Company: SPPP
Filing Date: 2025-10-10
Form Type: F-10EF
Source: 0001999371-25-015206
Chunk: 19

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-10-10
Form: F-10EF
Chunk 19
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 representing in aggregate not less than 66 2/ 3% of the value of the net assets of the Trust as determined in accordance with the Trust Agreement, unless such change or changes are necessary to ensure compliance with applicable laws, regulations or other requirements imposed from time to time by applicable securities regulatory authorities. The Investment and Operating Restrictions provide that the Trust:

| (a) | will invest in and hold a minimum of 90% of the total net assets of the Trust in physical platinum and                                        
 palladium bullion conforming to the Good Delivery Standards (as defined below) of the LPPM plate or ingot form and hold no more than 10%      
 of the total net assets of the Trust, at the discretion of the Manager, in physical platinum and palladium bullion (in Good Delivery plate    
 or ingot form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government       
 of the United States or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial 
 paper is rated R-1 (or its equivalent, or higher) by DBRS Limited or its successors or assigns or F-1 (or its equivalent, or higher) by       
 Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns            
 or P-1 (or its equivalent, or higher) by Moody’s Investor Service or its successors or assigns, interest-bearing accounts and short-term      
 certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government  
 debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for       
 the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182                    
 days from the date on which the investment is made), except during the 60-day period following the closing of additional offerings or         
 prior to the distribution of the assets of the Trust. “Good Delivery Standards” means the specifications for weight, dimensions,              
 fineness (or purity), identifying marks and appearance, being a minimum fineness (or purity) of 99.95% weighing between 32.151 and 192.904    
 troy ounces as set forth in “The Good Delivery Rules for Platinum and Palladium Plates and Ingots” published by the LPPM