# EDGAR Filing Document

**Accession Number:** 0002108383
**File Stem:** 0001104659-26-018204
**Filing Date:** 2026-2
**Character Count:** 1895156
**Document Hash:** a223da69d6905c6458540ba8840e972f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-018204.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001104659-26-018204

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sprott Physical Copper Trust
- **CENTRAL INDEX KEY:** 0002108383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43161
- **FILM NUMBER:** 26661009

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STE. 2600, SOUTH TOWER, ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J1
- **BUSINESS PHONE:** (416) 943-8099

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STE. 2600, SOUTH TOWER, ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J1

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 40-F**

⌧ **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934** 

**or**

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| | |
|:---|:---|
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;**A** **NNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

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| | |
|:---|:---|
| **For the fiscal year ended** | **Commission File Number** |

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**SPROTT PHYSICAL COPPER TRUST**

**(Exact name of Registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Ontario** | &nbsp;&nbsp;**1090** | &nbsp;&nbsp;**Not Applicable** |
| &nbsp;&nbsp; (Province or other jurisdiction<br> of incorporation or organization) | &nbsp;&nbsp; (Primary Standard Industrial<br> Classification Code Number) | &nbsp;&nbsp; (I.R.S. Employer<br> Identification Number) |

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**Royal Bank Plaza, South Tower**

**200 Bay Street, Suite 2600**

**Toronto, Ontario**

**Canada M5J 2J1**

**(416) 943-8099**

(Address and telephone number of Registrant's principal executive offices)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**(302) 738-6680**<br> (Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

*Copies to:*

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| | |
|:---|:---|
| &nbsp;&nbsp; **Ryan J. Dzierniejko<br> John J. Zelenbaba**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **222 Bay Street, Suite 1750**<br> **Toronto, Ontario M5K 1J5**<br> **(416) 777-4700** | &nbsp;&nbsp; **J. R. Laffin**<br> **Stikeman Elliott LLP**<br> **5300 Commerce Court West**<br> **199 Bay Street**<br> **Toronto, Ontario M5L 1B9**<br> **Canada**<br> **(416) 869-5500** |

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Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 ("Exchange Act"):

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**SCOP** | &nbsp;&nbsp;**NYSE Arca** |

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Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act: **None**<br> Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: **None**<br> For annual reports, indicate by check mark the information filed with this Form:

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| | |
|:---|:---|
| &nbsp;&nbsp;◻ **Annual information form** | &nbsp;&nbsp;◻ **Audited annual financial statements** |

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Indicate the number of outstanding shares of each of the Registrant's classes of capital or common stock as of the close of the period covered by this annual report:

N/A

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ◻ No ⌧

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ◻ No ◻

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company. ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements in this Registration Statement on Form 40-F of Sprott Physical Copper Trust (the "Registrant") and the exhibits attached hereto (this "Registration Statement") are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are subject to risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to, those identified under the heading "Risks" in each of the Registrant's Management Report of Fund Performance for the period ended December 31, 2024 and the Registrant's Management Report of Fund Performance for the period ended June 30, 2025, and under the heading "Risk Factors" in the Registrant's Annual Information Form for the fiscal year ended December 31, 2024, each attached hereto as Exhibits 99.3, 99.5 and 99.1, respectively, and in each case incorporated herein by reference, and in other filings that the Registrant has made and may make with applicable securities authorities in the future. Except as required by applicable law, the Registrant does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.

**DOCUMENTS FILED AS PART OF THIS REGISTRATION STATEMENT**

The documents filed as Exhibits 99.1 through 99.14 contain all information material to an investment decision that the Registrant, since January 1, 2024: (i) made or was required to make public pursuant to the laws of any Canadian jurisdiction; (ii) filed or was required to file with the Toronto Stock Exchange (the "TSX") and which was made public by the TSX; or (iii) distributed or was required to distribute to its security holders. The Registrant has filed the consent of KPMG LLP as Exhibit 99.15.

**DESCRIPTION OF SECURITIES**

The required disclosure containing a description of the securities to be registered is included under the headings "Description of Units," "Calculation of Net Asset Value," "Redemption of Units" and "Distribution Policy" in the Registrant's Annual Information Form for the fiscal year ended December 31, 2024, dated March 20, 2025, attached hereto as Exhibit 99.1.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare reports it files in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its consolidated financial statements, which are filed as exhibits to this Registration Statement, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and the audit of its annual financial statements is subject to Canadian auditing and auditor independence standards.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Registration Statement are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on December 31, 2024, based upon the daily average closing rate as quoted by the Bank of Canada, was U.S.$1.00 = C$1.4389. The exchange rate of Canadian dollars into United States dollars, on February 19, 2026, based upon the daily average closing rate as quoted by the Bank of Canada, was US$1.00 = C$1.3696.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any "off-balance sheet arrangements" (as that term is defined in paragraph 11(ii) of General Instruction B to Form 40-F) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**A. Undertaking**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**B. Consent to Service of Process**

Concurrently with the filing of the Registration Statement on Form 40-F, the Registrant and its trustee will file with the Commission a written irrevocable consent and power of attorney on Form F-X. Any change to the name or address of the Registrant's or its trustee's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| **<u>Annual Information</u>** | **<u>Annual Information</u>** |
| [99.1](tm263976d1_ex99-1.htm) | [Annual Information Form for the Registrant for the fiscal year ended December 31, 2024](tm263976d1_ex99-1.htm) |
| [99.2](tm263976d1_ex99-3.htm) | [Audited Financial Statements for the period from April 12, 2024 (inception) to December 31, 2024](tm263976d1_ex99-3.htm) |
| [99.3](tm263976d1_ex99-3.htm) | [Management Report of Fund Performance for the period from April 12, 2024 (inception) to December 31, 2024](tm263976d1_ex99-3.htm) |
| **<u>Quarterly Information</u>** | **<u>Quarterly Information</u>** |
| [99.4](tm263976d1_ex99-5.htm) | [Unaudited Interim Financial Statements for the six months ended June 30, 2025](tm263976d1_ex99-5.htm) |
| [99.5](tm263976d1_ex99-5.htm) | [Management Report of Fund Performance for the six months ended June 30, 2025](tm263976d1_ex99-5.htm) |
| **<u>Other Material Documents</u>** | **<u>Other Material Documents</u>** |
| [99.6](tm263976d1_ex99-6.htm) | [Amended and Restated Trust Agreement between Lara Misner, Sprott Asset Management LP, and RBC Investor Services Trust, dated May 10, 2024](tm263976d1_ex99-6.htm) |
| [99.7](tm263976d1_ex99-7.htm) | [Amendment No. 1 to the Amended and Restated Trust Agreement of Sprott Physical Copper Trust, dated February 17, 2026](tm263976d1_ex99-7.htm) |
| [99.8](tm263976d1_ex99-8.htm) | [Management Agreement between Sprott Physical Copper Trust and Sprott Asset Management LP, dated May 10, 2024](tm263976d1_ex99-8.htm) |
| [99.9](tm263976d1_ex99-9.htm) | [Final Long Form Prospectus, dated May 31, 2024](tm263976d1_ex99-9.htm) |
| [99.10](tm263976d1_ex99-10.htm) | [Final Short Form Prospectus, dated July 3, 2024](tm263976d1_ex99-10.htm) |
| [99.11](tm263976d1_ex99-11.htm) | [Sales Agreement, dated July 8, 2024, by and among the Registrant, Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc.](tm263976d1_ex99-11.htm) |
| [99.12](tm263976d1_ex99-12.htm) | [Prospectus Supplement, dated July 8, 2024](tm263976d1_ex99-12.htm) |
| [99.13](tm263976d1_ex99-13.htm) | [Annual Report of the Independent Review Committee for the Sprott Funds, dated March 19, 2025](tm263976d1_ex99-13.htm) |
| [99.14](tm263976d1_ex99-14.htm) | [Material Change Report, dated February 17, 2026](tm263976d1_ex99-14.htm) |
| **<u>Consents</u>** | **<u>Consents</u>** |
| [99.15](tm263976d1_ex99-15.htm) | [Consent of KPMG LLP](tm263976d1_ex99-15.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized.

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| | |
|:---|:---|
| Date: February 20, 2026 | **SPROTT PHYSICAL COPPER TRUST<br> By: Sprott Asset Management LP, by its general partner Sprott Asset Management GP Inc., as manager of Sprott Physical Copper Trust** |

---

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| | |
|:---|:---|
| By: | /s/ John Ciampaglia |
|  | Name: John Ciampaglia |
|  | Title: Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**No securities regulatory authority has expressed an opinion about these securities and it is an offense to claim otherwise.**

![](tm263976d1_ex99-1sp1img020.jpg)

**ANNUAL INFORMATION FORM<br> for the fiscal year ended December 31, 2024**

**SPROTT PHYSICAL COPPER TRUST**

**(the "Trust")**

**March 14, 2025**

 

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | 1 |
| CURRENCY | 1 |
| THE TRUST | 1 |
| INVESTMENT RESTRICTIONS AND OPERATING RESTRICTIONS | 3 |
| OVERVIEW OF THE COPPER SECTOR | 4 |
| DESCRIPTION OF UNITS | 10 |
| CALCULATION OF NET ASSET VALUE | 13 |
| MARKET FOR THE UNITS | 17 |
| REDEMPTION OF UNITS | 18 |
| RESPONSIBILITY FOR OPERATION OF THE TRUST | 23 |
| PRINCIPAL HOLDERS OF SECURITIES | 44 |
| TRUST GOVERNANCE | 45 |
| FEES AND EXPENSES | 46 |
| DISTRIBUTION POLICY | 48 |
| MATERIAL INCOME TAX CONSIDERATIONS | 51 |
| RISK FACTORS | 62 |
| REMUNERATION OF DIRECTORS, OFFICERS, TRUSTEE AND THE INDEPENDENT REVIEW COMMITTEE | 74 |
| MATERIAL CONTRACTS | 74 |
| LEGAL AND ADMINISTRATIVE PROCEEDINGS | 75 |
| TERMINATION OF THE TRUST | 75 |
| EXEMPTIONS AND APPROVALS | 75 |

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

The statements contained in this annual information form that are not purely historical are forward-looking statements. The Trust's forward-looking statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predicts", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this annual information form are based on the current expectations and beliefs of the Trust and Sprott Asset Management LP (the "Manager") concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it or the Manager has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Trust's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors". Should one or more of these risks or uncertainties materialize, or should any of the Trust's or the Manager's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward looking statements. Each of the Trust and the Manager undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**CURRENCY**

Unless otherwise noted herein, all references to "$", "US$" or "dollars" are to the currency of the United States of America (the "United States" or the "U.S.") and all references to "CDN$" or "Canadian dollars" are to the currency of Canada. On December 31, 2024, the daily rate of exchange as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was US$1.00 equals CDN$1.4389.

**THE TRUST**

**History and Development of the Trust**

Sprott Physical Copper Trust (the "Trust") was established on April 12, 2024 under the laws of the Province of Ontario, Canada. It is governed by an amended and restated trust agreement dated May 10, 2024 among as the Trust's settlor, the Manager and RBC Investor Services Trust (the "Trustee"), as trustee (the "Trust Agreement").

On June 6, 2024, the Trust completed its initial public offering of 10,000,000 trust units of the Trust ("Units") at a price of US$10.00 per Unit (the "IPO") for gross proceeds of US$100.0 million. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation, RBC Dominion Securities Inc. and TD Securities Inc. (collectively, the "Underwriters") acted as underwriters of the IPO. On June 20, 2024, the Underwriters partially exercised their over-allotment option resulting in the purchase of an additional 1,000,000 Units at the IPO price of US$10.00 per Unit, generating gross proceeds of US$10.0 million.

The Trust has received relief (the "Exemptive Relief") from certain provisions of National Instrument 81-102 – *Investment Funds* ("NI 81-102"), and, as such, the Trust is not subject to certain policies and regulations of the Canadian Securities Administrators that apply to other non-redeemable investment funds (as defined under applicable Canadian securities legislation).

The Trust invests and holds substantially all of its assets in in physical copper metal in either Grade 1 Cathode form or Grade A Cathode form ("Copper") that is fully allocated or stored at a Facility (as defined below), and does not, nor does it anticipate, holding any other similar metal or related chemical compounds. For the purposes of this annual information form, "Grade 1 Cathode" means physical copper metal cathode that, at the time of purchase by the Trust, satisfies the Chicago Mercantile Exchange ("CME") standards for classification as a Grade 1 electrolytic copper cathode, and "Grade A Cathode" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the London Metals Exchange ("LME") standards for classification as Grade A copper.

The Trust's Copper is held at various CME or LME-approved storage or similar facilities owned by different organizations (the "Facilities") designated by the Manager on behalf of the Trust and located in the Netherlands, Belgium, Germany, Spain, Sweden, Italy, the United States, Canada, the United Arab Emirates, Singapore, South Korea or Malaysia (the "Storage Jurisdictions"). The Trust's assets other than Copper are held by the Trustee, as the Trust's custodian.

On July 8, 2024, the Trust entered into a sales agreement (the "Sales Agreement"), with Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. (collectively, the "Agents") whereby the Trust may, in its sole discretion and subject to its operating and investment restrictions, offer and sell up to US$1.0 billion in value of Units through an "at the market offering" program. Under the Sales Agreement, the Trust will pay to the Agents in cash, upon each sale of Units, an amount equal to up to 3.0% of the aggregate gross proceeds from each sale of Units.

During the period from June 6, 2024 to December 31, 2024, the Trust sold an aggregate of 202,900 units of the Trust through the ATM Program.

The Trust's office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. The Manager's office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416) 943-8099 (toll free: 1-855-943-8099). The Trustee is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3. The custodian for the Trust's assets other than its Cooper, RBC Investor Services (the "Custodian"), is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3.

**Investment Objectives of the Trust**

The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper. The Trust does not anticipate making regular cash distributions to unitholders.

**Investment Strategies of the Trust**

The Trust's principal investment strategy is to invest primarily in long-term holdings of Copper and will not speculate with regard to short-term changes in Copper prices. The Trust is expressly prohibited from investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and then only to the extent that its interest does not exceed 10% of the total net assets of the Trust.

The Trust may not borrow funds except under limited circumstances as set out in NI 81-102 and, in any event, not in excess of 10% of the total net assets of the Trust.

-2

**Borrowing Arrangements**

The Trust has no borrowing arrangements in place and is unleveraged. The Trust has historically not used leverage and the Manager has no intention of doing so in the future (save for the short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust's use of leverage.

**INVESTMENT RESTRICTIONS AND OPERATING RESTRICTIONS**

Non-redeemable investment funds are subject to certain restrictions and practices contained in securities legislation, including NI 81-102, that are designed in part to ensure that the investments of the investment fund are diversified and relatively liquid and to ensure the proper administration of the investment fund. Subject to the specific exceptions from NI 81-102 set out under the section entitled "*Exemptions and Approvals*" of this annual information form, the Trust will be managed in accordance with these restrictions and practices.

In making investments on behalf of the Trust, the Manager is subject to certain investment and operating restrictions (the "Investment and Operating Restrictions") set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval of unitholders in accordance with the Trust Agreement.

The Investment and Operating Restrictions are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will invest in and hold a minimum of 90% of the total net assets of the Trust in Copper (whether in physical
from or through Financial Instruments (as defined below) that represent Copper) and invest in and hold no more than 10% of the total net
assets of the Trust, at the discretion of the Manager, in debt obligations guaranteed by the Government of the United States or a state
thereof or by the Government of Canada or a province of Canada, 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 Dominion Bond Rating Service Limited or its successors
or assigns or F1 (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, cash 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 the Offering or additional offerings or prior to the distribution of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not issue Units except (i) if the net proceeds per Unit to be received by the Trust are not less
than 100% of the most recently calculated Net Asset Value (as defined below in the section titled "*Calculation of Class Net Asset Value and Class Net Asset Value per Unit*") per Unit prior to, or upon, the determination of the pricing of such issuance or
(ii) by way of Unit distribution in connection with a distribution;

-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not invest in financial instruments that represent Copper or that may be exchanged for Copper, other
than for the purposes of Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse receipts, and
other financial instruments (collectively, "Financial Instruments"), to complement the Trust's Copper procurement strategy,
so long as these transactions provide value to the Trust and the risk associated with each transaction is minimized to the satisfaction
of the Manager taking into account all relevant tax considerations. For the avoidance of doubt, Copper optimization transactions include
futures contracts that correspond to a Copper purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not lend Copper except to other market participants, of sufficient credit quality and/or with appropriate
credit enhancing measures, so that the risk associated with any such transaction and to the Trust is minimized to the satisfaction of
the Manager taking into account all relevant tax considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will ensure that the storage of Copper is governed by agreements with the Facilities having generally
customary terms for agreements of such nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to (e) above, will ensure that the Copper remains unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will not guarantee the securities or obligations of any person other than the Manager, and then only in
respect of the activities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will not use leverage other than for short-term borrowings to settle trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with requirements of the *Income Tax Act* (Canada) (the "Tax Act"), will
not invest in any security that would be a tax shelter investment within the meaning of Section 143.2 of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident
corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would
be required to include any significant amount in income under Sections 94, 94.1 or 94.2 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments
that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in Section 122 of the Tax Act.

**OVERVIEW OF THE COPPER SECTOR**

*Unless otherwise specified, in this "Overview of the Copper Sector" section references to "copper" refers to physical copper metal in any form.*

**Copper Industry**

Copper is a metallic element that occurs naturally in sulfide, carbonate and silicate deposits. Copper's physical, chemical and aesthetic properties make it the material of choice in a diverse range of electrical, communication, construction, transportation, industrial machinery and equipment, and general consumer applications. These properties include:

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Electrical conductivity:*** Copper
has the highest electrical conductivity of any non-precious metal. Because of its electrical conductivity, copper is often used in electrical
wiring and conductors, and has become a key component in clean power generation technologies including solar, wind and batteries.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Heat conductivity:*** Copper is one
of the best performing metals for heat conductivity, leading to its frequent use in heat exchange equipment, radiators, and cooling systems.

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&nbsp;&nbsp;&nbsp;&nbsp;·  ***Corrosion resistance:*** Copper is
naturally resistant to corrosion, making it suitable for use in marine and other challenging environments, such as underwater vessels,
tanks, piping exposed to seawater, propellers, oil platforms and coastal power stations.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Malleability and ductility:*** Copper
can be shaped into various forms without breaking or compromising its performance, leading to its frequent use in the manufacturing of
wiring, tubing, and other industrial components.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Strength:*** Copper has sufficient
strength and durability to withstand mechanical stresses without easily deforming or breaking, making it suitable for certain structural
applications.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Antimicrobial properties:*** Copper
has antimicrobial properties which inhibit microorganism growth on its surface, allowing for use in healthcare, food processing and HVAC
applications.

In addition, when alloyed with other metals, such as zinc (to form brass), aluminum or tin (to form bronzes), or nickel, copper acquires new characteristics for use in specialized applications such as shipbuilding, automobiles and home appliances.

Copper is typically produced into and sold in the form of cathodes for which globally accepted specification standards apply. Market quotations exist for the base price of copper on exchanges such as the LME and CME, which are further supplemented by cathode premia for specific locations and grades of copper. In 2023, global copper usage amounted to approximately 31.2Mt, making the copper market one of the largest base metals markets in the world.

**Copper Supply**

<u>Primary Copper Production</u>

Copper production begins with the mining of copper-bearing ores. The most common form of copper mining is open-pit mining, particularly where the ore bodies are close to the Earth's surface. Underground mining is used where the ore bodies are deep below the Earth's surface. Once the copper-bearing ores are mined, there are two main processes for producing refined copper:

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Electro-refining process:*** This process begins with the copper-bearing ore being crushed
and ground, followed by a flotation process that produces copper concentrates. These concentrates typically have a copper content of approximately
30%. The copper concentrates then undergo smelting, sometimes with an initial roasting step, converting it into a 'matte' having 50-70%
copper content. The matte is further refined in a converter to create blister copper, with an approximate 99% purity. The blister copper
is then processed and casted into anodes for electro-refining, culminating in the production of refined copper cathodes with a purity
of over 99.99%.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Hydrometallurgical process:*** This process primarily focuses on extracting copper from low-grade
oxide ores and, to a lesser extent, sulfide ores through a combination of leaching, solvent extraction and electrowinning. The hydrometallurgical
process also results in the production of refined copper cathodes with a purity of over 99.99%.

In 2023, Chile produced approximately 24% of global mined copper production, the most of any country. Peru and the Democratic Republic of Congo each produced approximately 12% of global mined copper production, followed by China and the United States at approximately 8% and 5%, respectively.

In terms of refined copper, in 2023, approximately 45% of global production came from China.

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<u>Secondary Copper Production</u>

Secondary copper is produced by recycling copper scrap from copper discarded in fabrication and manufacturing processes as well as from obsolete end-of-life products. Once reprocessed, secondary copper cannot be distinguished from copper originating from ores. Recycling copper extends the lifecycle of the metal, results in energy savings and contributes to ensuring a sustainable source of metal supply for future use.

It is estimated that approximately 5.5Mt of copper scrap was consumed for direct-use in 2023, which amount is forecasted to grow at a compound annual growth rate of over 3.4% from 2023 through 2028. Although the secondary copper market is growing, it faces supply challenges due to the long lifecycle of primary copper currently in use. For instance, in traditional copper applications such as construction, the primary lifecycle of copper can be more than 30 years.

<u>Copper Inventories</u>

Copper supply is also impacted by commodity exchanges (e.g., the LME and CME) as well as commodity traders. Commodity exchanges are a key component of the copper market, as they provide pricing transparency as well as liquidity through warrants (i.e., a derivative trading product) that represent physical copper.

However, commodity exchange inventories do not result in a net increase of copper supply. Commodity exchange inventories act as a buffer, balancing short term supply and demand fluctuations. In addition, global refined copper stocks have fallen from a peak of approximately 2.2Mt in 2013, to 1.2Mt as of February 2024, with the timeline for inventory consumption down from six weeks in 2013, to two weeks as of the fourth quarter of 2023.

<u>Supply Challenges</u>

The global copper supply currently faces challenges, including due to declining ore grades of existing copper mines and the long lead time required for new mine developments. In addition, the ore bodies of existing copper mines have been declining in quality, which increases production costs and makes mine expansion challenging.

To maintain global copper supply, the development of new copper mines is necessary due to the limited potential for expansion of existing mining operations and the limited recycling options due to the long lifecycle of primary copper currently in use. However, obstacles such as high capital expenditure requirements, political risk, complex permitting processes, and infrastructure limitations hinder new mine development. On average, it takes over 16 years to bring new mining projects from discovery to initial production, highlighting the substantial challenges facing the copper industry in meeting future demand. Moreover, given the history and maturity of the global copper mining industry, the Technical Advisor and the Manager believe that many desirable mine sites have already been discovered and developed leaving less desirable mine sites (e.g., in jurisdictions with higher political risk) available for development, which requires a higher market price environment to incentivize new development.

**Copper Demand**

<u>Demand from Conventional Applications</u>

Demand for copper arises from diverse industry sectors and end-uses, including:

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Construction:*** A large source of demand for copper is the construction industry, where copper
is used for its high electrical conductivity, corrosion resistance, and malleability, particularly in electrical wiring, plumbing, roofing
and heating systems. Since copper has antimicrobial qualities, it is also often used for touch surfaces in public and healthcare settings.

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&nbsp;&nbsp;&nbsp;&nbsp;·  ***Electronics and telecommunications:*** Copper is a key component in the manufacturing of electronics
and telecommunication equipment. Due to copper's high electrical conductivity, it is used in the manufacturing of computers, smartphones,
televisions, printed circuit boards, connectors, and cables. Copper is also used in the manufacturing of telephone lines and data cables.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Transportation:*** The automotive industry uses copper in the manufacturing of vehicles, particularly
for electrical wiring, connectors, and motors. Copper is also used in the manufacturing of components for aircraft, trains and ships.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Industrial machinery and equipment:*** Copper and its alloys are used in the production of
industrial machinery and equipment, particularly in the electrical components that power electric motors, transformers, and generators.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Consumer products:*** Copper is used in a wide array of consumer goods, including home appliances,
cookware, and decorative items. Its high heat conductivity is ideal for cookware, and its aesthetic qualities make it a material of choice
in home fixtures and other consumer goods.

In 2023, global copper consumption was approximately 31.2Mt. The civil and construction sector accounted for approximately 27% of global copper demand, followed by the utilities sector at approximately 17%, and the machinery sector at approximately 15%. Global demand for copper is correlated to GDP growth, with global copper consumption forecasted to increase to approximately 35Mt by 2028.

<u>Demand from China</u> 

Geographically, most refined copper demand comes from China which represents approximately 57% of global market consumption. Copper plays an important role as a raw material in the construction of new buildings, especially for wiring, cabling and piping for water and heating. In recent years, activity in the real estate sector in China has slowed (in part due to China's population peaking) and, as a result, China's copper demand from traditional sectors has slowed. CRU projects short-term support to the sector through approximately US$50 billion of funding towards key construction projects.

CRU forecasts China's GDP to grow at 4.8% in 2024, slightly below China's own target of 5%. Within the overall growth of the Chinese's economy, various factors are expected to contribute positively to China's copper demand including: (i) electrification, specifically solar and wind electricity generation, and increasing demand for electric vehicles; (ii) consumer products like air conditioners and refrigerators (with generally increasing global temperatures expected to further increase demand); and (iii) China becoming a net exporter of semi-fabricated products including wires and cables. Overall, China's demand for refined copper is expected to grow by 3.2% in 2024.

<u>Global Energy Transition</u>

Under the Paris Climate Agreement, which was initially adopted in 2015, over 190 countries have committed to limiting global warming through the reduction of their respective GHG emissions. In addition, more than 140 countries, including China, the United States, as well as the European Union, have adopted "net zero" targets, which means cutting GHG emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere by carbon dioxide removal.

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The energy sector, which includes transportation, electricity and heating, buildings, manufacturing and construction, emits approximately 73% of the world's GHG emissions, and as a result, there is pressure on energy producers and consumers to increase their use of renewable energy and other clean technologies. The International Energy Agency ("**IEA**") expects the percentage of renewable electricity generation to increase from 30% in 2022, to 50% by 2030, based on the latest global policy.

<u>Artificial Intelligence</u>

Growth in the artificial intelligence sector is also expected to create additional demand for copper. The IEA projects that the artificial intelligence industry's electricity consumption will grow tenfold from 2023 to 2026, forecasting an increase in demand from data centres, which utilize copper wiring and copper in their power and cooling systems to allow for additional computing capacity.

There are a range of estimates regarding increased copper demand arising from the growth in demand for data centres and artificial intelligence applications.

<u>Limited Substitution Risk from Copper Alternatives</u>

Although alternatives to copper exist for specific applications, there is no universal substitute for copper. The lack of copper substitutes arises due to its distinctive properties, including electrical and thermal conductivity, ductility, malleability, and corrosion resistance, in addition to considerations of cost and availability. However, in limited cases, aluminum and silver can be used as copper substitutes. Research conducted by CRU for the International Copper Association estimated that the total potential for copper substitution by 2035 will amount to approximately 1.7 percent of total global copper use.

Aluminum's electrical conductivity is 40% lower than copper. Consequently, aluminum conductors require larger diameters to accommodate equivalent electric currents compared to copper, resulting in bulkier installations. However, aluminum can be considered for certain applications due to cost considerations. Similar considerations apply to thermal conductivity, with aluminum demonstrating thermal conductive properties that fall short of copper's efficiency.

Silver has the highest electrical conductivity among all metallic elements; 3% higher than copper. Therefore, silver can be used as a substitute for copper in high-end electronics and specialized applications where maximal conductivity is essential. However, the higher cost associated with silver confines its use to specific use cases, and accordingly risk of copper substitution in existing applications is considered minimal.

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**Supply and Demand**

<u>Copper Value Chain Overview</u>

A schematic of the copper value chain is shown below.

*<u>Copper Value Chain Overview</u>*

![](tm263976d1_ex99-1sp1img001.jpg)

<u>Supply and Demand Estimates</u>

In 2023, copper supply and demand returned to relative equilibrium, following a supply deficit in 2022. Due to the supply deficit, copper prices on the LME reached a high of approximately US$11,000 in the first quarter of 2022, before falling to approximately US$8,000 in 2023.

From 2024 to 2026, the copper market is forecasted to be in a slight supply deficit, which deficit is expected to increase in subsequent years due to supply and demand dynamics. From 2027 to 2028, there may be a significant supply deficit driven by lower growth in copper supply.

<u>Operation of the Copper Market</u>

The copper market is one of the largest and most liquid base metal markets globally. For the North American market, COMEX (owned by CME) is the leading market venue for copper in the United States while the LME is the leading market venue for other regions, including Europe and Asia. Standards for copper have been established by CME (i.e., Grade 1 Cathode) and LME (i.e., Grade A Cathode) that are based on the chemical composition of the copper as recognized by market participants around the world. Any copper purchased by the Trust will be, at the time of purchase, either Grade 1 Cathode or Grade A Cathode, or equivalent quality of cathodes.

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The LME and COMEX publish prices for copper on a daily basis. These prices are then generally subject to either a premium or discount, which is determined by various commercial and logistical factors. As copper is used in many different industrial processes, its location relative to the place of consumption is highly important for determining the premium or discount. Different premium levels are published by price reporters for different locations reflecting the supply and demand dynamics of the specific location. In addition, specific brands of copper can also trade at a premium or discount subject to a buyer's preference for that brand. Fundamentally, copper that is stored in a location that is low in supply and high in demand will carry a higher premium than copper that is stored in a location where supply is generally high and demand is low.

The Trust will purchase Grade A Cathodes or Grade 1 Cathodes.

**DESCRIPTION OF UNITS**

**General**

The Trust is authorized to issue an unlimited number of units in one or more classes and series of a class. Currently, the Trust has issued only one class of Units. Subject to amendment in accordance with the Trust Agreement, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of units and into one or more series of each such class of units, the attributes that shall attach to each class or series of units and whether any class or series of units should be redesignated as a different class or series from time to time.

Each unit of a class or series of a class represents a beneficial interest in the net assets of the Trust attributable to that class or series of a class of units. Units are transferable and redeemable at the option of the unitholder in accordance with the provisions set forth in the Trust Agreement. All 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. Units and fractions thereof are issued only as fully paid and non-assessable. Units have no preference, conversion, exchange or pre-emptive rights. Each whole 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.

**Voting**

Subject to the restrictions described above, each unitholder shall be entitled to one vote for each whole Unit held.

**Meetings of Unitholders**

Meetings of unitholders shall be held by the Manager or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in accordance with the Trust Agreement or applicable laws and for the transaction of such other related matters as the Manager or the Trustee determines. unitholders representing not less than 50% of the Net Asset Value of the Trust (as defined below in the section titled "*Calculation of Net Asset Value*") may requisition a meeting of unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee shall, upon the written request of the Manager or unitholders representing not less than 50% of the Net Asset Value of the Trust, requisition a meeting of unitholders, provided that in the event of a request to call a meeting of unitholders made by such unitholders, the Trustee shall not be obligated to call any such meeting until it has been satisfactorily indemnified by such unitholders against all costs of calling and holding such meeting. Unless otherwise required under applicable laws or stock exchange rules, the Trust need only to hold meetings of unitholders as described above and is not required to hold annual or other periodic meetings.

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Meetings of unitholders are to be held at the principal office of the Trust or elsewhere in the municipality in which its office is located or, if the Manager so determines, at any other place in Canada.

Subject to the Trust Agreement, notice of the time and place of each meeting of unitholders shall be given not less than 21 days before the day on which the meeting is to be held to each unitholder of record at 4:00 p.m. (Toronto time) on the day on which the notice is given. Notice of a meeting of unitholders shall state the general nature of the matters to be considered by the meeting. The Trustee, the auditor, any Technical Advisor and any Investment Manager (each as defined in the Trust Agreement) are entitled to receive all notices and other communications relating to any meeting of unitholders that any unitholder is entitled to receive and shall be entitled to attend at any meeting of unitholders.

A quorum for the transaction of business at any meeting of unitholders shall be at least two unitholders holding not less than 5% of the outstanding Units on such date present in person or represented by proxy and entitled to vote thereat. If a quorum is not present at a meeting within 30 minutes after the time fixed for the meeting, the meeting, if convened on the requisition of unitholders, shall be cancelled but in any other case shall be adjourned to such place and time on a date fixed by the chairman of the meeting not later than 14 days thereafter (which, for greater certainty, can be at a later time on the date of the originally scheduled meeting) at which adjourned meeting unitholders present in person or represented by proxy shall be deemed to constitute a quorum.

At any meeting of unitholders, every person shall be entitled to vote who, as at the end of the business day immediately preceding the date of the meeting, is entered in the register maintained in accordance with the Trust Agreement, unless in the notice of meeting and accompanying materials sent to unitholders in respect of the meeting a record date is established for persons entitled to vote thereat.

For the purpose of determining unitholders who are entitled to receive notice of and to vote at any meeting, or any adjournment thereof, or for the purpose of any action other than as provided in the Trust Agreement, the Manager may fix a date not more than 60 days nor fewer than 30 days prior to the date of any meeting of unitholders, or other action, as a record date for the determination of unitholders entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to receive such distributions, or to be treated as unitholders of record for purposes of such other action, and any unitholder who was a unitholder at the time so fixed shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a unitholder of record for purposes of such other action, even though the unitholder has since that date disposed of their Units and no unitholder becoming such after that date shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a unitholder of record for purposes of such other action.

At any meeting of unitholders, any unitholder entitled to vote thereat may vote by proxy and a proxy need not be a unitholder, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be solicited naming the Manager as proxy and the cost of such solicitation shall be paid out of the property of the Trust (the "Trust Property"). When any Unit is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Unit, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Unit. The instrument appointing any proxy shall be in such form and executed in such manner as the Manager may from time to time determine.

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At any meeting of unitholders every question shall, unless otherwise required by the Trust Agreement or applicable laws, be determined by an "ordinary resolution" approved, in person or by proxy, by unitholders representing not less than 50% of the Net Asset Value of the Trust, or in the case of a separate vote by a particular class or series of a class of units, 50% of the Class Net Asset Value, as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding Units representing not less than 50% of the Net Asset Value of the Trust, or in the case of a separate vote by a particular class or series of a class of Units, 50% of the Class Net Asset Value, as determined in accordance with the Trust Agreement;

Subject to the provisions of the Trust Agreement or applicable laws, any question at a meeting of unitholders shall be decided by a show of hands unless a poll thereon is required or demanded as hereinafter provided. Upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a poll thereon is so required or demanded, a declaration by the chairman of the meeting that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be prima face evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision of unitholders upon the said question.

A resolution in writing forwarded to all unitholders entitled to vote on such resolution at a meeting of unitholders and signed by the requisite number of unitholders required to obtain approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of unitholders in accordance with the Trust Agreement.

Any resolution passed in accordance with the provisions of the Trust Agreement shall be binding on all unitholders and their respective heirs, executors, administrators, other legal representatives, successors and assigns, whether or not such unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such unitholder voted against such resolution.

**Unitholder Liability**

The Trust Agreement provides that no unitholder shall be held to have any personal liability as such and no resort shall be had to the unitholder's private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee or any obligation which a unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust Property is intended to be liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the Manager, as the case may be, shall use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the Manager shall cause the operations of the Trust to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on unitholders of claims against the Trust and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability.

**Unitholder Reporting**

The Manager will forward to unitholders a copy of the audited annual financial statements of the Trust within 90 days of each fiscal year-end as well as unaudited semi-annual interim financial statements of the Trust, within the timelines required under applicable securities legislation. The Manager will also prepare, file and deliver to unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable securities legislation.

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**CALCULATION OF NET ASSET VALUE**

The calculation of the Net Asset Value of the Trust shall be the responsibility of the Manager, who may consult with the valuation agent, which is RBC Investor Services Trust (the "Valuation Agent"), any Investment Manager, any Technical Advisor, the Facilities and the Custodian and/or the auditor. The Net Asset Value of the Trust shall be determined for the purposes of subscriptions as at the time (the "Valuation Time") and the date (the "Valuation Date") as the Manager determines, in U.S. dollars. The Net Asset Value of the Trust determined on the last Valuation Date of each year shall include all income, common expenses, class expenses or any other items to be accrued to December 31 of each year and since the last calculation of the Net Asset Value per Unit (as defined below) or the Class Net Asset Value (as defined below) per Unit for the purpose of the distribution of net income and net realized capital gains of the Trust to unitholders.

The "Net Asset Value of the Trust" as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the value of the liabilities of the Trust as of such Valuation Date. The "Net Asset Value per Unit" shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets of the Trust shall be deemed to include the following property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Copper owned by or contracted for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all cash on hand or on deposit, including any interest accrued thereon adjusted for accruals deriving
from trades executed but not yet settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all bills, notes and accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all interest accrued on any interest-bearing securities owned by the Trust other than interest, the payment
of which is in default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) prepaid expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of the assets of the Trust shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fair market value of the Copper held by the Trust will be determined based on reported Copper spot
prices from one, or more, price reporters that are most commonly used by the market subject to adjustment, as described below. The price
reporters are private business organizations that offer subscription services to which most Copper market participants subscribe and the
spot prices reported by such price reporters are used by such market participants as a basis on which to negotiate or settle contracted
prices for Copper. The LME, the largest base metals commodity exchange in the world, is a regulated commodities exchange in the United
Kingdom and provides public pricing information for base prices on Copper. COMEX (owned by CME) is the leading market venue for Copper
in the United States. The Manager and Technical Advisor may use the LME or CME prices for Copper or may determine to use a different price
reporter (or price reporters), depending on any changes in market conditions. If the Trust purchases Copper in a location or with other
characteristics for which none of the price reporters report a spot price, the Trust will use the best available alternative spot price,
as determined by the Manager and the Technical Advisor, to determine the fair market value of such Copper;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the value of any cash on hand or on deposit, bills, demand notes, accounts receivable, prepaid expenses,
and interest accrued and not yet received, shall be deemed to be the full amount thereof, unless the Manager shall have determined that
any such deposit, bill, demand note, account receivable, prepaid expense or interest is not worth the full amount thereof, in which event
the value thereof shall be deemed to be such value as the Manager shall determine to be the fair value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) short-term investments including notes and money market instruments shall be valued at cost plus accrued
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the value of any security or other property for which no price quotations are available or, in the opinion
of the Manager, to which the above valuation principles cannot or should not be applied, shall be the fair value thereof determined from
time to time in such manner as the Manager shall from time to time provide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the value of all assets and liabilities of the Trust valued in terms of a currency other than the currency
used to calculate the Net Asset Value of the Trust shall be converted to the currency used to calculate the Net Asset Value of the Trust
by applying the rate of exchange obtained from the best available sources to the Valuation Agent as agreed upon by the Manager including,
but not limited to, the Trustee or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The liabilities of the Trust shall be calculated on a fair value basis and shall be deemed to include
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all bills, notes and accounts payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees (including Management Fees (as defined in the below section titled "*Fees and Expenses Payable by the Trust* ")) and administrative and operating expenses and applicable taxes payable and/or accrued by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all contractual obligations for the payment of money or property, including distributions of net income
and net realized capital gains, if any, declared, accrued or credited to unitholders but not yet paid on the day before the Valuation
Date as of which the Net Asset Value of the Trust is being determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all allowances authorized or approved by the Manager or the Trustee for taxes or contingencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other liabilities of the Trust of whatsoever kind and nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of determining the market value of any security or property pursuant to (b) above which,
in the opinion of the Valuation Agent in consultation with the Manager, the above valuation principles cannot be applied (because no price
or yield equivalent quotations are available as provided above, or the current pricing option is not appropriate, or for any other reason),
shall be the fair value as determined in such manner by the Valuation Agent in consultation with the Manager and generally adopted by
the marketplace from time to time, provided that any change to the standard pricing principles as set out above shall require prior consultation
and written agreement with the Manager. For greater certainty, fair valuing an investment comprising the Trust Property may be appropriate
if: (i) market quotations do not accurately reflect the fair value of an investment; (ii) an investment's value has been materially
affected by events occurring after the close of the exchange or market on which the investment is principally traded; (iii) a trading
halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio transactions (investment purchases and sales) will be reflected in the first computation of
the Net Asset Value of the Trust made after the date on which the transaction becomes binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Net Asset Value of the Trust and Net Asset Value per Unit on the first business day following a Valuation
Date shall be deemed to be equal to the Net Asset Value of the Trust (or the Net Asset Value per Unit, as the case may be) on such Valuation
Date after payment of all fees and applicable taxes, including Management Fees, and after processing of all subscriptions of Units in
respect of such Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Net Asset Value of the Trust and the Net Asset Value per Unit determined by the Manager in accordance
with the provisions of this section shall be conclusive and binding on all unitholders.

**Calculation of Class Net Asset Value and Class Net Asset Value per Unit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Net Asset Value for a particular class or series of a class of units of the Trust (the "Class
Net Asset Value") as at the Valuation Time on a Valuation Date shall be determined for the purposes of subscriptions in accordance
with the following calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class Net Asset Value last calculated for that class or series of a class; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the increase in the assets attributable to that class or series of a class as a result of the issue of
Units of that class or series of a class or the redesignation of Units into that class or series of a class since the last calculation;
minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the decrease in the assets attributable to that class or series of a class as a result of the redesignation
of Units out of that class or series of a class since the last calculation; plus (in the case of an increase) or minus (in the case of
a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the proportionate share of the net change in non-portfolio assets attributable to that class or series
of a class since the last calculation; plus (in the case of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proportionate share of market appreciation or depreciation of the portfolio assets attributable to
that class or series of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proportionate share of the common expenses and applicable taxes allocated to that class or series
of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any class expenses and applicable taxes allocated to that class or series of a class since the last calculation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Unit of a class or series of a class being issued or a Unit that has been redesignated as a part of
that class or series of a class shall be deemed to become outstanding as of the next calculation of the applicable Class Net Asset Value
immediately following the Valuation Date at which the applicable Class Net Asset Value per Unit that is the issue price or redesignation
basis of such Unit is determined and the issue price received or receivable for the issuance of the Unit shall then be deemed to be an
asset of the Trust attributable to the applicable class or series of a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Unit of a class or series of a class that has been redesignated as no longer being a part of that class
or series of a class shall be deemed to remain outstanding as part of that class or series of a class until immediately following the
Valuation Date as of which the applicable Class Net Asset Value per Unit that is the redesignation basis of such Unit is determined; thereafter,
the Unit which has been redesignated will be deemed to be outstanding as a part of the class or series of a class into which it has been
redesignated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On any Valuation Date that a distribution is paid to unitholders of a class or series of a class, a second
Class Net Asset Value shall be calculated for that class or series of a class, which shall be equal to the first Class Net Asset Value
calculated on that Valuation Date minus the amount of the distribution. For greater certainty, the second Class Net Asset Value shall
be used for determining the Class Net Asset Value per Unit on such Valuation Date for purposes of determining the issue price for Units
on such Valuation Date, as well as the redesignation basis for Units being redesignated into or out of such class or series of a class,
and Units redesignated out of that class or series of a class as at such Valuation Date shall participate in such distribution while Units
subscribed for or redesignated into such class or series of a class as at such Valuation Date shall not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class Net Asset Value per Unit of a particular class or series of a class of units as at any Valuation
Date is the quotient obtained by dividing the applicable Class Net Asset Value as at such Valuation Date by the total number of Units
of that class or series of a class outstanding at such Valuation Date. This calculation shall be made without taking into account any
issuance or redesignation of Units of that class or series of a class to be processed by the Trust immediately after the Valuation Time
of such calculation on that Valuation Date. The Class Net Asset Value per Unit for each class or series of a class of Units for the purpose
of the issue of Units shall be calculated on each Valuation Date by or under the authority of the Manager as at the Valuation Time on
every Valuation Date as shall be fixed from time to time by the Manager and the Class Net Asset Value per Unit so determined for each
class or series of a class shall remain in effect until the Valuation Time as of which the Class Net Asset Value per Unit for that class
or series of a class is next determined.

For the purposes of the foregoing disclosure the following capitalized terms have the meanings set forth below:

"Net change in non-portfolio assets" on a date means:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate of all income accrued by the Trust as of that date, including
cash dividends and distributions, interest and compensation since the last calculation of Class Net Asset Value or Class Net Asset Value
per unit, as the case may be; minus

&nbsp;&nbsp;&nbsp;&nbsp;(b) the common expenses of the Trust (other than expenses that are specifically
chargeable to a particular class or series of a class) to be accrued by the Trust as of that date which have been accrued since the last
calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be; plus or minus

&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the value of any non-portfolio assets or liabilities stated
in any foreign currency accrued on that date since the last calculation of Class Net Asset Value or Class Net Asset Value per unit, as
the case may be, including, without limitation, cash, accrued dividends or interest and any receivables or payables; plus or minus

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&nbsp;&nbsp;&nbsp;&nbsp;(d) any other item accrued on that date determined by the Manager to be relevant in determining the net change
in non-portfolio assets.

"Proportionate share", when used to describe: (i) an amount to be allocated to any one class or series of a class of the Trust, means the total amount to be allocated to all classes or series of classes of the Trust multiplied by a fraction, the numerator of which is the Class Net Asset Value of such class or series of a class and the denominator of which is the value of the net assets of the Trust at such time; and (ii) a unitholder's interest in or share of any amount, means, after an allocation has been made to each class or series of a class as provided in clause (i), that allocated amount multiplied by a fraction, the numerator of which is the number of units of that class or series of a class registered in the name of that unitholder and the denominator of which is the total number of units of that class or series of a class then outstanding (if such unitholder holds units of more than one class or series of a class, then such calculation is made in respect of each class or series of a class and aggregated).

The calculation of the value of the net assets of the Trust and the NAV for each class or series of a class of units as of the valuation time on each valuation date is for the purposes of determining subscription prices and redemption values of units and not for the purposes of accounting in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). The value of the net assets of the Trust calculated in this manner will be used for the purpose of calculating the Manager's and other service providers' fees and will be published net of all paid and payable fees.

**Suspension of Calculation of Net Asset Value Per Unit**

During any period in which the right of unitholders to request a redemption of their Units for Copper and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Valuation Agent to suspend the calculation of the Net Asset Value, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units. During any such period of suspension, the Trust shall not issue or redeem any Units. As noted in ''*Redemption of Units – Suspension of Redemptions'*', in the event of any such suspension or termination thereof, the Manager shall issue a press release announcing the suspension or the termination of such suspension, as the case may be.

**Reporting of Net Asset Value of the Trust**

The value of the net assets of the Trust (the "NAV") is updated on each business day or as determined by the Manager in accordance with the Trust Agreement and is made available as soon as practicable at no cost on the Trust's website (www.sprott.com/copper) or by calling the Manager at (416) 943-6707 or toll free at 1-866-299-9906 (9:00 a.m. to 5:00 p.m., Toronto time). Information contained in, or connected to, the Manager's website is not incorporated into, and does not form part of, this annual information form.

**MARKET FOR THE UNITS**

The trust units are traded on the Toronto Stock Exchange (the "TSX") under the symbols "COP.UN" (Canadian dollar denominated) and "COP.U" (U.S. dollar denominated), respectively. Purchases of Units can be made on the TSX. Purchases of Units are made through registered dealers. Please contact your dealer to find out how to place an order. Some dealers may charge you a fee for their services.

The following table sets forth, for the periods indicated, the reported high and low daily trading prices and the monthly average trading volume of the Units on the TSX (as reported by TSX) for 2024.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** |
| <br>**Calendar Period** | **High <br> (US$ - U.U)** | **Low <br> (US$ - U.U)** | **Average<br> Volume** | **High <br> (CDN$ - U.UN)** | **Low <br> (CDN$ - U.UN)** | **Average<br> Volume** |
| June 10 – 30, 2024 | 9.85 | 9.20 | 6496 | 13.79 | 12.75 | 1256 |
| July 2024 | 9.74 | 8.25 | 7856 | 13.00 | 11.41 | 3855 |
| August 2024 | 8.61 | 8.10 | 4024 | 11.95 | 11.13 | 3324 |
| September 2024 | 9.05 | 8.11 | 4330 | 12.48 | 11.00 | 4423 |
| October 2024 | 8.83 | 8.15 | 2012 | 12.36 | 11.29 | 5185 |
| November 2024 | 8.35 | 7.01 | 1824 | 11.56 | 9.80 | 4874 |
| December 2024 | 7.36 | 6.01 | 10036 | 10.50 | 8.90 | 17234 |

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**REDEMPTION OF UNITS**

Subject to the terms of the Trust Agreement and the Manager's right to suspend redemptions in the circumstances described below, and the other limitations to which redemptions are subject as described below, Units may be redeemed at the option of a unitholder on a semi-annual basis for physical Copper or cash. All redemptions will be determined using U.S. dollars, regardless of whether the redeemed Units were acquired on the TSX or another exchange or trading facility.

**Redemptions for Copper**

Unitholders whose Units are redeemed for Copper will be entitled to receive a redemption price equal to the aggregate value of the Class Net Asset Value per Unit of the redeemed Units as at the Valuation Time on the applicable Redemption Date for the Notice Period during which the redemption request is received. Except as provided under ''*Redemption of Units—-Semi-annual Limitation on Redemptions*'' below, redemption requests must be for amounts that are at least equivalent to the value of one Minimum Physical Redemption Lot or an integral multiple thereof, plus applicable expenses. A ''Minimum Physical Redemption Lot'' means the equivalent of 100 metric tonnes of Copper. Any fractional amount of redemption proceeds (adjusted for applicable expenses) payable in excess of a Minimum Physical Redemption Lot or an integral multiple thereof, but below an incremental Minimum Physical Redemption Lot (or, if reduced pursuant to the limitations described below in ''*Redemption of Units—Semi-annual Limitation on Redemptions*'' to a fractional amount that is less than a Minimum Physical Redemption Lot), will, in the Manager's sole discretion, be paid in Copper or the equivalent value in cash at a rate equal to 100% of the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date that represents such excess amount. A unitholder redeeming Units for Copper will be responsible for the expenses incurred in connection with effecting the redemption including, to the extent required, sales or other value-added taxes (as determined by the Manager in its sole discretion) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice (as defined below), the transfer of the Copper for the Units that are being redeemed and the applicable fees charged by, for any redemption of Units for Copper in accordance with the Trust Agreement, the Facility or Facilities where the transfer of Copper will occur, as designated by the Manager in accordance with the Trust Agreement (the "Designated Facility") in connection with such redemption, including but not limited to ownership transfer fees.

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For the purposes of this AIF, "Redemption Date" means, in respect of a redemption request received during the H1 Notice Period, the last day of May when the TSX is open for trading, or, in respect of a redemption request received during the H2 Notice Period, the last day of November when the TSX is open for trading. "Notice Period" means the H1 Notice Period or the H2 Notice Period, as applicable. "H1 Notice Period" means the period from April 15 up to and including the last day of April when the TSX is open for trading. "H2 Notice Period" means the period from October 15 up to and including the last day of October when the TSX is open for trading.

From inception to December 31, 2024, No Units have been redeemed for Copper.

*Procedure to Redeem for Copper*

Except as provided under ''*Redemption of Units—Semi-annual Limitation on Redemptions*'' below, a unitholder that owns a sufficient number of Units who desires to exercise redemption privileges for physical Copper must do so by instructing his, her or its broker, who must be a CDS Clearing and Depository Services Inc. ("CDS") participant, to deliver to the registrar and transfer agent on behalf of the unitholder a written notice (the "Copper Redemption Notice") of the unitholder's intention to redeem units for Copper. A Copper Redemption Notice must be received by the registrar and transfer agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Copper Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during the next Notice Period. Any Copper Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.

Except as provided under ''*Redemption of Units—Suspension of Redemptions*'' below, by instructing a broker, who must be a CDS participant, to deliver to the registrar and transfer agent a Copper Redemption Notice, the unitholder will be deemed to have irrevocably surrendered his, her or its Units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.

Once a Copper Redemption Notice is received by the registrar and transfer agent, the registrar and transfer agent, together with the Manager, will determine whether such Copper Redemption Notice complies with the applicable requirements, is, subject to the limitations described in ''*Redemption of Units—Semi-annual Limitation on Redemptions*'' below, for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses, contains "in warehouse" transfer and delivery instructions that are acceptable to the Designated Facility (including an identified account in good standing with the Designated Facility), and, to the extent required (as determined by the Manager in its sole discretion), any tax identification information, resale certificate or other sales or value-added tax related information. If the registrar and transfer agent and the Manager determine that the Copper Redemption Notice complies with all applicable requirements, the registrar and transfer agent will provide a notice to such redeeming unitholder's broker, who must be a CDS participant, confirming that the Copper Redemption Notice was received and determined to be complete.

Any Copper Redemption Notice delivered to the registrar and transfer agent regarding a unitholder's intent to redeem Units that the registrar and transfer agent or the Manager, in their sole discretion, determines to be incomplete, not in proper form, not duly executed or, subject to the limitations described in ''*Redemption of Units—Semi-annual Limitation on Redemptions*'' below, for an amount (taking into account applicable expenses) of Copper less than at least one Minimum Physical Redemption Lot shall for all purposes be void and of no effect, and the redemption privilege to which it relates shall be considered for all purposes not to have been exercised thereby. If the registrar and transfer agent and the Manager determine that the Copper Redemption Notice does not comply with the applicable requirements, the registrar and transfer agent will provide a notice explaining the deficiency to the unitholder's broker. If the Copper Redemption Notice is determined to have complied with the applicable requirements, the registrar and transfer agent and the Manager will determine as at the Valuation Time on the applicable Redemption Date the amount of Copper and the amount of cash that will be delivered to the redeeming unitholder. Also on such applicable Redemption Date, the redeeming unitholder's broker, who must be a CDS participant, will deliver the redeemed Units to CDS for cancellation.

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Based on instructions from the Manager, the Designated Facility will arrange for "in warehouse" transfer and delivery of the requisite amount of Copper from the Trust's holdings of Copper at the Designated Facility to the unitholder's account at the Designated Facility. As directed by the Manager, any cash to be received by a redeeming unitholder in connection with a redemption of Units for Copper will be delivered or caused to be delivered by the Manager to the unitholder's brokerage account within approximately 15 Business Days of the applicable Redemption Date.

*Transfer of Copper to the Redeeming Unitholder*

On or before the fifth Business Day of April of each year and on or before the fifth Business Day of October of each year, the Manager shall designate the Facility where the transfer of Copper will occur for, and which shall be the Designated Facility for the purposes of, the nearest following Redemption Date. Such designation shall be made available on the website established by the Manager from time to time for the Trust, which as of the date hereof is: www.sprott.com/copper.

A unitholder redeeming Units for Copper will receive the Copper via an "in warehouse" transfer and delivery from the Trust's holdings of Copper at the Designated Facility to the unitholder's account at the Designated Facility. Copper received by a unitholder as a result of a redemption of Units will be transferred pursuant to delivery instructions provided by the unitholder and shall only be delivered to an account established by the unitholder at the Designated Facility. The Designated Facility shall be engaged by, or on behalf of, the redeeming unitholder.

Costs associated with the redemption of Units and the transfer of Copper will be borne by the redeeming unitholder. The redeeming unitholder will also be responsible for any and all fees charged by the Designated Facility, including any transfer or setup fees. Upon request, the Manager will provide unitholders interested in redeeming Units for Copper with an estimate of the current costs associated with the transfer of Copper pursuant to the unitholder's transfer and delivery instructions.

The transfer of Copper in connection with a redemption of Units will occur as soon as practicable and, in any event, approximately 15 Business Days after the applicable Redemption Date, subject to the timelines, policies and procedures at any Designated Facility.

*Exceptions to Redemption for Copper*

Unitholders that are constituted and authorized as undertakings for collective investment in transferable securities (UCITS) or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving Copper may only redeem Units for cash pursuant to the Trust Agreement.

**Redemptions for Cash**

Unitholders whose Units are redeemed for cash will be entitled to receive a redemption price per Unit equal to 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

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Cash proceeds from the redemption of Units will be transferred to a redeeming unitholder approximately 15 Business Days following the applicable Redemption Date, subject to the terms of and conditions of the sales of Copper by the Trust to fund the cash redemption amount.

From inception to December 31, 2024, 168,043 Units have been redeemed for cash.

*Procedure to Redeem for Cash*

To redeem Units for cash, a unitholder must instruct the unitholder's broker, who must be a CDS participant, to deliver a notice to redeem units for cash (the "Cash Redemption Notice") to the registrar and transfer agent. A Cash Redemption Notice must be received by the registrar and transfer agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Cash Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during a Notice Period. Any Cash Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.

Except as provided under ''*Redemption of Units—Suspension of Redemptions*'' below, by instructing his, her or its broker, who must be a CDS participant, to deliver to the registrar and transfer agent a Cash Redemption Notice, the redeeming unitholder will be deemed to have irrevocably surrendered his, her or its Units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.

Any Cash Redemption Notice delivered to the registrar and transfer agent regarding a unitholder's intent to redeem Units that the registrar and transfer agent or the Manager determines to be incomplete, not in proper form or not duly executed will for all purposes be void and of no effect and the redemption privilege to which it relates will be considered for all purposes not to have been exercised thereby. For each Cash Redemption Notice, the registrar and transfer agent will notify the redeeming unitholder's broker, who must be a CDS participant, that such Cash Redemption Notice has been deemed insufficient or accepted and duly processed, as the case may be.

The registrar and transfer agent and the Manager will determine as at the Valuation Time on the applicable Redemption Date the amount of cash that will be delivered to the redeeming unitholder. Also on such Redemption Date, the redeeming unitholder's broker, who must be a CDS participant, will deliver the redeemed Units to CDS for cancellation.

**Canadian Tax Implications of Redemption**

Pursuant to the Trust Agreement, the Manager, in its sole discretion, may allocate and, where applicable, designate to a unitholder who has redeemed Units during a year an amount equal to any net income or net realized capital gains realized by the Trust for the year as a result of the disposition of any of the Trust's property to satisfy the Copper Redemption Notice or the Cash Redemption Notice, as the case may be, given by such unitholder or such other amount that is determined by the Manager to be reasonable. See ''*Material Canadian Federal Income Tax Considerations*''.

**Suspension of Redemptions**

The Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their Units or postpone the date of delivery or payment of the redemption proceeds (whether Copper and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required, for any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the Net Asset Value of the Trust and the Net Asset Value per Unit.

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In the event of any such suspension, the Manager shall issue a press release announcing the suspension and shall advise the Trustee, the Trust's valuation agent and any other agents appointed by the Manager, as applicable. The suspension may apply to all requests for redemption received prior to the suspension, but as for which payment has not been made, as well as to all requests received while the suspension is in effect. All unitholders making such requests will be advised by the Manager of the suspension and that the redemption shall be effected at a price determined on the first Valuation Date that the Net Asset Value per Unit is calculated following the termination of the suspension. All such unitholders will have, and will be advised that during such suspension of redemptions that they have, the right to withdraw their requests for redemption. The suspension will terminate in any event on the first Business Day on which the condition giving rise to the suspension has ceased to exist or when the Manager has determined that such condition no longer exists, provided that no other condition under which a suspension is authorized then exists, at which time the Manager shall issue a press release announcing the termination of the suspension and will advise the Trustee, the Trust's valuation agent and any other agents appointed by the Manager, as applicable. Subject to applicable Canadian and U.S. securities laws, any declaration of suspension made by the Manager, on behalf of the Trust, will be conclusive.

**Suspension of Calculation of Net Asset Value Per Unit**

During any period in which the right of unitholders to request a redemption of their Units for Copper and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Trust's valuation agent to suspend the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit. During any such period of suspension, the Trust will not issue or redeem any Units. In the event of any such suspension or termination thereof, the Manager shall issue a press release announcing the suspension or the termination of such suspension, as the case may be. See "*Calculation of Net Asset Value – Suspension of Calculation of Net Asset Value Per Unit*".

**Semi-annual Limitation on Redemptions**

Pursuant to the terms of the Trust Agreement, the aggregate number of Units that may be redeemed on any Redemption Date shall not exceed 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period. In the event that the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period exceeds 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period, then the number of Units to be redeemed pursuant to any valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period shall be deemed for all purposes (other than determining the validity of a Copper Redemption Notice on the basis of such Copper Redemption Notice being for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses) to be a pro rata amount (rounded down to the nearest whole number of Units) of an amount equal to 1.5% of the number of Units outstanding at the close of business on the last day of the applicable Notice Period. Such pro-rationing will be equal to the product (rounded down to the nearest whole number) of (i) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period, multiplied by (ii) the quotient of (A) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice, divided by (B) the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period. The applicable pro rata amounts shall be calculated by the Manager and be subject to adjustment at the discretion of the Manager acting in good faith to give effect to the intention of this provision of the Trust Agreement.

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**RESPONSIBILITY FOR OPERATION OF THE TRUST**

**The Manager**

Pursuant to the management agreement between the Trust and Sprott Asset Management LP dated as of May 10, 2024 (the "Management Agreement"), the Manager will act as the manager of the Trust. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the *Limited Partnerships Act* (Ontario) by declaration dated September 17, 2008. The general partner of the Manager is Sprott Asset Management GP Inc. ("SAM GP"), which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17, 2008. SAM GP is a wholly-owned subsidiary of Sprott Inc., which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February 13, 2008. Sprott Inc. is also the sole limited partner of the Manager. Pursuant to an internal corporate reorganization of Sprott Inc. completed on June 1, 2009, the Manager acquired the assets related to Sprott Asset Management Inc.'s portfolio management business.

As of December 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling an estimated US$31.5 billion, and provides management and investment advisory services to many entities, including private investment funds, the Sprott Inc. mutual funds, the Sprott Inc. discretionary managed accounts, and management of certain companies. The Manager also acts as: (A) manager of (i) the Sprott Physical Uranium Trust, a non-redeemable investment fund whose trust units are listed and posted on the TSX that invests and holds substantially all of its assets in physical uranium, (ii) the Sprott Physical Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical silver bullion, (iii) the Sprott Physical Gold Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold bullion, (iv) the Sprott Physical Gold and Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold and silver bullion, and (v) the Sprott Physical Platinum and Palladium Trust, a closed-end mutual fund trust whose units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical platinum and palladium bullion; and (B) sub-advisor for certain funds managed by Ninepoint LP, a Canadian public mutual fund manager. The corporate structure of Sprott Inc. and its material subsidiaries are as indicated in the following chart:

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![](tm263976d1_ex99-1sp1img002.jpg)

The registered office of the Manager is located at Suite 2700, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1. Further contact information of the Manager is as follows:

Tel: (416) 943 6707<br> Fax: (416) 943 6497<br> Email: invest@sprott.com<br>

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Website: www.sprott.com<br> Toll free number: 1-855-943-8099

The names, places of residence and present positions held by the directors and officers of the Manager and/or of the SAM GP are listed below.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Municipality of<br> Residence** | &nbsp;&nbsp;**Position with the<br> Manager** | &nbsp;&nbsp;**Position<br> with SAM<br> GP** | &nbsp;&nbsp;**Principal Occupation** |
| &nbsp;&nbsp;John Ciampaglia Caledon, Ontario, Canada | &nbsp;&nbsp;Chief Executive Officer, and Director | &nbsp;&nbsp;Chief Executive Officer and Director | &nbsp;&nbsp;Chief Executive Officer of the Manager and SAM GP |
| &nbsp;&nbsp;Kevin Hibbert Toronto, Ontario, Canada | &nbsp;&nbsp;Director | &nbsp;&nbsp;Director | &nbsp;&nbsp;Chief Financial Officer of Sprott Inc. |
| &nbsp;&nbsp;Whitney George Darien, Connecticut, USA | &nbsp;&nbsp;Director | &nbsp;&nbsp;Director | &nbsp;&nbsp;President and Chief Executive Officer of Sprott Inc. |
| &nbsp;&nbsp;Maria Smirnova Toronto, Ontario, Canada | &nbsp;&nbsp;Chief Investment Officer | &nbsp;&nbsp;Chief Investment Officer | &nbsp;&nbsp;Chief Investment Officer of the Manager and GP |
| &nbsp;&nbsp;Varinder Bhathal Toronto, Ontario, Canada | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;Chief Controller of Sprott Inc. |
| &nbsp;&nbsp;Lara Misner Toronto, Ontario, Canada | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Chief Compliance Officer of the Manager and SAM GP |

---

Mr. Hibbert served as the Vice-President, Finance of Sprott from January 2014 to December 4, 2015. Prior thereto, he served as the Director, Finance of the Royal Bank of Canada.

Mr. Ciampaglia has served as the Chief Executive Officer of the Manager since August 1, 2017.

Mr. George previously served as the Chief Investment Officer of the Manager since from April 2018 until December 2021, and as President of Sprott Inc. from January 2019 until June 2022.

Ms. Smirnova was appointed Chief Investment Officer of the Manager in December 2021. She also currently serves as Senior Portfolio Manager for a number of precious metals strategies sub-advised by the Manager and has been with the firm since 2005.

Ms. Bhathal previously served as the Vice President of Finance for Sprott Inc. from December 2015 to October 2017.

Ms. Misner joined the Manager in June 2020 as Chief Compliance Officer. She has over 25 years of investment industry experience and prior to joining the Manager was the Chief Compliance Officer of WisdomTree Asset Management Canada and Purpose Investments.

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Duties and Services Provided by the Manager

The Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical, administrative and operational services. The Trust maintains a public website that contains information about the Trust and the Units. The internet address of the website is www.sprott.com/copper.

The long-time experience in the commodity industries of the Manager, its predecessor, Sprott Asset Management Inc., and its affiliates has permitted them to gain an extensive knowledge base in the business of commodities, including buying, selling, valuing, pricing, securing or storing commodity-related assets.

Powers and Duties of the Manager

Pursuant to the Trust Agreement and Management Agreement, the Manager reserves and retains full authority and exclusive power to manage and direct the undertaking and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services to the Trust Property and all clerical, administrative and operational services to the Trust as set forth in the Trust Agreement or in the Management Agreement, including the power to further delegate certain investment management, clerical, administrative and operational services of the Trust (including without limitation to the Technical Advisor and/or Investment Manager), where in the sole discretion of the Manager, it would be in the best interests of the Trust.

The Manager shall have the following duties with respect to the Trust and shall, subject to the provisions of the Trust Agreement, be able to delegate such duties to one or more Technical Advisors, at the Manager's sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine the investment objectives and strategies, including any restrictions on investments, which
it deems advisable to implement the Investment Policy (as defined in the Trust Agreement), as may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to ensure that the Trust complies with applicable laws including those relating to the investment of the
Trust Property, the distribution of the Units and applicable stock exchange listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to comply with applicable laws in connection with its duties and actions as manager of the Trust, including
applicable anti-bribery and anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to monitor the performance of Copper and other Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to provide investor relations, sales and marketing support for the Trust, as well as client service support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to arrange for, and complete, through industry-standard tenders or through direct negotiations in off-market
transactions, the purchase and sale of Copper at the best prices available over a prudent period of time, and to enter into any contracts
or commitments related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) obtain brokerage and other services (including without limitation from the Technical Advisor) with respect
to the purchase and sale of Copper, as well as other services aimed at optimizing the value of the Trust's portfolio;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to provide services in respect of the Trust's daily operations, including the processing of and
determination of procedures applicable to subscriptions of Units (including the acceptance and rejection of subscriptions) and to submit
such subscriptions to the registrar and transfer agent for processing, and any other services not otherwise specifically contemplated
by the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to offer Units for sale to prospective purchasers including the power and authority to enter into arrangements
regarding the distribution and sale of Units and other arrangements relating to the right to charge fees of any nature or kind (including,
without limitation, sales commissions, distribution fees and transfer fees) in connection with the distribution or sale of Units. Any
such fees may be deducted from the amount of a subscription or a distribution if not paid separately by a unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to determine from time to time the form of unit certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to conduct or cause to be conducted the day-to-day correspondence and administration of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to provide to the Trust, adequate for carrying on the undertaking of the Trust, all requisite office accommodation,
office facilities and personnel, telephone and telecommunication services, stationery, office supplies, statistical and research services,
record-keeping services, bookkeeping and internal accounting and audit services in respect of the operations of the Trust and other usual
and ordinary office services that may be required to properly and efficiently carry out its duties set forth in the Trust Agreement and
the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to provide for the Trust all other administrative and other services and facilities required by the Trust
in relation to the unitholders and be responsible for all aspects of the Trust's relationship with unitholders, including the preparation
for and holding of meetings of unitholders, and other services for the provision of information to unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to establish general matters of policy and governance of the Trust subject, where specifically provided
in the Trust Agreement, to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to establish the Trust's operating expense budgets and to authorize the payment of actual operating
expenses incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to appoint the auditor and to change the auditor (with the prior consent of the Trustee and the Independent
Review Committee (as defined below in the section titled "*Independent Review Committee* "), and after providing notice
to the unitholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to maintain the accounting records for the Trust and to cause the financial statements of the Trust to
be audited for each fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to appoint an advisor, Technical Advisor, consultant, or other service provider to provide certain services
to the Trust, pursuant to an advisory, consultant or other agreement in respect of matters relating to the Trust's holding, purchases
and sales of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to appoint the bankers of the Trust and to establish banking procedures to be implemented by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to appoint a Facility or Facilities pursuant to Storage Agreements with respect to the movement and safe
storage of Copper, and appoint the Custodian to hold the Trust Property other than Copper, all of which appointments shall be subject
to the approval of any applicable Securities Authorities having jurisdiction over the Trust, and for greater certainty, the appointment
of the Custodian shall also be subject to the approval of the Trustee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) provide for the Trust delivery and payment particulars in respect of each purchase and sale of Copper
and arrange with the Facilities for the storage of Copper held by or for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to maintain market standard insurance coverage for 100% of the full value of the Copper owned by the Trust
for loss of, theft of and damage to the Copper stored with Warehouse Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) to conduct due diligence on, and create a risk profile for, each Warehouse Provider before entering into
any Storage Agreement, which analysis will include the following in respect of such Warehouse Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a business profile of the Facility detailing its corporate history, reputation in the market, location
of facilities and ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a financial profile of the Warehouse Provider that includes a review of available financial statements
and financial ratios, an assessment of the Facility's credit worthiness and a review of financial news;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) confirmation of the CME-approved or LME-approved status of the respective facility the Warehouse Provider
and the Manager agree are acceptable to use for the purpose of storing Copper on behalf of the Trust, pursuant to Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to request audited financial statements of the Facility as part of the due diligence process before entering
into any Storage Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) to ensure that each Storage Agreement contains provisions as to who bears the responsibility for the loss
that is consistent with industry practice and covenants with respect to maintaining the necessary insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) to use reasonable commercial efforts to ensure that, pursuant to each Storage Agreement, the terms with
respect to liability of the parties thereto continue to apply after the termination of the Storage Agreement until all the Copper stored
is transferred from the Trust's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) to negotiate a requirement that each respective Facility maintain its CME or LME-approved status, as well
as inspection and information rights to, among other things, maintain proper visibility on the financial standing of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) to use reasonable commercial efforts to ensure that the Storage Agreements it enters into impose a standard
of care on each Facility such that each Facility is required to exercise: (i) the degree of care, diligence and skill in safeguarding
the Copper as any reasonably prudent person acting as custodian of the Copper would exercise in the circumstances; or (ii) at least the
same degree of care as they exercise with respect to the property of CME or LME warehouse receipt holders, if this is a higher degree
of care than the degree of care referred to in (i);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) to negotiate a condition in each Storage Agreement that the relevant Warehouse Provider will not be entitled
to an indemnity from the Trust in the event the Warehouse Provider breaches the standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) to include industry standard termination provisions in each Storage Agreement, including for termination
in the event of a material breach of the Storage Agreement by the Facility that is not cured within a prescribed number of days following
the giving of written notice to the Facility of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) as part of the ongoing due diligence activities, to ensure that the Copper stored with Facilities will
be subject to a physical count by a representative of the Manager or the Technical Advisor periodically on a spot-inspection basis as
well as subject to audit procedures by the Trust's external auditors (which audit procedures may include a site inspection);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) to ensure that the Storage Agreements will restrict a Warehouse Provider from transferring Copper without
the Trust's consent and/or assigning any of the Warehouse Provider's obligations under the Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) to monitor relationships with the Facilities (and any other service providers) that have been appointed
to hold and store Copper that is owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) to calculate the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value
and the Class Net Asset Value per Unit in accordance with the Trust Agreement, as applicable, to appoint the Valuation Agent, to review
the valuation of the Trust Property as calculated by such Valuation Agent on each Valuation Date and, from time to time, consider the
appropriateness of the valuation policies adopted by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to appoint a registrar and transfer agent and distribution agent (which may be the registrar and transfer
agent or an affiliate thereof) to make distributions of net income and net realized capital gains and other distributions in accordance
with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) to authorize, negotiate, enter into and execute all agreements, instruments or other documents relating
to the affairs of the Trust including, without limitation, any loan agreement, granting of a security interest and supporting documentation,
or to perform any act or deed which the Manager deems necessary or advisable in the best interests of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) to apply for listing of the Units on the TSX, to, if deemed appropriate, apply for listing of the Units
on a U.S. stock exchange and to prepare, execute and file with the appropriate Securities Authorities or stock exchanges any other documents
that are required or appropriate under relevant securities legislation or stock exchange rules and regulations in respect of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) to prepare, execute and file with the appropriate Securities Authorities the disclosure documents, annual
information forms, management reports of fund performance or such other continuous disclosure documents relating to the Trust, and any
amendments thereto, as may be required under applicable securities legislation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) to prepare, certify, execute and distribute to unitholders and file with the Securities Authorities and
applicable tax authorities all such documents as may be necessary or desirable in connection with the issue, sale and distribution of
Units, including such interim financial statements, audited annual financial statements, reports to unitholders and other disclosure as
may be required under applicable securities legislation, and to make all designations, elections, determinations, allocations and applications
under the Tax Act as the Manager considers to be reasonable in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) to determine and compute for distribution purposes the net income and net realized capital gains of the
Trust and determine when, to what extent, and in what manner distributions shall be made payable to unitholders, as well as determine
whether distributions are payable out of the income, dividends received from taxable Canadian corporations, capital gains, capital or
otherwise of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) to authorize the issuance of additional Units and the consolidation of the Units outstanding after such
a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) to direct the registrar and transfer agent regarding the allotment and issue of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) on or before March 31 in each year, other than a leap year in which case on or before March 30 in such
year, to prepare and deliver to unitholders the information pertaining to the Trust, including all distributions and allocations which
is required by the Tax Act or which is necessary to permit unitholders to complete their individual tax returns for the preceding year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) on or before March 31 in each year, other than a leap year in which case on or before March 30 in such
year, and such other date(s) in each year, to prepare and deliver to the appropriate taxation authorities in Canada and the United States,
all relevant tax filings and/or returns for the Trust that are required by applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) within 60 days from the end of each taxable year of the Trust, to provide unitholders with all information
necessary to enable unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust as a QEF for U.S. federal income
tax purposes, including a completed "PFIC Annual Information Statement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) to keep proper records relating to the performance of its duties as Manager hereunder, which records shall
be accessible for inspection by the Trustee, its agents, or the Manager's agents, including an Investment Manager, the Technical
Advisor and the auditor, at any time, upon reasonable notice, during ordinary business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) to determine and compute any pro rata amount of Units to be redeemed pursuant to the provisions of the
Trust Agreement in accordance with the limitations set out in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) on or before 90 days following December 31 in each year, to provide the Trustee with a certificate of
compliance and a copy of the audited annual financial statements of the Trust, together with the report of the auditor thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) on or before 90 days following June 30 in each year, to provide the Trustee with an interim certificate
of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to do all such other acts and things as are incidental to the foregoing, and to exercise all powers which
are necessary or useful to carry on the undertaking of the Trust, to promote any of the purposes for which the Trust is formed and to
carry out the provisions of the Trust Agreement and the Management Agreement.

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The Manager may act as the Investment Manager to the Trust with responsibility for implementing the Investment Policy, including providing investment advisory and portfolio management services to the Trust, or arrange for the implementation of such Investment Policy or portfolio management services by appointing, on behalf of the Trust, one or more Investment Managers, and delegating any of its investment advisory responsibilities to such Investment Managers. The Manager, on behalf of the Trust, shall enter, in its sole discretion, into an investment management agreement with any such Investment Manager to act for all or part of the portfolio investments of the Trust and shall advise the Trustee of such appointment. The appointment of any such Investment Manager shall be deemed to be effective upon the later of the date of receipt by the Trustee of a direction notifying the Trustee of such appointment or the effective date specified therein and such appointment shall continue in force until receipt by the Trustee of a direction containing notice to the contrary. Any instructions from an Investment Manager shall be deemed to be instructions of the Manager pursuant to the provisions of the Trust Agreement. The Trustee shall also be entitled to rely conclusively on and shall be fully protected in acting in accordance with the direction of the Investment Manager in the exercise of powers conferred by the Trust Agreement. The Investment Manager will be a person or persons who, if required by applicable laws, will be duly registered and qualified as a portfolio manager under applicable securities legislation and will determine, in its sole discretion, which portfolio securities and other assets of the Trust shall be purchased, held or sold and shall execute or cause the execution of purchase and sale orders in respect such determinations. The Manager shall ensure that any Investment Manager appointed hereunder shall act in accordance with the Investment Policy and applicable laws.

Any Investment Manager shall have the right to resign as Investment Manager of the Trust by giving notice in writing to the Manager and the Trustee not less than 60 days prior to the date on which such resignation is to take effect. The Manager may at any time terminate the appointment of any Investment Manager of the Trust by giving notice in writing to the Trustee and the Investment Manager not less than 60 days prior to the date on which such resignation is to take effect. The Manager, in its sole discretion, may appoint a successor Investment Manager of the Trust. If prior to the effective date of the Investment Manager's resignation, a successor Investment Manager is not appointed, the Manager shall assume the duties and responsibilities of such Investment Manager until such time as a successor shall be appointed and/or approved, as the case may be.

The Manager may from time to time employ or retain any other person where the Manager has determined, in its sole discretion, that it would be in the best interests of the Trust to do so (including without limitation any Technical Advisor or Investment Manager), to perform any of the duties of the Manager set out in the Trust Agreement (including without limitation any technical advisor or Investment Manager).

Standard of Care and Indemnification of the Manager

The Manager shall exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the Trust and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances.

The Manager may employ or engage, and rely and act on information or advice received from any Technical Advisor, any Investment Manager, auditor, the Underwriters, other distributors, brokers, depositories, a Facility, the Custodian, electronic data processors, advisers, counsel and others and shall not be responsible or liable for the acts or omissions of such persons or for any other matter, including any loss or depreciation in the Net Asset Value of the Trust or any particular asset of the Trust, provided that the Manager acted in good faith in accordance with its standard of care in relying on such information or advice.

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The Manager shall be entitled to assume that any information received from the Trustee, any Technical Advisor, a Facility, any Custodian or any sub-custodian, or their respective authorized representatives associated with the day-to-day operation of the Trust is accurate and complete and no liability shall be incurred by the Manager as a result of any error in such information or any failure to receive any notices required to be delivered pursuant to the Trust Agreement, except to the extent that any such information provided to, or failure to receive any notices by, the Manager arises or results from the Manager's failure to comply with the terms of the Trust Agreement or the Management Agreement in providing any required directions or information related thereto.

In the event that the Manager, its partners, employees, associates and affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them shall be under any liability to the Trust or to unitholders for so acting. The Manager is not required to devote its efforts exclusively to or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to those relating to the activities to be performed for the Trust.

The Manager, its affiliates and agents, and their respective directors, partners, officers and employees are indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement, actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to the Trust Agreement and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such person(s) shall not be indemnified by the Trust where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has been negligence, willful misconduct, willful neglect, default, bad faith or dishonesty on the
part of the Manager or such other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim is made as a result of a misrepresentation contained in any current disclosure documents or continuous
disclosure documents of the Trust distributed or filed in connection with the issuance of Units or under applicable securities legislation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager has failed to fulfill its standard of care or its other obligations in accordance with applicable
laws or the provisions set forth in the Trust Agreement and the Management Agreement,

unless in an action brought against the Manager or such persons they have achieved complete or substantial success as a defendant.

In order for the Trust, acting through the Trustee, to satisfy itself as to whether the indemnification provided for in the Trust Agreement is in the best interests of the Trust, before paying out any such indemnity, the Trust, acting through the Trustee, may obtain a satisfactory legal opinion that the Trust has reasonable grounds to believe that the indemnification is in the best interests of the Trust, and instead of or in addition to the obtainment of such a legal opinion, the Trustee in its sole discretion and at the expense of the Trust, may call a meeting of unitholders pursuant to the Trust Agreement to direct the Trustee as to any such payments out of the Trust.

Conflicts of Interest of the Manager

The Manager is responsible for the management, administration and investment management of the portfolio held by the Trust. The Manager provides, and may in the future provide, management and/or investment advisory services to other corporations, limited partnerships or other investment funds or managed accounts in addition to the Trust. In the event that the Manager elects to undertake such activities and other business activities in the future, the Manager and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Manager and its principals and affiliates endeavor to treat each client, investment pool and managed account fairly and not to favor one client, investment pool or managed account over another.

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To avoid any conflict of interest, or the appearance of a conflict of interest, the Manager has adopted a policy pursuant to which any entity or account that is: (a) managed; or (b) for whom investment decisions are made, directly or indirectly, by a person that is involved in the decision-making process of, or has non-public information about, follow-on offerings of the Trust is prohibited from investing in the Trust, and no such decision-making person is permitted to invest in the Trust for that decision-making person's benefit, directly or indirectly. In addition, the policy requires that any sales of Units owned by such persons must be precleared by the Independent Review Committee.

In executing its duties on behalf of the Trust, the Manager is subject to the provisions of the Trust Agreement, the Management Agreement and the Manager's Code of Ethics (a copy of which is available for review upon request at the offices of the Manager), which provide that the Manager will execute its duties in good faith and with a view to the best interests of the Trust and unitholders.

Regulation of the Manager

The Manager is registered with the OSC as an investment fund manager, a portfolio manager, and an exempt market dealer. It is also registered as an investment fund manager, portfolio manager and/or exempt market dealer in certain other provinces. The Manager's operations are subject to the rules, regulations and policies of the Canadian Securities Administrators. The distribution of the securities of the various investment funds managed by the Manager is also subject to regulation under the securities legislation of those jurisdictions where such funds are sold.

The Manager is subject to regulations that cover all aspects of the securities business, including sales methods, trading practices, use and safekeeping of funds and securities, capital structure, record keeping, conflicts of interest and the conduct of directors, officers and employees. The OSC, as the Manager's principal regulator, has jurisdiction over the Manager and its activities and is empowered to conduct administrative proceedings that can result in censure, fine, the issuance of cease-and-desist orders or the suspension of registration of the Manager or its directors, officers or employees. The Manager is also subject to rules respecting the maintenance of minimum regulatory working capital and insurance. The Manager regularly reviews its policies, practices and procedures to ensure that they comply with current regulatory requirements and employees are routinely updated on all relevant legal requirements.

The Manager is also subject to Canadian federal and provincial privacy laws regarding the collection, use, disclosure and protection of client information. The *Personal Information Protection and Electronic Documents Act* (Canada) ("PIPEDA"), which is the Canadian federal privacy legislation governing the private sector, requires that organizations only use personal information for purposes that a reasonable person would consider appropriate in the circumstances and for the purposes for which it is collected. The Trust complies with the applicable requirements of PIPEDA and all applicable provincial personal information laws. The Manager, on behalf of the Trust, collects personal information directly from the investors or through their financial advisor and/or dealer in order to provide such investor with services in connection with their investment, to meet legal and regulatory requirements and for any other purposes to which such investor may consent.

The Manager does not sell, lease, barter or otherwise deal with personal information collected by it with third parties. The Manager carefully safeguards all personal information collected and retained by it and, to that end, restricts access to personal information to those employees and other persons who need to know the information to enable the Manager to provide its services. Employees are responsible for ensuring the confidentiality of all personal information they may access. Annually, each of the Manager's employees is required to sign a code of conduct, which contains policies on the protection of personal information.

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**The Trustee**

The Trustee has authority to delegate the performance of custody functions to sub-custodians who are members of its international custody network or, with the consent of the Manager, to other persons.

In general, the Trustee, subject only to the specific limitations contained in the Trust Agreement, has the full, absolute, and exclusive power, control and authority over the Trust Property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the carrying out of any of the purposes of the Trust or conducting the undertaking of the Trust, including varying the investments of the Trust in accordance with the Investment Policy.

