Sprott Inc. · TSX:SII
Sprott — Sprott Physical Uranium Trust — Investor Presentation (June 2025)
39 slides from Sprott's investor presentation, Jun 30, 2025
Slide 1: Sprott Physical Uranium Trust Investor Presentation
Sprott Physical Uranium Trust Investor Presentation June 30, 2025 V8 8/20/2025
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. • Most nuclear power utilities are required to hold at least three years’ worth of uranium supply.2 92.
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 169% by 2050
Electricity Demand Estimated to Increase by 169% by 2050 • Evolving energy systems require more 90,000 electricity, which depends on critical materials. 80,194 80,000 • Surging Energy Consumption in the East: World Electricity Demand (Terawatt-hour – TWh) Driven by energy security and the 70,000 urb
Slide 14: Economic Growth is Energy Intensive
Economic Growth is Energy Intensive Electricity & Income Per Capita2 • As countries develop and become wealthier the 20,000 need for electricity intensifies. U.S. • Developing countries’ electricity growth has been China substantial compared to developed countries, with Electricity Consumption Per C
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 2.5x by 2030— Data Center Electricity Growth1 to a level approximating Japan’s total power use.1 1,000 3.5% • AI will be the most significant driver of this increase, with AI data centers power use set to
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 • Germany: Will no longer oppose nuclear’s inclusion in EU clean energy rules, two years after it shut down its nuclear plants, May 2025. • Denmark: Will revisit its 40-year nuclear ban, as announced in May 2025. • Belgium: Repealed 2003 law phasin
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: Most Nations Have Committed to Net-Zero Emissions Targets
Most Nations Have Committed to Net-Zero Emissions Targets 107 parties, representing 108 countries and 81.7% of global greenhouse gas emissions (GHGs), have communicated a net-zero target. Source: Climatewatchdata.org at https://www.climatewatchdata.org/net-zero-tracker as of 7/15/2025. Included for
Slide 21: Nuclear Reactors in the World Today
Nuclear Reactors in the World Today • There are now 439 operational reactors globally with 69 under construction and 114 planned. • Newly constructed nuclear reactors demonstrate greater efficiency than older models. Operational Reactors: 439 Reactors Under Construction: 69 Reactors Planned for Cons
Slide 22: 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 23: 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 over a 1.4-billion-pound deficit to 2045. • Net Zero Nuclear, the pledge to triple global nuclear capacity by 2050, would result in nearly a
Slide 24: Understanding Uranium Supply
Understanding Uranium Supply 38% 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 47 million lbs of uranium annually. U.S. Domestic Uranium Mine Production (1949-2023) 80 70 60 Millions of Pounds 50 40 30 20 10 0 Domestic Concentrate Production Purchased Imports Export Sales Source: EIA January 2025 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. Uranium Long-term Uranium Contracting Volumes 300 250
Slide 29: U3O8 Spot Price vs. Long-Term Contract Price (2004-2025)
U308 Spot Price vs. Long-Term Contract Price (2004-2025) Carry trade dynamics are emerging as the spot price lags the term price. $160 $140 $120 $100 $80 $80 $79 $60 $40 $20 $- U3O8 Spot Price U3O8 Long-Term Price Source: Bloomberg and UxC. Data as of 6/30/2025. U3O8 Spot Price is measured by the Ux
Slide 30: 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 $135 Bull Market* 1 Bull Market* 2 Current Bull Market* 3 Jan. ’73 to May ’78 Dec. ’00 to June ’07 Nov. ’16 to Jun. ’25 $120 +629% |
Slide 31: 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. 550 338.13% 450 329.77% 350 250 138.33% 115.89% 57.01% 150 50 Uranium Miners Junior Uranium Miners U3O8 Spot Price
Slide 32: Uranium/Nuclear ETPs Flows Surpassing Clean Energy ETFs
Uranium/Nuclear ETPs Flows Surpassing Clean Energy ETFs Flows into Uranium/Nuclear ETPs have grown since 2021 while Clean Energy ETFs have experienced outflows. $30 $26 $25 $20 Billion USD $15 $13 $10 $5 $4 $- 2019 2020 2021 2022 2023 2024 2025 Nuclear & Uranium Clean Energy Source: Bloomberg as of
Slide 33: A Global Leader in Precious Metals and Critical Materials Investments
A Global Leader in Precious Metals and Critical Materials Investments US$40B in AUM1 Sprott (SII) is publicly listed on the NYSE and TSX Exchange Listed Products Managed Equities Private Strategies $34 Billion AUM $3.9 Billion AUM $2.1 Billion AUM • Physical Bullion Trusts • Flagship U.S. Gold Equit
Slide 34: Sprott Client Services Team
Sprott Client Services Team Sprott Physical Uranium Trust | 34
Slide 35: 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 36: Appendix
Appendix Sprott Physical Uranium Trust | 36
Slide 37: Scramble to Reopen/Build Uranium Mines Since 2022
Scramble to Reopen/Build Uranium Mines Since 2022 • Higher prices are allowing miners to restart and develop projects. • Many uranium juniors have not yet sold their production forward and may be well positioned to benefit from further price increases – whether through developing projects themselves
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 439 power reactors. Source: Ember for the full year ended 12/31/2024. 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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