Sprott Physical Uranium Trust Business Summary

The Sprott Physical Uranium Trust (SRUUF) operates as a closed-end investment trust designed to provide liquid, exchange-traded exposure to physical uranium. The Trust generates revenue primarily through a 0.70% annual management fee and commissions derived from its active "At-the-Market" (ATM) equity program, which allows for the continuous issuance of units to fund the purchase of additional uranium drum inventories. Its primary business segment is the acquisition and long-term storage of physical uranium hexafluoride (UF6) and uranium concentrates (U3O8), held in secure facilities across Canada, the U.S., and France. Within the competitive landscape, SRUUF competes directly with Yellow Cake plc, Uranium Royalty Corp, and the Global X Uranium ETF (URA). As the world’s largest physical uranium fund with over 79 million pounds of U3O8 under management as of February 2026, the Trust occupies a dominant market position as the primary vehicle for institutional investors seeking pure-play spot price exposure without the operational risks associated with mining equities. The Trust is managed by Sprott Asset Management LP, a subsidiary of Sprott Inc. (SII), and is led by CEO John Ciampaglia, who also serves as a Senior Managing Partner at the parent firm. The broader executive team includes Whitney George, CEO of Sprott Inc. and a veteran portfolio manager formerly of Royce & Associates, and Kevin Hibbert, who serves as CFO and Co-COO. Technical operations are supported by Dan Elder as Chief Technology Officer and Maria Smirnova as Chief Investment Officer of the manager. The Board of Directors features prominent industry figures including Whitney George and Dr. Graham Birch, a former BlackRock executive with a PhD in Mining Geology. Notable institutional backers include Scopus Asset Management LP and BetaShares Capital Ltd, reflecting the Trust's status as a core holding for global commodity and critical materials strategies.