Subject to the specific limitations contained in the Trust Agreement, including the Investment Policy, and without any action or consent by unitholders, the Trustee shall have and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and discretion, and in such manner and upon such terms and conditions as it may from time to time deem proper:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the Trust Property other than Copper that it may acquire hereunder exercising the same degree
of care which it gives to its own property of a similar kind under its own custody;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to deliver any cash at any time held by it as directed by the Manager or the Technical Advisor to purchase,
or otherwise acquire, on behalf of the Trust, Copper and to retain the same in trust hereunder in its capacity as Trustee; provided, however,
that the Trustee shall have no responsibility for the custody, authenticity or validity of title of any Trust Property consisting of such
Copper held at the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to certain other provisions of the Trust Agreement, with any cash at any time held by it to purchase,
or otherwise acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other such Trust Property (other than
Copper) of a kind permitted pursuant to the Investment Policy and to hold and retain the same in trust hereunder in its capacity as Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to enter into and settle foreign exchange transactions on behalf of the Trust for purposes of facilitating
settlement of trades of such Trust Property held by it at any time and any such transactions may be entered into with such counterparties
as the Trustee may choose, in its sole discretion, including its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge, encumber
or otherwise dispose of any such Trust Property held by it at any time, by any means considered reasonable by the Trustee and to receive
the consideration and grant discharges therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to commence, defend, adjust or settle suits or legal proceedings in connection with the Trust and to represent
the Trust in any such suits or legal proceedings and to keep the Manager informed; provided, however, that the Trustee shall not be obliged
or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities sustained or anticipated
by the Trustee by reason thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to applicable securities legislation, to lend money whether secured or unsecured;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to exercise any corporate action in connection with any such Trust Property at any time held by the Trustee,
and to make any payments incidental thereto; to consent to, or otherwise participate in or dissent from, the reorganization, consolidation,
amalgamation or merger of any corporation, company or association, or to the sale, mortgage, pledge or lease of the property of any corporation,
company or association, or of any of the securities of which may at any time be held by it, and to do any act with reference thereto,
including the delegation of discretionary powers, the exercise of options, the making of agreements or subscriptions and the payment of
expenses, assessments or subscriptions which it may deem necessary or advisable in connection therewith; to hold any such Trust Property
which it may so acquire and generally to exercise any of the powers of any owner with respect to such Trust Property, provided that where
direction from the Manager is not provided within the time frame specified by the Trustee in any notice provided in accordance with the
Trust Agreement, the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to vote personally, or by general or by limited proxy, any such Trust Property which may be held by it
at any time, and similarly to exercise personally or by general or by limited power of attorney any right appurtenant to any Trust Property
held by it at any time, provided that where direction is not provided by the Manager within the time frame as set out in the voting materials
forwarded to it in accordance with the Trust Agreement, the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to incur and pay out of such Trust Property held by it at any time any charges or expenses and disburse
any assets of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustee, the Manager or the Technical Advisor,
as the case may be, necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust or conducting the
undertaking of the Trust including, without limitation, the Management Fee, fees payable to the Facilities, the Custodian, the Valuation
Agent and the registrar and transfer agent, custodian settlement fees, any expenses related to the implementation and on-going operation
of the Independent Review Committee, brokerage fees and commissions, federal and provincial income taxes, goods and services taxes and
withholding taxes, or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustee
in connection with the Trust or such Trust Property or upon or against such Trust Property or any part thereof and for any of the purposes
in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to renew or extend or participate in the renewal or extension of any such Trust Property held by it at
any time, upon such terms as it may deem advisable, and to agree to a reduction in the rate of interest on any such Trust Property or
of any guarantee pertaining thereto, in any manner and to any extent that it may deem advisable; to waive any default whether in the performance
of any covenant or condition of any such Trust Property, or in the performance of any guarantee, or to enforce rights in respect of any
such default in such manner and to such extent as it may deem advisable; to exercise and enforce any and all rights of foreclosure, to
bid on property on sale or foreclosure with or without paying a consideration therefore and in connection therewith to release the obligation
on the covenant secured by such security and to exercise and enforce in any action, suit or proceeding at law or in equity any rights
or remedies in respect of any such security or guarantee pertaining thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts,
waivers, releases of other documents of transfer and any and all other instruments in writing that may be necessary or proper for the
accomplishment of any of the powers granted under the Trust Agreement, whether for a term extending beyond the office of the Trustee or
beyond the possible termination of the Trust or for a lesser term;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in its sole discretion, to advance monies to the Trust for the purposes of settlement of transactions
and overdrafts against such Trust Property held by it at any time, on such terms and conditions as the Trustee may, in its sole discretion,
determine, provided that, in order to secure the obligations of the Trust to repay such borrowings, the principal of and interest charged
on such borrowing shall be paid out of the Trust Property and shall constitute a charge against the Trust Property until paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to purchase, hold, sell or exercise call or put options on securities, indices of shares or other securities,
financial and stock index futures contracts, securities or currency futures or forward contracts or other financial or derivative instruments,
all whether or not any such options, indices, contracts or instruments are traded on a regular exchange and in connection therewith to
deposit such Trust Property held by it at any time with the counterparty as margin and to grant security interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to deposit any such Trust Property, including securities and documents of title held by it under the Trust
Agreement, with the Custodian, including the Trustee, any of its affiliates, a sub-custodian appointed by the Trustee or a depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to employ in respect of the Trust such counsel, auditors, advisors, agents or other person as the Trustee
may deem necessary from time to time for the purpose of discharging its duties hereunder and to pay out of the Trust their reasonable
expenses and compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to issue Units for consideration and redeem Units as set forth in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to dispose of any Trust Property for the purpose of paying obligations of the Trust or for repaying any
loan authorized hereby and the Trustee shall give prompt notice to the Manager and the Technical Advisor of any such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to hold such portion of such Trust Property held by it at any time that is uninvested in cash and, from
time to time, to retain such cash balances on deposit with the Trustee or any of its affiliates or with a chartered bank or other depository,
in such account as the Trustee, in its sole discretion determines, whether or not such deposits will earn interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers,
employees, independent contractors or other persons without liability to the Trustee except as specifically provided in the Trust Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) to do all such acts, to take all such proceedings and to exercise all such rights and privileges, although
not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes of the Trust
established under the Trust Agreement.

The exercise of any one or more of the foregoing powers or any combination thereof from time to time will not be deemed to exhaust the rights of the Trustee to exercise such power or powers or combination of them thereafter from time to time.

The following enumerated powers shall only be exercised by the Trustee on the direction of the Manager or any Investment Manager: Subsections (c), (d), (e), (f), (g), (h), (i), (j) as applicable, (k), (l), (n) and (q), and with respect to Subsection (n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not negotiate or in respect to which the Trustee is not responsible hereunder, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances.

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The Trustee may, and is expressly authorized from time to time, in its sole discretion, to appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in a fiduciary capacity or otherwise) and, without limiting the generality of the foregoing, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase, hold, sell, invest in or otherwise deal with securities or other property of the same class
and nature as may be held by the Trust, whether on the Trustee's own account or for the account of another (in a fiduciary capacity
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use in other capacities, knowledge gained in its capacity as Trustee hereunder; provided that such use
does not adversely affect the interests of the Trust and provided further that the Trustee may not make use of any specific confidential
information for its own benefit or advantage that, if generally known, might be expected to affect materially the value of the Trust Property
or Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retain cash balances from time to time on hand in the Trust and pay interest to the Trust on such balances
and the Trustee may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold the same on a pooled basis and pay interest thereon at the rate from time to time established by
the Trustee and paid with respect to cash balances so held for similar accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold such cash balances on deposit with a Canadian chartered bank or such other deposit-taking institution
in any jurisdiction, including itself or its affiliates, in such interest bearing account as the Trustee, in its sole discretion, may
determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide financial, investment or brokerage services related to any securities which form part of the Trust
Property or to the issuer of any securities forming part of the Trust Property, invest in the securities or other property of any body
corporate with which the Trustee may be directly or indirectly associated, affiliated or interested, or earn profits from any of the activities
listed in the Trust Agreement,

all without being liable to account therefor and without being in breach of the trust established under the Trust Agreement.

Standard of Care and Indemnification of the Trustee

The Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances.

The Trustee may rely and act upon any statement, report or opinion prepared by or any advice received from the auditor, counsel or other professional advisors of the Trust and shall not be responsible nor held liable for any loss or damage resulting from so relying or acting if the advice was within the area of professional competence of the person from whom it was received, the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in its capacity as trustee of the Trust and the Trustee acted in good faith in relying thereon.

The Trustee shall in no way be responsible for, nor incur any liability based on, the action or failure to act or for acting pursuant to or in reliance on instructions of the Manager, any Investment Manager, the Technical Advisor, a Facility, the Custodian (if not the Trustee), the Valuation Agent (if not the Trustee), the registrar and transfer agent (if not the Trustee), or any person to whom its responsibilities are delegated pursuant to the Trust Agreement.

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The Trustee shall not be liable to the Trust or to any unitholder for any loss or damage relating to any matter regarding the Trust, including any loss or diminution in the Net Asset Value of the Trust or to any particular asset of the Trust, except to the extent that the Trustee does not meet its standard of care set out in the Trust Agreement. In no event shall the Trustee be liable for indirect, consequential or special damages including, but not limited to, loss of reputation, goodwill or business.

The Trust Agreement provides that the Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be fully protected in acting upon any instrument, certificate or other writing believed by it to be genuine
and to be signed or presented by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be under no duty to make any investigation or inquiry as to any statement contained in any such writing
but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not be responsible for or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proper application by any unitholder of any part of its interests in the Trust if payments are made
in accordance with written directions of such unitholder as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the adequacy of the Trust to meet and discharge any and all payments and liabilities in respect of a unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the compliance by any unitholder with the rules under the Tax Act or any Applicable Laws including limits
on investments in non-Canadian securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the validity of title to any Trust Property which the Trustee did not arrange itself to have registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any act or omission (other than an act or omission related solely to the Trustee) required or demanded
by any governmental, taxing regulatory or other competent authority in any country in which all or part of the Trust Property is held
or which has jurisdiction over the Trustee, the Manager or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any loss or damage of any nature whatsoever resulting from official action, war or threat of war, insurrection
or civil disturbance, interruption in postal, telephone, telegraph, telex or other electromechanical communication systems or power supply,
or any other factor beyond the Trustee's control which obstructs, affects, prohibits or delays the Trustee, its directors, officers,
employees or agents in carrying out the responsibilities provided for herein, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any ongoing monitoring of the Investment Policy of the Trust as set out in the Trust Agreement or any
risk factor whatsoever related thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any Trust Property which it does not hold or which is not directly controlled by it, its affiliates or
its appointed agents (including any sub-custodians), including any assets pledged or loaned to a third party or Copper held by a Facility;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any compliance, reporting or filings in accordance with applicable Securities Legislation or United States
tax laws, regulations, rules or policies that apply to the Trust, including for greater certainty the additional Trustee duties.

Without limiting any protection or indemnity of the Trustee under any other provision of the Trust Agreement, or otherwise at law, the Trustee, its affiliates, nominees and agents and each of their respective directors, officers and employees shall at all times be indemnified and held harmless by the Trust and to the extent that the Trust Property is insufficient for such purpose, by the Manager, from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Trustee's
duties as Trustee, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to the affairs of the Trust.

For greater certainty, the commencement of formal legal proceedings shall not be a precondition for indemnification under the Trust Agreement.

With respect to any references in the Trust Agreement to (i) distributions being at the discretion of the Trustee acting on the direction of the Manager or (ii) the Trustee having the power to vary the investments of the Trust in accordance with the Investment Policy together with any duties, obligations or responsibilities related thereto, the Manager agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee shall not have any liability with respect to such additional Trustee duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in addition to the indemnity provided to the Trustee in the Trust Agreement, the Manager agrees to indemnify
the Trustee and its directors, officers, employees and agents for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the additional Trustee duties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to such additional Trustee duties,

that arise or result from any conflict between such additional Trustee duties and the Trustee's defined duties, obligations and responsibilities as set out in the Trust Agreement (excluding such additional Trustee duties) and agreed upon by the Manager.

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Resignation or Removal of the Trustee and Successor Trustees

The Trustee may be removed by the Manager at any time by notice to the Trustee and unitholders not less than 90 days prior to the date that such removal is to take effect; provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with the Trust Agreement.

In the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy shall occur in the office of the Trustee, a successor trustee shall forthwith be appointed by the Manager to fill such vacancy. Forthwith following such appointment of a successor trustee, the Trustee shall execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust Property (other than Copper) held in the Trustee's name to the successor trustee and, shall account to the Manager for all of the Trust Property which the Trustee retains as trustee and shall thereupon be discharged as trustee. The successor trustee shall be a resident of Canada for the purposes of the Tax Act.

In the event that the Manager shall fail to appoint a successor to the Trustee, the Trust shall be terminated and dissolved upon the effective date of the resignation or removal of the Trustee (which shall be considered to be the effective date on which the Trust is to be terminated for the purposes of the Trust Agreement), and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to unitholders in accordance with the termination provisions set out in the Trust Agreement and the Trustee shall continue to act as trustee of the Trust until such Trust Property has been so distributed. Fees and expenses of the Trustee shall be a charge, to the extent permitted by applicable law, on the Trust Property or the interests of unitholders to secure payment thereof.

Amendments to the Trust Agreement

Any provision of the Trust Agreement may be amended, deleted, expanded or varied by the Manager, with the approval of the Trustee, upon notice to unitholders, if the amendment, in the opinion of counsel for either the Trustee or the Manager, does not constitute a material change and does not relate to any of the matters that require unitholder approval, but no amendment shall be made which adversely affects the pecuniary value of the interest of any unitholder or restricts any protection provided to the Trustee or increases the responsibilities of the Trustee under the Trust Agreement.

The Trust Agreement may also be amended by the Manager without the approval of, or notice to, unitholders for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to remove any conflicts or other inconsistencies which may exist between any terms of the Trust Agreement
and any provisions of any applicable law affecting the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make any change or correction in the Trust Agreement which is of a typographical nature or is required
to cure or correct any ambiguity or defective or inconsistent provision, clerical omission, mistake or manifest error contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to bring the Trust Agreement into conformity with applicable laws, rules and policies of Securities Authorities,
stock exchanges on which the Units are listed or with current practice within the securities industry, provided that any such amendment
does not adversely affect the rights, privileges or interests of any unitholder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where the Exemptive Relief has been amended, modified, supplemented or replaced, to reflect any changes
to the definitions of "Facility", "Storage Agreements", "Storage Jurisdictions" or "Warehouse
Provider", to the extent permitted by such amended, modified, supplemented or replaced Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add or amend a redemption feature for any class of units that is necessary or advisable in connection
with the Trust undertaking to list such class of units on a U.S. stock exchange, or so that the Trust may qualify as a "unit trust"
for purposes of the Tax Act, in either case as determined by the Manager in its discretion **;** or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide added protection or benefit to unitholders.

Unitholder Approval

Subject to the provisions of the Trust Agreement, certain matters relating to the Trust and the Trust Agreement require approval by unitholders. Such approval must be given at a meeting duly called for that purpose or by written resolution. Any provision of the Trust Agreement may be amended, deleted, expanded or varied with the approval of unitholders for the following purposes by resolution passed by an ordinary resolution, other than (a) and (b) below which require approval of unitholders by an extraordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change in the investment objective of the Trust or the investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the Investment and Operating Restrictions of the Trust, unless such change or changes are
necessary to ensure compliance with Applicable Laws or other requirements imposed from time to time by stock exchanges on which the Units
are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the basis of calculating a fee or expense that is charged to the Trust or directly to unitholders
by the Trust or the Manager in connection with the holding of Units which could result in an increase in charges to the Trust or to unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the introduction of a fee or expense to be charged to the Trust or directly to unitholders by the Trust
or the Manager in connection with the holding of Units which could result in an increase in charges to the Trust or to unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reduction in the frequency of calculating the Net Asset Value of the Trust, the Net Asset Value per
Unit, the Class Net Asset Value or the Class Net Asset Value per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change in the Manager, unless the successor manager is an affiliate of the current Manager or the successor
manager occurs primarily as a result of a Manager reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Trust undertakes a reorganization with, or transfers its assets to, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust ceases to continue after the reorganization or transfer of assets, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction results in unitholders becoming unitholders in the other investment fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trust undertakes a reorganization with, or acquires assets from, another investment fund, if

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust continues after the reorganization or acquisition of assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction results in the unitholders of the other investment fund becoming unitholders of the Trust,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transaction would be a material change to the Trust.

Despite the foregoing, the approval of unitholders is not required to be obtained for a change referred to in (c) above if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust is at arm's length to the person charging the fee or expense to the Trust which is changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the disclosure documents disclose that, although the approval of unitholders will not be obtained before
making the change, unitholders will be sent a written notice at least 60 days before the effective date of the change that is to be made
which could result in an increase in charges to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notice referred to above is sent 60 days before the effective date of the change.

Despite the foregoing, the approval of unitholders is not required to be obtained for a change referred to in (g) above if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Independent Review Committee has approved the change in accordance with NI 81-107 – *Independent Review Committee for Investment Funds* ("NI 81-107");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust is being reorganized with, or its assets are being transferred to, another investment fund to
which NI 81-102 and NI 81-107 apply and that is managed by the Manager or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reorganization or transfer of assets of the Trust complies with the criteria set forth in NI 81-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the disclosure documents disclose that, although the approval of unitholders will not be obtained before
making the change, unitholders will be sent a written notice at least 60 days before the effective date of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the notice to unitholders referred to above is sent 60 days before the effective date of the change.

Any reorganization or transfer of assets pursuant to (g) or (h) above, including a transaction approved by the Independent Review Committee, must satisfy certain additional criteria as set forth in the Trust Agreement.

In addition, any material amendment, modification or variation in the provisions of, or rights attaching to, a particular class or series of a class of units must be approved by an extraordinary resolution of the unitholders of that class or series of a class of units, as the case may be.

The approval of unitholders of any amendment, deletion, expansion or variation of the Trust Agreement reasonably required or advisable (as determined by the Manager acting in good faith) for, or in connection with, the listing or potential listing of the Units on a U.S. stock exchange shall only require a resolution approved, in person or by proxy, by unitholders representing not less than 50% of the Units or a written resolution signed by unitholders holding not less than 50% of the Units.

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Notice of any amendment shall be given in writing to unitholders and any such amendment shall take effect on a date to be specified therein, which date shall be not less than 60 days after notice of the amendment is given to unitholders, except that the Manager and the Trustee may agree that any amendment shall become effective at an earlier date if, in the opinion of the Manager and the Trustee, an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any unitholder.

**Asset Management**

Storage of the Trust's Copper

The Trust's Copper shall be held at Facilities in accordance with the terms of the applicable storage and transfer agreements. The Manager, with the consent of the Trustee, may determine to change the storage arrangements of the Trust. Currently, the Trust has its Copper stored with Access World, C. Steinweg Handelsveem and P Global Services.

*Custodian for the Trust's Assets Other Than Copper*

As compensation for the custodial services rendered to the Trust, the Trustee will receive such fees as mutually agreed upon with the Manager from time to time. These fees will be paid by the Trust out of the cash reserve held for ongoing expenses. The Trustee is responsible for the safekeeping of all of the assets of the Trust delivered to it and will act as the custodian of such assets. The Manager, in accordance with applicable law and with the consent of the Trustee, will have the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement custodian or additional custodians. The Trustee carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust's assets. The Trust Agreement does not require the Trustee to carry insurance in connection with any claims the Trust or unitholders may have against the Trustee in its capacity as custodian of the Trust's assets other than Copper.

**Technical Advisor**

WMC Energy B.V. ("WMC") was appointed as the technical advisor to the Manager pursuant to a technical advisory agreement dated as of May 10, 2024 between the Manager and WMC, which agreement renews annually unless terminated.

WMC was established in 2016 to provide supply chain solutions to the nuclear industry. The team brings experience with sourcing, storing, financing, and arranging deliveries of physical commodities worldwide, particularly with respect to Copper.

**Auditors**

KPMG LLP was appointed as the Trust's auditors effective as of April 19, 2024. KPMG LLP's principal office is located at 333 Bay Street, Suite 4600, Toronto, Ontario, Canada, M5H 2S5.

The auditor will annually audit the financial statements of the Trust to determine whether they fairly represent, in all material respects, the Trust's financial position, financial performance, and cash flows in accordance with IFRS.

**Transfer Agent and Registrar**

Pursuant to a service agreement entered into between TSX Trust Company ("TSX Trust") and the Manager on May 31, 2024, TSX Trust is the transfer agent and registrar for the Units. TSX Trust's principal office is located at 301-100 Adelaide St. W, Toronto, Ontario, Canada M5H 4H1, and the register of Units are kept at such address. TSX Trust Company will receive fees for the transfer agent and registrar related services provided to the Trust.

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The service agreement to be entered into may be terminated by either party to such agreement on three months' written notice. Notwithstanding the foregoing, the service agreement may be terminated by TSX Trust for non-payment f fees on two months' written notice..

TSX Trust will receive fees for the transfer agent and registrar-related services provided to the Trust.

**Valuation Agent**

The Valuation Agent is responsible for providing valuation services to the Trust and calculating the value of the net assets of the Trust and NAV pursuant to the terms of the valuation services agreement. See *"Calculation of Net Asset Value"*.

In carrying out its duties as valuation agent, the Valuation Agent is required to exercise the powers and discharge the duties of its office honestly and in good faith and, in connection therewith, must exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

Except to the extent any liability arises directly out of the negligence, willful misconduct or lack of good faith of the Valuation Agent, the Valuation Agent is not liable for any act or omission in the course of, or connected with, rendering the services under the valuation services agreement. In no event will the Valuation Agent be liable for any consequential or special damages including, but not limited to, loss of reputation, goodwill or business. The Manager will indemnify and hold harmless the Valuation Agent, its affiliates and agents, and their respective directors, officers, and employees from and against all taxes, duties, charges, costs, expenses, damages, claims, actions, demands and any other liability whatsoever to which any such persons or entities may become subject, including legal fees, judgments and amounts paid in settlement in respect of anything done or omitted to be done in connection with the valuation services provided under the valuation services agreement, except to the extent incurred as a result of the negligence, willful misconduct or lack of good faith of the indemnified party. Notwithstanding the foregoing or any other provision of the valuation services agreement, the Valuation Agent's liability of under the valuation services agreement will in no event exceed the aggregate amount of fees received by the Valuation Agent from the Manager with respect to the services provided during the immediately preceding 12 months.

The valuation services agreement provides that it may be terminated by either party without penalty at any time by providing at least 60 days' prior written notice to the other party of such termination unless the parties mutually agree in writing to a different period. Either party is able to terminate the valuation services agreement immediately upon notice in the event that either party is declared bankrupt or will be insolvent, the assets or the business of either party become liable to seizure or confiscation by a public or governmental authority, or the Manager's power and authority to act on behalf of, or to represent, the Trust has been revoked, terminated or is otherwise no longer in full force and effect.

The Valuation Agent receives fees for the valuation services provided to the Trust.

**PRINCIPAL HOLDERS OF SECURITIES**

(a) no person or company owns of record or beneficially, directly or indirectly, or is known by the Manager
to own beneficially, directly or indirectly, more than 10% of the issued and outstanding Units, other than Andurand Capital Management
Ltd, on behalf and for sole benefit of Andurand Climate and Energy Transition Master Fund, which owns or record approximately 1,821,957
Units, representing 16.5% of the issued and outstanding Units, and Phoenix Holdings Ltd., which owns or record approximately 3,000,000
Units, representing 27.2% of the issued and outstanding Units;

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(b) no person or company owns of record or beneficially, directly or indirectly, or is known by the Manager
to own beneficially, directly or indirectly, more than 10% of the issued and outstanding units of the Manager, other than Sprott Inc.
which owns of record approximately 1,342,803,464 units of the Manager, representing 99.99% of the issued and outstanding units of the
Manager;

(c) the Trustee, and the directors and senior officers of the Manager beneficially own, in the aggregate:
(i) less than 10% of the issued and outstanding Units; (ii) none of the issued and outstanding units of the Manager; and (iii) none of
the voting or equity securities of any person or company that provides services to the Trust or the Manager; and

(d) the members of the Independent Review Committee do not own, directly or indirectly, any securities of
the Manager or any Units. Further, none of the Independent Review Committee members beneficially own, directly or indirectly, any voting
or equity securities in any person or company that provides services to the Trust or the Manager.

**TRUST GOVERNANCE**

Under applicable Canadian securities laws, the Trust is considered a non-redeemable investment fund and subject to the Investment Fund Regime. The Manager has established appropriate policies, procedures and guidelines to ensure the proper management of the Trust. The systems implemented monitor and manage the business and sales practices, risks and internal conflicts of interest relating to the Trust while ensuring compliance with regulatory and corporate requirements.

**Independent Review Committee**

In accordance with applicable securities legislation, the Manager has established an Independent Review Committee for all investment funds managed by the Manager, which includes the Trust. The Independent Review Committee is composed of three members, each of whom is independent of the Manager and its affiliates, and free from any interest and any business or other relationship which could, or could be reasonably perceived to, materially interfere with the exercise of an Independent Review Committee member's judgment.

The mandate of the Independent Review Committee is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager may be subject when managing the mutual funds and non-redeemable investment funds managed by the Manager. The Manager refers all conflict of interest matters to the Independent Review Committee for its review and/or approval. The Manager has established a written charter for the Independent Review Committee, which includes its mandate, responsibilities and functions, and the written policies and procedures it will follow when performing its functions, including dealing with conflict of interest matters. The Manager maintains records in respect of these matters and provides assistance to the Independent Review Committee in carrying out its functions. The Independent Review Committee conducts regular assessments and provides reports, at least annually, to the Trust and to unitholders in respect of its functions. The report prepared by the Independent Review Committee is made available on the Trust's website or, at a unitholder's request, sent to the unitholder at no cost.

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The Independent Review Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reviews and provides input on the Manager's written policies and procedures that deal with conflict
of interest matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reviews conflict of interest matters referred to it by the Manager and makes recommendations to the Manager
regarding whether the Manager's proposed actions in connection with the conflict of interest matter achieve a fair and reasonable
result for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) considers and, if deemed appropriate, approves the Manager's decision on a conflict of interest
matter that the Manager refers to the Independent Review Committee for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) performs such other duties as may be required of the Independent Review Committee under applicable securities
legislation.

All fees and expenses of the Independent Review Committee incurred in connection with its duties with respect to the Trust shall be paid by the Trust and the Independent Review Committee shall have the authority to retain, at the expense of the Trust, independent counsel or other advisors if the Independent Review Committee deems it appropriate to do so. The members of the Independent Review Committee shall be indemnified by the Trust, except in cases of wilful misconduct, bad faith, negligence or breach of their standard of care.

The current members of the Independent Review Committee and their principal occupations are as follows:

---

| | |
|:---|:---|
| **Name and Municipality of Residence** | **Principal Occupation** |
| Michele D. McCarthy<br> Toronto, Ontario, Canada | Consultant |
| Kevin Drynan<br> Toronto, Ontario, Canada | Consultant |
| Fraser Howell<br> Toronto, Ontario, Canada | Consultant |

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**FEES AND EXPENSES**

This table lists the fees and expenses that the Trust will pay for the continued operation of its business and that unitholders may have to pay if they invest in the Trust. Payment of these fees and expenses will reduce the value of unitholders' investment in the Trust. Unitholders will have to pay fees and expenses directly if they redeem their units.

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**Fees and Expenses Payable by the Trust**

---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Management Fee and Additional Fees:** | Pursuant to the Management Agreement, the ongoing operation of the Trust is managed by the Manager and the Trust will pay the Manager the Management Fee, which is equal to 1/12 of 0.50% of the NAV of the Trust plus any applicable federal and provincial taxes. The Management Fee shall be calculated and accrued daily and payable monthly in arrears on the last day of each month. In addition, the Manager will be entitled to: (i) the Procurement Fee, which is equal to 1.0% of the total purchase price of the Copper purchased or sold, less brokerage costs, plus any applicable federal and provincial sales taxes; and (ii) an Enhancement Fee, equal to 50% of the profit on all other transactions involving Copper, which are not outright purchases or sales of Copper, such as lending and exchange transactions. In addition to the Management Fee, Procurement Fees and Enhancement Fees, the Trust shall reimburse the Manager for all reasonable out-of-pocket expenses (plus applicable federal and provincial taxes) incurred by the Manager in accordance with the Management Agreement. |
| **Technical Advisory Fees:** | Fees payable to the Technical Advisor will be paid by, and be the sole responsibility of, the Manager. In addition, the Manager will reimburse the Technical Advisor for out-of-pocket expenditures (including, legal costs, costs for marketing materials and market data, and travel expenses) that are directly related to the Technical Advisory Services and which the Manager can recover from the Trust, including any such expenditures incurred prior to signing the Technical Advisory Agreement. |
| **Operating Expenses:** | The Trust is responsible for paying the filing and listing fees of the applicable Securities Authorities and stock exchanges and the fees and expenses payable to the registrar and transfer agent.<br>Except as otherwise described in this prospectus, the Trust is responsible for all costs and expenses incurred in connection with the ongoing operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any Investment Manager, the Custodian, any sub-custodians, the registrar and transfer agent, the Facilities (including the costs of all insurance policies obtained and administrative expenses incurred in connection with storing the Copper at such Facilities), the valuation agent of the Trust; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement fees; legal, audit, accounting, bookkeeping and record keeping fees and expenses; costs and expenses of reporting to unitholders and conducting unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable Securities Authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of Units; costs and expenses of preparing financial and other reports; any expenses associated with the implementation and ongoing operation of the Independent Review Committee; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the Trust. |

---

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---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Other Fees and Expenses:** | The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which, the Trustee, the Manager, the Technical Advisor, the Facilities, any Investment Manager, the Custodian, any sub-custodians, the registrar and transfer agent, the Valuation Agent or the Underwriters and/or any of their respective officers, directors, employees, consultants or agents is entitled to indemnity by the Trust. |

---

**DISTRIBUTION POLICY**

**Distribution of Net Income and Net Realized Capital Gains to Unitholders**

As at the Valuation Time on the last Valuation Date in each taxation year or such other date as the Manager may, in its sole discretion determine (a "Distribution Date"), the Manager shall determine the amount of the net income and the net realized capital gains of the Trust for the period since the immediately preceding Distribution Date (or in the case of the first Distribution Date, from the inception date of the Trust).

The net income and the net realized capital gains of the Trust shall be computed as of the Valuation Time on each Distribution Date in accordance with the following:

"net income" for any taxation year of the Trust shall be the net income for the year determined pursuant to the provisions of the Tax Act having regard to the provisions thereof that relate to the calculation of income of a trust, other than subsection 104(6), and taking into account such adjustments thereto as are determined by the Manager; provided, however, that capital gains and capital losses shall be excluded from the computation of net income.

"net realized capital gains" of the Trust for any taxation year of the Trust shall be determined as the amount, if any, by which the aggregate of the capital gains of the Trust in the taxation year exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate of the capital losses of the Trust in the taxation year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount determined by the Manager in respect of any unapplied net capital losses or non-capital losses
for prior taxation years which the Trust is permitted by the Tax Act to deduct in computing the taxable income of the Trust for the applicable
taxation year and provided that, in the sole discretion of the Manager, the net realized capital gains of the Trust for a taxation year
may be calculated without subtracting the full amount of the net capital losses or any non-capital losses of the Trust carried forward
from previous taxation years.

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The Manager intends to cause the Trust to make distributions to unitholders of net income, if any, for each taxation year calculated in accordance with the Trust Agreement.

The Manager also intends to cause the Trust to make distributions to unitholders of net realized capital gains, if any, for each taxation year as determined in accordance with the Trust Agreement. If the Trust qualifies as a mutual fund trust as defined in the Tax Act throughout a taxation year, the amount of net realized capital gains to be distributed to unitholders for such year shall be reduced to take into account the Trust's entitlement to a capital gains refund, if any. All such distributions to unitholders, including the amount of net income and net realized capital gains, as applicable, payable to each unitholder, are in the discretion of the Trustee, acting on the direction of the Manager.

Having regard to the present intention of the Manager to allocate, distribute and make payable to unitholders all net income or net realized capital gains so that the Trust will not have any liability for tax under Part I of the Tax Act in any taxation year (other than alternative minimum tax), it is the intention of the Manager that the total amount due and payable on the last Distribution Date in any taxation year shall not be less than the amount necessary to ensure that the Trust will not be liable for income tax under Part I of the Tax Act for such year (other than alternative minimum tax) after taking into account the Trust's entitlement to a capital gains refund, if any.

The Manager may direct that such distribution or payment shall be due and payable by the Trust in cash or in additional Units. Where distributions are payable in additional Units, the registrar and transfer agent, acting on the direction of the Manager, may round up or round down the number of Units in order to avoid the Trust issuing fractional Units. Any additional Units that are issued in this manner shall be of the same class or series of a class at a price equal to the Net Asset Value per Unit as at the Valuation Time on the applicable Distribution Date and the Units shall be immediately consolidated so that the number of outstanding Units following the distribution shall equal the number of Units outstanding prior to the distribution, and the Manager is hereby irrevocably constituted attorney for each unitholder to so apply such distributions on behalf of each unitholder on the relevant Distribution Date. Notwithstanding the foregoing, where Canadian tax is required to be withheld in respect of a unitholder's share of a distribution paid in Units, the consolidation will result in such unitholder holding that number of Units equal to the product of (i) the sum of the number of Units held by such unitholder prior to the distribution and the number of Units received by such unitholder in connection with the distribution (net of the total of the number of whole or fractional Units withheld by the Trust to satisfy the Trust's withholding obligations and the number of whole or fractional Units withheld on account of the reasonable expenses incurred in respect of the sale of such Units withheld on account of withholding taxes); and (ii) a quotient, the numerator of which is the aggregate number of Units outstanding prior to the distribution, and the denominator of which is the aggregate number of Units that would be outstanding following distribution and before the consolidation if no withholding were required in respect of any part of the distribution payable to any unitholders. Such Unitholder will be required to surrender the Unit certificates, if any, representing such unitholder's original Units in exchange for a Unit certificate representing such unitholder's post-consolidation Units.

Distributions, if any, of net income or net realized capital gains will be made to unitholders who were unitholders of record as of 5:00 p.m. (Toronto time) on the last business day prior to any relevant Distribution Date. The amounts to be paid to a unitholder shall be the amount of net income or net realized capital gains divided by the total number of Units outstanding on the Distribution Date, multiplied by the number of Units held by such unitholder on the applicable Distribution Date and the unitholder shall have the right to enforce payment thereof on the Distribution Date.

All distributions, if declared and paid, shall be converted into and, if a cash distribution, paid in United States currency.

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**Additional Distributions, Designations, Determinations, Allocations and Elections**

In addition to any distributions made to unitholders as described above, on the direction of the Manager, the Trust shall at such times and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per Unit, payable at such time or times and to unitholders of record on such Distribution Date, as from time to time may be determined by the Manager, and also make such designations, determinations, allocations and elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to unitholders and of expenses incurred by the Trust and of tax deductions of which the Trust may be entitled, as the Manager may, in its sole discretion, determine.

**Withholding Taxes**

The Manager will deduct or withhold from distributions payable to any unitholder all amounts required by applicable law to be withheld from such distributions, whether such distributions are in the form of cash, additional Units or otherwise. In the event of a distribution in the form of additional Units, the Manager may sell Units of such unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of such sale and the Manager will have the power of attorney of such unitholder to do so. Any such sale will be made in compliance with applicable securities legislation on any stock exchange on which the Units are then listed and upon such sale, the affected unitholder will cease to be the holder of such Units. In the event that the net proceeds of any such sale of a unitholder's Units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager will remit such excess to the unitholder.

**Income Tax Statements**

On or before March 31 in each year, or in the case of a leap year on or before March 30 in such year, if applicable, or as otherwise required, the Manager will prepare and deliver or make available electronically, or cause to be prepared and delivered or be made available electronically, to unitholders information pertaining to the Trust, including all distributions, designations, determinations, allocations and elections, which is required by the Tax Act or which is necessary to permit unitholders to complete their individual income tax returns for the preceding year.

In the event that amounts that were allocated, distributed or paid to unitholders as capital gains or as non-taxable payments are, for any reason, subsequently determined (including as a result of an assessment or reassessment by any taxation authorities) to have been fully includible in the taxable income of the Trust for the relevant taxation year, then the Manager shall have the discretion to declare that all or part of such amounts shall be retroactively deemed to have been allocated, distributed and paid to unitholders out of the income of the Trust, and the Manager may issue new or amended tax reporting slips to the relevant unitholders or former unitholders to report any such distributions to them.

**Unclaimed Interest, Dividends or Distributions**

In the event that the registrar and transfer agent holds distributions which are unclaimed or which cannot be paid for any reason, the registrar and transfer agent will not be under any obligation to invest or reinvest the same but will administer such unclaimed amounts as directed by the Manager in accordance with applicable laws. Any unitholder making a claim in respect of any amount payable pursuant to the Trust Agreement is required to give notice in writing of such claim to the registrar and transfer agent and/or the Manager no later than the second anniversary of the date on which the amount was payable. Such notice must set out the basis for the claim, the amount claimed and the specific grounds for the claim. The registrar and transfer agent will, unless otherwise required by applicable law, pay over to the Trust any such amounts which have been held for more than six years. The Trust will indemnify and save harmless the registrar and transfer agent in respect of any claim made for such amounts.

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**MATERIAL INCOME TAX CONSIDERATIONS**

**Material Canadian Federal Income Tax Considerations**

The following is, as of the date hereof, a general description of the principal Canadian federal income tax considerations generally applicable under the Tax Act to the acquisition, holding and disposition of Units. This description is generally applicable to a unitholder who deals at arm's length and is not affiliated with the Trust and holds Units as capital property (a "Unitholder"). Units will generally be considered capital property to a Unitholder unless the Unitholder holds the Units in the course of carrying on a business of trading or dealing in securities or has acquired the Units in a transaction or transactions considered to be an adventure in the nature of trade.

This description is not applicable to a Unitholder: (i) that is a "financial institution"; (ii) that is a "specified financial institution"; (iii) that has elected to determine its Canadian tax results in accordance with the "functional currency" rules; (iv) an interest in which is a "tax shelter investment"; or (v) who enters into a "derivative forward agreement" with respect to the Units (as all such terms are defined in the Tax Act). This description assumes that the Trust is not subject to a "loss restriction event", as defined in the Tax Act. In addition, this description does not address the deductibility of interest by a Unitholder who has borrowed to acquire Units. All such Unitholders should consult with their own tax advisors.

This description is also based on the assumption (discussed below under "*Material Income Tax Considerations — Material Canadian Federal Income Tax Considerations — SIFT Trust Rules*") that the Trust will at no time be a "SIFT trust" as defined in the Tax Act.

This description is based on the current provisions of the Tax Act, the regulations thereunder, all specific proposals to amend the Tax Act and the regulations publicly announced by the Minister of Finance (Canada) prior to the date hereof (the "Tax Proposals"), and counsel's understanding of the current administrative policies of the Canada Revenue Agency (the "CRA"). There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any assurance that the CRA will not change its administrative or assessing policies. This description further assumes that the Trust will comply with the Trust Agreement and that the Manager and the Trust will comply with a certificate issued to Canadian counsel regarding certain factual matters. Except for the Tax Proposals, this description does not otherwise take into account or anticipate any change in the law, whether by legislative, governmental or judicial decision or action, which may adversely affect any income tax consequences described herein, and does not take into account provincial, territorial or foreign tax considerations, which may differ significantly from those described herein.

**This description is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in Units. Moreover, the income and other tax consequences of acquiring, holding or disposing of Units will vary depending on a taxpayer's particular circumstances. Accordingly, this description is of a general nature only and is not intended to constitute legal or tax advice to any Unitholder or prospective purchaser of Units. You should consult with your own tax advisors about the tax consequences of an investment in Units based on your particular circumstances.**

For the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Units (including distributions, adjusted cost base and proceeds of disposition), or to transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in U.S. dollars must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the day on which the amount first arose or such other rate of exchange as is acceptable to the CRA.

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Status of the Trust

Although interests in the Trust are described by reference to units, the Trust is not a "unit trust" as defined in the Tax Act and therefore is not a "mutual fund trust" as defined in the Tax Act. The consequences of not qualifying for such designations under the Tax Act are described below under the heading *"Canadian Taxation of the Trust"*.

Pursuant to the Trust Agreement, the Trust shall take such steps as necessary or advisable so that the Trust may qualify as a "unit trust" for purposes of the Tax Act prior to April 11, 2045, as determined by the Manager in its discretion. If such event does not occur, the adverse income tax considerations applicable to the Trust could be material. However, the discussion of Canadian tax consequences herein describes the tax consequences of the Trust not qualifying as a unit trust and a mutual fund trust, as is currently the case, and does not anticipate any changes to the status of the Trust.

Canadian Taxation of the Trust

The Trust will generally be subject to tax in each taxation year under Part I of the Tax Act on the amount of its income for the year, including net realized taxable capital gains, less the portion thereof that it claims in respect of the amount paid or payable to Unitholders in such taxation year. An amount will be considered to be payable to a Unitholder in a taxation year if it is paid in the year by the Trust or the Unitholder is entitled in that year to enforce payment of it.

In computing its income for purposes of the Tax Act, the Trust may deduct reasonable administrative costs and other reasonable expenses incurred by it for the purpose of earning income. However, because the Trust does not qualify as a unit trust, it may not deduct from its income for the year a portion of any reasonable expenses incurred by the Trust to issue the Units.

Subject to certain Tax Proposals discussed below (the "Capital Gains Proposals"), one-half of the amount of any capital gain (a "taxable capital gain") realized by the Trust in a taxation year must be included in computing the Trust's income for the year, and one-half of the amount of any capital loss (an "allowable capital loss") realized by the Trust in a taxation year must be deducted against any taxable capital gains realized by the Trust in the year. Any excess of allowable capital losses over taxable capital gains for a taxation year may be carried forward and deducted in any subsequent taxation year against net taxable capital gains realized by the Trust to the extent and under the circumstances described in the Tax Act. Because the Trust will not qualify as a mutual fund trust, it will not be entitled to reduce (or receive a refund in respect of) its liability, if any, for any tax arising on its capital gains for a particular taxation year.

The CRA has expressed the opinion that gains (or losses) of trusts resulting from transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital gains — although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian counsel, the holding by the Trust of Copper with no intention of disposing of such Copper likely would not represent an adventure in the nature of trade so that a disposition of Copper that previously had been acquired without such intention would likely give rise to a capital gain (or capital loss) to the Trust. As the Manager intends for the Trust to be a long-term holder of Copper and does not anticipate that the Trust will sell its Copper (otherwise than on a redemption of Units or where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses), although depending on the circumstances, the Trust may instead include (or deduct) the full amount of such gains or losses in computing its income. If the CRA were to assess or re-assess the Trust on the basis that gains realized on dispositions of Copper were not on capital account, then the Trust could be required to pay Canadian income tax on such gains under Part I of the Tax Act to the extent such gains were not distributed to Unitholders, which could reduce the NAV for all Unitholders.

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Gains or losses of the Trust in respect of derivatives will generally be on income account except where such derivatives are used to hedge investments or other transactions on capital account and there is sufficient linkage to such investments or other transactions, in which case such gains or losses will be treated as capital gains or capital losses, subject to certain rules in the Tax Act (the "DFA Rules") that target certain financial arrangements (defined in the DFA Rules as "derivative forward agreements") that seek to reduce tax by converting, through the use of derivative contracts, the return on an investment that would have the character of ordinary income into capital gains. The DFA Rules are broad in scope and could apply to other types of agreements or transactions. If the DFA Rules were to apply in respect of derivative contracts entered into by the Trust, gains realized in respect of the property underlying such derivatives could be treated as ordinary income. However, the DFA Rules generally should not apply to foreign currency hedging transactions in respect of properties held by the Trust as capital properties.

Losses incurred by the Trust in a taxation year cannot be allocated to Unitholders, but may be deducted by the Trust in future years in accordance with the Tax Act.

Having regard to the Trust Agreement, the Trust is required to make distributions in each year to Unitholders in an amount sufficient to ensure that the Trust will generally not be liable for tax under Part I of the Tax Act in any year. Income of the Trust payable to Unitholders, whether in cash, additional Units or otherwise, will generally be deductible by the Trust in computing its taxable income. However, there are circumstances in which the Trust, despite making such distributions, may be liable to alternative minimum tax.

If the Trust does not qualify as a unit trust within the meaning of the Tax Act, on the day that is 21 years after the date of its creation (or on each 21-year anniversary day thereafter) the Trust may be deemed at that time to have disposed of, and reacquired, certain capital property for fair market value for the purposes of the Tax Act. Accordingly, the Trust would be subject to tax under Part I of the Tax Act on the taxable capital gains arising from such deemed disposition, less the portion thereof that it claims in respect of amounts paid or payable to Unitholders in the taxation year.

**SIFT Trust Rules**

The Trust will be a "SIFT trust" as defined in the Tax Act for a taxation year of the Trust if in that year the Units are listed or traded on a stock exchange or other public market and the Trust holds one or more "non-portfolio properties," as defined in the Tax Act. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by Unitholders would be treated as dividends from a taxable Canadian corporation.

Copper and other property of the Trust would be non-portfolio property if such property were used by the Trust (or by a person or partnership with which it does not deal at arm's length within the meaning of the Tax Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of "securities" (the term "security" is broadly defined in the Tax Act) of other entities could also be non-portfolio property.

The Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. The mere holding by the Trust of Copper as capital property (or as an adventure or concern in the nature of trade) would not represent the use of such property in the course of carrying on a business in Canada, and therefore would not by itself cause the Trust to be a SIFT trust.

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**Canadian Taxation of Unitholders**

Unitholders Resident in Canada

This portion of the general description of the principal Canadian federal income tax considerations is applicable to a Unitholder who, for the purposes of the Tax Act and any applicable tax treaty, is, or is deemed to be, resident in Canada at all relevant times (a "Canadian Unitholder"). This portion of the description is primarily directed at Unitholders who are individuals (other than trusts). Unitholders who are Canadian resident corporations, trusts or other entities should consult their own tax advisors regarding their particular circumstances.

Canadian Unitholders will generally be required to include in their income for tax purposes for a particular year an amount equal to the portion of the income of the Trust for that particular taxation year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian Unitholder in the particular taxation year, whether such amount is received as additional Units or in cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains that is paid or payable to a Canadian Unitholder will effectively retain its character and be treated as such in the hands of the Unitholder for purposes of the Tax Act.

The non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian Unitholder in a taxation year will not be included in computing the Canadian Unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian Unitholder in such year also will not generally be included in the Canadian Unitholder's income for the year. However, where any such other amount is paid or payable to a Canadian Unitholder, the Canadian Unitholder generally will be required to reduce the adjusted cost base of a Unit to the Canadian Unitholder by such amount. To the extent that the adjusted cost base of a Unit would otherwise become a negative amount (i.e., be less than zero), the negative amount will be deemed to be a capital gain realized by the Canadian Unitholder from the disposition of the Unit and the Canadian Unitholder's adjusted cost base in respect of the Unit will be increased by the amount of such deemed capital gain to become equal to zero.

Upon the actual or deemed disposition of a Unit, including on redemption, a capital gain (or a capital loss) will generally be realized to the extent that the proceeds of disposition of the Unit exceed (or are exceeded by) the aggregate of the adjusted cost base of the Unit to the Canadian Unitholder and any reasonable costs of disposition. For the purpose of determining the adjusted cost base to a Canadian Unitholder of a Unit, when a Unit is acquired, the cost of the newly acquired Unit will be averaged with the adjusted cost base of all Units owned by the Canadian Unitholder as capital property that were acquired before that time. For this purpose, the cost of additional Units that have been issued by the Trust as a distribution of income and/or capital gains will generally be equal to the amount of the income and/or capital gains distributed to the Canadian Unitholder in the form of additional Units. A consolidation of Units following a distribution paid in the form of additional Units will not be regarded as a disposition of Units and will not affect the aggregate adjusted cost base to a Canadian Unitholder of Units.

Under the Tax Act, taxable capital gains are included in an individual's income and allowable capital losses are generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three taxation years and forward indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax Act. Capital gains realized by individuals may give rise to alternative minimum tax.

The Capital Gains Proposals propose to generally increase the proportion of a capital gain that would be included in income as a taxable capital gain, or the proportion of a capital loss that would constitute an allowable capital loss, from one-half to two-thirds for any capital gains or losses realized on or after January 1, 2026. The one-half inclusion of capital gains will continue to apply to individuals (other than most types of trusts) up to a maximum of $250,000 of net capital gains per year.

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If, at any time, the Trust delivers physical metal copper to any Canadian Unitholder upon a redemption of a Canadian Unitholder's Units, the Canadian Unitholder's proceeds of disposition of the Units will generally be equal to the aggregate of the fair market value of the distributed physical metal copper and the amount of any cash received, less the amount of any capital gain or income realized by the Trust as a result of the disposition of such physical metal copper which is allocated to the Canadian Unitholder. The cost of any physical metal copper distributed by the Trust in specie will generally be equal to the fair market value of such physical metal copper at the time of the distribution. Pursuant to the Trust Agreement, the Trust has the authority to distribute, allocate and designate any taxable capital gains or income of the Trust to a Canadian Unitholder who has redeemed Units during a year in an amount equal to the taxable capital gains or income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing physical metal copper to a Unitholder who has redeemed Units for such physical metal copper, and any taxable capital gains or income realized by the Trust before, at or after the redemption as a result of selling physical metal copper in order to fund the payment of the cash redemption proceeds), or such other amount that is determined by the Trust to be reasonable. Any such allocations will reduce the redeeming Canadian Unitholder's proceeds of disposition Units for the purposes of the Tax Act.

Unitholders Not Resident in Canada

This portion of the general description of the principal Canadian federal income tax considerations is applicable to a Unitholder who, at all relevant times for purposes of the Tax Act, is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold, Units in connection with a business that the Unitholder carries on, or is deemed to carry on, in Canada at any time, and is not an insurer or bank who carries on (or is deemed to carry on) an insurance or banking business in Canada and elsewhere (a "Non-Canadian Unitholder"). Non-Canadian Unitholders should consult their own tax advisors to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances.

Any amount paid or credited by the Trust to a Non-Canadian Unitholder as income of or from the Trust (including the taxable portion of capital gains realized by the Trust), whether such amount is received in additional Units or cash, generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and the Non-Canadian Unitholder's jurisdiction of residence. Pursuant to the *Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital*, as amended (the "Treaty"), a Non-Canadian Unitholder who is a resident of the United States and entitled to benefits under the Treaty will generally be entitled to have the rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the Trust. A Non-Canadian Unitholder that is a religious, scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United States may be exempt from Canadian withholding tax under the Treaty, provided that certain administrative procedures are observed regarding the registration of such Unitholder.

Any amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian Unitholder (including the non-taxable portion of capital gains realized by the Trust) generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian Unitholder, the amount generally will reduce the adjusted cost base of the Units held by such Non-Canadian Unitholder. If, as a result of such reduction, the adjusted cost base to the Non-Canadian Unitholder in any taxation year of Units would otherwise become a negative amount, the Non-Canadian Unitholder will be deemed to realize a capital gain equal to such negative amount for that year from the disposition of his or her Units. Such capital gain will not be subject to tax under the Tax Act unless the Units constitute "taxable Canadian property" to such Non-Canadian Unitholder. The Non-Canadian Unitholder's adjusted cost base in respect of Units will, immediately after the deemed realization of such capital gain, be increased by the amount of such capital gain to become equal to zero.

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Any capital gain realized on a disposition or deemed disposition of a Unit by a Non-Canadian Unitholder, whether on redemption or otherwise, will not be subject to tax under the Tax Act, provided that the Unit does not constitute "taxable Canadian property" of the Non-Canadian Unitholder for purposes of the Tax Act. Units will not be "taxable Canadian property" of a Non-Canadian Unitholder unless, at any time during the 60-month period immediately preceding their disposition by such Non-Canadian Unitholder, the Units derived directly or indirectly more than 50% of their fair market value from any combination of "Canadian resource properties" (the definition of which in the Tax Act does not include Copper), real or immovable property situated in Canada, timber resource properties (as defined in the Tax Act) or options or interests in such properties, or the Units were otherwise deemed to be taxable Canadian property. Assuming that the Trust adheres to its mandate to invest and hold substantially all of its assets in Copper, the Units should not be taxable Canadian property.

Even if Units held by a Non-Canadian Unitholder were to constitute "taxable Canadian property", a capital gain realized on the disposition of Units may be exempt from Canadian income tax pursuant to an applicable income tax treaty or convention between Canada and the Non-Canadian Unitholder's jurisdiction of residence.

Non-Canadian Unitholders whose Units constitute "taxable Canadian property" and who are not entitled to relief under an applicable income tax treaty are referred to the discussion above under "*Material Tax Considerations – Canadian Taxation of Unitholders – Unitholders Resident in Canada*" relating to the Canadian tax consequences in respect of a disposition of a Unit.

**Material U.S. Federal Income Tax Considerations**

The following are the material U.S. federal income tax consequences to U.S. Holders (as defined below), of the ownership and disposition of units. This discussion does not purport to deal with the tax consequences of owning units to all categories of investors, some of which, such as dealers in securities, regulated investment companies, tax-exempt organizations, investors whose functional currency is not the U.S. dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of the units, may be subject to special rules. This discussion does not address U.S. state or local tax, U.S. federal estate or gift tax or foreign tax consequences of the ownership and disposition of units. This discussion deals only with holders who hold the units as a capital asset. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of units.

The following discussion of U.S. federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S. Department of the Treasury (the "Treasury Regulations"), all of which are subject to change, possibly with retroactive effect.

*U.S. Federal Income Tax Classification of the Trust*

The Trust has filed an affirmative election with the Internal Revenue Service ("IRS") to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

*U.S. Federal Income Taxation of U.S. Holders*

As used herein, the term "U.S. Holder" means a beneficial owner of less than 10% of trust units that is a U.S. citizen or resident for U.S. federal income tax purposes, a U.S. corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.

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If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds the units, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. However, a U.S. person that is an individual, trust or estate and that owns units through a partnership generally will be eligible for the reduced rates of taxation described below that are applicable to U.S. Individual Holders (as defined below). If a unitholder is a partner in a partnership holding the units, such unitholder should consult with his, her or its tax advisor.

<u>Distributions</u>

As discussed under "Distribution Policy", the Trust does not anticipate making regular cash distributions to unitholders. Subject to the PFIC discussion below, any distributions made by the Trust with respect to the units to a U.S. Holder will generally constitute dividends, which will generally be taxable as ordinary income to the extent of the Trust's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of the Trust's earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder's tax basis in his, her or its units on a dollar-for-dollar basis and thereafter as gain from the disposition of units. Since the Trust will be a PFIC, as described below, dividends paid on the units to a U.S. Holder who is an individual, trust or estate, or a U.S. Individual Holder, will generally not be treated as "qualified dividend income" that is taxable to U.S. Individual Holders at preferential tax rates. Any dividends generally will be treated as foreign source income for U.S. foreign tax credit limitation purposes.

<u>PFIC Status and Significant Tax Consequences</u>

Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, the Trust will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such U.S. Holder held the units, either:

· at least 75% of the Trust's gross income for such taxable
year consists of passive income; or

· at least 50% of the average value of the assets held by the
Trust during such taxable year produce, or are held for the production of, passive income.

For purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property (including commodities). The income that the Trust derives from its sales of Copper is expected to be treated as passive income for this purpose. Since substantially all of the Trust's assets consist of Copper and the Trust expects to derive substantially all of its income from the sales of Copper, it is expected the Trust will be treated as a PFIC for each of its taxable years.

Assuming the Trust is a PFIC, a U.S. Holder will be subject to different taxation rules depending on whether the U.S. Holder: (1) makes an election to treat the Trust as a QEF (a "QEF election"); (2) makes a mark-to-market election with respect to the units, or (3) makes no election and therefore is subject to the Default PFIC Regime. As discussed in detail below, making a QEF election or a mark-to-market election generally will mitigate the otherwise adverse U.S. federal income tax consequences under the Default PFIC Regime. However, the mark-to-market election may not be as favourable as the QEF election because a U.S. Holder generally will recognize income each year attributable to any appreciation in the U.S. Holder's units without a corresponding distribution of cash or other property.

Assuming that the Trust is a PFIC, for taxable years beginning on or after March 18, 2010, a U.S. Holder will be required to file an annual report with IRS reporting his, her or its investment in the Trust.

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<u>Taxation of U.S. Holders Making a Timely QEF Election</u>

<u>Making the Election.</u> A U.S. Holder would make a QEF election with respect to any year that the Trust is a PFIC by filing IRS Form 8621 with his, her or its U.S. federal income tax return. The Trust intends to annually provide each U.S. Holder with all necessary information in order to make and maintain a QEF election. A U.S. Holder who makes a QEF election for the first taxable year in which he, she or it owns units, or an Electing Holder, will not be subject to the Default PFIC Regime for any taxable year. We will refer to an Electing Holder that is a U.S. Individual Holder as a Non-Corporate Electing Holder. A U.S. Holder who does not make a timely QEF election would be subject to the Default PFIC Regime for taxable years during his, her or its holding period in which a QEF election was not in effect, unless such U.S. Holder makes a special "purging" election. A U.S. Holder who does not make a timely QEF election is encouraged to consult such U.S. Holder's tax advisor regarding the availability of such purging election.

<u>Current Taxation and Dividends.</u> An Electing Holder must report each year for U.S. federal income tax purposes his, her or its pro rata share of the Trust's ordinary earnings and the Trust's net capital gain, if any, for the Trust's taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from the Trust by the Electing Holder. A Non-Corporate Electing Holder's pro rata share of the Trust's net capital gain generally will be taxable at a maximum rate of 28% under current law to the extent attributable to sales of Copper by the Trust if the Trust has held the Copper for more than one year. Otherwise, such gain generally will be treated as ordinary income.

Income inclusions under the QEF rules described above generally should be treated as foreign source income for U.S. foreign tax credit limitation purposes, but Electing Holders should consult their tax advisors in this regard.

<u>Sale, Exchange or Other Disposition.</u> An Electing Holder will generally recognize capital gain or loss on the sale, exchange, or other disposition of the units in an amount equal to the excess of the amount realized on such disposition over the Electing Holder's adjusted tax basis in the units. Such gain or loss will be treated as long-term capital gain or loss if the Electing Holder's holding period in the units is greater than one year at the time of the sale, exchange or other disposition. Long-term capital gains of Non-Corporate Electing Holders currently are taxable at a maximum rate of 15%, or 20% in the case of certain high income Non-Corporate Electing Holders. An Electing Holder's ability to deduct capital losses is subject to certain limitations. Any gain or loss generally will be treated as U.S. source gain or loss for U.S. foreign tax credit limitation purposes.

<u>Taxation of U.S. Holders Making a Mark-to-Market Election</u>

<u>Making the Election.</u> Alternatively, if, as is anticipated, the units are treated as "marketable stock", a U.S. Holder would be allowed to make a mark-to-market election with respect to the units, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. The units will be treated as marketable stock for this purpose if they are regularly traded on a qualified exchange or other market. The units will be regularly traded on a qualified exchange or other market for any calendar year during which they are traded (other than in de minimis quantities) on at least 15 days during each calendar quarter. A qualified exchange or other market means either a U.S. national securities exchange that is registered with the SEC, the NASDAQ, or a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located and which satisfies certain regulatory and other requirements. The Trust believes that both the TSX and NYSE Arca should be treated as a qualified exchange or other market for this purpose.

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<u>Current Taxation and Dividends.</u> If the mark-to-market election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the units at the end of the taxable year over such U.S. Holder's adjusted tax basis in the units. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder's adjusted tax basis in the units over their fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Any income inclusion or loss under the preceding rules should be treated as a gain or loss from the sale of units for purposes of determining the source of the income or loss. Accordingly, any such gain or loss generally should be treated as U.S. source income or loss for U.S. foreign tax credit limitation purposes. A U.S. Holder's tax basis in his, her or its units would be adjusted to reflect any such income or loss amount. Distributions by the Trust to a U.S. Holder who has made a mark-to-market election generally will be treated as discussed above under "Material Income Tax Considerations – Material U.S. Federal Income Tax Considerations – U.S. Federal Income Taxation of U.S. Holders – Distributions".

<u>Sale, Exchange or Other Disposition.</u> Gain realized on the sale, exchange, redemption or other disposition of the units would be treated as ordinary income, and any loss realized on the sale, exchange, redemption or other disposition of the units would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder. Any loss in excess of such previous inclusions would be treated as a capital loss by the U.S. Holder. A U.S. Holder's ability to deduct capital losses is subject to certain limitations. Any such gain or loss generally should be treated as U.S. source income or loss for U.S. foreign tax credit limitation purposes.

<u>Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</u>

Finally, a U.S. Holder who does not make either a QEF election or a mark-to-market election for that year, or a Non-Electing Holder, would be subject to special rules (the "Default PFIC Regime"), with respect to: (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the units in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the units); and (2) any gain realized on the sale, exchange, redemption or other disposition of the units.

Under the Default PFIC Regime:

&nbsp;&nbsp;&nbsp;&nbsp;· the excess distribution or gain would be allocated rateably over the Non-Electing Holder's aggregate
holding period for the units;

&nbsp;&nbsp;&nbsp;&nbsp;· the amount allocated to the current taxable year and any taxable year before the Trust became a PFIC would
be taxed as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;· the amount allocated to each of the other taxable years would be subject to tax at the highest rate of
tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be
imposed with respect to the resulting tax attributable to each such other taxable year.

Any distributions other than "excess distributions" by the Trust to a Non-Electing Holder will be treated as discussed above under "Material Income Tax Considerations – Material U.S. Federal Income Tax Considerations – U.S. Federal Income Taxation of U.S. Holders – Distributions".

The Default PFIC Regime would not apply to a pension or profit-sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of the units. If a Non-Electing Holder who is an individual dies while owning the units, such Non-Electing Holder's successor generally would not receive a step-up in tax basis with respect to the units.

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<u>3.8% Tax on Net Investment Income</u>

For taxable years beginning after December 31, 2012, a U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of: (1) the U.S. Holder's net investment income for the taxable year; and (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000). A U.S. Holder's net investment income will generally include dividends distributed by the Trust and capital gains from the sale, redemption or other disposition of the units. This tax is in addition to any income taxes due on such investment income.

Under Treasury Regulations generally effective for taxable years after December 31, 2013, income inclusions under the QEF rules would not be considered "net investment income" unless: (1) the Electing Holder holds the units in connection with a trade or business of trading in financial instruments or commodities; or (2) the Electing Holder elects to treat the income inclusion under the QEF rules as "net investment income". If an Electing Holder does not make this election, such holder's tax basis in the units would not be increased by the amount of income inclusions under the QEF rules for purposes of calculating "net investment income" upon the sale, redemption or other disposition of the units. With respect to a U.S. Holder that has made a mark-to-market election with respect to the units, income inclusions under the mark-to-market election would be included in the calculation of "net investment income". An excess distribution made to a U.S. Holder subject to the Default PFIC Regime would be included in "net investment income" to the extent that such distribution constitutes a dividend for U.S. federal income tax purposes.

If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income to your units.

<u>Foreign Taxes</u>

Distributions, if any, by the Trust may be subject to Canadian withholding taxes as discussed under "*Material Income Tax Considerations – Material Canadian Federal Income Tax Considerations – Canadian Taxation of Unitholders – Unitholders Not Resident in Canada*". A U.S. Holder may elect to either treat such taxes as a credit against U.S. federal income taxes, subject to certain limitations, or deduct his, her or its share of such taxes in computing such U.S. Holder's U.S. federal taxable income. No deduction for foreign taxes may be claimed by an individual who does not itemize deductions.

*Backup Withholding and Information Reporting*

Payments made within the United States, or by a U.S. payor or U.S. middleman, of dividends on, or proceeds arising from the sale or other taxable disposition of, units generally will be subject to information reporting and backup withholding, currently at the rate of 24%, if a U.S. Holder fails to furnish its correct U.S. taxpayer identification number (generally on IRS Form W-9), and to make certain certifications, or otherwise fails to establish an exemption. Backup withholding tax is not an additional tax. Rather, a U.S. Holder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed his, her, or its U.S. federal income tax liability by filing a refund claim with the IRS.

U.S. Holders may be subject to certain IRS filing requirements as a result of holding units in the Trust. For example, a U.S. person who transfers property (including cash) to a foreign corporation in exchange for stock in the corporation is in some cases required to file an information return on IRS Form 926 with the IRS with respect to such transfer. Accordingly, a U.S. Holder may be required to file Form 926 with respect to its acquisition of units in an offering. Depending on the number of units held, acquired or disposed of by a U.S. Holder, the U.S. Holder may also be required to file an information return on IRS Form 5471 with the IRS. U.S. Holders also may be required to file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with respect to their investment in the Trust.

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U.S. Holders who are individuals (and to the extent specified in applicable Treasury Regulations, certain U.S. entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among other assets, the trust units, unless the trust units are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event a U.S. Holder who is an individual (and to the extent specified in applicable Treasury regulations, a U.S. entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders should consult their own tax advisors with respect to their reporting obligations under this legislation or any other applicable filing requirements.

<u>Foreign Account Tax Compliance Act</u>

Under an Intergovernmental Agreement between the United States and Canada implementing the U.S. Hiring Incentives to Restore Employment Act (the "HIRE Act"), the Trust will be required to annually report certain information regarding certain U.S. Holders to the Canada Revenue Agency which will automatically provide such information to the IRS. U.S. Holders are encouraged to consult their tax advisers regarding the HIRE Act.

**Exchange of Tax Information**

Part XIX of the Tax Act implements the Organisation for Economic Co-operation and Development Common Reporting Standard. Pursuant to Part XIX of the Tax Act, "Canadian financial institutions" that are not "non-reporting financial institutions" (as both terms are defined in Part XIX of the Tax Act) are required to have procedures in place to identify accounts held by residents of foreign countries (other than the U.S.) or by certain entities the "controlling persons" of which are resident in a foreign country and to report required information to the CRA. Such information is expected to be exchanged on a reciprocal, bilateral, basis with the tax authorities of the foreign country in which the account holders or such controlling persons are resident, pursuant to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters or the relevant bilateral tax treaty. As long as Units are registered in the name of CDS, the Trust should not have any reportable accounts and, as a result, should not be required to provide information to the CRA in respect of its Unitholders. Unitholders, however, will be required to provide certain information including their tax identification numbers to their dealer for the purpose of such information exchange unless their investment is held within a Registered Plan.

The U.S. Foreign Account Tax Compliance Act ("FATCA") imposes certain reporting requirements on non-U.S. financial institutions. The governments of Canada and the United States have entered into an Intergovernmental Agreement (the "IGA") which establishes a framework for cooperation and information sharing between the two countries and may provide relief from a 30% U.S. withholding tax under U.S. tax law (the "FATCA Tax") for Canadian entities such as the Trust, provided that: (i) the Trust complies with the terms of the IGA and the Canadian legislation implementing the IGA in Part XVIII of the Tax Act, and (ii) the government of Canada complies with the terms of the IGA. The Trust will endeavor to comply with the requirements imposed under the IGA and Part XVIII of the Tax Act. Under Part XVIII of the Tax Act, Unitholders of the Trust are required to provide identity and residency and other information to the Trust and/or their dealers (and may be subject to penalties for failing to do so), which, in the case of "Specified U.S. Persons" or certain non-U.S. entities controlled by Specified U.S. Persons, such information and certain financial information (for example, account balances) will be provided to the CRA and from the CRA to the IRS, unless the Units are held within a Registered Plan. However, the Trust may be subject to FATCA Tax if it cannot satisfy the applicable requirements under the IGA or Part XVIII of the Tax Act, or if the Canadian government is not in compliance with the IGA and if the Trust is otherwise unable to comply with any relevant and applicable U.S. legislation. Any such FATCA Tax in respect of the Trust would reduce the Trust's distributable cash flow and NAV.

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**Taxation of Registered Plans**

Provided that the Units are listed on a "designated stock exchange" (which currently includes the TSX) for purposes of the Tax Act, the Units will be qualified investments under the Tax Act and the regulations thereunder for deferred profit sharing plans, tax-free savings accounts ("TFSAs"), first home savings accounts ("FHSAs"), registered disability savings plans ("RDSPs"), registered education savings plans ("RESPs"), registered retirement savings plan ("RRSPs") and registered retirement income funds ("RRIFs") (collectively, "Registered Plans").

Notwithstanding that the Units may be qualified investments for RRSPs, RRIFs, RESPs, RDSPs, FHSAs, and TFSAs, the subscriber of a RESP, the holder of a RDSP, FHSA or TFSA, as the case may be, or the annuitant under a RRSP or RRIF, as the case may be, will be subject to penalty taxes in respect of the Units if such Units are a "prohibited investment" (as defined in the Tax Act) for the RESP, RDSP, TFSA, RRSP, FHSA or RRIF, as applicable. Units will not generally be a prohibited investment provided that the subscriber, holder or annuitant, as applicable, deals at arm's length with the Trust for purposes of the Tax Act and does not have a "significant interest" (within the meaning of the Tax Act) in the Trust. Generally, a subscriber, holder or annuitant, as the case may be, will not have a "significant interest" in the Trust unless the subscriber, holder, or annuitant, as the case may be, owns interests as a beneficiary under the Trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the Trust, either alone or together with persons and partnerships with which the subscriber, holder or annuitant, as the case may be, does not deal at arm's length. In addition, the Units will not be a "prohibited investment" if such Units are "excluded property" as defined in the Tax Act for a trust governed by a RESP, RDSP, TFSA, FHSA, RRSP or RRIF.

Amounts of income and capital gains included in a Registered Plan's income are generally not taxable under Part I of the Tax Act, provided that the Units are qualified investments for the Registered Plan. Unitholders should consult their own advisors regarding the tax implications of establishing, amending, terminating or withdrawing amounts from a Registered Plan.

**RISK FACTORS**

*You should consider **carefully** the risks described below before making an investment decision. You should also refer to the other information of the Trust including the Trust's financial statements and the related note.* 

**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 Copper, including market trends and the sentiment of investors towards Copper.

**An investment in the Trust will yield long-term gains only if the value of Copper increases in an amount in excess of the Trust's expenses.**

The Trust will not actively trade Copper to take advantage of short-term market fluctuations in the price of Copper or generate other income. Accordingly, the Trust's long-term performance is dependent on the long-term performance of the price of Copper. As a result, an investment in the Trust will yield long-term gains only if the value of Copper increases in an amount in excess of the Trust's expenses.

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**The Trust may conduct further offerings of Units from time to time, at which time it will offer Units at a price that will be at or above the most recently calculated NAV at the time of the offering but that may be below the trading price of Units on the TSX at that time.**

The Trust may conduct further offerings of Units from time to time. Under the provisions of the Trust Agreement, the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value of the Trust per Unit prior to, or upon, the determination of the pricing of such issuance, including any future at-the-market offerings of Units. Follow-on offerings of securities of issuers that are traded on an exchange are usually priced below the trading price of such securities at the time of an offering to induce investors to purchase securities in the follow-on offering rather than through the exchange on which such securities are traded. Consequently, the price to the public at which such Units are offered likely will be below the trading price of Units on the TSX at the time of the offering, which may have the effect of lowering the trading price of Units immediately after the pricing of such follow-on offering. In addition, if, and as long as the trading price of the Units is below NAV, it is unlikely that the Trust will be able to conduct a further offering of Units, because the Trust Agreement governing the Trust provides such Units would have to be offered at a price above the trading price of Units. The Manager may, from time to time and in its sole discretion, pay some or all of the expenses associated with an offering of Units.

**The trading price of Units on the TSX is not predictable and may be affected by factors beyond the control of the Trust.**

The Trust cannot predict whether the Units will trade above, at or below NAV. The trading price of Units may not closely track the price of Copper, and Units may trade on the TSX at a significant premium or discount from time to time. In addition to changes in the price of Copper, the trading price of Units may be affected by other factors beyond the control of the Trust, which may include the following: macroeconomic developments in North America and globally; market perceptions of attractiveness of Copper as an investment; the lessening in trading volume and general market interest in the Units which may affect a unitholder's ability to trade significant numbers of Units; and the size of the Trust's public float which may limit the ability of some institutions to invest in Units.

**Information available in public media that is published by third parties, including blogs, articles, message boards and social and other media may include statements not attributable to the Trust or the Manager and may not be reliable or accurate.**

The Trust has received, and may continue to receive, an increased degree of media coverage that is published or otherwise disseminated by third parties, including blogs, articles, message boards and social and other media. This includes coverage that is not attributable to statements made by representatives of the Trust or the Manager. Information provided by third parties may not be reliable or accurate and could materially impact the trading price of Units.

**Price reporters are used to calculate published NAV.**

The value of Copper held by the Trust for the purposes of calculating the NAV of the Trust is based on the prices provided by widely recognized price reporters or an average of such services as directed by the Manager or the Technical Advisor. As the Trust's NAV is calculated using such price reporters (including an average thereof), it will not necessarily be reflective of the price of Copper available for purchase or sale. In addition, Copper can trade 24 hours a day and the Trust's NAV is calculated daily based on such price reporters. As such, the published NAV may not be reflective of market events and other developments that occur after the NAV pricing and publication and thus may not be reflective of the then-available market price or value of Copper.

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**Unitholders have no direct ownership interest in Copper.**

An investment in Units does not constitute an investment by unitholders in the Copper included in the Trust's investment portfolio. Unitholders will not have a direct ownership interest in the Copper held by the Trust. Accordingly, unitholders will have no recourse or rights against the Copper held by the Trust.

**Insurance policies procured by the Trust may not ultimately cover all losses suffered by the Trust.** 

While the Trust is required under the Exemptive Relief to maintain, and expects to maintain, at all times, a separate market standard insurance policy that insures the Copper held with a Warehouse Provider, unitholders cannot be assured that such insurance policies will be sufficient to satisfy any or all losses incurred by the Trust or that coverage provided by such insurance policies will be applicable in all circumstances giving rise to losses suffered by the Trust, including, the exclusions from such policies such as losses, damages, liabilities and expenses related to war, chemical, biological and similar weapons, terrorism, and communicable diseases, among others.

**In the event the Trust's Copper is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the Copper at the time the loss is discovered.**

If there is a loss due to loss, theft, damage, destruction or fraud or otherwise with respect to the Trust's Copper held by one of the Warehouse Providers and such loss is found to be the fault of the Facility, the Trust may not be able to recover more than the market value of the Copper at the time the loss is discovered. If the market value of Copper increases between the time the loss is discovered and the time the Trust receives payment for its loss and purchases Copper to replace the losses, less Copper will be acquired by the Trust and the value of the net assets of the Trust will be negatively affected.

**The Trustee, Warehouse Providers, and other service providers engaged by the Trust may not carry adequate insurance to cover claims against them by the Trust.**

Unitholders cannot be assured that the Trustee, Warehouse Providers, or other service providers engaged by the Trust will maintain any insurance with respect to the Trust's assets held or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their relationship with the Trust. In addition, none of the Trust's service providers is required to include the Trust as a named beneficiary of any such insurance policies that are purchased. Accordingly, the Trust will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such arrangements. In addition, given that Warehouse Providers are located in foreign jurisdictions, the Trust may not be able to enforce any rights of recovery it may have against any Warehouse Provider in connection with losses suffered.

**A redemption of Units for cash will yield a lesser amount than selling the Units on the TSX or another exchange or trading facility, if such a sale is possible.**

The cash redemption value of the Units is based on 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash. Therefore, a redemption of Units for cash will yield a lesser amount than selling the Units on the TSX or another exchange or trading facility, if such a sale is possible. As such, unitholders should consider the manner in which the cash redemption value is determined before exercising their right to redeem their Units for cash.

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**Cash Redemption Notices and Copper Redemption Notices are irrevocable.**

In order to redeem Units, a unitholder must provide a Cash Redemption Notice or a Copper Redemption Notice, as applicable, to the registrar and transfer agent. Except when redemptions have been suspended by the Manager, once a Cash Redemption Notice or Copper Redemption Notice has been received by the registrar and transfer agent, it cannot be revoked by the unitholder under any circumstances, though it may be rejected by the registrar and transfer agent if it does not comply with the requirements for a Cash Redemption Notice or Copper Redemption Notice, as applicable. See ''Redemption of Units''.

**All redemption amounts will be determined using U.S. dollars, which will expose redeeming Canadian dollar denominated Unitholders to currency risk.**

All redemption amounts will be determined using U.S. dollars. All redeeming unitholders will receive any cash amount to which the unitholder is entitled in connection with the redemption in U.S. dollars, and will be exposed to the risk that the exchange rate between the U.S. dollar and the other currency in which the unitholder generally operates will result in a lesser redemption amount than the unitholder would have received if the redemption amount had been calculated and delivered in Canadian dollars. In addition, because any cash as a result of the redemption will be delivered in U.S. dollars, the redeeming unitholder may be required to open or maintain an account that can receive deposits of U.S. dollars.

**The Trust's remedies against a Warehouse Provider that loses its CME or LME approved status may be limited.** 

In the event a Warehouse Provider has its CME or LME approval revoked, the Trust will endeavour to transfer the Copper stored with such Warehouse Provider to another Facility operated by a CME or LME approved Warehouse Provider as soon as practical. If such Warehouse Provider refuses to transfer the Copper, the Trust would seek to enforce its contractual rights and pursue available civil remedies but would not be able to avail of regulatory remedies to enforce the transfer. Until such time as the Copper was transferred, the Trust's Copper would remain at a Facility that is not subject to the requirements or oversight of the CME or LME, as applicable.

**Because the Trust primarily invests in Copper, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.**

The Trust will primarily invested at all times in Copper. As a result, the Trust's holdings will not be diversified. Accordingly, the NAV may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be deemed speculative and is not intended as a complete investment program. An investment in Units should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Trust. Investors should review closely the objective and strategy, the Investment and Operating Restrictions set out under the heading "Investment Restrictions" and the redemption provisions of the Trust as outlined herein, and familiarize themselves with the risks associated with an investment in the Trust.

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**The Trust's obligation to reimburse the Trustee, the Manager, the Underwriters or certain parties related to them for certain liabilities could adversely affect an investment in Units.**

Under certain circumstances, the Trust might be subject to significant indemnification obligations in favor of the Trustee, the Manager or an Underwriter as a result of an offering or certain parties related to them. The Trust does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the foregoing parties are insured for losses for which the Trust has agreed to indemnify them. Any indemnification paid by the Trust would reduce the value of net assets of the Trust and, accordingly, the NAV.

**Unitholders are not entitled to participate in management of the Trust.**

Unitholders are not entitled to participate in the management or control of the Trust or its operations, except to the extent of exercising their right to vote their Units when applicable. Unitholders do not have any input into the Trust's daily activities.

**The rights of Unitholders differ from those of shareholders of a corporation.**

Because the Trust is organized as a trust rather than a corporation, the rights of unitholders are set forth in the Trust Agreement rather than in a corporate statute. This means that unitholders do not have the statutory rights normally associated with the ownership of shares in an Ontario corporation. For example, the Trust is not subject to minimum quorum requirements, is not required to hold annual meetings, and has no officers or directors. Unitholders have the right to vote on matters brought before unitholders in accordance with the Trust Agreement but do not have a right to elect the Manager, though unitholders do have the right to remove the Manager in certain circumstances. In addition, unitholders do not have the right to bring "oppression" or "derivative" suits.

**Substantial redemptions of Units may affect the liquidity and trading price of Units and increase the *pro rata* expenses per Unit.**

Notwithstanding that aggregate redemptions shall not exceed 1.5% of NAV on each Redemption Date, substantial redemptions of Units could result in a decrease in the trading liquidity of the Units and increase the amount of Trust expenses allocated to each remaining Unit. Such increased expenses may reduce the Net Asset Value and the Net Asset Value per Unit.

**The Trust may be subject to taxation in the jurisdictions in which it acquires, stores or sells Copper.**

The Trust may acquire, store, and sell Copper in various foreign jurisdictions outside of Canada and around the world. It is possible the Trust may be subject to direct or indirect taxes in any of these jurisdictions, which taxes, if they were to apply, would increase the Trust's expenses. Further, tax laws and regulations in such jurisdictions are subject to differences in interpretation or change, either on a prospective or retroactive basis, and there can be no guarantee that applicable tax authorities would agree with the Trust's position as to the application or non-application of any particular tax. To the extent any such direct or indirect taxes are applied to the Trust in the future and / or applicable tax authorities disagree with the Trust's position as to the applicability of a particular tax, the Trust's business, financial condition and results of operations could be materially and adversely affected.

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**Fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading price of Units.**

The Trust maintains its accounting records, purchases Copper and reports its financial position and results in U.S. dollars. Because certain of the Trust's expenses are paid in Canadian dollars and the local currencies applicable in the Storage Jurisdictions and jurisdictions from which the Trust purchases Copper, some of which may be subject to significant volatility, any increase in the value of the Canadian dollar or other local currencies would increase the reported expenses of the Trust that are payable in Canadian dollars or the local currency, which could result in the Trust being required to sell more Copper to pay its expenses. Further, such appreciation could adversely affect the Trust's reported financial results, which may have an adverse effect on the trading price of Units.

**The value of the Units relates directly to the value of Copper held by the Trust, and fluctuations in the price of Copper could materially adversely affect an investment in the Units.**

The principal factors affecting the value of the Units are factors that affect the price of Copper. Copper is traded internationally and its price is generally quoted in U.S. dollars. The price of the Units will depend on, and typically fluctuate with, the prices of Copper. The Manager expects the price of Copper may be affected at any time by many international, economic, monetary and political factors, many of which are unpredictable. These factors include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· Copper demand, especially from China and from the global energy transition;

&nbsp;&nbsp;&nbsp;&nbsp;· global supply and demand, which is influenced by such factors as: (i) forward selling of Copper by Copper
producers; (ii) purchases made by Copper producers to unwind Copper hedge positions; (iii) production and cost levels in major Copper-producing
countries; (iv) new production projects; and (v) industrial demand for Copper;

&nbsp;&nbsp;&nbsp;&nbsp;· investors' expectations for future inflation rates;

&nbsp;&nbsp;&nbsp;&nbsp;· exchange rate volatility of the U.S. dollar, the principal currency in which the price of Copper is generally
quoted;

&nbsp;&nbsp;&nbsp;&nbsp;· interest rate volatility; and

&nbsp;&nbsp;&nbsp;&nbsp;· unexpected global, or regional, political or economic incidents.

Changing tax, royalty, land and mineral rights ownership and leasing regulations in countries in which Copper is produced may have an impact on market functions and expectations for future Copper supply. This can affect both share prices of Copper mining companies and the relative prices of other commodities, which are both factors that may affect investor decisions in respect of investing in Copper.

The Copper market is volatile and cyclical and consumption of Copper is influenced by global economic growth, trends in industrial production, conditions in the housing and automotive industries, economic growth in China, which is the largest consumer of refined Copper in the world, and the energy transition away from traditional sources to alternative, sustainable and less carbon intensive sources which inherently utilize more Copper. Notably, China is increasingly seeking strategic self-sufficiency in key commodities, including investments in existing businesses or new developments in other countries. These investments may adversely impact future Copper demand and supply balances and prices. Should demand weaken and consumption patterns change, in particular if consumers seek out lower cost substitute materials, the price of Copper could be materially adversely affected, which could negatively affect the Trust's business and results of operations.

**The current trading prices of Copper may not be sustained.**

The Manager anticipates that the price of Copper going forward and, in turn, the future NAV and the NAV per Unit, will be dependent upon factors such as global Copper supply and demand, investors' inflation expectations, exchange rate volatility and interest rate volatility. An adverse development with regard to one or more of these factors may lead to a decrease in Copper trading prices. A decline in prices of Copper would decrease the NAV and the NAV per Unit.

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**Natural disasters, unusually adverse weather, cyber incidents, boycotts and geo-political events could materially adversely affect the operations of the Trust or the Copper owned by the Trust.** 

The occurrence of one or more natural disasters, such as fires, hurricanes and earthquakes, unusually adverse weather, cyber incidents such as ransomware attacks, boycotts and geo-political events, such as civil unrest and acts of terrorism (including cyber terrorism or other cyber incidents), or similar disruptions could materially adversely affect the supply, transportation, storage, and demand for Copper, which may result in an adverse effect to the value of the Copper held by the Trust or the operations of the Manager, Technical Advisor and other service providers. These events could result in physical damage to property, an increase in energy prices, temporary or permanent closure of one or more of the Facilities, temporary lack of an adequate workforce in a market, temporary or long-term disruption in the supply of or demands for Copper, temporary disruption in transport, or disruption to information systems relied upon by the Manager and Technical Advisor, each of which may have an adverse effect on the operations of the Trust and the value of the Trust's Copper.

**Global events outside the Trust's control may adversely affect the Trust's business, financial condition and results of operations.**

The Trust cautions that global events outside the Trust's control may have a significant negative effect on the Trust and may negatively impact the Trust's business, financial condition and results of operations, including the ability of the Trust to provide services. The success of the Trust's activities may be affected by general market conditions, the outbreak of pandemics or contagious diseases, armed conflict, flooding and other natural disasters, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade laws and tariffs, global disruptions to information technology systems and national and international political circumstances. Examples of recent global events include the COVID-19 pandemic, Russia's invasion of Ukraine, the Israel-Hamas war, the conflict between Israel and Iran and the CrowdStrike outage. In addition, unexpected volatility or illiquidity could have a significant negative effect on the Trust. These as well as other global or macroeconomic events may also result in market uncertainty, which could have a material adverse impact on taxation, liquidity of Units and other unitholder rights generally.

**The Trust's reliance on third-party service providers and key information technology systems could have an adverse effect on the Trust's business.**

The Trust depends on key information technology systems to accurately and efficiently transact the Trust's business, provide information to management and prepare financial reports. It relies on third-party providers for various networking, application hosting and related business process services that support the Trust's key information systems, as well as those that collect, maintain and process data about customers, employees, business partners and others, including information about individuals, as well as proprietary information belonging to the Trust's business such as trade secrets. The Trust's business activities may be materially disrupted in the event of a partial or complete failure of any of these systems, or those of the Trust's third-party providers, which could result from, among other things, natural disasters, war, terrorism or other hostile acts, software malfunctions, equipment or telecommunications failures, processing errors, computer viruses, ransomware, phishing, hackers, other security issues or supplier defaults, increased bandwidth requirements or other events beyond the Trust's control. For example, the recent global CrowdStrike outage resulted in prolonged interruptions to the availability and functionality of Microsoft applications, which the Trust and the Trust's third-party providers rely upon to perform a number of operations. In addition, cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools – including artificial intelligence - that circumvent security controls, evade detection and remove forensic evidence. As a result, the Trust may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to the Trust's business.

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Any damage, significant disruption or breach of our third-party providers' information technology systems, preventing them to perform as expected, could potentially lead to improper use of the Trust's information technology systems, unauthorized access, use, disclosure, loss, modification or destruction of confidential information, information about the Trust's customers, employees, and other individuals and operational disruptions. In addition, a cyber-related attack or other system disruption could result in other negative consequences, including damage to the Trust's reputation or competitiveness, costly and time-consuming remediation or increased protection actions, compliance and regulatory costs, fines, and penalties, litigation (including class actions), or regulatory action. The Trust's security measures, backup and disaster recovery capabilities, business continuity plans and crisis management procedures may not be adequate or implemented properly to avoid such disruptions or failures. The Trust cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by the Trust's existing insurance policies or that applicable insurance will be available to it in the future on economically reasonable terms or at all.

