3/7/2024; NPR: 9/20/2024; Trellis: 3/25/2024; Industry Dive: 10/16/2024; NuclearNewswire: 10/16/2024; Data Centre Dynamics: 9/10/2024; The Guardian: 6/3/2025; World Nuclear News: 6/12/2025. Sprott Physical Uranium Trust | 16
Slide 17: An Urgent and Persistent Driver: Energy Security
An Urgent and Persistent Driver: Energy Security • Energy security is now paramount. Nations are rapidly China Leads Clean Energy Generation building diversified energy systems, including nuclear and 35% 4,500 renewables, to insulate themselves from geopolitical, China Clean Energy Generation (TWh)
Slide 18: Europe Refocuses on Energy Security
Europe Refocuses on Energy Security Nuclear Rethink • Belgium: Nationalizing the nuclear power sector and suspending all decommissioning, May 2026. Repealed 2003 law phasing out nuclear, May 2025. • Denmark: Framework in place for lifting its 40-year nuclear ban, as announced in January 2026. • Spai
Slide 19: U.S. Nuclear Policy Energizing Uranium
U.S. Nuclear Policy Energizing Uranium 2050 Target U.S. Executive Orders to Revitalize the U.S. Nuclear Sector 194MM 1. Reinvigorating the Nuclear Industrial Base 2. Reform of the Nuclear Regulatory Commission 3. Reforming Nuclear Reactor Testing at the Department of Energy 4. Deploying Advanced Nuc
Slide 20: Nuclear Reactors in the World Today
Nuclear Reactors in the World Today • There are now 439 operational reactors globally with 79 under construction and 121 planned. • Newly constructed nuclear reactors demonstrate greater efficiency than older models. Operational Reactors: 439 Reactors Under Construction: 79 Reactors Planned for Cons
Slide 21: World Uranium Production is not Meeting Nuclear Reactor Requirements
World Uranium Production is not Meeting Nuclear Reactor Requirements • World uranium production is currently failing to meet nuclear reactor requirements. • The Cold War resulted in vast overproduction until the early 1990s followed by decades of underproduction thereafter. 80000 70000 60000 Tonnes
Slide 22: Uranium Supply and Demand Imbalance May Likely Grow
Uranium Supply and Demand Imbalance May Likely Grow • We believe the era of inventory destocking is over. • Demand for uranium may likely outstrip supply, with a 1.25-billion-pound deficit to 2045. • Net Zero Nuclear, the pledge to triple global nuclear capacity by 2050, would result in over a 2.75-
Slide 23: WNA: Momentum & Demand Outlook
WNA: Momentum & Demand Outlook • Momentum continues to build: We saw high interest in 2040 Uranium Reactor Requirments Forecast Increases uranium, and the sentiment was decidedly positive. 550 • Uranium demand revised to 124% growth by 2040 (from 500 99%), a critical shift in a structurally undersup
Slide 24: Understanding Uranium Supply
Understanding Uranium Supply 39% of the total uranium production in 2024 came from Kazakhstan DIFFERENTIATED PROPERTIES which is shipped through Russia. • Geopolitical Risks Threaten Uranium Supply: The Russia-Ukraine war, sanctions and export Largest Uranium Producing Countries bans have disrupted
Slide 25: Reshoring of Western Nuclear Fuel Supply Chain Underway
Reshoring of Western Nuclear Fuel Supply Chain Underway Russia is a key player in nuclear fuel services – conversion & enrichment. Sprott Physical Uranium Trust | 25
Slide 26: The Loss of U.S. Nuclear Fuel Leadership
The Loss of U.S. Nuclear Fuel Leadership The U.S. has gone from the world’s dominant uranium enricher to having zero domestically owned enrichment capacity. They have also lost almost the entirety of their uranium mine production. 30 1985 Uranium Enrichment Capacity 27.3 25 Million SWU/year 20 15 10
Slide 27: U.S. Nuclear Energy Dependence
U.S. Nuclear Energy Dependence U.S. reactors require 49 million lbs of uranium annually. U.S. Domestic Uranium Mine Production (1949-2024) 80 70 60 Millions of Pounds 50 40 30 20 10 0 Domestic Concentrate Production Purchased Imports Export Sales Source: EIA January 2026 Monthly Energy Review, https
Slide 28: Utility Contracting Cycle Stall?
