Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 36

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 36
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us supplement will be deemed to be underwriters in connection with
the trust units offered thereby.

In accordance with paragraph 9.3(2) of
NI 81-102, the issue price of the trust units will not (a) as far as reasonably practicable, be a price that causes dilution of
the NAV of the Trust’s other outstanding securities at the time of issue and (b) be a price that is less than the most recently
calculated NAV per trust unit. Accordingly, the trust units sold pursuant to the offering will not be sold at an issue price that
is less than 100% of the most recently calculated NAV per trust unit immediately prior to, or upon, the determination of the pricing
of such issuance.

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If underwriters are used in connection
with an offering, other than an “at-the-market” distribution, the trust units will be acquired by the underwriters
for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a
fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase
such trust units will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the trust
units offered by the prospectus supplement if any of such trust units are purchased. Any public offering price and any discounts
or concessions allowed or paid to dealers may be changed from time to time.

In connection with an offering, the underwriters,
dealers or agents, as the case may be, may over-allot or effect transactions intended to fix or stabilize the market price of the
trust units at a level above that which might otherwise prevail in the open market. An over-allotment, if any, involves sales in
excess of the offering size, which creates a short position. Stabilizing transactions involve bids to purchase the underlying security
so long as the stabilizing bids do not exceed a specified maximum. These transactions may cause the price of the trust units sold
in an offering to be higher than they would otherwise be. The size of the over-allotment, if any, is not known at this time. Such
transactions, if commenced, may be discontinued at any time.

No underwriter or dealer involved in an
“at-the-market” distribution, no affiliate of such underwriter or dealer, and no person or company acting jointly or
in concert with such