**Operational and similar risks faced by producers of Copper may adversely affect the global supply of Copper, which in turn may adversely affect the Trust's ability to procure Copper and, consequently, could impact the value of the Units.**

The Trust's ability to procure Copper is generally contingent on there being a sufficient supply of Copper. The global supply of Copper is subject to numerous risks, including operational and similar risks associated with developing and operating mining properties, including the following: insufficient copper reserves; increased capital or operating costs; declines in the price of copper; construction or development delays; operational disruptions, including those caused by pandemics or other global or local health crises; inability to obtain or maintain necessary permits; inability to replace or increase reserves as properties are mined; inability to maintain, or challenges to, exploration or mining rights; changes in mining taxes and royalties payable to governments; significant changes to environmental, permitting, or other regulatory requirements; challenges to operations, permits, or mining rights by local communities, indigenous populations, non-government organizations, or others; litigation between operators and third parties relating to the properties; community or civil unrest, including protests and blockades; labour shortages, increased labor costs, labor disputes, strikes, or work stoppages; fires, explosions, or other industrial accidents; injuries to humans, property, or the environment; natural catastrophes and environmental hazards such as earthquakes, droughts, floods, forest fires, hurricanes, weather, or climate events; physical effects of climate change and regulatory changes designed to reduce the effects of climate change; uncertain political and economic environments; economic downturns; insufficient financing or inability to obtain financing; default by an operator on its obligations to us or its other creditors; insolvency, bankruptcy, or other financial difficulty of the operator; changes in laws or regulations or the enforcement of laws or regulations; unavailability of mining, drilling, or other equipment; unanticipated geological conditions or metallurgical characteristics; unanticipated ground or water conditions, including lack of access to sufficient water; inadequate supplies of power or other raw materials; or pit wall or tailings dam failures or underground stability issues.

The occurrence of any of these events could adversely impact operations at mining properties that produce Copper, which, in turn, could impact the global supply of Copper and the Trust's ability to source, purchase, transport or trade Copper. In these circumstances, the Trust may face delays when purchasing Copper, be unable to purchase Copper, or may procure Copper at a higher cost than the market price for such Copper at the time of the Offering (or any subsequent offering of Units). In the event the Trust is delayed or unable to procure Copper with the funds raised in the Offering (or subsequent offerings of Units), the value of the Units may be adversely affected.

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**The CRA tax treatment of realized gains and losses.**

The CRA has expressed the opinion that gains (or losses) resulting from certain transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that, subject to the particular facts, such transactions give rise to ordinary income rather than capital gains. As the Manager intends for the Trust to be a long-term holder of Copper and does not anticipate that the Trust will sell its Copper (otherwise than on a redemption of Units or where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses). If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of any amounts distributed to Unitholders, with the result that Canadian-resident unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase, and non-resident unitholders potentially could be assessed directly by the CRA for Canadian withholding tax on the amount of net gains on such transactions that were treated by the CRA as having been distributed to them. The CRA can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to non-resident unitholders that are subject to withholding tax, and typically would do so rather than assessing the non-resident unitholders directly. Accordingly, any such redetermination by the CRA may result in the Trust being liable for unremitted withholding taxes on prior distributions made to unitholders who were not resident in Canada for the purposes of the Tax Act at the time of the distribution.

**The Trust will not qualify as a "unit trust" or a "mutual fund trust" as defined in the Tax Act** 

Although interests in the Trust are described by reference to units, the Trust will not be a "unit trust" and therefore will not be a "mutual fund trust", each as defined in the Tax Act. The failure of the Trust to qualify as a "mutual fund trust" will give rise to certain additional risks and uncertainties relating to the Trust and to the Trust unitholders. Certain of these risks are set out below.

*Deemed disposition*

If the Trust does not qualify as a unit trust, within the meaning of the Tax Act, on the day that is 21 years after the date of its creation (or on each 21 year anniversary day thereafter) the Trust may be deemed at that time to have disposed of, and reacquired, certain capital property for fair market value for the purposes of the Tax Act. Accordingly, the Trust would be subject to tax under Part I of the Tax Act on the taxable capital gains arising from such deemed disposition, including the deemed disposition of Copper then held by the Trust, less the portion thereof that it claims in respect of amounts paid or payable to the unitholders in the taxation year. Pursuant to the Trust Agreement, the Trust shall take such steps as necessary or advisable so that the Trust may qualify as a "unit trust" for purposes of the Tax Act prior to April 11, 2045, as determined by the Manager in its discretion. If such event does not occur, the adverse income tax considerations applicable to the Trust could be material.

*Election concerning "Canadian Securities"*

Unitholders who are residents of Canada for the purposes of the Tax Act are generally entitled to make an irrevocable election under subsection 39(4) of the Tax Act, the effect of which may be to deem to be capital property any "Canadian security", as defined in the Tax Act, owned by such investor in the taxation year in which the election is made and in all subsequent taxation years. So long as the Trust is not a "mutual fund trust" within the meaning of the Tax Act, Units will not constitute "Canadian securities" for the purposes of subsection 39(4), and therefore unitholders will not be eligible to benefit from deemed capital gains treatment under subsection 39(4) in respect of such Units.

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**If the Trust were to carry on a business in Canada in a taxation year or acquire securities that were "non-portfolio properties", it could become subject to tax at full corporate tax rates on some or all of its income for that year.**

The Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains) realized by the Trust for Canadian tax purposes in the year so as to ensure that it will not be subject to Canadian income tax on such income. Such income generally will become subject to Canadian income tax at full corporate rates if the Trust becomes a "SIFT trust", as defined in the Tax Act, even if distributed in full. If the Trust, contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of any such business, or acquire securities that were "non-portfolio properties", it could become a SIFT trust. The anticipated activities of the Trust, as described in this prospectus, are intended to avoid having the Trust characterized as a SIFT trust. The CRA may take a different (and adverse) view of this issue and characterize the Trust as a SIFT trust. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation. The likely effect of the SIFT rules on the market for Units and on the Trust's ability to finance future acquisitions through the issue of Units or other securities is uncertain. If the SIFT rules were to apply to the Trust, they may adversely affect the marketability of the Units, the amount of cash available for distribution, and the after-tax return to unitholders.

**If the Trust experiences a "loss restriction event" (as defined in the Tax Act) it could result in unintended tax consequences for Unitholders.**

The Tax Act contains loss restriction rules that could result in unintended tax consequences for unitholders, including an unscheduled allocation of income or capital gains that must be included in a unitholder's income for Canadian income tax purposes. If the Trust experiences a "loss restriction event", it will: (i) be deemed to have a year-end for Canadian tax purposes whether or not the Trust has losses (which would trigger a distribution of the Trust's net income and net realized capital gains to unitholders to ensure that the Trust itself is not subject to tax on such amounts); and (ii) the Trust will become subject to the Canadian loss restriction rules that generally apply to corporations, including a deemed realization of any unrealized capital losses and disallowance of its ability to carry forward capital losses. Generally, the Trust will be subject to a loss restriction event if a person becomes a "majority-interest beneficiary", or a group of persons becomes a "majority-interest group of beneficiaries", of the Trust, as those terms are defined in the affiliated persons rules contained in the Tax Act, with certain modifications. Generally, a majority-interest beneficiary of a Trust is a beneficiary in the income or capital, as the case may be, of the Trust who, together with the beneficial interests of persons and partnerships with whom the beneficiary is affiliated, has a fair market value that is greater than 50% of the fair market value of all the interests in the income or capital, as the case may be, of the Trust. A loss restriction event could occur because a particular unitholder or an affiliate acquires Units. Please see "*Material Income Tax Considerations – Material Canadian Federal Income Tax Considerations — Canadian Taxation of Unitholders*" for the tax consequences of a distribution to unitholders.

**Tax laws could change in a manner that adversely affects the Trust and Unitholders.** 

Statements herein concerning the Canadian federal income taxation of the Trust and unitholders are of a general nature and are based upon current tax law and published practice. There can be no assurance that Canadian federal income tax laws, the judicial interpretation thereof, the terms of any applicable tax treaty or the administrative policies and assessing practices of the CRA will not be changed in a manner that adversely affects the Trust or unitholders. Any such change may increase the amount of tax payable by the Trust, could otherwise adversely affect unitholders by reducing the amount available to pay distributions or changing the tax treatment applicable to unitholders in respect of such distributions, and could apply with retrospective or retroactive effect.

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**The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of Units may be changed by way of an extraordinary resolution of all Unitholders and Unitholders of such class or series of a class of Units, respectively.**

The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of Units may be changed with the approval, in person or by proxy, of all unitholders and unitholders of that class or series of a class, as the case may be, representing in aggregate not less than 66 2/3% of Net Asset Value or that class or series of a class of the Trust, respectively, as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders representing in aggregate not less than 66 2/3% of the Net Asset Value or of that class or series of a class of the Trust, as determined in accordance with the Trust Agreement. Such changes to the investment objectives or restrictions of the Trust or the attributes of the Units may be more favorable or less favorable to unitholders than the investment objectives or restrictions of the Trust or the attributes of the Units, as the case may be, as described in this prospectus. The value of the Units sold in a future offering of the Trust may decrease as a result of such changes.

**The sale of Copper by the Trust to pay expenses and to cover certain redemptions will reduce the amount of Copper represented by each Unit on an ongoing basis irrespective of whether the trading price of the Units rises or falls in response to changes in the price of Copper.**

Each outstanding Unit will represent an equal, fractional, beneficial interest in the net assets of the Trust attributable to the Units. As the Trust does not expect to generate any net income and will sell Copper over time on an as-needed basis to pay for its ongoing expenses and to cover certain redemptions, the amount of Copper represented by each Unit will, and the NAV per Unit may, gradually decline over time. This is true even if additional Units are issued in future offerings of Units by the Trust from time to time, as the amount of Copper acquired by the proceeds of any such future offering of Units will proportionately reflect the amount of Copper represented by such Units. Assuming constant Copper prices, the trading price of the Units would be expected to gradually decline as the amount of Copper represented by the Units gradually declines. The Units will only maintain their original value if the price of Copper increases enough to offset the Trust's expenses.

Investors should be aware that the gradual decline in the amount of Copper held by the Trust will occur regardless of whether the trading price of the Units rises or falls in response to changes in the price of such. The estimated ordinary operating expenses of the Trust, which accrue daily commencing after the first day of trading of the Units on the TSX, are described under the heading, "Fees and Expenses".

**The sale of the Trust's Copper to pay expenses or to cover certain redemptions at a time of low Copper prices will adversely affect the Net Asset Value.**

The Manager intends to sell Copper held by the Trust in proportion to the value of its Copper holdings (to the extent practicable) to pay Trust expenses or to cover certain redemptions on an as-needed basis irrespective of then-current prices of such, and no attempt will be made to buy or sell Copper to protect against or to take advantage of fluctuations in the prices of Copper. Consequently, the Trust's Copper may be sold at a time when Copper prices are low. Sales at relatively lower prices for such Copper will require the sale of more Copper, which in turn will have an adverse effect on the NAV and the NAV per Unit.

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**The lack of a market for the Units may limit the ability of Unitholders to sell the Units.**

Prior to the date of this prospectus, there has been no market for the Units. An active public market for the Units may not develop. If an active public market for the Units does not develop or continue, the market prices and liquidity of the Units may be adversely affected.

**The Trust may terminate and liquidate at a time that is disadvantageous to Unitholders.**

If the Trust is required to terminate and liquidate, or the Manager determines to terminate and liquidate the Trust, such termination and liquidation could occur at a time which is disadvantageous to unitholders, such as when Copper prices are lower than the prices for such Copper at the time when unitholders purchased their Units. In such a case, when the Trust's Copper are sold as part of the Trust's liquidation, the resulting proceeds distributed to unitholders will be less than if the prices for such Copper were higher at the time of sale. In certain circumstances, the Manager has the ability to terminate the Trust without the consent of unitholders. The Manager's interests may differ from those of the unitholders, and the Manager may terminate the Trust at a time that is not advantageous for the unitholder.

**Unitholders may be liable for obligations of the Trust to the extent the Trust's obligations are not satisfied out of the Trust's assets.**

The Trust Agreement provides that no unitholder will be subject to any liability whatsoever, in tort, contract or otherwise, to any person in connection with the investment obligations, affairs or assets of the Trust and all such persons will look solely to the Trust's assets for satisfaction of claims of any nature arising out of or in connection therewith. Also, under the *Trust Beneficiaries' Liability Act, 2004* (Ontario), holders of Units of a trust governed by the laws of the Province of Ontario that is a reporting issuer under the *Securities Act* (Ontario) (as the Trust will be on the issuance by Canadian securities regulatory authorities of a receipt in respect of the final prospectus filed in respect of the offering) are not, as beneficiaries, liable for any act, default, obligation or liability of the trust. Notwithstanding the above, there is a risk that a unitholder could be held personally liable for obligations of the Trust to the extent that claims are not satisfied out of the assets of the Trust if a court finds: (i) that Ontario law does not govern the ability of a third party to make a claim against a beneficiary of a trust and that the applicable governing law permits such a claim; or (ii) that the unitholder was acting in a capacity other than as a beneficiary of the trust. In the event that a unitholder should be required to satisfy any obligation of the Trust, under the Trust Agreement, such unitholder will be entitled to reimbursement from any available assets of the Trust.

**Canadian registered plans that redeem their Units for Copper may be subject to adverse consequences.**

Copper received by a Canadian registered plan, such as a registered retirement savings plan, on a redemption of Units for Copper 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 including, in the case of registered education savings plans, revocation of such plans.

**The Trust may suspend redemptions, which may affect the trading price of the Units.**

In certain circumstances, the Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their Units or postpone the date of delivery or payment of the redemption proceeds of the Trust (whether Copper and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required. Such circumstances include any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the Units. See ''Redemption of Units – Suspension of Redemptions''. This may affect the trading price of the Units at a time when an investor wishes to sell its Units on the TSX or another exchange or trading facility. Accordingly, Units may not be an appropriate investment for investors who seek immediate liquidity.

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**The market for Units and the liquidity of Units may be adversely affected by competition from other methods of investing in Copper.**

The Trust will compete with other financial vehicles, including traditional debt and equity securities issued by companies in the resource industry and other securities backed by or linked to Copper, direct investments in Copper and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Manager's control, may make it more attractive to invest in other financial vehicles or to invest in Copper directly, which could limit the market for the Units and reduce the liquidity of the Units and, accordingly, the price received for sales of Units on the TSX.

**The Manager and its affiliates also manage other funds that may invest in Copper and conflicts of interest by the Manager or its affiliates may occur.**

Pursuant to the Management Agreement and the Trust Agreement, the Manager is responsible for the day-to-day business and operation of the Trust and, therefore, exercises significant control over the Trust. The Manager may have different interests than the unitholders and consequently may act in a manner that is not advantageous to unitholders at any particular time.

The Manager and its general partner, the general partner's directors and officers, and their respective affiliates and associates may engage in the promotion, management or investment management of other accounts, funds or trusts that invest in producers, warehousers, brokers, distributors or end-users of Copper. The Manager currently manages other investment funds which may include Copper as part of their portfolios from time to time. The staff of the Manager may have conflicts in allocating their time and services among the Trust and the other accounts, funds or trusts managed by the Manager.

**REMUNERATION OF DIRECTORS, OFFICERS, TRUSTEE AND THE INDEPENDENT REVIEW COMMITTEE**

No payment or reimbursement has been made to the directors and officers of the Manager by the Trust in the 2024 financial year. The Trustee is entitled to receive from the Trust, pursuant to the Trust Agreement, trustee fees, custody, administration and securityholder reporting fees. For the financial year ended December 31, 2024, the Trust paid to the Trustee, in the aggregate, approximately $2,000 for the Trustee's services as trustee, and the aggregate compensation paid to the Independent Review Committee by the Trust amounted to $9,000.

**MATERIAL CONTRACTS**

Copies of the material contracts of the Trust, listed below, are available for inspection during normal business hours at the offices of the Manager at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;2. the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;3. the Sales Agreement.

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Each of the Agents and the Trust has the right, by giving 10 days' notice, to terminate the Sales Agreement. In addition, the Agents may terminate the Sales Agreement, by notice to the Trust and the Manager, at any time, if (1) if there has been, since the date of the Sales Agreement or since the date as of which information is given in the Base Shelf Prospectus, any change, or any development or event involving a prospective change, in the condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Trust considered as one enterprise, whether or not arising in the ordinary course of business, which individually or in the aggregate, in the sole judgment of such Agent is material and adverse and makes it impractical or inadvisable to market the Units or to enforce contracts for the sale of the Units, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the such Agent, impracticable or inadvisable to market the Units or to enforce contracts for the sale of the Units, (3) if trading in the Units has been suspended or limited by securities commissions or the TSX or if trading generally on the TSX has been suspended or limited, or minimum prices for trading have been fixed on the TSX, (4) if any suspension of trading of any securities of the Trust on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in Canada shall have occurred and be continuing, or (6) if a banking moratorium has been declared by Canadian authorities.

**LEGAL AND ADMINISTRATIVE PROCEEDINGS**

There are currently no ongoing legal or administrative proceedings involving the Manager which may be material to the Trust, nor are there any such proceedings known to be contemplated as of the date of this annual information form.

**TERMINATION OF THE TRUST**

The Trust does not have a fixed termination date but will be terminated in the event there are no Units outstanding; the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective; the Manager resigns and no successor manager is appointed by the Manager and approved by unitholders by the time the resignation becomes effective; the Manager is, in the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by unitholders; the Manager experiences certain insolvency events; or the assets of the Manager are seized or confiscated by a public or governmental authority. In addition, the Manager may, in its discretion, terminate the Trust, without unitholder approval, if, in the opinion of the Manager, after consulting with the Independent Review Committee, the value of the net assets of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the unitholders to terminate the Trust, by giving the Trustee and each holder of Units at the time at least 90 days' notice. To the extent such termination in the discretion of the Manager may involve a matter that would be a "conflict of interest matter" as set forth under applicable securities legislation, the matter will be referred by the Manager to Independent Review Committee for its recommendation. In connection with the termination of the Trust, the Trust will, to the extent possible, convert its assets into cash and, after paying or making adequate provision for all of the Trust's liabilities, distribute the net assets of the Trust to unitholders, on a pro rata basis, as soon as practicable after the termination date.

**EXEMPTIONS AND APPROVALS**

Pursuant to a decision of the Ontario Securities Commission dated May 30, 2024, the Trust has obtained exemptive relief from the Canadian securities regulatory authorities for relief from NI 81-102 and the *Securities Act* (Ontario), as applicable, to permit the Trust to appoint the Facilities as custodians of the Trust's Copper.

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**SPROTT PHYSICAL COPPER TRUST<br>Manager**

**Sprott Asset Management LP**

**Royal Bank Plaza, South Tower** 

**200 Bay Street, Suite 2600**

**Toronto, Ontario**

**M5J 2J1**

**Tel: (416) 943-8099<br> Toll Free: 1-855-943-8099**

**Fax: (416) 977-9555**

Additional information about the Trust is available in the Trust's management reports of fund performance and financial statements. You may obtain a copy of these documents, at no cost by calling toll free: 1-855-943-8099 from your dealer, or by email at: invest@sprott.com. These documents and other information about the Trust, such as information circulars and material contracts, are also available on the Sprott Asset Management LP internet site at: www.sprott.com or at www.sedarplus.ca.

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## Exhibit 99.3

**Exhibit 99.3**

![](tm263976d1_ex99-2img001.jpg)

**Table of Contents**

------

Annual Management Report of Fund Performance 3 <br>Annual Financial Statements 9

The annual management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund's annual financial statements. A copy of the annual financial statements has been included within the Annual Report to Unitholders. You can also get a copy of the annual financial statements at your request, and at no cost, by calling 1-888-622-1813, by visiting our website at www.sprott.com or SEDAR at www.sedarplus.ca or by writing to us at: Sprott Asset Management LP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, P.O. Box 26, Toronto, Ontario M5J 2J1.

Unitholders may also contact us using one of these methods to request a copy of the investment fund's proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

Sprott Physical Copper Trust December 31, 2024 <br>    

Annual Management Report of Fund Performance *(in U.S. dollars)*

Management Discussion of Fund Performance

Investment Objective and Strategies

Sprott Physical Copper Trust (the "Trust") is a closed-end investment trust established on April 12, 2024 under the laws of the Province of Ontario, Canada and its provisions and features are set out in an amended and restated trust agreement dated as of May 10, 2024. Sprott Asset Management LP (the "Manager") is the manager of the Trust. WMC Energy B.V. is the technical advisor (the "Advisor") to the Manager.

The Trust was created to invest and hold substantially all of its assets in physical copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical copper without the inconvenience that is typical of a direct investment in physical copper. The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated, physical copper and does not speculate with regard to short-term changes in copper prices.

Recent Developments

On June 6, 2024, the Trust closed its initial public offering of 10,000,000 transferable units (the "Units") at a price of $10 per Unit (the "Offering") and generated gross proceeds of $100 million. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "Joint Bookrunners") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "Underwriters") acted as underwriters of the IPO. The units commenced trading on the same day in both U.S. dollars and Canadian dollars on the Toronto Stock Exchange ("TSX") under the symbols "COP.U" and "COP.UN".

On June 20, 2024, in connection with the Offering, the Underwriters partially exercised the over-allotment option and purchased 1,000,000 transferable Units at the initial public offering price of $10.00 per Unit (the "Over Allotment Exercise") and generated gross proceeds of $10 million.

Of the $110 million gross proceeds raised through the above transactions, the Trust paid approximately $6.1 million in respect of underwriting commissions and other expenses, invested $100.4 million in physical copper at an average cost of $10,025.87 per metric ton and retained $3.5 million in cash in order to provide available funds for the Trust's ongoing expenses and potential redemptions.

On July 8, 2024, the Trust entered into a Sales Agreement with Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. whereby the Trust may, in its sole discretion and subject to its operating and investment restrictions, offer and sell trust units through an "at the market offering" program (the "ATM Program") in transactions on the TSX through a market maker in Canada pursuant to a prospectus supplement to a short form base shelf prospectus filed with the Ontario Securities Commission, as principal regulator, and with each of the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada.

Risks

The risks of investing in the Trust are detailed in the Trust's most recent prospectus or any amendments thereto. The principal risks associated with investing in the Trust are the price of copper, the net asset value and/or the market price of the units, the purchase, transport, insurance and storage of physical copper, liabilities of the Trust, and redemptions of units.

Sprott Physical Copper Trust December 31, 2024 <br>    

Results of Operations

For the period from June 6, 2024 to December 31, 2024, unrealized losses on physical copper amounted to $12.5 million and there were no realized gains/losses on physical copper.

During the period from June 6, 2024 to December 31, 2024, the Trust issued 202,900 units through the ATM Program for gross proceeds of $1.7 million and redeemed 168,043 units for $1.2 million of cash.

The value of the net assets<sup>1</sup> of the Trust as at December 31, 2024 was $90.1 million or $8.16 per unit. The Trust held 10,166 metric tons of physical copper as at December 31, 2024. As at December 31, 2024, the spot price of physical copper was $8,778.83 per metric ton. The Trust returned -18.4% compared to the return on spot copper of -12.2% for the period from June 6, 2024 to December 31, 2024.

The units of the Trust closed at $6.53 on the TSX on December 31, 2024. These units are denominated in U.S. dollars on the exchange. During the period from June 6, 2024 to December 31, 2024, the Trust's units traded on the TSX at an average discount to net asset value of approximately 4.7%.

The Trust pays its own expenses, which include, but are not limited to, audit, legal, and trustee fees, unitholder reporting expenses, general and administrative fees, filing and listing fees payable to applicable securities regulatory authorities and stock exchange, storage fees and commission of 1% on the sale and purchase of physical copper, and any expenses associated with the Independent Review Committee of the Trust. Operating expenses<sup>2</sup> for the period from June 6, 2024 to December 31, 2024 amounted to $0.8 million, and amounted to 1.53% of average net assets<sup>3</sup> during the period on an annualized basis.

Related Party Transactions

The transactions between the Trust and its related parties during the reporting period are outlined below:

Management Fees

The Trust pays the Manager, a monthly management fee equal to <sup>1</sup>/12 of 0.50% of the value of the net assets of the Trust (determined in accordance with the Trust's trust agreement), plus any applicable sales taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month. For the period from June 6, 2024 to December 31, 2024, the Trust incurred management fees of $0.3 million (not including applicable sales taxes). As at December 31, 2024, the Trust has a nominal amount of management fee payable<sup>4</sup> (not including applicable sales taxes).

<sup>1</sup> Net assets are equal to total assets less total liabilities (or total equity) on the statement of financial position.

<sup>2</sup> The operating expenses non-GAAP measure is calculated for the period from June 6, 2024 to December 31, 2024 as total expenses per the statement of comprehensive income (loss) less management fees of $0.3 million, commissions of $1.0 million, sales tax of $nil, and net foreign exchange losses (gains) of $nil.

<sup>3</sup> Average net assets is the average of the daily net asset value of the Trust for the applicable period.

<sup>4</sup> Included in Accounts payable on the statement of financial position.

Sprott Physical Copper Trust December 31, 2024 <br>    

Commissions and Additional Fees

Pursuant to the management agreement, the Trust pays the Manager a commission of 1% of the gross value of any purchases or sales of copper, plus any applicable sales taxes, provided that the Manager shall be responsible for any and all third party brokerage fees, commissions and service charges and other similar fees relating to all such transactions. The Trust also pays the Manager an enhancement fee equal to 50% of the profit on all other transactions involving copper, which are not outright purchases or sales of copper, such as lending and exchange transactions. For the period from June 6, 2024 to December 31, 2024, enhancement fees paid to the Manager amounted to $nil and commissions and other services paid to the Manager amounted to $1.0 million (not including applicable sales taxes).

Upon any unitholders' redemption for cash, the Trust pays the Manager an administration fee equivalent to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the valuation time on the applicable redemption date. For the period from June 6, 2024 to December 31, 2024, administration fees paid to the Manager amounted to $nil.

Sprott Physical Copper Trust December 31, 2024 <br>    

Financial Highlights

The following tables show selected key financial information about the Trust and are intended to help you understand the Trust's financial performance for the period indicated. All dollar amounts are expressed in U.S. dollars.

The Trust's Net Assets Per Unit<sup>1</sup>

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| |
|:---|
| Net assets, beginning of period |
| **Increase (decrease) from operations<sup>4</sup>:** |
| Total revenue |
| Total expenses**)** |
| Realized gains (losses) for the period |
| Unrealized gains (losses) for the period |
| **Total increase (decrease) from operations** |
| **Net assets at December 31 of period shown** |

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---

| | |
|:---|:---|
| 1 | This information is derived from the Trust's audited financial statements for the period from April 12, 2024 to December 31, 2024. |
| 2 | 2024 information is for the period from June 6, 2024 (commencement of operations) to December 31, 2024. |
| 3 | Initial net assets. |
| 4 | Net assets per unit is calculated based on the actual number of units outstanding at the relevant period end date. The increase/decrease from operations is based on the weighted average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per unit. |

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Ratios and Supplemental Data

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| | |
|:---|:---|
|  | **2024<sup>1</sup>** |
| Total net asset value (000's)<sup>2</sup> | $**90067** |
| Number of Units outstanding<sup>2</sup> | **11034857** |
| Management expense ratio<sup>3</sup> | **2.03%** |
| Trading expense ratio<sup>4</sup> | **1.86%** |
| Portfolio turnover rate<sup>5</sup> | **—** |
| Net asset value per Unit<sup>6</sup> | $**8.16** |
| Closing market price – TSX | $**6.53** |

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| | |
|:---|:---|
| 1 | 2024 information is for the period from June 6, 2024 (commencement of operations) to December 31, 2024. |
| 2 | This information is provided as at December 31 of the year shown. |
| 3 | Management expense ratio ("MER") is based on total expenses (including applicable sales taxes and excluding commissions) for the period from June 6, 2024 (commencement of operations) to December 31, 2024 and is expressed as an annualized percentage of average daily net asset value during the period. The MER for the period from June 6, 2024 (commencement of operations) to December 31, 2024 on an unannualized basis is 1.16%. |
| 4 | The trading expense ratio represents total commissions for the period from June 6, 2024 (commencement of operations) to December 31, 2024 and is expressed as an annualized percentage of average daily net asset value during the period shown. |
| 5 | The Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the period. The higher the Trust's portfolio turnover rate in a period, the greater the trading costs payable by the Trust in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of the Trust. |
| 6 | As at December 31, 2024, there was a difference between the previously reported net asset value per Unit of $8.20 as at the date of the financial statements compared to the total equity per unit of $8.16 as presented in the statement of financial position, for a difference of $0.04. This difference was the result of additional information collected up to the date the financial statements were prepared and available to be issued. The valuation/cancellation of Units was not affected by this difference. |

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Past Performance

The indicated rates of return are the historical total returns including changes in unit values and assumes reinvestment of all distributions in additional units of the Trust. These returns do not take into account sales, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of returns are calculated based on the net asset value of the units of the Trust.

Sprott Physical Copper Trust December 31, 2024 <br>    

Year-by-Year Returns

The bar chart below indicates the performance of the Trust units for the period shown. The chart shows, in percentage terms, how much an investment made on the first day of the period would have increased or decreased by the last day of each period.

![](tm263976d1_ex99-2img002.jpg)

1 For the period from June 6, 2024 (commencement of operations) to December 31, 2024.

Annual Compound Returns

The following table presents the Trust's return since inception and for the periods shown ended December 31, 2024 along with a comparable market index. Please note that because the Trust has been in existence for less than one year, the table compares the total returns for the period shown, rather than the historical annual compound returns. It is not intended to reflect future values of the Trust or future returns on investments in the Trust.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since Inception<sup>1</sup>** |
| Sprott Physical Copper Trust | N/A | N/A | N/A | N/A | -18.38% |
| Sprott Physical Copper Trust - Market<sup>2</sup> | N/A | N/A | N/A | N/A | -34.70% |
| Spot Copper | N/A | N/A | N/A | N/A | -12.71% |

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| | |
|:---|:---|
| 1 | For the period from June 6, 2024 (commencement of operations) to December 31, 2024. |
| 2 | Total return for the period up to December 31, 2024 based on market price is calculated using the USD closing price of units of the Trust traded on the TSX. |

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Sprott Physical Copper Trust December 31, 2024 <br>    

Summary of Investment Portfolio

The following Top Holdings table shows the 25 largest positions (or all positions if the total number of positions is less than 25) held by the Trust as at December 31, 2024 based on the fair value of the position, expressed as a percentage of the Trust's net asset value.

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| | |
|:---|:---|
| PORTFOLIO ALLOCATION | PORTFOLIO ALLOCATION |
| Asset Class | % of<br> Net Asset<br> Value |
| Copper | 99.1 |
| Cash | 1 |
| Other assets, less liabilities | (0.1) |
| Total Net Asset Value (000's) | $90067 |

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| | |
|:---|:---|
| TOP HOLDINGS | TOP HOLDINGS |
| Position | % of<br> Net Asset<br> Value |
| Physical copper | 99.1 |
| Cash | 1 |
| Other assets, less liabilities | (0.1) |
| Total | 100 |

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The summary of investment portfolio may change due to the ongoing portfolio transactions of the Trust.

Sprott Physical Copper Trust

Audited financial statements

December 31, 2024

![](tm263976d1_ex99-2img003.jpg)

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Sprott Asset Management LP, the "Manager" of the Sprott Physical Copper Trust (the "Trust") is responsible for the integrity, consistency, objectivity and reliability of the Financial Statements of the Trust. IFRS Accounting Standards as issued by the International Accounting Standards Board have been applied and management has exercised its judgment and made best estimates where appropriate.

The Manager's internal controls and supporting procedures maintained provide reasonable assurance that financial records are complete and accurate. These supporting procedures include the oversight of RBC Investor Services, the Trust's valuation agent.

Management has assessed the effectiveness of the internal controls over financial reporting as at December 31, 2024 using the framework found in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based upon this assessment, management has concluded that as at December 31, 2024 the Manager's internal controls over financial reporting were effective.

The financial statements have been audited by the Trust's independent auditors, KPMG LLP, in accordance with Canadian generally accepted auditing standards. KPMG LLP has full and free access to the Manager of the Trust.

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| |
|:---|
| /s/ Kevin Hibbert |
| Kevin Hibbert |
| Director |
| March 20, 2025 |

---

![](tm263976d1_ex99-2img004.jpg)

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| | | |
|:---|:---|:---|
| **KPMG LLP** |  |  |
| **Chartered Professional Accountants** |  |  |
| Bay Adelaide Centre | Telephone: | (416) 777-8500 |
| 333 Bay Street Suite 4600 | Fax: | (416) 777-8818 |
| Toronto, ON M5H 2S5 | Internet: | www.kpmg.ca |
| Canada |  |  |

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**INDEPENDENT AUDITOR'S REPORT**

To Sprott Asset Management LP and the Unitholders of Sprott Physical Copper Trust,

***Opinion***

We have audited the financial statements of Sprott Physical Copper Trust (the Trust), which comprise:

· the statement of financial position as at December 31, 2024

· the statement of comprehensive income (loss) for the period from April 12, 2024 (inception) to December 31, 2024

· the statement of changes in equity for the period from April 12, 2024 (inception) to December 31, 2024

· the statement of cash flows for the period from April 12, 2024 (inception) to December 31, 2024

· and notes to the financial statements, including a summary of
material accounting policies

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Trust as at December 31, 2024 and its financial performance and its cash flows for the period from April 12, 2024 (inception) to December 31, 2024 in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the *"Auditor's Responsibilities for the Audit of the Financial Statements"* section of our auditor's report.

We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

***Other Information***

Management is responsible for the other information. Other information comprises:

&nbsp;&nbsp;&nbsp;&nbsp;· the information, other than the financial statements and the auditor's report thereon, included in the Annual Report to Unitholders
document.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated.© 2025 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

![](tm263976d1_ex99-2img004.jpg)

*Page 2*

We obtained the information, other than the financial statements and the auditor's report thereon, included in the Annual Report to Unitholders document as at the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditor's report.

We have nothing to report in this regard.

***Responsibilities of Management and Those Charged with Governance for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Trust's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Trust or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Trust's financial reporting process.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's
internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

![](tm263976d1_ex99-2img004.jpg)

*Page 3*

· Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Trust's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the Trust to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

· Communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

· Provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

![](tm263976d1_ex99-2img005.jpg)

Chartered Professional Accountants, Licensed Public Accountants

The engagement partner on the audit resulting in this auditor's report is Robert D'Arolfi.

Toronto, Canada

March 20, 2025

Sprott Physical Copper Trust

------

Statement of comprehensive income (loss)

*(in thousands of U.S. dollars, except unit amounts)*

---

| |
|:---|
| **Income** |
| Unrealized gains (losses) on copper *(note 5)***)** |
| Other income |
| **Expenses** |
| Commissions *(note 8)* |
| Storage fees |
| Management fees *(note 8)* |
| Listing and regulatory filing fees |
| Audit fees |
| Administrative fees |
| Legal fees |
| Unitholder reporting costs |
| Independent Review Committee fees |
| Custodial fees |
| Trustee fees |
| Net foreign exchange losses (gains) |
| **Net income (loss) and comprehensive income (loss)** |
| **Weighted average number of Units<sup>1</sup>** |
| **Increase (decrease) in total equity from operations per Unit** |

---

1 For the period from June 6, 2024 (commencement of operations) to December 31, 2024.

*The accompanying notes are an integral part of these financial statements.*

Sprott Physical Copper Trust

------

Statement of financial position

*(in thousands of U.S. dollars)*

---

| |
|:---|
| **Assets** |
| Cash |
| Sales tax recoverable |
| Copper *(note 5)* |
| **Total assets** |
| **Liabilities** |
| Accounts payable *(note 8)* |
| **Total liabilities** |
| **Equity** |
| Unitholders' capital |
| Unit premiums and reserves |
| Retained earnings (deficit)**)** |
| Underwriting commissions and issue expenses |
| **Total equity *(note 7)*** |
| **Total liabilities and equity** |
| **Total equity per Unit** |

---

*The accompanying notes are an integral part of these financial statements.*

On behalf of the Manager, Sprott Asset Management LP,<br> by its General Partner, Sprott Asset Management GP Inc.:

---

| | |
|:---|:---|
| ![](tm263976d1_ex99-2img006.jpg) | ![](tm263976d1_ex99-2img007.jpg) |
| Kevin Hibbert | John Ciampaglia |
| Director | Director |

---

Sprott Physical Copper Trust

------

Statement of changes in equity

*(in thousands of U.S. dollars, except unit amounts)*

*For the period from April 12, 2024 to December 31, 2024*

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Number of**<br>**Units**<br>**Outstanding** |<br>**Unitholders'**<br>**Capital** | **Unit**<br>**Premiums**<br>**and**<br>**Reserves** |
|  |  | **$** | **$** |
| **Balance as at April 12, 2024**<sup>1</sup>** | **1** |  | **—** |
| **Cancellation of Unit<sup>1</sup>** | **(1)** |  | **—** |
| **Proceeds from issuance of Units *(note 7)*** | **11202900** |  | **—** |
| **Cost of redemption of Units *(note 7)*** | **(168043))** |  | **61)** |
| **Net income (loss) and comprehensive income (loss) for the period** | **—)** |  | **—)** |
| **Underwriting commissions and issue expenses** | **—** |  | **—** |
| **Balance as at December 31, 2024** | **11034857** |  | **61** |

---

---

| | |
|:---|:---|
| 1 | Initial unit was issued for a purchase price of $10 (rounded to the nearest thousand) and subsequently sold for $10 (rounded to the nearest thousand). Upon completion of such purchase and sale, the initial unit was cancelled. |

---

*The accompanying notes are an integral part of these financial statements.*

Sprott Physical Copper Trust

------

Statement of cash flows

*(in thousands of U.S. dollars)*

---

| |
|:---|
| **Cash flows from operating activities** |
| Net income (loss) for the period**)** |
| Adjustment to reconcile net income (loss) for the period to net cash from operating activities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses on copper |
| Net changes in operating assets and liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in sales tax recoverable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable |
| **Net cash provided by (used in) operating activities** |
| **Cash flows from investing activities** |
| Purchases of copper |
| **Net cash provided by (used in) investing activities** |
| **Cash flows from financing activities** |
| Proceeds from issuance of Units *(note 7)* |
| Payments on redemption of Units *(note 7)***)** |
| Underwriting commissions and issue expenses |
| **Net cash provided by (used in) financing activities** |
| Net increase (decrease) in cash during the period |
| Cash at beginning of period |
| **Cash at end of period** |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

1. Organization of the Trusts

Sprott Physical Copper Trust (the "Trust") is a closed-end investment trust created under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated as of April 12, 2024, as amended and restated on May 10, 2024. The commencement of operations of the Trust was June 6, 2024. Sprott Asset Management LP (the "Manager") acts as the manager of the Trust. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trust. RBC Investor Services Trust also acts as custodian on behalf of the Trust for the Trust's assets other than physical copper. Access World, Pacorini Global Services (PGS), and C. Steinweg Group individually act as custodians on behalf of the Trust for the physical copper owned by the Trust. The Trust's registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1.

The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical copper without the inconvenience that is typical of a direct investment in physical copper. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical copper and does not speculate with regard to short-term changes in copper prices.

The Trust is authorized to issue an unlimited number of redeemable, transferable trust units (the "Units"). All issued Units have no par value, are fully paid for, and are listed and traded on the Toronto Stock Exchange (the "TSX"). The date of inception and trading symbols of the Trust are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Trust** | **Trust Agreement date** | **Initial Public Offering date** | **TSX USD and CAD symbols, respectively** |
| Sprott Physical Copper Trust | April 12, 2024, as amended and restated as of May 10, 2024 | June 6, 2024 | COP.U, COP.UN |

---

The financial statements for the Trust are as at December 31, 2024 and for the period from April 12, 2024 to December 31, 2024. These financial statements were authorized for issue by the Manager on March 20, 2025.

2. Basis of Preparation

These financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and include estimates and assumptions made by the Manager that may affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in equity during the reporting period. Actual results could differ from those estimates.

The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical copper and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair value.

The financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

3. Summary of Material Accounting Policies

The following is a summary of material accounting policy information followed by the Trust:

Physical copper

Investments in physical copper are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards ("IAS") 40, *Investment Property* fair value model because it is the most relevant standard to apply. Investment transactions in physical copper are accounted for on the trade date basis. Realized and unrealized gains and losses of holdings are calculated on a weighted average cost basis. From time to time, the Trust enters into location exchanges with third parties whereby the Trust provides copper to the counterparty at a storage facility and receives the same amount and type of copper at an alternate storage facility.

Other assets and liabilities

Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.

Income taxes

In each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trust intends to distribute its taxable income to unitholders at the end of every fiscal year and therefore the Trust would not have any income tax liability. As a result, the Manager has determined that the Trusts are in substance not taxable and therefore do not record income taxes in the statements of comprehensive income (loss) nor do they recognize any deferred tax assets or liabilities in the statements of financial position.

Functional and presentation currency

The Trust's functional and presentation currency is the U.S. dollar. The Trust's performance is evaluated and its liquidity is managed in U.S. dollars. Therefore, the U.S. dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

4. Critical Accounting Estimates and Judgments

The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trust has made in preparing the financial statements:

Estimation uncertainty

For income tax purposes, the Trust generally treats gains (or losses) from the disposition of copper as capital gains (or losses), rather than income, as the Trust intends to be a long-term passive holder of copper, and generally disposes of its holdings in copper only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or losses) of investment trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains (or losses), although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

The Trust based its assumptions and estimates on information available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trust. Such changes are reflected in the assumptions when they occur.

5. Fair Value Measurements

The Trust uses a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value its investments. The fair value hierarchy has the following levels:

---

| | |
|:---|:---|
| Level 1 | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trust has the ability to access at the measurement date; |
| Level 2 | Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 | Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |

---

Physical copper is measured at fair value. The fair value measurement of all copper falls within Level 2 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying values of cash, sales tax recoverable, other assets, prepaid assets, accounts payable, due to manager and trade and other liabilities, where applicable, approximate their fair values due to their short-term nature.

The reconciliation of copper holdings for the period ended December 31, 2024 is presented as follows:

---

| |
|:---|
| Balance at April 12, 2024 |
| Purchases |
| Sales |
| Net realized gains (losses) on sales of physical copper |
| Net change in unrealized gains (losses) |
| Balance at end of year |

---

The acquisition cost of physical copper as at December 31, 2024 was $101,788.

6. Financial Risk, Management and Objectives

The Trust's objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trust's activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trust has investment guidelines that sets out its overall business strategies, its tolerance for risk and its general risk management philosophy, as noted in the Trust's offering documents. The Trust's Manager is responsible for identifying and controlling risks. The Trust is exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the copper that it holds. Only certain risks of the Trust are actively managed by the Manager, as the Trust is a passive investment vehicle. Significant risks that are relevant to the Trust are discussed below.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

Price risk

Price risk arises from the possibility that changes in the market price of the Trust's investments, which consist almost entirely of copper, will result in changes in fair value of such investments. If the price of copper increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $0.9 million; conversely, if the value of copper decreased by 1%, this would have decreased total equity and comprehensive income by the same amount.

Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its exposure to interest rate risk as that risk is minimal.

Currency risk

Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets, substantially all of which consist of investment in copper, are priced in U.S. dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed to currency risk, as the value of its assets and liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such assets and liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions.

As at December 31, 2024, approximately $60 of the Trust's sales tax recoverable, other assets, and accounts payable were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. dollars would not have a material impact to the Trust.

Credit risk

Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when entering into and settling copper transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager, in conjunction with its Advisor, closely monitors the creditworthiness of the Trust's counterparties, such as copper suppliers, by reviewing their financial statements when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled transactions in copper by only engaging in transactions with copper suppliers with high creditworthiness who are governed by the membership and governance rules of the London Metal Exchange ("LME"). The LME is a Recognized Investment Exchange (RIE), regulated directly by the Financial Conduct Authority (FCA) for the trading of industrial metals.

Liquidity risk

Liquidity risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trust could be required to pay its liabilities earlier than expected. The Trust is also subject to redemptions for both cash and physical copper. The Trust manages its obligation to redeem units when required to do so and its overall liquidity risk by only allowing for limited redemptions semi-annually, as described in Note 7, which requires 15-day advance notice to the Trust. The Trust's liquidity risk is minimal, since its primary investment is physical copper, which trades in a highly liquid market. All of the Trust's financial liabilities, including trade and other, accounts payable and management fees payable, as applicable, have maturities of less than three months.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

Concentration risk

The Trust's risk is concentrated in physical copper held by three custodians, whose value constitutes 70.1%, 19.1%, and 9.9% of total equity as at December 31, 2024.

Tax Loss Carryforwards

As of the taxation period ended December 31, 2024, the Trust had no capital losses available for tax purposes.

7. Unitholders' Capital

The Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. Currently, the Trust's capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trust's capital is provided in its Statement of changes in equity. Under the trust agreement, Units may be redeemed at the option of the unitholder on a semi-annual basis for physical copper or cash. The aggregate number of units that may be redeemed shall not exceed 1.5% of the number of Units outstanding at each redemption period. Redemption notice periods are in April and October each year whereby duly executed redemption notices must be received between April 15 to April 30 (inclusive) and October 15 to October 31 (inclusive). Valuation/cancellation (of the Units) date will be the last business day of the subsequent month (May/November). Units redeemed for physical copper will be entitled to a redemption price equal to 100% of the NAV of the redeemed Units. Redemption requests must be for amounts that are at least equivalent to 100 metric tons of copper, or an integral multiple thereof, plus applicable expenses. In this regard, a unitholder may also receive cash when redeeming Units in exchange for physical copper to satisfy the value of any partial redemption. A Unitholder redeeming Units for copper will be responsible for the expenses incurred in connection with effecting the redemption including sales or other value-added taxes and applicable transfer and delivery expenses.

Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable redemption date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable redemption date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the management agreement in connection with the sale of copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the valuation time on the applicable redemption date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders' capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption.

The Trust's units are classified as equity on the Statement of financial position, since the Trust's units meet the criteria in IAS 32, *Financial Instruments: Presentation* for classification as equity.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

Net Asset Value

NAV is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities) calculated using the value of physical copper based on the end-of-day price provided by widely recognized pricing sources.

Capital management

As a result of the ability to issue, repurchase and resell Units of the Trust, the capital of the Trust as represented by the Unitholders' capital in the Statement of financial position can vary depending on the demand for subscriptions to the Trust. The Trust is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of such Units beyond those included in its trust agreement. The Trust may not issue additional Units except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution.

The Trust's objectives for managing capital are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To invest and hold substantially all of the Trust's assets in physical copper; and

· To maintain sufficient liquidity to meet the expenses of the Trust, and to meet redemption requests as they arise.

Refer to "Financial risk, management and objectives" (Note 6) for the policies and procedures applied by the Trust in managing its capital.

8. Related Party Disclosures

The Trust pays the Manager a monthly management fee equal to <sup>1</sup>/12 of 0.50% of the value of net assets of the Trust (determined in accordance with the Trust's trust agreement) plus any applicable sales taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. As at December 31, 2024, the Trust has a nominal amount of management fee payable (not including applicable sales taxes), as included in Accounts payable in the Statement of financial position.

Pursuant to the management agreement, the Trust pays the Manager a commission of 1% of the gross value of any purchases or sales of copper, plus any applicable sales taxes, provided that the Manager shall be responsible for any and all third party brokerage fees, commissions and service charges and other similar fees relating to all such transactions. The Trust also pays the Manager an enhancement fee equal to 50% of the profit on all other transactions involving copper, which are not outright purchases or sales of copper, such as lending and exchange transactions. For the period from June 6, 2024 to December 31, 2024, enhancement fees paid to the Manager amounted to $nil and commissions and other services paid to the Manager amounted to $1.0 million (not including applicable sales taxes). As at December 31, 2024, commissions payable to the Manager amounted to $nil (not including applicable sales taxes).

Upon any unitholders' redemption for cash, the Trust pays the Manager an administration fee equivalent to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the valuation time on the applicable redemption date. For the period from June 6, 2024 to December 31, 2024, administration fees paid to the Manager amounted to $nil.

As of December 31, 2024, Sprott Inc., the parent entity of the Manager, held 844,000 units of the Trust.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *December 31, 2024* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

9. Independent Review Committee ("IRC")

In accordance with National Instrument 81-107, *Independent Review Committee for Investment Funds* ("NI 81-107"), the Manager has established an IRC for a number of funds managed by it, including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107.

10. Personnel

The Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as applicable.

Corporate Information

**Head Office**

Sprott Physical Copper Trust

Royal Bank Plaza, South Tower

200 Bay Street

Suite 2600, PO Box 26

Toronto, Ontario M5J 2J1

Toll Free: (888) 622-1813

Email: bullion@sprott.com

**Auditors**

KPMG LLP

Bay Adelaide Centre

333 Bay Street

Suite 4600

Toronto, Ontario M5H 2S5

**Legal Counsel**

Stikeman Elliott LLP

5300 Commerce Court

West 199 Bay Street

Toronto, Ontario M5L 1B9

Skadden, Arps, Slate, Meagher & Flom LLP

222 Bay Street, Suite 1750

Toronto, Ontario M5K 1J5

![](tm263976d1_ex99-2img008.jpg)

## Exhibit 99.5

**Exhibit 99.5**

![](tm263976d1_ex99-4img001.jpg)

**Table of Contents** <br>  

Interim Management Report of Fund Performance 3 <br>Interim Financial Statements 8

The interim management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund's interim financial statements. A copy of the interim financial statements has been included within the Interim Report to Unitholders. You can also get a copy of the interim financial statements at your request, and at no cost, by calling 1-888-622-1813, by visiting our website at www.sprott.com or SEDAR at www.sedarplus.ca or by writing to us at: Sprott Asset Management LP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, P.O. Box 26, Toronto, Ontario M5J 2J1.

Unitholders may also contact us using one of these methods to request a copy of the investment fund's proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

Sprott Physical Copper Trust June 30, 2025 <br>    

Interim Management Report of Fund Performance *(in U.S. dollars)*

Management Discussion of Fund Performance

Investment Objective and Strategies

Sprott Physical Copper Trust (the "Trust") is a closed-end investment trust established on April 12, 2024 under the laws of the Province of Ontario, Canada and its provisions and features are set out in an amended and restated trust agreement dated as of May 10, 2024. Sprott Asset Management LP (the "Manager") is the manager of the Trust. WMC Energy B.V. is the technical advisor (the "Advisor") to the Manager.

The Trust was created to invest and hold substantially all of its assets in physical copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical copper without the inconvenience that is typical of a direct investment in physical copper. The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated, physical copper and does not speculate with regard to short-term changes in copper prices.

Recent Developments

On June 6, 2024, the Trust closed its initial public offering of 10,000,000 transferable units (the "Units") at a price of $10 per Unit (the "Offering") and generated gross proceeds of $100 million. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "Joint Bookrunners") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "Underwriters") acted as underwriters of the IPO. The units commenced trading on the same day in both U.S. dollars and Canadian dollars on the Toronto Stock Exchange ("TSX") under the symbols "COP.U" and "COP.UN".

On June 20, 2024, in connection with the Offering, the Underwriters partially exercised the over-allotment option and purchased 1,000,000 transferable Units at the initial public offering price of $10.00 per Unit (the "Over Allotment Exercise") and generated gross proceeds of $10 million.

Of the $110 million gross proceeds raised through the above transactions, the Trust paid approximately $6.1 million in respect of underwriting commissions and other expenses, invested $100.4 million in physical copper at an average cost of $10,025.87 per metric ton and retained $3.5 million in cash in order to provide available funds for the Trust's ongoing expenses and potential redemptions.

On July 8, 2024, the Trust entered into a Sales Agreement with Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. whereby the Trust may, in its sole discretion and subject to its operating and investment restrictions, offer and sell trust units through an "at the market offering" program (the "ATM Program") in transactions on the TSX through a market maker in Canada pursuant to a prospectus supplement to a short form base shelf prospectus filed with the Ontario Securities Commission, as principal regulator, and with each of the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada.

Risks

The risks of investing in the Trust are detailed in the Trust's most recent prospectus or any amendments thereto. During the period, there were no changes to the Trust that materially affected the overall risk level associated with an investment in the Trust.

Sprott Physical Copper Trust June 30, 2025 <br>    

Results of Operations

For the six months ended June 30, 2025, the unrealized gains on physical copper amounted to $15.5 million and net realized losses on physical copper amounted to $1.7 million, compared to the unrealized losses of $4.8 million and no net realized gains or losses during the period from June 6, 2024 to June 30, 2024.

During the six months ended June 30, the Trust issued no units through the at-the-market offering program (the "ATM Program"), and redeemed 165,522 units for $1.2 million of cash. Comparatively, for the period from June 6, 2024 to June 30, 2024, the Trust issued no units through the ATM Program and redeemed no units.

The value of the net assets<sup>1</sup> of the Trust as at June 30, 2025 was $102.0 million or $9.38 per unit, compared to $90.1 million or $8.16 per unit as at December 31, 2024. The Trust held 10,046 metric tons of physical copper as at June 30, 2025 compared to 10,166 metric tons at December 31, 2024. As at June 30, 2025, the spot price of physical copper was $10,126.11 per metric ton compared to the spot price of physical copper of $8,778.83 per metric ton as at December 31, 2024. The Trust returned 14.9% compared to the return on spot copper of 15.3% for the six months ended June 30, 2025. Comparatively, for the period from June 6, 2024 to June 30, 2024, the Trust returned -10.7% compared to the return on spot copper of -4.5%.

The units of the Trust closed at $7.65 on the TSX on June 30, 2025 compared to closing price $6.53 on the TSX on December 31, 2024. These units are denominated in U.S. dollars on the exchange. During the six months ended June 30, 2025, the Trust's units traded on the TSX at an average discount to net asset value of approximately 15.6%, compared to an average discount of approximately 5.1% for the period from June 6, 2024 to June 30, 2024.

The Trust pays its own expenses, which include, but are not limited to, audit, legal, and trustee fees, unitholder reporting expenses, general and administrative fees, filing and listing fees payable to applicable securities regulatory authorities and stock exchange, storage fees and commission of 1% on the sale and purchase of physical copper, and any expenses associated with the Independent Review Committee of the Trust. Operating expenses<sup>2</sup> for the six months ended June 30, 2025 amounted $0.5 million, and amounted to 1.11% of average net assets<sup>3</sup> during the period on an annualized basis, compared to $0.1 million and 1.77% for the period from June 6, 2024 to June 30, 2024.

Related Party Transactions

The transactions between the Trust and its related parties during the reporting period are outlined below:

Management Fees

The Trust pays the Manager, a monthly management fee equal to <sup>1</sup>/12 of 0.50% of the value of the net assets of the Trust (determined in accordance with the Trust's trust agreement), plus any applicable sales taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month. For the six months ended June 30, 2025, the Trust incurred management fees of $0.2 million (not including applicable sales taxes) compared to a nominal amount for the period from June 6, 2024 to June 30, 2024. As at June 30, 2025, the Trust has no management fee payable<sup>4</sup> (not including applicable sales taxes) compared to a nominal amount of management fee payable<sup>4</sup> (not including applicable sales taxes) as at December 31, 2024.

<sup>1</sup> Net assets are equal to total assets less total liabilities (or total equity) on the statement of financial position.

<sup>2</sup> The operating expenses non-GAAP measure is calculated for the year-to-date to June 30, 2025 as total expenses per the unaudited statements of comprehensive income (loss) less management fees of $0.2 million, commissions of $nil, sales tax of $nil, and net foreign exchange losses (gains) of $nil (amounts for the period from June 6, 2024 to June 30, 2024 were $nil, $1.0 million, $nil, and $nil, respectively).

<sup>3</sup> Average net assets is the average of the daily net asset value of the Trust for the applicable period.

<sup>4</sup> Included in Accounts payable on the unaudited statements of financial position, if any.

Sprott Physical Copper Trust June 30, 2025 <br>    

Commissions and Additional Fees

Pursuant to the management agreement, the Trust pays the Manager a commission of 1% of the gross value of any purchases or sales of copper, plus any applicable sales taxes, provided that the Manager shall be responsible for any and all third party brokerage fees, commissions and service charges and other similar fees relating to all such transactions. The Trust also pays the Manager an enhancement fee equal to 50% of the profit on all other transactions involving copper, which are not outright purchases or sales of copper, such as lending and exchange transactions. For the six months ended June 30, 2025, enhancement fees due to the Manager amounted to a nominal amount and commissions and other services due to the Manager amounted to a nominal amount (not including applicable sales taxes), compared to $nil and $1.0 million (not including applicable sales taxes) respectively for the period from June 6, 2024 to June 30, 2024. As at June 30, 2025, enhancement fees payable to the Manager amounted to a nominal amount (not including applicable sales taxes), and commissions and other services payable to the Manager amounted to a nominal amount (not including applicable sales taxes), compared to $nil and $nil respectively as at December 31, 2024.

Upon any unitholders' redemption for cash, the unitholders pay the Manager an administration fee equivalent to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the applicable redemption date. For the six months ended June 30, 2025, administration fees charged to the unitholders from the Manager amounted to a nominal amount, compared to $nil for the period from June 6, 2024 to June 30, 2024.

Sprott Physical Copper Trust June 30, 2025 <br>    

Financial Highlights

The following tables show selected key financial information about the Trust and are intended to help you understand the Trust's financial performance for the period indicated. All dollar amounts are expressed in U.S. dollars.

The Trust's Net Assets Per Unit<sup>1</sup>

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| | | |
|:---|:---|:---|
|  | **For the six<br> months ended<br> June 30, 2025<br> (unaudited)<br> $** | For the<br> period ended<br> December 31, 2024<sup>2</sup><br> $ |
| Net assets, beginning of period | **8.16** | 10.00<sup>3</sup> |
| **Increase (decrease) from operations<sup>4</sup>:** |  |  |
| Total revenue | **0.01** | 0.02 |
| Total expenses | **(0.07)** | (0.19) |
| Realized gains (losses) for the period | **(0.16)** |  |
| Unrealized gains (losses) for the period | **1.41** | (1.14) |
| **Total increase (decrease) from operations** | **1.19** | (1.31) |
| **Net assets, end of period** | **9.38** | 8.16 |

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| | |
|:---|:---|
| 1 | This information is derived from the Fund's unaudited semi-annual and audited annual financial statements. |
| 2 | 2024 information is for the period from June 6, 2024 (commencement of operations) to December 31, 2024. |
| 3 | Initial net assets. |
| 4 | Net assets per unit is calculated based on the actual number of units outstanding at the relevant period end date. The increase/decrease from operations is based on the weighted average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per unit. |

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Ratios and Supplemental Data

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| | | |
|:---|:---|:---|
|  | **For the six <br> months ended <br> June 30, 2025 <br> (unaudited)** | For the <br> period ended <br> December 31, 2024<sup>1</sup> |
| Total net asset value (000's)<sup>2</sup> | $**101950** | $90067 |
| Number of Units outstanding<sup>2</sup> | **10869335** | 11034857 |
| Management expense ratio<sup>3</sup> | **1.61%** | 2.03% |
| Trading expense ratio<sup>4</sup> | **0.00%** | 1.86% |
| Portfolio turnover rate<sup>5</sup> | **38.10** |  |
| Net asset value per Unit | $**9.38** | $8.16<sup>6</sup> |
| Closing market price – TSX | $**7.65** | $6.53 |

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| | |
|:---|:---|
| 1 | 2024 information is for the period from June 6, 2024 (commencement of operations) to December 31, 2024. |
| 2 | This information is provided as at the date shown, as applicable. |
| 3 | Management expense ratio ("MER") is based on total expenses (including applicable sales taxes and excluding commissions) for the stated period and is expressed as an annualized percentage of average daily net asset value during the period. |
| 4 | The trading expense ratio represents total commissions and is expressed as an annualized percentage of average daily net asset value during the period shown. |
| 5 | The Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the period. The higher the Trust's portfolio turnover rate in a period, the greater the trading costs payable by the Trust in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of the Trust. |
| 6 | As at December 31, 2024, there was a difference between the previously reported net asset value per Unit of $8.20 as at the date of the financial statements compared to the total equity per unit of $8.16 as presented in the statement of financial position, for a difference of $0.04. This difference was the result of additional information collected up to the date the financial statements were prepared and available to be issued. The valuation/cancellation of Units was not affected by this difference |

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Past Performance

The indicated rates of return are the historical total returns including changes in unit values and assumes reinvestment of all distributions in additional units of the Trust. These returns do not take into account sales, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of returns are calculated based on the net asset value of the units of the Trust.

Sprott Physical Copper Trust June 30, 2025 <br>    

Year-by-Year Returns

The bar chart below indicates the performance of the Trust units for the period shown. The chart shows, in percentage terms, how much an investment made on the first day of the period would have increased or decreased by the last day of each period.

![](tm263976d1_ex99-4img004.jpg)

1 For the period from June 6, 2024 (commencement of operations) to December 31, 2024. <br> 2 For the six months ended June 30, 2025.

Summary of Investment Portfolio

The following Top Holdings table shows the 25 largest positions (or all positions if the total number of positions is less than 25) held by the Trust as at June 30, 2025 based on the fair value of the position, expressed as a percentage of the Trust's net asset value.

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| | |
|:---|:---|
| PORTFOLIO ALLOCATION | PORTFOLIO ALLOCATION |
| Asset Class | % of <br> Net Asset <br> Value |
| Copper | 99.8 |
| Cash | 0.6 |
| Other assets, less liabilities | (0.4) |
| Total Net Asset Value (000's) | $101950 |

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| | |
|:---|:---|
| TOP HOLDINGS | TOP HOLDINGS |
| Position | % of <br> Net Asset <br> Value |
| Physical copper | 99.8 |
| Cash | 0.6 |
| Other assets, less liabilities | (0.4) |
| Total | 100.0 |

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The summary of investment portfolio may change due to the ongoing portfolio transactions of the Trust.

Sprott Physical Copper Trust

Unaudited interim financial statements

June 30, 2025

Sprott Physical Copper Trust

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| |
|:---|
| Unaudited statements of comprehensive income (loss) |
| *(in thousands of U.S. dollars, except unit amounts)* |

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| | |
|:---|:---|
|  | **For the <br> six months ended <br> June 30, 2025** |
|  | **$** |
| **Income** |  |
| Net realized gains (losses) on sale of copper *(note 5)***)** |  |
| Change in unrealized gains (losses) on copper *(note 5)* |  |
| Other income |  |
| **Expenses** |  |
| Storage fees |  |
| Management fees *(note 8)* |  |
| Audit fees |  |
| Listing and regulatory filing fees |  |
| Administrative fees |  |
| Legal fees |  |
| Unitholder reporting costs |  |
| Independent Review Committee fees |  |
| Trustee fees |  |
| Custodial fees |  |
| Net foreign exchange losses (gains) |  |
| Commissions *(note 8)* |  |
| Net income (loss) and comprehensive income (loss) |  |
| **Weighted average number of Units** |  |
| **Increase (decrease) in total equity from operations per Unit** |  |

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1 For the period from June 6, 2024 (commencement of operations) to June 30, 2024.

*The accompanying notes are an integral part of these financial statements.*

Sprott Physical Copper Trust

Unaudited statements of financial position

*(in thousands of U.S. dollars)*

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| |
|:---|
| **Assets** |
| Cash |
| Sales tax recoverable |
| Copper *(note 5)* |
| **Total assets** |
| **Liabilities** |
| Due to manager |
| Due to broker |
| Accounts payable *(note 8)* |
| **Total liabilities** |
| **Equity** |
| Unitholders' capital |
| Unit premiums and reserves |
| Retained earnings (deficit)**)** |
| Underwriting commissions and issue expenses |
| **Total equity *(note 7)*** |
| **Total liabilities and equity** |
| **Total equity per Unit** |

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*The accompanying notes are an integral part of these financial statements.*

On behalf of the Manager, Sprott Asset Management LP,<br> by its General Partner, Sprott Asset Management GP Inc.:

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| | |
|:---|:---|
| ![](tm263976d1_ex99-4img006.jpg) | ![](tm263976d1_ex99-4img007.jpg) |
| Kevin Hibbert <br> Director | John Ciampaglia <br> Director |

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Sprott Physical Copper Trust

Unaudited statements of changes in equity

*(in thousands of U.S. dollars, except unit amounts)<br> For the period ended June 30, 2025 and 2024*

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| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Units Outstanding** | **Unitholders'**<br> **Capital** | **Unit Premiums**<br> **and**<br> **Reserves** |
|  | | **$** | **$** |
| Balance as at April 12, 2024<sup>1</sup> | 1 |  |  |
| Cancellation of Unit<sup>1</sup> | (1) |  |  |
| Proceeds from issuance of Units *(note 7)* | 11000000 |  |  |
| Cost of redemption of Units *(note 7)* |  |  |  |
| Net income (loss) and comprehensive income (loss) for the period | —) |  | —) |
| Underwriting commissions and issue expenses |  |  |  |
| Balance as at June 30, 2024 | 11000000 |  |  |
| **Balance as at January 1, 2025** | **11034857))** |  | **61** |
| **Cancellation of Unit** | **—** |  | **—** |
| **Proceeds from issuance of Units *(note 7)*** | **—** |  | **—** |
| **Cost of redemption of Units *(note 7)*** | **(165522))** |  | **62)** |
| **Net income (loss) and comprehensive income (loss) for the period** | **—** |  | **—** |
| **Underwriting commissions and issue expenses** | **—** |  | **—** |
| **Balance as at June 30, 2025** | **10869335** |  | **123** |

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| | |
|:---|:---|
| 1 | Initial unit was issued for a purchase price of $10 (rounded to the nearest thousand) and subsequently sold for $10 (rounded to the nearest thousand). Upon completion of such purchase and sale, the initial unit was cancelled. |

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*The accompanying notes are an integral part of these financial statements.*

Sprott Physical Copper Trust

Unaudited statements of cash flows

*(in thousands of U.S. dollars)*

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| | | |
|:---|:---|:---|
|  | <br>**For the six months ended**<br> **June 30, 2025** | For the period from April 12, 2024 to <br>June 30, 2024 |
|  | **$** | $ |
| **Cash flows from operating activities** |  |  |
| Net income (loss) for the period |  |  |
| Adjustment to reconcile net income (loss) for the period to net cash from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (gains) losses on sales of copper |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized (gains) losses on copper |  |  |
| Net changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;(Increase) decrease in sales tax recoverable |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in due to manager |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in due to broker |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable |  |  |
| **Net cash provided by (used in) operating activities** |  |  |
| **Cash flows from investing activities** |  |  |
| Purchases of copper |  |  |
| Sales of copper |  |  |
| Net cash provided by (used in) investing activities |  |  |
| **Cash flows from financing activities** |  |  |
| Proceeds from issuance of Units *(note 7)* |  |  |
| Payments on redemption of Units *(note 7)* |  |  |
| **Net cash provided by (used in) financing activities** |  |  |
| Net increase (decrease) in cash during the period |  |  |
| Cash at beginning of period |  |  |
| **Cash at end of period** |  |  |

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*The accompanying notes are an integral part of these financial statements.*

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| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

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1. Organization of the Trusts

Sprott Physical Copper Trust (the "Trust") is a closed-end investment trust created under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated as of April 12, 2024, as amended and restated on May 10, 2024. The commencement of operations of the Trust was June 6, 2024. Sprott Asset Management LP (the "Manager") acts as the manager of the Trust. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trust. RBC Investor Services Trust also acts as custodian on behalf of the Trust for the Trust's assets other than physical copper. Access World, Pacorini Global Services (PGS), and C. Steinweg Group individually act as custodians on behalf of the Trust for the physical copper owned by the Trust. The Trust's registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1.

The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical copper without the inconvenience that is typical of a direct investment in physical copper. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical copper and does not speculate with regard to short-term changes in copper prices.

The Trust is authorized to issue an unlimited number of redeemable, transferable trust units (the "Units"). All issued Units have no par value, are fully paid for, and are listed and traded on the Toronto Stock Exchange (the "TSX"). The date of inception and trading symbols of the Trust are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Trust** | **Trust Agreement date** | **Initial Public Offering date** | **TSX USD and CAD symbols, respectively** |
| Sprott Physical Copper Trust | April 12, 2024, as amended and restated as of May 10, 2024 | June 6, 2024 | COP.U, COP.UN |

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The unaudited statements of financial position for the Trusts are as at June 30, 2025 and December 31, 2024. The unaudited statements of comprehensive income (loss), the unaudited statements of changes in equity, and unaudited statements of cash flows for the Trusts are for the six month period ended June 30, 2025 and the period from April 12, 2024 to June 30, 2024. These unaudited interim financial statements were authorized for issue by the Manager on August 15, 2025.

2. Basis of Preparation

These unaudited interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and include estimates and assumptions made by the Manager that may affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in equity during the reporting period. Actual results could differ from those estimates.

The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical copper and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair value.

The financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated.

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| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

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3. Summary of Material Accounting Policies

The following is a summary of material accounting policy information followed by the Trust:

Physical copper

Investments in physical copper are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards ("IAS") 40, *Investment Property* fair value model. Investment transactions in physical copper are accounted for on the trade date basis. Realized and unrealized gains and losses of holdings are calculated on a weighted average cost basis. From time to time, the Trust enters into location exchanges with third parties whereby the Trust provides copper to the counterparty at a storage facility and receives the same amount and type of copper at an alternate storage facility.

Other assets and liabilities

Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.

Income taxes

In each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trust intends to distribute its taxable income to unitholders at the end of every fiscal year and therefore the Trust would not have any income tax liability. As a result, the Manager has determined that the Trusts are in substance not taxable and therefore do not record income taxes in the statements of comprehensive income (loss) nor do they recognize any deferred tax assets or liabilities in the statements of financial position.

Functional and presentation currency

The Trust's functional and presentation currency is the U.S. dollar. The Trust's performance is evaluated and its liquidity is managed in U.S. dollars. Therefore, the U.S. dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

4. Critical Accounting Estimates and Judgments

The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trust has made in preparing the financial statements:

Estimation uncertainty

For income tax purposes, the Trust generally treats gains (or losses) from the disposition of copper as capital gains (or losses), rather than income, as the Trust intends to be a long-term passive holder of copper, and generally disposes of its holdings in copper only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or losses) of investment trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains (or losses), although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances.

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| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

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The Trust based its assumptions and estimates on information available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trust. Such changes are reflected in the assumptions when they occur.

5. Fair Value Measurements

The Trust uses a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value its investments. The fair value hierarchy has the following levels:

Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trust has the ability to access at the measurement date;

Level 2 Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Physical copper is measured at fair value. The fair value measurement of all copper falls within Level 2 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying values of cash, sales tax recoverable, other assets, accounts payable, due to manager and trade and other liabilities, where applicable, approximate their fair values due to their short-term nature.

The reconciliation of copper holdings for the six months ended June 30, 2025 and period ended December 31, 2024 is presented as follows:

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| | |
|:---|:---|
|  | **June 30, 2025** |
|  | **$** |
| Balance at beginning of period |  |
| Purchases |  |
| Sales**)** |  |
| Net realized gains (losses) on sales of physical copper**)** |  |
| Net change in unrealized gains (losses) |  |
| Balance at end of period |  |

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The acquisition cost of physical copper as at June 30, 2025 and December 31, 2024 were $98,775 and $101,788, respectively.

6. Financial Risk, Management and Objectives

The Trust's objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trust's activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trust has investment guidelines that sets out its overall business strategies, its tolerance for risk and its general risk management philosophy, as noted in the Trust's offering documents. The Trust's Manager is responsible for identifying and managing risks. The Trust is exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the copper that it holds. Only certain risks of the Trust are actively managed by the Manager, as the Trust is a passive investment vehicle. Significant risks that are relevant to the Trust are discussed below.

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| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

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Price risk

Price risk arises from the possibility that changes in the market price of the Trust's investments, which consist almost entirely of copper, will result in changes in fair value of such investments. If the price of copper increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $1.0 million (December 31, 2024: $0.9 million); conversely, if the value of copper decreased by 1%, this would have decreased total equity and comprehensive income by the same amount.

Interest rate risk

Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its exposure to interest rate risk as that risk is minimal.

Currency risk

Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets, substantially all of which consist of investment in copper, are priced in U.S. dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed to currency risk, as the value of its assets and liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such assets and liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions.

As at June 30, 2025, approximately $(212) (December 31, 2024: $60) of the Trust's sales tax recoverable, other assets, and accounts payable were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. dollars would not have a material impact to the Trust.

Credit risk

Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when entering into and settling copper transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager, in conjunction with its Advisor, closely monitors the creditworthiness of the Trust's counterparties, such as copper suppliers, by reviewing their financial statements when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled transactions in copper by only engaging in transactions with copper suppliers with high creditworthiness who are governed by the membership and governance rules of the London Metal Exchange ("LME"). The LME is a Recognized Investment Exchange (RIE), regulated directly by the Financial Conduct Authority (FCA) for the trading of industrial metals.

Liquidity risk

Liquidity risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trust could be required to pay its liabilities earlier than expected. The Trust is also subject to redemptions for both cash and physical copper. The Trust manages its obligation to redeem units when required to do so and its overall liquidity risk by only allowing for limited redemptions semi-annually, as described in Note 7, which requires 15-day advance notice to the Trust. The Trust's liquidity risk is minimal, since its primary investment is physical copper, which trades in a highly liquid market. All of the Trust's financial liabilities, including trade and other, accounts payable and management fees payable, as applicable, have maturities of less than three months.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

Concentration risk

The Trust's risk is concentrated in physical copper held by two custodians, whose value constitutes 66.6% and 33.2% of total equity as at June 30, 2025. (70.1%, 19.1%, and 9.9% of total equity for physical copper held across three custodians as at December 31, 2024).

Tax Loss Carryforwards

As of the taxation period ended December 31, 2024, the Trust had no capital losses available for tax purposes.

7. Unitholders' Capital

The Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. Currently, the Trust's capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trust's capital is provided in its unaudited statements of changes in equity. Under the trust agreement, Units may be redeemed at the option of the unitholder on a semi-annual basis for physical copper or cash. The aggregate number of units that may be redeemed shall not exceed 1.5% of the number of Units outstanding at each redemption period. Redemption notice periods are in April and October each year whereby duly executed redemption notices must be received between April 15 to April 30 (inclusive) and October 15 to October 31 (inclusive). Valuation/cancellation (of the Units) date will be the last business day of the subsequent month (May/November). Units redeemed for physical copper will be entitled to a redemption price equal to 100% of the NAV of the redeemed Units. Redemption requests must be for amounts that are at least equivalent to 100 metric tons of copper, or an integral multiple thereof, plus applicable expenses. In this regard, a unitholder may also receive cash when redeeming Units in exchange for physical copper to satisfy the value of any partial redemption. A Unitholder redeeming Units for copper will be responsible for the expenses incurred in connection with effecting the redemption including sales or other value-added taxes and applicable transfer and delivery expenses.

Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable redemption date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable redemption date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the management agreement in connection with the sale of copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the valuation time on the applicable redemption date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders' capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption.

The Trust's units are classified as equity on the Statement of financial position, since the Trust's units meet the criteria in IAS 32, *Financial Instruments: Presentation* for classification as equity.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

Net Asset Value

NAV is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities) calculated using the value of physical copper based on the end-of-day price provided by widely recognized pricing sources.

Capital management

As a result of the ability to issue, repurchase and resell Units of the Trust, the capital of the Trust as represented by the Unitholders' capital in the Statement of financial position can vary depending on the demand for subscriptions to the Trust. The Trust is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of such Units beyond those included in its trust agreement. The Trust may not issue additional Units except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution.

The Trust's objectives for managing capital are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 invest and hold substantially all of the Trust's assets in physical copper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 maintain sufficient liquidity to meet the expenses of the Trust, and to meet redemption requests
 as they arise.

Refer to "Financial risk, management and objectives" (Note 6) for the policies and procedures applied by the Trust in managing its capital.

8. Related Party Disclosures

The Trust pays the Manager a monthly management fee equal to <sup>1</sup>/12 of 0.50% of the value of net assets of the Trust (determined in accordance with the Trust's trust agreement) plus any applicable sales taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. As at June 30, 2025, the Trust has no management fee payable (not including applicable sales taxes), as included in Accounts payable in the unaudited statements of financial position compared to a nominal amount of management fee payable (not including applicable sales taxes) as at December 31, 2024.

Pursuant to the management agreement, the Trust pays the Manager a commission of 1% of the gross value of any purchases or sales of copper, plus any applicable sales taxes, provided that the Manager shall be responsible for any and all third party brokerage fees, commissions and service charges and other similar fees relating to all such transactions. The Trust also pays the Manager an enhancement fee equal to 50% of the profit on all other transactions involving copper, which are not outright purchases or sales of copper, such as lending and exchange transactions. For the six months ended June 30, 2025, enhancement fees due to the Manager amounted to a nominal amount and commissions and other services due to the Manager amounted to a nominal amount (not including applicable sales taxes), compared to $nil and $1.0 million (not including applicable sales taxes) respectively for the period from June 6, 2024 to June 30, 2024. As at June 30, 2025, enhancement fees payable to the Manager amounted to a nominal amount (not including applicable sales taxes), and commissions and other services payable to the Manager amounted to a nominal amount (not including applicable sales taxes), compared to $nil and $nil (not including applicable sales taxes) respectively as at December 31, 2024.

Upon any unitholders' redemption for cash, the unitholders pay the Manager an administration fee equivalent to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the applicable redemption date. For the six months ended June 30, 2025, administration fees charged to the unitholders from the Manager amounted to a nominal amount, compared to $nil for the period from June 6, 2024 to June 30, 2024.

---

| | |
|:---|:---|
| Sprott Physical Copper Trust |  |
| Notes to financial statements | *June 30, 2025* |
| *(in thousands of U.S. dollars, unless otherwise indicated)* |  |

---

As of June 30, 2025, Sprott Inc., the parent entity of the Manager, held 1,029,000 units of the Trust (December 31, 2024: 844,000 units).

9. Independent Review Committee ("IRC")

In accordance with National Instrument 81-107, *Independent Review Committee for Investment Funds* ("NI 81-107"), the Manager has established an IRC for a number of funds managed by it, including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107.

10. Personnel

The Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as applicable.

Corporate Information

**Head Office**

Sprott Physical Copper Trust

Royal Bank Plaza, South Tower

200 Bay Street

Suite 2600, PO Box 26

Toronto, Ontario M5J 2J1

Toll Free: (888) 622-1813

Email: bullion@sprott.com

**Auditors**

KPMG LLP

Bay Adelaide Centre

333 Bay Street

Suite 4600

Toronto, Ontario M5H 2S5

**Legal Counsel**

Stikeman Elliott LLP

5300 Commerce Court

West 199 Bay Street

Toronto, Ontario M5L 1B9

Skadden, Arps, Slate, Meagher & Flom LLP

222 Bay Street, Suite 1750

Toronto, Ontario M5K 1J5

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![](tm263976d1_ex99-4img005.jpg)

## Exhibit 99.6

**Exhibit 99.6**

**SPROTT ASSET MANAGEMENT LP**

------

**SPROTT PHYSICAL COPPER TRUST**

**AMENDED AND RESTATED TRUST AGREEMENT**

------

**Dated as of May 10, 2024**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 INTERPRETATION | ARTICLE 1 INTERPRETATION | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Article and Section Headings | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Statute References | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Business Day | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Number, Gender | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | References to "Agreement" etc. | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Time of Day | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Currency | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Exercise of Discretion | 11.0 |
| ARTICLE 2 ESTABLISHMENT OF THE TRUST | ARTICLE 2 ESTABLISHMENT OF THE TRUST | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Establishment of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Appointment of the Trustee | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Constituency of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Name of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Head Office; Situs | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Purpose of the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Investment by the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Nature of the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | U.S. Federal Income Tax Classification | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Term | 13.0 |
| ARTICLE 3 STRUCTURE OF THE TRUST | ARTICLE 3 STRUCTURE OF THE TRUST | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Division of the Trust into Units | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Repurchase of Initial Unit | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Voting | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Consolidation and Subdivision | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Calculation of Net Asset Value of the Trust and Net Asset Value per Unit | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Calculation of Class Net Asset Value and Class Net Asset Value per Unit | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Delegation by the Manager | 18.0 |
| ARTICLE 4 NET INCOME AND NET REALIZED CAPITAL GAINS | ARTICLE 4 NET INCOME AND NET REALIZED CAPITAL GAINS | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Valuation on Distribution Date | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Computation of Net Income and Net Realized Capital Gains | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Distribution of Net Income and Net Realized Capital Gains to Unitholders | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Additional Distributions, Designations, Determinations, Allocations and Elections | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Withholding Taxes | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | Income Tax Statements | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | Qualified Electing Trust Election and Reporting | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | Tax Definitions | 21.0 |

---

(i) ---

| | | |
|:---|:---|:---|
| ARTICLE 5 SALE AND TRANSFER OF UNITS | ARTICLE 5 SALE AND TRANSFER OF UNITS | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Allotment and Issue | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | CDS Non-Certificated Inventory System and DTC Book-Entry Only System | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Transfer of Units | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Successors in Interest of Unitholders | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Units held Jointly or in Fiduciary Capacity | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Purchases for Cancellation | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Death, Bankruptcy, Insolvency or Incompetence of a Unitholder | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Death of a Unitholder | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Lost Unit Certificates | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Declaration as to Beneficial Owner | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Performance of Trusts | 24.0 |
| ARTICLE 6 REDEMPTION OF UNITS | ARTICLE 6 REDEMPTION OF UNITS | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Redemption of Units for Copper | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Manner of Payment – Copper | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Redemption of Units for Cash | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Effect of Redemption | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Joint Holders | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Suspension of Redemption Right | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Performance of Trusts | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Semiannual Limitation on Redemptions | 30.0 |
| ARTICLE 7 POWERS AND DUTIES OF THE TRUSTEE | ARTICLE 7 POWERS AND DUTIES OF THE TRUSTEE | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | General Powers | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Specific Powers | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Forwarding Materials | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Dealing with Others and Self | 33.0 |
| ARTICLE 8 POWERS AND DUTIES OF THE MANAGER | ARTICLE 8 POWERS AND DUTIES OF THE MANAGER | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Powers of the Manager | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Duties of the Manager | 34.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Portfolio Execution | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Soft Dollar Transactions | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Distributors | 40.0 |
| ARTICLE 9 INDEPENDENT REVIEW COMMITTEE | ARTICLE 9 INDEPENDENT REVIEW COMMITTEE | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Independent Review Committee | 40.0 |
| ARTICLE 10 FEES, COMPENSATION AND EXPENSES | ARTICLE 10 FEES, COMPENSATION AND EXPENSES | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Trustee's Fee | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Manager's Fee | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Technical Advisor's Fee | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Investment Manager's Fee | 42.0 |

---

(ii) ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Custodian's Fees | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Expenses of the Trust | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Right to Withhold Services Pending Payment | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Security Interest to Secure Obligations | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Claim Against Property for Amounts Owing | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Obligations of the Manager | 44.0 |
| ARTICLE 11 TRUSTEE LIABILITY AND INDEMNIFICATION | ARTICLE 11 TRUSTEE LIABILITY AND INDEMNIFICATION | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Standard of Care | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Reliance | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | General Disclaimer of Liability | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Indemnification of the Trustee | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Additional Indemnification of the Trustee | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Exception | 47.0 |
| ARTICLE 12 MANAGER LIABILITY AND INDEMNIFICATION | ARTICLE 12 MANAGER LIABILITY AND INDEMNIFICATION | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Standard of Care | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Reliance | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Engaging in Competition | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Indemnification of the Manager | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Liability for Investment Decisions | 49.0 |
| ARTICLE 13 CHANGE OF TRUSTEE | ARTICLE 13 CHANGE OF TRUSTEE | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Resignation of Trustee | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Removal of Trustee | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Appointment of Successor | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Termination Upon Failure to Appoint Successor | 50.0 |
| ARTICLE 14 TERMINATION OF THE MANAGER | ARTICLE 14 TERMINATION OF THE MANAGER | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Resignation, Insolvency or Bankruptcy of the Manager | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | Successor Manager | 51.0 |
| ARTICLE 15 CONCERNING THE UNITHOLDERS | ARTICLE 15 CONCERNING THE UNITHOLDERS | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | Liability of Unitholders | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 | Indemnification of the Trust by the Manager | 51.0 |
| ARTICLE 16 MEETINGS OF UNITHOLDERS | ARTICLE 16 MEETINGS OF UNITHOLDERS | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | Time of Meetings | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 | Place of Meeting | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 | Notice of Meeting | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 | Meetings Without Notice | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 | Quorum | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 | Chairman, Secretary and Scrutineers | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 | Persons Entitled to be Present | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 | Right to Vote | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 | Votes to Govern | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10 | Show of Hands | 53.0 |

---

(iii) ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11 | Polls | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 | Adjournment | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 | Resolutions in Writing | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14 | Record Dates | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15 | Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | Validity of Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.17 | Revocation of Proxy | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | Solicitation of Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.19 | Form of Proxy Solicitation | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.20 | Resolutions Binding | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.21 | Minutes of Meetings | 55.0 |
| ARTICLE 17 SPECIAL FUNCTIONS | ARTICLE 17 SPECIAL FUNCTIONS | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | Registrar and Transfer Agent | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 | Unit Register | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | Auditors | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 | Valuation Agent | 57.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 | Facilities | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 | Custodian of Trust Property Other Than Copper | 58.0 |
| ARTICLE 18 REPORTS AND EXECUTION OF DOCUMENTS | ARTICLE 18 REPORTS AND EXECUTION OF DOCUMENTS | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | Records | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 | Reports to Unitholders | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 | Material to be Furnished to the Trustee | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 | Documents Requiring Trustee's Consent | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 | Execution of Documents | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 | Execution of Documents by the Manager | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 | Material to be Furnished to Unitholders | 62.0 |
| ARTICLE 19 NOTICE | ARTICLE 19 NOTICE | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | Notice to Unitholders | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 | Methods of Communication | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | Deemed Delivery | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 | Telephone Directions | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 | Telephone Communications | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 | Internet | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 | Cyber Security | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 | Verification | 66.0 |
| ARTICLE 20 AMENDMENTS | ARTICLE 20 AMENDMENTS | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 | Non-Material Amendments | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 | Unitholder Approval | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 | Change of Auditors | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 | Notice of Amendment(s) | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5 | Approval of Trustee | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6 | Approval of TSX | 70.0 |

---

(iv) ---

| | | |
|:---|:---|:---|
| ARTICLE 21 TERMINATION OF THE TRUST | ARTICLE 21 TERMINATION OF THE TRUST | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 | Termination of the Trust | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 | Notice of Termination | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 | Effect of Termination | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 | Termination of Trust Agreement | 71.0 |
| ARTICLE 22 INVESTMENT POLICY | ARTICLE 22 INVESTMENT POLICY | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | Investment Objective | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | Investment Strategy | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | Investment and Operating Restrictions | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | Investment and Reinvestment by the Trust | 73.0 |
| ARTICLE 23 GENERAL | ARTICLE 23 GENERAL | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | Compliance with Law and Policy | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | Governing Law | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | Computation of Time | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 | Omissions and Errors | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 | Time | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 | Counterparts and Facsimile | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.7 | Complete Agreement | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.8 | Severability | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.9 | Inspection of Documents | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.10 | Confidentiality, Data Processing and Sharing of Information | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.11 | Electronic Imaging | 77.0 |

---

---

| | |
|:---|:---|
| Schedule A | Annual Certificate of Compliance |
| Schedule B | Interim Certificate of Compliance |
| Schedule C | Certificate of Authorized Signing Authorities |
| Schedule D | Designated Markets |
| Schedule E | Form of Cash Redemption Notice |
| Schedule F | Form of Copper Redemption Notice |

---

(v) **THIS AMENDED AND RESTATED TRUST AGREEMENT** made and entered into as of May 10, 2024

**BETWEEN:**

**Lara Misner,** an individual resident in the Province of Ontario

(hereinafter referred to as the "**Settlor**"**)**

OF THE FIRST PART

**SPROTT ASSET MANAGEMENT LP,**

a limited partnership formed under the laws of the Province of Ontario

(hereinafter referred to as the **"Manager")**

OF THE SECOND PART

- and -

**RBC INVESTOR SERVICES TRUST,**

a trust company incorporated under the federal laws of Canada

(hereinafter referred to as the **"Trustee")**

OF THE THIRD PART

**WHEREAS** Sprott Physical Copper Trust (the "**Trust**"**)** is an unincorporated investment trust established under the laws of the Province of Ontario pursuant to a trust agreement dated as of April 12, 2024 (the "**Original Trust Agreement**");

**AND WHEREAS** the Trust was formed for the purposes of investing and holding substantially all of its assets in physical copper metal, which will provide holders of units of the Trust with a convenient and exchange-traded investment alternative for investors interested in holding physical copper metal;

**AND WHEREAS** the Manager was appointed as the trustee (the "**Original Trustee**") and manager of the Trust pursuant to the Original Trust Agreement, and as such, was responsible for the management and the administration of the Trust prior to the date hereof;

**AND WHEREAS** the Manager wishes to amend and restate the Original Trust Agreement, with the effect of continuing without interruption the Trust, upon the terms and conditions set out herein, including the appointment of the Trustee as trustee of the Trust, and the Trustee is willing to replace the Original Trustee as trustee and to act as the Trustee of the Trust effective the date hereof on and subject to the terms and conditions herein contained;

**AND WHEREAS** the Trustee, the Manager and the Settlor intend that certain of the operations and affairs of the Trust shall be managed by the Manager.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the respective covenants and agreements set forth herein (the receipt and sufficiency of which are hereby acknowledged) the parties agree that the Trust Property (as hereinafter defined) shall be held and administered by the Trustee and the Manager upon the trusts, terms and conditions hereinafter set forth.

