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

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 25
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 the Trust. |

The Trust will retain cash from the net
proceeds of each of its offerings of trust units in an amount not exceeding 3% of the net proceeds of each such offering, which
has been added to its available funds to be used for its ongoing expenses and cash redemptions. From time to time, the Trust will
sell physical platinum and palladium bullion to replenish this cash reserve. The Trust will sell such physical platinum and palladium
bullion in proportion to its physical holdings of physical platinum and palladium bullion (to the extent practicable) in order
to pay expenses or satisfy redemption requests. There is no limit on the total amount of physical platinum and palladium bullion
that the Trust may sell in order to pay expenses. Under the Investment and Operating Restrictions, the Trust may hold up to 10%
of its total net assets in cash or other specified investments. However, the Manager intends that the cash reserve will not exceed
3% of the value of the NAV at any time.

Fees and Expenses Payable Directly
by Unitholders

| Type of Fee                    |     | Amount and Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Redemption and Delivery Costs: |     | Except as set forth below, there are no redemption fees payable upon the redemption of trust units for cash. However, subject to satisfying the minimum redemption amount of 25,000 trust units, a unitholder redeeming trust units for physical platinum and palladium bullion will be responsible for expenses incurred by the Trust in connection with such redemption. These expenses include expenses associated with the handling of the Bullion Redemption Notice, the delivery and transportation of physical platinum and palladium bullion for trust units that are being redeemed, the applicable platinum and palladium storage redemption fees, and applicable taxes including, without limitation, any HST or GST and any PST associated with the importation, delivery, and transportation of physical bullion to a location in Canada (including any PST applicable to physical bullion being brought by or on behalf of such redeeming unitholder into any province which imposes PST on such bullion). For greater certainty, the Trust will not be responsible for HST or GST or any PST incurred by a redeeming unitholder on the importation or delivery and transportation of platinum or palladium to a location in Canada. Currently, the delivery fee per ounce of physical platinum and palladium bullion is $0.50