Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 18

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 18
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 such redemption notice was received and determined to be complete.
If the Bullion Redemption Notice is determined to have complied with the applicable requirements, the Manager will determine on
the last business day of the applicable month the amount of physical platinum and palladium bullion and the amount of cash that
will be delivered to the redeeming unitholder.

Physical platinum and palladium bullion
received by a unitholder as a result of a redemption of trust units will be transported by armoured transportation service carrier
pursuant to instructions provided by the unitholder to the Manager, provided that those instructions are acceptable to the armoured
transportation service carrier. Physical platinum and palladium bullion transported to an institution located in North America
authorized to accept and hold Good Delivery plates and ingots will likely retain its Good Delivery status while in the custody
of such institution. Physical platinum and palladium bullion transported pursuant to a unitholder’s delivery instructions
to a destination other than an institution located in North America authorized to accept and hold Good Delivery plates and ingots
will no longer be deemed Good Delivery once received by the unitholder. The armoured transportation service carrier will receive
physical platinum and palladium bullion in connection with a redemption of trust units approximately 21 business days after the
end of the month in which the redemption notice is processed.

Redemption of Trust Units for Cash

Subject to the terms of the Trust Agreement,
unitholders whose trust units are redeemed for cash will be entitled to receive a redemption price per trust unit equal to 95%
of the lesser of: (i) the volume-weighted average trading price of the trust units traded on the NYSE Arca or, if trading has been
suspended on the NYSE Arca, the volume-weighted average trading price of the trust units traded on the TSX, for the last five days
on which the respective exchange is open for trading for the month in which the redemption request is processed; and (ii) the NAV
of the redeemed trust units, as of 4:00 p.m., Toronto time, on the last day of such month on which the NYSE Arca is open for trading.
The redemption price is permitted to be less than 100% of the NAV per trust unit. See “Exemptions and Approvals”. Cash
redemption proceeds will be transferred to a redeeming unitholder approximately three business days after the end of the month
in which such redemption request is processed by the Trust