Company: SPPP
Filing Date: 2025-10-10
Form Type: F-10EF
Source: 0001999371-25-015206
Chunk: 4

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-10-10
Form: F-10EF
Chunk 4
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ee and the GP are residents of jurisdictions other than the United States and all or a substantial portion of the assets of those persons are or may be located outside such jurisdictions. See “Risk Factors” for a discussion of certain considerations relevant to an investment in the trust units offered hereby. In the opinion of Stikeman Elliott LLP, counsel to the Trust, the trust units, once offered under a prospectus supplement, will be qualified investments for certain funds, plans and accounts under the Income Tax Act(Canada) (the “Tax Act”), subject to the qualifications set out in such prospectus supplement. The financial information of the Trust incorporated by reference herein is presented in U.S. dollars. Unless otherwise noted herein, all references to “$”, “U.S.$”, “United States dollars”, “U.S. dollars” or “dollars” are to the currency of the United States and all references to “Cdn$” or “Canadian dollars” are to the currency of Canada. The registered and head office of the Trust is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, M5J 2J1. -iii- TABLE OF CONTENTS

| FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES       |  1 |
| EXCHANGE RATE                                         |  1 |
| DOCUMENTS INCORPORATED BY REFERENCE                   |  1 |
| ADDITIONAL INFORMATION                                |  3 |
| ENFORCEABILITY OF CIVIL LIABILITIES                   |  3 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS  |  4 |
| SPROTT PHYSICAL PLATINUM AND PALLADIUM TRUST          |  5 |
| FEES AND EXPENSES                                     | 11 |
| RISK FACTORS                                          | 13 |
| USE OF PROCEEDS                                       | 16 |
| CAPITALIZATION                                        | 16 |
| DESCRIPTION OF THE TRUST UNITS                        | 16 |
| PRIOR SALES                                           | 17 |
| MARKET PRICE OF TRUST UNITS                           | 20 |
| PLAN OF DISTRIBUTION                                  | 21 |
| MATERIAL TAX CONSIDERATIONS                           | 22 |
| CERTAIN ERISA AND BENEFIT PLAN CONSIDERATIONS         | 22 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM         | 23 |
| LEGAL MATTERS                                         | 23 |
| DOCUMENTS FILED AS