Company: SPPP
Filing Date: 2025-10-10
Form Type: F-10EF
Source: 0001999371-25-015206
Chunk: 20

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-10-10
Form: F-10EF
Chunk 20
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 The Trust is permitted to invest up to 100% of its                                                                                            
 net assets, taken at market value at the time of purchase, in physical platinum and palladium bullion. See “Exemptions and Approvals”;        |

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| (b) | will not invest in platinum or palladium certificates, futures or other financial instruments that represent 
 platinum or palladium or that may be exchanged for platinum or palladium;                                    |

| (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