**ARTICLE 1**

**INTERPRETATION**

**1.1** **Definitions** 

In this Trust Agreement, unless there is something in the subject matter or context inconsistent therewith, the following terms have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Trustee Duties**" has the meaning
 ascribed thereto in Section 11.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" has
 the meaning ascribed thereto in the *Securities Act* (Ontario), as amended from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Annual Certificate of Compliance**" has the meaning ascribed thereto in clause 8.2(a)(xlvii) and is substantially in the
 form of Schedule A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Applicable Laws**" means,
 unless the context otherwise dictates, any applicable statute of Canada or of a province
 or territory of Canada or any applicable statute of the United States of America or of a
 state or territory of the United States of America or any applicable regulations, orders,
 instruments, policies or other laws made under statutory authority by any governmental or
 regulatory body or agency having jurisdiction over the Trust including, but not limited to,
 Securities Legislation and the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**associate**" has
 the meaning ascribed thereto in the *Securities Act* (Ontario), as amended from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Auditors**" means
 a firm of chartered accountants duly licensed and recognized to practice in the Province
 of Ontario and appointed from time to time by the Manager pursuant to the provisions of Section 17.3.
 The initial Auditors shall be KPMG LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Automated Systems**" has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Broker**" means a CDS Participant in Canada or a DTC Participant in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day on which the TSX, or any U.S. stock exchange on which the Units are
 listed, is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Cash Redemption Notice**" means a written request signed by a Unitholder for the redemption
 of Units for cash, which must be guaranteed by a Canadian chartered bank, or by a medallion
 signature guarantee from a member of a recognized Signature Medallion Guarantee Program,
 in accordance with Section 6.3, substantially in the form of Schedule E attached hereto,
 or in such other form as the Manager may from time to time in its sole discretion determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**CBCA**" means
 the *Canada Business Corporations Act,* R.S.C. 1985, c.C-44, as amended from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "**CBCA Corporation**" means a corporation incorporated under the CBCA, any of the securities of which (i) are
 or were part of a distribution to the public, (ii) remain outstanding, and (iii) are
 held by more than one Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CDS**" means CDS
 Clearing and Depository Services Inc. and includes any successor corporation or any other
 depository subsequently appointed by the Trust as a depository in respect of the Units;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**CDS Participant**" means
 a registered dealer or other financial institution in Canada that is a direct or indirect
 participant in the CDS depository service holding securities operated by or on behalf of
 CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Certificate of Authorized Signing Authorities**" has the meaning ascribed thereto in Section 11.2(a) and
 is substantially in the form of Schedule C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Class Expenses**" in respect of any particular class or series of a class of Units means the expenses
 of the Trust (including Management Fees) that are allocated only to that class or series
 of a class pursuant to this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Class Net Asset Value**" in respect of any particular class or series of a class of Units is the portion of
 the Net Asset Value of the Trust attributed to such class or series of a class determined
 in accordance with Section 3.5 and Section 3.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Class Net Asset Value per Unit**" in respect of any particular class or series of a class of Units is
 the portion of the Class Net Asset Value of the Trust attributed to each Unit of such
 class or series of a class determined in accordance with Section 3.5 and Section 3.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**CME**" means the
 Chicago Mercantile Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Code**" means
 the U.S. Internal Revenue Code of 1986, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Common Expenses**" means
 those expenses of the Trust other than Class Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Copper**" means
 physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully
 allocated and stored at a Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Copper Redemption Notice**" means a written request signed by a Unitholder for the redemption of Units for Copper,
 which must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee
 from a member of a recognized Signature Medallion Guarantee Program, as described in Section 6.1,
 substantially in the form of Schedule F attached hereto, or in such other form as the Manager
 may from time to time in its sole discretion determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Corporate Action**" means any conversion privileges, subscription rights, warrants or other rights or
 options available in connection with any securities forming part of the Trust Property, including
 those relating to the reorganization, recapitalization, takeover, consolidation, amalgamation,
 merger, liquidation, filing for or declaration of bankruptcy or plans of arrangement, of
 any corporation, association or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Counsel**" means
 any Person qualified and engaged in the practice of law in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Court**" means
 any court of competent jurisdiction in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Custodian**" means
 the custodian of the Trust Property, other than Copper, appointed pursuant to Section 17.6
 and shall include the Trustee and any sub-custodians appointed by the Trustee which from
 time to time hold the Trust Property other than Copper pursuant to this Trust Agreement or
 a separate written custodial agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cyber & IT Risk**" has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Data Vendors**" has
 the meaning ascribed thereto in Section 17.6(l);

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Depository**" means any authorized domestic or foreign depository or clearing or settlement agency
 or system, including a transnational book-based system, CDS or DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Designated Facility**" means, for any redemption of Units for Copper in accordance with
 Article 6, the Facility or Facilities where the transfer of Copper will occur, as designated
 by the Manager in accordance with Section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Designated Markets**" has the meaning ascribed thereto in Section 17.6(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Disclosure Documents**" means any (final) prospectus of the Trust filed in all provinces and territories of
 Canada and any registration statement of the Trust filed with the United States Securities
 and Exchange Commission, or similar offering documents, as may be used by the Manager or
 required by applicable Securities Legislation in connection with qualifying the distribution
 of the Units to the public, including any amendments to such offering documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Distribution Date**" has the meaning ascribed
 thereto in Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**DTC**" means The Depository Trust Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**DTC Participant**" means
 a registered broker/dealer or other financial institution in the United States that is a
 direct or indirect participant in the DTC book-entry only system and a Person through whom
 the Unitholder deals directly to initiate any transaction in Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exemptive Relief**" means the exemptive relief order of the Ontario Securities Commission granted in connection
 with the initial public offering of the Trust, as such exemptive relief order may be amended,
 modified or supplemented, including any subsequent exemptive relief order than replaces such
 order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Extraordinary Resolution**" means a resolution approved, in person or by proxy, by Unitholders holding Units representing
 in aggregate not less than 66 2/3% of the Net Asset Value of the Trust, or in the case of
 a separate vote by a particular class or series of a class of Units, 66 2/3% of the Class Net
 Asset Value, as determined in accordance with this Trust Agreement, at a duly constituted
 meeting of Unitholders, or at any adjournment thereof, called and held in accordance with
 this Trust Agreement, or a written resolution signed by Unitholders holding Units representing
 in aggregate not less than 66 2/3% of the Net Asset Value of the Trust, or in the case of
 a separate vote by a particular class or series of a class of Units, 66 2/3% of the Class Net
 Asset Value, as determined in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Facility**" means,
 subject to Section 20.1(b)(iv), a CME-approved or LME-approved storage or similar facility
 for Copper operated by a Warehouse Provider located in a Storage Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Fee Agreement**" has
 the meaning ascribed thereto in Section 10.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Financial Instruments**" has the meaning ascribed thereto in Section 22.3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Fiscal Year**" means
 the fiscal year of the Trust ending on the last day of December in each year or such
 other date as may be determined from time to time by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Grade 1 Cathode**" means
 a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the
 CME standards for classification as a Grade 1 electrolytic copper cathode;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Grade A Cathode** "
 means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies
 the LME standards for classification as Grade A copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**General Terms**" has
 the meaning ascribed thereto in Section 17.6(l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**H1 Notice Period**" means the period from April 15 up to and including the last day of April when
 the TSX is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**H2 Notice Period**" means the period from October 15 up to and including the last day of October when
 the TSX is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**IFRS**" means
 International Financial Reporting Standards as issued by the International Accounting Standards
 Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Independent Review Committee**" means the independent review committee of the Trust established pursuant to NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Initial Unit**" has the meaning ascribed thereto in Section 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Interim Certificate of Compliance**" has the meaning ascribed thereto in Section 8.2(a)(xlix) and is substantially
 in the form of Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Investment Manager**" means the Person(s) appointed by the Manager, on behalf of the Trust, from time
 to time pursuant to the provisions hereof and any portfolio management agreement, to determine,
 in its sole discretion, but subject to the Investment Policy, which securities or other assets
 (other than Copper) shall be purchased, held or sold for the Trust and to execute or cause
 the execution of purchase and sale orders in respect of such determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Investment Policy**" means the investment objective, the investment strategy, and the investment and operating
 restrictions of the Trust, as described in Article 22;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**IT**" has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**LME**" means the London Metals Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Management Agreement**" means the management agreement between the Manager and the Trust to be dated on or
 about the date hereof, as the same may be amended, restated or supplemented from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Management Fee**" has the meaning ascribed thereto in Section 10.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Manager**" means
 Sprott Asset Management LP, acting as the manager of the Trust, or any successor manager
 appointed in accordance with this Trust Agreement and subject to the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Manager Reorganization**" means any change of the Manager which occurs primarily as a result of restructuring
 corporations, limited partnerships or other entities under similar control and ownership
 and which results in no material change to the day-to-day management, administration or operation
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Minimum Physical Redemption Lot**" means the equivalent value of 100 metric tonnes of Copper;

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Net Asset Value of the Trust**" is the amount determined from time to time in accordance with Section 3.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Net Asset Value per Unit**" is the amount determined from time to time in accordance with Section 3.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PP) "**Net Change in Non-Portfolio Assets**" on a Valuation Date means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate of all income accrued by the
 Trust as of that Valuation Date, including cash dividends and distributions, interest and
 compensation since the last calculation of Class Net Asset Value or Class Net Asset
 Value per Unit, as the case may be; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Common Expenses to be accrued by the
 Trust as of that Valuation Date which have been accrued since the last calculation of Class Net
 Asset Value or Class Net Asset Value per Unit, as the case may be; plus (in the case
 of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the value of any non-portfolio
 assets or liabilities stated in any foreign currency accrued on that Valuation Date since
 the last calculation of Class Net Asset Value or Class Net Asset Value per Unit,
 as the case may be, including, without limitation, cash, accrued dividends or interest and
 any receivables or payables; plus (in the case of an increase) or minus (in the case of a
 decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other item accrued on that Valuation
 Date determined by the Manager to be relevant in determining the Net Change in Non-Portfolio
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Net Income**" has the meaning ascribed thereto in Section 4.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Net Realized Capital Gains**" has the meaning ascribed thereto in Section 4.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**NI 81-102**" means
 National Instrument 81-102 *Investment Funds,* as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**NI 81-106**" means
 National Instrument 81-106 *Investment Fund Continuous Disclosure,* as amended from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**NI 81-107**" means
 National Instrument 81-107 *Independent Review Committee for Investment Funds,* as amended
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Non-Certificated Inventory System**" means the non-certificated inventory system of recording CDS Participants
 holding securities operated by or on behalf of CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Notice Period** "
 means the H1 Notice Period or the H2 Notice Period, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Obligations**" means
 collectively all of the obligations, liabilities and indebtedness of the Trust to the Trustee
 from time to time, whether present or future, absolute or contingent, liquidated or unliquidated,
 of whatsoever nature or kind, in any currency or otherwise, including without limitation
 any unpaid fees, disbursements and expenses, and any indemnification and overdraft amounts,
 arising pursuant to this Trust Agreement and under any transaction or arrangement entered
 into in connection herewith or otherwise with or for the benefit of the Trust including,
 without limitation, any foreign exchange or similar transaction however defined and documented
 including under any ISDA Master Agreement or similar document, any securities lending transactions,
 and any administrative services provided by the Trustee in any capacity;

(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Ordinary Resolution**" means a resolution approved, in person or by proxy, by Unitholders
 holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust,
 or in the case of a separate vote by a particular class or series of a class of Units, 50%
 of the Class Net Asset Value, as determined in accordance with this Trust Agreement,
 at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held
 in accordance with this Trust Agreement, or a written resolution signed by Unitholders holding
 Units representing in aggregate not less than 50% of the Net Asset Value of the Trust, or
 in the case of a separate vote by a particular class or series of a class of Units, 50% of
 the Class Net Asset Value, as determined in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Original Trust Agreement**" means the trust agreement dated as of April 12, 2024
 between the Settlor and the Manager which established the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Original Trustee**" has the meaning set out in the Recitals hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Person**" means any individual, partnership, limited partnership, joint venture, syndicate,
 sole proprietorship, company or corporation with or without share capital, unincorporated
 association, trust, trustee, executor, administrator or other legal personal representative,
 regulatory body or agency, government or governmental agency, authority or entity however
 designated or constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**PFIC**" means a "passive foreign investment company" within the meaning of Section
 1297 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**PPSA**" means the *Personal Property Security Act* (Ontario) and any successor legislation
 thereto amended and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Proportionate Share** ", when used to describe (i) an amount to be allocated to any one class
 or series of a class of Units, means the total amount to be allocated to all classes or series
 of classes of Units multiplied by a fraction, the numerator of which is the Class Net
 Asset Value of such class or series of a class and the denominator of which is the Net Asset
 Value of the Trust at such time, and (ii) a Unitholder's interest in or share
 of any amount, means, after an allocation has been made to each class or series of a class
 of Units as provided in clause (i), that allocated amount multiplied by a fraction, the numerator
 of which is the number of Units of that class or series of a class registered in the name
 of that Unitholder and the denominator of which is the total number of Units of that class
 or series of a class then outstanding (if such Unitholder holds Units of more than one class
 or series of a class, then such calculation is made in respect of each class or series of
 a class of Units and aggregated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**QEF**" has the meaning ascribed thereto in Section 4.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Redemption Date**" means, in respect of redemption request received during the H1 Notice
 Period, the last day of May when the TSX is open for trading, or, in respect of redemption
 request received during the H2 Notice Period, the last day of November when the TSX
 is open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Register**" means the register or registers of the Trust established and maintained by the Registrar
 and Transfer Agent pursuant to Section 17.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Registrar and Transfer Agent**" means the registrar and transfer agent of the Units appointed
 by the Manager in accordance with Section 17.1. The initial Registrar and Transfer Agent
 shall be TSX Trust Company;

(7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Securities Authorities**" means the Ontario Securities Commission and equivalent securities
 regulatory authorities in each other province and territory of Canada, and, if applicable,
 the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Securities Legislation**" means the laws, regulations, rules, requirements and policies
 of the Securities Authorities which are in effect from time to time and applicable to the
 Trust including, but not limited to NI 81 - 102,
 NI 81 - 106, NI 81 - 107
 and, if applicable, the *United States Securities Act of 1933,* as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Security Interest**" has the meaning ascribed thereto in Section 10.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Settlor**" means Lara Misner, an individual resident in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**SOC** "
 has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**STA**" means the *Securities Transfer Act, 2006* (Ontario) and any successor legislation
 thereto as amended and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Storage Agreement**" means, subject to Section 20.1(b)(iv), a storage agreement
 or other type of contract or arrangement with a Facility or Facilities in connection with
 the storage of Copper which agreement, contract or arrangement adheres to industry standards
 and the Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Storage Jurisdictions**" means, subject to Section 20.1(b)(iv), Belgium, Canada,
 Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the
 United Arab Emirates and the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Sub-Custodian Guidelines**" has the meaning ascribed thereto in Section 17.6(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(sss)** "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations promulgated
 thereunder, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Technical Advisor**" means the Person(s) appointed by the Manager, on behalf of the Trust, from time
 to time pursuant to the provisions hereof and any technical advisory, consulting or other
 similar agreement, to provide advisory services to the Manager, including: (i) commercial
 services with respect to: (A) the management of the movement and storage of Copper assets
 in accordance with reasonable standard industry practice; (B) all of the Trust's
 transactions involving the purchase and sale of Copper, lending or relocation of Copper,
 and (C) other means of optimizing the Trust's portfolio value, (ii) periodic
 communication with the Manager related to current and forecasted market conditions; and (iii) reasonable
 support of the Manager's marketing efforts for the Trust. The initial Technical Advisor
 shall be WMC Energy B.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Termination Event**" has the meaning ascribed thereto in Section 14.1(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Trust**" means Sprott Physical Copper Trust, a trust established under the laws of the Province
 of Ontario and governed by this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Trust Agreement**" means this amended and restated trust agreement among the Settlor, the Manager and
 the Trustee made and entered into as of the day and year first above written, as the same
 may be further amended, restated, supplemented or replaced from time to time;

(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Trust Property**" at any time, means any and all securities, cash (including free credit balances),
 property and assets, real and personal, tangible and intangible, transferred, conveyed or
 paid to the Trust including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all funds realized from the sale of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Copper held for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all investments, sums or property of any
 type or description (other than Copper) from time to time delivered to and received by the
 Trust or held for its account as directed by the Manager and accepted by the Trustee on behalf
 of the Trust in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any proceeds of disposition of any of the
 foregoing property and assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all income, interest, profit, gains and
 accretions and additional rights arising from or accruing to such foregoing property or such
 proceeds of disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Trust's Website**" means the website established by the Manager from time to time for
 the Trust, which as of the date hereof is: https://sprott.com/investment-strategies/physical-commodity-funds/copper/;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Trustee**" means RBC Investor Services Trust, acting as the trustee of the Trust, or any successor
 trustee appointed in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**TSX**" means the Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**Underwriters**" means registered dealers that have entered into an Underwriting Agreement with the
 Manager, on behalf of the Trust, in connection with the initial public offering of the Units,
 and "**Underwriter**" means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**Underwriting Agreement**" means an agreement between the Manager, on behalf of the Trust,
 and the Underwriters to be dated on or about the date of filing the final Disclosure Documents
 with the applicable Securities Authorities relating to the initial public offering of the
 Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**Unit**" means a unit of beneficial interest, in any class or series of a class of the Trust,
 as presently constituted pursuant to Section 3.1 as the same may from time to time hereinafter
 be constituted, and collectively referred to as the "**Units** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**Unit Certificate**" means a certificate evidencing ownership by a Unitholder in such form as is approved
 by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**Unitholders**" means
 Persons whose name appears on the Register as a registered holder of one or more Units or
 fractions thereof and "**Unitholder**" means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**Valuation Agent**" means the service provider to the Trust appointed pursuant to Section 17.4
 and the Valuation Services Agreement to provide certain valuation services for the Trust.
 The initial Valuation Agent shall be RBC Investor Services Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Valuation Date**" means each Business Day, unless the Manager determines that the assets of
 the Trust should be valued less frequently, either generally or in respect of one or more
 specific instances, in which event "**Valuation Date**" shall mean such
 Business Day or Business Days as the Manager determines;

(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Valuation Services Agreement**" means the valuation services agreement between the Manager
 and the Valuation Agent to be dated on or about the date hereof, as the same may be amended,
 restated or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "**Valuation Time**" means 4:00 p.m. (Toronto time) on a Valuation Date or such other
 time on a Valuation Date as the Manager deems appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "**Voting Materials**" means all proxies, proxy solicitation materials and other communications received
 by the Manager relating to the securities forming part of the Trust Property that call for
 voting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "**Warehouse Providers**" means, subject to Section 20.1(b)(iv), Access World, C. Steinweg
 Handelsveem and P Global Services, and/or each of their respective subsidiaries, affiliates
 or successors.

**1.2 Article and Section Headings**

Article and section headings have been inserted for convenience only and are not to affect the construction or interpretation of this Trust Agreement.

**1.3 Statute References**

In this Trust Agreement, any reference herein to a statute, rule, regulation, policy statement, ruling, notice, order or other instrument promulgated thereunder or provision therein shall be deemed to be a reference to such statute, rule, regulation, policy statement, ruling, notice, order or other instrument promulgated thereunder or provision therein as amended, re-enacted or replaced from time to time and references to specific parts, paragraphs or sections thereof shall include all amendments, re-enactments or replacements thereof.

**1.4 Business Day**

Unless otherwise specified, if under this Trust Agreement any payment or calculation is to be made, or any other action is to be taken, on or as of a day which is not a Business Day, that payment or calculation is to be made, and that other action is to be taken, as applicable, on or as of the next day that is a Business Day.

**1.5 Number, Gender**

Unless elsewhere otherwise expressly provided in this Trust Agreement or unless the context otherwise requires, words importing the singular include the plural and vice versa, and words importing the masculine gender include the feminine and neuter gender.

**1.6 References to "Agreement" etc.**

Unless otherwise specified, references in this Trust Agreement to sections and schedules are to sections of, and schedules to, this Trust Agreement. References in this Trust Agreement to "Agreement", "herein", "hereafter", "hereby", "hereto", "hereof" and "hereunder" and similar expressions shall be deemed to refer to this Trust Agreement and shall not be limited to the particular article or section in which such words appear.

**1.7 Time of Day**

Unless otherwise specified, references to time of day or date mean the local time or date in the City of Toronto, Province of Ontario, Canada.

(10) **1.8 Currency**

Unless otherwise specified herein or where required by Applicable Laws, all references herein to currency shall be references to currency of the United States of America.

**1.9 Exercise of Discretion**

**ARTICLE 2**

**ESTABLISHMENT OF THE TRUST**

**2.1 Establishment of the Trust**

The Manager, as Original Trustee, confirms that to constitute and settle the Trust the Settlor gave to the Original Trustee the sum of Ten Dollars ($10.00) and thereby established the Trust for the benefit of the holders of its Units from time to time, and the Settlor was issued one Unit (the "**Initial Unit**").

**2.2 Appointment of the Trustee**

The Trustee agrees to act as the trustee of the assets, monies and investments from time to time of the Trust and shall hold the same upon and subject to the provisions of this Trust Agreement, and the Manager hereby resigns as trustee of the Trust.

**2.3 Constituency of the Trust**

The Trust shall, in addition to those assets already under administration, consist of monies from time to time delivered to the Trustee for investment and such investments and other assets as may from time to time be acquired by the Trustee through the application of such monies, together with accretions thereto, less amounts paid out by the Trustee from time to time in accordance herewith.

**2.4 Name of the Trust**

The Trust governed by this Trust Agreement shall be known as the "Sprott Physical Copper Trust" or such other name as the Manager may from time to time designate and the Trust may at any time adopt a French version of its name at the sole discretion of the Manager. Any mention of the name of the Trust herein shall refer to both the English and, if applicable, French forms of the name of the Trust, and insofar as may be practical, legal and convenient, the affairs of the Trust shall be conducted and transacted under that name, it being the intention that such name shall refer to the Trust and shall not refer to the Trustee or to the Unitholders.

**2.5 Head Office; Situs**

The head office and the principal office and situs of the administration of the Trust shall be in Toronto, Ontario, Canada at the address of the Manager or at such other location as shall be designated by the Manager, but may only be changed to another location in Ontario designated by the Manager.

(11) **2.6 Purpose of the Trust**

The Trust will, for the benefit of its Unitholders, engage in making investments in accordance with the Investment Policy set out in Article 22. Some or all of the Trust's assets may from time to time be invested in cash and interest-bearing accounts, short-term government debt or short-term investment grade corporate debt for working capital purposes as the Manager may deem prudent in the circumstances. The undertaking of the Trust shall include all things necessary or advisable to give effect to the Trust's Investment Policy.

**2.7 Investment by the Trust**

The Trustee shall from time to time settle any or all of the investments of the Trust (other than Copper) and reinvest the proceeds thereof or exchange any or all of such investments of the Trust for other investments, always only in accordance with the direction of the Manager, a duly appointed Technical Advisor or a duly appointed Investment Manager. The Trust, the Trustee, the Manager or any Investment Manager shall not, in carrying out investment activities, be in any way restricted by the provisions of the laws of any jurisdiction limiting or purporting to limit investments which may be made by trustees (and in particular shall not be limited by sections 27 and 27.1 of the *Trustee Act* (Ontario)), but shall be limited by the Investment Policy contained herein and Applicable Laws to which the Trust is subject. It shall be the responsibility of the Manager to ensure that all investments of the Trust Property held by the Trustee and at the Facilities are made in such a way as to comply with any statement made in any current Disclosure Documents or like offering document of the Trust as to the Investment Policy applicable to the Trust and so as to comply with this Trust Agreement and Applicable Laws.

**2.8 Nature of the Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An interest in the Trust is represented
 by Units. The Trust, its Units and its property shall be governed by the general law of trusts,
 except as such general law of trusts has been or is from time to time modified, altered or
 abridged for unit trusts and for the Trust by Applicable Laws of Canada or requirements imposed
 by applicable Securities Authorities of Canada or other Canadian regulatory authorities or
 by the terms, conditions and trusts set forth in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 2.9
 with respect to the U.S. federal income tax classification of the Trust, the Trust is not,
 is not intended to be, shall not be deemed to be, and shall not be treated as, a general
 partnership, limited partnership, syndicate, association, joint venture, agency, corporation
 or joint stock company nor shall the Trustee or the Unitholders or any of them for any purpose
 be, or be deemed to be, treated in any way whatsoever to be liable or responsible hereunder
 as partners or joint ventures. The Unitholders shall be beneficiaries and their relationship
 to the Trustee shall be solely in that capacity in accordance with the rights conferred and
 obligations imposed upon them hereunder. The Trustee shall not be, or be deemed to be, the
 agent of the Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The beneficial interest of a Unitholder
 shall be limited to the right to participate in distributions when and as declared by the
 Manager as contemplated by Article 4, and distributions upon the termination of the
 Trust as contemplated in Article 21. The ownership of the Trust Property is vested in
 the Trustee and the right to conduct the affairs of the Trust is vested in the Trustee, the
 Manager, and, to the extent delegated by the Manager, a Technical Advisor, in each case,
 subject to the provisions of this Trust Agreement and the Management Agreement and the Unitholders
 shall have no interest in the assets of the Trust or right to intervene in the conduct of
 the affairs of the Trust except as expressly provided herein. In purchasing Units, a Unitholder
 assumes no personal liability whatsoever to any Person in connection with the assets or affairs
 of the Trust. In the event a Unitholder should be required to satisfy any obligation of the
 Trust, such Unitholder shall be entitled to reimbursement from any available assets of the
 Trust in accordance with Section 15.1.

(12) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to April 11, 2045, the Trust
 shall take such steps as necessary or advisable so that the Trust may qualify as a "unit
 trust" for purposes of the Tax Act, as determined by the Manager in its discretion.

**2.9 U.S. Federal Income Tax Classification**

The Manager, on behalf of the Trust, shall file an affirmative election with the U.S. Internal Revenue Service under U.S. Treasury Regulations Section 301.7701-3 for the Trust to be classified as an association taxable as a corporation for U.S. federal income tax purposes. Such election shall be filed before the Trust's initial public offering of its Units and shall be effective as of the date of establishment of the Trust. The Manager, on behalf of the Trust, shall not take any action inconsistent with the treatment of the Trust as an association taxable as a corporation for U.S. federal income tax purposes and shall not elect to treat the Trust as an entity other than as an association taxable as a corporation for such purposes.

**2.10 Term**

This Trust Agreement shall continue in full force and effect unless otherwise terminated in accordance with its provisions.

**ARTICLE 3**

**STRUCTURE OF THE TRUST**

**3.1 Division of the Trust into Units**

Subject to Article 20, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of Units and into one or more series of each such class of Units, the attributes that shall attach to each class or series of Units and whether any class or series of Units should be redesignated as a different class or series of Units from time to time. The class or classes of Units and the series of each such class of Units created and authorized for the Trust, including any redesignation of any class or any series of a class of Units, shall be as shown from time to time in the Register kept for the Trust. Until changed in accordance with this Trust Agreement, the beneficial interests in the Trust shall be divided into interests described and designated as "Units", which shall be entitled to the rights and subject to the limitations, restrictions and conditions set out herein and each class or series of a class of Units shall have the following attributes, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Unit shall be without nominal or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each whole Unit of a particular class
 or a series of a class shall entitle the holder thereof to one vote at all meetings of Unitholders
 or in respect of any written resolution of Unitholders where all classes and series of Units
 vote together and to one vote at all meetings of Unitholders or in respect of any written
 resolution of Unitholders where that particular class or series of a class of Units votes
 separately as a class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Unit of a particular class or series
 of a class shall entitle the holder thereof to participate pro rata, in accordance with the
 provisions hereof, with respect to all distributions made to that class or series of a class
 and, upon liquidation of the Trust, to participate pro rata with other Unitholders of that
 same class or series of a class in the Net Asset Value of the Trust remaining after the satisfaction
 of outstanding liabilities of the Trust and the class or series of a class as provided in
 Article 21;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) distributions shall be allocated among
 the classes or series of a class of Units in such manner as the Manager considers appropriate
 and equitable and in accordance with the specific attributes of such classes or series of
 a class of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there shall be no pre-emptive rights attaching to the Units;

(13) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there shall be no cancellation or surrender
 provisions attaching to the Units except as set out herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) once the Net Asset Value per Unit for
 the applicable class or series of a class, determined in accordance with Section 3.6,
 at the time of issuance has been paid, there shall be no liability for future calls or assessments
 with respect to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Units shall be transferable, but only
 as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Unit shall carry a right to require
 the Trust to redeem the Unit as provided for and subject to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject to limitations and requirements
 determined from time to time by the Manager and disclosed in the Disclosure Documents, each
 Unit of a particular class or series of a class of the Trust may be redesignated by the Manager
 as a Unit of another class or series of the Trust based on the respective Net Asset Value
 per Unit for each such class or series of Units on the date of the redesignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the number of Units and the classes and
 series of Units of the Trust that may be issued is unlimited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) fractional Units of a class or series
 of a class may be issued and shall be proportionately entitled to all the same rights as
 whole Units of that same class or series, except voting rights (however fractional Units
 held by a single Unitholder may be combined).

Each class and series of a class of Units shall also have the features and characteristics disclosed from time to time in the Disclosure Documents or such other offering documents of the Trust. The Trustee and the Manager may be Unitholders.

**3.2 Repurchase of Initial Unit**

Commencing with the completion of the first issuance of Units (other than the Initial Unit), the Trust will purchase and the Settlor will sell the Initial Unit for a purchase price of $10.00. Upon completion of such purchase and sale, the Initial Unit will be cancelled and will no longer be outstanding for any of the purposes of this Trust Agreement.

**3.3 Voting**

Subject to Section 3.1, each Unitholder shall be entitled to one vote for each whole Unit held by such Unitholder.

**3.4 Consolidation and Subdivision**

Units may be consolidated or subdivided by the Manager upon the Manager giving at least 21 days' prior written notice to the Trustee and to each Unitholder of its intention to do so. Notwithstanding the foregoing, Units may be consolidated without notice to Unitholders in connection with a distribution to Unitholders pursuant to Section 4.3.

(14) **3.5 Calculation of Net Asset Value of the Trust and Net Asset Value per Unit**

The calculation of the Net Asset Value of the Trust shall be the responsibility of the Manager, who may consult with the Valuation Agent, any Investment Manager, any Technical Advisor, the Facilities, the Custodian and/or the Auditors. The Net Asset Value of the Trust shall be determined for the purposes of subscriptions as at the Valuation Time on each Valuation Date in United States dollars. The Net Asset Value of the Trust determined on the last Valuation Date of each year shall include all income, Common Expenses, Class Expenses or any other items to be accrued to December 31st of each year and since the last calculation of the Net Asset Value per Unit or the Class Net Asset Value per Unit for the purpose of the distribution of Net Income and Net Realized Capital Gains of the Trust to Unitholders. The "**Net Asset Value of the Trust**" as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the fair value of the liabilities of the Trust as of such Valuation Date. The "**Net Asset Value per Unit**" shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets of the Trust
 shall be deemed to include the following property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Copper owned by or contracted for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all cash on hand or on deposit, including
 any interest accrued thereon adjusted for accruals deriving from trades executed but not
 yet settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all bills, notes and accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all interest accrued on any interest-bearing
 securities owned by the Trust other than interest, the payment of which is in default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) prepaid expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of
 the assets of the Trust shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the value of Copper shall be its market
 value based on the prices of such Copper provided by a widely recognized pricing service
 or an average of such services (the "**Pricing Services**") as directed
 by the Manager or a Technical Advisor and, if such service is not available, such Copper
 shall be valued at prices provided by another pricing service as determined by the Manager
 or a Technical Advisor in consultation with the Valuation Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the value of any cash on hand or on deposit,
 bills, demand notes, accounts receivable, prepaid expenses, and interest accrued and not
 yet received, shall be deemed to be the full amount thereof unless the Manager shall have
 determined that any such deposit, bill, demand note, account receivable, prepaid expense
 or interest is not worth the full amount thereof, in which event the value thereof shall
 be deemed to be such value as the Manager shall determine to be the fair value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) short-term investments including notes
 and money market instruments shall be valued at cost plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the value of any security or other property
 for which no price quotations are available or, in the opinion of the Manager, to which the
 above valuation principles cannot or should not be applied, shall be the fair value thereof
 determined from time to time in such manner as the Manager shall from time to time provide;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the value of all assets and liabilities
 of the Trust valued in terms of a currency other than the currency used to calculate the
 Net Asset Value of the Trust shall be converted to the currency used to calculate the Net
 Asset Value of the Trust by applying the rate of exchange obtained from the best available
 sources to the Valuation Agent as agreed upon by the Manager including, but not limited to,
 the Trustee or any of its Affiliates.

(15) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The liabilities of the Trust shall be
 calculated on a fair value basis and shall be deemed to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all bills, notes and accounts payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees (including Management Fees) and
 administrative and operating expenses and applicable taxes payable and/or accrued by the
 Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all contractual obligations for the payment
 of money or property, including distributions of Net Income and Net Realized Capital Gains,
 if any, declared, accrued or credited to the Unitholders but not yet paid on the day before
 the Valuation Date as of which the Net Asset Value of the Trust is being determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all allowances authorized or approved by
 the Manager or the Trustee for taxes or contingencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other liabilities of the Trust of whatsoever
 kind and nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of determining the market
 value of any security or property pursuant to Section 3.5(b) to which, in the opinion
 of the Valuation Agent in consultation with the Manager, the above valuation principles cannot
 be applied (because no price or yield equivalent quotations are available as provided above,
 or the current pricing option is not appropriate, or for any other reason), shall be the
 fair value as determined in such manner by the Valuation Agent in consultation with the Manager
 and generally adopted by the marketplace from time to time, provided that any change to the
 standard pricing principles as set out above shall require prior consultation and written
 agreement with the Manager. For greater certainty, fair valuing an investment comprising
 the Trust Property may be appropriate if: (i) market quotations do not accurately reflect
 the fair value of an investment; (ii) an investment's value has been materially affected
 by events occurring after the close of the exchange or market on which the investment is
 principally traded; (iii) a trading halt closes an exchange or market early; or (iv) other
 events result in an exchange or market delaying its normal close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of determining the value
 of Copper, the Manager shall rely solely on the Pricing Services. The Manager, any Technical
 Advisor, the Trustee or the Valuation Agent shall not be required to make any investigation
 or inquiry as to the accuracy or validity of such Pricing Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio transactions
 (investment purchases and sales) will be reflected in the first computation of the Net Asset
 Value of the Trust made after the date on which the transaction becomes binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Net Asset Value
 of the Trust and Net Asset Value per Unit on the first Business Day following a Valuation
 Date shall be deemed to be equal to the Net Asset Value of the Trust (or the Net Asset Value
 per Unit, as the case may be) on such Valuation Date after payment of all fees and applicable
 taxes, including Management Fees, and after processing of all subscriptions of Units in respect
 of such Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Net Asset Value
 of the Trust and the Net Asset Value per Unit determined by the Manager in accordance with
 the provisions of this section shall be conclusive and binding on all Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager, any Technical
 Advisor and any Investment Manager may determine such other rules, not in conflict with this
 Section 3.5, regarding the calculation of the Net Asset Value of the Trust and the Net
 Asset Value per Unit which they deem necessary from time to time, which rules may deviate
 from IFRS.

(16) **3.6 Calculation of Class Net Asset Value and Class Net Asset Value per Unit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Net Asset Value for a particular class
 or series of a class of Units (the "**Class Net Asset Value**") as
 at the Valuation Time on a Valuation Date shall be determined for the purposes of subscriptions
 in accordance with the following calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class Net Asset Value last calculated for that class or series
 of a class; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the increase in the assets attributable
 to that class or series of a class as a result of the issue of Units of that class or series
 of a class or the redesignation of Units into that class or series of a class since the last
 calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the decrease in the assets attributable
 to that class or series of a class as a result of the redesignation of Units out of that
 class or series of a class since the last calculation; plus (in the case of an increase)
 or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Proportionate Share of the Net Change
 in Non-Portfolio Assets attributable to that class or series of a class since the last calculation;
 plus (in the case of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Proportionate Share of market appreciation
 or depreciation of the portfolio assets attributable to that class or series of a class since
 the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Proportionate Share of the Common Expenses
 and applicable taxes allocated to that class or series of a class since the last calculation;
 minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Class Expenses and applicable
 taxes allocated to that class or series of a class since the last calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Unit of a class or series of a class
 being issued or a Unit that has been redesignated as a part of that class or series of a
 class shall be deemed to become outstanding as of the next calculation of the applicable
 Class Net Asset Value immediately following the Valuation Date at which the applicable
 Class Net Asset Value per Unit that is the issue price or redesignation basis of such
 Unit is determined and the issue price received or receivable for the issuance of the Unit
 shall then be deemed to be an asset of the Trust attributable to the applicable class or
 series of a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Unit of a class or series of a class
 that has been redesignated as no longer being a part of that class or series of a class shall
 be deemed to remain outstanding as part of that class or series of a class until immediately
 following the Valuation Date as of which the applicable Class Net Asset Value per Unit
 that is the redesignation basis of such Unit is determined; thereafter, the Unit which has
 been redesignated will be deemed to be outstanding as a part of the class or series of a
 class into which it has been redesignated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On any Valuation Date that a distribution
 is paid to Unitholders of a class or series of a class, a second Class Net Asset Value
 shall be calculated for that class or series of a class, which shall be equal to the first
 Class Net Asset Value calculated on that Valuation Date minus the amount of the distribution.
 For greater certainty, the second Class Net Asset Value shall be used for determining
 the Class Net Asset Value per Unit on such Valuation Date for purposes of determining
 the issue price for Units on such Valuation Date, as well as the redesignation basis for
 Units being redesignated into or out of such class or series of a class, and Units redesignated
 out of that class or series of a class as at such Valuation Date shall participate in such
 distribution while Units subscribed for or redesignated into such class or series of a class
 as at such Valuation Date shall not.

(17) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class Net Asset Value per Unit
 of a particular class or series of a class of Units as at any Valuation Date is the quotient
 obtained by dividing the applicable Class Net Asset Value as at such Valuation Date
 by the total number of Units of that class or series of a class outstanding at such Valuation
 Date. This calculation shall be made without taking into account any issuance or redesignation
 of Units of that class or series of a class to be processed by the Trust immediately after
 the Valuation Time of such calculation on that Valuation Date. The Class Net Asset Value
 per Unit for each class or series of a class of Units for the purpose of the issue of Units
 shall be calculated on each Valuation Date by or under the authority of the Manager as at
 the Valuation Time on every Valuation Date as shall be fixed from time to time by the Manager
 and the Class Net Asset Value per Unit so determined for each class or series of a class
 shall remain in effect until the Valuation Time as of which the Class Net Asset Value
 per Unit for that class or series of a class is next determined.

**3.7 Delegation by the Manager**

The Manager shall be entitled to delegate any of its powers and obligations with respect to determining the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units to a service provider including, but not limited to, the Valuation Agent or any of its Affiliates, by entering into the Valuation Services Agreement relating to, among other things, the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units as at the Valuation Time on each Valuation Date. For greater certainty, the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units as at the Valuation Time on each Valuation Date pursuant to this Article 3 is for the purposes of determining subscription prices of Units and not for the purposes of accounting in accordance with IFRS.

**ARTICLE 4**

**NET INCOME AND NET REALIZED CAPITAL GAINS**

**4.1 Valuation on Distribution Date**

As at the Valuation Time on the last Valuation Date in each taxation year or such other date as the Manager may, in its sole discretion, determine (a "**Distribution Date**"), the Manager shall, in the manner hereinafter provided, determine the amount of the Net Income and the Net Realized Capital Gains of the Trust for the period since the immediately preceding Distribution Date (or in the case of the first Distribution Date, from the inception date of the Trust).

**4.2 Computation of Net Income and Net Realized Capital Gains**

The Net Income and the Net Realized Capital Gains of the Trust shall be computed as of the Valuation Time on each Distribution Date in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Net Income**" for
 any taxation year of the Trust shall be the net income for the year determined pursuant to
 the provisions of the Tax Act having regard to the provisions thereof that relate to the
 calculation of income of a trust, other than Section 104(6), and taking into account
 such adjustments thereto as are determined by the Manager; provided, however, that capital
 gains and capital losses shall be excluded from the computation of net income.

(18) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Net Realized Capital Gains**" of the Trust for any taxation year of the Trust shall be determined as the amount,
 if any, by which the aggregate of the capital gains of the Trust in the taxation year exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate of the capital losses of the Trust in the taxation year;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount determined by the Manager in
 respect of any unapplied net capital losses or non-capital losses for prior taxation years
 which the Trust is permitted by the Tax Act to deduct in computing the taxable income of
 the Trust for the applicable taxation year and provided that, in the sole discretion of the
 Manager, the Net Realized Capital Gains of the Trust for a taxation year may be calculated
 without subtracting the full amount of the net capital losses or any non-capital losses of
 the Trust carried forward from previous taxation years.

**4.3 Distribution of Net Income and Net Realized Capital Gains to Unitholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing with its first taxation year,
 anticipated to end on December 31, 2024, the Manager intends to cause the Trust to make
 distributions to Unitholders of Net Income, if any, for each taxation year calculated in
 accordance with Section 4.2. Commencing with its first taxation year, anticipated to
 end on December 31, 2024, the Manager also intends to cause the Trust to make distributions
 to Unitholders of Net Realized Capital Gains, if any, for each taxation year as determined
 in accordance with Section 4.2. If the Trust qualifies as a mutual fund trust as defined
 in the Tax Act throughout a taxation year, the amount of Net Realized Capital Gains to be
 distributed to Unitholders for such year shall be reduced to take into account the Trust's
 entitlement to a capital gains refund, if any. All such distributions to Unitholders, including
 the amount of Net Income and Net Realized Capital Gains, as applicable, payable to each Unitholder,
 are in the discretion of the Trustee, acting on the direction of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Having regard to the present intention
 of the Manager to allocate, distribute and make payable to Unitholders all Net Income and
 Net Realized Capital Gains for each taxation year so that the Trust will not have any liability
 for tax under Part I of the Tax Act in any taxation year (other than alternative minimum
 tax), it is the intention of the Manager that the total amount due and payable pursuant to
 this Section 4.3 on the last Distribution Date in any year shall not be less than the
 amount necessary to ensure that the Trust will not be liable for income tax under Part I
 of the Tax Act for such year (other than alternative minimum tax) after taking into account
 the Trust's entitlement to a capital gains refund, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager may direct that such distribution
 or payment shall be due and payable by the Trust in cash or in additional Units. Where distributions
 are payable in additional Units, the Registrar and Transfer Agent, acting on the direction
 of the Manager, may round up or round down the number of Units in order to avoid the Trust
 issuing fractional Units. Any additional Units that are issued in this manner shall be of
 the same class or series of a class at a price equal to the Net Asset Value per Unit as at
 the Valuation Time on the applicable Distribution Date and the Units shall be immediately
 consolidated so that the number of outstanding Units following the distribution shall equal
 the number of Units outstanding prior to the distribution, and the Manager is hereby irrevocably
 constituted attorney for each Unitholder to so apply such distributions on behalf of each
 Unitholder on the relevant Distribution Date. Notwithstanding the foregoing, where Canadian
 tax is required to be withheld in respect of a Unitholder's share of a distribution paid
 in Units, the consolidation will result in such Unitholder holding that number of Units equal
 to the product of (i) the sum of the number of Units held by such Unitholder prior to
 the distribution and the number of Units received by such Unitholder in connection with the
 distribution (net of the total of the number of whole or fractional Units withheld by the
 Trust to satisfy the Trust's withholding obligations and the number of whole or fractional
 Units withheld pursuant to Section 4.5 on account of the reasonable expenses incurred
 in respect of the sale of such Units withheld on account of withholding taxes), and (ii) a
 quotient, the numerator of which is the aggregate number of Units outstanding prior to the
 distribution, and the denominator of which is the aggregate number of Units that would be
 outstanding following distribution and before the consolidation if no withholding were required
 in respect of any part of the distribution payable to any Unitholders. Such Unitholder will
 be required to surrender the Unit Certificates, if any, representing such Unitholder's original
 Units in exchange for a Unit Certificate representing such Unitholder's post-consolidation
 Units.

(19) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions, if any, of Net Income or
 Net Realized Capital Gains will be made to Unitholders who were Unitholders of record as
 of 5:00 p.m. (Toronto time) on the last Business Day prior to any relevant Distribution
 Date. The amounts to be paid to a Unitholder shall be the amount of Net Income or Net Realized
 Capital Gains determined as described in Section 4.2 divided by the total number of
 Units outstanding on the Distribution Date multiplied by the number of Units held by such
 Unitholder on the applicable Distribution Date and the Unitholder shall have the right to
 enforce payment thereof on the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All distributions, if declared and paid,
 shall be converted into and, if a cash distribution, paid in United States currency.

**4.4 Additional Distributions, Designations, Determinations, Allocations and Elections**

In addition to any distributions made to Unitholders as described under Section 4.3, on the direction of the Manager, the Trust shall at such times and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per Unit, payable at such time or times and to Unitholders of record on such Distribution Date, as from time to time may be determined by the Manager, and also make such designations, determinations, allocations and elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to Unitholders and of expenses incurred by the Trust and of tax deductions of which the Trust may be entitled, as the Manager may, in its sole discretion, determine.

**4.5 Withholding Taxes**

The Manager shall deduct or withhold from distributions payable to any Unitholder all amounts required by Applicable Law to be withheld from such distributions, whether such distributions are in the form of cash, additional Units or otherwise. In the event of a distribution in the form of additional Units, subject to applicable Securities Legislation, the Manager may sell Units of such Unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of such sale and the Manager shall have the power of attorney of such Unitholder to do so. Any such sale shall be made in compliance with applicable Securities Legislation on any stock exchange on which the Units are then listed and upon such sale, the affected Unitholder shall cease to be the holder of such Units. In the event that the net proceeds of any such sale of a Unitholder's Units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager shall remit such excess to the Unitholder.

**4.6 Income Tax Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before March 31 in each year,
 or in the case of a leap year on or before March 30 in such year, if applicable, or
 as otherwise required by the Tax Act, the Manager shall prepare and deliver or make available
 electronically, or cause to be prepared and delivered or made available electronically, to
 Unitholders information pertaining to the Trust, including all distributions, designations,
 determinations, allocations and elections, which is required or permitted by the Tax Act
 or which is necessary to permit Unitholders to complete their individual income tax returns
 for the preceding year. For greater certainty, the Manager may fulfill its obligations under
 this Section 4.6(a) by making or causing to be made available electronically via
 CDS all such information to the CDS Participants who hold Units on behalf of Unitholders.

(20) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is the Manager's intention to claim
 the maximum amount of deduction available to the Trust under paragraph 104(6)(b) of
 the Tax Act for each relevant taxation year of the Trust. In the event that amounts that
 were allocated, distributed or paid to Unitholders as capital gains or as non-taxable payments
 are, for any reason, subsequently determined (including as a result of an assessment or reassessment
 by any taxation authorities) to have been fully includible in the taxable income of the Trust
 for the relevant taxation year, then the Manager shall have the discretion to increase its
 claim under paragraph 104(6)(b) of the Tax Act for that taxation year, which shall include
 the discretion to issue new or amended tax reporting slips to the relevant Unitholders or
 former Unitholders and to declare that all or part of such amounts shall be retroactively
 deemed to have been allocated, distributed and paid to Unitholders out of the income of the
 Trust.

**4.7 Qualified Electing Trust Election and Reporting**

Within 60 days from the end of each taxable year of the Trust, the Manager shall provide or cause to be provided to Unitholders all information necessary to enable Unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust as a "qualified electing fund" within the meaning of Section 1295 of the Code (a "**QEF**") for U.S. federal income tax purposes and to comply with any reporting or other requirements incident to such election including, but not limited to, providing or causing to be provided to Unitholders or beneficial owners of Units, as applicable, a completed "PFIC Annual Information Statement" as required by U.S. Treasury Regulations Section 1.1295-1(g). The Manager shall comply and cause the Trust to comply with all applicable requirements of the U.S. Treasury Regulations necessary to enable Unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust as a QEF.

**4.8 Tax Definitions**

Unless the context otherwise requires, any term in this Article 4 which is defined for the purposes of the Tax Act shall have for the purposes of this Article 4 the meaning that it has for the purposes of the Tax Act, including, for the avoidance of doubt, the term "taxation year".

**ARTICLE 5**

**SALE AND TRANSFER OF UNITS**

**5.1 Allotment and Issue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within the limitations of this Article 5,
 the Registrar and Transfer Agent, on the direction of the Manager, shall allot and issue
 Units at such time or times at such price and in such manner, and to such Person or Persons
 as the Manager in its sole discretion shall determine, having regard to such matters as would
 be considered by the board of directors of a CBCA Corporation when issuing shares in comparable
 circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 5.1(a), the
 Trust's initial public offering of Units shall be made at a price of US$10.00 per Unit. The
 Manager shall not direct the Registrar and Transfer Agent to allot and issue Units of the
 same class subsequent to the Trust's initial public offering, except: (i) if the net
 proceeds per Unit to be received by the Trust are not less than 100% of the most recently
 calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of
 such issuance; or (ii) by way of Unit distribution in connection with a distribution.
 Immediately after a pro rata distribution of Units to all Unitholders in satisfaction of
 any non-cash distribution, the number of outstanding Units will be consolidated as described
 in Section 4.3 such that each Unitholder will hold, after the consolidation, the same
 number of Units as the Unitholder held before the non-cash distribution, subject to any reduction
 contemplated in Section 4.5 where withholding is required. Subject to the foregoing,
 the Trust may also allot and issue additional classes of Units or series of Units within
 each class at such time or times, and in such manner, as the Manager in its sole discretion
 shall determine.

(21) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to Section 2.1, the Initial
 Unit was issued to the Settlor as fully paid in respect of the initial contribution to the
 Trust by the Settlor in order to settle the Trust as a trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subscriptions for Units to be issued in
 any offering subsequent to the Trust's initial public offering will be subject to rejection
 or allotment by the Manager in whole or in part. If the Manager has not approved the subscription,
 the Manager shall so advise the subscriber within two days of the receipt of the subscription
 and forthwith return to the subscriber the amount tendered by the subscriber with his, her
 or its subscription without interest.

**5.2 CDS Non-Certificated Inventory System and DTC Book-Entry Only System**

It is anticipated that CDS will record the CDS Participants who hold Units on behalf of Unitholders and any sale or transfer of such Units in accordance with the Non-Certificated Inventory System. The record of CDS will reflect the books and records maintained by the Trust in respect of all Units purchased or transferred through the Non-Certificated Inventory System by CDS Participants. By acquiring Units, each Unitholder acknowledges and agrees that there may be time delays in the recording of information by CDS in the Non-Certificated Inventory System and the recording of information in the books and records of the Trust. However, the Registrar and Transfer Agent will ensure that, as at the last day of December for each year that the Trust is in existence, the books and records of the Trust are accurate and complete and that the record maintained by CDS reflects the books and records of the Trust maintained in respect of Units purchased or transferred through the Non-Certificated Inventory System by CDS Participants. If CDS notifies CDS Participants that it is unwilling or unable to continue in connection with the Non-Certificated Inventory System in respect of the Trust, or if at any time CDS or its successor ceases to be a clearing agency or otherwise ceases to be eligible as a depository, or if at any time the Manager determines in its sole discretion to withdraw the Units from the Non-Certificated Inventory System, Unit Certificates will be issued to Unitholders in the amounts of their respective holdings of Units as of the effective date of such termination unless the applicable CDS Participants make alternative arrangements.

It is anticipated that DTC will record the DTC Participants who hold Units on behalf of Unitholders and any sale or transfer of such Units in accordance with the book-entry only system. The record of DTC will reflect the books and records maintained by the Trust in respect of all Units purchased or transferred through the book-entry only system by DTC Participants. By acquiring Units, each Unitholder acknowledges and agrees that there may be time delays in the recording of information by DTC in the book-entry only system and the recording of information in the books and records of the Trust. However, the Registrar and Transfer Agent will ensure that, as at the last day of December for each year that the Trust is in existence, the books and records of the Trust are accurate and complete and that the record maintained by DTC reflects the books and records of the Trust maintained in respect of Units purchased or transferred through the book-entry only system by DTC Participants. If DTC notifies DTC Participants that it is unwilling or unable to continue in connection with the book-entry only system in respect of the Trust, or if at any time DTC or its successor ceases to be a clearing agency or otherwise ceases to be eligible as a depository, or if at any time the Manager determines in its sole discretion to withdraw the Units from the book-entry only system, Unit Certificates will be issued to Unitholders in the amounts of their respective holdings of Units as of the effective date of such termination unless the applicable DTC Participants make alternative arrangements.

**5.3 Transfer of Units**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units shall be, for all purposes of the
 Trust and this Trust Agreement, personal and moveable property, and subject to Section 5.2
 and Section 5.3(b) shall be transferable at any time and from time to time by endorsement
 and delivery of such evidence or instrument of transfer as the Manager or the Registrar and
 Transfer Agent may accept. If Unit Certificates are issued to Unitholders, transfers shall
 be recorded on the Register and shall only become effective when so recorded.

(22) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Units are freely transferable and
 the Manager shall not impose any restriction on the transfer of Units unless such restriction
 is necessary, in the opinion of Counsel to the Trust, as a condition to obtain, maintain
 or renew any licences, rights, status or powers pursuant to any other Applicable Laws or
 comply with Securities Legislation. If any such restriction is or becomes necessary, the
 Manager shall have the power to restrict the transfer of Units on the books of the Trust
 and shall promptly direct the Registrar and Transfer Agent, with notice to the Trustee.

**5.4 Successors in Interest of Unitholders**

Any Person becoming entitled to any Units as a consequence of the death, bankruptcy, insolvency or incompetence of any Unitholder, or otherwise by operation of law, shall be recorded as the holder of such Units in the Register maintained in accordance with Section 17.2, upon production of evidence thereof, satisfactory to the Registrar and Transfer Agent in accordance with Section 5.7, but until such record is made, the Unitholder of record shall continue to be and be deemed to be the legal and beneficial holder of such Units for all purposes whether or not the Trust, the Manager, or the Registrar and Transfer Agent shall have actual or other notice of such death, bankruptcy, insolvency, incompetence or other event.

**5.5 Units held Jointly or in Fiduciary Capacity**

The Manager or the Registrar and Transfer Agent may treat two or more Persons holding any Unit as joint tenants of the entire interest therein unless their ownership is expressly otherwise recorded on the Register, but no entry shall be made in the Register that any Person is in any other manner entitled to any future, limited or contingent interest in any Unit; provided, however, that any Person recorded as a holder of any Unit may, subject to the provisions herein contained, be described in the Register or on any certificate as a fiduciary of any kind and any customary words may be added to the description of the holder to identify the nature of such fiduciary relationship.

**5.6 Purchases for Cancellation**

The Trust may at any time and from time to time purchase Units for cancellation at prices not exceeding the Net Asset Value per Unit on the Valuation Date immediately prior to such purchase, subject to compliance with applicable Securities Legislation and stock exchange requirements.

**5.7 Death, Bankruptcy, Insolvency or Incompetence of a Unitholder**

Neither the Trust nor the Manager shall be affected by any notice of death, bankruptcy, insolvency, incompetence or other event affecting a Unitholder but they may, nonetheless, upon becoming aware of any such event, take such action as they may deem appropriate to ensure compliance with Applicable Laws to the extent each is obliged hereunder to ensure such compliance and they shall not become liable to a Unitholder for so doing. Any Person becoming entitled to any Units in consequence of the death, bankruptcy, insolvency, incompetence or other event of any Unitholder, the transfer of Units, or otherwise by operation of law, shall be recorded as the holder of such Units upon production to the Registrar and Transfer Agent of the proper evidence thereof. Until such production is made, the Unitholder of record shall be deemed to be the holder of such Units for all purposes hereof and the Registrar and Transfer Agent, the Manager, the Trustee and the Trust shall not be affected by any notice of such death, bankruptcy, insolvency, incompetence or other event and, in particular, shall not be affected by reason that a transfer of Units is processed on the day when the actual transfer of Units occurs and not on the day when notice of death, bankruptcy, insolvency, incompetence or other event is received by the Registrar and Transfer Agent or the Manager. Notwithstanding the foregoing, upon receipt from a Unitholder of notice that his or her Units have been pledged or otherwise encumbered, the Manager or the Registrar and Transfer Agent may, but need not, place such restrictions on transfer of the affected Units as are deemed appropriate by the Manager in its discretion.

(23) **5.8 Death of a Unitholder**

**5.9 Lost Unit Certificates**

If Unit Certificates are issued to Unitholders and any Unit Certificate is lost, stolen, destroyed or mutilated, the Manager may authorize the issuance of a new Unit Certificate for the same number of Units in lieu thereof. The Manager may in its discretion, before the issuance of such new Unit Certificate, require the holder of the lost, stolen, destroyed or mutilated Unit Certificate, to make an affidavit or statutory declaration setting forth such facts as to the loss, theft, destruction or mutilation as the Manager may deem necessary and may require the subscriber to supply to the Trust a "lost certificate bond" or a similar bond in such reasonable sum as the Manager may direct indemnifying the Manager and the Registrar and Transfer Agent for so doing. The Manager or the Registrar and Transfer Agent shall have the power to acquire from an insurer or insurers a blanket lost security bond or bonds in respect of the replacement of lost, stolen, destroyed or mutilated Unit Certificate. The Trust shall pay all premiums and other sums of money payable for such purpose out of the Trust Property with such contribution, if any, by those insured as may be determined by the Manager. If such blanket lost security bond is acquired, the Manager may authorize and direct (upon such terms and conditions as the Manager may from time to time impose) the Registrar and Transfer Agent to whom the indemnity of such bond extends to take such action to replace any lost, stolen, destroyed or mutilated Unit Certificate without further action or approval by the Manager.

**5.10 Declaration as to Beneficial Owner**

The Manager may require any Unitholder as shown on the Register to provide a declaration, in the form prescribed by the Manager, as to the beneficial owner of Units registered in such Unitholder's name and as to the jurisdiction in which such beneficial owner is resident.

**5.11 Performance of Trusts**

The Manager, the Trustee, the Unitholders, the Registrar and Transfer Agent, the Valuation Agent or other agent of the Trust shall not be bound to recognize or see to the performance of any trust, express, implied or constructive, or of any charge, pledge or equity to which any of the Units or any interests therein are or may be subject, or to ascertain or inquire whether any sale or transfer of any such Units or interests therein by any such Unitholder or his or her personal representatives is authorized by such trust, charge, pledge or equity, or to recognize any Person as having any interest therein, except for the Person recorded as a Unitholder on the Register.

(24) **ARTICLE 6**

**REDEMPTION OF UNITS**

**6.1 Redemption of Units for Copper**

Subject to Section 6.1.1, the Manager's right, on behalf of the Trust, to suspend redemptions in certain circumstances described in Section 6.6 and Section 6.8, Units may be redeemed at the option of the Unitholder on a semiannual basis for Copper as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All redemptions of Units for Copper shall
 be determined using United States dollars, regardless of whether the Units to be redeemed
 were acquired on the TSX or another exchange or trading facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the fifth Business Day of
 April of each year and on or before the fifth Business Day of October of each year,
 the Manager shall designate the Facility or Facilities where the transfer of Copper will
 occur for, and which shall be the Designated Facility for the purposes of, the next occurring
 Redemption Date. Such designation shall be made available on the Trust's Website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Units redeemed for Copper shall have a
 redemption value equal to the aggregate value of the Class Net Asset Value per Unit
 of the redeemed Units as at the Valuation Time on the applicable Redemption Date for the
 Notice Period during which the redemption request is received. Certain expenses described
 in Subsection 6.1(e) shall be subtracted from the value of the redeemed Units and the
 resulting amount the Unitholder shall receive shall be referred to herein as the "redemption
 amount".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Section 6.8, redemption
 requests must be for amounts that are at least equivalent to the value of one Minimum Physical
 Redemption Lot, or an integral multiple thereof, plus applicable expenses, including, to
 the extent required (as determined by the Manager in its sole discretion), sales or other
 value-added taxes. Any fractional amount of redemption proceeds payable in excess of a Minimum
 Physical Redemption Lot, or an integral multiple thereof (or, if reduced pursuant to Section 6.8
 to a fractional amount that is less than a Minimum Physical Redemption Lot), will, in the
 Manager's sole discretion, be paid in Copper or the equivalent value of in cash at a rate
 equal to 100% of the Class Net Asset Value of the redeemed Units as at the Valuation
 Time on the applicable Redemption Date that represents such excess amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Unitholder redeeming Units for Copper
 will be responsible for the expenses in connection with effecting the redemption (including,
 to the extent required (as determined by the Manager in its sole discretion), sales or other
 value-added taxes) and applicable transfer and delivery expenses, including the handling,
 logistical requirements and administration of the Copper Redemption Notice, the transfer
 of the Copper for the Units that are being redeemed and the applicable fees charged by the
 Designated Facility in connection with such redemption, including but not limited to ownership
 transfer fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Unitholder that, subject to Section 6.8,
 owns a sufficient number of Units who desires to exercise redemption privileges for Copper
 must do so by instructing his, her or its Broker, who must be a CDS participant, to deliver
 to the Registrar and Transfer Agent (at its office in Toronto, Ontario) on behalf of the
 Unitholder a Copper Redemption Notice of the Unitholder's intention to redeem Units for Copper.
 A Copper Redemption Notice must be received by the Registrar and Transfer Agent between 9:00
 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last
 day of the applicable Notice Period. Any Copper Redemption Notice received after such time
 will not be processed on the next Redemption Date, will be void and, in order to be processed,
 must be re-submitted during the next Notice Period. Any Copper Redemption Notice must include
 a valid signature guarantee to be deemed valid by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as provided under Section 6.6
 and subject to Subsections (j) and (k) below, by instructing a Broker, who must
 be a CDS participant, to deliver to the Registrar and Transfer Agent a Copper Redemption
 Notice, the Unitholder shall be deemed to have irrevocably surrendered the Unitholder's Units
 for redemption and appointed such Broker, who must be a CDS participant, to act as the Unitholder's
 exclusive settlement agent with respect to the exercise of such redemption privilege and
 the receipt of payment in connection with the settlement of obligations arising from such
 exercise.

(25) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Once a Copper Redemption Notice is received
 by the Registrar and Transfer Agent, the Registrar and Transfer Agent, together with the
 Manager, shall determine whether such Copper Redemption Notice complies with the applicable
 requirements, is, subject to Section 6.8, for an amount of Copper that is equal to at
 least one Minimum Physical Redemption Lot plus applicable expenses, contains "in warehouse"
 transfer and delivery instructions that are acceptable to the Designated Facility (including
 an identified account in good standing with the Designated Facility), and, to the extent
 required (as determined by the Manager in its sole discretion), any tax identification information,
 resale certificate or other sales or value-added tax related information. If the Registrar
 and Transfer Agent and the Manager determine that the Copper Redemption Notice complies with
 all applicable requirements, the Registrar and Transfer Agent will provide a notice to such
 redeeming Unitholder's Broker, who must be a CDS participant, confirming that the Copper
 Redemption Notice was received and determined to be complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Copper Redemption Notice delivered
 to the Registrar and Transfer Agent regarding a Unitholder's intent to redeem Units that
 the Registrar and Transfer Agent or the Manager, in their sole discretion, determines has
 not been provided during the relevant times during a Notice Period or determines to be incomplete,
 not in proper form, not duly executed or, subject to Section 6.8, for an amount (taking
 into account applicable expenses) of Copper less than at least one Minimum Physical Redemption
 Lot shall for all purposes be void and of no effect, and the redemption privilege to which
 it relates shall be considered for all purposes not to have been exercised thereby. If the
 Registrar and Transfer Agent and the Manager determine that the Copper Redemption Notice
 does not comply with the applicable requirements, the Registrar and Transfer Agent will provide
 a notice to such Unitholder's Broker, explaining the deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Copper Redemption Notice is determined
 to have complied with the foregoing requirements in this Section 6.1, the Registrar
 and Transfer Agent and the Manager will determine as at the Valuation Time on the applicable
 Redemption Date the amount of Copper and the amount of cash that will be delivered to the
 redeeming Unitholder. Also on such applicable Redemption Date, the redeeming Unitholder's
 Broker, who must be a CDS participant, will deliver the redeemed Units to CDS for cancellation.
 Once such determination has been made, the Registrar and Transfer Agent will inform the Broker
 through which the Unitholder has delivered its Copper Redemption Notice of the amount and
 brand(s) of Copper and cash that the redeeming Unitholder will receive upon the redemption
 of the Unitholder's Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Based on instructions received from the
 Manager, the Designated Facility will arrange for "in warehouse" transfer and delivery
 of the requisite amount of Copper from the Trust's holdings of Copper at the Designated Facility
 to the Unitholder's account at the Designated Facility pursuant to Section 6.2. For
 the avoidance of doubt, all transfers and deliveries of Copper in connection with redemption
 of Units for Copper will occur pursuant to an "in warehouse" transfer and delivery
 and will not occur on a "Free on Truck" basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As directed by the Manager, any cash to
 be received by a redeeming Unitholder in connection with a redemption of Units for Copper
 pursuant to this Section 6.1 will be delivered or caused to be delivered by the Manager
 to the Unitholder's brokerage account within approximately 15 Business Days of the applicable
 Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1 Redemption for Copper - Exception**

Unitholders that are constituted and authorized as undertakings for collective investment in transferable securities (UCITS) or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving Copper may only redeem Units for cash pursuant to Section 6.3.

(26) **6.2 Manner of Payment - Copper**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Unitholder redeeming Units for Copper
 will receive the Copper via an "in warehouse" transfer and delivery from the Trust's
 holdings of Copper at the Designated Facility to the Unitholder's account at the Designated
 Facility. Copper received by a Unitholder as a result of a redemption of Units will be transferred
 pursuant to delivery instructions provided by the Unitholder and shall only be delivered
 to an account established by the Unitholder at the Designated Facility. The Designated Facility
 shall be engaged by, or on behalf of, the redeeming Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Costs associated with the redemption of
 Units and the transfer of Copper will be borne by the redeeming Unitholder. The redeeming
 Unitholder will also be responsible for any and all fees charged by the Designated Facility,
 including any transfer or setup fees. Upon request, the Manager will provide Unitholders
 interested in redeeming Units for Cooper with an estimate of the current costs associated
 with the transfer of Copper pursuant to the Unitholder's transfer and delivery instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transfer of Copper in connection with
 a redemption of Units will occur as soon as practicable and, in any event, approximately
 15 Business Days after the applicable Redemption Date, subject to the timelines, policies
 and procedures at any Designated Facility.

**6.3 Redemption of Units for Cash**

Subject to the Manager's right, on behalf of the Trust, to suspend redemptions in certain circumstances described in Section 6.6 and Section 6.8, Units may be redeemed at the option of the Unitholder on a semiannual basis for cash as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All redemptions of Units for cash shall
 be determined using United States dollars, regardless of whether the Units to be redeemed
 were acquired on the TSX on the TSX or another exchange or trading facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unitholders whose Units are redeemed for
 cash will be entitled to receive a redemption price per Unit equal to 95% of the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the volume-weighted average trading price
 (in United States dollars) of the Units traded on the TSX, for the five trading days ending
 on the applicable Redemption Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class Net Asset Value of the redeemed
 Units as at the Valuation Time on the applicable Redemption Date,

less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash proceeds from the redemption of Units
 will be transferred to a redeeming Unitholder approximately 15 Business Days following the
 applicable Redemption Date, subject to the terms of and conditions of the sales of Copper
 by the Trust to fund the cash redemption amount.

(27) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To redeem Units for cash, a Unitholder
 must instruct the Unitholder's Broker, who must be a CDS participant, to deliver a Cash Redemption
 Notice to the Registrar and Transfer Agent (at its office in Toronto, Ontario). A Cash Redemption
 Notice must be received by the Registrar and Transfer Agent between 9:00 a.m. on the
 first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable
 Notice Period. Any Cash Redemption Notice received after such time will not be processed
 on the next Redemption Date, will be void and, in order to be processed, must be re-submitted
 during the next Notice Period. Any Cash Redemption Notice must include a valid signature
 guarantee to be deemed valid by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided under Section 6.6
 and Subsection 6.3(f), by instructing a Broker, who must be a CDS participant, to deliver
 to the Registrar and Transfer Agent a Cash Redemption Notice, the Unitholder shall be deemed
 to have irrevocably surrendered the Unitholder's Units for redemption and appointed such
 Broker to act as the Unitholder's exclusive settlement agent with respect to the exercise
 of such redemption privilege and the receipt of payment in connection with the settlement
 of obligations arising from such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Cash Redemption Notice delivered to
 the Registrar and Transfer Agent regarding a Unitholder's intent to redeem Units that the
 Registrar and Transfer Agent or the Manager determines to be incomplete, not in proper form
 or not duly executed shall for all purposes be void and of no effect and the redemption privilege
 to which it relates shall be considered for all purposes not to have been exercised thereby.
 For each Cash Redemption Notice, the Registrar and Transfer Agent shall notify the redeeming
 Unitholder's Broker, who must be a CDS participant, that such Cash Redemption Notice has
 been deemed insufficient or accepted and duly processed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of the Cash Redemption Notice,
 the Registrar and Transfer Agent and the Manager will determine as at the Valuation Time
 on the applicable Redemption Date the amount of cash that will be delivered to the redeeming
 Unitholder. Also on such Redemption Date, the redeeming Unitholder's Broker, who must be
 a CDS participant, will deliver the redeemed Units to CDS for cancellation.

**6.4 Effect of Redemption**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determination of the Class Net Asset
 Value for the applicable class or series of a class of Units being redeemed under Section 6.1
 or Section 6.3, as applicable, shall constitute a redemption of the Units being so redeemed
 and the Unitholder shall thereafter cease to have any further rights with respect to such
 Units other than to receive the redemption proceeds (and the amount of any distribution declared
 but not paid on the Units redeemed as of the applicable Redemption Date) and, upon payment
 of the redemption proceeds (plus the amount of any such distribution), the Manager, the Trustee
 and the Trust shall be discharged from all liability to the Unitholder with respect to the
 Units so redeemed and the amount so paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Article 4 where
 a Unitholder has requested a redemption during the year pursuant to Section 6.1 or Section 6.3,
 the Manager, in its sole discretion, may allocate and, where applicable, designate to such
 Unitholder an amount equal to any Net Income or Net Realized Capital Gains realized by the
 Trust for the year as a result of the disposition of any Trust Property to satisfy the Copper
 Redemption Notice or the Cash Redemption Notice, as the case may be, given by such Unitholder
 or such other amount that is determined by the Manager to be reasonable. Without limiting
 the generality of the foregoing, the Manager may also allocate and, where applicable, designate
 to such Unitholder a portion of any income or capital gains of the Trust for the year that
 otherwise would only have been allocated under Subsection 4.3(d) to Unitholders who
 were Unitholders of record as of 5:00 p.m. on the last Business Day prior to a Distribution
 Date occurring in the year.

(28) **6.5 Joint Holders**

Where a Unit to be redeemed is registered in more than one name, the redemption proceeds shall be deemed to be owed to the holders of such Unit upon joint account and may be paid to all or any of such registered holders and the payment to and/or receipt by all or any of such registered holders shall constitute a valid discharge of the Trust for the proceeds so paid or delivered.

**6.6 Suspension of Redemption Right**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager, on behalf of the Trust, may
 suspend the right of Unitholders to request a redemption of their Units or postpone the date
 of transfer and delivery or payment of the redemption proceeds (whether Copper and/or cash,
 as the case may be) with the prior approval of applicable Securities Authorities having jurisdiction,
 where required, for any period during which the Manager determines that conditions exist
 which render impractical the sale of assets of the Trust or which impair the ability of the
 Manager to determine the Net Asset Value of the Trust and the Net Asset Value per Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any such suspension, the
 Manager shall issue a press release announcing the suspension and shall advise the Trustee,
 the Valuation Agent and any other agents appointed by the Manager, as applicable. The suspension
 may apply to all requests for redemption received prior to the suspension, but as for which
 payment has not been made, as well as to all requests received while the suspension is in
 effect. All Unitholders making such requests shall be advised by the Manager of the suspension
 and that the redemption shall be effected at a price determined on the first Valuation Date
 that the Net Asset Value per Unit is calculated following the termination of the suspension.
 All such Unitholders shall have, and shall be advised that during such suspension of redemptions
 that they have, the right to withdraw their requests for redemption. The suspension shall
 terminate in any event on the first Business Day on which the condition giving rise to the
 suspension has ceased to exist or when the Manager has determined that such condition no
 longer exists, provided that no other condition under which a suspension is authorized then
 exists, at which time the Manager shall issue a press release announcing the termination
 of the suspension and shall advise the Trustee, the Valuation Agent and any other agents
 appointed by the Manager, as applicable. Subject to applicable Securities Legislation, any
 declaration of suspension made by the Manager, on behalf of the Trust, shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During any period in which the right of
 Unitholders to request a redemption of their Units for Copper and/or cash is suspended, the
 Manager, on behalf of the Trust, shall direct the Valuation Agent to suspend the calculation
 of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset
 Value and the Class Net Asset Value per Unit for each class or series of a class of
 Units. During any such period of suspension, the Trust shall not issue or redeem any Units.
 As noted above, in the event of any such suspension or termination thereof, the Manager shall
 issue a press release announcing the suspension or the termination of such suspension, as
 the case may be.

**6.7 Performance of Trusts**

The Manager, the Trustee, the Unitholders, the Registrar and Transfer Agent, the Valuation Agent or other agent of the Trust shall not be bound to recognize or see to the performance of any trust, express, implied or constructive, or of any charge, pledge or equity to which any of the Units or any interests therein are or may be subject, or to ascertain or inquire whether any sale or transfer of any such Units or interests therein by any such Unitholder or his or her personal representatives is authorized by such trust, charge, pledge or equity, or to recognize any Person as having any interest therein, except for the Person recorded as a Unitholder on the Register.

(29) **6.8** **Semiannual Limitation on Redemptions** 

Notwithstanding anything to the contrary in this Trust Agreement, the aggregate number of Units that may be redeemed on any Redemption Date shall not exceed 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period. In the event that the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period exceeds 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period, then the number of Units to be redeemed pursuant to any valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period shall be deemed for all purposes (other than determining the validity of a Copper Redemption Notice on the basis of such Copper Redemption Notice being for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses) to be a pro rata amount (rounded down to the nearest whole number of Units) of an amount equal to 1.5% of the number of Units outstanding at the close of business on the last day of the applicable Notice Period. Such pro-rationing shall be equal to the product (rounded down to the nearest whole number) of (i) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period, <u>multiplied by</u> (ii) the quotient of (A) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice, <u>divided by</u> (B) the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period. The applicable pro rata amounts shall be calculated by the Manager and be subject to adjustment at the discretion of the Manager acting in good faith to give effect to the intention of this Section 6.8.

**ARTICLE 7**

**POWERS AND DUTIES OF THE TRUSTEE**

**7.1** **General Powers** 

The Trustee, subject only to the specific limitations contained in this Trust Agreement, shall have full, absolute, and exclusive power, control and authority over the Trust Property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the carrying out of any of the purposes of the Trust or conducting the undertaking of the Trust, including varying the investments of the Trust in accordance with the Investment Policy. In construing the provisions of this Trust Agreement, presumption shall be in favour of the granted powers and authority to the Trustee.

**7.2** **Specific Powers** 

The enumeration of specific powers and authorities herein are in addition to the general powers granted in Section 7.1 or by statute and shall not be construed as limiting the general powers or authority or any other specific power or authority conferred herein on the Trustee.

Subject to the specific limitations contained in this Trust Agreement, including the Investment Policy, and without any action or consent by the Unitholders, the Trustee shall have and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and discretion, and in such manner and upon such terms and conditions as it may from time to time deem proper:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the Trust Property other than Copper that it may acquire hereunder exercising the same degree
of care which it gives to its own property of a similar kind under its own custody;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to deliver any cash at any time held by it as directed by the Manager or any Technical Advisor to purchase,
or otherwise acquire, on behalf of the Trust, Copper and to retain the same in trust hereunder in its capacity as Trustee; provided, however,
that the Trustee shall have no responsibility for the
custody, authenticity or validity of title of any Trust Property consisting of such Copper held at Facilities;

(30) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Section 8.1(b) and
 Section 11.2(b)(iii)(G), with any cash at any time held by it to purchase, or otherwise
 acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other
 such Trust Property (other than Copper) of a kind permitted pursuant to the Investment Policy
 and to hold and retain the same in trust hereunder in its capacity as Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to enter into and settle foreign exchange
 transactions on behalf of the Trust for purposes of facilitating settlement of trades of
 such Trust Property held by it at any time and any such transactions may be entered into
 with such counterparties as the Trustee may choose, in its sole discretion, including its
 Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to sell, convey, exchange for other
 securities or other property, convert, transfer, assign, pledge, encumber or otherwise dispose
 of any such Trust Property held by it at any time, by any means considered reasonable by
 the Trustee and to receive the consideration and grant discharges therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to commence, defend, adjust or settle
 suits or legal proceedings in connection with the Trust and to represent the Trust in any
 such suits or legal proceedings and to keep the Manager informed; provided, however, that
 the Trustee shall not be obliged or required to do so unless it has been indemnified to its
 satisfaction against all expenses and liabilities sustained or anticipated by the Trustee
 by reason thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to applicable Securities Legislation,
 to lend money whether secured or unsecured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to exercise any Corporate Action in
 connection with any such Trust Property at any time held by the Trustee, and to make any
 payments incidental thereto; to consent to, or otherwise participate in or dissent from,
 the reorganization, consolidation, amalgamation or merger of any corporation, company or
 association, or to the sale, mortgage, pledge or lease of the property of any corporation,
 company or association, or of any of the securities of which may at any time be held by it,
 and to do any act with reference thereto, including the delegation of discretionary powers,
 the exercise of options, the making of agreements or subscriptions and the payment of expenses,
 assessments or subscriptions which it may deem necessary or advisable in connection therewith;
 to hold any such Trust Property which it may so acquire and generally to exercise any of
 the powers of any owner with respect to such Trust Property, provided that where direction
 from the Manager is not provided within the time frame specified by the Trustee in any notice
 provided in accordance with Section 7.3(a), the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to vote personally, or by general or
 by limited proxy, any such Trust Property which may be held by it at any time, and similarly
 to exercise personally or by general or by limited power of attorney any right appurtenant
 to any Trust Property held by it at any time, provided that where direction is not provided
 by the Manager within the time frame as set out in the Voting Materials forwarded to it in
 accordance with Section 7.3(b), the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to
 incur and pay out of such Trust Property held by it at any time any charges or expenses and
 disburse any assets of the Trust, which charges, expenses or disbursements are, in the opinion
 of the Trustee, the Manager or any Technical Advisor, as the case may be, necessary or incidental
 to or desirable for the carrying out of any of the purposes of the Trust or conducting the
 undertaking of the Trust including, without limitation, the Management Fee, fees payable
 to the Facilities, the Custodian, the Valuation Agent and the Registrar and Transfer Agent,
 custodian settlement fees, any expenses related to the implementation and on-going operation
 of the Independent Review Committee, brokerage fees and commissions, federal and provincial
 income taxes, goods and services taxes and withholding taxes, or other governmental levies,
 charges and assessments of whatever kind or nature, imposed upon or against the Trustee in
 connection with the Trust or such Trust Property or upon or against such Trust Property or
 any part thereof and for any of the purposes herein;

(31) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to renew or extend or participate in
 the renewal or extension of any such Trust Property held by it at any time, upon such terms
 as it may deem advisable, and to agree to a reduction in the rate of interest on any such
 Trust Property or of any guarantee pertaining thereto, in any manner and to any extent that
 it may deem advisable; to waive any default whether in the performance of any covenant or
 condition of any such Trust Property, or in the performance of any guarantee, or to enforce
 rights in respect of any such default in such manner and to such extent as it may deem advisable;
 to exercise and enforce any and all rights of foreclosure, to bid on property on sale or
 foreclosure with or without paying a consideration therefor and in connection therewith to
 release the obligation on the covenant secured by such security and to exercise and enforce
 in any action, suit or proceeding at law or in equity any rights or remedies in respect of
 any such security or guarantee pertaining thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to make, execute, acknowledge and deliver
 any and all deeds, leases, mortgages, conveyances, contracts, waivers, releases of other
 documents of transfer and any and all other instruments in writing that may be necessary
 or proper for the accomplishment of any of the powers herein granted, whether for a term
 extending beyond the office of the Trustee or beyond the possible termination of the Trust
 or for a lesser term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in its sole discretion, to advance
 monies to the Trust for the purposes of settlement of transactions and overdrafts against
 such Trust Property held by it at any time, on such terms and conditions as the Trustee may,
 in its sole discretion, determine, provided that, in order to secure the obligations of the
 Trust to repay such borrowings, the principal of and interest charged on such borrowing shall
 be paid out of the Trust Property and shall constitute a charge against the Trust Property
 until paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to purchase, hold, sell or exercise
 call or put options on securities, indices of shares or other securities, financial and stock
 index futures contracts, securities or currency futures or forward contracts or other financial
 or derivative instruments, all whether or not any such options, indices, contracts or instruments
 are traded on a regular exchange and in connection therewith to deposit such Trust Property
 held by it at any time with the counterparty as margin and to grant security interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to deposit any such Trust Property,
 including securities and documents of title held by it hereunder, with the Custodian, including
 the Trustee, any of its Affiliates, a sub-custodian appointed by the Trustee or a Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to employ in respect of the Trust such
 Counsel, auditors, advisors, agents or other Person as the Trustee may deem necessary from
 time to time for the purpose of discharging its duties hereunder and to pay out of the Trust
 their reasonable expenses and compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to issue Units for consideration and
 redeem Units as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to dispose of any Trust Property for
 the purpose of paying obligations of the Trust or for repaying any loan authorized hereby
 and the Trustee shall give prompt notice to the Manager and any Technical Advisor of any
 such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to hold such portion of the Trust Property
 held by it at any time that is uninvested in cash and, from time to time, to retain such
 cash balances on deposit with the Trustee or any of its Affiliates or with a chartered bank
or other Depository, in such account as the Trustee, in its sole discretion determines, whether or not such deposits will earn interest;

(32) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers,
employees, independent contractors or other Persons without liability to the Trustee except as specifically provided in this Trust Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) to do all such acts, to take all such proceedings and to exercise all such rights and privileges, although
not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes of the Trust
established hereunder.

