SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST

# Sprott Physical Platinum & Palladium Trust

This Ontario-incorporated trust, listed on the NYSE, holds and manages physical platinum and palladium bullion as its core business. The trust structure allows investors to gain exposure to these precious metals through a publicly traded security backed by allocated physical inventory stored in secure vaults. Revenue is generated primarily through management fees charged on assets under management and spreads related to the issuance and redemption of units.

The trust maintains segregated accounts of platinum and palladium bullion, with metal holdings serving as the principal asset base. Operations are concentrated on safekeeping, reporting, and facilitating unit issuance and redemption rather than active trading or processing. The business model is geographically agnostic, as the trust derives value from the global spot prices of platinum and palladium regardless of investor location.

The entity operates with a minimal employee footprint, relying on external service providers for custodial, administrative, and operational functions. The trust's scale, reflected in its market capitalization, positions it as a niche investment vehicle within the commodity-backed securities market, serving investors seeking direct exposure to these two specific precious metals without the operational complexity of physical ownership.