Sprott Physical Copper Trust Updates Its “At-The-Market” Equity Program in Connection with NYSE Arca Listing

Article content

TORONTO, May 04, 2026 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a wholly-owned subsidiary of Sprott Inc. (“Sprott”) (NYSE/TSX: SII), on behalf of the Sprott Physical Copper Trust (NYSE: SCOP) (TSX: COP.UN) (TSX: COP.U) (the “Trust”), a closed-end trust created to invest and hold substantially all of its assets in physical copper metal, today announced that, in connection with the listing of the units of the Trust (the “Units”) on the NYSE Arca (“NYSE”), it has updated its at-the-market equity program to issue up to US$500 million of Units.

Article content

Article content

Distributions under the at-the-market equity programs in Canada and the United States (together, the “ATM Program”) will now be completed in accordance with the terms of an amended and restated sales agreement (the “A&R Sales Agreement”) dated May 4, 2026 between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald Canada Corporation (“Cantor Canada”), Virtu Canada Corp. (“Virtu Canada”), BMO Nesbitt Burns Inc. (“BMO Canada”), Canaccord Genuity Corp. (“Canaccord Canada” and, together with Cantor Canada, Virtu Canada and BMO Canada, the “Canadian Agents”), Cantor Fitzgerald & Co. (“Cantor”), Virtu Americas LLC (“Virtu”), BMO Capital Markets Corp. (“BMO”) and Canaccord Genuity LLC (“Canaccord” and, together with Cantor, Virtu and BMO, the “U.S. Agents” and, collectively with the Canadian Agents, the “Agents”). The A&R Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

Article content

Article content

Article content

Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the NYSE and the Toronto Stock Exchange (“TSX”) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

Article content

The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust’s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical copper metal in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions.

Article content

The offering under the ATM Program is now being made pursuant to the prospectus supplement dated May 4, 2026 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-295543) filed with the SEC on May 4, 2026, and pursuant to the amended and restated prospectus supplement dated May 4, 2026 (the “Canadian A&R Prospectus Supplement”) to the Trust’s Canadian short form base shelf prospectus dated July 3, 2024 (the “Canadian Base Shelf Prospectus” and together with the Canadian A&R Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Canadian Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Canadian A&R Prospectus Supplement and the Canadian Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.