The exercise of any one or more of the foregoing powers or any combination thereof from time to time shall not be deemed to exhaust the rights of the Trustee to exercise such power or powers or combination of them thereafter from time to time.

The following enumerated powers shall only be exercised by the Trustee on the direction of the Manager or any Investment Manager: Sections 6.2(c), (d), (e), (f), (g), (h), (i), (j) as applicable, (k), (l), (n) and (q), and with respect to Section 7.2(n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not negotiate or in respect to which the Trustee is not responsible hereunder, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances.

**7.3** **Forwarding Materials** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the Corporate Actions referred to in Section 7.2(h), the Trustee shall promptly forward
to the Manager (or on direction from the Manager, to an Investment Manager), a notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that contains a summary of any information or materials which are actually received by the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which requests directions from the Manager with respect to such Corporate Action, where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Voting Materials (including all proxies, proxy solicitation materials and other communications
received by the Trustee relating to securities forming part of the Trust Property), the Trustee shall promptly forward, or arrange to
have promptly forwarded, to the Manager (or to such Investment Manager which the Manager has designated as having responsibility for a
security which forms part of the Trust Property) such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than as described in Sections 7.3(a) and 7.3(b), the Trustee shall not be obligated to forward
or summarize any securityholder communications, including securityholder mailings, notices or reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have no responsibility or liability for ensuring the accuracy or adequacy of such third
party information contained in any summary of Corporate Action materials or information described in Section 7.3(a) or Voting
Materials described in Section 7.3(b).

**7.4** **Dealing with Others and Self** 

Subject to the foregoing provisions of this Article 7, the Trustee may, and is hereby expressly authorized from time to time, in its sole discretion, to appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in a fiduciary capacity or otherwise) and, without limiting the generality of the foregoing, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase, hold, sell, invest in or otherwise deal with securities or other property of the same class
and nature as may be held by the Trust, whether on the Trustee's own account or for the account of another (in a fiduciary capacity or
otherwise);

(33) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use in other capacities, knowledge gained in its capacity as Trustee hereunder; provided that such use
does not adversely affect the interests of the Trust and provided further that the Trustee may not make use of any specific confidential
information for its own benefit or advantage that, if generally known, might be expected to affect materially the value of the Trust Property
or the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retain cash balances from time to time on hand in the Trust and pay interest to the Trust on such balances
and the Trustee may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold the same on a pooled basis and pay interest thereon at the rate from time to time established by
the Trustee and paid with respect to cash balances so held for similar accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold such cash balances on deposit with a Canadian chartered bank or such other deposit-taking institution
in any jurisdiction, including itself or its Affiliates, in such interest-bearing account as the Trustee, in its sole discretion, may
determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide financial, investment or brokerage services related to any securities which form part of the Trust
Property or to the issuer of any securities forming part of the Trust Property, invest in the securities or other property of any body
corporate with which the Trustee may be directly or indirectly associated, affiliated or interested, or earn profits from any of the activities
listed herein,

all without being liable to account therefor and without being in breach of the trust established hereunder.

**ARTICLE 8**

**POWERS AND DUTIES OF THE MANAGER**

**8.1** **Powers of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager hereby reserves and retains full authority and exclusive power to manage and direct the undertaking
and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services to the
Trust Property and all clerical, administrative and operational services to the Trust as set forth in this Article 8 or elsewhere
in this Trust Agreement or in the Management Agreement, including the power to further delegate certain investment management, clerical,
administrative and operational services of the Trust (including without limitation to a Technical Advisor and/or Investment Manager),
where in the sole discretion of the Manager, it would be in the best interests of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, it is hereby confirmed that the Trustee shall have no responsibility for the investment
management of the Trust Property or for any investment decisions in respect of the Trust save and except for carrying out the instructions
given to it pursuant to this Trust Agreement.

**8.2** **Duties of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided herein, the Manager shall have the following duties with respect
to the Trust and shall, subject to the provisions of this Trust Agreement, be able to delegate such duties to one or more Technical Advisors,
at the Manager's sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to determine the investment objectives
 and strategies, including any restrictions on investments, which it deems advisable to implement
 the Investment Policy, as may be amended from time to time in accordance with Article 20;

(34) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to ensure that the Trust complies
 with Applicable Laws including those relating to the investment of the Trust Property, the
 distribution of the Units and applicable stock exchange listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to comply with Applicable Laws
 in connection with its duties and actions as manager of the Trust, including applicable anti-bribery
 and anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to monitor the performance of Copper
 and other Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to provide investor relations, sales
 and marketing support for the Trust, as well as client service support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to arrange for, and complete, through
 industry-standard tenders or through direct negotiations in off-market transactions, the
 purchase and sale of Copper at the best prices available over a prudent period of time, and
 to enter into any contracts or commitments related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) obtain brokerage and other services
 (including without limitation from the Technical Advisor) with respect to the purchase and
 sale of Copper, as well as other services aimed at optimizing the value of the Trust's portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to provide services in respect
 of the Trust's daily operations, including the processing of and determination of procedures
 applicable to subscriptions of Units (including the acceptance and rejection of subscriptions)
 and to submit such subscriptions to the Registrar and Transfer Agent for processing, and
 any other services not otherwise specifically contemplated by this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to offer Units for sale to prospective
 purchasers including the power and authority to enter into arrangements regarding the distribution
 and sale of Units and other arrangements relating to the right to charge fees of any nature
 or kind (including, without limitation, sales commissions, distribution fees and transfer
 fees) in connection with the distribution or sale of Units. Any such fees may be deducted
 from the amount of a subscription or a distribution if not paid separately by a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to determine from time to time the
 form of Unit Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to conduct or cause to be conducted
 the day-to-day correspondence and administration of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to provide to the Trust, adequate
 for carrying on the undertaking of the Trust, all requisite office accommodation, office
 facilities and personnel, telephone and telecommunication services, stationery, office supplies,
 statistical and research services, record-keeping services, bookkeeping and internal accounting
 and audit services in respect of the operations of the Trust and other usual and ordinary
 office services that may be required to properly and efficiently carry out its duties set
 forth in this Trust Agreement and the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to provide for the Trust all other
 administrative and other services and facilities required by the Trust in relation to the
 Unitholders and be responsible for all aspects of the Trust's relationship with Unitholders,
 including the preparation for and holding of meetings of Unitholders,
and other services for the provision of information to Unitholders;

(35) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to establish general matters of
 policy and governance of the Trust subject, where specifically provided in this Trust Agreement,
 to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to establish the Trust's operating
 expense budgets and to authorize the payment of actual operating expenses incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to appoint the Auditors and to
 change the Auditors (with the prior consent of the Trustee and the Independent Review Committee,
 and after providing notice to the Unitholders pursuant to Section 17.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) to maintain the accounting records
 for the Trust and to cause the financial statements of the Trust to be audited for each Fiscal
 Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) to appoint an advisor, Technical
 Advisor, consultant, or other service provider to provide certain services to the Trust,
 pursuant to an advisory, consultant or other agreement in respect of matters relating to
 the Trust's holding, purchases and sales of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to appoint the bankers of the Trust
 and to establish banking procedures to be implemented by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to appoint a Facility or Facilities
 pursuant to Storage Agreements with respect to the movement and safe storage of Copper, and
 appoint the Custodian to hold the Trust Property other than Copper, all of which appointments
 shall be subject to the approval of any applicable Securities Authorities having jurisdiction
 over the Trust, and for greater certainty, the appointment of the Custodian shall also be
 subject to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) provide for the Trust delivery
 and payment particulars in respect of each purchase and sale of Copper and arrange with the
 Facilities for the storage of Copper held by or for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) to maintain market standard insurance
 coverage for 100% of the full value of the Copper owned by the Trust for loss of, theft of
 and damage to the Copper stored with Warehouse Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) to conduct due diligence on,
 and create a risk profile for, each Warehouse Provider before entering into any Storage Agreement,
 which analysis will include the following in respect of such Warehouse Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a business profile of the Facility
 detailing its corporate history, reputation in the market, location of facilities and ownership
 structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a financial profile of the Warehouse
 Provider that includes a review of available financial statements and financial ratios, an
 assessment of the Facility's credit worthiness and a review of financial news;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) confirmation of the CME-approved
 or LME-approved status of the respective facility the Warehouse Provider and the Manager
 agree are acceptable to use for the purpose of storing Copper on behalf of the Trust, pursuant
 to Storage Agreements

(36) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) to request audited financial statements
 of the Facility as part of the due diligence process before entering into any Storage Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) to ensure that each Storage Agreement
 contains provisions as to who bears the responsibility for the loss that is consistent with
 industry practice and covenants with respect to maintaining the necessary insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) to use reasonable commercial efforts
 to ensure that, pursuant to each Storage Agreement, the terms with respect to liability of
 the parties thereto continue to apply after the termination of the Storage Agreement until
 all the Copper stored are transferred from the Trust's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) to negotiate a requirement that
 each respective Facility maintain its CME-approved or LME-approved status, as well as inspection
 and information rights to, among other things, maintain proper visibility on the financial
 standing of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to use reasonable commercial efforts
 to ensure that the Storage Agreements it enters into impose a standard of care on each Facility
 such that each Facility is required to exercise: (A) the degree of care, diligence and
 skill in safeguarding the Copper as any reasonably prudent person acting as custodian of
 the Copper would exercise in the circumstances; or (B) at least the same degree of care
 as they exercise with respect to the property of CME or LME warehouse receipt holders, if
 this is a higher degree of care than the degree of care referred to in (A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) to negotiate a condition in each
 Storage Agreement that the relevant Warehouse Provider will not be entitled to an indemnity
 from the Trust in the event the Warehouse Provider breaches the standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) to include industry standard termination
 provisions in each Storage Agreement, including for termination in the event of a material
 breach of the Storage Agreement by the Facility that is not cured within a prescribed number
 of days following the giving of written notice to the Facility of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) as part of the ongoing due diligence
 activities, to ensure that the Copper stored with Facilities will be subject to a physical
 count by a representative of the Manager or the Technical Advisor periodically on a spot-inspection
 basis as well as subject to audit procedures by the Trust's external auditors (which audit
 procedures may include a site inspection);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) to ensure that the Storage Agreements
 will restrict a Warehouse Provider from transferring Copper without the Trust's consent and/or
 assigning any of the Warehouse Provider's obligations under the Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) to monitor relationships with
 the Facilities (and any other service providers) that have been appointed to hold and store
 Copper that is owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) to calculate the Net Asset Value
 of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net
 Asset Value per Unit in accordance with Sections 3.5, 3.6 and 3.7, as applicable, to appoint
 the Valuation Agent and to review the valuation of the Trust Property as calculated by such
 Valuation Agent on each Valuation Date and, from time to time, consider the appropriateness
 of the valuation policies adopted by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) to appoint a Registrar and Transfer
 Agent and distribution agent (which may be the Registrar and Transfer Agent or an Affiliate
 thereof) to make distributions of Net Income and Net Realized Capital Gains and
other distributions in accordance with Article 4;

(37) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) to authorize, negotiate, enter
 into and execute all agreements, instruments or other documents relating to the affairs of
 the Trust including, without limitation, any loan agreement, granting of a security interest
 and supporting documentation, or to perform any act or deed which the Manager deems necessary
 or advisable in the best interests of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) to apply for listing of the Units
 on the TSX, to, if deemed appropriate, apply for listing of the Units on a U.S. stock exchange
 and to prepare, execute and file with the appropriate Securities Authorities or stock exchanges
 any other documents that are required or appropriate under relevant Securities Legislation
 or stock exchange rules and regulations in respect of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) to prepare, execute and file
 with the appropriate Securities Authorities the Disclosure Documents, annual information
 forms, management reports of fund performance or such other continuous disclosure documents
 relating to the Trust, and any amendments thereto, as may be required under applicable Securities
 Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) to prepare, certify, execute and
 distribute to Unitholders and file with the Securities Authorities and applicable tax authorities
 all such documents as may be necessary or desirable in connection with the issue, sale and
 distribution of Units, including such interim financial statements, audited annual financial
 statements, reports to Unitholders and other disclosure as may be required under applicable
 Securities Legislation, and to make all designations, elections, determinations, allocations
 and applications under the Tax Act as the Manager considers to be reasonable in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) to determine and compute for distribution
 purposes the Net Income and Net Realized Capital Gains of the Trust and, subject to Sections
 4.3, 4.4 and 4.5, determine when, to what extent, and in what manner distributions shall
 be made payable to Unitholders, as well as determine whether distributions are payable out
 of the income, dividends received from taxable Canadian corporations, capital gains, capital
 or otherwise of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) to authorize the issuance of additional
 Units pursuant to Section 4.3(c) and the consolidation of the Units outstanding
 after such a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) to direct the Registrar and Transfer
 Agent regarding the allotment and issue of Units in accordance with Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) on or before March 31 in each
 year, other than a leap year in which case on or before March 30 in such year, to prepare
 and deliver to Unitholders the information pertaining to the Trust, including all distributions
 and allocations which is required by the Tax Act or which is necessary to permit Unitholders
 to complete their individual tax returns for the preceding year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) on or before March 31 in each
 year, other than a leap year in which case on or before March 30 in such year, and such
 other date(s) in each year, to prepare and deliver to the appropriate taxation authorities
 in Canada and the United States, all relevant tax filings and/or returns for the Trust that
 are required by Applicable Laws;

(38) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlv) as set forth in full in Section 4.7, within 60 days from the end of each taxable year of the
 Trust, to provide Unitholders with all information necessary to enable Unitholders or beneficial owners of Units, as applicable, to
 elect to treat the Trust as a QEF for U.S. federal income tax purposes, including a completed "PFIC Annual Information
 Statement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvi) to keep proper records relating to the performance of its duties as Manager hereunder, which records shall
be accessible for inspection by the Trustee, its agents, or the Manager's agents, including the Investment Manager, the Technical Advisor
and the Auditors, at any time, upon reasonable notice, during ordinary business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvii) to determine and compute any pro rata amount of Units to be redeemed pursuant to Article 6 in accordance
with the limitations set forth in Section 6.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlviii) on or before 90 days
 following December 31 in each year, to provide the Trustee with a certificate of compliance
 ()"**Annual Certificate of Compliance**") substantially in the form attached
 as Schedule A and a copy of the audited annual financial statements of the Trust, together
 with the report of the Auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlix) on or before 90 days
 following June 30 in each year, to provide the Trustee with an interim certificate of
 compliance ()"**Interim Certificate of Compliance**") substantially in
 the form attached as Schedule B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to do all such other acts and things as are incidental to the
foregoing, and to exercise all powers which are necessary or useful to carry on the undertaking of the Trust, to promote any of the purposes
for which the Trust is formed and to carry out the provisions of this Trust Agreement and the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may act as the Investment Manager to the Trust with responsibility for implementing the Investment
Policy, including providing investment advisory and portfolio management services to the Trust, or arrange for the implementation of such
Investment Policy or portfolio management services by appointing, on behalf of the Trust, one or more Investment Managers, and delegating
any of its investment advisory responsibilities to such Investment Managers. The Manager, on behalf of the Trust, shall enter, in its
sole discretion, into an investment management agreement with any such Investment Manager to act for all or part of the portfolio investments
of the Trust and shall advise the Trustee of such appointment. The appointment of any such Investment Manager shall be deemed to be effective
upon the later of the date of receipt by the Trustee of a direction notifying the Trustee of such appointment or the effective date specified
therein and such appointment shall continue in force until receipt by the Trustee of a direction containing notice to the contrary. Any
instructions from an Investment Manager shall be deemed to be instructions of the Manager pursuant to the provisions of this Trust Agreement.
The Trustee shall also be entitled to rely conclusively on and shall be fully protected in acting in accordance with the direction of
the Investment Manager in the exercise of powers conferred by this Trust Agreement. The Investment Manager will be a Person or Persons
who, if required by Applicable Laws, will be duly registered and qualified as a portfolio manager under applicable Securities Legislation
and will determine, in its sole discretion, which portfolio securities and other assets of the Trust shall be purchased, held or sold
and shall execute or cause the execution of purchase and sale orders in respect such determinations. The Manager shall ensure that any
Investment Manager appointed hereunder shall act in accordance with the Investment Policy and Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Investment Manager shall have the right to resign as Investment Manager of the Trust by giving notice
in writing to the Manager and the Trustee not less than 60 days prior to the date on which such resignation is to take effect. The Manager
may at any time terminate the appointment of any Investment Manager
of the Trust by giving notice in writing to the Trustee and the Investment Manager not less than 60 days prior to the date on which such
resignation is to take effect. The Manager, in its sole discretion, may appoint a successor investment manager of the Trust. If prior
to the effective date of the Investment Manager's resignation, a successor investment manager is not appointed, the Manager shall assume
the duties and responsibilities of such investment manager until such time as a successor shall be appointed and/or approved, as the case
may be.

(39) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager may from time to time employ or retain any other person or entity where the Manager has determined,
in its sole discretion, that it would be in the best interests of the Trust to do so (including without limitation any Technical Advisor
or Investment Manager), to perform any of the duties of the Manager set out in this Trust Agreement (including without limitation any
Technical Advisor or Investment Manager).

**8.3** **Portfolio Execution** 

Subject to the Investment Policy, the Manager may open accounts, including margin accounts, for the Trust with any brokerage firms, banks or others and may invest assets of the Trust in, and may conduct, maintain and operate these accounts for, the purchase, sale and exchange of stocks, bonds and other securities, and in connection therewith, may borrow money or securities on behalf of the Trust to complete trades, obtain guarantees, pledge securities and engage in all other activities necessary or incidental to conducting, maintaining and operating such accounts in connection with the performance of investment advisory and portfolio management services for the Trust.

**8.4** **Soft Dollar Transactions** 

Subject to the Investment Policy, the Manager may, to the fullest extent now or hereafter permitted by applicable Securities Legislation regarding soft dollar transactions, cause the Trust to enter into soft dollar arrangements and to effect transactions pursuant to such soft dollar arrangements.

**8.5** **Distributors** 

The Manager shall make or cause to be made such arrangements as are expedient for the distribution of Units, having regard to the requirements of Applicable Laws and applicable stock exchange rules and regulations respecting such distribution of Units in the jurisdiction or jurisdictions in which they are to be distributed. It is understood and agreed that: (i) the Manager or the Investment Manager may distribute Units itself in the offering jurisdictions in which it is registered, or is exempt from such registration, under applicable Securities Legislation; and (ii) the Manager will retain the services of the Underwriters pursuant to the Underwriting Agreement to assist it in the distribution of the Units in the offering jurisdictions.

**ARTICLE 9**

**INDEPENDENT REVIEW COMMITTEE**

**9.1** **Independent Review Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the requirements contained in NI 81-107, the Manager shall establish an Independent Review
Committee for the Trust. The Independent Review Committee shall consist of at least three members, each of whom shall be independent of
the Manager and its Affiliates, and free from any interest and any business or other relationship which could, or could be reasonably
perceived to, materially interfere with the exercise of an Independent Review Committee member's judgement. The Independent Review Committee
for the Trust may also act as the independent review committee for other investment funds managed by the Manager or any of its Affiliates.

(40) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall refer all conflict of interest matters to the Independent Review Committee for its review
and/or approval. The Manager shall establish a written charter for the Independent Review Committee which shall include its mandate, responsibilities
and functions, and the written policies and procedures it will follow when performing its functions, including dealing with conflict of
interest matters. The Manager shall maintain records in respect of these matters and shall provide assistance to the Independent Review
Committee in carrying out its functions. The Independent Review Committee shall conduct regular assessments and provide reports, at least
annually, to the Trust and to Unitholders in respect of its functions. The report prepared by the Independent Review Committee shall be
made available on the Trust's Website or, at a Unitholder's request, sent to the Unitholder at no cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Independent Review Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review and provide input on the Manager's written policies and procedures that deal with conflict of interest matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review conflict of interest matters referred to it by the Manager and make recommendations to the Manager
regarding whether the Manager's proposed actions in connection with the conflict of interest matter achieve a fair and reasonable result
for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consider and, if deemed appropriate, approve the Manager's decision on a conflict of interest matter that
the Manager refers to the Independent Review Committee for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform such other duties as may be required of the Independent Review Committee under applicable Securities
Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All fees and expenses of the Independent Review Committee incurred in connection with its duties with
respect to the Trust shall be paid by the Trust and the Independent Review Committee shall have the authority to retain, at the expense
of the Trust, independent counsel or other advisors if the Independent Review Committee deems it appropriate to do so. The members of
the Independent Review Committee shall be indemnified by the Trust, except in cases of wilful misconduct, bad faith, negligence or breach
of their standard of care.

**ARTICLE 10**

**FEES, COMPENSATION AND EXPENSES**

**10.1** **Trustee's Fee** 

The Trustee shall be entitled to such compensation as may be agreed upon, from time to time but not less than annually, by the Trustee and the Manager by written agreement (the "**Fee Agreement**"). Such compensation, as well as all other disbursements made and expenses incurred (including out-of-pocket expenses) by the Trustee in the performance of its duties and obligations hereunder shall be paid by the Trust out of its Trust Property, unless such compensation, disbursements or expenses have been first paid by the Manager pursuant to the Fee Agreement. Unless other arrangements are agreed upon by the Manager, the Trustee shall receive no other compensation for its services as trustee hereunder but nothing herein shall prevent the Trustee from receiving additional compensation in connection with other services that may be performed by the Trustee for the Trust, including services performed for and dealings with the Trust by the Trustee other than in its capacity as trustee of the Trust including, but not limited to, as the Custodian of the Trust Property other than Copper and as the Valuation Agent.

(41) **10.2** **Manager's Fee** 

As compensation for providing management, administrative and investment management services to the Trust pursuant to this Trust Agreement and the Management Agreement, the Manager shall be entitled to receive a monthly management fee (the "**Management Fee**"**)** plus any applicable federal and provincial taxes, which shall be paid by the Trust at such times and in the amount specified in the Management Agreement. The Trust shall also pay the Manager any commissions on the purchase and sale of Copper, any administration fee payable by Unitholders on cash redemptions pursuant to Section 6.3(b), and certain other transactional related fees (including in connection with loans, swaps, relocations and other similar transactions involving Copper) as set out in the Management Agreement.

**10.3** **Technical Advisor's Fee** 

As compensation for providing advisory services and technical advice with respect to the holding, buying and selling of Copper and/or to execute or cause the execution of purchase and sale orders in respect of such determinations, any Technical Advisor appointed by the Manager from time to time shall be entitled to receive fees (whether in respect of each class or series of a class of Units or in respect of the Trust as a whole) calculated in such manner and payable at such times as the Manager and the Technical Advisor may agree upon from time to time pursuant to a written agreement and subject to the requirements of applicable Securities Legislation, such fees shall be paid by the Manager from the Management Fee and/or other fees received by the Manager from the Trust. As at the date hereof, the Manager intends to appoint WMC Energy B.V. as a Technical Advisor for the Trust.

**10.4** **Investment Manager's Fee** 

As compensation for providing investment management services to all or any portion of the Trust Property, any Investment Manager appointed by the Manager from time to time shall be entitled to receive investment management fees in respect of each class or series of a class of Units calculated in such manner and payable at such times as the Manager and the Investment Manager may agree upon from time to time pursuant to a written agreement and subject to the requirements of applicable Securities Legislation, such fees shall be paid by the Manager from the Management Fee and/or other fees received by the Manager from the Trust. As at the date hereof, the Manager does not intend to appoint an Investment Manager for the Trust.

**10.5** **Custodian's Fees** 

As compensation for custodial services rendered to the Trust with respect to Trust Property other than Copper, the Custodian shall be entitled to receive such fees as the Manager may approve from time to time pursuant to a separate written agreement with the Custodian. If the Trustee also acts as the Custodian of the Trust Property other than Copper then the fees of the Custodian shall be set forth in the Fee Agreement between the Manager and the Trustee.

**10.6** **Expenses of the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
connection with the Trust's initial public offering of Units, the Trust will be responsible for paying the filing and listing fees of
the applicable Securities Authorities and stock exchanges, the fees and expenses payable to the Custodian and the Registrar and Transfer
Agent, legal fees, auditing and printing expenses, and the selling commissions of the Underwriters as disclosed in the Disclosure Documents.
In addition, the expenses of the the Trust's initial public offering of Units (including the costs of creating and organizing the Trust,
the costs of preparing the prospectus, marketing expenses and other incidental expenses, filing and listing fees of the applicable securities
authorities and the stock exchanges, auditing, legal and printing expenses) will be paid by the Trust.

(42) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein and subject to the Management Agreement, including in respect of third
party brokerage fees, commissions and service charges and other similar fees relating to all Copper transactions that are to be paid by
the Manager, the Trust shall be responsible for all costs and expenses incurred in connection with the on-going operation and administration
of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the fees and expenses of the
Manager (including any expenses that may be payable to any Technical Advisor by the Manager, but excluding the fees of the Technical Advisor
that are to be paid by the Manager from the Management Fee and other fees received by the Manager from the Trust), the expenses of any
other Investment Manager (but excluding the fees of the Investment Manager that are to be paid by the Manager from the Management Fee
and other fees received by the Manager from the Trust), the Facilities (including the costs of all insurance policies obtained and administrative
expenses incurred in connection with storing Copper at such Facilities), the Custodian, any sub-custodians, the Registrar and Transfer
Agent, and the Valuation Agent; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement
fees; legal, audit, accounting, bookkeeping and record-keeping fees and expenses; costs and expenses of reporting to Unitholders and conducting
Unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable Securities Authorities and stock exchanges;
other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor
relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject including federal and provincial
income taxes, goods and services tax, and withholding taxes; interest expenses and borrowing costs, if any; brokerage expenses and commissions;
costs and expenses relating to the issuance of Units; costs and expenses of preparing financial and other reports; any expenses associated
with the implementation and on-going operation of the Independent Review Committee; costs and expenses arising as a result of complying
with all Applicable Laws; and any expenditures incurred upon the termination of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will be responsible for the fees and expenses of any action, suit or other proceedings in which,
or in relation to which, the Trustee, the Manager, any Technical Advisor, the Facilities, any Investment Manager, the Custodian, any sub-custodians,
the Registrar and Transfer Agent, the Valuation Agent or the Underwriters and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.

**10.7** **Right to Withhold Services Pending Payment** 

Notwithstanding any other provision of this Trust Agreement, the Trustee, acting reasonably, shall not be obliged to act upon directions (including the delivery of any Trust Property other than Copper to any person) until all Obligations due and owing have been paid in full. The Trustee shall give the Manager, any Technical Advisor and/or any Investment Manager notice of its decision pursuant to the foregoing sentence not to act as soon as practicable thereafter.

**10.8** **Security Interest to Secure Obligations** 

The Manager on behalf of the Trust hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest (such assignment, conveyance, mortgage, pledge, hypothecation, charge and security interest, collectively referred to herein as the "**Security Interest**") to the Trustee in all of the Trust's right, title and interest in and to all Trust Property now owned or hereafter acquired by the Trust and held in custody by the Trustee (excluding, for the avoidance of doubt, all Copper) pursuant to this Trust Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of all of the Obligations.

It is acknowledged, agreed and understood by the parties hereto that the Security Interest secures the due performance and payment of any and all Obligations from time to time outstanding, whenever and however arising, regardless of the capacity in which the Trustee was acting (whether as principal, agent or custodian) when such Obligations arose or the agreement under which such Obligations were incurred.

(43) The Manager and the Trustee agree that it is their intention that the Security Interest hereby created shall attach immediately to any Trust Property in which the Trust has any interest on the date hereof, and, with respect to after-acquired Trust Property, forthwith at the time the Trust acquires an interest therein, all in accordance with the terms hereof.

The Manager acknowledges and agrees that to the extent that the Trustee is the Trust's securities intermediary with respect to any Trust Property in the custody of the Trustee hereunder, pursuant to the STA and the PPSA, the Trustee's Security Interest therein shall have priority over any other security interest therein granted by the Trust, and the Trustee shall be under no obligation to waive, subordinate or discharge such Security Interest except upon the indefeasible payment and satisfaction in full of the Obligations.

**10.9** **Claim Against Property for Amounts Owing** 

Without prejudice to any power or right that the Trustee may otherwise have under any Applicable Law, the Trustee may, in its discretion (upon reasonable prior written notice in the circumstances to the Manager), unless prior payment has been made by the Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deduct any cash portion of the Trust Property in its custody (which, for the purposes of this Section shall
include any account with any third party with whom cash has been deposited by the Trustee on behalf of the Trust) to satisfy any Obligations
due and owing; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell, as agent for the Trust, any Trust Property in its custody on such terms as it thinks fit in its
discretion and set-off against and deduct from such proceeds of sale to satisfy any Obligations due and owing, and credit any surplus
remaining thereafter to the Trust;

it being understood and agreed by the Manager that the exercise of the Trustee's right under this Section 10.9 shall not be construed as an exercise of a right of realization in respect of the security interest created under Section 10.7, but a separate right of set-off.

**10.10** **Obligations of the Manager** 

To the extent that the Trustee exercises its rights under Section 10.8 and/or Section 10.9 of this Trust Agreement and the Trust Property held in custody by the Trustee is insufficient to provide for the payment and satisfaction in full of all of the Obligations then outstanding and due, the Manager agrees that it shall promptly pay all such unpaid Obligations on demand of the Trustee.

**ARTICLE 11**

**TRUSTEE LIABILITY AND INDEMNIFICATION**

**11.1** **Standard of Care** 

The Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances.

**11.2** **Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall from time to time furnish
 the Trustee with a certificate of authorized signing authorities ()"**Certificate of Authorized Signing Authorities**") substantially in the form attached hereto
 as Schedule C, signed by its authorized officers setting out the name(s) and title(s) of
 the authorized officer(s) of the Manager and of any other Person(s) or representative(s),
 including any Investment Manager or Technical Advisor appointed by the Manager, and authorized
 to act on behalf of the Manager at the time specified in such certificate, together with
 specimen signatures of all such officers, Persons or representatives, and the Trustee shall
 be entitled to rely upon the identification of such Persons as specified in such certificate
 as the Person(s) entitled to act on behalf of the Manager for the purposes of this Trust
 Agreement until a later certificate respecting the same is delivered to the Trustee.

(44) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be fully protected in acting upon
 any instrument, certificate or other writing believed by it to be genuine and to be signed
 or presented by the proper Person or Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be under no duty to make any investigation
 or inquiry as to any statement contained in any such writing but may accept the same as conclusive
 evidence of the truth and accuracy of the statements therein contained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not be responsible for or liable
 for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proper application by any Unitholder
 of any part of its interests in the Trust if payments are made in accordance with written
 directions of such Unitholder as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the adequacy of the Trust to meet
 and discharge any and all payments and liabilities in respect of a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the compliance by any Unitholder
 with the rules under the Tax Act or any Applicable Laws including limits on investments
 in non-Canadian securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the validity of title to any Trust
 Property which the Trustee did not arrange itself to have registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any act or omission (other than an
 act or omission related solely to the Trustee) required or demanded by any governmental,
 taxing regulatory or other competent authority in any country in which all or part of the
 Trust Property is held or which has jurisdiction over the Trustee, the Manager or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any loss or damage of any nature
 whatsoever resulting from official action, war or threat of war, insurrection or civil disturbance,
 interruption in postal, telephone, telegraph, telex or other electromechanical communication
 systems or power supply, or any other factor beyond the Trustee's control which obstructs,
 affects, prohibits or delays the Trustee, its directors, officers, employees or agents in
 carrying out the responsibilities provided for herein, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any ongoing monitoring of the Investment
 Policy of the Trust as set out in Article 22 or any risk factor whatsoever related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any Trust Property which it does
 not hold or which is not directly controlled by it, its Affiliates or its appointed agents
 (including any sub-custodians), including any assets pledged or loaned to a third party or
 Copper held by a Facility; or

(45) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any compliance, reporting or filings in accordance with applicable Securities Legislation or United States
tax laws, regulations, rules or policies that apply to the Trust, including for greater certainty the Additional Trustee Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may rely and act upon any statement, report or opinion prepared by or any advice received
from the Auditors, Counsel or other professional advisors of the Trust and shall not be responsible nor held liable for any loss or damage
resulting from so relying or acting if the advice was within the area of professional competence of the Person from whom it was received,
the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in
its capacity as trustee of the Trust and the Trustee acted in good faith in relying thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall in no way be responsible for, nor incur any liability based on, the action or failure
to act or for acting pursuant to or in reliance on instructions of the Manager, any Investment Manager, any Technical Advisor, a Facility,
the Custodian (if not the Trustee), the Valuation Agent (if not the Trustee), the Registrar and Transfer Agent (if not the Trustee), or
any Person or organization to whom its responsibilities are delegated pursuant to this Trust Agreement.

**11.3** **General Disclaimer of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall not be liable to the Trust or to any Unitholder for any loss or damage relating to any
matter regarding the Trust, including any loss or diminution in the Net Asset Value of the Trust or to any particular asset of the Trust,
except to the extent that the Trustee does not meet its standard of care set out in Section 11.1. In no event shall the Trustee be
liable for indirect, consequential or special damages including, but not limited to, loss of reputation, good will or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall not be liable to the Trust or to any Unitholder for the acts, omissions, receipts, neglects
or defaults of any Person, firm or corporation employed or engaged by it as permitted hereunder, or for joining in any receipt or act
of conformity, or for any loss, damage or expense caused to the Trust through the insufficiency or deficiency of any security in or upon
which any of the monies of or belonging to the Trust shall be paid out or invested, or for any loss or damage arising from the bankruptcy,
insolvency or tortious act of any Person, firm or corporation with whom or which any monies or Trust Property shall be lodged or deposited,
or for any loss occasioned by error in judgment or oversight on the part of the Trustee, or for any other loss, damage or misfortune which
may happen in the execution by the Trustee of its duties hereunder, except to the extent that the Trustee does not meet its standard of
care set out in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, the Trustee shall not be liable to the Trust or to any Unitholder for the acts,
omissions, receipts, neglect or default of a Facility, a Technical Advisor or the Registrar and Transfer Agent (unless the Trustee is
the Registrar and Transfer Agent and it has breached its standard of care set out in Section 11.1 in respect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty, the Trustee, in incurring any debts, liabilities or obligations, or in taking or
omitting any other actions for or in connection with the affairs of the Trust is, and will be conclusively deemed to be, acting for and
on behalf of the Trust, and not in its own personal capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, notwithstanding any other term of this Trust Agreement, under no circumstances
shall the Trustee assume any obligations of the Original Trustee, and the Trustee shall have no responsibility or liability whatsoever
for the acts, omissions, receipts, neglects or defaults of the Original Trustee.

(46) **11.4** **Indemnification of the Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting any protection or indemnity of the Trustee under any other provision hereof, or otherwise
at law, the Trustee, its Affiliates, nominees and agents and each of their respective directors, officers and employees shall at all times
be indemnified and held harmless by the Trust and to the extent that the Trust Property is insufficient for such purpose, by the Manager,
from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Trustee's
duties as Trustee, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to the affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, the commencement of formal legal proceedings shall not be a precondition for indemnification
hereunder. Further, none of the provisions of this Trust Agreement shall require the Trustee to expend or risk its own funds, appear in,
prosecute or defend proceedings, or otherwise incur financial liability in the performance of any of its duties or in the exercise of
any of its rights or powers hereunder, unless the Trustee is first indemnified to its satisfaction, acting reasonably. This provision
shall survive the resignation or removal of the Trustee, or the termination of this Trust Agreement.

**11.5** **Additional Indemnification of the Trustee** 

With respect to any references in this Trust Agreement to (i) distributions being at the discretion of the Trustee acting on the direction of the Manager or (ii) the Trustee having the power to vary the investments of the Trust in accordance with the Investment Policy together with any duties, obligations or responsibilities related thereto (the "**Additional Trustee Duties**"), the Manager agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee shall not have any liability with respect to such Additional Trustee Duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in addition to the indemnity provided to the Trustee under Section 11.4, the Manager agrees to indemnify
the Trustee and its directors, officers, employees and agents for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the Additional Trustee Duties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to such Additional Trustee Duties,

that arise or result from any conflict between such Additional Trustee Duties and the Trustee's defined duties, obligations and responsibilities as set out in this Trust Agreement (excluding such Additional Trustee Duties) and agreed upon by the Manager.

**11.6** **Exception** 

Section 11.4 and, subject to Section 11.2(b)(iii)(I), Section 11.5 do not apply to the extent that any such claim, cost, charge or expense has been directly caused by the negligence, wilful misconduct or dishonesty on the part of the Trustee, its Affiliates, nominees or agents and any of their respective directors, officers and employees or the Trustee's failure to meet its standard of care set out in Section 11.1.

(47) **ARTICLE 12**

**MANAGER LIABILITY AND INDEMNIFICATION**

**12.1** **Standard of Care** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall exercise the powers and discharge the duties of its office honestly, in good faith and
in the best interests of the Trust and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably
prudent professional manager would exercise in comparable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager agrees that any information supplied to the Trust and/or the Trustee will be accurate and
complete and will contain no misrepresentations; provided that, respecting information derived by the Manager from a Person other than
the Manager, the Manager's obligation hereunder shall be subject to its standard of care and no liability shall be incurred by the Trust
or the Trustee as a result of any error in such information.

**12.2** **Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager may employ or engage, and rely and act on information or advice received from any Technical
Advisor, any Investment Manager, Auditors, the Underwriters, other distributors, Brokers, Depositories, a Facility, the Custodian, electronic
data processors, advisers, Counsel and others and shall not be responsible or liable for the acts or omissions of such Persons or for
any other matter, including any loss or depreciation in the Net Asset Value of the Trust or any particular asset of the Trust, provided
that the Manager acted in good faith in accordance with its standard of care set out in Section 12.1(a) in relying on such information
or advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall be entitled to assume that any information received from the Trustee, any Technical
Advisor, a Facility, the Custodian or any sub-custodian, or their respective authorized representatives associated with the day-to-day
operation of the Trust is accurate and complete and no liability shall be incurred by the Manager as a result of any error in such information
or any failure to receive any notices required to be delivered pursuant to this Trust Agreement, except to the extent that any such information
provided to, or failure to receive any notices by, the Manager arises or results from the Manager's failure to comply with the terms of
this Trust Agreement or the Management Agreement in providing any required directions or information related thereto.

**12.3** **Engaging in Competition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Manager, its partners, employees, associates and Affiliates or any of them now or
hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust
or of other investment funds, none of them shall be under any liability to the Trust or to the Unitholders for so acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is agreed and understood that the Manager shall not be required to devote its efforts exclusively to
or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to
those relating to the activities to be performed for the Trust.

(48) **12.4** **Indemnification of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager, its Affiliates and agents, and their respective directors, partners, officers and employees
shall at all times be indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement,
actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to this Trust Agreement
and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment
of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such Person(s) shall
not be indemnified by the Trust where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there has been negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty on the part of the Manager or such
other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a claim is made as a result of a misrepresentation contained in any current Disclosure Documents or continuous
disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or under applicable Securities Legislation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager has failed to fulfill its standard of care set out in Section 12.1 or its other obligations
in accordance with Applicable Laws or the provisions set forth in this Trust Agreement and the Management Agreement,

unless in an action brought against the Manager or such Persons they have achieved complete or substantial success as a defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order for the Trust, acting through the Trustee, to satisfy itself as to whether the indemnification
provided for in Section 12.4(a) is in the best interests of the Trust, before paying out any such indemnity hereunder, the Trust,
acting through the Trustee, may obtain a satisfactory legal opinion that the Trust has reasonable grounds to believe that the indemnification
is in the best interests of the Trust, and instead of or in addition to the obtainment of such a legal opinion, the Trustee in its sole
discretion and at the expense of the Trust, may call a meeting of the Unitholders pursuant to this Trust Agreement to direct the Trustee
as to any such payments out of the Trust.

**12.5** **Liability for Investment Decisions** 

All investments of the Trust made by or upon the direction of the Manager, any Technical Advisor or any Investment Manager shall be for the benefit of the Unitholders and at the sole risk of the Trust. Notwithstanding any other provision of this Trust Agreement but subject to the Manager's standard of care set out in Section 12.1(a), the Manager or any Technical Advisor may dispose of assets of the Trust or cause such assets to be disposed of in order to discharge any borrowing authorized under this Trust Agreement, any charge against the Trust as set out in this Trust Agreement or any other obligation of the Trust.

**ARTICLE 13**

**CHANGE OF TRUSTEE**

**13.1** **Resignation of Trustee** 

(49) **13.2** **Removal of Trustee** 

The Trustee may be removed by the Manager at any time by notice to the Trustee and the Unitholders not less than 90 days prior to the date that such removal is to take effect; provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with Article 21.

**13.3** **Appointment of Successor** 

In the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy shall occur in the office of the Trustee, a successor trustee shall forthwith be appointed by the Manager to fill such vacancy. Forthwith following such appointment of a successor trustee, the Trustee shall execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust Property (other than Copper) held in the Trustee's name to the successor trustee and, shall account to the Manager for all of the Trust Property which the Trustee retains as trustee and shall thereupon be discharged as trustee. The successor trustee shall be a resident of Canada for the purposes of the Tax Act.

**13.4** **Termination Upon Failure to Appoint Successor** 

In the event that the Manager shall fail to appoint a successor to the Trustee, the Trust shall be terminated and dissolved upon the effective date of the resignation or removal of the Trustee (which shall be considered to be the effective date on which the Trust is to be terminated for the purposes of Article 21) under Section 13.1 and Section 13.2, as the case may be, and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to the Unitholders in accordance with the termination provisions set out in Article 21 and the Trustee shall continue to act as trustee of the Trust until such Trust Property has been so distributed. Fees and expenses of the Trustee shall be a charge, to the extent permitted by Applicable Law, on the Trust Property or the interests of the Unitholders to secure payment thereof.

**ARTICLE 14**

**TERMINATION OF THE MANAGER**

**14.1** **Resignation, Insolvency or Bankruptcy of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall have the right to resign as Manager of the Trust by giving notice in writing to the
Trustee and the Unitholders not less than 90 days prior to the date on which such resignation is to take effect. Such resignation shall
take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, Unitholders is required
to effect a Manager Reorganization. The Manager shall appoint a successor manager of the Trust, and, unless the successor manager is an
Affiliate of the Manager, such appointment must be approved by the Unitholders by an Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, prior to the effective date of the Manager's resignation, a successor manager is not appointed or
the Unitholders do not approve of the appointment of the successor manager as required hereunder, the Trust shall be terminated and dissolved
upon the effective date of the resignation of the Manager (which shall be considered to be the effective date on which the Trust is to
be terminated for the purposes of Article 21) and, after providing for all liabilities of the Trust, the Trust Property shall be
distributed to the Unitholders in accordance with the provisions of Article 21, and the Trustee and the Manager shall continue to
act as trustee and manager, respectively, of the Trust until such Trust Property has been so distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be terminated immediately
 following the occurrence of a Termination Event. On such termination, the Trust Property
 shall be distributed to Unitholders in accordance with the provisions of Section 21.3.
 For the purposes of this Article 14 and Section 21.1 of this Trust Agreement, each
 of the following events shall be a "**Termination Event** ":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Manager is, in the opinion of the Trustee, in material default of its obligations under this Trust
Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and
no successor manager has been appointed by the Unitholders;

(50) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Manager has been declared bankrupt or insolvent or has entered into liquidation or winding-up, whether
compulsory or voluntary (and not merely a voluntary liquidation for the purposes of amalgamation or reconstruction) and no successor manager
has been appointed by the Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its
insolvency and no successor manager has been appointed by the Unitholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the assets of the Manager have become subject to seizure or confiscation by any public or governmental
authority and no successor manager has been appointed by the Unitholders.

**14.2** **Successor Manager** 

Any successor manager, by accepting its appointment as such, shall automatically become a party to this Trust Agreement and be bound by the terms hereof as if the successor manager had been an original signatory thereof provided that such successor manager shall not be responsible or liable for any act or omission of the Manager preceding its appointment as successor manager of the Trust.

**ARTICLE 15**

**CONCERNING THE UNITHOLDERS**

**15.1** **Liability of Unitholders** 

No Unitholder shall be held to have any personal liability as such and no resort shall be had to the Unitholder's private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee or any obligation which a Unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust Property is intended to be liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the Manager, as the case may be, shall use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the Manager shall cause the operations of the Trust to be conducted, with the advice of Counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the Unitholders of claims against the Trust and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of the Unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability.

**15.2** **Indemnification of the Trust by the Manager** 

The Trust shall be indemnified and held harmless by the Manager against any costs, charges, claims, expenses, actions, suits or proceedings arising from a claim made as a result of a misrepresentation contained in any current Disclosure Document or continuous disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or under applicable Securities Legislation.

(51) **ARTICLE 16**

**MEETINGS OF UNITHOLDERS**

**16.1** **Time of Meetings** 

Meetings of the Unitholders shall be held by the Manager or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in accordance with this Trust Agreement or Applicable Laws and for the transaction of such other related matters as the Manager or the Trustee determines. Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust may requisition a meeting of Unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee shall, upon the written request of the Manager or the Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust, requisition a meeting of Unitholders, provided that in the event of a request to call a meeting of Unitholders made by such Unitholders, the Trustee shall not be obligated to call any such meeting until it has been satisfactorily indemnified by such Unitholders against all costs of calling and holding such meeting. Unless otherwise required under Applicable Laws or stock exchange rules, the Trust need only to hold meetings of Unitholders as described above and is not required to hold annual or other periodic meetings.

**16.2** **Place of Meeting** 

Subject to Section 16.4, meetings of Unitholders shall be held at the principal office of the Trust or elsewhere in the municipality in which the office is located or, if the Manager shall so determine, at any other place in Canada.

**16.3** **Notice of Meeting** 

Subject to Section 16.4, notice of the time and place of each meeting of Unitholders shall be given not less than 21 days before the day on which the meeting is to be held to each Unitholder of record at 4:00 p.m. (Toronto time) on the day on which the notice is given. Notice of a meeting of Unitholders shall state the general nature of the matters to be considered by the meeting. The Trustee, the Auditors, any Technical Advisor and any Investment Manager of the Trust are entitled to receive all notices and other communications relating to any meeting of Unitholders that any Unitholder is entitled to receive and shall be entitled to attend at any meeting of Unitholders.

**16.4** **Meetings Without Notice** 

A meeting of Unitholders may be held at any time and place without notice if all the Unitholders entitled to vote thereat are present in person or represented by proxy or, if those not present or represented by proxy waive notice of, or otherwise consent to, such meeting being held.

**16.5** **Quorum** 

A quorum for the transaction of business at any meeting of Unitholders shall be at least two Unitholders holding not less than 5% of the outstanding Units on such date present in person or represented by proxy and entitled to vote thereat. If a quorum is not present at a meeting within 30 minutes after the time fixed for the meeting, the meeting, if convened on the requisition of Unitholders, shall be cancelled but in any other case shall be adjourned to such place and time on a date fixed by the chairman of the meeting not later than 14 days thereafter (which for greater certainty can be at a later time on the date of the originally scheduled meeting) at which adjourned meeting the Unitholders present in person or represented by proxy shall be deemed to constitute a quorum.

(52) **16.6** **Chairman, Secretary and Scrutineers** 

A Person designated by the Manager shall be the chairman of any meeting of Unitholders. If such Person is not present within 15 minutes after the time fixed for holding the meeting or if the Manager has not appointed a chairman, the Persons present and entitled to vote shall choose any of their number to be chairman. The chairman of the meeting shall appoint a Person, who need not be a Unitholder, to act as secretary of the meeting. If desired, one or more scrutineers, who need not be Unitholders, may be appointed by a resolution or by the chairman with the consent of the meeting.

**16.7** **Persons Entitled to be Present** 

The only Persons entitled to attend a meeting of Unitholders shall be those entitled to vote thereat, the Trustee, the Manager, any Technical Advisor, any Investment Manager and the Auditors. Any other Person may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting.

**16.8** **Right to Vote** 

At any meeting of Unitholders, every Person shall be entitled to vote who, as at the end of the Business Day immediately preceding the date of the meeting, is entered in the Register maintained in accordance with Section 17.2, unless in the notice of meeting and accompanying materials sent to Unitholders in respect of the meeting a record date is established for Persons entitled to vote thereat.

**16.9** **Votes to Govern** 

At any meeting of Unitholders, every question shall, unless otherwise required by this Trust Agreement or Applicable Laws, be determined by an Ordinary Resolution on the question.

**16.10** **Show of Hands** 

Subject to the provisions of this Trust Agreement or Applicable Laws, any question at a meeting of Unitholders shall be decided by a show of hands unless a poll thereon is required or demanded as hereinafter provided. Upon a show of hands every Person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a poll thereon is so required or demanded, a declaration by the chairman of the meeting that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be prima face evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision of the Unitholders upon the said question.

**16.11** **Polls** 

If demanded by any Unitholder at a meeting of Unitholders or required by Applicable Laws, any question at such meeting shall be decided by a poll. A poll so demanded shall be taken in such manner as the chairman shall direct. Upon a poll each Person present shall be entitled, in respect of the Units which the Unitholder is entitled to vote at the meeting upon the question, to one vote for each Unit held and the result of the poll so taken shall be the decision of the Unitholders upon the said question.

**16.12** **Adjournment** 

The chairman at a meeting of Unitholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and from place to place.

(53) **16.13** **Resolutions in Writing** 

Notwithstanding Section 16.10, a resolution in writing forwarded to all Unitholders entitled to vote on such resolution at a meeting of Unitholders and signed by Unitholders holding the requisite number of Units required to obtain approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of Unitholders in accordance with this Article 16.

**16.14** **Record Dates** 

For the purpose of determining the Unitholders who are entitled to receive notice of and to vote at any meeting, or any adjournment thereof, or for the purpose of any action other than as provided in Article 4, the Manager may fix a date not more than 60 days nor fewer than 30 days prior to the date of any meeting of Unitholders, or other action, as a record date for the determination of Unitholders entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to receive such distributions, or to be treated as Unitholders of record for purposes of such other action, and any Unitholder who was a Unitholder at the time so fixed shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action, even though the Unitholder has since that date disposed of the Unitholder's Units and no Unitholder becoming such after that date shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action.

**16.15** **Proxies** 

At any meeting of Unitholders, any Unitholder entitled to vote thereat may vote by proxy and a proxy need not be a Unitholder, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be solicited naming the Manager as proxy and the cost of such solicitation shall be paid out of the Trust Property. When any Unit is held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Unit, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Unit. The instrument appointing any proxy shall be in such form and executed in such manner as the Manager may from time to time determine.

**16.16** **Validity of Proxies** 

An instrument appointing a proxy purporting to be executed by or on behalf of a Unitholder shall be valid unless challenged at the time of, or prior to, its exercise and the person challenging such instrument shall have the burden of proving to the satisfaction of the chair of the meeting of Unitholders at which such instrument is proposed to be used that such instrument is invalid. Any decision of the chair of the meeting in respect of the validity of such instrument shall be final. Proxies shall be valid only at the meeting with respect to which they were solicited, or any adjournment thereof, but in any event shall cease to be valid one year from their date.

**16.17** **Revocation of Proxy** 

A vote cast in accordance with the terms of a proxy shall be valid notwithstanding the previous death, incapacity, insolvency or bankruptcy of the Unitholder giving the proxy or the revocation of the proxy unless written notice of such death, incapacity, insolvency, bankruptcy or revocation shall have been received by the chair of the meeting prior to the time such vote is cast.

**16.18** **Solicitation of Proxies** 

No Person shall solicit proxies in respect of a meeting of Unitholders unless the Person making the solicitation, concurrently with or prior thereto, delivers or sends an information circular to each Unitholder whose proxy is solicited. "Solicit" or "solicitation" includes any request for a proxy whether or not accompanied by or included in a form of proxy, any request to execute or not to execute a form of proxy or to revoke a proxy, and the sending or delivery of a form of proxy or other communication to a Unitholder under circumstances reasonably intended or calculated to result in the procurement, withholding or revocation of a proxy but does not include the sending or delivery of a form of proxy to a Unitholder in response to an unsolicited request made by him or her on his or her behalf or the performance by any Person of ministerial acts or professional services on behalf of a person or company soliciting a proxy. Subject to the provisions of this Trust Agreement and to Applicable Laws, the information circular required hereunder shall conform, insofar as is applicable, to the form and content prescribed for information circulars by or pursuant to applicable Securities Legislation; for such purposes; "management" shall mean Sprott Asset Management LP in its capacity as Manager; "company" or "corporation" shall mean the Trust; "director" or "senior officer" shall mean a director or senior officer of the Manager; "equity share", "voting security" or "share" shall mean a Unit; and "shareholder" shall mean a Unitholder.

(54) **16.19** **Form of Proxy Solicitation** 

Where there is a solicitation of proxies (other than with respect to the exception set forth in Section 16.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the form of proxy sent to a Unitholder by a Person soliciting proxies shall indicate in bold-faced type
by whom the proxy is being solicited and the form of proxy or the information circular shall state the name, address and principal occupation
or employment within the preceding five years of each Person soliciting proxies and shall disclose the beneficial ownership of Units of
each such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the form of proxy shall provide means whereby the Unitholder whose proxy is solicited is afforded an opportunity
to specify that his or her votes shall be cast by the nominees in favour of or against, in accordance with such Unitholder's choice, each
matter or group of related matters identified therein or in the information circular as intended to be acted upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no proxy shall confer authority to vote at any meeting other than the meeting specified in the notice
of meeting or any adjournment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the information circular or form of proxy shall state that the votes represented by the proxy shall be
cast and that, where the Unitholder whose proxy is solicited specifies a choice with respect to any matter to be acted upon pursuant to
paragraph (b) above, the votes shall be cast in accordance with the specifications so made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the information circular or form of proxy shall indicate in bold-faced type that the Unitholder has the
right to appoint a person, who need not be a Unitholder, to attend and act for him or her and on his or her behalf at the meeting other
than the person, if any, designated in the form of proxy, and shall contain instructions as to the manner in which the Unitholder may
exercise such right.

**16.20** **Resolutions Binding** 

Any resolution passed in accordance with the provisions of this Trust Agreement shall be binding on all Unitholders and their respective heirs, executors, administrators, other legal representatives, successors and assigns, whether or not such Unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such Unitholder voted against such resolution.

**16.21** **Minutes of Meetings** 

Minutes of the meeting shall be made by the corporate secretary of the Manager (who shall act as secretary of the meeting) and duly entered in minute books to be kept by the Manager. Any such minutes signed by the chair of the meeting shall be conclusive evidence of the matters therein stated, and until the contrary is proved, every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed thereat to have been duly passed.

(55) **ARTICLE 17**

**SPECIAL FUNCTIONS**

**17.1** **Registrar and Transfer Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall appoint one or more
 chartered banks or banking institutions, trust companies, or other Persons, to act as the
 registrar and transfer agent (the "**Registrar and Transfer Agent**") for
 the Units and may provide for the transfer of Units in one or more places within or outside
 Canada (provided that if such appointments are made there shall be a Registrar and Transfer
 Agent within the Province of Ontario). Such Registrar and Transfer Agent shall perform those
 functions and duties usually performed by a registrar and transfer agent of shares of corporations
 having share capital, including maintaining the Register as provided for in Section 17.2
 and all other necessary or appropriate books (which may be kept on a computer or similar
 device) for recording original issuances of Units, registering and transferring the Units,
 and processing Copper Redemption Notices and Cash Redemption Notices, as applicable, in accordance
 with Article 6. In the case of an original issuance of Units, the Registrar and Transfer
 Agent may rely and act upon the written instruction of the Manager without inquiry into the
 receipt by the Trust of, or the sufficiency of, the consideration for such original issuance
 of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager, on behalf of the Trust, will enter into a written agreement with such Registrar and Transfer
Agent which agreement shall provide that any fees required to be paid to the Registrar and Transfer Agent for services rendered, other
than in respect of a transfer of Units, shall be the responsibility of the Trust.

**17.2** **Unit Register** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the approval or rejection by
 and direction from the Manager in connection with any purchase or transfer of Units hereunder,
 the Registrar and Transfer Agent appointed pursuant to Section 17.1 shall maintain records
 (the "**Register**") for and on behalf of the Trust which shall contain the
 name and the latest known address of each Unitholder and the number of Units of each class
 and each series of a class from time to time held by the Unitholder, the certificate numbers
 of the Unit Certificates, if any, and a record of all transfers thereof, and such Register
 shall be available at the offices of the Registrar and Transfer Agent in Toronto, Ontario
 or in such other office in Canada as the Manager deems appropriate and to which the Trustee
 consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the Register, the Registrar and Transfer Agent shall maintain participation records for the
Trust, showing with respect to each Unitholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each issue of Units to such Unitholder, the number of Units issued of each class and each
series of a class and the applicable Class Net Asset Value per Unit for which each Unit is issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of each transfer of Units to and from such Unitholder, and the number of Units of each class
and each series of a class transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of each redemption of Units by such Unitholder, and the number of Units of each class and each
series of a class redeemed;

(56) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date of each redesignation of Units, the number of Units redesignated of each class and each series
of a class and the Class Net Asset Value per Unit at which each Unit is redesignated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the number of Units held immediately after any subdivision or consolidation of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the number of Units of each class and each series of a class currently held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the date and details of each distribution of the Trust to the Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrar and Transfer Agent shall deliver to the Manager within three Business Days following a Valuation
Date, and at such other times as the Manager may request, a certified list of the Unitholders which list shall contain the name, the last
known address and the number of Units of each class and each series of a class currently held by each Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust, the Trustee (in its capacity as such, regardless of the fact that the Trustee may be or may
have been the Registrar and Transfer Agent) and the Manager shall at all times be entitled to rely entirely upon the Register maintained
by the Registrar and Transfer Agent as a record of ownership of the Trust and the registered Unitholders shall be deemed to be the true
owners thereof for all purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Only Unitholders whose Units are so recorded on the Register shall be entitled to receive distributions
and to exercise or enjoy the rights of Unitholders hereunder. The Person registered as a Unitholder on the Register shall be treated as
the owner of such Unit for all purposes, including payment of any distributions, giving notice to Unitholders and determining the right
to attend and vote at meetings of Unitholders. Accordingly, the Manager shall not be bound to recognize any transfer or attempted transfer,
pledge or other disposition of a Unit, or any equitable or other claim with respect thereto, whether or not the Trust or the Manager shall
have actual or other notice thereof, until such Unit shall have been transferred on the Register as herein provided.

**17.3** **Auditors** 

The Manager hereby confirms that a firm of qualified chartered accountants has been appointed as the auditors of the Trust (the "**Auditors**"). Subject to Section 20.3, the Manager may from time to time, with the prior consent of the Independent Review Committee, and after providing notice to the Unitholders and the Trustee, appoint another firm of chartered accountants qualified to practice in the Province of Ontario to act as the Auditors. The Auditors shall make a report to the Manager and the Unitholders on the annual financial statements of the Trust and fulfill such other responsibilities as they may properly be called upon to assume. Any such report shall be reviewed by the Manager, and if acceptable to the Manager shall be approved by the Manager (and if required, shall be signed by the Manager to evidence such approval) on behalf of the Trust. The Auditors shall have access to all records relating to the affairs of the Trust including the relevant records of the Manager, the Trustee, any Investment Manager, any Technical Advisor, the Facilities, the Custodian, any sub-custodians, the Registrar and Transfer Agent and the Valuation Agent, subject to any confidentiality and/or privacy requirements that may apply in the circumstances.

**17.4** **Valuation Agent** 

The Manager shall appoint a valuation agent for the Trust (the "**Valuation Agent**"). The Valuation Agent shall act in accordance with the terms and conditions of the Valuation Services Agreement including, but not limited to, that the Valuation Agent, in carrying out its duties and obligations as Valuation Agent, shall exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

(57) **17.5** **Facilities** 

The Manager hereby confirms that Copper acquired by, or on behalf of, the Trust will be stored in a Facility in accordance with the terms and conditions of a Storage Agreement, which shall be entered into by the Manager on behalf of the Trust, which agreement or arrangement will reflect the obligations of the Facility and the Trust.

**17.6** **Custodian of Trust Property Other Than Copper** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall be the Custodian of the Trust Property other than Copper. In carrying out its duties
and obligations as Custodian, the Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith
and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would
exercise in comparable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision herein, the Trustee shall not be responsible for the holding or control
of any Trust Property that is not directly held by the Trustee or its appointed sub-custodians, including any assets pledged or loaned
to a third party or Copper held with the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager, in accordance with Applicable Law and with the consent of the Trustee, shall have the authority
to appoint a replacement or an additional custodian of the Trust Property other than the Copper and to make contractual arrangements for
that purpose. In the event any Person other than the Trustee is appointed Custodian of such Trust Property, the contract with any such
custodian may include provisions whereby the Manager may give instructions directly to that custodian concerning the investment of such
Trust Property and that custodian may act thereon without approval by the Trustee. The Trustee shall be under no obligation to supervise
and shall have no responsibility or liability for acts of omission or commission of any such custodian under such arrangements where the
Trustee is not the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the direction of the Manager, the Trustee shall register such Trust Property held by it at any time
in its own name as trustee of the Trust or in the name or names of nominees, including any sub-custodians appointed by the Trustee, CDS,
DTC or in bearer form. The Trustee is hereby expressly empowered to keep such Trust Property, wholly or partly, in its principal office
or in any one or more of its branches in any province of Canada or at the office of any sub-custodian, including itself or its Affiliates,
to hold securities constituting such Trust Property through the facilities of CDS or DTC or any other domestic or foreign depository or
clearing agency which is duly authorized to operate a book-based system (including a transnational book-based system) in the country,
province, state or political subdivision of any country in which such depository or clearing agency is located (provided that such depositories
or clearing agencies shall not be deemed to be agents or sub-custodians of the Trustee), all as the Trustee may determine so long as such
Trust Property at all times is kept distinct from the assets of the Trustee and those of its sub-custodians, nominees or any other Person
in the registers and other books of account kept by the Trustee or such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where such Trust Property is issued in bearer form, such Trust Property shall be designated or segregated
by the Trustee or sub-custodian or their respective nominees so as to establish that the beneficial ownership of such Trust Property is
vested in the Trustee. Comparable provisions shall be included in any custodianship or sub-custodianship agreements entered into by or
under authority of the Custodian. The Trust Property registered in accordance with Section 17.6(d) or issued in accordance with
this Section 17.6(e) shall be recorded in an account with an account number or other designation in the records of the Trustee
or the sub-custodian or their respective nominees sufficient to establish that the beneficial ownership of such Trust Property is vested
in the Trust.

(58) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The Trustee may appoint sub-custodians (who may be affiliated with or otherwise related to the Trustee)
and enter into sub-custodianship agreements on terms consistent with this Trust Agreement; provided, however, that written consent to
such appointment has been provided by the Manager. For the purposes of this Trust Agreement, such consent is deemed to have been obtained
in respect of the appointment of those sub-custodians which are part of the Trustee's international network of sub-custodians. Further,
upon notice to the Manager of the appointment of any additional sub-custodians in the Trustee's international network, the Manager will
be deemed to have consented to such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A sub-custodian appointed by the Trustee shall be permitted to appoint a sub-sub-custodian only upon the
prior written consent of the Trustee and the Manager, and further provided that adequate provision is made in the sub-custodianship agreement
for the Trust, acting directly or through the sub-custodian, to enforce its rights in respect of such Trust Property which is held by
the appointed sub-sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any sub-custodian appointed by or under
 the authority of the Trustee shall meet any guideline for acting as a sub-custodian prescribed
 by Securities Authorities in Canada from time to time (the "**Sub-Custodian Guidelines** ")
 and shall execute an agreement in a form that complies with the Sub-Custodian Guidelines.
 The Trustee shall annually review this Trust Agreement and all sub-custodian agreements to
 determine if those agreements are in compliance with the Sub-Custodian Guidelines, and shall
 also make reasonable enquiries as to whether each sub-custodian satisfies the applicable
 requirements of the Sub-Custodian Guidelines. The Trustee shall make or cause to be made
 any changes as may be necessary to ensure that this Trust Agreement and the sub-custodian
 agreements are in compliance with the Sub-Custodian Guidelines, and that all sub-custodians
 of the Trust satisfy such applicable requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Where required under Applicable Laws of Canada, the Trustee shall, within 60 days following the end of
each Fiscal Year of the Trust, advise the Trust in writing of the names and addresses of all sub-custodians of the Trust, whether this
Trust Agreement and the sub-custodian agreements are in compliance with the Sub-Custodian Guidelines, and whether, to the best of the
knowledge and belief of the Trustee, each sub-custodian satisfies the applicable requirements of the Sub-Custodian Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee, in its capacity as Custodian, shall account for all such Trust Property received and held
by it, shall disburse or retain any income received thereon and/or capital pursuant to directions from the Manager and shall provide monthly
statements of the account in such format as may be agreed to by the parties. Additional statements which are required to satisfy the requirements
of any regulatory or administrative agencies will also be provided as requested by, and at the expense of, the Manager. The Manager will
within 30 days following the issue date of any such statement give the Trustee written notice of any alleged omissions from or additions
wrongly made to or inaccurate entries in any such statement. The Manager agrees that at the end of the 30-day period, the Trustee shall
be fully released and discharged from any liability or accountability to anyone with respect to acts or transactions disclosed in any
such statement except as to any alleged errors of which the Manager has identified by giving written notice to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If, in order to provide services to the
 Manager pursuant to this Trust Agreement, the Trustee is required to engage sub-custodians
 in certain markets which the Trustee has identified as being high risk and has designated
 as "**Designated Markets**" by listing them in Schedule D. A Designated
 Market is a market where the risks of engaging a sub-custodian are significantly greater
 than they would be in more established markets. Notwithstanding any other provision of this
 Trust Agreement, in such Designated Markets where the Trustee is providing custodial services
 (whether directly or through a sub-custodian) in respect of the Trust, the Trustee may not
 be able to accept some of the liabilities or responsibilities which are contemplated by the
 Trust Agreement. Under the Trust Agreement, the Trustee is responsible for the negligence
 and wrongful acts of its sub-custodians. However, where the Trustee engages a sub-custodian
 in a Designated Market, the Manager hereby acknowledges and agrees that the Trustee will
 not be responsible for the negligence or wrongful acts of such sub-custodians and that such
 negligence or wrongful acts will not be considered to be a breach by the Trustee of its standard
 of care or negligence for the purposes of this Trust Agreement. Notwithstanding the aforementioned,
 the Trustee will continue to accept responsibility for the selection and on-going monitoring
 of its sub-custodians in all markets, except Designated Markets, in accordance with its standard
 of care. From time to time, the Trustee may add to or delete markets from the list of Designated
 Markets attached as Schedule D, and the Trustee will provide the Manager with written notice
 of such changes. The Manager agrees that it will have 60 days from the date of any such notice
 to raise concerns regarding any new Designated Market which is added to the list. After this
 60-day period, that added market will be deemed to be a Designated Market for the purposes
 of the Trust Agreement. The Manager acknowledges and agrees that it and any Investment Manager
 are responsible for apprising themselves of the specific risks to the Trust involved in the
 investment and reinvestment of such Trust Property in all markets in which such Trust Property
 is located from time to time.

(59) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) When providing the services under this
 Trust Agreement, the Trustee may disseminate to the Manager certain financial market data
 made available to the Trustee by third parties ()"**Data Vendors** "). The Manager
 acknowledges that the access and use by the Manager of such market data is subject to specific
 restrictions and obligations on the Trustee and the Manager imposed by the Data Vendors.
 Such restrictions and obligations are further described in the document entitled Third Party
 Data: Use and Re-Distribution Terms (hereinafter referred to as the "**General Terms** "),
 which has been made available to the Manager. By executing this Trust Agreement, the Manager
 acknowledges receiving and accepting the General Terms.

**ARTICLE 18**

**REPORTS AND EXECUTION OF DOCUMENTS**

**18.1** **Records** 

The Manager shall maintain or cause to be maintained appropriate accounting records for the Trust. The accounting records for the Trust shall be open for examination by the Trustee, by the Auditors and by Unitholders or their authorized representatives during normal business hours on any Business Day at the office of the Manager or such other office as the Manager may determine, provided that reasonable notice has been given to the Manager of any such examination.

**18.2** **Reports to Unitholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the time of investment in Units, a statement shall be issued by the Registrar and Transfer Agent, in
such form and on such terms and conditions as the Manager may, in its sole discretion, determine, and such statement will be forwarded
to each Unitholder, which statement will indicate the number of Units held by the Unitholder and such other information as may be required
by Applicable Laws; provided, however, that the information disclosed on such statements shall always be in accordance with the number
of the Unitholder's Units reflected on the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made
by the Auditors. The financial statements of the Trust so audited shall include such statements as are required by Applicable Laws. A
copy of such statements, together with the Auditors' report thereon, shall be filed with the appropriate Securities Authorities pursuant
to Applicable Laws unless and to the extent an exemption from such filing is available under Applicable Laws.

(60) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager shall approve and forward to Unitholders such audited annual financial statements and unaudited
interim financial statements as it is required under Applicable Laws to deliver, within the time limits specified under such laws. The
Trustee shall not be required to prepare or approve any audited financial statements of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the absence of the filing in writing with the Manager or the Trustee of any objection to the statements
or reports supplied in accordance with this Section 18.2 within 90 days of their mailing, Unitholders shall be deemed to have approved
such statements or reports and the Trustee and the Manager shall be released, relieved and discharged with respect to all matters and
things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has
been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful
misconduct or lack of good faith of the Manager in preparing such statements or reports) as if they had been settled by the decree of
a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager shall prepare, file and deliver to Unitholders (if required) all management reports of fund
performance and other continuous disclosure documents required by applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager will make available to Unitholders as soon as practicable on its website an unaudited schedule
of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder's
holding of Units in the Trust, except as may be required by Applicable Laws.

**18.3** **Material to be Furnished to the Trustee** 

The Manager will cause to be furnished to the Trustee from time to time, in addition to any other documents required to be furnished hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of each of the Disclosure Documents for investment in Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of each continuous disclosure document relating to the Trust filed with, furnished or otherwise
provided to, any Securities Authority under applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on or before 90 days following December 31 of each year, a copy of the audited annual financial statements
of the Trust, together with the report of the Auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on or before 90 days following December 31 of each year, an Annual Certificate of Compliance, substantially
in the form set out in Schedule A, with respect to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on or before 90 days following June 30 in each year, an Interim Certificate of Compliance, substantially
in the form set out in Schedule B, with respect to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Certificate of Authorized Signing Authorities, substantially in the form set out in Schedule C, specifying
the names and titles of those Persons authorized to give approvals, consents or directions on behalf of the Manager including specimen
signatures of each such Person.

**18.4** **Documents Requiring Trustee's Consent** 

The Manager will provide to the Trustee for its prior written consent draft copies of all agreements, literature, certificates, Disclosure Documents, continuous disclosure documents to be filed with Securities Authorities, advertisements, printed matter and other material which contain any reference to the Trustee or which relate to the functions being performed hereunder or which may affect the Trustee, except material which is circulated among or sent to employees, Unitholders and correspondence in the ordinary course of business and which merely reflects in accurate terms, information contained in the then current Disclosure Documents.

(61) **18.5** **Execution of Documents** 

The Trustee shall have the authority to sign on behalf of the Trust all documents and any documents so signed shall be binding upon the Trust without any further authorization or formality. The Trustee shall have power from time to time to appoint any Person or Persons on behalf of the Trust either to sign documents generally or to sign specific documents.

**18.6** **Execution of Documents by the Manager** 

Any approval, consent, direction, order (including, but not limited to, the signing of any Disclosure Documents or Unit Certificate) or request required or permitted by this Trust Agreement to be given or made by the Manager shall (except where otherwise expressly provided herein) be sufficiently given or made if expressed in writing signed in the name of the Manager by its duly authorized representative(s) designated from time to time in writing. If at any time, the Manager shall fail to give or make any such approval, consent, direction, order or request as required by this Trust Agreement and no express provision is made for the action to be taken by the Trustee, the Trustee may act herein without any such approval, consent, direction, order or request, in its sole discretion.

**18.7** **Material to be Furnished to Unitholders** 

Subject to Article 20, the Manager will cause to be furnished to the Unitholders and the Trustee any notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change to the Investment Policy of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Manager's desire to change the Fiscal Year of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the location of the principal office of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change to the Person designated by the Manager as the Registrar and Transfer Agent or Valuation Agent
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any proposed change to the method of calculation of the Management Fee payable by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any meeting of the Unitholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the intention by the Manager to terminate and dissolve or reorganize the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any material amendment to this Trust Agreement, together with a written explanation for the reasons for
such amendment.

**ARTICLE 19<br> NOTICE**

**19.1** **Notice to Unitholders** 

Any notice to be given or any document or instrument in writing to be sent to a Unitholder may be effectively given or sent by mailing it to the Unitholder by pre-paid ordinary mail addressed to the address of the Unitholder appearing on the Register referred to in Section 17.2 and shall be conclusively deemed to have been received by the Unitholder on the fifth Business Day after it was so mailed; provided that accidental failure to give notice to any Unitholder shall not affect any action taken pursuant to such notice.

(62) **19.2** **Methods of Communication** 

Any notice to be given or any document or instrument in writing to the Trustee or the Manager (including for greater certainty, all directions and instructions) must be given through one of the following methods of communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personal or courier delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile
(in accordance with the Manager's guidelines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) S.W.I.F.T.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) one
of the Trustee's secured client access channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) directly between electromechanical or electronic terminals (other than the internet or unsecured lines of communication);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) telephone (subject to Sections 19.4, 19.5 and 19.8); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) internet
(subject to Sections 19.6 and 19.8).

Communications should be addressed, as applicable, as follows:

in the case of the Trustee:

RBC Investor Services Trust

155 Wellington Street West, 2nd Floor

P.O. Box 7500, Station "A"

RBC Centre

Toronto, Ontario

M5V 3L3

Attention: Director, Client Service & Solutions <br>Facsimile: (416) 955-6262 or (416) 955-8571

in the case of the Manager:

Sprott Asset Management LP

Royal Bank Plaza, South Tower

200 Bay Street

Suite 2600

Toronto, Ontario

M5J 2J1

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone: | (416) 943-6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (416) 943-6497 |

---

or at such other address and number as the party to whom such communication is to be given shall have last notified the party giving the same in the manner provided in this section.

(63) **19.3** **Deemed Delivery** 

Pursuant to Section 19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any communication delivered personally shall be deemed to have been given and received on the day it is
so delivered (or if that day is not a Business Day, on the next succeeding Business Day); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any communication given by facsimile, S.W.I.F.T., secured client access channels, directly between electromechanical
or electronic terminals (other than the internet or unsecured lines of communication) or the internet (subject to Sections 19.6 and 19.8)
shall be deemed to have been given and received on the Business Day it is transmitted provided that it was received before 3:00 p.m. (Toronto
time) and, if received after 3:00 p.m. (Toronto time), it shall be deemed to have been given and received on the Business Day following
the day of transmission provided in each case that confirmation of transmission is available from the party giving the communication.

**19.4** **Telephone Directions** 

With respect to telephone directions, the Manager shall endeavor to forward directions (other than by telephone) confirming such telephone directions on the same day that such verbal directions are given to the Trustee. The fact that such confirming directions are not received or that contrary directions are received by the Trustee shall in no way affect the validity of transactions effected by the Trustee on the basis of the telephone directions.

**19.5** **Telephone Communications** 

The Manager agrees that some or all telephone conversations between the parties, including directions or communication given by telephone, may be recorded by the Trustee and that, in the event of any disagreement as to the content of any directions or communication given by telephone, such recording shall be conclusive and determinative of the contents of the directions or communication.

**19.6** **Internet** 

The Manager agrees and confirms, in connection with the services provided by the Trustee to the Trust, that the Trustee may forward reports and information to the Manager and/or to the Manager's authorized agents, and may receive and act upon communications and instructions (including, without limitation, directions) received from the Manager and/or the Manager's authorized agents through the use of such form of electronic means of communications (including the internet which is not a secure means of communication) as may be agreed to from time to time in writing. Without limiting the provisions of this Trust Agreement, the Manager also agrees that the Trustee may rely and act upon any email instructions or directions received via the internet from the Manager without the Trustee having to take any further actions of any kind to verify or otherwise ascertain the validity of such instructions or directions, and any such instructions or directions shall be binding on the Manager on whose behalf the e-mail instructions or directions shall have been given and that the Manager shall not make any claim or take any action or proceedings against the Trustee for any losses or damages whatsoever suffered by reason of the Trustee accepting and acting upon such instructions or directions so received.

**19.7** **Cyber Security** 

The Manager acknowledges that the use of the internet and any other networks or automated systems that provide the Trustee with internet access, or that provide the Manager with internet access to services available to the Manager via any online portal made available by the Trustee (collectively, the "**Automated Systems**"), as well as the use of information technology **("IT")** systems generally, entails risks, including but not limited to service interruptions, system or communication failures, delays in service, errors or omissions in information provided, errors in the design or functioning of the Automated Systems and corruption of the Manager's and the Trust's data as well as risks related to cybercrime, including but not limited to theft of data or damage to the hardware, software, or electronic data of the computer systems of the Trustee (collectively, "Cyber & IT Risk"), which could result in a violation of the security or confidentiality of the Manager's and the Trust's data and confidential information and cause damage, expense or liability to the Manager and the Trust. The Manager also acknowledges the chain risk associated to the use of subcontractors and delegates.

(64) The Trustee hereby confirms that it has set-up an IT and cyber security framework to address Cyber & IT Risk, which includes written policies and standards. The Trustee's framework, policies, and standards are aligned with industry leading practice and applicable laws. In addition to the IT and cyber security framework, the Trustee provides staff education and awareness training in support of the requirement for privacy and protecting our customer's data.

The Trustee has strong controls in place to monitor its data security, including but not limited to the monitoring and detection of unauthorized access to systems and client data, as well as intrusion tests and vulnerability scans performed regularly. The Trustee engages industry leading third parties to conduct pro-active assessment activities to prevent advanced persistent threats from accessing its networks. The Trustee has established a dedicated Security Operations Centre ("**SOC**") that monitors cyber threats. The SOC has 24/7 coverage and has incident monitoring capabilities to detect abnormal Trustee system behavior.

The Trustee has a dedicated incident response team whose role is to mitigate or resolve any cyber-attack or incident. In case of a material incident, the Trustee's risk crisis management teams would be activated to liaise with, and provide information to, regulators, clients and constituents, and law enforcement, as appropriate. The Trustee has in place strong logical access controls in order to prevent unauthorized/inappropriate access to its data and systems. The Trustee manages supplier risk by maintaining an up to date inventory of its suppliers and engagements with those suppliers. Risk assessments are completed for the Trustee's suppliers at the start of the engagement and then re-assessed based on a defined reassessment cycle or when there is a change to the engagement with the supplier. The Trustee operates a "three lines of defense" model with clearly documented roles and responsibilities in relation to Cyber & IT Risk. This model supports the design and implementation of the Trustee's control environment as well as providing assurance in relation to its operating effectiveness.

The Manager acknowledges and agrees that the Trustee has implemented appropriate and reasonable security measures and policies to address Cyber & IT Risk. Notwithstanding any term of this Trust Agreement, the Trustee shall have no responsibility or liability whatsoever for losses or damages which may be suffered or incurred by the Manager and the Trust as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of the Manager to properly
 update, monitor or protect its IT systems, such as by installing appropriate antivirus software
 or taking similar measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any system failure, system malfunction,
 software malfunction or technical failure of any Automated System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) viruses or worms, trojan horses,
 unauthorized codes, malware, spyware, time bombs, time locks, drop deads, ransomwares and
 other similar malicious software: (i) being introduced into the Trustee's systems, (ii) affecting
 the Trustee's use of any online services provided by the Trustee, (iii) corrupting,
 damaging or otherwise affecting the Trustee's data visible on or downloaded from any online
 portals made available by the Trustee, or (iv) corrupting, damaging or otherwise affecting
 the Manager's IT systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the interception, hacking, review,
 alteration, tampering with, or other breach of security of electronic communications between
 the Trustee and the Manager; and

(65) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any third party systems over which the Trustee has no control,

except where any such losses or damages are caused directly by the Trustee's breach of Standard of Care, fraud or willful misconduct.

**19.8** **Verification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All directions and instructions shall be given in one of the methods authorized by Section 19.2 and
shall be given by authorized officer(s) of the Manager and of any other Person(s) or representative(s) including any Investment
Manager appointed by the Manager and authorized to act on behalf of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the provisions of this Trust Agreement and subject to Section 11.2(a) and Section 19.6,
the Manager also agrees that the Trustee may rely and act upon any instructions or directions received from authorized officer(s) of
the Manager and of any other Person(s) or representative(s) including any Investment Manager appointed by the Manager and authorized
to act on behalf of the Manager without the Trustee having to take any further actions of any kind to verify or otherwise ascertain the
validity of such instructions or directions except to verify such personnel is duly authorized by the Manager in accordance with the Certificate
of Authorized Signing Authorities then on file with the Trustee, and any such instructions or directions shall be binding on the Manager
on whose behalf the instructions or directions shall have been given. The Trustee shall be entitled to rely solely on such certificate
then on file without further inquiry for verification purposes.

**ARTICLE 20<br> AMENDMENTS**

**20.1** **Non-Material Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Trust Agreement may be amended, deleted, expanded or varied by the Manager, with
the approval of the Trustee, upon notice to Unitholders in accordance with Section 20.4, if the amendment, in the opinion of Counsel
for either the Trustee or the Manager, does not constitute a material change and does not relate to any of the matters specified in Section 20.2,
but no amendment shall be made under this Section 20.1 which adversely affects the pecuniary value of the interest of any Unitholder
or restricts any protection provided to the Trustee or increases the responsibilities of the Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Trust Agreement may also be amended by the Manager without the approval of, or notice to, Unitholders
for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to remove any conflicts or other inconsistencies which may exist between any terms of this Trust Agreement
and any provisions of any Applicable Law affecting the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make any change or correction in this Trust Agreement which is of a typographical nature or is required
to cure or correct any ambiguity or defective or inconsistent provision, clerical omission, mistake or manifest error contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to bring this Trust Agreement into conformity with Applicable Laws, rules and policies of Securities
Authorities, stock exchanges on which the Units are listed or with current practice within the securities industry, provided that any
such amendment does not adversely affect the rights, privileges or interests of any Unitholder;

(66) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where the Exemptive Relief has been amended, modified, supplemented or replaced, to reflect any changes
to the definitions of "Facility", "Storage Agreements", "Storage Jurisdictions" or "Warehouse Provider",
to the extent permitted by such amended, modified, supplemented or replaced Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to add or amend a redemption feature for any class of Units that is necessary or advisable in connection
with the Trust undertaking to list such class of Units on a U.S. stock exchange, or so that the Trust may qualify as a "unit trust"
for purposes of the Tax Act, in either case as determined by the Manager in its discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to provide added protection or benefit to Unitholders.

