Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 30

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 30
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spot price of platinum or palladium bullion, as the case may be, the Trust will be able to purchase a smaller amount of such bullion
with the proceeds of an offering than otherwise, and if the spot price of physical platinum or palladium bullion decreases after
the purchase of physical platinum or palladium bullion by the Trust, such decrease would decrease the NAV of the Trust.

A delay in the purchase by the Trust
of physical platinum and palladium bullion with the net proceeds of an offering may result in the Trust purchasing less physical
platinum and palladium bullion than it could have purchased earlier.

The Trust intends to purchase physical
platinum and palladium bullion with the net proceeds of an offering as described in this prospectus as soon as practicable. The
Trust may not be able to purchase immediately all of the required physical platinum and palladium bullion and, depending on the
size of an offering and other factors outside the control of the Trust, such as the amount of physical platinum and palladium bullion
available for purchase, the Manager estimates that it may take up to 20 business days to purchase all of the physical platinum
and palladium bullion the Trust will purchase in connection with an offering. If physical platinum and palladium bullion prices
increase between the time of completion of an offering and the time the Trust completes its purchases of such bullion, whether
or not caused by the Trust’s acquisition of such bullion, the amount of physical platinum and palladium bullion the Trust
will be able to purchase will be less than it would have been able to purchase had it been able to complete its purchases of the
required physical platinum and palladium bullion immediately. In either of these circumstances, the quantity of physical platinum
and palladium bullion purchased per trust unit will be reduced, which will have a negative effect on the value of the trust units.

If there is a loss, damage or destruction
of the Trust’s physical platinum and palladium bullion in the custody of the Mint and the Manager, on behalf of the Trust,
does not give timely notice, all claims against the Mint will be deemed waived.

In the event that either party to the Storage
Agreements discovers loss, damage or destruction of the Trust’s physical platinum or palladium bullion in the Mint’s
custody, care and control, such party must give written notice to the other party within five Mint business days, in the case of
the Manager’s notice, and one