On May 2, 2025, Sprott Physical Silver Trust (the “Trust”), managed by Sprott Asset Management LP, announced the launch of an at-the-market equity program permitting the sale of up to US$1 billion (C$1.37 billion) of trust units. Proceeds will be used to acquire physical silver bullion, consistent with the Trust’s investment objective. This offering was made under a prospectus supplement dated May 2, 2025, to a short form base shelf prospectus dated February 23, 2024.

The agents appointed under the amended and restated sales agreement dated December 6, 2024 (as amended May 2, 2025), include BMO Capital Markets Corp., Cantor Fitzgerald & Co., Virtu Americas LLC, and Canaccord Genuity LLC in the United States, and BMO Nesbitt Burns Inc., Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., and Canaccord Genuity Corp. in Canada. The agents may distribute the units through the NYSE Arca, the Toronto Stock Exchange, or other marketplaces, or by negotiated transactions. The Trust will pay a commission of up to 3.0% of the gross proceeds to the agents.

Stikeman Elliott LLP acted as Canadian counsel to the Trust. Borden Ladner Gervais LLP served as Canadian counsel to the agents, and Cooley LLP acted as U.S. counsel to the agents. This ATM program enhances the Trust’s ability to raise capital efficiently while building its silver bullion portfolio.