Sprott Physical Silver Trust updates equity program to $2 billion

Sprott Physical Silver Trust (NYSE: PSLV) (TSX: PSLV) announced it has updated its at-the-market equity program to issue up to $2.0 billion of units in the United States and Canada.

The program operates under an amended sales agreement dated December 6, 2024, as amended on May 2, 2025, between Sprott Asset Management, the Trust, and multiple agents including Cantor Fitzgerald & Co., Virtu Americas LLC, BMO Capital Markets Corp., and Canaccord Genuity LLC in the U.S., along with their Canadian counterparts.

Units will be sold through at-the-market issuances on the NYSE Arca and Toronto Stock Exchange at prevailing market prices at the time of each sale. U.S. agents will only sell units on U.S. marketplaces, while Canadian agents will only sell on Canadian marketplaces.

The Trust maintains sole discretion over the volume and timing of distributions under the program. Proceeds from any sales will be used to acquire physical silver bullion in accordance with the Trust's investment objective.

The offering is being made pursuant to prospectus supplements dated January 20, 2026, filed with both the U.S. Securities and Exchange Commission and Canadian Securities Administrators. The Trust's registration statement on Form F-10 carries file number 333-292817.

Listing of units sold through the program on both exchanges will be subject to meeting applicable listing requirements. Sprott Asset Management, a subsidiary of Sprott Inc., serves as the investment manager to the Trust, which is structured as a closed-ended mutual fund trust that invests substantially all assets in physical silver bullion.

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