Sprott Physical Silver Trust expands equity program by $1 billion

Sprott Physical Silver Trust (NYSE: PSLV) announced it has updated its at-the-market equity program to issue an additional $1 billion of units in the United States and Canada. The announcement was made through a prospectus supplement dated December 11, 2025.

The trust, which invests substantially all assets in physical silver bullion, will conduct sales through 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 at prevailing market prices on the NYSE Arca and Toronto Stock Exchange through at-the-market issuances. Sales prices may vary based on market conditions at the time of each transaction. U.S. agents are restricted to selling only on American marketplaces, while Canadian agents may only sell on Canadian exchanges.

The trust stated it will determine the volume and timing of distributions under the program at its sole discretion. Proceeds from any sales will be used to acquire physical silver bullion in accordance with the trust's investment objectives and operating restrictions.

The offering operates under an amended sales agreement dated December 6, 2024, which was previously amended on May 2, 2025. Distributions will no longer be made under previous program prospectus supplements, including one dated May 2, 2025.

Sprott Asset Management LP, a subsidiary of Sprott Inc., serves as the investment manager for the trust. The program requires fulfillment of all applicable listing requirements for units sold on both exchanges.

You May Also Be Interested In