**20.2** **Unitholder Approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 20.2(b), Section 20.2(c), Section 20.2(d) and
Section 20.2(f), notwithstanding the other provisions of
this Trust Agreement, certain matters relating to the Trust and this Trust Agreement require approval by the Unitholders. Such approval
must be given at a meeting duly called for that purpose or by written resolution pursuant to Article 16. Any provision of this Trust
Agreement may be amended, deleted, expanded or varied with the approval of the Unitholders for the following purposes by resolution passed
by an Ordinary Resolution, other than Section 20.2(a)(i) and Section 20.2(a)(ii) which require approval of Unitholders
by an Extraordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a change in the investment objective of the Trust set out in Section 22.1 or the investment strategy
set out in Section 22.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in the investment and operating restrictions of the Trust set out in Section 22.3, unless
such change or changes are necessary to ensure compliance with Applicable Laws or other requirements imposed from time to time by Securities
Authorities or stock exchanges on which the Units are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the basis of calculating a fee or expense that is charged to the Trust or directly to its
Unitholders by the Trust or the Manager in connection with the holding of Units which could result in an increase in charges to the Trust
or to its Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the introduction of a fee or expense to be charged to the Trust or directly to its Unitholders by the
Trust or the Manager in connection with the holding of Units which could result in an increase in charges to the Trust or to its Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a reduction in the frequency of calculating the Net Asset Value of the Trust, the Net Asset Value per
Unit, the Class Net Asset Value or the Class Net Asset Value per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a change in the Manager, unless the successor manager is an Affiliate of the current Manager or the successor
manager occurs primarily as a result of a Manager Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Trust undertakes a reorganization with, or transfers its assets to, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Trust ceases to continue after the reorganization or transfer
of assets, and

(67) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the transaction results in the Unitholders becoming unitholders
in the other investment fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Trust undertakes a reorganization with, or acquires assets
from, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Trust continues after the reorganization or acquisition of
 assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the transaction results in the unitholders
 of the other investment fund becoming Unitholders in the Trust, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the transaction would be a material
 change to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Despite Section 20.2(a), the approval of Unitholders is
not required to be obtained for a change referred to in Section 20.2(a)(iii) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust is at arm's length to
 the Person charging the fee or expense to the Trust which is changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Disclosure Documents disclose
 that, although the approval of Unitholders will not be obtained before making the change,
 Unitholders will be sent a written notice at least 60 days before the effective date of the
 change that is to be made which could result in an increase in charges to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the notice referred to in Section 20.2(b)(ii) is
 sent 60 days before the effective date of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Despite Section 20.2(a), the approval of Unitholders is
not required to be obtained for a change referred to in Section 20.2(a)(vii) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Independent Review Committee
 has approved the change in accordance with NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust is being reorganized
 with, or its assets are being transferred to, another investment fund to which NI 81-102
 and NI 81-107 apply and that is managed by the Manager or its Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the reorganization or transfer
 of assets of the Trust complies with the criteria set forth in NI 81-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Disclosure Documents disclose
 that, although the approval of Unitholders will not be obtained before making the change,
 Unitholders will be sent a written notice at least 60 days before the effective date of the
 change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the notice to Unitholders referred
 to in Section 20.2(c)(iv) is sent 60 days before the effective date of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reorganization or transfer of assets pursuant to Section 20.2(a)(vii) or
Section 20.2(a)(viii) above, including
a transaction approved by the Independent Review Committee pursuant to Section 20.2(c)(i), must satisfy the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reorganization of the Trust with another investment fund
or the transfer of assets must be accomplished on a tax-deferred rollover basis for Unitholders and for unitholders of the other investment
fund and must be a tax-deferred transaction for U.S. federal income tax purposes
for U.S. Unitholders and for unitholders of the other investment fund;

(68) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the investment fund with which the Trust is reorganized or which receives the Trust's assets: (A) is
classified as a corporation for U.S. federal income tax purposes, (B) does not take any action inconsistent with its classification
as a corporation for U.S. federal income tax purposes, and (C) does not elect to be treated as an entity other than a corporation
for such purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the investment fund surviving the reorganization
 or the transfer of assets: (A) within 45 days from the end of each taxable year of the
 investment fund, determines, or causes to be determined, whether the investment fund was
 a PFIC in such taxable year, (B) provides or causes to be provided to unitholders of
 the investment fund all information necessary to enable unitholders or beneficial owners
 of units of the investment fund, as applicable, to elect to treat the investment fund as
 a QEF for U.S. federal income tax purposes and to comply with any reporting or other requirements
 incident to such election, and (C) within 45 days from the end of each taxable year
 of the investment fund in which the investment fund is a PFIC, provides, or causes to be
 provided, to unitholders or beneficial owners of units of the investment fund, as applicable,
 a completed "**PFIC Annual Information Statement**" as required by U.S.
 Treasury Regulations Section 1.1295-1(g) and otherwise complies with the applicable
 requirements of the U.S. Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition, any material amendment, modification or variation in the provisions of, or rights attaching
to, a particular class or series of a class of Units must be approved by an Extraordinary Resolution of the Unitholders of that class
or series of a class of Units, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Despite Section 20.2(a), the approval of Unitholders of any amendment, deletion, expansion or variation
of the Trust Agreement not permitted under Section 20.1(b)(iii) and reasonably required or advisable (as determined by the Manager
acting in good faith) for, or in connection with, the listing or potential listing of the Units on a U.S. stock exchange shall only require
a resolution approved, in person or by proxy, by Unitholders holding Units representing in aggregate not less than 50% of the Units or
a written resolution signed by Unitholders holding Units representing in aggregate not less than 50% of the Units.

**20.3** **Change of Auditors** 

The Auditors appointed by the Manager pursuant to Section 17.3 may not be changed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Independent Review Committee has approved the change of Auditors in accordance with NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Disclosure Documents disclose that, although the approval of Unitholders will not be obtained before
making the change, Unitholders will be sent a written notice at least 60 days before the effective date of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notice to Unitholders referred to in Section 20.3(b) is sent 60 days before the effective
date of the change.

**20.4** **Notice of Amendment(s)** 

Notice of any amendment under Section 20.1 shall be given in writing to Unitholders, and any such amendment shall take effect on a date to be specified therein, which date shall be not less than 60 days after notice of the amendment is given to Unitholders, except that the Manager and the Trustee may agree that any amendment pursuant to Section 20.1 shall become effective at an earlier date if, in the opinion of the Manager and the Trustee, an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any Unitholder.

(69) **20.5** **Approval of Trustee** 

In addition, the approval of the Trustee is also required for any amendment to this Trust Agreement if the amendment restricts any protection provided to the Trustee or impacts the responsibilities of the Trustee hereunder.

**20.6** **Approval of TSX** 

In addition, amendments to this Trust Agreement are subject to TSX approval, if applicable.

**ARTICLE 21**

**TERMINATION OF THE TRUST**

**21.1** **Termination of the Trust** 

The Trust will be terminated and dissolved in the event of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there are no outstanding Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee resigns or is removed and no successor trustee is appointed by the Manager within the time
limit prescribed in Section 13.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager resigns and no successor manager is appointed by the Manager and approved by Unitholders within
the time limit prescribed in Section 14.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Termination Event occurs.

**21.2** **Notice of Termination** 

The Manager may at any time terminate and dissolve the Trust if, in the opinion of the Manager, after consulting with the Independent Review Committee, the Net Asset Value of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the Unitholders to terminate the Trust, by giving to the Trustee and each then Unitholder written notice of its intention to terminate at least 90 days before the effective date on which the Trust is to be terminated. To the extent such termination of the Trust in the discretion of the Manager may involve a matter that would be a **"conflict of interest"** matter as set forth under NI 81-107, the matter will be referred by the Manager to the Independent Review Committee for its recommendation.

**21.3** **Effect of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of the winding-up of the Trust, the Manager or, in the event of Section 21.1(d), such
other Person appointed by the Trustee, the Unitholders or a court of competent jurisdiction, as the case may be, shall make appropriate
arrangements for converting the investments of the Trust into cash, and the Trustee shall proceed to wind-up the affairs of the Trust
in such manner as seems to it to be appropriate. The assets of the Trust remaining after paying or providing for all obligations and liabilities
of the Trust shall be distributed among the Unitholders named in the Register as at 4:00 p.m. (Toronto time) on the effective date
on which the Trust is to be terminated in accordance with Article 21. Distributions of Net Income and Net Realized Capital Gains
shall, to the extent not inconsistent with the orderly realization of the assets of
the Trust, continue to be made in accordance with this Trust Agreement until the Trust has been wound up.

(70) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, if a notice of termination has been given by the Manager and if authorized
by the vote of Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Units as determined
in accordance with this Trust Agreement, the assets of the Trust may be, in the event of the winding-up the Trust, distributed to the
Unitholders on the termination of the Trust in specie in whole or in part, and the Trustee shall have complete discretion to determine
the assets to be distributed to any Unitholder and their values for distribution purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If after a period of six months from the effective date on which the Trust was terminated, the Registrar
and Transfer Agent is unable to locate the owner of any Units as shown on the Register, such amount as would be distributed to such Unitholder
shall be deposited by the Registrar and Transfer Agent in an account in a chartered bank or trust company (including the Trustee) in Canada
in the name and to the order of such Unitholder upon presentation by such Unitholder of sufficient information determined by the chartered
bank or trust company to be appropriate to verify such Unitholder's entitlement to such amount. Upon such deposit being made, the Units
represented thereby shall be cancelled and the Registrar and Transfer Agent, the Manager and the Trustee shall thereupon be released from
any and all further liability with respect to such moneys. Thereafter the Unitholder shall have no rights as against the Registrar and
Transfer Agent, the Manager or the Trustee to such moneys or an accounting therefor.

**21.4** **Termination of Trust Agreement** 

Upon termination and dissolution of the Trust pursuant to this Article 21, this Trust Agreement shall terminate and all of the assets of the Trust shall be distributed in accordance with Section 21.3 above.

**ARTICLE 22** 

**INVESTMENT POLICY**

**22.1** **Investment Objective** 

The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to Unitholders.

**22.2** **Investment Strategy** 

The Trust intends to achieve its objective by investing primarily in long-term holdings of Copper and generally will not speculate with regard to short-term changes in Copper prices.

**22.3** **Investment and Operating Restrictions** 

The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will invest in and hold a minimum of 90% of the total net assets of the Trust in Copper (whether in
 physical form or through Financial Instruments that represent Copper) and invest in and hold no more than 10% of the total net
 assets of the Trust, at the discretion of the Manager, in debt obligations guaranteed by the Government of the United States or a
 state thereof or by the Government of Canada or a province of Canada, 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 Dominion Bond Rating Service Limited or its successors or assigns or F1 (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, cash 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 the Trust's initial
public offering or additional offerings or prior to the distribution of the assets of the Trust;

(71) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not issue Units following the completion of the Trust's initial public offering except (i) if
the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit
prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not invest in Financial Instruments
 that represent Copper or that may be exchanged for Copper, other than for the purposes of
 Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse
 receipts, and other financial instruments (collectively "**Financial Instruments**") to complement the Trust's Copper procurement strategy, so long as these transactions
 provide value to the Trust and the risk associated with each transaction and to the Trust
 is minimized to the satisfaction of the Manager taking into account all relevant tax considerations.
 For the avoidance of doubt, Copper optimization transactions include futures contracts that
 correspond to a Copper purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not lend Copper except to other market participants, of sufficient credit quality and/or with appropriate
credit enhancing measures, so that the risk associated with any such transaction and to the Trust is minimized to the satisfaction of
the Manager taking into account all relevant tax considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will ensure that the storage of Copper is governed by agreements with the Facilities having generally
customary terms for agreements of such nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to (e) above, will ensure that the Copper remains unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will not guarantee the securities or obligations of any Person other than the Manager, and then only in
respect of the activities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will not use leverage other than for short-term borrowings to settle trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter
investment within the meaning of section 143.2 of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation,
trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required
to include any significant amount in income under sections 94, 94.1 or 94.2 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments
that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

(72) **22.4** **Investment and Reinvestment by the Trust** 

The Trust and the Manager shall not, in carrying out investment activities, be in any way restricted by the provisions of the laws of any jurisdiction limiting or purporting to limit investments which may be made by trustees, and shall be entitled to vary the investments of the Trust, but shall be limited by any Investment Policy contained herein and the Applicable Laws to which the Trust is subject.

**ARTICLE 23<br> GENERAL**

**23.1** **Compliance with Law and Policy** 

It shall be the responsibility of the Manager to ensure that this Trust Agreement, the Disclosure Documents and all regulatory filings of the Trust and any distribution of Units comply with all Applicable Laws. To this end, the Manager, on behalf of a Trust, shall take such action and execute such deeds and documents as may be necessary or desirable to be filed with appropriate Securities Authorities on behalf of the Trust.

**23.2** **Governing Law** 

This Trust Agreement and the trust hereby created shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the parties hereto irrevocably attorn to the non-exclusive jurisdiction of the courts of the Province of Ontario. The responsibilities of the Trustee shall be principally performed from its office at Toronto, Ontario unless otherwise agreed by the Manager and the Trustee.

**23.3** **Computation of Time** 

In computing the date when notice must be given under any provision of this Trust Agreement requiring a specified number of days' notice of any meeting or other event, the date of giving the notice shall be excluded and the date of the meeting or other event shall be included.

**23.4** **Omissions and Errors** 

The accidental omission to give any notice to any Unitholder, the Trustee, the Manager or the Auditors or the non-receipt of any notice by any such Person or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**23.5** **Time** 

Time shall be of the essence of this Trust Agreement.

**23.6** **Counterparts and Facsimile** 

This Trust Agreement may be executed using wet ink signature or electronic signature by any party to this Trust Agreement by such party signing a counterpart of this Trust Agreement, and all such counterparts together shall constitute a single instrument. The electronic exchange of wet-ink signed or electronically signed copies of this Trust Agreement (including pdf copies or other legible image files) will be, among other methods of delivery, sufficient to bind all of the parties, and none of the parties shall contest the enforceability or admissibility of a copy of this Trust Agreement that has been electronically signed and delivered.

**23.7** **Complete Agreement** 

This Trust Agreement and all schedules attached hereto supersede and replace all prior negotiations and agreements made between the parties to this Trust Agreement, whether oral or written and contain the entire understanding between the parties with respect to the subject matter of this Trust Agreement. The parties agree to the correction of any clerical error in this Trust Agreement as clarified by the drafting solicitor acting reasonably.

(73) **23.8** **Severability** 

If any provision of this Trust Agreement is or becomes illegal, invalid or unenforceable, in whole or in part, in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect (i) the legality, validity or enforceability of the remaining provisions of this Trust Agreement or (ii) the legality, validity or enforceability of that provision in any other jurisdiction.

**23.9** **Inspection of Documents** 

This Trust Agreement shall be open to inspection by Unitholders and any agent, consultant or creditor of the Trust on a need to know basis as determined by the Manager, acting reasonably, and, upon written request from any Unitholder, the Manager shall as quickly as reasonably possible furnish such Unitholder with a copy hereof.

**23.10** **Confidentiality, Data Processing and Sharing of Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Terms</u> 

For the purposes of this Section 23.10 the following defined terms shall have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Client Information**" means any and all information and documentation relating to the Manager and the Trust
 provided to the Trustee by the Manager or any other person on the Manager's behalf
 during the course of the relationship with the Trustee, whether provided in person, by mail,
 email, fax, telephone or any other means. Client Information processed by the Trustee may
 include, but is not limited to, identification data, contractual and other documentation,
 and transactional information. It may also include Personal Data, including but not limited
 to Personal Data relating to the Manager's employees, directors, officers, legal representatives,
 beneficial owners, trustees, settlors, signatories, shareholders or otherwise. For the avoidance
 of doubt, in respect of an investment fund, Client Information shall not include information
 about investors (i.e. unitholders/shareholders) in such investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Confidential Information**" means any information relating to a party or to the affairs, business and strategies,
 including the investments, of such party, and may include, without limitation, Personal Data,
 data identifying the relevant party, contractual and other documentation, transactional information,
 and shall include Client Information. Confidential Information shall not include any information
 to the extent that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) already in the possession or otherwise known by the recipient or its affiliates (in the case of the Trustee
as recipient, RBC Group) before the date of this Trust Agreement and was at the time not confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) lawfully obtained by the recipient on a non-confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the public domain or becomes public information, otherwise than by way of a breach of this Trust Agreement;

(74) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) lawfully disclosed to a party by a third party without restriction on disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) disclosed by a party to a third party with the written consent of the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) independently developed by the receiving party without the use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Permitted Disclosees**" means each party's affiliates, direct and indirect subsidiaries and parent companies
 and each of their respective affiliates, directors, officers or employees and, in the case
 of the Trustee, shall include without limitation RBC Group and any agents appointed by the
 Trustee to perform the services under this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Personal Data**" means
 any information relating to an identified or identifiable individual, and any and all documents
 relating to or identifying that individual provided to the Trustee by the Manager or any
 other person on its behalf during the course of the relationship with the Trustee. Such data
 may include but is not limited to, details about the Manager's employees, directors,
 officers, legal representatives, beneficial owners, trustees, settlors and signatories. The
 Manager will inform and obtain consent from any relevant individual so that data relating
 to them may be processed as described in this Section 23.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**RBC Group**" means
 Royal Bank of Canada, a Canadian chartered bank, and all direct and indirect subsidiaries
 of Royal Bank of Canada and all of their affiliates, directors and employees. A reference
 to subsidiary means, from time to time, any corporation which is under the control of Royal
 Bank of Canada either directly or indirectly, or Royal Bank of Canada directly or indirectly
 controls at least 50% of the voting rights of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Confidentiality</u> 

Subject to Sections 7.4(b), 23.10(c), 23.10(d), 23.10(e) and 23.10(f), each party will keep the other party's Confidential Information confidential and shall not disclose such Confidential Information to any person not authorized to receive the same and each party will use its reasonable endeavours to prevent any such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosure of Confidential Information</u> 

Each party may disclose Confidential Information to its Permitted Disclosees and as may be required by law or regulation, by order of any court of competent jurisdiction, or by order of any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Permitted Disclosure by Trustee</u> 

Without limiting the generality of the foregoing, the Trustee shall be permitted to disclose any Client Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the entities of RBC Group located in various jurisdictions, including but not limited to Australia,
Belgium, Canada, France, Hong Kong, Ireland, Italy, Malaysia, Singapore, Spain, Switzerland and the United Kingdom for the following
purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to ensure and facilitate compliance with applicable laws and/or regulations,

(75) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to determine eligibility for products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to enable the Trustee to provide
 existing, new or enhanced services in connection with or arising out of, the Manager's agreement(s) with
 the Trustee, or the Manager's direction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to assess financial and credit risk,
 and generally in connection with the prudent risk management of the RBC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to administer and process the Manager's
 account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to manage information technology
 and associated databases, processes, and similar technological requirements, in an efficient
 manner in order to minimize service interruptions and deliver quality client service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to receive services from other entities
 of the RBC Group in connection with any of the above purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to protect and enforce any property
 or other rights of the RBC Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to manage disputes, litigation or
 investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to companies, entities or persons
 that provide any services to the Trustee (e.g. sub-custodians, delegates) to enable the Trustee
 to provide services to the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any governmental or regulatory
 authorities, stock exchanges and clearing houses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as otherwise required in accordance
 with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Disclosure by Trustee</u> 

The Manager further consents to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee may disclose the Manager's
 details and information about its securities holdings upon the request of the issuer of the
 relevant securities; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee may process Client
 Information as aforesaid and the Manager specifically authorises and empowers the Trustee
 to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Held Outside Canada</u> 

When Permitted Disclosees are located outside Canada, Client Information that is stored in Canada may be transferred to jurisdictions outside Canada, and may be stored and processed in such jurisdictions, including countries which may not provide the same level of Personal Data protection as is available in Canada, and the measures that the Trustee may use to protect such Client Information in addition to being subject to the laws of Canada, are also subject to legal requirements of the jurisdiction where such Client Information may be transferred, stored and processed. As a result, Client Information may be disclosed to the lawful authorities in such other jurisdictions in order to comply with lawful requests from local or foreign regulators, government agencies, public bodies or other entities who have the lawful authority to issue such requests. The Trustee shall not be liable for any consequences resulting from the disclosure of the Client Information to such authorities. No provision of this Section 23.10 shall prevent any competent authority from having access to and obtaining, upon request, any document or information relating to the parties or the services performed under this Trust Agreement.

(76) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Consent</u> 

The Manager agrees that the disclosure of Client Information is made in its interest and that such disclosure permits the Trustee to provide it with effective and efficient services. The consent given in Section 23.10(c), Section 23.10(d), Section 23.10(e) and Section 23.10(f) shall remain valid during the life of the contractual relationship between the parties. The Manager hereby waives any pre-existing confidentiality obligations that the Trustee may have towards it in that regard. The consent given under this Section 23.10 supplements any consent the Manager has previously granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Data Protection</u> 

The Trustee shall implement appropriate technological and organizational security measures to protect data against accidental or unlawful destruction or loss, alteration, unauthorized disclosure or access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Manager Refusal</u> 

The Manager will be able, at any time, to refuse the collecting, processing and sharing of Client Information as otherwise provided in this Section 23.10. Such refusal will affect the existence or continuation of the provision of services under this Trust Agreement and the Trustee shall not be liable for any loss or damage resulting, directly or indirectly, from such refusal by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Access to Client Information</u> 

The Manager has the right to request access to (and correction of, if necessary) any Client Information relating to it upon reasonable notice to the Trustee and may do so by contacting the Trustee at the contact details set out in the notice section of this Trust Agreement.

**23.11** **Electronic Imaging** 

The Trustee may convert paper records of this Trust Agreement and all other documents delivered to the Trustee into electronic images, as part of the Trustee's normal business practices. Each such electronic image, and any other electronic records or information maintained by the Trustee in connection with this Trust Agreement, shall be considered an authoritative copy of the paper document, where applicable, and shall be legally binding on the parties and admissible in any legal, administrative, or other proceeding as conclusive evidence of the contents of such document in the same manner as the original paper document. The Manager waives the right to object to the introduction of any such documents, records or information into evidence solely on the basis that they are maintained in electronic format.

(77) **IN WITNESS WHEREOF** the parties have caused this Trust Agreement to be executed by their respective duly authorized officers effective as of the day and year first above written.

---

| | | |
|:---|:---|:---|
|  | ![](image_001.jpg) |  |
|  | ![](image_001.jpg) |  |
|  | ![](image_001.jpg) |  |
|  | ![](image_001.jpg) |  |
|  | ![](image_001.jpg) |  |
|  | ![](image_001.jpg) |  |
| | ![](image_001.jpg) | (signed) "*Lara Misner*" |
| Witness to the signature of: | ![](image_001.jpg) | Lara Misner, Settlor |

---

---

| | |
|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| By: | (signed) "*John Ciampaglia*" |
|  | John Ciampaglia |
|  | Chief Executive Officer |
| By: | (signed) "*Varinder Bhathal*" |
|  | Varinder Bhathal |
|  | Chief Financial Officer |
| We have the authority to bind the Manager. | We have the authority to bind the Manager. |
| **RBC INVESTOR SERVICES TRUST**, in its capacity as the Trustee of the Trust | **RBC INVESTOR SERVICES TRUST**, in its capacity as the Trustee of the Trust |
| By: | (signed) "*Ryan Lother*" |
|  | Ryan Lother |
|  | Director |
| By: | (signed) "*Niki Zaphiratos*" |
|  | Niki Zaphiratos |
|  | Managing Director |
| We have the authority to bind the Trustee. | We have the authority to bind the Trustee. |

---

(78) **SCHEDULE A** 

**ANNUAL CERTIFICATE OF COMPLIANCE**

---

| | |
|:---|:---|
| TO: | **RBC INVESTOR SERVICES TRUST** (the "**Trustee**"), in its capacity as the trustee of Sprott Physical Copper Trust |

---

In accordance with the terms of an amended and restated trust agreement dated as of May 10, 2024, as the same may be further amended, restated, supplemented or replaced from time to time (the "**Trust Agreement**"), relating to Sprott Physical Copper Trust (the "**Trust**"), Sprott Asset Management LP (the "**Manager**") was appointed the manager of the Trust. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Trust Agreement.

With respect to the Manager and the Facilities, as applicable, the Manager hereby certifies and confirms that with respect to the 12-month period ending December 31, 20<u> </u>, to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All investments of the Trust are in compliance with the Investment Policy and other investment-related
information disclosed in the Trust Agreement and the Disclosure Documents, and are in compliance with any other regulatory restriction
or policy applicable to investments by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager has complied with its obligations specifically relating to Copper as set out in the Trust
Agreement including, for greater certainty, the Investment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facilities have been appointed pursuant to the terms of a Storage Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All of the Copper owned by the Trust is stored and held by the Facilities verified by the Manager or a
Technical Advisor to be appropriate to hold and store Copper in the relevant markets where Copper is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Facilities maintain proper records, procedures and internal controls and safeguards relating to the
holding and storage, recording, access to, and release of, Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no material litigation, claims, fraud or audit issues presently outstanding against the Facilities
which have not been previously disclosed to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Facilities continue to be financially viable companies in compliance with all Applicable Laws and
in good standing with any regulatory authorities and/or governing bodies having jurisdiction over their corporate status, affairs and
related services, including the handling and storage of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Facilities continue to store the Copper owned by the Trust as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All confirmations, quarterly statements, tax receipts, and annual and interim financial statements of
the Trust have been delivered to Unitholders as required under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All regulatory filings required to be made by the Trust, such as the annual and interim financial statements
of the Trust, have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All regulatory filings required to be made by the Manager, including annual renewals of its securities
registration under Applicable Laws, have been completed. The Manager is not under investigation by any regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The Manager has complied with all of its obligations under Applicable Laws applicable to it and its duties
and responsibilities under the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) There is no litigation pending against the Manager or the Trust which has not already been disclosed to
the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The distribution of the Units by the Underwriters, the Manager or its selling agents is in compliance
with Applicable Laws and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) All subscriptions or transfers of Units were accepted by the Manager prior to the Valuation Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) All Copper Redemption Notices and Cash Redemption Notices accepted by the Manager were received during
the applicable Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The audited annual financial statements and the unaudited interim financial statements of the Trust have
been prepared and are complete, accurate and approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All documentation required to be forwarded to the Trustee by the Manager has been so forwarded (including,
for greater certainty, annual and interim financial statements of the Trust, including auditors report thereon, as applicable, both external
and internal, statements of holdings of the Trust and internal control documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Manager has provided to the Trustee all necessary information to enable the Trustee to accurately
complete the tax return(s) of the Trust by March 31 (or March 30 in the case of a leap year) of each year or, alternatively,
if the Trustee has not itself prepared and filed the tax return(s) of the Trust, the Manager has provided a copy of such tax return(s) of
the Trust to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Current certified copies of the Manager's signing authorities have been provided to the Trustee and may
be relied upon by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Manager shall promptly inform the Trustee should the Trust fail to comply with any restrictions and
conditions hereto.

---

| | |
|:---|:---|
| DATED this ____ day of ___________, 20___. | DATED this ____ day of ___________, 20___. |
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| By: |  |
|  | [Name] |
|  | Chief Executive Officer |
| By: |  |
|  | [Name] |
|  | Chief Financial Officer |

---

**SCHEDULE B** 

**INTERIM CERTIFICATE OF COMPLIANCE**

---

| | |
|:---|:---|
| TO: | **RBC INVESTOR SERVICES TRUST** (the "**Trustee**"), in its capacity as the trustee of Sprott Physical Copper Trust |

---

In accordance with the terms of the amended and restated trust agreement dated as of May 10, 2024, as the same may be further amended, restated, supplemented or replaced from time to time (the "**Trust Agreement**"), relating to Sprott Physical Copper Trust (the "**Trust**"), Sprott Asset Management LP (the "**Manager**") was appointed the manager of the Trust. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Trust Agreement.

With respect to the Manager and the Facilities, as applicable, the Manager hereby certifies and confirms that with respect to the six month period ending June 30, 20<u> </u>, to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager has complied with its obligations specifically relating
to Copper as set out in the Trust Agreement including, for greater certainty, the Investment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facilities have been appointed pursuant to the terms of a Storage Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the Copper owned by the Trust is stored and held by the Facilities verified by the Manager or a
Technical Advisor to be appropriate to hold and store Copper in the relevant markets where Copper is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facilities maintain proper records, procedures and internal controls and safeguards relating to the
holding and storage, recording, access to, and release of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no material litigation, claims, fraud or audit issues presently outstanding against the Facilities
which have not been previously disclosed to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Facilities continue to be financially viable companies in compliance with all Applicable Laws and
in good standing with any regulatory authorities and/or governing bodies having jurisdiction over their corporate status, affairs and
related services, including the handling and storage of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Facilities continue to store the Copper owned by the Trust as of the date hereof.

---

| | |
|:---|:---|
| DATED this ____ day of ___________, 20___. | DATED this ____ day of ___________, 20___. |
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| By: |  |
|  | [Name] |
|  | Chief Executive Officer |
| By: |  |
|  | [Name] |
|  | Chief Financial Officer |

---

**SCHEDULE C**

**CERTIFICATE OF AUTHORIZED SIGNING AUTHORITIES**

*[To be attached hereto]*

**SCHEDULE D<br> DESIGNATED MARKETS**

Argentina

Bosnia & Herzegovina

Costa Rica

Georgia

Iceland

Jamaica

Macedonia

Nigeria

Pakistan

Russia

Serbia

Tanzania

Turkey

Uganda

Ukraine

Uruguay

Vietnam

WAEMU

Zambia

**SCHEDULE E**

**FORM OF CASH REDEMPTION NOTICE**

---

| | |
|:---|:---|
| **DATE:** | |
| **TO:** | <br> TSX Trust Company (the "**Transfer Agent**"), as the registrar and transfer agent of Sprott Physical Copper Trust (the "**Trust**")<br>Ticker Symbol: <u>COP.UN/COP.U (TSX)</u> <br> CUSIP number: ●/● |
| **AND TO:** | Sprott Asset Management LP (the "**Manager**"), as the manager of the Trust |
| **RE:** | Cash Redemption Notice under Section 6.3 of the Trust Agreement of the Trust |

---

The undersigned (the "**Unitholder**"), the holder of ________________ units of the Trust (the "**Units**") designated above by its Toronto Stock Exchange ticker symbol and CUSIP number, requests the redemption for cash of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of May 10, 2024, as the same may be further amended, restated or supplemented from time to time (the "**Trust Agreement**"), and directs the Transfer Agent to cancel such Units on __________________ and wire such cash in accordance with the following wire instructions. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate form.

Wire Instructions:

---

| | |
|:---|:---|
| Signature of Unitholder | Signature Guarantee |
| Print Name | Unitholder's Brokerage Account Number |
| Print Address |  |
| Print Broker Name and CDS Participant ID | Print Broker Contact Name and Telephone Number |

---

**NOTE:** The name and address of the Unitholder set forth in this Cash Redemption Notice must correspond with the name and address as recorded on the register of the Trust maintained by the Transfer Agent. The signature of the person executing this Cash Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program.

<u>Instruction</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Mail redemption notice to: | &nbsp;&nbsp;Fax the redemption notice to: |
| &nbsp;&nbsp;TSX Trust Company |  |
| &nbsp;&nbsp;Attn: Corporation Actions | &nbsp;&nbsp;Sprott Asset Management LP, Compliance Department; |
| &nbsp;&nbsp;300-100 Adelade Street West | &nbsp;&nbsp;Fax 416 977 9555 |

---

**SCHEDULE F**

**FORM OF COPPER REDEMPTION NOTICE**

---

| | |
|:---|:---|
| **DATE:** | |
| **TO:** | <br> TSX Trust Company (the "**Transfer Agent**"), as the registrar and transfer agent of Sprott Physical Copper Trust (the "**Trust**")<br>Ticker Symbol: <u>COP.UN/COP.U (TSX)</u> <br> CUSIP number: ●/● |
| **AND TO:** | Sprott Asset Management LP (the "**Manager**"), as the manager of the Trust |
| **RE:** | Copper Redemption Notice under Section 6.3 of the Trust Agreement of the Trust |

---

------

The undersigned (the "**Unitholder**"), the holder of _________________ units of the Trust (the "**Units**") designated above by its Toronto Stock Exchange ticker symbol and CUSIP number, requests the redemption for physical copper metal of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of May 10, 2024, as the same may be further amended, restated or supplemented from time to time (the "**Trust Agreement**"), and directs the Transfer Agent to cancel such Units on<u> </u> . The Unitholder represents and warrants that it is not (i) an undertaking for collective investment in transferable securities (UCITS), or (ii) prohibited by its investment policies, guidelines or restrictions from receiving physical copper metal. All physical copper metal shall be delivered to the following account at the applicable Designated Facility (as defined in the Trust Agreement), which the undersigned hereby authorizes the Manager or its agent to retain on the undersigned's behalf. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate form.

---

| | |
|:---|:---|
| Delivery Instructions and Tax | Please see attached delivery instructions and tax information. |
| Information: | |
| Signature of Unitholder | Signature Guarantee |
| Print Name | Unitholder's Brokerage Account Number |
| Print Address |  |
| Print Broker Name and CDS Participant ID | Print Broker Contact Name and Telephone Number |

---

---

| | |
|:---|:---|
| **NOTE:** | The name and address of the Unitholder set forth in this Copper Redemption Notice must correspond with the name and address as recorded on the register of the Trust maintained by the Transfer Agent. The signature of the person executing this Copper Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. |

---

<u>Instruction</u>

<u> Mail redemption notice to:<br> TSX Trust Company Attn: Corporation Actions<br> 300-100 Adelade Street West</u> Fax the redemption notice to: Sprott Asset Management LP, Compliance Department; Fax 416 977 9555

**Sprott Physical Copper Trust** 

**Physical Redemption Request form**

**Delivery Instructions for Copper:**

---

| |
|:---|
| &nbsp;&nbsp;**Delivery Instructions for Broker acting **as the buyer for the Copper** |
| &nbsp;&nbsp;Broker Name |
| &nbsp;&nbsp;Contact Person |
| &nbsp;&nbsp;**Delivery Instructions for accounts with the applicable Designated Facility** |
| &nbsp;&nbsp;Account Name (as applicable) |
| &nbsp;&nbsp;Account Number (as applicable) |
| &nbsp;&nbsp;Contact at the Designated Facility |

---

---

| |
|:---|
| &nbsp;&nbsp;**Tax Information** |
| &nbsp;&nbsp;*Please provide the following information corresponding with Incoterms of delivery at the Designated Facility, as applicable.* |
| &nbsp;&nbsp;Federal Tax Registration Number |
| &nbsp;&nbsp;State Tax Registration Number (as applicable) |

---

**Any changes or amendments to the delivery instructions and tax information completed in this form will constitute a cancelation of the redemption, and, in order to be processed, the redemption must be re-submitted during the next Notice Period (as defined in the Trust Agreement). This form must contain delivery instructions that are acceptable to the Designated Facility and tax information that is acceptable to the Manager. The Manager will provide the transfer and delivery date of the metal once it is available and confirmed by the Designated Facility.**

Signature of the Broker representing the redeeming Unitholder, as marked on the redemption notice:

Signature

---

| |
|:---|
| Name |
| Date |

---

## Exhibit 99.7

**Exhibit 99.7**

**AMENDMENT NO. 1 TO THE AMENDED AND RESTATED TRUST AGREEMENT OF THE<br> SPROTT PHYSICAL COPPER TRUST**

**WHEREAS** Lara Misner, the original settlor of the Sprott Physical Copper Trust (the "**Trust**"), Sprott Asset Management LP (the "**Manager**"), as manager of the Trust, and RBC Investor Services Trust (the "**Trustee**"), as trustee of the Trust, entered into an amended and restated trust agreement dated May 10, 2024 (the "**Trust Agreement**");

**AND WHEREAS** the Manager, pursuant to Section 20.1(b)(v) of the Trust Agreement, desires to amend the Trust Agreement on the terms contained herein;

**AND WHEREAS** the amendments to the Trust Agreement proposed by the Manager do not adversely affect the pecuniary value of the interest of any Unitholder in the Trust or restrict any protection provided to the Trustee or increase the responsibilities of the Trustee and, as determined by the Manager in its discretion, such amendments amend the redemption feature for the units of the Trust in a manner that it necessary or advisable in connection with the Trust undertaking to list such units on a U.S. stock exchange and/or so that the Trust may qualify as a "unit trust' for purposes of the Tax Act (as defined in the Trust Agreement);

**AND WHEREAS** the Trust is currently a non-redeemable investment fund for the purposes of applicable Canadian securities laws and amendments to the Trust Agreement proposed by the Manager are expected to result in the Trust restructuring from a non-redeemable investment fund into a mutual fund for the purposes of applicable Canadian securities laws;

**NOW THEREFORE** the Manager hereby amends the Trust Agreement as follows:

**1.**  **<u>Definitions</u>** : All capitalized
 terms used in this Amendment No. 1 (including the recitals) but not otherwise defined
 herein shall have the meanings given to them in the Trust Agreement. For the purposes of
 this Amendment No. 1, "**Amendment Effective Date**" means the day following
 the date on which Unitholders approve the restructuring of the Trust into a mutual fund as
 required under sections 5.1(1)(h)(i) and 5.2 of National Instrument 81-102 – *Investment Funds*.

**2.**  **<u>Amendments</u>** : Effective
 as of the Amendment Effective Date, the Trust Agreement is amended amended by: (a) deleting
 the words and characters in strikethrough text, and (b) adding each of the words and
 characters in bold and underlined text, in each case, as applicable, in the place where such
 words and characters appear in Exhibit A attached hereto.

**3.**  **<u>Amendments to Trust Agreement; Conflicts</u>** : This Amendment No. 1 is supplemental to the Trust Agreement and shall
 hereafter be read together and shall have effect, so far as practicable, as if all the provisions
 of the Trust Agreement and this Amendment No. 1 were contained in one instrument. The
 Trust Agreement is and shall remain in full force and effect, except as the Trust Agreement
 is amended, superseded, modified or supplemented by this Amendment No. 1. If a provision
 of this Amendment No. 1 is inconsistent or conflicts with any provision of the Trust
 Agreement, the relevant provision of this Amendment No. 1 shall prevail and be paramount.

**4.**  **<u>Governing Law</u>** : This Amendment
 No. 1 shall be governed by, and construed in accordance with, the laws of the Province
 of Ontario and the parties hereto irrevocably attorn to the non-exclusive jurisdiction of
 the courts of the Province of Ontario.

**5.**  **<u>Successors and Assigns</u>** :
 This Amendment No. 1 and each and all of the provisions hereof shall be binding upon
 and shall enure to the benefit of the Trustee, the Manager, the Unitholders and their respective
 successors and assigns.

**6.**  **<u>Severability</u>** : If any provision
 of this Amendment No. 1 is or becomes illegal, invalid or unenforceable, in whole or
 in part, in any jurisdiction, the illegality, invalidity or unenforceability of that provision
 will not affect (a) the legality, validity or enforceability of the remaining provisions
 of this Amendment No. 1 or (b) the legality, validity or enforceability of that
 provision in any other jurisdiction.

**7.**  **<u>Counterparts and Facsimile</u>** :
 This Amendment No. 1 may be executed by signing a counterpart of this Amendment No. 1,
 and such counterparts together shall constitute a single instrument. This Amendment No. 1
 may be executed by facsimile or other electronic transmission.

[*Remainder of page intentionally left blank. Signature page follows*.]

**IN WITNESS WHEREOF** this Amendment No. 1 has been executed as of the 17th day of February, 2026.

---

| | |
|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of **Sprott Physical COPPER Trust** | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of **Sprott Physical COPPER Trust** |
| By: |  |
|  | (signed) "*John Ciampaglia*" |
|  | John Ciampaglia<br> Chief Executive Officer |
| By: |  |
|  | (signed) "*Varinder Bhathal*" |
|  | Varinder Bhathal<br> Chief Financial Officer |
| We have the authority to bind the Manager. | We have the authority to bind the Manager. |

---

**Exhibit A<br> Amendments to Trust Agreement**

See attached.

**EXECUTION VERSION**

**SPROTT ASSET MANAGEMENT LP**

------

**Sprott PHYSICAL COPPER TRUST**

**AMENDED AND RESTATED TRUST AGREEMENT**

------

**Dated as of May 10**, **2024** **and Amended as of February 17, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article 1 | Article 1 |  |
| INTERPRETATION | INTERPRETATION | 2.0 |
| &nbsp;&nbsp;&nbsp;1.1 | Definitions | 2.0 |
| &nbsp;&nbsp;&nbsp;1.2 | Article and Section Headings | 10.0 |
| &nbsp;&nbsp;&nbsp;1.3 | Statute References | 10.0 |
| &nbsp;&nbsp;&nbsp;1.4 | Business Day | 10.0 |
| &nbsp;&nbsp;&nbsp;1.5 | Number, Gender | 10.0 |
| &nbsp;&nbsp;&nbsp;1.6 | References to "Agreement" etc. | 10.0 |
| &nbsp;&nbsp;&nbsp;1.7 | Time of Day | 10.0 |
| &nbsp;&nbsp;&nbsp;1.8 | Currency | 11.0 |
| &nbsp;&nbsp;&nbsp;1.9 | Exercise of Discretion | 11.0 |
| Article 2 | Article 2 |  |
| ESTABLISHMENT OF THE TRUST | ESTABLISHMENT OF THE TRUST | 11.0 |
| &nbsp;&nbsp;&nbsp;2.1 | Establishment of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;2.2 | Appointment of the Trustee | 11.0 |
| &nbsp;&nbsp;&nbsp;2.3 | Constituency of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;2.4 | Name of the Trust | 11.0 |
| &nbsp;&nbsp;&nbsp;2.5 | Head Office; Situs | 11.0 |
| &nbsp;&nbsp;&nbsp;2.6 | Purpose of the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;2.7 | Investment by the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;2.8 | Nature of the Trust | 12.0 |
| &nbsp;&nbsp;&nbsp;2.9 | U.S. Federal Income Tax Classification | 13.0 |
| &nbsp;&nbsp;&nbsp;2.10 | Term | 13.0 |
| Article 3 | Article 3 |  |
| STRUCTURE OF THE TRUST | STRUCTURE OF THE TRUST | 13.0 |
| &nbsp;&nbsp;&nbsp;3.1 | Division of the Trust into Units | 13.0 |
| &nbsp;&nbsp;&nbsp;3.2 | Repurchase of Initial Unit | 14.0 |
| &nbsp;&nbsp;&nbsp;3.3 | Voting | 14.0 |
| &nbsp;&nbsp;&nbsp;3.4 | Consolidation and Subdivision | 14.0 |
| &nbsp;&nbsp;&nbsp;3.5 | Calculation of Net Asset Value of the Trust and Net Asset Value per Unit | 15.0 |
| &nbsp;&nbsp;&nbsp;3.6 | Calculation of Class Net Asset Value and Class Net Asset Value per Unit | 17.0 |
| &nbsp;&nbsp;&nbsp;3.7 | Delegation by the Manager | 18.0 |
| Article 4 <br> NET INCOME AND NET REALIZED CAPITAL GAINS | Article 4 <br> NET INCOME AND NET REALIZED CAPITAL GAINS | 18.0 |
| &nbsp;&nbsp;&nbsp;4.1 | Valuation on Distribution Date | 18.0 |
| &nbsp;&nbsp;&nbsp;4.2 | Computation of Net Income and Net Realized Capital Gains | 18.0 |
| &nbsp;&nbsp;&nbsp;4.3 | Distribution of Net Income and Net Realized Capital Gains to Unitholders | 19.0 |
| &nbsp;&nbsp;&nbsp;4.4 | Additional Distributions, Designations, Determinations, Allocations and Elections | 20.0 |
| &nbsp;&nbsp;&nbsp;4.5 | Withholding Taxes | 20.0 |
| &nbsp;&nbsp;&nbsp;4.6 | Income Tax Statements | 20.0 |
| &nbsp;&nbsp;&nbsp;4.7 | Qualified Electing Trust Election and Reporting | 21.0 |
| &nbsp;&nbsp;&nbsp;4.8 | Tax Definitions | 21.0 |

---

(i) ---

| | | |
|:---|:---|:---|
| Article 5<br> SALE AND TRANSFER OF UNITS | Article 5<br> SALE AND TRANSFER OF UNITS | 21.0 |
| &nbsp;&nbsp;&nbsp;5.1 | Allotment and Issue | 21.0 |
| &nbsp;&nbsp;&nbsp;5.2 | CDS Non-Certificated Inventory System and DTC Book-Entry Only System | 22.0 |
| &nbsp;&nbsp;&nbsp;5.3 | Transfer of Units | 22.0 |
| &nbsp;&nbsp;&nbsp;5.4 | Successors in Interest of Unitholders | 23.0 |
| &nbsp;&nbsp;&nbsp;5.5 | Units held Jointly or in Fiduciary Capacity | 23.0 |
| &nbsp;&nbsp;&nbsp;5.6 | Purchases for Cancellation | 23.0 |
| &nbsp;&nbsp;&nbsp;5.7 | Death, Bankruptcy, Insolvency or Incompetence of a Unitholder | 23.0 |
| &nbsp;&nbsp;&nbsp;5.8 | Death of a Unitholder | 24.0 |
| &nbsp;&nbsp;&nbsp;5.9 | Lost Unit Certificates | 24.0 |
| &nbsp;&nbsp;&nbsp;5.10 | Declaration as to Beneficial Owner | 24.0 |
| &nbsp;&nbsp;&nbsp;5.11 | Performance of Trusts | 24.0 |
| Article 6 | Article 6 |  |
| Redemption of UNits | Redemption of UNits | 25.0 |
| &nbsp;&nbsp;&nbsp;6.1 | Redemption of Units for Copper | 25.0 |
| &nbsp;&nbsp;&nbsp;6.2 | Manner of Payment - Copper | 27.0 |
| &nbsp;&nbsp;&nbsp;6.3 | Redemption of Units for Cash | 27.0 |
| &nbsp;&nbsp;&nbsp;6.4 | Effect of Redemption | 28.0 |
| &nbsp;&nbsp;&nbsp;6.5 | Joint Holders | 29.0 |
| &nbsp;&nbsp;&nbsp;6.6 | Suspension of Redemption Right | 29.0 |
| &nbsp;&nbsp;&nbsp;6.7 | Performance of Trusts | 30.0 |
| &nbsp;&nbsp;&nbsp;6.8 | [Intentionally Deleted] | 30.0 |
| Article 7 | Article 7 |  |
| POWERS AND DUTIES OF THE TRUSTEE | POWERS AND DUTIES OF THE TRUSTEE | 30.0 |
| &nbsp;&nbsp;&nbsp;7.1 | General Powers | 30.0 |
| &nbsp;&nbsp;&nbsp;7.2 | Specific Powers | 30.0 |
| &nbsp;&nbsp;&nbsp;7.3 | Forwarding Materials | 33.0 |
| &nbsp;&nbsp;&nbsp;7.4 | Dealing with Others and Self | 33.0 |
| Article 8 | Article 8 |  |
| POWERS AND DUTIES OF THE MANAGER | POWERS AND DUTIES OF THE MANAGER | 34.0 |
| &nbsp;&nbsp;&nbsp;8.1 | Powers of the Manager | 34.0 |
| &nbsp;&nbsp;&nbsp;8.2 | Duties of the Manager | 34.0 |
| &nbsp;&nbsp;&nbsp;8.3 | Portfolio Execution | 40.0 |
| &nbsp;&nbsp;&nbsp;8.4 | Soft Dollar Transactions | 40.0 |
| &nbsp;&nbsp;&nbsp;8.5 | Distributors | 40.0 |
| Article 9 | Article 9 |  |
| INDEPENDENT REVIEW COMMITTEE | INDEPENDENT REVIEW COMMITTEE | 40.0 |
| &nbsp;&nbsp;&nbsp;9.1 | Independent Review Committee | 40.0 |
| Article 10 | Article 10 |  |
| FEES, COMPENSATION AND EXPENSES | FEES, COMPENSATION AND EXPENSES | 41.0 |
| &nbsp;&nbsp;&nbsp;10.1 | Trustee's Fee | 41.0 |
| &nbsp;&nbsp;&nbsp;10.2 | Manager's Fee | 41.0 |
| &nbsp;&nbsp;&nbsp;10.3 | Technical Advisor's Fee | 42.0 |
| &nbsp;&nbsp;&nbsp;10.4 | Investment Manager's Fee | 42.0 |

---

(ii) ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;10.5 | Custodian's Fees | 42.0 |
| &nbsp;&nbsp;&nbsp;10.6 | Expenses of the Trust | 42.0 |
| &nbsp;&nbsp;&nbsp;10.7 | Right to Withhold Services Pending Payment | 43.0 |
| &nbsp;&nbsp;&nbsp;10.8 | Security Interest to Secure Obligations | 43.0 |
| &nbsp;&nbsp;&nbsp;10.9 | Claim Against Property for Amounts Owing | 44.0 |
| &nbsp;&nbsp;&nbsp;10.10 | Obligations of the Manager | 44.0 |
| Article 11 | Article 11 |  |
| TRUSTEE LIABILITY AND INDEMNIFICATION | TRUSTEE LIABILITY AND INDEMNIFICATION | 44.0 |
| &nbsp;&nbsp;&nbsp;11.1 | Standard of Care | 44.0 |
| &nbsp;&nbsp;&nbsp;11.2 | Reliance | 44.0 |
| &nbsp;&nbsp;&nbsp;11.3 | General Disclaimer of Liability | 46.0 |
| &nbsp;&nbsp;&nbsp;11.4 | Indemnification of the Trustee | 46.0 |
| &nbsp;&nbsp;&nbsp;11.5 | Additional Indemnification of the Trustee | 47.0 |
| &nbsp;&nbsp;&nbsp;11.6 | Exception | 47.0 |
| Article 12 <br> MANAGER LIABILITY AND INDEMNIFICATION | Article 12 <br> MANAGER LIABILITY AND INDEMNIFICATION | 47.0 |
| &nbsp;&nbsp;&nbsp;12.1 | Standard of Care | 47.0 |
| &nbsp;&nbsp;&nbsp;12.2 | Reliance | 48.0 |
| &nbsp;&nbsp;&nbsp;12.3 | Engaging in Competition | 48.0 |
| &nbsp;&nbsp;&nbsp;12.4 | Indemnification of the Manager | 48.0 |
| &nbsp;&nbsp;&nbsp;12.5 | Liability for Investment Decisions | 49.0 |
| Article 13 <br> CHANGE OF TRUSTEE | Article 13 <br> CHANGE OF TRUSTEE | 49.0 |
| &nbsp;&nbsp;&nbsp;13.1 | Resignation of Trustee | 49.0 |
| &nbsp;&nbsp;&nbsp;13.2 | Removal of Trustee | 49.0 |
| &nbsp;&nbsp;&nbsp;13.3 | Appointment of Successor | 49.0 |
| &nbsp;&nbsp;&nbsp;13.4 | Termination Upon Failure to Appoint Successor | 50.0 |
| Article 14 <br> TERMINATION OF THE MANAGER | Article 14 <br> TERMINATION OF THE MANAGER | 50.0 |
| &nbsp;&nbsp;&nbsp;14.1 | Resignation, Insolvency or Bankruptcy of the Manager | 50.0 |
| &nbsp;&nbsp;&nbsp;14.2 | Successor Manager | 51.0 |
| Article 15 <br> CONCERNING THE UNITHOLDERS | Article 15 <br> CONCERNING THE UNITHOLDERS | 51.0 |
| &nbsp;&nbsp;&nbsp;15.1 | Liability of Unitholders | 51.0 |
| &nbsp;&nbsp;&nbsp;15.2 | Indemnification of the Trust by the Manager | 51.0 |
| Article 16 <br> MEETINGS OF UNITHOLDERS | Article 16 <br> MEETINGS OF UNITHOLDERS | 51.0 |
| &nbsp;&nbsp;&nbsp;16.1 | Time of Meetings | 51.0 |
| &nbsp;&nbsp;&nbsp;16.2 | Place of Meeting | 52.0 |
| &nbsp;&nbsp;&nbsp;16.3 | Notice of Meeting | 52.0 |
| &nbsp;&nbsp;&nbsp;16.4 | Meetings Without Notice | 52.0 |
| &nbsp;&nbsp;&nbsp;16.5 | Quorum | 52.0 |
| &nbsp;&nbsp;&nbsp;16.6 | Chairman, Secretary and Scrutineers | 52.0 |
| &nbsp;&nbsp;&nbsp;16.7 | Persons Entitled to be Present | 52.0 |
| &nbsp;&nbsp;&nbsp;16.8 | Right to Vote | 53.0 |
| &nbsp;&nbsp;&nbsp;16.9 | Votes to Govern | 53.0 |
| &nbsp;&nbsp;&nbsp;16.10 | Show of Hands | 53.0 |

---

(iii) ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;16.11 | Polls | 53.0 |
| &nbsp;&nbsp;&nbsp;16.12 | Adjournment | 53.0 |
| &nbsp;&nbsp;&nbsp;16.13 | Resolutions in Writing | 53.0 |
| &nbsp;&nbsp;&nbsp;16.14 | Record Dates | 53.0 |
| &nbsp;&nbsp;&nbsp;16.15 | Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;16.16 | Validity of Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;16.17 | Revocation of Proxy | 54.0 |
| &nbsp;&nbsp;&nbsp;16.18 | Solicitation of Proxies | 54.0 |
| &nbsp;&nbsp;&nbsp;16.19 | Form of Proxy Solicitation | 54.0 |
| &nbsp;&nbsp;&nbsp;16.20 | Resolutions Binding | 55.0 |
| &nbsp;&nbsp;&nbsp;16.21 | Minutes of Meetings | 55.0 |
| Article 17 <br> SPECIAL FUNCTIONS | Article 17 <br> SPECIAL FUNCTIONS | 55.0 |
| &nbsp;&nbsp;&nbsp;17.1 | Registrar and Transfer Agent | 55.0 |
| &nbsp;&nbsp;&nbsp;17.2 | Unit Register | 56.0 |
| &nbsp;&nbsp;&nbsp;17.3 | Auditors | 57.0 |
| &nbsp;&nbsp;&nbsp;17.4 | Valuation Agent | 57.0 |
| &nbsp;&nbsp;&nbsp;17.5 | Facilities | 57.0 |
| &nbsp;&nbsp;&nbsp;17.6 | Custodian of Trust Property Other Than Copper | 57.0 |
| Article 18 | Article 18 |  |
| REPORTS AND EXECUTION OF DOCUMENTS | REPORTS AND EXECUTION OF DOCUMENTS | 60.0 |
| &nbsp;&nbsp;&nbsp;18.1 | Records | 60.0 |
| &nbsp;&nbsp;&nbsp;18.2 | Reports to Unitholders | 60.0 |
| &nbsp;&nbsp;&nbsp;18.3 | Material to be Furnished to the Trustee | 61.0 |
| &nbsp;&nbsp;&nbsp;18.4 | Documents Requiring Trustee's Consent | 61.0 |
| &nbsp;&nbsp;&nbsp;18.5 | Execution of Documents | 61.0 |
| &nbsp;&nbsp;&nbsp;18.6 | Execution of Documents by the Manager | 61.0 |
| &nbsp;&nbsp;&nbsp;18.7 | Material to be Furnished to Unitholders | 62.0 |
| Article 19 <br> NOTICE | Article 19 <br> NOTICE | 62.0 |
| &nbsp;&nbsp;&nbsp;19.1 | Notice to Unitholders | 62.0 |
| &nbsp;&nbsp;&nbsp;19.2 | Methods of Communication | 62.0 |
| &nbsp;&nbsp;&nbsp;19.3 | Deemed Delivery | 63.0 |
| &nbsp;&nbsp;&nbsp;19.4 | Telephone Directions | 64.0 |
| &nbsp;&nbsp;&nbsp;19.5 | Telephone Communications | 64.0 |
| &nbsp;&nbsp;&nbsp;19.6 | Internet | 64.0 |
| &nbsp;&nbsp;&nbsp;19.7 | Cyber Security | 64.0 |
| &nbsp;&nbsp;&nbsp;19.8 | Verification | 65.0 |
| Article 20 | Article 20 |  |
| AMENDMENTS | AMENDMENTS | 66.0 |
| &nbsp;&nbsp;&nbsp;20.1 | Non-Material Amendments | 66.0 |
| &nbsp;&nbsp;&nbsp;20.2 | Unitholder Approval | 67.0 |
| &nbsp;&nbsp;&nbsp;20.3 | Change of Auditors | 69.0 |
| &nbsp;&nbsp;&nbsp;20.4 | Notice of Amendment(s) | 69.0 |
| &nbsp;&nbsp;&nbsp;20.5 | Approval of Trustee | 69.0 |
| &nbsp;&nbsp;&nbsp;20.6 | Approval of TSX | 70.0 |

---

(iv) ---

| | | |
|:---|:---|:---|
| Article 21 <br> TERMINATION OF THE TRUST | Article 21 <br> TERMINATION OF THE TRUST | 70.0 |
| &nbsp;&nbsp;&nbsp;21.1 | Termination of the Trust | 70.0 |
| &nbsp;&nbsp;&nbsp;21.2 | Notice of Termination | 70.0 |
| &nbsp;&nbsp;&nbsp;21.3 | Effect of Termination | 70.0 |
| &nbsp;&nbsp;&nbsp;21.4 | Termination of Trust Agreement | 71.0 |
| Article 22 | Article 22 |  |
| INVESTMENT POLICY | INVESTMENT POLICY | 71.0 |
| &nbsp;&nbsp;&nbsp;22.1 | Investment Objective | 71.0 |
| &nbsp;&nbsp;&nbsp;22.2 | Investment Strategy | 71.0 |
| &nbsp;&nbsp;&nbsp;22.3 | Investment and Operating Restrictions | 71.0 |
| &nbsp;&nbsp;&nbsp;22.4 | Investment and Reinvestment by the Trust | 73.0 |
| Article 23 | Article 23 |  |
| GENERAL | GENERAL | 73.0 |
| &nbsp;&nbsp;&nbsp;23.1 | Compliance with Law and Policy | 73.0 |
| &nbsp;&nbsp;&nbsp;23.2 | Governing Law | 73.0 |
| &nbsp;&nbsp;&nbsp;23.3 | Computation of Time | 73.0 |
| &nbsp;&nbsp;&nbsp;23.4 | Omissions and Errors | 73.0 |
| &nbsp;&nbsp;&nbsp;23.5 | Time | 73.0 |
| &nbsp;&nbsp;&nbsp;23.6 | Counterparts and Facsimile | 73.0 |
| &nbsp;&nbsp;&nbsp;23.7 | Complete Agreement | 73.0 |
| &nbsp;&nbsp;&nbsp;23.8 | Severability | 74.0 |
| &nbsp;&nbsp;&nbsp;23.9 | Inspection of Documents | 74.0 |
| &nbsp;&nbsp;&nbsp;23.10 | Confidentiality, Data Processing and Sharing of Information | 74.0 |
| &nbsp;&nbsp;&nbsp;23.11 | Electronic Imaging | 77.0 |

---

Schedule A ANNUAL CERTIFICATE OF COMPLIANCE

Schedule B INTERIM CERTIFICATE OF COMPLIANCE

Schedule C CERTIFICATE OF AUTHORIZED SIGNING AUTHORITIES

Schedule D DESIGNATED MARKETS

Schedule E Form of Cash REdemption Notice

Schedule F Form of Copper Redemption Notice

(v) **THIS AMENDED AND RESTATED TRUST AGREEMENT** made and entered into as of May 10, 2024 (and amended as of February 17, 2026)

**BETWEEN:**

---

| |
|:---|
| **Lara Misner**, an individual resident in the Province of Ontario |
| (hereinafter referred to as the "**Settlor**") |
| OF THE FIRST PART |
| **SPROTT ASSET MANAGEMENT LP**, |
| a limited partnership formed under the laws of the Province of Ontario |
| (hereinafter referred to as the **"Manager"**) |
| OF THE SECOND PART |
| - and - |
| **RBC INVESTOR SERVICES TRUST**, |
| a trust company incorporated under the federal laws of Canada |
| (hereinafter referred to as the **"Trustee"**) |
| OF THE THIRD PART |

---

**WHEREAS** Sprott Physical Copper Trust (the "**Trust**") is an unincorporated investment trust established under the laws of the Province of Ontario pursuant to a trust agreement dated as of April 12, 2024 (the "**Original Trust Agreement**");

**AND WHEREAS** the Trust was formed for the purposes of investing and holding substantially all of its assets in physical copper metal, which will provide holders of units of the Trust with a convenient and exchange-traded investment alternative for investors interested in holding physical copper metal;

**AND WHEREAS** the Manager was appointed as the trustee (the "**Original Trustee**") and manager of the Trust pursuant to the Original Trust Agreement, and as such, was responsible for the management and the administration of the Trust prior to the date hereof;

**AND WHEREAS** the Manager wishes to amend and restate the Original Trust Agreement, with the effect of continuing without interruption the Trust, upon the terms and conditions set out herein, including the appointment of the Trustee as trustee of the Trust, and the Trustee is willing to replace the Original Trustee as trustee and to act as the Trustee of the Trust effective the date hereof on and subject to the terms and conditions herein contained;

**AND WHEREAS** the Trustee, the Manager and the Settlor intend that certain of the operations and affairs of the Trust shall be managed by the Manager.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the respective covenants and agreements set forth herein (the receipt and sufficiency of which are hereby acknowledged) the parties agree that the Trust Property (as hereinafter defined) shall be held and administered by the Trustee and the Manager upon the trusts, terms and conditions hereinafter set forth.

**Article 1<br> INTERPRETATION**

**1.1** **Definitions** 

In this Trust Agreement, unless there is something in the subject matter or context inconsistent therewith, the following terms have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Trustee Duties** "
 has the meaning ascribed thereto in Section 11.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" has the
 meaning ascribed thereto in the *Securities Act* (Ontario), as amended from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Annual Certificate of Compliance** "
 has the meaning ascribed thereto in clause 8.2(a)(xlvii) and is substantially in the form
 of Schedule A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Applicable Laws**" means,
 unless the context otherwise dictates, any applicable statute of Canada or of a province
 or territory of Canada or any applicable statute of the United States of America or of a
 state or territory of the United States of America or any applicable regulations, orders,
 instruments, policies or other laws made under statutory authority by any governmental or
 regulatory body or agency having jurisdiction over the Trust including, but not limited to,
 Securities Legislation and the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**associate**" has the
 meaning ascribed thereto in the *Securities Act* (Ontario), as amended from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Auditors**" means a
 firm of chartered accountants duly licensed and recognized to practice in the Province of
 Ontario and appointed from time to time by the Manager pursuant to the provisions of Section 17.3.
 The initial Auditors shall be KPMG LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Automated Systems** "
 has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Broker**" means a CDS
 Participant in Canada or a DTC Participant in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means
 any day on which the TSX or the NYSE Arca are open for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Cash Redemption Notice** "
 means a written request signed by a Unitholder for the redemption of Units for cash, which
 must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from
 a member of a recognized Signature Medallion Guarantee Program, in accordance with Section 6.3,
 substantially in the form of Schedule E attached hereto, or in such other form as the
 Manager may from time to time in its sole discretion determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**CBCA**" means the *Canada Business Corporations Act*, R.S.C. 1985, c.C-44, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**CBCA Corporation** "
 means a corporation incorporated under the CBCA, any of the securities of which (i) are
 or were part of a distribution to the public, (ii) remain outstanding, and (iii) are
 held by more than one Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CDS**" means CDS Clearing
 and Depository Services Inc. and includes any successor corporation or any other depository
 subsequently appointed by the Trust as a depository in respect of the Units;

(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**CDS Participant**" means
 a registered dealer or other financial institution in Canada that is a direct or indirect
 participant in the CDS depository service holding securities operated by or on behalf of
 CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Certificate of Authorized Signing Authorities**" has the meaning ascribed thereto in Section 11.2(a) and
 is substantially in the form of Schedule C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Class Expenses** "
 in respect of any particular class or series of a class of Units means the expenses of the
 Trust (including Management Fees) that are allocated only to that class or series of a class
 pursuant to this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Class Net Asset Value** "
 in respect of any particular class or series of a class of Units is the portion of the Net
 Asset Value of the Trust attributed to such class or series of a class determined in accordance
 with Section 3.5 and Section 3.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Class Net Asset Value per Unit**" in respect of any particular class or series of a class of Units is the portion
 of the Class Net Asset Value of the Trust attributed to each Unit of such class or series
 of a class determined in accordance with Section 3.5 and Section 3.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**CME**" means the Chicago
 Mercantile Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Code**" means the U.S.
 Internal Revenue Code of 1986, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Common Expenses**" means
 those expenses of the Trust other than Class Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Copper**" means physical
 copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully allocated
 and stored at a Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Copper Redemption Notice"** means a written request signed by a Unitholder for the redemption of Units for Copper,
 which must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee
 from a member of a recognized Signature Medallion Guarantee Program, as described in Section 6.1,
 substantially in the form of Schedule F attached hereto, or in such other form as the
 Manager may from time to time in its sole discretion determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Corporate Action** "
 means any conversion privileges, subscription rights, warrants or other rights or options
 available in connection with any securities forming part of the Trust Property, including
 those relating to the reorganization, recapitalization, takeover, consolidation, amalgamation,
 merger, liquidation, filing for or declaration of bankruptcy or plans of arrangement, of
 any corporation, association or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Counsel**" means any
 Person qualified and engaged in the practice of law in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Court**" means any court
 of competent jurisdiction in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Custodian**" means the
 custodian of the Trust Property, other than Copper, appointed pursuant to Section 17.6
 and shall include the Trustee and any sub-custodians appointed by the Trustee which from
 time to time hold the Trust Property other than Copper pursuant to this Trust Agreement or
 a separate written custodial agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cyber & IT Risk** "
 has the meaning ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Data Vendors**" has
 the meaning ascribed thereto in Section 17.6(l);

(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Depository**" means
 any authorized domestic or foreign depository or clearing or settlement agency or system,
 including a transnational book-based system, CDS or DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Designated Facility**" means, for any redemption of Units for Copper in accordance with Article 6, the
 Facility or Facilities where the transfer of Copper will occur, as designated by the Manager
 in accordance with Section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Designated Markets** "
 has the meaning ascribed thereto in Section 17.6(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Disclosure Documents** "
 means any (final) prospectus of the Trust filed in all provinces and territories of Canada
 and any registration statement of the Trust filed with the United States Securities and Exchange
 Commission, or similar offering documents, as may be used by the Manager or required by applicable
 Securities Legislation in connection with qualifying the distribution of the Units to the
 public, including any amendments to such offering documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Distribution Date** "
 has the meaning ascribed thereto in Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**DTC**" means The Depository
 Trust Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**DTC Participant**" means
 a registered broker/dealer or other financial institution in the United States that is a
 direct or indirect participant in the DTC book-entry only system and a Person through whom
 the Unitholder deals directly to initiate any transaction in Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exemptive Relief** "
 means the exemptive relief order of the Ontario Securities Commission granted in connection
 with the initial public offering of the Trust, as such exemptive relief order may be amended,
 modified or supplemented, including any subsequent exemptive relief order than replaces such
 order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Extraordinary Resolution** "
 means a resolution approved, in person or by proxy, by Unitholders holding Units representing
 in aggregate not less than 66 2/3% of the Net Asset Value of the Trust, or in the case of
 a separate vote by a particular class or series of a class of Units, 66 2/3% of the Class Net
 Asset Value, as determined in accordance with this Trust Agreement, at a duly constituted
 meeting of Unitholders, or at any adjournment thereof, called and held in accordance with
 this Trust Agreement, or a written resolution signed by Unitholders holding Units representing
 in aggregate not less than 66 2/3% of the Net Asset Value of the Trust, or in the case of
 a separate vote by a particular class or series of a class of Units, 66 2/3% of the Class Net
 Asset Value, as determined in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Facility**" means, subject
 to Section 20.1(b)(iv), a CME-approved or LME-approved storage or similar facility for
 Copper operated by a Warehouse Provider located in a Storage Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Fee Agreement**" has
 the meaning ascribed thereto in Section 10.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Financial Instruments** "
 has the meaning ascribed thereto in Section 22.3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Fiscal Year**" means
 the fiscal year of the Trust ending on the last day of December in each year or such
 other date as may be determined from time to time by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Grade 1 Cathode**" means
 a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the
 CME standards for classification as a Grade 1 electrolytic copper cathode;

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Grade A Cathode**" means
 a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the
 LME standards for classification as Grade A copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**General Terms**" has
 the meaning ascribed thereto in Section 17.6(l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) [Intentionally Deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) [Intentionally Deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**IFRS**" means International
 Financial Reporting Standards as issued by the International Accounting Standards Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Independent Review Committee** "
 means the independent review committee of the Trust established pursuant to NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Initial Unit**" has
 the meaning ascribed thereto in Section 2.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Interim Certificate of Compliance** "
 has the meaning ascribed thereto in Section 8.2(a)(xlix) and is substantially in the
 form of Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Investment Manager** "
 means the Person(s) appointed by the Manager, on behalf of the Trust, from time to time
 pursuant to the provisions hereof and any portfolio management agreement, to determine, in
 its sole discretion, but subject to the Investment Policy, which securities or other assets
 (other than Copper) shall be purchased, held or sold for the Trust and to execute or cause
 the execution of purchase and sale orders in respect of such determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Investment Policy** "
 means the investment objective, the investment strategy, and the investment and operating
 restrictions of the Trust, as described in Article 22;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**IT**" has the meaning
 ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**LME**" means the London
 Metals Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Management Agreement** "
 means the management agreement between the Manager and the Trust to be dated on or about
 the date hereof, as the same may be amended, restated or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Management Fee**" has
 the meaning ascribed thereto in Section 10.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Manager**" means Sprott
 Asset Management LP, acting as the manager of the Trust, or any successor manager appointed
 in accordance with this Trust Agreement and subject to the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Manager Reorganization** "
 means any change of the Manager which occurs primarily as a result of restructuring corporations,
 limited partnerships or other entities under similar control and ownership and which results
 in no material change to the day-to-day management, administration or operation of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Minimum Physical Redemption Lot**" means the equivalent value of 100 metric tonnes of Copper;

---

| | |
|:---|:---|
| (mm.1) | "**Monthly Redemption Date**" means the last Business Day of a month when the NYSE Arca is open for trading; |

---

(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Net Asset Value of the Trust** "
 is the amount determined from time to time in accordance with Section 3.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Net Asset Value per Unit** "
 is the amount determined from time to time in accordance with Section 3.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Net Change in Non-Portfolio Assets**" on a Valuation Date means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate of all income accrued by the
 Trust as of that Valuation Date, including cash dividends and distributions, interest and
 compensation since the last calculation of Class Net Asset Value or Class Net Asset
 Value per Unit, as the case may be; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Common Expenses to be accrued by the
 Trust as of that Valuation Date which have been accrued since the last calculation of Class Net
 Asset Value or Class Net Asset Value per Unit, as the case may be; plus (in the case
 of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the value of any non-portfolio
 assets or liabilities stated in any foreign currency accrued on that Valuation Date since
 the last calculation of Class Net Asset Value or Class Net Asset Value per Unit,
 as the case may be, including, without limitation, cash, accrued dividends or interest and
 any receivables or payables; plus (in the case of an increase) or minus (in the case of a
 decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other item accrued on that Valuation
 Date determined by the Manager to be relevant in determining the Net Change in Non-Portfolio
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Net Income**" has the
 meaning ascribed thereto in Section 4.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Net Realized Capital Gains** "
 has the meaning ascribed thereto in Section 4.2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**NI 81-102**" means
 National Instrument 81-102 *Investment Funds*, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**NI 81-106**" means
 National Instrument 81-106 *Investment Fund Continuous Disclosure*, as amended from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**NI 81-107**" means
 National Instrument 81-107 *Independent Review Committee for Investment Funds*, as amended
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) **"Non-Certificated Inventory System**" means the non-certificated inventory system of recording CDS Participants
 holding securities operated by or on behalf of CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) [Intentionally Deleted];

---

| | |
|:---|:---|
| (ww.1) | "**NYSE Arca**" means the NYSE Arca stock exchange; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Obligations**" means
 collectively all of the obligations, liabilities and indebtedness of the Trust to the Trustee
 from time to time, whether present or future, absolute or contingent, liquidated or unliquidated,
 of whatsoever nature or kind, in any currency or otherwise, including without limitation
 any unpaid fees, disbursements and expenses, and any indemnification and overdraft amounts,
 arising pursuant to this Trust Agreement and under any transaction or arrangement entered
 into in connection herewith or otherwise with or for the benefit of the Trust including,
 without limitation, any foreign exchange or similar transaction however defined and documented
 including under any ISDA Master Agreement or similar document, any securities lending transactions,
 and any administrative services provided by the Trustee in any capacity;

(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Ordinary Resolution** "
 means a resolution approved, in person or by proxy, by Unitholders holding Units representing
 in aggregate not less than 50% of the Net Asset Value of the Trust, or in the case of a separate
 vote by a particular class or series of a class of Units, 50% of the Class Net Asset
 Value, as determined in accordance with this Trust Agreement, at a duly constituted meeting
 of Unitholders, or at any adjournment thereof, called and held in accordance with this Trust
 Agreement, or a written resolution signed by Unitholders holding Units representing in aggregate
 not less than 50% of the Net Asset Value of the Trust, or in the case of a separate vote
 by a particular class or series of a class of Units, 50% of the Class Net Asset Value,
 as determined in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Original Trust Agreement** "
 means the trust agreement dated as of April 12, 2024 between the Settlor and the Manager
 which established the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Original Trustee**" has the
meaning set out in the Recitals hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Person**" means any
 individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship,
 company or corporation with or without share capital, unincorporated association, trust,
 trustee, executor, administrator or other legal personal representative, regulatory body
 or agency, government or governmental agency, authority or entity however designated or constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**PFIC**" means a "passive
 foreign investment company" within the meaning of Section 1297 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**PPSA**" means the *Personal Property Security Act* (Ontario) and any successor legislation thereto amended
 and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Proportionate Share** ",
 when used to describe (i) an amount to be allocated to any one class or series of a
 class of Units, means the total amount to be allocated to all classes or series of classes
 of Units multiplied by a fraction, the numerator of which is the Class Net Asset Value
 of such class or series of a class and the denominator of which is the Net Asset Value of
 the Trust at such time, and (ii) a Unitholder's interest in or share of any amount,
 means, after an allocation has been made to each class or series of a class of Units as provided
 in clause (i), that allocated amount multiplied by a fraction, the numerator of which is
 the number of Units of that class or series of a class registered in the name of that Unitholder
 and the denominator of which is the total number of Units of that class or series of a class
 then outstanding (if such Unitholder holds Units of more than one class or series of a class,
 then such calculation is made in respect of each class or series of a class of Units and
 aggregated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**QEF**" has the meaning
 ascribed thereto in Section 4.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) [Intentionally Deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Register**" means
 the register or registers of the Trust established and maintained by the Registrar and Transfer
 Agent pursuant to Section 17.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Registrar and Transfer Agent** "
 means the registrar and transfer agent of the Units appointed by the Manager in accordance
 with Section 17.1. The initial Registrar and Transfer Agent shall be TSX Trust Company;

(7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Securities Authorities** "
 means the Ontario Securities Commission and equivalent securities regulatory authorities
 in each other province and territory of Canada, and, if applicable, the United States Securities
 and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Securities Legislation** "
 means the laws, regulations, rules, requirements and policies of the Securities Authorities
 which are in effect from time to time and applicable to the Trust including, but not limited
 to NI 81-102, NI 81-106, NI 81-107 and, if applicable, the *United States Securities Act of 1933*, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Security Interest** "
 has the meaning ascribed thereto in Section 10.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Settlor**" means Lara
 Misner, an individual resident in the Province of Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**SOC**" has the meaning
 ascribed thereto in Section 19.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**STA**" means the *Securities Transfer Act, 2006* (Ontario) and any successor legislation thereto as amended and in
 effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Storage Agreement** "
 means, subject to Section 20.1(b)(iv), a storage agreement or other type of contract
 or arrangement with a Facility or Facilities in connection with the storage of Copper which
 agreement, contract or arrangement adheres to industry standards and the Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Storage Jurisdictions** "
 means, subject to Section 20.1(b)(iv), Belgium, Canada, Germany, Italy, Malaysia,
 the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the
 United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Sub-Custodian Guidelines** "
 has the meaning ascribed thereto in Section 17.6(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Tax Act**" means the *Income Tax Act* (Canada) and the regulations promulgated thereunder, as amended from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Technical Advisor** "
 means the Person(s) appointed by the Manager, on behalf of the Trust, from time to time
 pursuant to the provisions hereof and any technical advisory, consulting or other similar
 agreement, to provide advisory services to the Manager, including: (i) commercial services
 with respect to: (A) the management of the movement and storage of Copper assets in
 accordance with reasonable standard industry practice; (B) all of the Trust's
 transactions involving the purchase and sale of Copper, lending or relocation of Copper,
 and (C) other means of optimizing the Trust's portfolio value, (ii) periodic
 communication with the Manager related to current and forecasted market conditions; and (iii) reasonable
 support of the Manager's marketing efforts for the Trust. The initial Technical Advisor
 shall be WMC Energy B.V.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Termination Event** "
 has the meaning ascribed thereto in Section 14.1(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Trust**" means Sprott
 Physical Copper Trust, a trust established under the laws of the Province of Ontario and
 governed by this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Trust Agreement** "
 means this amended and restated trust agreement among the Settlor, the Manager and the Trustee
 made and entered into as of the day and year first above written, as the same may be further
 amended, restated, supplemented or replaced from time to time;

(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Trust Property** "
 at any time, means any and all securities, cash (including free credit balances), property
 and assets, real and personal, tangible and intangible, transferred, conveyed or paid to
 the Trust including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all funds realized from the sale of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Copper held for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all investments, sums or property of any
 type or description (other than Copper) from time to time delivered to and received by the
 Trust or held for its account as directed by the Manager and accepted by the Trustee on behalf
 of the Trust in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any proceeds of disposition of any of the
 foregoing property and assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all income, interest, profit, gains and
 accretions and additional rights arising from or accruing to such foregoing property or such
 proceeds of disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Trust's Website** "
 means the website established by the Manager from time to time for the Trust, which as of
 the date hereof is: https://sprott.com/investment-strategies/physical-commodity-funds/copper/;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Trustee**" means RBC
 Investor Services Trust, acting as the trustee of the Trust, or any successor trustee appointed
 in accordance with this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**TSX**" means the
 Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**Underwriters**" means
 registered dealers that have entered into an Underwriting Agreement with the Manager, on
 behalf of the Trust, in connection with the initial public offering of the Units, and "**Underwriter** "
 means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**Underwriting Agreement** "
 means an agreement between the Manager, on behalf of the Trust, and the Underwriters to be
 dated on or about the date of filing the final Disclosure Documents with the applicable Securities
 Authorities relating to the initial public offering of the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**Unit**" means a unit
 of beneficial interest, in any class or series of a class of the Trust, as presently constituted
 pursuant to Section 3.1 as the same may from time to time hereinafter be constituted,
 and collectively referred to as the **"Units** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**Unit Certificate** "
 means a certificate evidencing ownership by a Unitholder in such form as is approved by the
 Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**Unitholders**" means
 Persons whose name appears on the Register as a registered holder of one or more Units or
 fractions thereof and **"Unitholder"** means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**Valuation Agent** "
 means the service provider to the Trust appointed pursuant to Section 17.4 and the Valuation
 Services Agreement to provide certain valuation services for the Trust. The initial Valuation
 Agent shall be RBC Investor Services Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Valuation Date** "
 means each Business Day, unless the Manager determines that the assets of the Trust should
 be valued less frequently, either generally or in respect of one or more specific instances,
 in which event "**Valuation Date**" shall mean such Business Day or Business
 Days as the Manager determines;

(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Valuation Services Agreement** "
 means the valuation services agreement between the Manager and the Valuation Agent to be
 dated on or about the date hereof, as the same may be amended, restated or supplemented from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "**Valuation Time** "
 means 4:00 p.m. (Toronto time) on a Valuation Date or such other time on a Valuation
 Date as the Manager deems appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "**Voting Materials** "
 means all proxies, proxy solicitation materials and other communications received by the
 Manager relating to the securities forming part of the Trust Property that call for voting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "**Warehouse Providers** "
 means, subject to Section 20.1(b)(iv), Access World, C. Steinweg Handelsveem and P Global
 Services, and/or each of their respective subsidiaries, affiliates or successors.

**1.2** **Article and Section Headings** 

Article and section headings have been inserted for convenience only and are not to affect the construction or interpretation of this Trust Agreement.

**1.3** **Statute References** 

In this Trust Agreement, any reference herein to a statute, rule, regulation, policy statement, ruling, notice, order or other instrument promulgated thereunder or provision therein shall be deemed to be a reference to such statute, rule, regulation, policy statement, ruling, notice, order or other instrument promulgated thereunder or provision therein as amended, re-enacted or replaced from time to time and references to specific parts, paragraphs or sections thereof shall include all amendments, re-enactments or replacements thereof.

**1.4** **Business Day** 

Unless otherwise specified, if under this Trust Agreement any payment or calculation is to be made, or any other action is to be taken, on or as of a day which is not a Business Day, that payment or calculation is to be made, and that other action is to be taken, as applicable, on or as of the next day that is a Business Day.

**1.5** **Number, Gender** 

Unless elsewhere otherwise expressly provided in this Trust Agreement or unless the context otherwise requires, words importing the singular include the plural and vice versa, and words importing the masculine gender include the feminine and neuter gender.

**1.6** **References to "Agreement" etc.** 

Unless otherwise specified, references in this Trust Agreement to sections and schedules are to sections of, and schedules to, this Trust Agreement. References in this Trust Agreement to "Agreement", "herein", "hereafter", "hereby", "hereto", "hereof" and "hereunder" and similar expressions shall be deemed to refer to this Trust Agreement and shall not be limited to the particular article or section in which such words appear.

**1.7** **Time of Day** 

Unless otherwise specified, references to time of day or date mean the local time or date in the City of Toronto, Province of Ontario, Canada.

(10) **1.8** **Currency** 

Unless otherwise specified herein or where required by Applicable Laws, all references herein to currency shall be references to currency of the United States of America.

**1.9** **Exercise of Discretion** 

**Article 2<br> ESTABLISHMENT OF THE TRUST**

**2.1** **Establishment of the Trust** 

The Manager, as Original Trustee, confirms that to constitute and settle the Trust the Settlor gave to the Original Trustee the sum of Ten Dollars ($10.00) and thereby established the Trust for the benefit of the holders of its Units from time to time, and the Settlor was issued one Unit (the "**Initial Unit**").

**2.2** **Appointment of the Trustee** 

The Trustee agrees to act as the trustee of the assets, monies and investments from time to time of the Trust and shall hold the same upon and subject to the provisions of this Trust Agreement, and the Manager hereby resigns as trustee of the Trust.

**2.3** **Constituency of the Trust** 

The Trust shall, in addition to those assets already under administration, consist of monies from time to time delivered to the Trustee for investment and such investments and other assets as may from time to time be acquired by the Trustee through the application of such monies, together with accretions thereto, less amounts paid out by the Trustee from time to time in accordance herewith.

**2.4** **Name of the Trust** 

The Trust governed by this Trust Agreement shall be known as the "Sprott Physical Copper Trust" or such other name as the Manager may from time to time designate and the Trust may at any time adopt a French version of its name at the sole discretion of the Manager. Any mention of the name of the Trust herein shall refer to both the English and, if applicable, French forms of the name of the Trust, and insofar as may be practical, legal and convenient, the affairs of the Trust shall be conducted and transacted under that name, it being the intention that such name shall refer to the Trust and shall not refer to the Trustee or to the Unitholders.

**2.5** **Head Office; Situs** 

The head office and the principal office and situs of the administration of the Trust shall be in Toronto, Ontario, Canada at the address of the Manager or at such other location as shall be designated by the Manager, but may only be changed to another location in Ontario designated by the Manager.

(11) **2.6** **Purpose of the Trust** 

The Trust will, for the benefit of its Unitholders, engage in making investments in accordance with the Investment Policy set out in Article 22. Some or all of the Trust's assets may from time to time be invested in cash and interest-bearing accounts, short-term government debt or short-term investment grade corporate debt for working capital purposes as the Manager may deem prudent in the circumstances. The undertaking of the Trust shall include all things necessary or advisable to give effect to the Trust's Investment Policy.

**2.7** **Investment by the Trust** 

The Trustee shall from time to time settle any or all of the investments of the Trust (other than Copper) and reinvest the proceeds thereof or exchange any or all of such investments of the Trust for other investments, always only in accordance with the direction of the Manager, a duly appointed Technical Advisor or a duly appointed Investment Manager. The Trust, the Trustee, the Manager or any Investment Manager shall not, in carrying out investment activities, be in any way restricted by the provisions of the laws of any jurisdiction limiting or purporting to limit investments which may be made by trustees (and in particular shall not be limited by sections 27 and 27.1 of the *Trustee Act* (Ontario)), but shall be limited by the Investment Policy contained herein and Applicable Laws to which the Trust is subject. It shall be the responsibility of the Manager to ensure that all investments of the Trust Property held by the Trustee and at the Facilities are made in such a way as to comply with any statement made in any current Disclosure Documents or like offering document of the Trust as to the Investment Policy applicable to the Trust and so as to comply with this Trust Agreement and Applicable Laws.

**2.8** **Nature of the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An interest in the Trust is represented
 by Units. The Trust, its Units and its property shall be governed by the general law of trusts,
 except as such general law of trusts has been or is from time to time modified, altered or
 abridged for unit trusts and for the Trust by Applicable Laws of Canada or requirements imposed
 by applicable Securities Authorities of Canada or other Canadian regulatory authorities or
 by the terms, conditions and trusts set forth in this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 2.9
 with respect to the U.S. federal income tax classification of the Trust, the Trust is not,
 is not intended to be, shall not be deemed to be, and shall not be treated as, a general
 partnership, limited partnership, syndicate, association, joint venture, agency, corporation
 or joint stock company nor shall the Trustee or the Unitholders or any of them for any purpose
 be, or be deemed to be, treated in any way whatsoever to be liable or responsible hereunder
 as partners or joint ventures. The Unitholders shall be beneficiaries and their relationship
 to the Trustee shall be solely in that capacity in accordance with the rights conferred and
 obligations imposed upon them hereunder. The Trustee shall not be, or be deemed to be, the
 agent of the Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The beneficial interest of a Unitholder
 shall be limited to the right to participate in distributions when and as declared by the
 Manager as contemplated by Article 4, and distributions upon the termination of the
 Trust as contemplated in Article 21. The ownership of the Trust Property is vested in
 the Trustee and the right to conduct the affairs of the Trust is vested in the Trustee, the
 Manager, and, to the extent delegated by the Manager, a Technical Advisor, in each case,
 subject to the provisions of this Trust Agreement and the Management Agreement and the Unitholders
 shall have no interest in the assets of the Trust or right to intervene in the conduct of
 the affairs of the Trust except as expressly provided herein. In purchasing Units, a Unitholder
 assumes no personal liability whatsoever to any Person in connection with the assets or affairs
 of the Trust. In the event a Unitholder should be required to satisfy any obligation of the
 Trust, such Unitholder shall be entitled to reimbursement from any available assets of the
 Trust in accordance with Section 15.1.

(12) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Intentionally Deleted].

**2.9** **U.S. Federal Income Tax Classification** 

The Manager, on behalf of the Trust, shall file an affirmative election with the U.S. Internal Revenue Service under U.S. Treasury Regulations Section 301.7701-3 for the Trust to be classified as an association taxable as a corporation for U.S. federal income tax purposes. Such election shall be filed before the Trust's initial public offering of its Units and shall be effective as of the date of establishment of the Trust. The Manager, on behalf of the Trust, shall not take any action inconsistent with the treatment of the Trust as an association taxable as a corporation for U.S. federal income tax purposes and shall not elect to treat the Trust as an entity other than as an association taxable as a corporation for such purposes.

**2.10** **Term** 

This Trust Agreement shall continue in full force and effect unless otherwise terminated in accordance with its provisions.