Utility Contracting Cycle Stall? • While 2023 was celebrated for finally achieving replacement rate contracting, it was heavily inflated by the large one-time purchase by Ukraine. • 116 million lbs were contracted in 2024 of which ~50% was China. 2025 contracting stayed flat at 116 million lbs. Uran
Slide 29: U3O8 Spot Price vs. Long-Term Contract Price (2004-2026)
U308 Spot Price vs. Long-Term Contract Price (2004-2026) Both the spot and term price have been firming. $100 $94 $90 $80 $85 $70 $60 $50 $40 $30 $20 $10 $- U3O8 Spot Price U3O8 Long-Term Price Source: Bloomberg and UxC. Data as of 6/30/2026. U3O8 Spot Price is measured by the UxC Uranium U3O8 Spot
Slide 30: U3O8 Long-Term Contract Price Continues to Strengthen
U308 Long-Term Contract Price Continues to Strengthen The term price is not only the highest level this cycle, but the highest in 18 years. $100 U3O8 Long-Term Price $90 $80 $70 $60 $50 $40 $30 Source: Bloomberg and UxC. Data as of 6/30/2026. U3O8 Long Term Price is measured by the UxC Uranium U3O8
Slide 31: New Uranium Bull Market is Underway Potentially with Room to Run
New Uranium Bull Market is Underway Potentially with Room to Run Growing production/demand imbalance and future utility contracting provide primary price support. $140 Bull Market* 1 Bull Market* 2 $135 Current Bull Market* 3 Jan. ’73 to May ’78 Dec. ’00 to June ’07 Nov. ’16 to June ’26 $120 +629% |
Slide 32: Uranium and Uranium Miners Have Performed Well Over the Past Five Years
Uranium and Uranium Miners Have Performed Well Over the Past Five Years After trading flat from 2017-2019, uranium miners and uranium spot prices have accelerated over the past 5 years. 325 275 163.93% 225 104.63% 87.57% 175 62.03% 125 30.29% 75 Uranium Miners Junior Uranium Miners U3O8 Spot Price C
Slide 33: Uranium/Nuclear ETPs AUM Surpassing Clean Energy ETFs
Uranium/Nuclear ETPs AUM Surpassing Clean Energy ETFs AUM of Uranium/Nuclear ETPs has grown since 2021 while Clean Energy ETFs have fallen. $30 $25 $20 $20 Billion USD $15 $10 $9 $5 $- 2019 2020 2021 2022 2023 2024 2025 2026 Nuclear & Uranium Clean Energy Source: Bloomberg as of 6/30/2026. Past perf
Slide 34: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$55.6B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $47.9 Billion AUM $5.6 Billion AUM $2 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold Equ
Slide 35: Sprott Client Services Team
Sprott Client Services Team Sprott Physical Uranium Trust | 35
Slide 36: Important Disclosure
Important Disclosure The Sprott Physical Uranium Trust is generally exposed to the multiple risks that have been identified and described in the Management Information Circular and the Prospectus. Please refer to Information Circular or the Prospectus for a description of these risks. Past performan
Slide 37: Appendix
Appendix Sprott Physical Uranium Trust | 37
Slide 38: Nuclear Power in the World Today
Nuclear Power in the World Today • The first commercial nuclear power stations started operation in the 1950s. • Nuclear energy now provides about 9% of the world’s electricity from about 438 power reactors. Source: Ember for the full year ended 12/31/2025. Sprott Physical Uranium Trust | 38
Slide 39: Total Spent Nuclear Waste
Total Spent Nuclear Waste • If all the nuclear waste from commercial reactors, a 63-year operating history, was stored in a cube it would measure just 96 feet per side. • Nuclear waste produces the smallest amount generated by any source of energy when considered on an “all-in” basis. Height (feet)
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