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

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 10
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 any investigation or administrative proceeding
conducted by the SEC, and any civil suit or action brought against or involving them in a U.S. court arising out of or related
to or concerning any offering of trust units under this prospectus.

<div align='center'>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

The statements contained in this prospectus,
including any documents incorporated by reference, that are not purely historical are forward-looking statements. The Trust’s
forward-looking statements include, but are not limited to, statements regarding its or its management’s expectations, hopes,
beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The
words “anticipates”, “believe”, “continue”, “could”, “estimate”, “expect”,
“intends”, “may”, “might”, “plan”, “possible”, “potential”,
“predicts”, “project”, “should”, “would” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in
this prospectus may include, for example, statements about:

| ● | trading of the trust units issued pursuant to the offering on the NYSE Arca or the TSX; |

| ● | the Trust’s objectives and strategies to achieve the objectives; and |

| ● | the platinum and palladium industry, sources of and demand for physical platinum and palladium 
 bullion and the performance of the platinum and palladium market.                              |

The forward-looking statements contained
in this prospectus, including any document incorporated by reference, are based on the Trust’s current expectations and beliefs
concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting
the Trust will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some
of which are beyond the Trust’s control) or other assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements. These risks, uncertainties and assumptions include
those factors described under the heading “Risk Factors” in this prospectus and in any prospectus supplement, as well
as, without limitation, the following:

| ● | success in retaining or recruiting, or changes required in, the officers or key employees of