Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 21

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 21
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 platinum or palladium;                |

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| (c) | will store all physical platinum and palladium bullion owned by the Trust at the Mint and/or a                                         
 sub- custodian of the Mint on a fully allocated basis, provided that physical platinum and palladium bullion held in Good Delivery     
 plate or ingot form may be stored with a custodian or a sub-custodian, as the case may be, only if the physical platinum and palladium 
 bullion will remain Good Delivery while with that custodian or sub-custodian;                                                          |

| (d) | will not hold any “taxable Canadian property” within the meaning of the Tax Act; |

| (e) | will not purchase, sell or hold derivatives; |

| (f) | will not issue trust units except: (i) if the net proceeds per trust unit to be received by the                                     
 Trust are not less than 100% of the most recently calculated NAV per trust unit prior to, or upon, the determination of the pricing 
 of such issuance; or (ii) by way of trust unit distribution in connection with an income distribution;                              |

| (g) | will ensure that no part of the stored physical platinum and palladium bullion may be delivered                                    
 out of safekeeping by the Mint (except to an authorized sub-custodian thereof) or, if the physical platinum and palladium bullion  
 is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Mint 
 or such custodian indicating the purpose of the delivery and giving direction with respect to the specific amount;                 |

| (h) | will ensure that no director or officer of the Manager or the GP, or representative of the Trust                                     
 or the Manager will be authorized to enter into the physical platinum and palladium bullion storage vaults without being accompanied 
 by at least one representative of the Mint or its authorized sub-custodian or, if the physical platinum and palladium bullion is     
 held by another custodian, that custodian, as the case may be;                                                                       |

| (i) | will ensure that the physical platinum and palladium bullion remains unencumbered; |

| (j) | will ensure that the physical platinum and palladium bullion is subject to a physical count by                                
 a representative of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Trust