**Article 3<br> STRUCTURE OF THE TRUST**

**3.1** **Division of the Trust into Units** 

Subject to Article 20, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of Units and into one or more series of each such class of Units, the attributes that shall attach to each class or series of Units and whether any class or series of Units should be redesignated as a different class or series of Units from time to time. The class or classes of Units and the series of each such class of Units created and authorized for the Trust, including any redesignation of any class or any series of a class of Units, shall be as shown from time to time in the Register kept for the Trust. Until changed in accordance with this Trust Agreement, the beneficial interests in the Trust shall be divided into interests described and designated as "Units", which shall be entitled to the rights and subject to the limitations, restrictions and conditions set out herein and each class or series of a class of Units shall have the following attributes, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Unit shall be without nominal or
 par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each whole Unit of a particular class
 or a series of a class shall entitle the holder thereof to one vote at all meetings of Unitholders
 or in respect of any written resolution of Unitholders where all classes and series of Units
 vote together and to one vote at all meetings of Unitholders or in respect of any written
 resolution of Unitholders where that particular class or series of a class of Units votes
 separately as a class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Unit of a particular class or series
 of a class shall entitle the holder thereof to participate pro rata, in accordance with the
 provisions hereof, with respect to all distributions made to that class or series of a class
 and, upon liquidation of the Trust, to participate pro rata with other Unitholders of that
 same class or series of a class in the Net Asset Value of the Trust remaining after the satisfaction
 of outstanding liabilities of the Trust and the class or series of a class as provided in
 Article 21;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) distributions shall be allocated among
 the classes or series of a class of Units in such manner as the Manager considers appropriate
 and equitable and in accordance with the specific attributes of such classes or series of
 a class of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there shall be no pre-emptive rights attaching
 to the Units;

(13) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there shall be no cancellation or surrender
 provisions attaching to the Units except as set out herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) once the Net Asset Value per Unit for
 the applicable class or series of a class, determined in accordance with Section 3.6,
 at the time of issuance has been paid, there shall be no liability for future calls or assessments
 with respect to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Units shall be transferable, but only
 as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Unit shall carry a right to require
 the Trust to redeem the Unit as provided for and subject to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject to limitations and requirements
 determined from time to time by the Manager and disclosed in the Disclosure Documents, each
 Unit of a particular class or series of a class of the Trust may be redesignated by the Manager
 as a Unit of another class or series of the Trust based on the respective Net Asset Value
 per Unit for each such class or series of Units on the date of the redesignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the number of Units and the classes and
 series of Units of the Trust that may be issued is unlimited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) fractional Units of a class or series
 of a class may be issued and shall be proportionately entitled to all the same rights as
 whole Units of that same class or series, except voting rights (however fractional Units
 held by a single Unitholder may be combined).

Each class and series of a class of Units shall also have the features and characteristics disclosed from time to time in the Disclosure Documents or such other offering documents of the Trust. The Trustee and the Manager may be Unitholders.

**3.2** **Repurchase of Initial Unit** 

Commencing with the completion of the first issuance of Units (other than the Initial Unit), the Trust will purchase and the Settlor will sell the Initial Unit for a purchase price of $10.00. Upon completion of such purchase and sale, the Initial Unit will be cancelled and will no longer be outstanding for any of the purposes of this Trust Agreement.

**3.3** **Voting** 

Subject to Section 3.1, each Unitholder shall be entitled to one vote for each whole Unit held by such Unitholder.

**3.4** **Consolidation and Subdivision** 

Units may be consolidated or subdivided by the Manager upon the Manager giving at least 21 days' prior written notice to the Trustee and to each Unitholder of its intention to do so. Notwithstanding the foregoing, Units may be consolidated without notice to Unitholders in connection with a distribution to Unitholders pursuant to Section 4.3.

(14) **3.5** **Calculation of Net Asset Value of the Trust and Net Asset Value per Unit** 

The calculation of the Net Asset Value of the Trust shall be the responsibility of the Manager, who may consult with the Valuation Agent, any Investment Manager, any Technical Advisor, the Facilities, the Custodian and/or the Auditors. The Net Asset Value of the Trust shall be determined for the purposes of subscriptions as at the Valuation Time on each Valuation Date in United States dollars. The Net Asset Value of the Trust determined on the last Valuation Date of each year shall include all income, Common Expenses, Class Expenses or any other items to be accrued to December 31st of each year and since the last calculation of the Net Asset Value per Unit or the Class Net Asset Value per Unit for the purpose of the distribution of Net Income and Net Realized Capital Gains of the Trust to Unitholders. The "**Net Asset Value of the Trust**" as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the fair value of the liabilities of the Trust as of such Valuation Date. The "**Net Asset Value per Unit**" shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets of the Trust shall be deemed
 to include the following property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Copper owned by or contracted for the
 Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all cash on hand or on deposit, including
 any interest accrued thereon adjusted for accruals deriving from trades executed but not
 yet settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all bills, notes and accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all interest accrued on any interest-bearing
 securities owned by the Trust other than interest, the payment of which is in default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) prepaid expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of the assets of the
 Trust shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the value of Copper shall be its market
 value based on the prices of such Copper provided by a widely recognized pricing service
 or an average of such services (the "**Pricing Services**") as directed by
 the Manager or a Technical Advisor and, if such service is not available, such Copper shall
 be valued at prices provided by another pricing service as determined by the Manager or a
 Technical Advisor in consultation with the Valuation Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the value of any cash on hand or on deposit,
 bills, demand notes, accounts receivable, prepaid expenses, and interest accrued and not
 yet received, shall be deemed to be the full amount thereof unless the Manager shall have
 determined that any such deposit, bill, demand note, account receivable, prepaid expense
 or interest is not worth the full amount thereof, in which event the value thereof shall
 be deemed to be such value as the Manager shall determine to be the fair value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) short-term investments including notes
 and money market instruments shall be valued at cost plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the value of any security or other property
 for which no price quotations are available or, in the opinion of the Manager, to which the
 above valuation principles cannot or should not be applied, shall be the fair value thereof
 determined from time to time in such manner as the Manager shall from time to time provide;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the value of all assets and liabilities
 of the Trust valued in terms of a currency other than the currency used to calculate the
 Net Asset Value of the Trust shall be converted to the currency used to calculate the Net
 Asset Value of the Trust by applying the rate of exchange obtained from the best available
 sources to the Valuation Agent as agreed upon by the Manager including, but not limited to,
 the Trustee or any of its Affiliates.

(15) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The liabilities of the Trust shall be calculated on a fair value basis and shall be deemed to include
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all bills, notes and accounts payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees (including Management Fees) and administrative and operating expenses and applicable taxes payable
and/or accrued by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all contractual obligations for the payment of money or property, including distributions of Net Income
and Net Realized Capital Gains, if any, declared, accrued or credited to the Unitholders but not yet paid on the day before the Valuation
Date as of which the Net Asset Value of the Trust is being determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all allowances authorized or approved by the Manager or the Trustee for taxes or contingencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other liabilities of the Trust of whatsoever kind and nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of determining the market value of any security or property pursuant to Section 3.5(b) to
which, in the opinion of the Valuation Agent in consultation with the Manager, the above valuation principles cannot be applied (because
no price or yield equivalent quotations are available as provided above, or the current pricing option is not appropriate, or for any
other reason), shall be the fair value as determined in such manner by the Valuation Agent in consultation with the Manager and generally
adopted by the marketplace from time to time, provided that any change to the standard pricing principles as set out above shall require
prior consultation and written agreement with the Manager. For greater certainty, fair valuing an investment comprising the Trust Property
may be appropriate if: (i) market quotations do not accurately reflect the fair value of an investment; (ii) an investment's
value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally
traded; (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying
its normal close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of determining the value of Copper, the Manager shall rely solely on the Pricing Services.
The Manager, any Technical Advisor, the Trustee or the Valuation Agent shall not be required to make any investigation or inquiry as to
the accuracy or validity of such Pricing Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio transactions (investment purchases and sales) will be reflected in the first computation of
the Net Asset Value of the Trust made after the date on which the transaction becomes binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Net Asset Value of the Trust and Net Asset Value per Unit on the first Business Day following a Valuation
Date shall be deemed to be equal to the Net Asset Value of the Trust (or the Net Asset Value per Unit, as the case may be) on such Valuation
Date after payment of all fees and applicable taxes, including Management Fees, and after processing of all subscriptions of Units in
respect of such Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Net Asset Value of the Trust and the Net Asset Value per Unit determined by the Manager in accordance
with the provisions of this section shall be conclusive and binding on all Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Manager, any Technical Advisor and any Investment Manager may determine such other rules, not in conflict
with this Section 3.5, regarding the calculation of the Net Asset Value of the Trust and the Net Asset Value per Unit which they
deem necessary from time to time, which rules may deviate from IFRS.

(16) **3.6** **Calculation of Class Net Asset Value and Class Net Asset Value per Unit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Net Asset Value for a particular class or series of a class of Units (the "**Class Net Asset Value**") as at the Valuation Time on a Valuation Date shall be determined for the purposes of subscriptions in accordance
with the following calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class Net Asset Value last calculated for that class or series of a class; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the increase in the assets attributable to that class or series of a class as a result of the issue of
Units of that class or series of a class or the redesignation of Units into that class or series of a class since the last calculation;
minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the decrease in the assets attributable to that class or series of a class as a result of the redesignation
of Units out of that class or series of a class since the last calculation; plus (in the case of an increase) or minus (in the case of
a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Proportionate Share of the Net Change in Non-Portfolio Assets attributable to that class or series
of a class since the last calculation; plus (in the case of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Proportionate Share of market appreciation or depreciation of the portfolio assets attributable to
that class or series of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Proportionate Share of the Common Expenses and applicable taxes allocated to that class or series
of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Class Expenses and applicable taxes allocated to that class or series of a class since the last
calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Unit of a class or series of a class being issued or a Unit that has been redesignated as a part of
that class or series of a class shall be deemed to become outstanding as of the next calculation of the applicable Class Net Asset
Value immediately following the Valuation Date at which the applicable Class Net Asset Value per Unit that is the issue price or
redesignation basis of such Unit is determined and the issue price received or receivable for the issuance of the Unit shall then be deemed
to be an asset of the Trust attributable to the applicable class or series of a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Unit of a class or series of a class that has been redesignated as no longer being a part of that class
or series of a class shall be deemed to remain outstanding as part of that class or series of a class until immediately following the
Valuation Date as of which the applicable Class Net Asset Value per Unit that is the redesignation basis of such Unit is determined;
thereafter, the Unit which has been redesignated will be deemed to be outstanding as a part of the class or series of a class into which
it has been redesignated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On any Valuation Date that a distribution is paid to Unitholders of a class or series of a class, a second
Class Net Asset Value shall be calculated for that class or series of a class, which shall be equal to the first Class Net Asset
Value calculated on that Valuation Date minus the amount of the distribution. For greater certainty, the second Class Net Asset Value
shall be used for determining the Class Net Asset Value per Unit on such Valuation Date for purposes of determining the issue price
for Units on such Valuation Date, as well as the redesignation basis for Units being redesignated into or out of such class or series
of a class, and Units redesignated out of that class or series of a class as at such Valuation Date shall participate in such distribution
while Units subscribed for or redesignated into such class or series of a class as at such Valuation Date shall not.

(17) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class Net Asset Value per Unit of a particular class or series of a class of Units as at any
Valuation Date is the quotient obtained by dividing the applicable Class Net Asset Value as at such Valuation Date by the total number
of Units of that class or series of a class outstanding at such Valuation Date. This calculation shall be made without taking into account
any issuance or redesignation of Units of that class or series of a class to be processed by the Trust immediately after the Valuation
Time of such calculation on that Valuation Date. The Class Net Asset Value per Unit for each class or series of a class of Units
for the purpose of the issue of Units shall be calculated on each Valuation Date by or under the authority of the Manager as at the Valuation
Time on every Valuation Date as shall be fixed from time to time by the Manager and the Class Net Asset Value per Unit so determined
for each class or series of a class shall remain in effect until the Valuation Time as of which the Class Net Asset Value per Unit
for that class or series of a class is next determined.

**3.7** **Delegation by the Manager** 

The Manager shall be entitled to delegate any of its powers and obligations with respect to determining the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units to a service provider including, but not limited to, the Valuation Agent or any of its Affiliates, by entering into the Valuation Services Agreement relating to, among other things, the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units as at the Valuation Time on each Valuation Date. For greater certainty, the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units as at the Valuation Time on each Valuation Date pursuant to this Article 3 is for the purposes of determining subscription prices of Units and not for the purposes of accounting in accordance with IFRS.

**Article 4<br> NET INCOME AND NET REALIZED CAPITAL GAINS**

**4.1** **Valuation on Distribution Date** 

As at the Valuation Time on the last Valuation Date in each taxation year or such other date as the Manager may, in its sole discretion, determine (a "**Distribution Date**"), the Manager shall, in the manner hereinafter provided, determine the amount of the Net Income and the Net Realized Capital Gains of the Trust for the period since the immediately preceding Distribution Date (or in the case of the first Distribution Date, from the inception date of the Trust).

**4.2** **Computation of Net Income and Net Realized Capital Gains** 

The Net Income and the Net Realized Capital Gains of the Trust shall be computed as of the Valuation Time on each Distribution Date in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Net Income**" for any taxation year of the Trust shall be the net income for the year
determined pursuant to the provisions of the Tax Act having regard to the provisions thereof that relate to the calculation of income
of a trust, other than Section 104(6), and taking into account such adjustments thereto as are determined by the Manager; provided,
however, that capital gains and capital losses shall be excluded from the computation of net income.

(18) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Net Realized Capital Gains**" of the Trust for any taxation year of the Trust shall
be determined as the amount, if any, by which the aggregate of the capital gains of the Trust in the taxation year exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate of the capital losses of the Trust in the taxation year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount determined by the Manager in respect of any unapplied net capital losses or non-capital losses
for prior taxation years which the Trust is permitted by the Tax Act to deduct in computing the taxable income of the Trust for the applicable
taxation year and provided that, in the sole discretion of the Manager, the Net Realized Capital Gains of the Trust for a taxation year
may be calculated without subtracting the full amount of the net capital losses or any non-capital losses of the Trust carried forward
from previous taxation years.

**4.3** **Distribution of Net Income and Net Realized Capital Gains to Unitholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencing with its first taxation year, anticipated to end on December 31, 2024, the Manager intends
to cause the Trust to make distributions to Unitholders of Net Income, if any, for each taxation year calculated in accordance with Section 4.2.
Commencing with its first taxation year, anticipated to end on December 31, 2024, the Manager also intends to cause the Trust to
make distributions to Unitholders of Net Realized Capital Gains, if any, for each taxation year as determined in accordance with Section 4.2.
If the Trust qualifies as a mutual fund trust as defined in the Tax Act throughout a taxation year, the amount of Net Realized Capital
Gains to be distributed to Unitholders for such year shall be reduced to take into account the Trust's entitlement to a capital
gains refund, if any. All such distributions to Unitholders, including the amount of Net Income and Net Realized Capital Gains, as applicable,
payable to each Unitholder, are in the discretion of the Trustee, acting on the direction of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Having regard to the present intention of the Manager to allocate, distribute and make payable to Unitholders
all Net Income and Net Realized Capital Gains for each taxation year so that the Trust will not have any liability for tax under Part I
of the Tax Act in any taxation year, it is the intention of the Manager that the total amount due and payable pursuant to this Section 4.3
on the last Distribution Date in any year shall not be less than the amount necessary to ensure that the Trust will not be liable for
income tax under Part I of the Tax Act for such year after taking into account the Trust's entitlement to a capital gains refund,
if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager may direct that such distribution or payment shall be due and payable by the Trust in cash
or in additional Units. Where distributions are payable in additional Units, the Registrar and Transfer Agent, acting on the direction
of the Manager, may round up or round down the number of Units in order to avoid the Trust issuing fractional Units. Any additional Units
that are issued in this manner shall be of the same class or series of a class at a price equal to the Net Asset Value per Unit as at
the Valuation Time on the applicable Distribution Date and the Units shall be immediately consolidated so that the number of outstanding
Units following the distribution shall equal the number of Units outstanding prior to the distribution, and the Manager is hereby irrevocably
constituted attorney for each Unitholder to so apply such distributions on behalf of each Unitholder on the relevant Distribution Date.
Notwithstanding the foregoing, where Canadian tax is required to be withheld in respect of a Unitholder's share of a distribution
paid in Units, the consolidation will result in such Unitholder holding that number of Units equal to the product of (i) the sum
of the number of Units held by such Unitholder prior to the distribution and the number of Units received by such Unitholder in connection
with the distribution (net of the total of the number of whole or fractional Units withheld by the Trust to satisfy the Trust's
withholding obligations and the number of whole or fractional Units withheld pursuant to Section 4.5 on account of the reasonable
expenses incurred in respect of the sale of such Units withheld on account of withholding taxes), and (ii) a quotient, the numerator
of which is the aggregate number of Units outstanding prior to the distribution, and the denominator of which is the aggregate number
of Units that would be outstanding following distribution and before the consolidation if no withholding were required in respect of any
part of the distribution payable to any Unitholders. Such Unitholder will be required to surrender the Unit Certificates, if any, representing
such Unitholder's original Units in exchange for a Unit Certificate representing such Unitholder's post-consolidation Units.

(19) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions, if any, of Net Income or Net Realized Capital Gains will be made to Unitholders who were
Unitholders of record as of 5:00 p.m. (Toronto time) on the last Business Day prior to any relevant Distribution Date. The amounts
to be paid to a Unitholder shall be the amount of Net Income or Net Realized Capital Gains determined as described in Section 4.2
divided by the total number of Units outstanding on the Distribution Date multiplied by the number of Units held by such Unitholder on
the applicable Distribution Date and the Unitholder shall have the right to enforce payment thereof on the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All distributions, if declared and paid, shall be converted into and, if a cash distribution, paid in
United States currency.

**4.4** **Additional Distributions, Designations, Determinations, Allocations and Elections** 

In addition to any distributions made to Unitholders as described under Section 4.3, on the direction of the Manager, the Trust shall at such times and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per Unit, payable at such time or times and to Unitholders of record on such Distribution Date, as from time to time may be determined by the Manager, and also make such designations, determinations, allocations and elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to Unitholders and of expenses incurred by the Trust and of tax deductions of which the Trust may be entitled, as the Manager may, in its sole discretion, determine.

**4.5** **Withholding Taxes** 

The Manager shall deduct or withhold from distributions payable to any Unitholder all amounts required by Applicable Law to be withheld from such distributions, whether such distributions are in the form of cash, additional Units or otherwise. In the event of a distribution in the form of additional Units, subject to applicable Securities Legislation, the Manager may sell Units of such Unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of such sale and the Manager shall have the power of attorney of such Unitholder to do so. Any such sale shall be made in compliance with applicable Securities Legislation on any stock exchange on which the Units are then listed and upon such sale, the affected Unitholder shall cease to be the holder of such Units. In the event that the net proceeds of any such sale of a Unitholder's Units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager shall remit such excess to the Unitholder.

**4.6** **Income Tax Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before March 31 in each year, or in the case of a leap year on or before March 30 in such
year, if applicable, or as otherwise required by the Tax Act, the Manager shall prepare and deliver or make available electronically,
or cause to be prepared and delivered or made available electronically, to Unitholders information pertaining to the Trust, including
all distributions, designations, determinations, allocations and elections, which is required or permitted by the Tax Act or which is
necessary to permit Unitholders to complete their individual income tax returns for the preceding year. For greater certainty, the Manager
may fulfill its obligations under this Section 4.6(a) by making or causing to be made available electronically via CDS all such
information to the CDS Participants who hold Units on behalf of Unitholders.

(20) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is the Manager's intention to claim the maximum amount of deduction available to the Trust under
paragraph 104(6)(b) of the Tax Act for each relevant taxation year of the Trust. In the event that amounts that were allocated, distributed
or paid to Unitholders as capital gains or as non-taxable payments are, for any reason, subsequently determined (including as a result
of an assessment or reassessment by any taxation authorities) to have been fully includible in the taxable income of the Trust for the
relevant taxation year, then the Manager shall have the discretion to increase its claim under paragraph 104(6)(b) of the Tax Act
for that taxation year, which shall include the discretion to issue new or amended tax reporting slips to the relevant Unitholders or
former Unitholders and to declare that all or part of such amounts shall be retroactively deemed to have been allocated, distributed and
paid to Unitholders out of the income of the Trust.

**4.7** **Qualified Electing Trust Election and Reporting** 

Within 60 days from the end of each taxable year of the Trust, the Manager shall provide or cause to be provided to Unitholders all information necessary to enable Unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust as a "qualified electing fund" within the meaning of Section 1295 of the Code (a "**QEF**") for U.S. federal income tax purposes and to comply with any reporting or other requirements incident to such election including, but not limited to, providing or causing to be provided to Unitholders or beneficial owners of Units, as applicable, a completed **"**PFIC Annual Information Statement**"** as required by U.S. Treasury Regulations Section 1.1295-1(g). The Manager shall comply and cause the Trust to comply with all applicable requirements of the U.S. Treasury Regulations necessary to enable Unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust as a QEF.

**4.8** **Tax Definitions** 

Unless the context otherwise requires, any term in this Article 4 which is defined for the purposes of the Tax Act shall have for the purposes of this Article 4 the meaning that it has for the purposes of the Tax Act, including, for the avoidance of doubt, the term "taxation year".

**Article 5<br> SALE AND TRANSFER OF UNITS**

**5.1** **Allotment and Issue** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within the limitations of this Article 5, the Registrar and Transfer Agent, on the direction of the
Manager, shall allot and issue Units at such time or times at such price and in such manner, and to such Person or Persons as the Manager
in its sole discretion shall determine, having regard to such matters as would be considered by the board of directors of a CBCA Corporation
when issuing shares in comparable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 5.1(a), the Trust's initial public offering of Units shall be made
at a price of US$10.00 per Unit. The Manager shall not direct the Registrar and Transfer Agent to allot and issue Units of the same class
subsequent to the Trust's initial public offering, except: (i) if the net proceeds per Unit to be received by the Trust are
not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such
issuance; or (ii) by way of Unit distribution in connection with a distribution. Immediately after a pro rata distribution of Units
to all Unitholders in satisfaction of any non-cash distribution, the number of outstanding Units will be consolidated as described in
Section 4.3 such that each Unitholder will hold, after the consolidation, the same number of Units as the Unitholder held before
the non-cash distribution, subject to any reduction contemplated in Section 4.5 where withholding is required. Subject to the foregoing,
the Trust may also allot and issue additional classes of Units or series of Units within each class at such time or times, and in such
manner, as the Manager in its sole discretion shall determine.

(21) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to Section 2.1, the Initial Unit was issued to the Settlor as fully paid in respect of the
initial contribution to the Trust by the Settlor in order to settle the Trust as a trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subscriptions for Units to be issued in any offering subsequent to the Trust's initial public offering
will be subject to rejection or allotment by the Manager in whole or in part. If the Manager has not approved the subscription, the Manager
shall so advise the subscriber within two days of the receipt of the subscription and forthwith return to the subscriber the amount tendered
by the subscriber with his, her or its subscription without interest.

**5.2** **CDS Non-Certificated Inventory System and DTC Book-Entry Only System** 

It is anticipated that CDS will record the CDS Participants who hold Units on behalf of Unitholders and any sale or transfer of such Units in accordance with the Non-Certificated Inventory System. The record of CDS will reflect the books and records maintained by the Trust in respect of all Units purchased or transferred through the Non-Certificated Inventory System by CDS Participants. By acquiring Units, each Unitholder acknowledges and agrees that there may be time delays in the recording of information by CDS in the Non-Certificated Inventory System and the recording of information in the books and records of the Trust. However, the Registrar and Transfer Agent will ensure that, as at the last day of December for each year that the Trust is in existence, the books and records of the Trust are accurate and complete and that the record maintained by CDS reflects the books and records of the Trust maintained in respect of Units purchased or transferred through the Non-Certificated Inventory System by CDS Participants. If CDS notifies CDS Participants that it is unwilling or unable to continue in connection with the Non-Certificated Inventory System in respect of the Trust, or if at any time CDS or its successor ceases to be a clearing agency or otherwise ceases to be eligible as a depository, or if at any time the Manager determines in its sole discretion to withdraw the Units from the Non-Certificated Inventory System, Unit Certificates will be issued to Unitholders in the amounts of their respective holdings of Units as of the effective date of such termination unless the applicable CDS Participants make alternative arrangements.

It is anticipated that DTC will record the DTC Participants who hold Units on behalf of Unitholders and any sale or transfer of such Units in accordance with the book-entry only system. The record of DTC will reflect the books and records maintained by the Trust in respect of all Units purchased or transferred through the book-entry only system by DTC Participants. By acquiring Units, each Unitholder acknowledges and agrees that there may be time delays in the recording of information by DTC in the book-entry only system and the recording of information in the books and records of the Trust. However, the Registrar and Transfer Agent will ensure that, as at the last day of December for each year that the Trust is in existence, the books and records of the Trust are accurate and complete and that the record maintained by DTC reflects the books and records of the Trust maintained in respect of Units purchased or transferred through the book-entry only system by DTC Participants. If DTC notifies DTC Participants that it is unwilling or unable to continue in connection with the book-entry only system in respect of the Trust, or if at any time DTC or its successor ceases to be a clearing agency or otherwise ceases to be eligible as a depository, or if at any time the Manager determines in its sole discretion to withdraw the Units from the book-entry only system, Unit Certificates will be issued to Unitholders in the amounts of their respective holdings of Units as of the effective date of such termination unless the applicable DTC Participants make alternative arrangements.

**5.3** **Transfer of Units** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units shall be, for all purposes of the Trust and this Trust Agreement, personal and moveable property,
and subject to Section 5.2 and Section 5.3(b) shall be transferable at any time and from time to time by endorsement and
delivery of such evidence or instrument of transfer as the Manager or the Registrar and Transfer Agent may accept. If Unit Certificates
are issued to Unitholders, transfers shall be recorded on the Register and shall only become effective when so recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Units are freely transferable and the Manager shall not impose any restriction on the transfer of
Units unless such restriction is necessary, in the opinion of Counsel to the Trust, as a condition to obtain, maintain or renew any licences,
rights, status or powers pursuant to any other Applicable Laws or comply with Securities Legislation or maintain the status of the Trust
as a "mutual fund trust" under the Tax Act. If any such restriction is or becomes necessary, the Manager shall have the power
to restrict the transfer of Units on the books of the Trust and shall promptly direct the Registrar and Transfer Agent, with notice to
the Trustee.

(22) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Manager may determine not to take any of the actions described above
if the Manager has been advised by its Counsel that the failure to take any of such actions would not adversely impact the status of the
Trust as a "mutual fund trust" for purposes of the Tax Act or, alternatively, may take such other action or actions as may
be necessary to maintain the status of the Trust as a "mutual fund trust" for purposes of the Tax Act.

**5.4** **Successors in Interest of Unitholders** 

Any Person becoming entitled to any Units as a consequence of the death, bankruptcy, insolvency or incompetence of any Unitholder, or otherwise by operation of law, shall be recorded as the holder of such Units in the Register maintained in accordance with Section 17.2, upon production of evidence thereof, satisfactory to the Registrar and Transfer Agent in accordance with Section 5.7, but until such record is made, the Unitholder of record shall continue to be and be deemed to be the legal and beneficial holder of such Units for all purposes whether or not the Trust, the Manager, or the Registrar and Transfer Agent shall have actual or other notice of such death, bankruptcy, insolvency, incompetence or other event.

**5.5** **Units held Jointly or in Fiduciary Capacity** 

The Manager or the Registrar and Transfer Agent may treat two or more Persons holding any Unit as joint tenants of the entire interest therein unless their ownership is expressly otherwise recorded on the Register, but no entry shall be made in the Register that any Person is in any other manner entitled to any future, limited or contingent interest in any Unit; provided, however, that any Person recorded as a holder of any Unit may, subject to the provisions herein contained, be described in the Register or on any certificate as a fiduciary of any kind and any customary words may be added to the description of the holder to identify the nature of such fiduciary relationship.

**5.6** **Purchases for Cancellation** 

The Trust may at any time and from time to time purchase Units for cancellation at prices not exceeding the Net Asset Value per Unit on the Valuation Date immediately prior to such purchase, subject to compliance with applicable Securities Legislation and stock exchange requirements.

**5.7** **Death, Bankruptcy, Insolvency or Incompetence of a Unitholder** 

Neither the Trust nor the Manager shall be affected by any notice of death, bankruptcy, insolvency, incompetence or other event affecting a Unitholder but they may, nonetheless, upon becoming aware of any such event, take such action as they may deem appropriate to ensure compliance with Applicable Laws to the extent each is obliged hereunder to ensure such compliance and they shall not become liable to a Unitholder for so doing. Any Person becoming entitled to any Units in consequence of the death, bankruptcy, insolvency, incompetence or other event of any Unitholder, the transfer of Units, or otherwise by operation of law, shall be recorded as the holder of such Units upon production to the Registrar and Transfer Agent of the proper evidence thereof. Until such production is made, the Unitholder of record shall be deemed to be the holder of such Units for all purposes hereof and the Registrar and Transfer Agent, the Manager, the Trustee and the Trust shall not be affected by any notice of such death, bankruptcy, insolvency, incompetence or other event and, in particular, shall not be affected by reason that a transfer of Units is processed on the day when the actual transfer of Units occurs and not on the day when notice of death, bankruptcy, insolvency, incompetence or other event is received by the Registrar and Transfer Agent or the Manager. Notwithstanding the foregoing, upon receipt from a Unitholder of notice that his or her Units have been pledged or otherwise encumbered, the Manager or the Registrar and Transfer Agent may, but need not, place such restrictions on transfer of the affected Units as are deemed appropriate by the Manager in its discretion.

(23) **5.8** **Death of a Unitholder** 

**5.9** **Lost Unit Certificates** 

If Unit Certificates are issued to Unitholders and any Unit Certificate is lost, stolen, destroyed or mutilated, the Manager may authorize the issuance of a new Unit Certificate for the same number of Units in lieu thereof. The Manager may in its discretion, before the issuance of such new Unit Certificate, require the holder of the lost, stolen, destroyed or mutilated Unit Certificate, to make an affidavit or statutory declaration setting forth such facts as to the loss, theft, destruction or mutilation as the Manager may deem necessary and may require the subscriber to supply to the Trust a "lost certificate bond" or a similar bond in such reasonable sum as the Manager may direct indemnifying the Manager and the Registrar and Transfer Agent for so doing. The Manager or the Registrar and Transfer Agent shall have the power to acquire from an insurer or insurers a blanket lost security bond or bonds in respect of the replacement of lost, stolen, destroyed or mutilated Unit Certificate. The Trust shall pay all premiums and other sums of money payable for such purpose out of the Trust Property with such contribution, if any, by those insured as may be determined by the Manager. If such blanket lost security bond is acquired, the Manager may authorize and direct (upon such terms and conditions as the Manager may from time to time impose) the Registrar and Transfer Agent to whom the indemnity of such bond extends to take such action to replace any lost, stolen, destroyed or mutilated Unit Certificate without further action or approval by the Manager.

**5.10** **Declaration as to Beneficial Owner** 

The Manager may require any Unitholder as shown on the Register to provide a declaration, in the form prescribed by the Manager, as to the beneficial owner of Units registered in such Unitholder's name and as to the jurisdiction in which such beneficial owner is resident.

**5.11** **Performance of Trusts** 

The Manager, the Trustee, the Unitholders, the Registrar and Transfer Agent, the Valuation Agent or other agent of the Trust shall not be bound to recognize or see to the performance of any trust, express, implied or constructive, or of any charge, pledge or equity to which any of the Units or any interests therein are or may be subject, or to ascertain or inquire whether any sale or transfer of any such Units or interests therein by any such Unitholder or his or her personal representatives is authorized by such trust, charge, pledge or equity, or to recognize any Person as having any interest therein, except for the Person recorded as a Unitholder on the Register.

(24) **Article 6<br> Redemption of UNits**

**6.1** **Redemption of Units for Copper** 

Subject to Section 6.1.1, the Manager's right, on behalf of the Trust, to suspend redemptions in certain circumstances described in Section 6.6, Units may be redeemed at the option of the Unitholder on a monthly basis for Copper as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All redemptions of Units for Copper shall be determined using United States dollars, regardless of whether
the Units to be redeemed were acquired on the TSX, the NYSE Arca or another exchange or trading facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the fifth Business Day of each Month, the Manager shall designate the Facility or Facilities
where the transfer of Copper will occur for, and which shall be the Designated Facility for the purposes of, the next occurring Monthly
Redemption Date. Such designation shall be made available on the Trust's Website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Units redeemed for Copper shall have a redemption value equal to the aggregate value of the Class Net
Asset Value per Unit of the redeemed Units as at the Valuation Time on the applicable Monthly Redemption Date in the month during which
the redemption request is processed. Certain expenses described in Subsection 6.1(e) shall be subtracted from the value of the redeemed
Units and the resulting amount the Unitholder shall receive shall be referred to herein as the "redemption amount".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Redemption requests must be for amounts that are at least equivalent to the value of one Minimum Physical
Redemption Lot, or an integral multiple thereof, plus applicable expenses, including, to the extent required (as determined by the Manager
in its sole discretion), sales or other value-added taxes. Any fractional amount of redemption proceeds payable in excess of a Minimum
Physical Redemption Lot, or an integral multiple thereof, will, in the Manager's sole discretion, be paid in Copper or the equivalent
value of in cash at a rate equal to 100% of the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable
Monthly Redemption Date that represents such excess amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Unitholder redeeming Units for Copper will be responsible for the expenses in connection with effecting
the redemption (including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes)
and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption
Notice, the transfer of the Copper for the Units that are being redeemed and the applicable fees charged by the Designated Facility in
connection with such redemption, including but not limited to ownership transfer fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Unitholder that owns a sufficient number of Units who desires to exercise redemption privileges for
Copper must do so by instructing his, her or its Broker to deliver to the Registrar and Transfer Agent (at its office in Toronto, Ontario)
on behalf of the Unitholder a Copper Redemption Notice of the Unitholder's intention to redeem Units for Copper. A Copper Redemption
Notice must be received by the Registrar and Transfer Agent no later than 4:00 p.m. on the 15th day of the month in which the Copper
Redemption Notice will be processed or, if such day is a Business Day, then on the immediately following day that is a Business Day. Any
Copper Redemption Notice received after such time will be processed on the next Monthly Redemption Date. Any Copper Redemption Notice
must include a valid signature guarantee to be deemed valid by the Trust.

(25) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as provided under Section 6.6 and subject to Subsections (j) and (k) below, by instructing
a Broker to deliver to the Registrar and Transfer Agent a Copper Redemption Notice, the Unitholder shall be deemed to have irrevocably
surrendered the Unitholder's Units for redemption and appointed such Broker to act as the Unitholder's exclusive settlement
agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations
arising from such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Once a Copper Redemption Notice is received by the Registrar and Transfer Agent, the Registrar and Transfer
Agent, together with the Manager, shall determine whether such Copper Redemption Notice complies with the applicable requirements, is
for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses, contains "in warehouse"
transfer and delivery instructions that are acceptable to the Designated Facility (including an identified account in good standing with
the Designated Facility), and, to the extent required (as determined by the Manager in its sole discretion), any tax identification information,
resale certificate or other sales or value-added tax related information. If the Registrar and Transfer Agent and the Manager determine
that the Copper Redemption Notice complies with all applicable requirements, the Registrar and Transfer Agent will provide a notice to
such redeeming Unitholder's Broker confirming that the Copper Redemption Notice was received and determined to be complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Copper Redemption Notice delivered to the Registrar and Transfer Agent regarding a Unitholder's
intent to redeem Units that the Registrar and Transfer Agent or the Manager, in their sole discretion, determines to be incomplete, not
in proper form, not duly executed or for an amount (taking into account applicable expenses) of Copper less than at least one Minimum
Physical Redemption Lot shall for all purposes be void and of no effect, and the redemption privilege to which it relates shall be considered
for all purposes not to have been exercised thereby. If the Registrar and Transfer Agent and the Manager determine that the Copper Redemption
Notice does not comply with the applicable requirements, the Registrar and Transfer Agent will provide a notice to such Unitholder's
Broker, explaining the deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Copper Redemption Notice is determined to have complied with the foregoing requirements in this
Section 6.1, the Registrar and Transfer Agent and the Manager will determine as at the Valuation Time on the applicable Monthly Redemption
Date the amount of Copper and the amount of cash that will be delivered to the redeeming Unitholder. Also on such applicable Redemption
Date, the redeeming Unitholder's Broker will deliver the redeemed Units to CDS or DTC, as the case may be, for cancellation. Once
such determination has been made, the Registrar and Transfer Agent will inform the Broker through which the Unitholder has delivered its
Copper Redemption Notice of the amount and brand(s) of Copper and cash that the redeeming Unitholder will receive upon the redemption
of the Unitholder's Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Based on instructions received from the Manager, the Designated Facility will arrange for "in warehouse"
transfer and delivery of the requisite amount of Copper from the Trust's holdings of Copper at the Designated Facility to the Unitholder's
account at the Designated Facility pursuant to Section 6.2. For the avoidance of doubt, all transfers and deliveries of Copper in
connection with redemption of Units for Copper will occur pursuant to an "in warehouse" transfer and delivery and will not
occur on a "Free on Truck" basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As directed by the Manager, any cash to be received by a redeeming Unitholder in connection with a redemption
of Units for Copper pursuant to this Section 6.1 will be delivered or caused to be delivered by the Manager to the Unitholder's
brokerage account within approximately 15 Business Days of the applicable Redemption Date.

(26) **6.1.1** **Redemption for Copper - Exception** 

Unitholders that are constituted and authorized as undertakings for collective investment in transferable securities (UCITS) or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving Copper may only redeem Units for cash pursuant to Section 6.3.

**6.2** **Manner of Payment - Copper** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Unitholder redeeming Units for Copper will receive the Copper via an "in warehouse" transfer
and delivery from the Trust's holdings of Copper at the Designated Facility to the Unitholder's account at the Designated
Facility. Copper received by a Unitholder as a result of a redemption of Units will be transferred pursuant to delivery instructions provided
by the Unitholder and shall only be delivered to an account established by the Unitholder at the Designated Facility. The Designated Facility
shall be engaged by, or on behalf of, the redeeming Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Costs associated with the redemption of Units and the transfer of Copper will be borne by the redeeming
Unitholder. The redeeming Unitholder will also be responsible for any and all fees charged by the Designated Facility, including any transfer
or setup fees. Upon request, the Manager will provide Unitholders interested in redeeming Units for Copper with an estimate of the current
costs associated with the transfer of Copper pursuant to the Unitholder's transfer and delivery instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transfer of Copper in connection with a redemption of Units will occur as soon as practicable and,
in any event, approximately 15 Business Days after the applicable Monthly Redemption Date, subject to the timelines, policies and procedures
at any Designated Facility.

**6.3** **Redemption of Units for Cash** 

Subject to the Manager's right, on behalf of the Trust, to suspend redemptions in certain circumstances described in Section 6.6, Units may be redeemed at the option of the Unitholder on a monthly basis for cash as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All redemptions of Units for cash shall be determined using United States dollars, regardless of whether
the Units to be redeemed were acquired on the TSX, on the NYSE Arca or another exchange or trading facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unitholders whose Units are redeemed for cash will be entitled to receive a redemption price per Unit
equal to 95% of the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the volume-weighted average trading price of the Units traded on the NYSE Arca, or if trading has been
suspended or not commenced on the NYSE Arca, the trading price (in United States dollars) of the 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Monthly
Redemption Date,

less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Monthly Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

(27) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash proceeds from the redemption of Units will be transferred to a redeeming Unitholder approximately
15 Business Days following the applicable Monthly Redemption Date, subject to the terms of and conditions of the sales of Copper by the
Trust to fund the cash redemption amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To redeem Units for cash, a Unitholder must instruct the Unitholder's Broker to deliver a Cash Redemption
Notice to the Registrar and Transfer Agent (at its office in Toronto, Ontario). A Cash Redemption Notice must be received by the Registrar
and Transfer Agent no later than 4:00 p.m. on the 15th day of the month in which the Copper Redemption Notice will be processed or,
if such day is a Business Day, then on the immediately following day that is a Business Day. Any Cash Redemption Notice received after
such time will be processed on the next Monthly Redemption Date. Any Cash Redemption Notice must include a valid signature guarantee to
be deemed valid by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided under Section 6.6 and Subsection 6.3(f), by instructing a Broker to deliver to
the Registrar and Transfer Agent a Cash Redemption Notice, the Unitholder shall be deemed to have irrevocably surrendered the Unitholder's
Units for redemption and appointed such Broker to act as the Unitholder's exclusive settlement agent with respect to the exercise
of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Cash Redemption Notice delivered to the Registrar and Transfer Agent regarding a Unitholder's
intent to redeem Units that the Registrar and Transfer Agent or the Manager determines to be incomplete, not in proper form or not duly
executed shall for all purposes be void and of no effect and the redemption privilege to which it relates shall be considered for all
purposes not to have been exercised thereby. For each Cash Redemption Notice, the Registrar and Transfer Agent shall notify the redeeming
Unitholder's Broker that such Cash Redemption Notice has been deemed insufficient or accepted and duly processed, as the case may
be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of the Cash Redemption Notice, the Registrar and Transfer Agent and the Manager will determine
as at the Valuation Time on the applicable Monthly Redemption Date the amount of cash that will be delivered to the redeeming Unitholder.
Also on such Redemption Date, the redeeming Unitholder's Broker will deliver the redeemed Units to CDS or DTC, as the case may be,
for cancellation.

**6.4** **Effect of Redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determination of the Class Net Asset Value for the applicable class or series of a class of Units
being redeemed under Section 6.1 or Section 6.3, as applicable, shall constitute a redemption of the Units being so redeemed
and the Unitholder shall thereafter cease to have any further rights with respect to such Units other than to receive the redemption proceeds
(and the amount of any distribution declared but not paid on the Units redeemed as of the applicable Monthly Redemption Date) and, upon
payment of the redemption proceeds (plus the amount of any such distribution), the Manager, the Trustee and the Trust shall be discharged
from all liability to the Unitholder with respect to the Units so redeemed and the amount so paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Article 4 where a Unitholder has requested a redemption during the year pursuant
to Section 6.1 or Section 6.3, the Manager, in its sole discretion, may allocate and, where applicable, designate to such Unitholder
an amount equal to any Net Income or Net Realized Capital Gains realized by the Trust for the year as a result of the disposition of any
Trust Property to satisfy the Copper Redemption Notice or the Cash Redemption Notice, as the case may be, given by such Unitholder or
such other amount that is determined by the Manager to be reasonable. Without limiting the generality of the foregoing, the Manager may
also allocate and, where applicable, designate to such Unitholder a portion of any income or capital gains of the Trust for the year that
otherwise would only have been allocated under Subsection 4.3(d) to Unitholders who were Unitholders of record as of 5:00 p.m. on
the last Business Day prior to a Distribution Date occurring in the year. In making allocations to redeeming Unitholders as contemplated
by this Subsection 6.4(b), the Manager shall consider the potential application of subsection 132(5.3) of the Tax Act.

(28) **6.5** **Joint Holders** 

Where a Unit to be redeemed is registered in more than one name, the redemption proceeds shall be deemed to be owed to the holders of such Unit upon joint account and may be paid to all or any of such registered holders and the payment to and/or receipt by all or any of such registered holders shall constitute a valid discharge of the Trust for the proceeds so paid or delivered.

**6.6** **Suspension of Redemption Right** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager, on behalf of the Trust, may suspend the right of Unitholders to request a redemption of their
Units or postpone the date of transfer and delivery or payment of the redemption proceeds (whether Copper and/or cash, as the case may
be) with the prior approval of applicable Securities Authorities having jurisdiction, where required, for any period during which the
Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager
to determine the Net Asset Value of the Trust and the Net Asset Value per Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any such suspension, the Manager shall issue a press release announcing the suspension
and shall advise the Trustee, the Valuation Agent and any other agents appointed by the Manager, as applicable. The suspension may apply
to all requests for redemption received prior to the suspension, but as for which payment has not been made, as well as to all requests
received while the suspension is in effect. All Unitholders making such requests shall be advised by the Manager of the suspension and
that the redemption shall be effected at a price determined on the first Valuation Date that the Net Asset Value per Unit is calculated
following the termination of the suspension. All such Unitholders shall have, and shall be advised that during such suspension of redemptions
that they have, the right to withdraw their requests for redemption. The suspension shall terminate in any event on the first Business
Day on which the condition giving rise to the suspension has ceased to exist or when the Manager has determined that such condition no
longer exists, provided that no other condition under which a suspension is authorized then exists, at which time the Manager shall issue
a press release announcing the termination of the suspension and shall advise the Trustee, the Valuation Agent and any other agents appointed
by the Manager, as applicable. Subject to applicable Securities Legislation, any declaration of suspension made by the Manager, on behalf
of the Trust, shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During any period in which the right of Unitholders to request a redemption of their Units for Copper
and/or cash is suspended, the Manager, on behalf of the Trust, shall direct the Valuation Agent to suspend the calculation of the Net
Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for
each class or series of a class of Units. During any such period of suspension, the Trust shall not issue or redeem any Units. As noted
above, in the event of any such suspension or termination thereof, the Manager shall issue a press release announcing the suspension or
the termination of such suspension, as the case may be.

(29) **6.7** **Performance of Trusts** 

The Manager, the Trustee, the Unitholders, the Registrar and Transfer Agent, the Valuation Agent or other agent of the Trust shall not be bound to recognize or see to the performance of any trust, express, implied or constructive, or of any charge, pledge or equity to which any of the Units or any interests therein are or may be subject, or to ascertain or inquire whether any sale or transfer of any such Units or interests therein by any such Unitholder or his or her personal representatives is authorized by such trust, charge, pledge or equity, or to recognize any Person as having any interest therein, except for the Person recorded as a Unitholder on the Register.

**6.8** **[Intentionally Deleted]** 

**Article 7<br> POWERS AND DUTIES OF THE TRUSTEE**

**7.1** **General Powers** 

The Trustee, subject only to the specific limitations contained in this Trust Agreement, shall have full, absolute, and exclusive power, control and authority over the Trust Property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the carrying out of any of the purposes of the Trust or conducting the undertaking of the Trust, including varying the investments of the Trust in accordance with the Investment Policy. In construing the provisions of this Trust Agreement, presumption shall be in favour of the granted powers and authority to the Trustee.

**7.2** **Specific Powers** 

The enumeration of specific powers and authorities herein are in addition to the general powers granted in Section 7.1 or by statute and shall not be construed as limiting the general powers or authority or any other specific power or authority conferred herein on the Trustee.

Subject to the specific limitations contained in this Trust Agreement, including the Investment Policy, and without any action or consent by the Unitholders, the Trustee shall have and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and discretion, and in such manner and upon such terms and conditions as it may from time to time deem proper:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the Trust Property other than Copper that it may acquire hereunder exercising the same degree
of care which it gives to its own property of a similar kind under its own custody;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to deliver any cash at any time held by it as directed by the Manager or any Technical Advisor to purchase,
or otherwise acquire, on behalf of the Trust, Copper and to retain the same in trust hereunder in its capacity as Trustee; provided, however,
that the Trustee shall have no responsibility for the custody, authenticity or validity of title of any Trust Property consisting of such
Copper held at Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Section 8.1(b) and Section 11.2(b)(iii)(G), with any cash at any time held by
it to purchase, or otherwise acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other such Trust Property
(other than Copper) of a kind permitted pursuant to the Investment Policy and to hold and retain the same in trust hereunder in its capacity
as Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to enter into and settle foreign exchange transactions on behalf of the Trust for purposes of facilitating
settlement of trades of such Trust Property held by it at any time and any such transactions may be entered into with such counterparties
as the Trustee may choose, in its sole discretion, including its Affiliates;

(30) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge, encumber
or otherwise dispose of any such Trust Property held by it at any time, by any means considered reasonable by the Trustee and to receive
the consideration and grant discharges therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to commence, defend, adjust or settle suits or legal proceedings in connection with the Trust and to represent
the Trust in any such suits or legal proceedings and to keep the Manager informed; provided, however, that the Trustee shall not be obliged
or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities sustained or anticipated
by the Trustee by reason thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to applicable Securities Legislation, to lend money whether secured or unsecured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to exercise any Corporate Action in connection with any such Trust Property at any time held by the Trustee,
and to make any payments incidental thereto; to consent to, or otherwise participate in or dissent from, the reorganization, consolidation,
amalgamation or merger of any corporation, company or association, or to the sale, mortgage, pledge or lease of the property of any corporation,
company or association, or of any of the securities of which may at any time be held by it, and to do any act with reference thereto,
including the delegation of discretionary powers, the exercise of options, the making of agreements or subscriptions and the payment of
expenses, assessments or subscriptions which it may deem necessary or advisable in connection therewith; to hold any such Trust Property
which it may so acquire and generally to exercise any of the powers of any owner with respect to such Trust Property, provided that where
direction from the Manager is not provided within the time frame specified by the Trustee in any notice provided in accordance with Section 7.3(a),
the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to vote personally, or by general or by limited proxy, any such Trust Property which may be held by it
at any time, and similarly to exercise personally or by general or by limited power of attorney any right appurtenant to any Trust Property
held by it at any time, provided that where direction is not provided by the Manager within the time frame as set out in the Voting Materials
forwarded to it in accordance with Section 7.3(b), the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to incur and pay out of such Trust Property held by it at any time any charges or expenses and disburse
any assets of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustee, the Manager or any Technical Advisor,
as the case may be, necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust or conducting the
undertaking of the Trust including, without limitation, the Management Fee, fees payable to the Facilities, the Custodian, the Valuation
Agent and the Registrar and Transfer Agent, custodian settlement fees, any expenses related to the implementation and on-going operation
of the Independent Review Committee, brokerage fees and commissions, federal and provincial income taxes, goods and services taxes and
withholding taxes, or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustee
in connection with the Trust or such Trust Property or upon or against such Trust Property or any part thereof and for any of the purposes
herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to renew or extend or participate in the renewal or extension of any such Trust Property held by it at
any time, upon such terms as it may deem advisable, and to agree to a reduction in the rate of interest on any such Trust Property or
of any guarantee pertaining thereto, in any manner and to any extent that it may deem advisable; to waive any default whether in the performance
of any covenant or condition of any such Trust Property, or in the performance of any guarantee, or to enforce rights in respect of any
such default in such manner and to such extent as it may deem advisable; to exercise and enforce any and all rights of foreclosure, to
bid on property on sale or foreclosure with or without paying a consideration therefor and in connection therewith to release the obligation
on the covenant secured by such security and to exercise and enforce in any action, suit or proceeding at law or in equity any rights
or remedies in respect of any such security or guarantee pertaining thereto;

(31) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts,
waivers, releases of other documents of transfer and any and all other instruments in writing that may be necessary or proper for the
accomplishment of any of the powers herein granted, whether for a term extending beyond the office of the Trustee or beyond the possible
termination of the Trust or for a lesser term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in its sole discretion, to advance monies to the Trust for the purposes of settlement of transactions
and overdrafts against such Trust Property held by it at any time, on such terms and conditions as the Trustee may, in its sole discretion,
determine, provided that, in order to secure the obligations of the Trust to repay such borrowings, the principal of and interest charged
on such borrowing shall be paid out of the Trust Property and shall constitute a charge against the Trust Property until paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to purchase, hold, sell or exercise call or put options on securities, indices of shares or other securities,
financial and stock index futures contracts, securities or currency futures or forward contracts or other financial or derivative instruments,
all whether or not any such options, indices, contracts or instruments are traded on a regular exchange and in connection therewith to
deposit such Trust Property held by it at any time with the counterparty as margin and to grant security interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to deposit any such Trust Property, including securities and documents of title held by it hereunder,
with the Custodian, including the Trustee, any of its Affiliates, a sub-custodian appointed by the Trustee or a Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to employ in respect of the Trust such Counsel, auditors, advisors, agents or other Person as the Trustee
may deem necessary from time to time for the purpose of discharging its duties hereunder and to pay out of the Trust their reasonable
expenses and compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to issue Units for consideration and redeem Units as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to dispose of any Trust Property for the purpose of paying obligations of the Trust or for repaying any
loan authorized hereby and the Trustee shall give prompt notice to the Manager and any Technical Advisor of any such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to hold such portion of the Trust Property held by it at any time that is uninvested in cash and, from
time to time, to retain such cash balances on deposit with the Trustee or any of its Affiliates or with a chartered bank or other Depository,
in such account as the Trustee, in its sole discretion determines, whether or not such deposits will earn interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers,
employees, independent contractors or other Persons without liability to the Trustee except as specifically provided in this Trust Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) to do all such acts, to take all such proceedings and to exercise all such rights and privileges, although
not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes of the Trust
established hereunder.

(32) The exercise of any one or more of the foregoing powers or any combination thereof from time to time shall not be deemed to exhaust the rights of the Trustee to exercise such power or powers or combination of them thereafter from time to time.

The following enumerated powers shall only be exercised by the Trustee on the direction of the Manager or any Investment Manager: Sections 6.2(c), (d), (e), (f), (g), (h), (i), (j) as applicable, (k), (l), (n) and (q), and with respect to Section 7.2(n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not negotiate or in respect to which the Trustee is not responsible hereunder, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances.

**7.3** **Forwarding Materials** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the Corporate Actions referred to in Section 7.2(h), the Trustee shall promptly forward
to the Manager (or on direction from the Manager, to an Investment Manager), a notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that contains a summary of any information or materials which are actually received by the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which requests directions from the Manager with respect to such Corporate Action, where required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Voting Materials (including all proxies, proxy solicitation materials and other communications
received by the Trustee relating to securities forming part of the Trust Property), the Trustee shall promptly forward, or arrange to
have promptly forwarded, to the Manager (or to such Investment Manager which the Manager has designated as having responsibility for a
security which forms part of the Trust Property) such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than as described in Sections 7.3(a) and 7.3(b), the Trustee shall not be obligated to forward
or summarize any securityholder communications, including securityholder mailings, notices or reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have no responsibility or liability for ensuring the accuracy or adequacy of such third
party information contained in any summary of Corporate Action materials or information described in Section 7.3(a) or Voting
Materials described in Section 7.3(b).

**7.4** **Dealing with Others and Self** 

Subject to the foregoing provisions of this Article 7, the Trustee may, and is hereby expressly authorized from time to time, in its sole discretion, to appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in a fiduciary capacity or otherwise) and, without limiting the generality of the foregoing, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase, hold, sell, invest in or otherwise deal with securities or other property of the same class
and nature as may be held by the Trust, whether on the Trustee's own account or for the account of another (in a fiduciary capacity
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use in other capacities, knowledge gained in its capacity as Trustee hereunder; provided that such use
does not adversely affect the interests of the Trust and provided further that the Trustee may not make use of any specific confidential
information for its own benefit or advantage that, if generally known, might be expected to affect materially the value of the Trust Property
or the Units;

(33) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retain cash balances from time to time on hand in the Trust and pay interest to the Trust on such balances
and the Trustee may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold the same on a pooled basis and pay interest thereon at the rate from time to time established by
the Trustee and paid with respect to cash balances so held for similar accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold such cash balances on deposit with a Canadian chartered bank or such other deposit-taking institution
in any jurisdiction, including itself or its Affiliates, in such interest-bearing account as the Trustee, in its sole discretion, may
determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide financial, investment or brokerage services related to any securities which form part of the Trust
Property or to the issuer of any securities forming part of the Trust Property, invest in the securities or other property of any body
corporate with which the Trustee may be directly or indirectly associated, affiliated or interested, or earn profits from any of the activities
listed herein,

all without being liable to account therefor and without being in breach of the trust established hereunder.

**Article 8<br> POWERS AND DUTIES OF THE MANAGER**

**8.1** **Powers of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager hereby reserves and retains full authority and exclusive power to manage and direct the undertaking
and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services to the
Trust Property and all clerical, administrative and operational services to the Trust as set forth in this Article 8 or elsewhere
in this Trust Agreement or in the Management Agreement, including the power to further delegate certain investment management, clerical,
administrative and operational services of the Trust (including without limitation to a Technical Advisor and/or Investment Manager),
where in the sole discretion of the Manager, it would be in the best interests of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, it is hereby confirmed that the Trustee shall have no responsibility for the investment
management of the Trust Property or for any investment decisions in respect of the Trust save and except for carrying out the instructions
given to it pursuant to this Trust Agreement.

**8.2** **Duties of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided herein, the Manager shall have the following duties with respect
to the Trust and shall, subject to the provisions of this Trust Agreement, be able to delegate such duties to one or more Technical Advisors,
at the Manager's sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to determine the investment objectives and strategies, including any restrictions on investments, which
it deems advisable to implement the Investment Policy, as may be amended from time to time in accordance with Article 20;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to ensure that the Trust complies with Applicable Laws including those relating to the investment of the
Trust Property, the distribution of the Units and applicable stock exchange listing requirements;

(34) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to comply with Applicable Laws in connection with its duties and actions as manager of the Trust, including
applicable anti-bribery and anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to monitor the performance of Copper and other Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to provide investor relations, sales and marketing support for the Trust, as well as client service support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to arrange for, and complete, through industry-standard tenders or through direct negotiations in off-market
transactions, the purchase and sale of Copper at the best prices available over a prudent period of time, and to enter into any contracts
or commitments related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) obtain brokerage and other services (including without limitation from the Technical Advisor) with respect
to the purchase and sale of Copper, as well as other services aimed at optimizing the value of the Trust's portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to provide services in respect of the Trust's daily operations, including the processing of and
determination of procedures applicable to subscriptions of Units (including the acceptance and rejection of subscriptions) and to submit
such subscriptions to the Registrar and Transfer Agent for processing, and any other services not otherwise specifically contemplated
by this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to offer Units for sale to prospective purchasers including the power and authority to enter into arrangements
regarding the distribution and sale of Units and other arrangements relating to the right to charge fees of any nature or kind (including,
without limitation, sales commissions, distribution fees and transfer fees) in connection with the distribution or sale of Units. Any
such fees may be deducted from the amount of a subscription or a distribution if not paid separately by a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to determine from time to time the form of Unit Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to conduct or cause to be conducted the day-to-day correspondence and administration of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to provide to the Trust, adequate for carrying on the undertaking of the Trust, all requisite office accommodation,
office facilities and personnel, telephone and telecommunication services, stationery, office supplies, statistical and research services,
record-keeping services, bookkeeping and internal accounting and audit services in respect of the operations of the Trust and other usual
and ordinary office services that may be required to properly and efficiently carry out its duties set forth in this Trust Agreement and
the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to provide for the Trust all other administrative and other services and facilities required by the Trust
in relation to the Unitholders and be responsible for all aspects of the Trust's relationship with Unitholders, including the preparation
for and holding of meetings of Unitholders, and other services for the provision of information to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to establish general matters of policy and governance of the Trust subject, where specifically provided
in this Trust Agreement, to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to establish the Trust's operating expense budgets and to authorize the payment of actual operating
expenses incurred;

(35) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to appoint the Auditors and to change the Auditors (with the prior consent of the Trustee and the Independent
Review Committee, and after providing notice to the Unitholders pursuant to Section 17.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) to maintain the accounting records for the Trust and to cause the financial statements of the Trust to
be audited for each Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) to appoint an advisor, Technical Advisor, consultant, or other service provider to provide certain services
to the Trust, pursuant to an advisory, consultant or other agreement in respect of matters relating to the Trust's holding, purchases
and sales of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to appoint the bankers of the Trust and to establish banking procedures to be implemented by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to appoint a Facility or Facilities pursuant to Storage Agreements with respect to the movement and safe
storage of Copper, and appoint the Custodian to hold the Trust Property other than Copper, all of which appointments shall be subject
to the approval of any applicable Securities Authorities having jurisdiction over the Trust, and for greater certainty, the appointment
of the Custodian shall also be subject to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) provide for the Trust delivery and payment particulars in respect of each purchase and sale of Copper
and arrange with the Facilities for the storage of Copper held by or for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) to maintain market standard insurance coverage for 100% of the full value of the Copper owned by the Trust
for loss of, theft of and damage to the Copper stored with Warehouse Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) to conduct due diligence on, and create a risk profile for, each Warehouse Provider before entering into
any Storage Agreement, which analysis will include the following in respect of such Warehouse Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a business profile of the Facility detailing its corporate history, reputation in the market, location
of facilities and ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a financial profile of the Warehouse Provider that includes a review of available financial statements
and financial ratios, an assessment of the Facility's credit worthiness and a review of financial news;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) confirmation of the CME-approved or LME-approved status of the respective facility the Warehouse Provider
and the Manager agree are acceptable to use for the purpose of storing Copper on behalf of the Trust, pursuant to Storage Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) to request audited financial statements of the Facility as part of the due diligence process before entering
into any Storage Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) to ensure that each Storage Agreement contains provisions as to who bears the responsibility for the loss
that is consistent with industry practice and covenants with respect to maintaining the necessary insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) to use reasonable commercial efforts to ensure that, pursuant to each Storage Agreement, the terms with
respect to liability of the parties thereto continue to apply after the termination of the Storage Agreement until all the Copper stored
are transferred from the Trust's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) to negotiate a requirement that each respective Facility maintain its CME-approved or LME-approved status,
as well as inspection and information rights to, among other things, maintain proper visibility on the financial standing of the Facility;

(36) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to use reasonable commercial efforts to ensure that the Storage Agreements it enters into impose a standard
of care on each Facility such that each Facility is required to exercise: (A) the degree of care, diligence and skill in safeguarding
the Copper as any reasonably prudent person acting as custodian of the Copper would exercise in the circumstances; or (B) at least
the same degree of care as they exercise with respect to the property of CME or LME warehouse receipt holders, if this is a higher degree
of care than the degree of care referred to in (A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) to negotiate a condition in each Storage Agreement that the relevant Warehouse Provider will not be entitled
to an indemnity from the Trust in the event the Warehouse Provider breaches the standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) to include industry standard termination provisions in each Storage Agreement, including for termination
in the event of a material breach of the Storage Agreement by the Facility that is not cured within a prescribed number of days following
the giving of written notice to the Facility of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) as part of the ongoing due diligence activities, to ensure that the Copper stored with Facilities will
be subject to a physical count by a representative of the Manager or the Technical Advisor periodically on a spot-inspection basis as
well as subject to audit procedures by the Trust's external auditors (which audit procedures may include a site inspection);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) to ensure that the Storage Agreements will restrict a Warehouse Provider from transferring Copper without
the Trust's consent and/or assigning any of the Warehouse Provider's obligations under the Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) to monitor relationships with the Facilities (and any other service providers) that have been appointed
to hold and store Copper that is owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) to calculate the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset
Value and the Class Net Asset Value per Unit in accordance with Sections 3.5, 3.6 and 3.7, as applicable, to appoint the Valuation
Agent and to review the valuation of the Trust Property as calculated by such Valuation Agent on each Valuation Date and, from time to
time, consider the appropriateness of the valuation policies adopted by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) to appoint a Registrar and Transfer Agent and distribution agent (which may be the Registrar and Transfer
Agent or an Affiliate thereof) to make distributions of Net Income and Net Realized Capital Gains and other distributions in accordance
with Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) to authorize, negotiate, enter into and execute all agreements, instruments or other documents relating
to the affairs of the Trust including, without limitation, any loan agreement, granting of a security interest and supporting documentation,
or to perform any act or deed which the Manager deems necessary or advisable in the best interests of the Trust;

(37) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) to apply for listing of the Units on the TSX, to, if deemed appropriate, apply for listing of the Units
on a U.S. stock exchange and to prepare, execute and file with the appropriate Securities Authorities or stock exchanges any other documents
that are required or appropriate under relevant Securities Legislation or stock exchange rules and regulations in respect of the
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) to prepare, execute and file with the appropriate Securities Authorities the Disclosure Documents, annual
information forms, management reports of fund performance or such other continuous disclosure documents relating to the Trust, and any
amendments thereto, as may be required under applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) to prepare, certify, execute and distribute to Unitholders and file with the Securities Authorities and
applicable tax authorities all such documents as may be necessary or desirable in connection with the issue, sale and distribution of
Units, including such interim financial statements, audited annual financial statements, reports to Unitholders and other disclosure as
may be required under applicable Securities Legislation, and to make all designations, elections, determinations, allocations and applications
under the Tax Act as the Manager considers to be reasonable in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) to determine and compute for distribution purposes the Net Income and Net Realized Capital Gains of the
Trust and, subject to Sections 4.3, 4.4 and 4.5, determine when, to what extent, and in what manner distributions shall be made payable
to Unitholders, as well as determine whether distributions are payable out of the income, dividends received from taxable Canadian corporations,
capital gains, capital or otherwise of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) to authorize the issuance of additional Units pursuant to Section 4.3(c) and the consolidation
of the Units outstanding after such a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) to direct the Registrar and Transfer Agent regarding the allotment and issue of Units in accordance with
Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) on or before March 31 in each year, other than a leap year in which case on or before March 30
in such year, to prepare and deliver to Unitholders the information pertaining to the Trust, including all distributions and allocations
which is required by the Tax Act or which is necessary to permit Unitholders to complete their individual tax returns for the preceding
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) on or before March 31 in each year, other than a leap year in which case on or before March 30
in such year, and such other date(s) in each year, to prepare and deliver to the appropriate taxation authorities in Canada and the
United States, all relevant tax filings and/or returns for the Trust that are required by Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlv) as set forth in full in Section 4.7, within 60 days from the end of each taxable year of the Trust,
to provide Unitholders with all information necessary to enable Unitholders or beneficial owners of Units, as applicable, to elect to
treat the Trust as a QEF for U.S. federal income tax purposes, including a completed "PFIC Annual Information Statement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvi) to keep proper records relating to the performance of its duties as Manager hereunder, which records shall
be accessible for inspection by the Trustee, its agents, or the Manager's agents, including the Investment Manager, the Technical
Advisor and the Auditors, at any time, upon reasonable notice, during ordinary business hours;

(38) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvii) [Intentionally Deleted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlviii) on or before 90 days following December 31 in each year, to provide the Trustee with a certificate
of compliance ()"**Annual Certificate of Compliance**") substantially in the form attached as Schedule A and a copy of the
audited annual financial statements of the Trust, together with the report of the Auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlix) on or before 90 days following June 30 in each year, to provide the Trustee with an interim certificate
of compliance ()"**Interim Certificate of Compliance**") substantially in the form attached as Schedule B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to do all such other acts and things as are incidental to the foregoing, and to exercise all powers which
are necessary or useful to carry on the undertaking of the Trust, to promote any of the purposes for which the Trust is formed and to
carry out the provisions of this Trust Agreement and the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may act as the Investment Manager to the Trust with responsibility for implementing the Investment
Policy, including providing investment advisory and portfolio management services to the Trust, or arrange for the implementation of such
Investment Policy or portfolio management services by appointing, on behalf of the Trust, one or more Investment Managers, and delegating
any of its investment advisory responsibilities to such Investment Managers. The Manager, on behalf of the Trust, shall enter, in its
sole discretion, into an investment management agreement with any such Investment Manager to act for all or part of the portfolio investments
of the Trust and shall advise the Trustee of such appointment. The appointment of any such Investment Manager shall be deemed to be effective
upon the later of the date of receipt by the Trustee of a direction notifying the Trustee of such appointment or the effective date specified
therein and such appointment shall continue in force until receipt by the Trustee of a direction containing notice to the contrary. Any
instructions from an Investment Manager shall be deemed to be instructions of the Manager pursuant to the provisions of this Trust Agreement.
The Trustee shall also be entitled to rely conclusively on and shall be fully protected in acting in accordance with the direction of
the Investment Manager in the exercise of powers conferred by this Trust Agreement. The Investment Manager will be a Person or Persons
who, if required by Applicable Laws, will be duly registered and qualified as a portfolio manager under applicable Securities Legislation
and will determine, in its sole discretion, which portfolio securities and other assets of the Trust shall be purchased, held or sold
and shall execute or cause the execution of purchase and sale orders in respect such determinations. The Manager shall ensure that any
Investment Manager appointed hereunder shall act in accordance with the Investment Policy and Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Investment Manager shall have the right to resign as Investment Manager of the Trust by giving notice
in writing to the Manager and the Trustee not less than 60 days prior to the date on which such resignation is to take effect. The Manager
may at any time terminate the appointment of any Investment Manager of the Trust by giving notice in writing to the Trustee and the Investment
Manager not less than 60 days prior to the date on which such resignation is to take effect. The Manager, in its sole discretion, may
appoint a successor investment manager of the Trust. If prior to the effective date of the Investment Manager's resignation, a successor
investment manager is not appointed, the Manager shall assume the duties and responsibilities of such investment manager until such time
as a successor shall be appointed and/or approved, as the case may be.

(39) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager may from time to time employ or retain any other person or entity where the Manager has determined,
in its sole discretion, that it would be in the best interests of the Trust to do so (including without limitation any Technical Advisor
or Investment Manager), to perform any of the duties of the Manager set out in this Trust Agreement (including without limitation any
Technical Advisor or Investment Manager).

**8.3** **Portfolio Execution** 

Subject to the Investment Policy, the Manager may open accounts, including margin accounts, for the Trust with any brokerage firms, banks or others and may invest assets of the Trust in, and may conduct, maintain and operate these accounts for, the purchase, sale and exchange of stocks, bonds and other securities, and in connection therewith, may borrow money or securities on behalf of the Trust to complete trades, obtain guarantees, pledge securities and engage in all other activities necessary or incidental to conducting, maintaining and operating such accounts in connection with the performance of investment advisory and portfolio management services for the Trust.

**8.4** **Soft Dollar Transactions** 

Subject to the Investment Policy, the Manager may, to the fullest extent now or hereafter permitted by applicable Securities Legislation regarding soft dollar transactions, cause the Trust to enter into soft dollar arrangements and to effect transactions pursuant to such soft dollar arrangements.

**8.5** **Distributors** 

The Manager shall make or cause to be made such arrangements as are expedient for the distribution of Units, having regard to the requirements of Applicable Laws and applicable stock exchange rules and regulations respecting such distribution of Units in the jurisdiction or jurisdictions in which they are to be distributed. It is understood and agreed that: (i) the Manager or the Investment Manager may distribute Units itself in the offering jurisdictions in which it is registered, or is exempt from such registration, under applicable Securities Legislation; and (ii) the Manager will retain the services of the Underwriters pursuant to the Underwriting Agreement to assist it in the distribution of the Units in the offering jurisdictions.

**Article 9<br> INDEPENDENT REVIEW COMMITTEE**

**9.1** **Independent Review Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the requirements contained in NI 81-107, the Manager shall establish an Independent Review
Committee for the Trust. The Independent Review Committee shall consist of at least three members, each of whom shall be independent of
the Manager and its Affiliates, and free from any interest and any business or other relationship which could, or could be reasonably
perceived to, materially interfere with the exercise of an Independent Review Committee member's judgement. The Independent Review
Committee for the Trust may also act as the independent review committee for other investment funds managed by the Manager or any of its
Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall refer all conflict of interest matters to the Independent Review Committee for its review
and/or approval. The Manager shall establish a written charter for the Independent Review Committee which shall include its mandate, responsibilities
and functions, and the written policies and procedures it will follow when performing its functions, including dealing with conflict of
interest matters. The Manager shall maintain records in respect of these matters and shall provide assistance to the Independent Review
Committee in carrying out its functions. The Independent Review Committee shall conduct regular assessments and provide reports, at least
annually, to the Trust and to Unitholders in respect of its functions. The report prepared by the Independent Review Committee shall be
made available on the Trust's Website or, at a Unitholder's request, sent to the Unitholder at no cost.

(40) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Independent Review Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review and provide input on the Manager's written policies and procedures that deal with conflict
of interest matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review conflict of interest matters referred to it by the Manager and make recommendations to the Manager
regarding whether the Manager's proposed actions in connection with the conflict of interest matter achieve a fair and reasonable
result for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consider and, if deemed appropriate, approve the Manager's decision on a conflict of interest matter
that the Manager refers to the Independent Review Committee for approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform such other duties as may be required of the Independent Review Committee under applicable Securities
Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All fees and expenses of the Independent Review Committee incurred in connection with its duties with
respect to the Trust shall be paid by the Trust and the Independent Review Committee shall have the authority to retain, at the expense
of the Trust, independent counsel or other advisors if the Independent Review Committee deems it appropriate to do so. The members of
the Independent Review Committee shall be indemnified by the Trust, except in cases of wilful misconduct, bad faith, negligence or breach
of their standard of care.

**Article 10<br> FEES, COMPENSATION AND EXPENSES**

**10.1** **Trustee's Fee** 

The Trustee shall be entitled to such compensation as may be agreed upon, from time to time but not less than annually, by the Trustee and the Manager by written agreement (the "**Fee Agreement**"). Such compensation, as well as all other disbursements made and expenses incurred (including out-of-pocket expenses) by the Trustee in the performance of its duties and obligations hereunder shall be paid by the Trust out of its Trust Property, unless such compensation, disbursements or expenses have been first paid by the Manager pursuant to the Fee Agreement. Unless other arrangements are agreed upon by the Manager, the Trustee shall receive no other compensation for its services as trustee hereunder but nothing herein shall prevent the Trustee from receiving additional compensation in connection with other services that may be performed by the Trustee for the Trust, including services performed for and dealings with the Trust by the Trustee other than in its capacity as trustee of the Trust including, but not limited to, as the Custodian of the Trust Property other than Copper and as the Valuation Agent.

**10.2** **Manager's Fee** 

As compensation for providing management, administrative and investment management services to the Trust pursuant to this Trust Agreement and the Management Agreement, the Manager shall be entitled to receive a monthly management fee (the "**Management Fee**") plus any applicable federal and provincial taxes, which shall be paid by the Trust at such times and in the amount specified in the Management Agreement. The Trust shall also pay the Manager any commissions on the purchase and sale of Copper, any administration fee payable by Unitholders on cash redemptions pursuant to Section 6.3(b), and certain other transactional related fees (including in connection with loans, swaps, relocations and other similar transactions involving Copper) as set out in the Management Agreement.

(41) **10.3** **Technical Advisor's Fee** 

As compensation for providing advisory services and technical advice with respect to the holding, buying and selling of Copper and/or to execute or cause the execution of purchase and sale orders in respect of such determinations, any Technical Advisor appointed by the Manager from time to time shall be entitled to receive fees (whether in respect of each class or series of a class of Units or in respect of the Trust as a whole) calculated in such manner and payable at such times as the Manager and the Technical Advisor may agree upon from time to time pursuant to a written agreement and subject to the requirements of applicable Securities Legislation, such fees shall be paid by the Manager from the Management Fee and/or other fees received by the Manager from the Trust. As at the date hereof, the Manager intends to appoint WMC Energy B.V. as a Technical Advisor for the Trust.

**10.4** **Investment Manager's Fee** 

As compensation for providing investment management services to all or any portion of the Trust Property, any Investment Manager appointed by the Manager from time to time shall be entitled to receive investment management fees in respect of each class or series of a class of Units calculated in such manner and payable at such times as the Manager and the Investment Manager may agree upon from time to time pursuant to a written agreement and subject to the requirements of applicable Securities Legislation, such fees shall be paid by the Manager from the Management Fee and/or other fees received by the Manager from the Trust. As at the date hereof, the Manager does not intend to appoint an Investment Manager for the Trust.

**10.5** **Custodian's Fees** 

As compensation for custodial services rendered to the Trust with respect to Trust Property other than Copper, the Custodian shall be entitled to receive such fees as the Manager may approve from time to time pursuant to a separate written agreement with the Custodian. If the Trustee also acts as the Custodian of the Trust Property other than Copper then the fees of the Custodian shall be set forth in the Fee Agreement between the Manager and the Trustee.

**10.6** **Expenses of the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the Trust's initial public offering of Units, the Trust will be responsible for
paying the filing and listing fees of the applicable Securities Authorities and stock exchanges, the fees and expenses payable to the
Custodian and the Registrar and Transfer Agent, legal fees, auditing and printing expenses, and the selling commissions of the Underwriters
as disclosed in the Disclosure Documents. In addition, the expenses of the the Trust's initial public offering of Units (including
the costs of creating and organizing the Trust, the costs of preparing the prospectus, marketing expenses and other incidental expenses,
filing and listing fees of the applicable securities authorities and the stock exchanges, auditing, legal and printing expenses) will
be paid by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein and subject to the Management Agreement, including in respect of third
party brokerage fees, commissions and service charges and other similar fees relating to all Copper transactions that are to be paid by
the Manager, the Trust shall be responsible for all costs and expenses incurred in connection with the on-going operation and administration
of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the fees and expenses of the
Manager (including any expenses that may be payable to any Technical Advisor by the Manager, but excluding the fees of the Technical Advisor
that are to be paid by the Manager from the Management Fee and other fees received by the Manager from the Trust), the expenses of any
other Investment Manager (but excluding the fees of the Investment Manager that are to be paid by the Manager from the Management Fee
and other fees received by the Manager from the Trust), the Facilities (including the costs of all insurance policies obtained and administrative
expenses incurred in connection with storing Copper at such Facilities), the Custodian, any sub-custodians, the Registrar and Transfer
Agent, and the Valuation Agent; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement
fees; legal, audit, accounting, bookkeeping and record-keeping fees and expenses; costs and expenses of reporting to Unitholders and conducting
Unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable Securities Authorities and stock exchanges;
other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements
and investor relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject including federal
and provincial income taxes, goods and services tax, and withholding taxes; interest expenses and borrowing costs, if any; brokerage expenses
and commissions; costs and expenses relating to the issuance of Units; costs and expenses of preparing financial and other reports; any
expenses associated with the implementation and on-going operation of the Independent Review Committee; costs and expenses arising as
a result of complying with all Applicable Laws; and any expenditures incurred upon the termination of the Trust.

(42) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will be responsible for the fees and expenses of any action, suit or other proceedings in which,
or in relation to which, the Trustee, the Manager, any Technical Advisor, the Facilities, any Investment Manager, the Custodian, any sub-custodians,
the Registrar and Transfer Agent, the Valuation Agent or the Underwriters and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.

**10.7** **Right to Withhold Services Pending Payment** 

Notwithstanding any other provision of this Trust Agreement, the Trustee, acting reasonably, shall not be obliged to act upon directions (including the delivery of any Trust Property other than Copper to any person) until all Obligations due and owing have been paid in full. The Trustee shall give the Manager, any Technical Advisor and/or any Investment Manager notice of its decision pursuant to the foregoing sentence not to act as soon as practicable thereafter.

**10.8** **Security Interest to Secure Obligations** 

The Manager on behalf of the Trust hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest (such assignment, conveyance, mortgage, pledge, hypothecation, charge and security interest, collectively referred to herein as the "**Security Interest**") to the Trustee in all of the Trust's right, title and interest in and to all Trust Property now owned or hereafter acquired by the Trust and held in custody by the Trustee (excluding, for the avoidance of doubt, all Copper) pursuant to this Trust Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of all of the Obligations.

It is acknowledged, agreed and understood by the parties hereto that the Security Interest secures the due performance and payment of any and all Obligations from time to time outstanding, whenever and however arising, regardless of the capacity in which the Trustee was acting (whether as principal, agent or custodian) when such Obligations arose or the agreement under which such Obligations were incurred.

The Manager and the Trustee agree that it is their intention that the Security Interest hereby created shall attach immediately to any Trust Property in which the Trust has any interest on the date hereof, and, with respect to after-acquired Trust Property, forthwith at the time the Trust acquires an interest therein, all in accordance with the terms hereof.

The Manager acknowledges and agrees that to the extent that the Trustee is the Trust's securities intermediary with respect to any Trust Property in the custody of the Trustee hereunder, pursuant to the STA and the PPSA, the Trustee's Security Interest therein shall have priority over any other security interest therein granted by the Trust, and the Trustee shall be under no obligation to waive, subordinate or discharge such Security Interest except upon the indefeasible payment and satisfaction in full of the Obligations.

(43) **10.9** **Claim Against Property for Amounts Owing** 

Without prejudice to any power or right that the Trustee may otherwise have under any Applicable Law, the Trustee may, in its discretion (upon reasonable prior written notice in the circumstances to the Manager), unless prior payment has been made by the Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deduct any cash portion of the Trust Property in its custody (which, for the purposes of this Section shall
include any account with any third party with whom cash has been deposited by the Trustee on behalf of the Trust) to satisfy any Obligations
due and owing; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell, as agent for the Trust, any Trust Property in its custody on such terms as it thinks fit in its
discretion and set-off against and deduct from such proceeds of sale to satisfy any Obligations due and owing, and credit any surplus
remaining thereafter to the Trust;

it being understood and agreed by the Manager that the exercise of the Trustee's right under this Section 10.9 shall not be construed as an exercise of a right of realization in respect of the security interest created under Section 10.7, but a separate right of set-off.

**10.10** **Obligations of the Manager** 

To the extent that the Trustee exercises its rights under Section 10.8 and/or Section 10.9 of this Trust Agreement and the Trust Property held in custody by the Trustee is insufficient to provide for the payment and satisfaction in full of all of the Obligations then outstanding and due, the Manager agrees that it shall promptly pay all such unpaid Obligations on demand of the Trustee.

**Article 11<br> TRUSTEE LIABILITY AND INDEMNIFICATION**

**11.1** **Standard of Care** 

The Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances.

**11.2** **Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall from time to time furnish the Trustee with a certificate of authorized signing authorities
(" **Certificate of Authorized Signing Authorities**") substantially in the form attached hereto as Schedule C, signed by
its authorized officers setting out the name(s) and title(s) of the authorized officer(s) of the Manager and of any other
Person(s) or representative(s), including any Investment Manager or Technical Advisor appointed by the Manager, and authorized to
act on behalf of the Manager at the time specified in such certificate, together with specimen signatures of all such officers, Persons
or representatives, and the Trustee shall be entitled to rely upon the identification of such Persons as specified in such certificate
as the Person(s) entitled to act on behalf of the Manager for the purposes of this Trust Agreement until a later certificate respecting
the same is delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be fully protected in acting upon any instrument, certificate or other writing believed by it to be genuine
and to be signed or presented by the proper Person or Persons;

(44) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be under no duty to make any investigation or inquiry as to any statement contained in any such writing
but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not be responsible for or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proper application by any Unitholder of any part of its interests in the Trust if payments are made
in accordance with written directions of such Unitholder as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the adequacy of the Trust to meet and discharge any and all payments and liabilities in respect of a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the compliance by any Unitholder with the rules under the Tax Act or any Applicable Laws including
limits on investments in non-Canadian securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the validity of title to any Trust Property which the Trustee did not arrange itself to have registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any act or omission (other than an act or omission related solely to the Trustee) required or demanded
by any governmental, taxing regulatory or other competent authority in any country in which all or part of the Trust Property is held
or which has jurisdiction over the Trustee, the Manager or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any loss or damage of any nature whatsoever resulting from official action, war or threat of war, insurrection
or civil disturbance, interruption in postal, telephone, telegraph, telex or other electromechanical communication systems or power supply,
or any other factor beyond the Trustee's control which obstructs, affects, prohibits or delays the Trustee, its directors, officers,
employees or agents in carrying out the responsibilities provided for herein, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any ongoing monitoring of the Investment Policy of the Trust as set out in Article 22 or any risk
factor whatsoever related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any Trust Property which it does not hold or which is not directly controlled by it, its Affiliates or
its appointed agents (including any sub-custodians), including any assets pledged or loaned to a third party or Copper held by a Facility;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any compliance, reporting or filings in accordance with applicable Securities Legislation or United States
tax laws, regulations, rules or policies that apply to the Trust, including for greater certainty the Additional Trustee Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may rely and act upon any statement, report or opinion prepared by or any advice received
from the Auditors, Counsel or other professional advisors of the Trust and shall not be responsible nor held liable for any loss or damage
resulting from so relying or acting if the advice was within the area of professional competence of the Person from whom it was received,
the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in
its capacity as trustee of the Trust and the Trustee acted in good faith in relying thereon.

(45) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall in no way be responsible for, nor incur any liability based on, the action or failure
to act or for acting pursuant to or in reliance on instructions of the Manager, any Investment Manager, any Technical Advisor, a Facility,
the Custodian (if not the Trustee), the Valuation Agent (if not the Trustee), the Registrar and Transfer Agent (if not the Trustee), or
any Person or organization to whom its responsibilities are delegated pursuant to this Trust Agreement.

**11.3** **General Disclaimer of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall not be liable to the Trust or to any Unitholder for any loss or damage relating to any
matter regarding the Trust, including any loss or diminution in the Net Asset Value of the Trust or to any particular asset of the Trust,
except to the extent that the Trustee does not meet its standard of care set out in Section 11.1. In no event shall the Trustee be
liable for indirect, consequential or special damages including, but not limited to, loss of reputation, good will or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall not be liable to the Trust or to any Unitholder for the acts, omissions, receipts, neglects
or defaults of any Person, firm or corporation employed or engaged by it as permitted hereunder, or for joining in any receipt or act
of conformity, or for any loss, damage or expense caused to the Trust through the insufficiency or deficiency of any security in or upon
which any of the monies of or belonging to the Trust shall be paid out or invested, or for any loss or damage arising from the bankruptcy,
insolvency or tortious act of any Person, firm or corporation with whom or which any monies or Trust Property shall be lodged or deposited,
or for any loss occasioned by error in judgment or oversight on the part of the Trustee, or for any other loss, damage or misfortune which
may happen in the execution by the Trustee of its duties hereunder, except to the extent that the Trustee does not meet its standard of
care set out in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, the Trustee shall not be liable to the Trust or to any Unitholder for the acts,
omissions, receipts, neglect or default of a Facility, a Technical Advisor or the Registrar and Transfer Agent (unless the Trustee is
the Registrar and Transfer Agent and it has breached its standard of care set out in Section 11.1 in respect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater certainty, the Trustee, in incurring any debts, liabilities or obligations, or in taking or
omitting any other actions for or in connection with the affairs of the Trust is, and will be conclusively deemed to be, acting for and
on behalf of the Trust, and not in its own personal capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, notwithstanding any other term of this Trust Agreement, under no circumstances
shall the Trustee assume any obligations of the Original Trustee, and the Trustee shall have no responsibility or liability whatsoever
for the acts, omissions, receipts, neglects or defaults of the Original Trustee.

