Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 2

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 2
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. A prospectus supplement may include specific terms pertaining to
the trust units that are not within the alternatives or parameters described in this prospectus. You should read this prospectus
and any applicable prospectus supplement carefully before you invest.

This prospectus may qualify an “at-the-market”
distribution as defined in NI 44-102.

The trust units are listed and posted for
trading on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “SPPP” and on the Toronto Stock Exchange
(the “TSX”) under the symbols “SPPP” (Canadian dollar denominated) and “SPPP.U” (U.S. dollar
denominated). On June 10, 2025, the closing prices of the trust units on the NYSE Arca and the TSX were U.S.$11.37 and Cdn$15.59,
respectively.

The Trust may sell the trust units to or
through underwriters or dealers purchasing as principals to one or more purchasers directly, or through agents designated from
time to time by the Manager on behalf of the Trust. Subject to the provisions of the Trust Agreement (as defined below) pursuant
to which the Trust is governed, the trust units may be sold at fixed prices or non-fixed prices, such as prices determined by reference
to the prevailing market price of the trust units or at prices to be negotiated with purchasers, which prices may vary between
purchasers and during the period of distribution of the trust units. The prospectus supplement relating to a particular offering
of the trust units will identify each underwriter, dealer or agent engaged by the Trust in connection with the offering and sale
of the trust units, and will set forth the terms of the offering of such trust units, the method of distribution of such trust
units including, to the extent applicable, the proceeds to the Trust, and any fees, discounts or any other compensation payable
to underwriters, dealers or agents and any other material term of the plan of distribution. In connection with such offering, other
than an “at-the-market” distribution, the underwriters, dealers or agents, as the case may be, may over-allot or effect
transactions intended to stabilize or maintain the market price of the trust units at levels other than those which otherwise might
prevail on the open market. Such transactions, if commenced, may be discontinued at any time. See “Plan of Distribution”.

The Trust is not a trust company and does
not