Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 31

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 31
---
 Mint business day, in the case of the Mint’s notice, after its discovery of any such
loss, damage or destruction, but, in the event that the Manager receives a written notice from the Mint in which a discrepancy
in the quantity of physical platinum and palladium bullion first appears, it shall give the Mint a notice of loss no later than
60 days following receipt of said written statement. Should the Manager, for and on behalf of the Trust, either fail to give a
notice of loss with respect to a loss, damage or destruction of physical platinum and palladium bullion or fail to bring an action,
suit or proceeding within 12 months from the discovery of a loss, damage or destruction, notwithstanding that a notice of loss
has been given, all claims with respect to such loss, damage or destruction shall be deemed to be waived and no action, suit or
other proceeding can be brought against the Mint. The loss of the right to make a claim or of the ability to bring an action, suit
or other proceeding against the Mint may mean that any such loss will be non-recoverable, which will have an adverse effect on
the value of the net assets of the Trust and the NAV.

<div align='center'>-15</div>

Canadian registered plans that redeem
their trust units for physical platinum and palladium bullion may be subject to adverse consequences.

Physical platinum and palladium bullion
received by deferred profit sharing plan, tax-free savings account, first home savings account, registered disability savings plan,
registered education savings plan, registered retirement savings plan and registered retirement income fund that is a resident
of Canada on a redemption of trust units for physical platinum and palladium bullion will not be a qualified investment for such
plan. Accordingly, such plans (and in the case of certain plans, the annuitants or beneficiaries thereunder or holders thereof)
may be subject to adverse Canadian tax consequences.

The trading price of the trust units
could potentially be more volatile relative to NAV.

The trading price of the trust units may
become more volatile relative to NAV and could be impacted by various factors which may be unrelated or disproportionate to the
price of physical platinum and palladium bullion, including market trends and the sentiment of investors toward physical platinum
and palladium bullion.

<div align='center'>USE OF PROCEEDS</div>

Unless otherwise specified in a prospectus
supplement, the net proceeds that the Trust will receive from the issue of its trust units will be used