Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 32

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 32
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 to acquire physical platinum
and palladium bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating
restrictions described herein. See “Sprott Physical Platinum and Palladium Trust — Business of the Trust — Investment
Objectives of the Trust” and “Investment and Operating Restrictions”.

<div align='center'>CAPITALIZATION</div>

There have been no material changes in
the Trust’s capitalization since the date of the Interim Financial Statements, being the most recently filed financial statements
of the Trust, other than: (i) as a result of changes in the price of platinum and palladium; and (ii) as described under the heading
“Prior Sales”. On June 10, 2025, the total NAV of the Trust and the NAV per unit of the Trust were U.S.$276,445,449.87
and U.S.$11.2622, respectively, and there were a total of 24,546,336 units of the Trust issued and outstanding.

<div align='center'>DESCRIPTION
OF THE TRUST UNITS</div>

The Trust is authorized to issue an unlimited
number of trust units in one or more classes and series of a class. Currently, the Trust has issued only one class or series of
trust units, which are the class of trust units that will be qualified by this prospectus. Each trust unit of a class or series
of a class represents an undivided ownership interest in the net assets of the Trust attributable to that class or series of a
class of trust units. Trust units are transferable and redeemable at the option of the unitholder in accordance with the provisions
set forth in the Trust Agreement. All trust units of the same class or series of a class have equal rights and privileges with
respect to all matters, including voting, receipt of distributions from the Trust, liquidation and other events in connection with
the Trust. Trust units and fractions thereof are issued only as fully paid and non-assessable. Trust units have no preference,
conversion, exchange or pre-emptive rights. Each whole trust unit of a particular class or series of a class entitles the holder
thereof to a vote at meetings of unitholders where all classes vote together, or to a vote at meetings of unitholders where that
particular class or series of a class of unitholders votes separately as a class.

The Trust may not issue trust units except
(i) if the net proceeds