Canaccord Genuity Acted as Lead Underwriter & Joint Bookrunner to Sprott Physical Copper Trust on its Initial Public Offering for Gross Proceeds of US$100,000,000

Canaccord Genuity is pleased to announce that its client, Sprott Physical Copper Trust (the “Trust”), successfully completed its initial public offering of 10,000,000 transferable units at US$10.00 per unit for gross proceeds of US$100,000,000 (the “IPO”) on June 6, 2024 – representing the largest initial public offering completed in Canada across all sectors in the past 12 months. The Trust has granted the underwriters a 15% over-allotment option (the “Option”) that is exercisable for a period of 30 days from closing of the IPO. If the Option is exercised in full, gross proceeds of the IPO will be US$115,000,000.

Canaccord Genuity Corp. acted as lead left underwriter and joint bookrunner with BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation for the IPO.

The Trust intends to use the net proceeds of the IPO to purchase physical copper metal.

The Trust represents the world’s first copper fund and was established to provide a secure, convenient and exchange-traded investment alternative to investors that seek direct exposure to physical copper. The Trust will be managed by Sprott Asset Management LP, a Canadian registered investment fund manager with considerable experience and a long track-record of acting as the manager of exchange listed closed-end trusts and closed-end mutual fund trusts, including the Sprott Physical Uranium Trust, Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Gold & Silver Trust and the Sprott Physical Platinum & Palladium Trust.