Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 11

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 11
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 the 
 Manager; and                                                                                     |

| ● | success in obtaining physical platinum and palladium bullion in a timely manner and allocating 
 such platinum and palladium;                                                                   |

Should one or more of these risks or uncertainties
materialize, or should any of the Trust’s assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. The Trust undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.

<div align='center'>SPROTT PHYSICAL
PLATINUM AND PALLADIUM TRUST</div>

The following is a summary of information pertaining to the Trust and does not contain all the information about the Trust that may be important to you. You should read the more detailed information, including but not limited to the AIF, the Annual Financial Statements, the Annual MRFP, the Interim Financial Statements and the Interim MRFP that are incorporated by reference into and are considered to be a part of this prospectus.

<div align='center'>-4</div>

Organization of the Trust

Sprott Physical Platinum and Palladium
Trust was established on December 23, 2011 under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated
as of December 23, 2011, as amended and restated as of June 6, 2012 (the “Trust Agreement”). The Trust has received
relief from certain provisions of National Instrument 81-102 – Investment Funds (“NI 81-102”), and, as
such, the Trust is not subject to certain of the policies and regulations of the Canadian Securities Administrators that apply
to other funds. See “Exemptions and Approvals”.

Management of the Trust

The Manager

Sprott Asset Management LP is the Manager
of the Trust. The Manager acts as the manager of the Trust pursuant to the Trust Agreement and the management agreement between
the Trust and the Manager. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario,
Canada, pursuant to the Limited Partnerships Act (Ontario) by declaration dated as of September 17, 2008. The general partner
of the Manager is the GP, which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17,
2008. The GP is a wholly-owned subsidiary of S