**11.4** **Indemnification of the Trustee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting any protection or indemnity of the Trustee under any other provision hereof, or otherwise
at law, the Trustee, its Affiliates, nominees and agents and each of their respective directors, officers and employees shall at all times
be indemnified and held harmless by the Trust and to the extent that the Trust Property is insufficient for such purpose, by the Manager,
from and against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Trustee's
duties as Trustee, and

(46) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to the affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, the commencement of formal legal proceedings shall not be a precondition for indemnification
hereunder. Further, none of the provisions of this Trust Agreement shall require the Trustee to expend or risk its own funds, appear in,
prosecute or defend proceedings, or otherwise incur financial liability in the performance of any of its duties or in the exercise of
any of its rights or powers hereunder, unless the Trustee is first indemnified to its satisfaction, acting reasonably. This provision
shall survive the resignation or removal of the Trustee, or the termination of this Trust Agreement.

**11.5** **Additional Indemnification of the Trustee** 

With respect to any references in this Trust Agreement to (i) distributions being at the discretion of the Trustee acting on the direction of the Manager or (ii) the Trustee having the power to vary the investments of the Trust in accordance with the Investment Policy together with any duties, obligations or responsibilities related thereto (the "**Additional Trustee Duties**"), the Manager agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee shall not have any liability with respect to such Additional Trustee Duties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in addition to the indemnity provided to the Trustee under Section 11.4, the Manager agrees to indemnify
the Trustee and its directors, officers, employees and agents for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges
and expenses, including legal fees in connection therewith) brought, commenced or prosecuted against any of them for or in respect of
any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the Additional Trustee Duties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or
in relation to such Additional Trustee Duties,

that arise or result from any conflict between such Additional Trustee Duties and the Trustee's defined duties, obligations and responsibilities as set out in this Trust Agreement (excluding such Additional Trustee Duties) and agreed upon by the Manager.

**11.6** **Exception** 

Section 11.4 and, subject to Section 11.2(b)(iii)(I), Section 11.5 do not apply to the extent that any such claim, cost, charge or expense has been directly caused by the negligence, wilful misconduct or dishonesty on the part of the Trustee, its Affiliates, nominees or agents and any of their respective directors, officers and employees or the Trustee's failure to meet its standard of care set out in Section 11.1.

**Article 12<br> MANAGER LIABILITY AND INDEMNIFICATION**

**12.1** **Standard of Care** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall exercise the powers and discharge the duties of its office honestly, in good faith and
in the best interests of the Trust and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably
prudent professional manager would exercise in comparable circumstances.

(47) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager agrees that any information supplied to the Trust and/or the Trustee will be accurate and
complete and will contain no misrepresentations; provided that, respecting information derived by the Manager from a Person other than
the Manager, the Manager's obligation hereunder shall be subject to its standard of care and no liability shall be incurred by the
Trust or the Trustee as a result of any error in such information.

**12.2** **Reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager may employ or engage, and rely and act on information or advice received from any Technical
Advisor, any Investment Manager, Auditors, the Underwriters, other distributors, Brokers, Depositories, a Facility, the Custodian, electronic
data processors, advisers, Counsel and others and shall not be responsible or liable for the acts or omissions of such Persons or for
any other matter, including any loss or depreciation in the Net Asset Value of the Trust or any particular asset of the Trust, provided
that the Manager acted in good faith in accordance with its standard of care set out in Section 12.1(a) in relying on such information
or advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall be entitled to assume that any information received from the Trustee, any Technical
Advisor, a Facility, the Custodian or any sub-custodian, or their respective authorized representatives associated with the day-to-day
operation of the Trust is accurate and complete and no liability shall be incurred by the Manager as a result of any error in such information
or any failure to receive any notices required to be delivered pursuant to this Trust Agreement, except to the extent that any such information
provided to, or failure to receive any notices by, the Manager arises or results from the Manager's failure to comply with the terms
of this Trust Agreement or the Management Agreement in providing any required directions or information related thereto.

**12.3** **Engaging in Competition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Manager, its partners, employees, associates and Affiliates or any of them now or
hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust
or of other investment funds, none of them shall be under any liability to the Trust or to the Unitholders for so acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is agreed and understood that the Manager shall not be required to devote its efforts exclusively to
or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to
those relating to the activities to be performed for the Trust.

**12.4** **Indemnification of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager, its Affiliates and agents, and their respective directors, partners, officers and employees
shall at all times be indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement,
actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to this Trust
Agreement and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused
the payment of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such
Person(s) shall not be indemnified by the Trust where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there has been negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty on the
part of the Manager or such other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a claim is made as a result of a misrepresentation contained in any current Disclosure Documents or continuous
disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or under applicable Securities Legislation;
or

(48) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager has failed to fulfill its standard of care set out in Section 12.1 or its other obligations
in accordance with Applicable Laws or the provisions set forth in this Trust Agreement and the Management Agreement,

unless in an action brought against the Manager or such Persons they have achieved complete or substantial success as a defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order for the Trust, acting through the Trustee, to satisfy itself as to whether the indemnification
provided for in Section 12.4(a) is in the best interests of the Trust, before paying out any such indemnity hereunder, the Trust,
acting through the Trustee, may obtain a satisfactory legal opinion that the Trust has reasonable grounds to believe that the indemnification
is in the best interests of the Trust, and instead of or in addition to the obtainment of such a legal opinion, the Trustee in its sole
discretion and at the expense of the Trust, may call a meeting of the Unitholders pursuant to this Trust Agreement to direct the Trustee
as to any such payments out of the Trust.

**12.5** **Liability for Investment Decisions** 

All investments of the Trust made by or upon the direction of the Manager, any Technical Advisor or any Investment Manager shall be for the benefit of the Unitholders and at the sole risk of the Trust. Notwithstanding any other provision of this Trust Agreement but subject to the Manager's standard of care set out in Section 12.1(a), the Manager or any Technical Advisor may dispose of assets of the Trust or cause such assets to be disposed of in order to discharge any borrowing authorized under this Trust Agreement, any charge against the Trust as set out in this Trust Agreement or any other obligation of the Trust.

**Article 13<br> CHANGE OF TRUSTEE**

**13.1** **Resignation of Trustee** 

**13.2** **Removal of Trustee** 

The Trustee may be removed by the Manager at any time by notice to the Trustee and the Unitholders not less than 90 days prior to the date that such removal is to take effect; provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with Article 21.

**13.3** **Appointment of Successor** 

In the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy shall occur in the office of the Trustee, a successor trustee shall forthwith be appointed by the Manager to fill such vacancy. Forthwith following such appointment of a successor trustee, the Trustee shall execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust Property (other than Copper) held in the Trustee's name to the successor trustee and, shall account to the Manager for all of the Trust Property which the Trustee retains as trustee and shall thereupon be discharged as trustee. The successor trustee shall be a resident of Canada for the purposes of the Tax Act.

(49) **13.4** **Termination Upon Failure to Appoint Successor** 

In the event that the Manager shall fail to appoint a successor to the Trustee, the Trust shall be terminated and dissolved upon the effective date of the resignation or removal of the Trustee (which shall be considered to be the effective date on which the Trust is to be terminated for the purposes of Article 21) under Section 13.1 and Section 13.2, as the case may be, and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to the Unitholders in accordance with the termination provisions set out in Article 21 and the Trustee shall continue to act as trustee of the Trust until such Trust Property has been so distributed. Fees and expenses of the Trustee shall be a charge, to the extent permitted by Applicable Law, on the Trust Property or the interests of the Unitholders to secure payment thereof.

**Article 14<br> TERMINATION OF THE MANAGER**

**14.1** **Resignation, Insolvency or Bankruptcy of the Manager** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall have the right to resign as Manager of the Trust by giving notice in writing to the
Trustee and the Unitholders not less than 90 days prior to the date on which such resignation is to take effect. Such resignation shall
take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, Unitholders is required
to effect a Manager Reorganization. The Manager shall appoint a successor manager of the Trust, and, unless the successor manager is an
Affiliate of the Manager, such appointment must be approved by the Unitholders by an Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, prior to the effective date of the Manager's resignation, a successor manager is not appointed
or the Unitholders do not approve of the appointment of the successor manager as required hereunder, the Trust shall be terminated and
dissolved upon the effective date of the resignation of the Manager (which shall be considered to be the effective date on which the Trust
is to be terminated for the purposes of Article 21) and, after providing for all liabilities of the Trust, the Trust Property shall
be distributed to the Unitholders in accordance with the provisions of Article 21, and the Trustee and the Manager shall continue
to act as trustee and manager, respectively, of the Trust until such Trust Property has been so distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be terminated immediately following the occurrence of a Termination Event. On such termination,
the Trust Property shall be distributed to Unitholders in accordance with the provisions of Section 21.3. For the purposes of this
Article 14 and Section 21.1 of this Trust Agreement, each of the following events shall be a "**Termination Event** ":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Manager is, in the opinion of the Trustee, in material default of its obligations under this Trust
Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and
no successor manager has been appointed by the Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Manager has been declared bankrupt or insolvent or has entered into liquidation or winding-up, whether
compulsory or voluntary (and not merely a voluntary liquidation for the purposes of amalgamation or reconstruction) and no successor manager
has been appointed by the Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its
insolvency and no successor manager has been appointed by the Unitholders; or

(50) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the assets of the Manager have become subject to seizure or confiscation by any public or governmental
authority and no successor manager has been appointed by the Unitholders.

**14.2** **Successor Manager** 

Any successor manager, by accepting its appointment as such, shall automatically become a party to this Trust Agreement and be bound by the terms hereof as if the successor manager had been an original signatory thereof provided that such successor manager shall not be responsible or liable for any act or omission of the Manager preceding its appointment as successor manager of the Trust.

**Article 15<br> CONCERNING THE UNITHOLDERS**

**15.1** **Liability of Unitholders** 

No Unitholder shall be held to have any personal liability as such and no resort shall be had to the Unitholder's private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee or any obligation which a Unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust Property is intended to be liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the Manager, as the case may be, shall use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the Manager shall cause the operations of the Trust to be conducted, with the advice of Counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the Unitholders of claims against the Trust and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of the Unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability.

**15.2** **Indemnification of the Trust by the Manager** 

The Trust shall be indemnified and held harmless by the Manager against any costs, charges, claims, expenses, actions, suits or proceedings arising from a claim made as a result of a misrepresentation contained in any current Disclosure Document or continuous disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or under applicable Securities Legislation.

**Article 16<br> MEETINGS OF UNITHOLDERS**

**16.1** **Time of Meetings** 

Meetings of the Unitholders shall be held by the Manager or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in accordance with this Trust Agreement or Applicable Laws and for the transaction of such other related matters as the Manager or the Trustee determines. Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust may requisition a meeting of Unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee shall, upon the written request of the Manager or the Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value of the Trust, requisition a meeting of Unitholders, provided that in the event of a request to call a meeting of Unitholders made by such Unitholders, the Trustee shall not be obligated to call any such meeting until it has been satisfactorily indemnified by such Unitholders against all costs of calling and holding such meeting. Unless otherwise required under Applicable Laws or stock exchange rules, the Trust need only to hold meetings of Unitholders as described above and is not required to hold annual or other periodic meetings.

(51) **16.2** **Place of Meeting** 

Subject to Section 16.4, meetings of Unitholders shall be held at the principal office of the Trust or elsewhere in the municipality in which the office is located or, if the Manager shall so determine, at any other place in Canada.

**16.3** **Notice of Meeting** 

Subject to Section 16.4, notice of the time and place of each meeting of Unitholders shall be given not less than 21 days before the day on which the meeting is to be held to each Unitholder of record at 4:00 p.m. (Toronto time) on the day on which the notice is given. Notice of a meeting of Unitholders shall state the general nature of the matters to be considered by the meeting. The Trustee, the Auditors, any Technical Advisor and any Investment Manager of the Trust are entitled to receive all notices and other communications relating to any meeting of Unitholders that any Unitholder is entitled to receive and shall be entitled to attend at any meeting of Unitholders.

**16.4** **Meetings Without Notice** 

A meeting of Unitholders may be held at any time and place without notice if all the Unitholders entitled to vote thereat are present in person or represented by proxy or, if those not present or represented by proxy waive notice of, or otherwise consent to, such meeting being held.

**16.5** **Quorum** 

A quorum for the transaction of business at any meeting of Unitholders shall be at least two Unitholders holding not less than 5% of the outstanding Units on such date present in person or represented by proxy and entitled to vote thereat. If a quorum is not present at a meeting within 30 minutes after the time fixed for the meeting, the meeting, if convened on the requisition of Unitholders, shall be cancelled but in any other case shall be adjourned to such place and time on a date fixed by the chairman of the meeting not later than 14 days thereafter (which for greater certainty can be at a later time on the date of the originally scheduled meeting) at which adjourned meeting the Unitholders present in person or represented by proxy shall be deemed to constitute a quorum.

**16.6** **Chairman, Secretary and Scrutineers** 

A Person designated by the Manager shall be the chairman of any meeting of Unitholders. If such Person is not present within 15 minutes after the time fixed for holding the meeting or if the Manager has not appointed a chairman, the Persons present and entitled to vote shall choose any of their number to be chairman. The chairman of the meeting shall appoint a Person, who need not be a Unitholder, to act as secretary of the meeting. If desired, one or more scrutineers, who need not be Unitholders, may be appointed by a resolution or by the chairman with the consent of the meeting.

**16.7** **Persons Entitled to be Present** 

The only Persons entitled to attend a meeting of Unitholders shall be those entitled to vote thereat, the Trustee, the Manager, any Technical Advisor, any Investment Manager and the Auditors. Any other Person may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting.

(52) **16.8** **Right to Vote** 

At any meeting of Unitholders, every Person shall be entitled to vote who, as at the end of the Business Day immediately preceding the date of the meeting, is entered in the Register maintained in accordance with Section 17.2, unless in the notice of meeting and accompanying materials sent to Unitholders in respect of the meeting a record date is established for Persons entitled to vote thereat.

**16.9** **Votes to Govern** 

At any meeting of Unitholders, every question shall, unless otherwise required by this Trust Agreement or Applicable Laws, be determined by an Ordinary Resolution on the question.

**16.10** **Show of Hands** 

Subject to the provisions of this Trust Agreement or Applicable Laws, any question at a meeting of Unitholders shall be decided by a show of hands unless a poll thereon is required or demanded as hereinafter provided. Upon a show of hands every Person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a poll thereon is so required or demanded, a declaration by the chairman of the meeting that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be prima face evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision of the Unitholders upon the said question.

**16.11** **Polls** 

If demanded by any Unitholder at a meeting of Unitholders or required by Applicable Laws, any question at such meeting shall be decided by a poll. A poll so demanded shall be taken in such manner as the chairman shall direct. Upon a poll each Person present shall be entitled, in respect of the Units which the Unitholder is entitled to vote at the meeting upon the question, to one vote for each Unit held and the result of the poll so taken shall be the decision of the Unitholders upon the said question.

**16.12** **Adjournment** 

The chairman at a meeting of Unitholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and from place to place.

**16.13** **Resolutions in Writing** 

Notwithstanding Section 16.10, a resolution in writing forwarded to all Unitholders entitled to vote on such resolution at a meeting of Unitholders and signed by Unitholders holding the requisite number of Units required to obtain approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of Unitholders in accordance with this Article 16.

**16.14** **Record Dates** 

For the purpose of determining the Unitholders who are entitled to receive notice of and to vote at any meeting, or any adjournment thereof, or for the purpose of any action other than as provided in Article 4, the Manager may fix a date not more than 60 days nor fewer than 30 days prior to the date of any meeting of Unitholders, or other action, as a record date for the determination of Unitholders entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to receive such distributions, or to be treated as Unitholders of record for purposes of such other action, and any Unitholder who was a Unitholder at the time so fixed shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action, even though the Unitholder has since that date disposed of the Unitholder's Units and no Unitholder becoming such after that date shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action.

(53) **16.15** **Proxies** 

At any meeting of Unitholders, any Unitholder entitled to vote thereat may vote by proxy and a proxy need not be a Unitholder, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be solicited naming the Manager as proxy and the cost of such solicitation shall be paid out of the Trust Property. When any Unit is held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Unit, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Unit. The instrument appointing any proxy shall be in such form and executed in such manner as the Manager may from time to time determine.

**16.16** **Validity of Proxies** 

An instrument appointing a proxy purporting to be executed by or on behalf of a Unitholder shall be valid unless challenged at the time of, or prior to, its exercise and the person challenging such instrument shall have the burden of proving to the satisfaction of the chair of the meeting of Unitholders at which such instrument is proposed to be used that such instrument is invalid. Any decision of the chair of the meeting in respect of the validity of such instrument shall be final. Proxies shall be valid only at the meeting with respect to which they were solicited, or any adjournment thereof, but in any event shall cease to be valid one year from their date.

**16.17** **Revocation of Proxy** 

A vote cast in accordance with the terms of a proxy shall be valid notwithstanding the previous death, incapacity, insolvency or bankruptcy of the Unitholder giving the proxy or the revocation of the proxy unless written notice of such death, incapacity, insolvency, bankruptcy or revocation shall have been received by the chair of the meeting prior to the time such vote is cast.

**16.18** **Solicitation of Proxies** 

No Person shall solicit proxies in respect of a meeting of Unitholders unless the Person making the solicitation, concurrently with or prior thereto, delivers or sends an information circular to each Unitholder whose proxy is solicited. "Solicit" or "solicitation" includes any request for a proxy whether or not accompanied by or included in a form of proxy, any request to execute or not to execute a form of proxy or to revoke a proxy, and the sending or delivery of a form of proxy or other communication to a Unitholder under circumstances reasonably intended or calculated to result in the procurement, withholding or revocation of a proxy but does not include the sending or delivery of a form of proxy to a Unitholder in response to an unsolicited request made by him or her on his or her behalf or the performance by any Person of ministerial acts or professional services on behalf of a person or company soliciting a proxy. Subject to the provisions of this Trust Agreement and to Applicable Laws, the information circular required hereunder shall conform, insofar as is applicable, to the form and content prescribed for information circulars by or pursuant to applicable Securities Legislation; for such purposes; "management" shall mean Sprott Asset Management LP in its capacity as Manager; "company" or "corporation" shall mean the Trust; "director" or "senior officer" shall mean a director or senior officer of the Manager; "equity share", "voting security" or "share" shall mean a Unit; and "shareholder" shall mean a Unitholder.

**16.19** **Form of Proxy Solicitation** 

Where there is a solicitation of proxies (other than with respect to the exception set forth in Section 16.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the form of proxy sent to a Unitholder by a Person soliciting proxies shall indicate in bold-faced type
by whom the proxy is being solicited and the form of proxy or the information circular shall state the name, address and principal occupation
or employment within the preceding five years of each Person soliciting proxies and shall disclose the beneficial ownership of Units of
each such Person;

(54) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the form of proxy shall provide means whereby the Unitholder whose proxy is solicited is afforded an opportunity
to specify that his or her votes shall be cast by the nominees in favour of or against, in accordance with such Unitholder's choice,
each matter or group of related matters identified therein or in the information circular as intended to be acted upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no proxy shall confer authority to vote at any meeting other than the meeting specified in the notice
of meeting or any adjournment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the information circular or form of proxy shall state that the votes represented by the proxy shall be
cast and that, where the Unitholder whose proxy is solicited specifies a choice with respect to any matter to be acted upon pursuant to
paragraph (b) above, the votes shall be cast in accordance with the specifications so made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the information circular or form of proxy shall indicate in bold-faced type that the Unitholder has the
right to appoint a person, who need not be a Unitholder, to attend and act for him or her and on his or her behalf at the meeting other
than the person, if any, designated in the form of proxy, and shall contain instructions as to the manner in which the Unitholder may
exercise such right.

**16.20** **Resolutions Binding** 

Any resolution passed in accordance with the provisions of this Trust Agreement shall be binding on all Unitholders and their respective heirs, executors, administrators, other legal representatives, successors and assigns, whether or not such Unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such Unitholder voted against such resolution.

**16.21** **Minutes of Meetings** 

Minutes of the meeting shall be made by the corporate secretary of the Manager (who shall act as secretary of the meeting) and duly entered in minute books to be kept by the Manager. Any such minutes signed by the chair of the meeting shall be conclusive evidence of the matters therein stated, and until the contrary is proved, every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed thereat to have been duly passed.

**Article 17<br> SPECIAL FUNCTIONS**

**17.1** **Registrar and Transfer Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall appoint one or more chartered banks or banking institutions, trust companies, or other
Persons, to act as the registrar and transfer agent (the "**Registrar and Transfer Agent**") for the Units and may provide
for the transfer of Units in one or more places within or outside Canada (provided that if such appointments are made there shall be a
Registrar and Transfer Agent within the Province of Ontario). Such Registrar and Transfer Agent shall perform those functions and duties
usually performed by a registrar and transfer agent of shares of corporations having share capital, including maintaining the Register
as provided for in Section 17.2 and all other necessary or appropriate books (which may be kept on a computer or similar device)
for recording original issuances of Units, registering and transferring the Units, and processing Copper Redemption Notices and Cash Redemption
Notices, as applicable, in accordance with Article 6. In the case of an original issuance of Units, the Registrar and Transfer Agent
may rely and act upon the written instruction of the Manager without inquiry into the receipt by the Trust of, or the sufficiency of,
the consideration for such original issuance of Units.

(55) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager, on behalf of the Trust, will enter into a written agreement with such Registrar and Transfer
Agent which agreement shall provide that any fees required to be paid to the Registrar and Transfer Agent for services rendered, other
than in respect of a transfer of Units, shall be the responsibility of the Trust.

**17.2** **Unit Register** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the approval or rejection by and direction from the Manager in connection with any purchase
or transfer of Units hereunder, the Registrar and Transfer Agent appointed pursuant to Section 17.1 shall maintain records (the "**Register** ")
for and on behalf of the Trust which shall contain the name and the latest known address of each Unitholder and the number of Units of
each class and each series of a class from time to time held by the Unitholder, the certificate numbers of the Unit Certificates, if any,
and a record of all transfers thereof, and such Register shall be available at the offices of the Registrar and Transfer Agent in Toronto,
Ontario or in such other office in Canada as the Manager deems appropriate and to which the Trustee consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the Register, the Registrar and Transfer Agent shall maintain participation records for the
Trust, showing with respect to each Unitholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each issue of Units to such Unitholder, the number of Units issued of each class and each
series of a class and the applicable Class Net Asset Value per Unit for which each Unit is issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of each transfer of Units to and from such Unitholder, and the number of Units of each class
and each series of a class transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of each redemption of Units by such Unitholder, and the number of Units of each class and each
series of a class redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date of each redesignation of Units, the number of Units redesignated of each class and each series
of a class and the Class Net Asset Value per Unit at which each Unit is redesignated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the number of Units held immediately after any subdivision or consolidation of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the number of Units of each class and each series of a class currently held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the date and details of each distribution of the Trust to the Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrar and Transfer Agent shall deliver to the Manager within three Business Days following a Valuation
Date, and at such other times as the Manager may request, a certified list of the Unitholders which list shall contain the name, the last
known address and the number of Units of each class and each series of a class currently held by each Unitholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust, the Trustee (in its capacity as such, regardless of the fact that the Trustee may be or may
have been the Registrar and Transfer Agent) and the Manager shall at all times be entitled to rely entirely upon the Register maintained
by the Registrar and Transfer Agent as a record of ownership of the Trust and the registered Unitholders shall be deemed to be the true
owners thereof for all purposes hereof.

(56) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Only Unitholders whose Units are so recorded on the Register shall be entitled to receive distributions
and to exercise or enjoy the rights of Unitholders hereunder. The Person registered as a Unitholder on the Register shall be treated as
the owner of such Unit for all purposes, including payment of any distributions, giving notice to Unitholders and determining the right
to attend and vote at meetings of Unitholders. Accordingly, the Manager shall not be bound to recognize any transfer or attempted transfer,
pledge or other disposition of a Unit, or any equitable or other claim with respect thereto, whether or not the Trust or the Manager shall
have actual or other notice thereof, until such Unit shall have been transferred on the Register as herein provided.

**17.3** **Auditors** 

The Manager hereby confirms that a firm of qualified chartered accountants has been appointed as the auditors of the Trust (the "**Auditors**"). Subject to Section 20.3, the Manager may from time to time, with the prior consent of the Independent Review Committee, and after providing notice to the Unitholders and the Trustee, appoint another firm of chartered accountants qualified to practice in the Province of Ontario to act as the Auditors. The Auditors shall make a report to the Manager and the Unitholders on the annual financial statements of the Trust and fulfill such other responsibilities as they may properly be called upon to assume. Any such report shall be reviewed by the Manager, and if acceptable to the Manager shall be approved by the Manager (and if required, shall be signed by the Manager to evidence such approval) on behalf of the Trust. The Auditors shall have access to all records relating to the affairs of the Trust including the relevant records of the Manager, the Trustee, any Investment Manager, any Technical Advisor, the Facilities, the Custodian, any sub-custodians, the Registrar and Transfer Agent and the Valuation Agent, subject to any confidentiality and/or privacy requirements that may apply in the circumstances.

**17.4** **Valuation Agent** 

The Manager shall appoint a valuation agent for the Trust (the "**Valuation Agent**"). The Valuation Agent shall act in accordance with the terms and conditions of the Valuation Services Agreement including, but not limited to, that the Valuation Agent, in carrying out its duties and obligations as Valuation Agent, shall exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

**17.5** **Facilities** 

The Manager hereby confirms that Copper acquired by, or on behalf of, the Trust will be stored in a Facility in accordance with the terms and conditions of a Storage Agreement, which shall be entered into by the Manager on behalf of the Trust, which agreement or arrangement will reflect the obligations of the Facility and the Trust.

**17.6** **Custodian of Trust Property Other Than Copper** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall be the Custodian of the Trust Property other than Copper. In carrying out its duties
and obligations as Custodian, the Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith
and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would
exercise in comparable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision herein, the Trustee shall not be responsible for the holding or control
of any Trust Property that is not directly held by the Trustee or its appointed sub-custodians, including any assets pledged or loaned
to a third party or Copper held with the Facilities.

(57) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager, in accordance with Applicable Law and with the consent of the Trustee, shall have the authority
to appoint a replacement or an additional custodian of the Trust Property other than the Copper and to make contractual arrangements for
that purpose. In the event any Person other than the Trustee is appointed Custodian of such Trust Property, the contract with any such
custodian may include provisions whereby the Manager may give instructions directly to that custodian concerning the investment of such
Trust Property and that custodian may act thereon without approval by the Trustee. The Trustee shall be under no obligation to supervise
and shall have no responsibility or liability for acts of omission or commission of any such custodian under such arrangements where the
Trustee is not the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the direction of the Manager, the Trustee shall register such Trust Property held by it at any time
in its own name as trustee of the Trust or in the name or names of nominees, including any sub-custodians appointed by the Trustee, CDS,
DTC or in bearer form. The Trustee is hereby expressly empowered to keep such Trust Property, wholly or partly, in its principal office
or in any one or more of its branches in any province of Canada or at the office of any sub-custodian, including itself or its Affiliates,
to hold securities constituting such Trust Property through the facilities of CDS or DTC or any other domestic or foreign depository or
clearing agency which is duly authorized to operate a book-based system (including a transnational book-based system) in the country,
province, state or political subdivision of any country in which such depository or clearing agency is located (provided that such depositories
or clearing agencies shall not be deemed to be agents or sub-custodians of the Trustee), all as the Trustee may determine so long as such
Trust Property at all times is kept distinct from the assets of the Trustee and those of its sub-custodians, nominees or any other Person
in the registers and other books of account kept by the Trustee or such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where such Trust Property is issued in bearer form, such Trust Property shall be designated or segregated
by the Trustee or sub-custodian or their respective nominees so as to establish that the beneficial ownership of such Trust Property is
vested in the Trustee. Comparable provisions shall be included in any custodianship or sub-custodianship agreements entered into by or
under authority of the Custodian. The Trust Property registered in accordance with Section 17.6(d) or issued in accordance with
this Section 17.6(e) shall be recorded in an account with an account number or other designation in the records of the Trustee
or the sub-custodian or their respective nominees sufficient to establish that the beneficial ownership of such Trust Property is vested
in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee may appoint sub-custodians (who may be affiliated with or otherwise related to the Trustee)
and enter into sub-custodianship agreements on terms consistent with this Trust Agreement; provided, however, that written consent to
such appointment has been provided by the Manager. For the purposes of this Trust Agreement, such consent is deemed to have been obtained
in respect of the appointment of those sub-custodians which are part of the Trustee's international network of sub-custodians. Further,
upon notice to the Manager of the appointment of any additional sub-custodians in the Trustee's international network, the Manager
will be deemed to have consented to such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A sub-custodian appointed by the Trustee shall be permitted to appoint a sub-sub-custodian only upon the
prior written consent of the Trustee and the Manager, and further provided that adequate provision is made in the sub-custodianship agreement
for the Trust, acting directly or through the sub-custodian, to enforce its rights in respect of such Trust Property which is held by
the appointed sub-sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any sub-custodian appointed by or under the authority of the Trustee shall meet any guideline for acting
as a sub-custodian prescribed by Securities Authorities in Canada from time to time (the "**Sub-Custodian Guidelines** ")
and shall execute an agreement in a form that complies with the Sub-Custodian Guidelines. The Trustee shall annually review this Trust
Agreement and all sub-custodian agreements to determine if those agreements are in compliance with the Sub-Custodian Guidelines, and shall
also make reasonable enquiries as to whether each sub-custodian satisfies the applicable requirements of the Sub-Custodian Guidelines.
The Trustee shall make or cause to be made any changes as may be necessary to ensure that this Trust Agreement and the sub-custodian agreements
are in compliance with the Sub-Custodian Guidelines, and that all sub-custodians of the Trust satisfy such applicable requirements.

(58) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Where required under Applicable Laws of Canada, the Trustee shall, within 60 days following the end of
each Fiscal Year of the Trust, advise the Trust in writing of the names and addresses of all sub-custodians of the Trust, whether this
Trust Agreement and the sub-custodian agreements are in compliance with the Sub-Custodian Guidelines, and whether, to the best of the
knowledge and belief of the Trustee, each sub-custodian satisfies the applicable requirements of the Sub-Custodian Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee, in its capacity as Custodian, shall account for all such Trust Property received and held
by it, shall disburse or retain any income received thereon and/or capital pursuant to directions from the Manager and shall provide monthly
statements of the account in such format as may be agreed to by the parties. Additional statements which are required to satisfy the requirements
of any regulatory or administrative agencies will also be provided as requested by, and at the expense of, the Manager. The Manager will
within 30 days following the issue date of any such statement give the Trustee written notice of any alleged omissions from or additions
wrongly made to or inaccurate entries in any such statement. The Manager agrees that at the end of the 30-day period, the Trustee shall
be fully released and discharged from any liability or accountability to anyone with respect to acts or transactions disclosed in any
such statement except as to any alleged errors of which the Manager has identified by giving written notice to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If, in order to provide services to the Manager pursuant to this Trust Agreement, the Trustee is required
to engage sub-custodians in certain markets which the Trustee has identified as being high risk and has designated as "**Designated Markets**" by listing them in Schedule D. A Designated Market is a market where the risks of engaging a sub-custodian are significantly
greater than they would be in more established markets. Notwithstanding any other provision of this Trust Agreement, in such Designated
Markets where the Trustee is providing custodial services (whether directly or through a sub-custodian) in respect of the Trust, the Trustee
may not be able to accept some of the liabilities or responsibilities which are contemplated by the Trust Agreement. Under the Trust Agreement,
the Trustee is responsible for the negligence and wrongful acts of its sub-custodians. However, where the Trustee engages a sub-custodian
in a Designated Market, the Manager hereby acknowledges and agrees that the Trustee will not be responsible for the negligence or wrongful
acts of such sub-custodians and that such negligence or wrongful acts will not be considered to be a breach by the Trustee of its standard
of care or negligence for the purposes of this Trust Agreement. Notwithstanding the aforementioned, the Trustee will continue to accept
responsibility for the selection and on-going monitoring of its sub-custodians in all markets, except Designated Markets, in accordance
with its standard of care. From time to time, the Trustee may add to or delete markets from the list of Designated Markets attached as
Schedule D, and the Trustee will provide the Manager with written notice of such changes. The Manager agrees that it will have 60 days
from the date of any such notice to raise concerns regarding any new Designated Market which is added to the list. After this 60-day period,
that added market will be deemed to be a Designated Market for the purposes of the Trust Agreement. The Manager acknowledges and agrees
that it and any Investment Manager are responsible for apprising themselves of the specific risks to the Trust involved in the investment
and reinvestment of such Trust Property in all markets in which such Trust Property is located from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) When providing the services under this Trust Agreement, the Trustee may disseminate to the Manager certain
financial market data made available to the Trustee by third parties ()"**Data Vendors** "). The Manager acknowledges
that the access and use by the Manager of such market data is subject to specific restrictions and obligations on the Trustee and the
Manager imposed by the Data Vendors. Such restrictions and obligations are further described in the document entitled Third Party
Data: Use and Re-Distribution Terms (hereinafter referred to as the "**General Terms** "), which has been made available
to the Manager. By executing this Trust Agreement, the Manager acknowledges receiving and accepting the General Terms.

(59) **Article 18<br> REPORTS AND EXECUTION OF DOCUMENTS**

**18.1** **Records** 

The Manager shall maintain or cause to be maintained appropriate accounting records for the Trust. The accounting records for the Trust shall be open for examination by the Trustee, by the Auditors and by Unitholders or their authorized representatives during normal business hours on any Business Day at the office of the Manager or such other office as the Manager may determine, provided that reasonable notice has been given to the Manager of any such examination.

**18.2** **Reports to Unitholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the time of investment in Units, a statement shall be issued by the Registrar and Transfer Agent, in
such form and on such terms and conditions as the Manager may, in its sole discretion, determine, and such statement will be forwarded
to each Unitholder, which statement will indicate the number of Units held by the Unitholder and such other information as may be required
by Applicable Laws; provided, however, that the information disclosed on such statements shall always be in accordance with the number
of the Unitholder's Units reflected on the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made
by the Auditors. The financial statements of the Trust so audited shall include such statements as are required by Applicable Laws. A
copy of such statements, together with the Auditors' report thereon, shall be filed with the appropriate Securities Authorities
pursuant to Applicable Laws unless and to the extent an exemption from such filing is available under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager shall approve and forward to Unitholders such audited annual financial statements and unaudited
interim financial statements as it is required under Applicable Laws to deliver, within the time limits specified under such laws. The
Trustee shall not be required to prepare or approve any audited financial statements of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the absence of the filing in writing with the Manager or the Trustee of any objection to the statements
or reports supplied in accordance with this Section 18.2 within 90 days of their mailing, Unitholders shall be deemed to have approved
such statements or reports and the Trustee and the Manager shall be released, relieved and discharged with respect to all matters and
things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has
been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful
misconduct or lack of good faith of the Manager in preparing such statements or reports) as if they had been settled by the decree of
a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager shall prepare, file and deliver to Unitholders (if required) all management reports of fund
performance and other continuous disclosure documents required by applicable Securities Legislation.

(60) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager will make available to Unitholders as soon as practicable on its website an unaudited schedule
of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder's
holding of Units in the Trust, except as may be required by Applicable Laws.

**18.3** **Material to be Furnished to the Trustee** 

The Manager will cause to be furnished to the Trustee from time to time, in addition to any other documents required to be furnished hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of each of the Disclosure Documents for investment in Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of each continuous disclosure document relating to the Trust filed with, furnished or otherwise
provided to, any Securities Authority under applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on or before 90 days following December 31 of each year, a copy of the audited annual financial statements
of the Trust, together with the report of the Auditors thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on or before 90 days following December 31 of each year, an Annual Certificate of Compliance, substantially
in the form set out in Schedule A, with respect to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on or before 90 days following June 30 in each year, an Interim Certificate of Compliance, substantially
in the form set out in Schedule B, with respect to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Certificate of Authorized Signing Authorities, substantially in the form set out in Schedule C, specifying
the names and titles of those Persons authorized to give approvals, consents or directions on behalf of the Manager including specimen
signatures of each such Person.

**18.4** **Documents Requiring Trustee's Consent** 

The Manager will provide to the Trustee for its prior written consent draft copies of all agreements, literature, certificates, Disclosure Documents, continuous disclosure documents to be filed with Securities Authorities, advertisements, printed matter and other material which contain any reference to the Trustee or which relate to the functions being performed hereunder or which may affect the Trustee, except material which is circulated among or sent to employees, Unitholders and correspondence in the ordinary course of business and which merely reflects in accurate terms, information contained in the then current Disclosure Documents.

**18.5** **Execution of Documents** 

The Trustee shall have the authority to sign on behalf of the Trust all documents and any documents so signed shall be binding upon the Trust without any further authorization or formality. The Trustee shall have power from time to time to appoint any Person or Persons on behalf of the Trust either to sign documents generally or to sign specific documents.

**18.6** **Execution of Documents by the Manager** 

Any approval, consent, direction, order (including, but not limited to, the signing of any Disclosure Documents or Unit Certificate) or request required or permitted by this Trust Agreement to be given or made by the Manager shall (except where otherwise expressly provided herein) be sufficiently given or made if expressed in writing signed in the name of the Manager by its duly authorized representative(s) designated from time to time in writing. If at any time, the Manager shall fail to give or make any such approval, consent, direction, order or request as required by this Trust Agreement and no express provision is made for the action to be taken by the Trustee, the Trustee may act herein without any such approval, consent, direction, order or request, in its sole discretion.

(61) **18.7** **Material to be Furnished to Unitholders** 

Subject to Article 20, the Manager will cause to be furnished to the Unitholders and the Trustee any notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change to the Investment Policy of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Manager's desire to change the Fiscal Year of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the location of the principal office of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change to the Person designated by the Manager as the Registrar and Transfer Agent or Valuation Agent
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any proposed change to the method of calculation of the Management Fee payable by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any meeting of the Unitholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the intention by the Manager to terminate and dissolve or reorganize the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any material amendment to this Trust Agreement, together with a written explanation for the reasons for
such amendment.

**Article 19<br> NOTICE**

**19.1** **Notice to Unitholders** 

Any notice to be given or any document or instrument in writing to be sent to a Unitholder may be effectively given or sent by mailing it to the Unitholder by pre-paid ordinary mail addressed to the address of the Unitholder appearing on the Register referred to in Section 17.2 and shall be conclusively deemed to have been received by the Unitholder on the fifth Business Day after it was so mailed; provided that accidental failure to give notice to any Unitholder shall not affect any action taken pursuant to such notice.

**19.2** **Methods of Communication** 

Any notice to be given or any document or instrument in writing to the Trustee or the Manager (including for greater certainty, all directions and instructions) must be given through one of the following methods of communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personal or courier delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile (in accordance with the Manager's guidelines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) S.W.I.F.T.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) one of the Trustee's secured client access channels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) directly between electromechanical or electronic terminals (other than the internet or unsecured lines
of communication);

(62) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) telephone (subject to Sections 19.4, 19.5 and 19.8); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) internet (subject to Sections 19.6 and 19.8).

Communications should be addressed, as applicable, as follows:

in the case of the Trustee:

RBC Investor Services Trust

155 Wellington Street West, 2nd Floor

P.O. Box 7500, Station "A"

RBC Centre

Toronto, Ontario

M5V 3L3

Attention: Director, Client Service& Solutions <br>Facsimile: (416) 955-6262 or (416) 955-8571

in the case of the Manager:

Sprott Asset Management LP

Royal Bank Plaza, South Tower

200 Bay Street

Suite 2600

Toronto, Ontario

M5J 2J1

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone: | (416) 943-6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: | (416) 943-6497 |

---

or at such other address and number as the party to whom such communication is to be given shall have last notified the party giving the same in the manner provided in this section.

**19.3** **Deemed Delivery** 

Pursuant to Section 19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any communication delivered personally shall be deemed to have been given and received on the day it is
so delivered (or if that day is not a Business Day, on the next succeeding Business Day); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any communication given by facsimile, S.W.I.F.T., secured client access channels, directly between electromechanical
or electronic terminals (other than the internet or unsecured lines of communication) or the internet (subject to Sections 19.6 and 19.8)
shall be deemed to have been given and received on the Business Day it is transmitted provided that it was received before 3:00 p.m. (Toronto
time) and, if received after 3:00 p.m. (Toronto time), it shall be deemed to have been given and received on the Business Day following
the day of transmission provided in each case that confirmation of transmission is available from the party giving the communication.

(63) **19.4** **Telephone Directions** 

With respect to telephone directions, the Manager shall endeavor to forward directions (other than by telephone) confirming such telephone directions on the same day that such verbal directions are given to the Trustee. The fact that such confirming directions are not received or that contrary directions are received by the Trustee shall in no way affect the validity of transactions effected by the Trustee on the basis of the telephone directions.

**19.5** **Telephone Communications** 

The Manager agrees that some or all telephone conversations between the parties, including directions or communication given by telephone, may be recorded by the Trustee and that, in the event of any disagreement as to the content of any directions or communication given by telephone, such recording shall be conclusive and determinative of the contents of the directions or communication.

**19.6** **Internet** 

The Manager agrees and confirms, in connection with the services provided by the Trustee to the Trust, that the Trustee may forward reports and information to the Manager and/or to the Manager's authorized agents, and may receive and act upon communications and instructions (including, without limitation, directions) received from the Manager and/or the Manager's authorized agents through the use of such form of electronic means of communications (including the internet which is not a secure means of communication) as may be agreed to from time to time in writing. Without limiting the provisions of this Trust Agreement, the Manager also agrees that the Trustee may rely and act upon any email instructions or directions received via the internet from the Manager without the Trustee having to take any further actions of any kind to verify or otherwise ascertain the validity of such instructions or directions, and any such instructions or directions shall be binding on the Manager on whose behalf the e-mail instructions or directions shall have been given and that the Manager shall not make any claim or take any action or proceedings against the Trustee for any losses or damages whatsoever suffered by reason of the Trustee accepting and acting upon such instructions or directions so received.

**19.7** **Cyber Security** 

The Manager acknowledges that the use of the internet and any other networks or automated systems that provide the Trustee with internet access, or that provide the Manager with internet access to services available to the Manager via any online portal made available by the Trustee (collectively, the "**Automated Systems**"), as well as the use of information technology ("**IT**") systems generally, entails risks, including but not limited to service interruptions, system or communication failures, delays in service, errors or omissions in information provided, errors in the design or functioning of the Automated Systems and corruption of the Manager's and the Trust's data as well as risks related to cybercrime, including but not limited to theft of data or damage to the hardware, software, or electronic data of the computer systems of the Trustee (collectively, "**Cyber & IT Risk**"), which could result in a violation of the security or confidentiality of the Manager's and the Trust's data and confidential information and cause damage, expense or liability to the Manager and the Trust. The Manager also acknowledges the chain risk associated to the use of subcontractors and delegates.

The Trustee hereby confirms that it has set-up an IT and cyber security framework to address Cyber & IT Risk, which includes written policies and standards. The Trustee's framework, policies, and standards are aligned with industry leading practice and applicable laws. In addition to the IT and cyber security framework, the Trustee provides staff education and awareness training in support of the requirement for privacy and protecting our customer's data.

The Trustee has strong controls in place to monitor its data security, including but not limited to the monitoring and detection of unauthorized access to systems and client data, as well as intrusion tests and vulnerability scans performed regularly. The Trustee engages industry leading third parties to conduct pro-active assessment activities to prevent advanced persistent threats from accessing its networks. The Trustee has established a dedicated Security Operations Centre ("**SOC**") that monitors cyber threats. The SOC has 24/7 coverage and has incident monitoring capabilities to detect abnormal Trustee system behavior.

(64) The Trustee has a dedicated incident response team whose role is to mitigate or resolve any cyber-attack or incident. In case of a material incident, the Trustee's risk crisis management teams would be activated to liaise with, and provide information to, regulators, clients and constituents, and law enforcement, as appropriate. The Trustee has in place strong logical access controls in order to prevent unauthorized/inappropriate access to its data and systems. The Trustee manages supplier risk by maintaining an up to date inventory of its suppliers and engagements with those suppliers. Risk assessments are completed for the Trustee's suppliers at the start of the engagement and then re-assessed based on a defined reassessment cycle or when there is a change to the engagement with the supplier. The Trustee operates a "three lines of defense" model with clearly documented roles and responsibilities in relation to Cyber & IT Risk. This model supports the design and implementation of the Trustee's control environment as well as providing assurance in relation to its operating effectiveness.

The Manager acknowledges and agrees that the Trustee has implemented appropriate and reasonable security measures and policies to address Cyber & IT Risk. Notwithstanding any term of this Trust Agreement, the Trustee shall have no responsibility or liability whatsoever for losses or damages which may be suffered or incurred by the Manager and the Trust as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of the Manager to properly
 update, monitor or protect its IT systems, such as by installing appropriate antivirus software
 or taking similar measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any system failure, system malfunction,
 software malfunction or technical failure of any Automated System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) viruses or worms, trojan horses, unauthorized
 codes, malware, spyware, time bombs, time locks, drop deads, ransomwares and other similar
 malicious software: (i) being introduced into the Trustee's systems, (ii) affecting
 the Trustee's use of any online services provided by the Trustee, (iii) corrupting,
 damaging or otherwise affecting the Trustee's data visible on or downloaded from any
 online portals made available by the Trustee, or (iv) corrupting, damaging or otherwise
 affecting the Manager's IT systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the interception, hacking, review, alteration,
 tampering with, or other breach of security of electronic communications between the Trustee
 and the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any third party systems over which the
 Trustee has no control,

except where any such losses or damages are caused directly by the Trustee's breach of Standard of Care, fraud or willful misconduct.

**19.8** **Verification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All directions and instructions shall
 be given in one of the methods authorized by Section 19.2 and shall be given by authorized
 officer(s) of the Manager and of any other Person(s) or representative(s) including
 any Investment Manager appointed by the Manager and authorized to act on behalf of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the provisions of this
 Trust Agreement and subject to Section 11.2(a) and Section 19.6, the Manager
 also agrees that the Trustee may rely and act upon any instructions or directions received
 from authorized officer(s) of the Manager and of any other Person(s) or representative(s) including
 any Investment Manager appointed by the Manager and authorized to act on behalf of the Manager
 without the Trustee having to take any further actions of any kind to verify or otherwise
 ascertain the validity of such instructions or directions except to verify such personnel
 is duly authorized by the Manager in accordance with the Certificate of Authorized Signing
 Authorities then on file with the Trustee, and any such instructions or directions shall
 be binding on the Manager on whose behalf the instructions or directions shall have been
 given. The Trustee shall be entitled to rely solely on such certificate then on file without
 further inquiry for verification purposes.

(65) **Article 20<br> AMENDMENTS**

**20.1** **Non-Material Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Trust Agreement
 may be amended, deleted, expanded or varied by the Manager, with the approval of the Trustee,
 upon notice to Unitholders in accordance with Section 20.4, if the amendment, in the
 opinion of Counsel for either the Trustee or the Manager, does not constitute a material
 change and does not relate to any of the matters specified in Section 20.2, but no amendment
 shall be made under this Section 20.1 which adversely affects the pecuniary value of
 the interest of any Unitholder or restricts any protection provided to the Trustee or increases
 the responsibilities of the Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Trust Agreement may also be amended
 by the Manager without the approval of, or notice to, Unitholders for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to remove any conflicts or other inconsistencies
 which may exist between any terms of this Trust Agreement and any provisions of any Applicable
 Law affecting the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make any change or correction in this
 Trust Agreement which is of a typographical nature or is required to cure or correct any
 ambiguity or defective or inconsistent provision, clerical omission, mistake or manifest
 error contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to bring this Trust Agreement into conformity
 with Applicable Laws, rules and policies of Securities Authorities, stock exchanges
 on which the Units are listed or with current practice within the securities industry, provided
 that any such amendment does not adversely affect the rights, privileges or interests of
 any Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where the Exemptive Relief has been amended,
 modified, supplemented or replaced, to reflect any changes to the definitions of "Facility",
 "Storage Agreements", "Storage Jurisdictions" or "Warehouse
 Provider", to the extent permitted by such amended, modified, supplemented or replaced
 Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to add or amend a redemption feature for
 any class of Units that is necessary or advisable in connection with the Trust undertaking
 to list such class of Units on a U.S. stock exchange, or so that the Trust may continue to
 qualify as a "unit trust" for purposes of the Tax Act, in either case as determined
 by the Manager in its discretion **;** 

(v.1) to maintain, or permit the Manager to take such steps as may be desirable or necessary to maintain, the status of the Trust as a "mutual fund trust" for the purposes of the Tax Act; or

(66) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to provide added protection or benefit
 to Unitholders.

**20.2** **Unitholder Approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 20.2(b), Section 20.2(c),
 Section 20.2(d) and Section 20.2(f), notwithstanding the other provisions
 of this Trust Agreement, certain matters relating to the Trust and this Trust Agreement require
 approval by the Unitholders. Such approval must be given at a meeting duly called for that
 purpose or by written resolution pursuant to Article 16. Any provision of this Trust
 Agreement may be amended, deleted, expanded or varied with the approval of the Unitholders
 for the following purposes by resolution passed by an Ordinary Resolution, other than Section 20.2(a)(i) and
 Section 20.2(a)(ii) which require approval of Unitholders by an Extraordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a change in the investment objective of
 the Trust set out in Section 22.1 or the investment strategy set out in Section 22.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in the investment and operating
 restrictions of the Trust set out in Section 22.3, unless such change or changes are
 necessary to ensure compliance with Applicable Laws or other requirements imposed from time
 to time by Securities Authorities or stock exchanges on which the Units are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the basis of calculating
 a fee or expense that is charged to the Trust or directly to its Unitholders by the Trust
 or the Manager in connection with the holding of Units which could result in an increase
 in charges to the Trust or to its Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the introduction of a fee or expense to
 be charged to the Trust or directly to its Unitholders by the Trust or the Manager in connection
 with the holding of Units which could result in an increase in charges to the Trust or to
 its Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a reduction in the frequency of calculating
 the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset
 Value or the Class Net Asset Value per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a change in the Manager, unless the successor
 manager is an Affiliate of the current Manager or the successor manager occurs primarily
 as a result of a Manager Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Trust undertakes a reorganization
 with, or transfers its assets to, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Trust ceases to continue after the
 reorganization or transfer of assets, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the transaction results in the Unitholders
 becoming unitholders in the other investment fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Trust undertakes a reorganization
 with, or acquires assets from, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Trust continues after the reorganization
 or acquisition of assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the transaction results in the unitholders
 of the other investment fund becoming Unitholders in the Trust, and

(67) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the transaction would be a material change
 to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Despite Section 20.2(a), the approval
 of Unitholders is not required to be obtained for a change referred to in Section 20.2(a)(iii) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust is at arm's length to the
 Person charging the fee or expense to the Trust which is changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Disclosure Documents disclose that,
 although the approval of Unitholders will not be obtained before making the change, Unitholders
 will be sent a written notice at least 60 days before the effective date of the change that
 is to be made which could result in an increase in charges to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the notice referred to in Section 20.2(b)(ii) is
 sent 60 days before the effective date of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Despite Section 20.2(a), the approval
 of Unitholders is not required to be obtained for a change referred to in Section 20.2(a)(vii) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Independent Review Committee has approved
 the change in accordance with NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust is being reorganized with, or
 its assets are being transferred to, another investment fund to which NI 81-102 and NI 81-107
 apply and that is managed by the Manager or its Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the reorganization or transfer of assets
 of the Trust complies with the criteria set forth in NI 81-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Disclosure Documents disclose that,
 although the approval of Unitholders will not be obtained before making the change, Unitholders
 will be sent a written notice at least 60 days before the effective date of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the notice to Unitholders referred to in
 Section 20.2(c)(iv) is sent 60 days before the effective date of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reorganization or transfer of assets
 pursuant to Section 20.2(a)(vii) or Section 20.2(a)(viii) above, including
 a transaction approved by the Independent Review Committee pursuant to Section 20.2(c)(i),
 must satisfy the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reorganization of the Trust with another
 investment fund or the transfer of assets must be accomplished on a tax-deferred rollover
 basis for Unitholders and for unitholders of the other investment fund and must be a tax-deferred
 transaction for U.S. federal income tax purposes for U.S. Unitholders and for unitholders
 of the other investment fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the investment fund with which the Trust
 is reorganized or which receives the Trust's assets: (A) is classified as a corporation
 for U.S. federal income tax purposes, (B) does not take any action inconsistent with
 its classification as a corporation for U.S. federal income tax purposes, and (C) does
 not elect to be treated as an entity other than a corporation for such purposes; and

(68) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the investment fund surviving the reorganization
 or the transfer of assets: (A) within 45 days from the end of each taxable year of the
 investment fund, determines, or causes to be determined, whether the investment fund was
 a PFIC in such taxable year, (B) provides or causes to be provided to unitholders of
 the investment fund all information necessary to enable unitholders or beneficial owners
 of units of the investment fund, as applicable, to elect to treat the investment fund as
 a QEF for U.S. federal income tax purposes and to comply with any reporting or other requirements
 incident to such election, and (C) within 45 days from the end of each taxable year
 of the investment fund in which the investment fund is a PFIC, provides, or causes to be
 provided, to unitholders or beneficial owners of units of the investment fund, as applicable,
 a completed "**PFIC Annual Information Statement**" as required by U.S. Treasury
 Regulations Section 1.1295-1(g) and otherwise complies with the applicable requirements
 of the U.S. Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In addition, any material amendment, modification
 or variation in the provisions of, or rights attaching to, a particular class or series of
 a class of Units must be approved by an Extraordinary Resolution of the Unitholders of that
 class or series of a class of Units, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Despite Section 20.2(a), the approval
 of Unitholders of any amendment, deletion, expansion or variation of the Trust Agreement
 not permitted under Section 20.1(b)(iii) and reasonably required or advisable (as
 determined by the Manager acting in good faith) for, or in connection with, the listing or
 potential listing of the Units on a U.S. stock exchange shall only require a resolution approved,
 in person or by proxy, by Unitholders holding Units representing in aggregate not less than
 50% of the Units or a written resolution signed by Unitholders holding Units representing
 in aggregate not less than 50% of the Units.

**20.3** **Change of Auditors** 

The Auditors appointed by the Manager pursuant to Section 17.3 may not be changed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Independent Review Committee has approved
 the change of Auditors in accordance with NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Disclosure Documents disclose that,
 although the approval of Unitholders will not be obtained before making the change, Unitholders
 will be sent a written notice at least 60 days before the effective date of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notice to Unitholders referred to
 in Section 20.3(b) is sent 60 days before the effective date of the change.

**20.4** **Notice of Amendment(s)** 

Notice of any amendment under Section 20.1 shall be given in writing to Unitholders, and any such amendment shall take effect on a date to be specified therein, which date shall be not less than 60 days after notice of the amendment is given to Unitholders, except that the Manager and the Trustee may agree that any amendment pursuant to Section 20.1 shall become effective at an earlier date if, in the opinion of the Manager and the Trustee, an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any Unitholder.

**20.5** **Approval of Trustee** 

In addition, the approval of the Trustee is also required for any amendment to this Trust Agreement if the amendment restricts any protection provided to the Trustee or impacts the responsibilities of the Trustee hereunder.

(69) **20.6** **Approval of TSX** 

In addition, amendments to this Trust Agreement are subject to TSX approval, if applicable.

**Article 21<br> TERMINATION OF THE TRUST**

**21.1** **Termination of the Trust** 

The Trust will be terminated and dissolved in the event of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there are no outstanding Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee resigns or is removed and
 no successor trustee is appointed by the Manager within the time limit prescribed in Section 13.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager resigns and no successor manager
 is appointed by the Manager and approved by Unitholders within the time limit prescribed
 in Section 14.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Termination Event occurs.

**21.2** **Notice of Termination** 

The Manager may at any time terminate and dissolve the Trust if, in the opinion of the Manager, after consulting with the Independent Review Committee, the Net Asset Value of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the Unitholders to terminate the Trust, by giving to the Trustee and each then Unitholder written notice of its intention to terminate at least 90 days before the effective date on which the Trust is to be terminated. To the extent such termination of the Trust in the discretion of the Manager may involve a matter that would be a "**conflict of interest**" matter as set forth under NI 81-107, the matter will be referred by the Manager to the Independent Review Committee for its recommendation.

**21.3** **Effect of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of the winding-up of the
 Trust, the Manager or, in the event of Section 21.1(d), such other Person appointed
 by the Trustee, the Unitholders or a court of competent jurisdiction, as the case may be,
 shall make appropriate arrangements for converting the investments of the Trust into cash,
 and the Trustee shall proceed to wind-up the affairs of the Trust in such manner as seems
 to it to be appropriate. The assets of the Trust remaining after paying or providing for
 all obligations and liabilities of the Trust shall be distributed among the Unitholders named
 in the Register as at 4:00 p.m. (Toronto time) on the effective date on which the Trust
 is to be terminated in accordance with Article 21. Distributions of Net Income and Net
 Realized Capital Gains shall, to the extent not inconsistent with the orderly realization
 of the assets of the Trust, continue to be made in accordance with this Trust Agreement until
 the Trust has been wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, if a notice
 of termination has been given by the Manager and if authorized by the vote of Unitholders
 holding Units representing in aggregate not less than 50% of the Net Asset Value of the Units
 as determined in accordance with this Trust Agreement, the assets of the Trust may be, in
 the event of the winding-up the Trust, distributed to the Unitholders on the termination
 of the Trust in specie in whole or in part, and the Trustee shall have complete discretion
 to determine the assets to be distributed to any Unitholder and their values for distribution
 purposes.

(70) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If after a period of six months from the
 effective date on which the Trust was terminated, the Registrar and Transfer Agent is unable
 to locate the owner of any Units as shown on the Register, such amount as would be distributed
 to such Unitholder shall be deposited by the Registrar and Transfer Agent in an account in
 a chartered bank or trust company (including the Trustee) in Canada in the name and to the
 order of such Unitholder upon presentation by such Unitholder of sufficient information determined
 by the chartered bank or trust company to be appropriate to verify such Unitholder's
 entitlement to such amount. Upon such deposit being made, the Units represented thereby shall
 be cancelled and the Registrar and Transfer Agent, the Manager and the Trustee shall thereupon
 be released from any and all further liability with respect to such moneys. Thereafter the
 Unitholder shall have no rights as against the Registrar and Transfer Agent, the Manager
 or the Trustee to such moneys or an accounting therefor.

**21.4** **Termination of Trust Agreement** 

Upon termination and dissolution of the Trust pursuant to this Article 21, this Trust Agreement shall terminate and all of the assets of the Trust shall be distributed in accordance with Section 21.3 above.

**Article 22<br> INVESTMENT POLICY**

**22.1** **Investment Objective** 

The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to Unitholders.

**22.2** **Investment Strategy** 

The Trust intends to achieve its objective by investing primarily in long-term holdings of Copper and generally will not speculate with regard to short-term changes in Copper prices.

**22.3** **Investment and Operating Restrictions** 

The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will invest in and hold a minimum of 90%
 of the total net assets of the Trust in Copper (whether in physical form or through Financial
 Instruments that represent Copper) and invest in and hold no more than 10% of the total net
 assets of the Trust, at the discretion of the Manager, in debt obligations guaranteed by
 the Government of the United States or a state thereof or by the Government of Canada or
 a province of Canada, 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 Dominion
 Bond Rating Service Limited or its successors or assigns or F1 (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, cash
 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 the Trust's initial public
 offering or additional offerings or prior to the distribution of the assets of the Trust;

(71) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not issue Units following the completion
 of the Trust's initial public offering except (i) if the net proceeds per Unit
 to be received by the Trust are not less than 100% of the most recently calculated Net Asset
 Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by
 way of Unit distribution in connection with a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not invest in Financial Instruments
 that represent Copper or that may be exchanged for Copper, other than for the purposes of
 Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse
 receipts, and other financial instruments (collectively "**Financial Instruments** ")
 to complement the Trust's Copper procurement strategy, so long as these transactions
 provide value to the Trust and the risk associated with each transaction and to the Trust
 is minimized to the satisfaction of the Manager taking into account all relevant tax considerations.
 For the avoidance of doubt, Copper optimization transactions include futures contracts that
 correspond to a Copper purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not lend Copper except (i) in
 connection with ancillary and incidental transactions entered into a facilitate custody,
 settlement, storage or other operational requirements, and (ii) to other market participants,
 of sufficient credit quality and/or with appropriate credit enhancing measures, so that the
 risk associated with any such transaction and to the Trust is minimized to the satisfaction
 of the Manager taking into account all relevant tax considerations; for greater certainty,
 the Trust shall not engage in Copper lending as an investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will ensure that the storage of Copper
 is governed by agreements with the Facilities having generally customary terms for agreements
 of such nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to (e) above, will ensure
 that the Copper remains unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will not guarantee the securities or obligations
 of any Person other than the Manager, and then only in respect of the activities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will not use leverage other than for short-term
 borrowings to settle trades;

(h.1) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a "mutual fund trust" within the meaning of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with requirements of the
 Tax Act, will not invest in any security that would be a tax shelter investment within the
 meaning of section 143.2 of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with requirements of the
 Tax Act, will not invest in the securities of any non-resident corporation, trust or other
 non-resident entity (or of any partnership that holds such securities) if the Trust (or the
 partnership) would be required to include any significant amount in income under sections
 94, 94.1 or 94.2 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with requirements of the
 Tax Act, will not carry on any business and make or hold any investments that would result
 in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122
 of the Tax Act.

(72) **22.4** **Investment and Reinvestment by the Trust** 

The Trust and the Manager shall not, in carrying out investment activities, be in any way restricted by the provisions of the laws of any jurisdiction limiting or purporting to limit investments which may be made by trustees, and shall be entitled to vary the investments of the Trust, but shall be limited by any Investment Policy contained herein and the Applicable Laws to which the Trust is subject.

**Article 23<br> GENERAL**

**23.1** **Compliance with Law and Policy** 

It shall be the responsibility of the Manager to ensure that this Trust Agreement, the Disclosure Documents and all regulatory filings of the Trust and any distribution of Units comply with all Applicable Laws. To this end, the Manager, on behalf of a Trust, shall take such action and execute such deeds and documents as may be necessary or desirable to be filed with appropriate Securities Authorities on behalf of the Trust.

**23.2** **Governing Law** 

This Trust Agreement and the trust hereby created shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the parties hereto irrevocably attorn to the non-exclusive jurisdiction of the courts of the Province of Ontario. The responsibilities of the Trustee shall be principally performed from its office at Toronto, Ontario unless otherwise agreed by the Manager and the Trustee.

**23.3** **Computation of Time** 

In computing the date when notice must be given under any provision of this Trust Agreement requiring a specified number of days' notice of any meeting or other event, the date of giving the notice shall be excluded and the date of the meeting or other event shall be included.

**23.4** **Omissions and Errors** 

The accidental omission to give any notice to any Unitholder, the Trustee, the Manager or the Auditors or the non-receipt of any notice by any such Person or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**23.5** **Time** 

Time shall be of the essence of this Trust Agreement.

**23.6** **Counterparts and Facsimile** 

This Trust Agreement may be executed using wet ink signature or electronic signature by any party to this Trust Agreement by such party signing a counterpart of this Trust Agreement, and all such counterparts together shall constitute a single instrument. The electronic exchange of wet-ink signed or electronically signed copies of this Trust Agreement (including pdf copies or other legible image files) will be, among other methods of delivery, sufficient to bind all of the parties, and none of the parties shall contest the enforceability or admissibility of a copy of this Trust Agreement that has been electronically signed and delivered.

**23.7** **Complete Agreement** 

This Trust Agreement and all schedules attached hereto supersede and replace all prior negotiations and agreements made between the parties to this Trust Agreement, whether oral or written and contain the entire understanding between the parties with respect to the subject matter of this Trust Agreement. The parties agree to the correction of any clerical error in this Trust Agreement as clarified by the drafting solicitor acting reasonably.

(73) **23.8** **Severability** 

If any provision of this Trust Agreement is or becomes illegal, invalid or unenforceable, in whole or in part, in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect (i) the legality, validity or enforceability of the remaining provisions of this Trust Agreement or (ii) the legality, validity or enforceability of that provision in any other jurisdiction.

**23.9** **Inspection of Documents** 

This Trust Agreement shall be open to inspection by Unitholders and any agent, consultant or creditor of the Trust on a need to know basis as determined by the Manager, acting reasonably, and, upon written request from any Unitholder, the Manager shall as quickly as reasonably possible furnish such Unitholder with a copy hereof.

**23.10** **Confidentiality, Data Processing and Sharing of Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defined Terms</u> 

For the purposes of this Section 23.10 the following defined terms shall have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Client Information** "
 means any and all information and documentation relating to the Manager and the Trust provided
 to the Trustee by the Manager or any other person on the Manager's behalf during the
 course of the relationship with the Trustee, whether provided in person, by mail, email,
 fax, telephone or any other means. Client Information processed by the Trustee may include,
 but is not limited to, identification data, contractual and other documentation, and transactional
 information. It may also include Personal Data, including but not limited to Personal Data
 relating to the Manager's employees, directors, officers, legal representatives, beneficial
 owners, trustees, settlors, signatories, shareholders or otherwise. For the avoidance of
 doubt, in respect of an investment fund, Client Information shall not include information
 about investors (i.e. unitholders/shareholders) in such investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Confidential Information** "
 means any information relating to a party or to the affairs, business and strategies, including
 the investments, of such party, and may include, without limitation, Personal Data, data
 identifying the relevant party, contractual and other documentation, transactional information,
 and shall include Client Information. Confidential Information shall not include any information
 to the extent that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) already in the possession or otherwise
 known by the recipient or its affiliates (in the case of the Trustee as recipient, RBC Group)
 before the date of this Trust Agreement and was at the time not confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) lawfully obtained by the recipient on
 a non-confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the public domain or becomes public
 information, otherwise than by way of a breach of this Trust Agreement;

(74) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) lawfully disclosed to a party by a third
 party without restriction on disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) disclosed by a party to a third party
 with the written consent of the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) independently developed by the receiving
 party without the use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Permitted Disclosees** "
 means each party's affiliates, direct and indirect subsidiaries and parent companies
 and each of their respective affiliates, directors, officers or employees and, in the case
 of the Trustee, shall include without limitation RBC Group and any agents appointed by the
 Trustee to perform the services under this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Personal Data**" means
 any information relating to an identified or identifiable individual, and any and all documents
 relating to or identifying that individual provided to the Trustee by the Manager or any
 other person on its behalf during the course of the relationship with the Trustee. Such data
 may include but is not limited to, details about the Manager's employees, directors,
 officers, legal representatives, beneficial owners, trustees, settlors and signatories. The
 Manager will inform and obtain consent from any relevant individual so that data relating
 to them may be processed as described in this Section 23.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**RBC Group**" means Royal
 Bank of Canada, a Canadian chartered bank, and all direct and indirect subsidiaries of Royal
 Bank of Canada and all of their affiliates, directors and employees. A reference to subsidiary
 means, from time to time, any corporation which is under the control of Royal Bank of Canada
 either directly or indirectly, or Royal Bank of Canada directly or indirectly controls at
 least 50% of the voting rights of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Confidentiality</u> 

Subject to Sections 7.4(b), 23.10(c), 23.10(d), 23.10(e) and 23.10(f), each party will keep the other party's Confidential Information confidential and shall not disclose such Confidential Information to any person not authorized to receive the same and each party will use its reasonable endeavours to prevent any such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosure of Confidential Information</u> 

Each party may disclose Confidential Information to its Permitted Disclosees and as may be required by law or regulation, by order of any court of competent jurisdiction, or by order of any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Permitted Disclosure by Trustee</u> 

Without limiting the generality of the foregoing, the Trustee shall be permitted to disclose any Client Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the entities of RBC Group located in
 various jurisdictions, including but not limited to Australia, Belgium, Canada, France, Hong
 Kong, Ireland, Italy, Malaysia, Singapore, Spain, Switzerland and the United Kingdom
 for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to ensure and facilitate compliance with
 applicable laws and/or regulations,

(75) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to determine eligibility for products
 and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to enable the Trustee to provide existing,
 new or enhanced services in connection with or arising out of, the Manager's agreement(s) with
 the Trustee, or the Manager's direction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to assess financial and credit risk, and
 generally in connection with the prudent risk management of the RBC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to administer and process the Manager's
 account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) to manage information technology and associated
 databases, processes, and similar technological requirements, in an efficient manner in order
 to minimize service interruptions and deliver quality client service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) to receive services from other entities
 of the RBC Group in connection with any of the above purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) to protect and enforce any property or
 other rights of the RBC Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) to manage disputes, litigation or investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to companies, entities or persons that
 provide any services to the Trustee (e.g. sub-custodians, delegates) to enable the Trustee
 to provide services to the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any governmental or regulatory authorities,
 stock exchanges and clearing houses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as otherwise required in accordance with
 Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Disclosure by Trustee</u> 

The Manager further consents to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee may disclose the Manager's
 details and information about its securities holdings upon the request of the issuer of the
 relevant securities; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee may process Client Information
 as aforesaid and the Manager specifically authorises and empowers the Trustee to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Information Held Outside Canada</u> 

When Permitted Disclosees are located outside Canada, Client Information that is stored in Canada may be transferred to jurisdictions outside Canada, and may be stored and processed in such jurisdictions, including countries which may not provide the same level of Personal Data protection as is available in Canada, and the measures that the Trustee may use to protect such Client Information in addition to being subject to the laws of Canada, are also subject to legal requirements of the jurisdiction where such Client Information may be transferred, stored and processed. As a result, Client Information may be disclosed to the lawful authorities in such other jurisdictions in order to comply with lawful requests from local or foreign regulators, government agencies, public bodies or other entities who have the lawful authority to issue such requests. The Trustee shall not be liable for any consequences resulting from the disclosure of the Client Information to such authorities. No provision of this Section 23.10 shall prevent any competent authority from having access to and obtaining, upon request, any document or information relating to the parties or the services performed under this Trust Agreement.

(76) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Consent</u> 

The Manager agrees that the disclosure of Client Information is made in its interest and that such disclosure permits the Trustee to provide it with effective and efficient services. The consent given in Section 23.10(c), Section 23.10(d), Section 23.10(e) and Section 23.10(f) shall remain valid during the life of the contractual relationship between the parties. The Manager hereby waives any pre-existing confidentiality obligations that the Trustee may have towards it in that regard. The consent given under this Section 23.10 supplements any consent the Manager has previously granted to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Data Protection</u> 

The Trustee shall implement appropriate technological and organizational security measures to protect data against accidental or unlawful destruction or loss, alteration, unauthorized disclosure or access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Manager Refusal</u> 

The Manager will be able, at any time, to refuse the collecting, processing and sharing of Client Information as otherwise provided in this Section 23.10. Such refusal will affect the existence or continuation of the provision of services under this Trust Agreement and the Trustee shall not be liable for any loss or damage resulting, directly or indirectly, from such refusal by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Access to Client Information</u> 

The Manager has the right to request access to (and correction of, if necessary) any Client Information relating to it upon reasonable notice to the Trustee and may do so by contacting the Trustee at the contact details set out in the notice section of this Trust Agreement.

**23.11** **Electronic Imaging** 

The Trustee may convert paper records of this Trust Agreement and all other documents delivered to the Trustee into electronic images, as part of the Trustee's normal business practices. Each such electronic image, and any other electronic records or information maintained by the Trustee in connection with this Trust Agreement, shall be considered an authoritative copy of the paper document, where applicable, and shall be legally binding on the parties and admissible in any legal, administrative, or other proceeding as conclusive evidence of the contents of such document in the same manner as the original paper document. The Manager waives the right to object to the introduction of any such documents, records or information into evidence solely on the basis that they are maintained in electronic format.

(77) **IN WITNESS WHEREOF** the parties have caused this Trust Agreement to be executed by their respective duly authorized officers effective as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| | ![](tm263976d1_ex99-1splimg001.jpg) |  |
| Witness to the signature of: | ![](tm263976d1_ex99-1splimg001.jpg) | Lara Misner, Settlor |

---

---

| | |
|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| By: |  |
|  | John Ciampaglia |
|  | Chief Executive Officer |
| By: |  |
|  | Varinder Bhathal |
|  | Chief Financial Officer |
| We have the authority to bind the Manager. | We have the authority to bind the Manager. |
| **RBC INVESTOR SERVICES TRUST**, in its capacity as the Trustee of the Trust | **RBC INVESTOR SERVICES TRUST**, in its capacity as the Trustee of the Trust |
| By: |  |
| By: |  |
| We have the authority to bind the Trustee. | We have the authority to bind the Trustee. |

---

(78) **Schedule A<br> ANNUAL CERTIFICATE OF COMPLIANCE**

---

| | |
|:---|:---|
| TO: | **RBC INVESTOR SERVICES TRUST** (the **"Trustee"**), in its capacity as the trustee of Sprott Physical Copper Trust |

---

In accordance with the terms of an amended and restated trust agreement dated as of May 10, 2024, as the same may be further amended, restated, supplemented or replaced from time to time (the "**Trust Agreement**"), relating to Sprott Physical Copper Trust (the "**Trust**"), Sprott Asset Management LP (the "**Manager**") was appointed the manager of the Trust. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Trust Agreement.

With respect to the Manager and the Facilities, as applicable, the Manager hereby certifies and confirms that with respect to the 12-month period ending December 31, 20___, to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All investments of the Trust are in compliance
 with the Investment Policy and other investment-related information disclosed in the Trust
 Agreement and the Disclosure Documents, and are in compliance with any other regulatory restriction
 or policy applicable to investments by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager has complied with its obligations
 specifically relating to Copper as set out in the Trust Agreement including, for greater
 certainty, the Investment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facilities have been appointed pursuant
 to the terms of a Storage Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All of the Copper owned by the Trust is
 stored and held by the Facilities verified by the Manager or a Technical Advisor to be appropriate
 to hold and store Copper in the relevant markets where Copper is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Facilities maintain proper records,
 procedures and internal controls and safeguards relating to the holding and storage, recording,
 access to, and release of, Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no material litigation, claims,
 fraud or audit issues presently outstanding against the Facilities which have not been previously
 disclosed to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Facilities continue to be financially
 viable companies in compliance with all Applicable Laws and in good standing with any regulatory
 authorities and/or governing bodies having jurisdiction over their corporate status, affairs
 and related services, including the handling and storage of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Facilities continue to store the Copper
 owned by the Trust as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All confirmations, quarterly statements,
 tax receipts, and annual and interim financial statements of the Trust have been delivered
 to Unitholders as required under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All regulatory filings required to be
 made by the Trust, such as the annual and interim financial statements of the Trust, have
 been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All regulatory filings required to be
 made by the Manager, including annual renewals of its securities registration under Applicable
 Laws, have been completed. The Manager is not under investigation by any regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Manager has complied with all of its
 obligations under Applicable Laws applicable to it and its duties and responsibilities under
 the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) There is no litigation pending against
 the Manager or the Trust which has not already been disclosed to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The distribution of the Units by the Underwriters,
 the Manager or its selling agents is in compliance with Applicable Laws and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) All subscriptions or transfers of Units
 were accepted by the Manager prior to the Valuation Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Intentionally Deleted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The audited annual financial statements
 and the unaudited interim financial statements of the Trust have been prepared and are complete,
 accurate and approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All documentation required to be forwarded
 to the Trustee by the Manager has been so forwarded (including, for greater certainty, annual
 and interim financial statements of the Trust, including auditors report thereon, as applicable,
 both external and internal, statements of holdings of the Trust and internal control documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Manager has provided to the Trustee
 all necessary information to enable the Trustee to accurately complete the tax return(s) of
 the Trust by March 31 (or March 30 in the case of a leap year) of each year or,
 alternatively, if the Trustee has not itself prepared and filed the tax return(s) of
 the Trust, the Manager has provided a copy of such tax return(s) of the Trust to the
 Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Current certified copies of the Manager's
 signing authorities have been provided to the Trustee and may be relied upon by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The Manager shall promptly inform the
 Trustee should the Trust fail to comply with any restrictions and conditions hereto.

DATED this ____ day of ___________, 20___.

---

| | |
|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| <br> By: |  |
|  | [Name] |
|  | Chief Executive Officer |
| <br> By: |  |
|  | [Name] |
|  | Chief Financial Officer |

---

**Schedule B<br> INTERIM CERTIFICATE OF COMPLIANCE**

---

| | |
|:---|:---|
| TO: | **RBC INVESTOR SERVICES TRUST** (the **"Trustee"**), in its capacity as the trustee of Sprott Physical Copper Trust |

---

In accordance with the terms of the amended and restated trust agreement dated as of May 10, 2024, as the same may be further amended, restated, supplemented or replaced from time to time (the **"Trust Agreement"**), relating to Sprott Physical Copper Trust (the **"Trust"**), Sprott Asset Management LP (the **"Manager"**) was appointed the manager of the Trust. All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Trust Agreement.

With respect to the Manager and the Facilities, as applicable, the Manager hereby certifies and confirms that with respect to the six month period ending June 30, 20___, to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager has complied with its obligations
 specifically relating to Copper as set out in the Trust Agreement including, for greater
 certainty, the Investment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Facilities have been appointed pursuant
 to the terms of a Storage Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the Copper owned by the Trust is
 stored and held by the Facilities verified by the Manager or a Technical Advisor to be appropriate
 to hold and store Copper in the relevant markets where Copper is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Facilities maintain proper records,
 procedures and internal controls and safeguards relating to the holding and storage, recording,
 access to, and release of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no material litigation, claims,
 fraud or audit issues presently outstanding against the Facilities which have not been previously
 disclosed to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Facilities continue to be financially
 viable companies in compliance with all Applicable Laws and in good standing with any regulatory
 authorities and/or governing bodies having jurisdiction over their corporate status, affairs
 and related services, including the handling and storage of Copper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Facilities continue to store the Copper
 owned by the Trust as of the date hereof.

DATED this ____ day of ___________, 20___.

---

| | |
|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| <br> By: |  |
|  | [Name] |
|  | Chief Executive Officer |
| <br> By: |  |
|  | [Name] |
|  | Chief Financial Officer |

---

**Schedule C<br> CERTIFICATE OF AUTHORIZED SIGNING AUTHORITIES**

[*To be attached hereto*]

**Schedule D<br> DESIGNATED MARKETS**

Argentina

Bosnia & Herzegovina

Costa Rica

Georgia

Iceland

Jamaica

Macedonia

Nigeria

Pakistan

Russia

Serbia

Tanzania

Turkey

Uganda

Ukraine

Uruguay

Vietnam

WAEMU

Zambia

**Schedule E<br> Form of Cash REdemption Notice**

---

| | |
|:---|:---|
| **DATE:** | ____________________________ |

---

---

| | |
|:---|:---|
| **TO:** | TSX Trust Company (the "**Transfer Agent**"), as the registrar and transfer agent of Sprott Physical Copper Trust (the "**Trust**") |

---

Ticker Symbol: <u>COP.UN/COP.U (TSX)/ ● (NYSE Arca)</u>

CUSIP number: 85210C100

**AND TO:** Sprott Asset Management LP (the "**Manager**"), as the manager of the Trust

---

| | |
|:---|:---|
| **RE:** | Cash Redemption Notice under Section 6.3 of the Trust Agreement of the Trust |

---

------

The undersigned (the "**Unitholder**"), the holder of __________________ units of the Trust (the "**Units**") designated above by its Toronto Stock Exchange or NYSE Arca ticker symbol and CUSIP number, requests the redemption for cash of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of May 10, 2024, as the same may be further amended, restated or supplemented from time to time (the "**Trust Agreement**"), and directs the Transfer Agent to cancel such Units on __________________ and wire such cash in accordance with the following wire instructions. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate form.

&nbsp;&nbsp;Wire Instructions:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Signature of Unitholder | &nbsp;&nbsp;Signature Guarantee |
| &nbsp;&nbsp;Print Name | &nbsp;&nbsp;Unitholder's Brokerage Account Number |
| &nbsp;&nbsp;Print Address |  |
| &nbsp;&nbsp;Print Broker Name and CDS Participant ID | &nbsp;&nbsp;Print Broker Contact Name and Telephone Number |

---

**NOTE:** The name and address of the Unitholder set forth in this Cash Redemption Notice must correspond with the name and address as recorded on the register of the Trust maintained by the Transfer Agent. The signature of the person executing this Cash Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program.

<u>Instruction</u>

Mail redemption notice to: <br> TSX Trust Company<br> Attn: Corporation Actions<br> 300-100 Adelade Street West <u>Fax the redemption notice to: Sprott Asset Management LP, Compliance Department; Fax 416 977 9555</u>

**Schedule F<br> Form of Copper Redemption Notice**

---

| | |
|:---|:---|
| **DATE:** | ____________________________ |

---

---

| | |
|:---|:---|
| **TO:** | TSX Trust Company (the "**Transfer Agent**"), as the registrar and transfer agent of Sprott Physical Copper Trust (the "**Trust**") |

---

Ticker Symbol: <u>COP.UN/COP.U (TSX)/ ● (NYSE Arca)</u>

CUSIP number: 85210C100

**AND TO: Sprott Asset Management LP (the "Manager"), as the manager of the Trust**

---

| | |
|:---|:---|
| **RE:** | Copper Redemption Notice under Section 6.1 of the Trust Agreement of the Trust |

---

------

The undersigned (the "**Unitholder**"), the holder of __________________ units of the Trust (the "**Units**") designated above by its Toronto Stock Exchange or NYSE Arca ticker symbol and CUSIP number, requests the redemption for physical copper metal of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of May 10, 2024, as the same may be further amended, restated or supplemented from time to time (the "**Trust Agreement**"), and directs the Transfer Agent to cancel such Units on __________________. The Unitholder represents and warrants that it is not (i) an undertaking for collective investment in transferable securities (UCITS), or (ii) prohibited by its investment policies, guidelines or restrictions from receiving physical copper metal. All physical copper metal shall be delivered to the following account at the applicable Designated Facility (as defined in the Trust Agreement), which the undersigned hereby authorizes the Manager or its agent to retain on the undersigned's behalf. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate form.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Delivery Instructions and Tax Information: | &nbsp;&nbsp;Please see attached delivery instructions and tax information. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Signature of Unitholder | &nbsp;&nbsp;Signature Guarantee |
| &nbsp;&nbsp;Print Name | &nbsp;&nbsp;Unitholder's Brokerage Account Number |
| &nbsp;&nbsp;Print Address |  |
| &nbsp;&nbsp;Print Broker Name and CDS Participant ID | &nbsp;&nbsp;Print Broker Contact Name and Telephone Number |

---

---

| | |
|:---|:---|
| **NOTE:** | The name and address of the Unitholder set forth in this Copper Redemption Notice must correspond with the name and address as recorded on the register of the Trust maintained by the Transfer Agent. The signature of the person executing this Copper Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program. |

---

<u>Instruction</u>

Mail redemption notice to: <br> TSX Trust Company<br> Attn: Corporation Actions<br> 300-100 Adelade Street West <u>Fax the redemption notice to:<br> Sprott Asset Management LP, Compliance Department; <br> Fax 416 977 9555</u>

**Sprott Physical Copper Trust**

**Physical Redemption Request form**

**Delivery Instructions for Copper:**

---

| |
|:---|
| &nbsp;&nbsp;**Delivery Instructions for Broker acting as the buyer for the Copper** |
| &nbsp;&nbsp;Broker Name |
| &nbsp;&nbsp;Contact Person |
| &nbsp;&nbsp;**Delivery Instructions for accounts with the applicable Designated Facility** |
| &nbsp;&nbsp;Account Name (as applicable) |
| &nbsp;&nbsp;Account Number (as applicable) |
| &nbsp;&nbsp;Contact at the Designated Facility |

---

---

| |
|:---|
| &nbsp;&nbsp;**Tax Information** |
| &nbsp;&nbsp;*Please provide the following information corresponding with Incoterms of delivery at the Designated Facility, as applicable.* |
| &nbsp;&nbsp;Federal Tax Registration Number |
| &nbsp;&nbsp;State Tax Registration Number (as applicable) |

---

**Any changes or amendments to the delivery instructions and tax information completed in this form will constitute a cancellation of the redemption, and the redemption will be deemed to be processed for the following month. This form must contain delivery instructions that are acceptable to the Designated Facility and tax information that is acceptable to the Manager. The Manager will provide the transfer and delivery date of the metal once it is available and confirmed by the Designated Facility.**

Signature of the Broker representing the redeeming Unitholder, as marked on the redemption notice:

Signature

Name

Date

## Exhibit 99.8

**Exhibit 99.8**

**MANAGEMENT AGREEMENT**

**THIS AGREEMENT** made and entered into as of the 10<sup>th</sup> day of May, 2024

**BETWEEN:**

**SPROTT PHYSICAL COPPER TRUST**,

a trust established under the laws of the Province of Ontario, by its trustee, **RBC INVESTOR SERVICES TRUST**, a trust company incorporated under the federal laws of Canada

(hereinafter referred to as the "**Trust**")

OF THE FIRST PART

- and -

**SPROTT ASSET MANAGEMENT LP**,

a limited partnership formed under the laws of the Province of Ontario

(hereinafter referred to as the "**Manager**")

OF THE SECOND PART

**WHEREAS** the Trust was established under the laws of the Province of Ontario pursuant to the Trust Agreement (as hereinafter defined);

**AND WHEREAS** the Trust was created to invest and hold, directly or indirectly, substantially all of its assets in physical copper metal, which will provide holders of units of the Trust with a convenient and exchange-traded investment alternative for investors interested in holding physical copper metal;

**AND WHEREAS** pursuant to the Trust Agreement, RBC Investor Services Trust and the Manager were appointed as the trustee and the manager of the Trust, respectively;

**AND WHEREAS** pursuant to the Trust Agreement, the Manager has the full authority and exclusive power to manage and direct the undertaking and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services and all management and administrative services, and to provide such other services and facilities as described in the Trust Agreement;

**AND WHEREAS** pursuant to the Trust Agreement, the Trustee has no responsibility for the investment management of the Trust Property (as hereinafter defined) or for monitoring the Investment Policy (as hereinafter defined);

**AND WHEREAS** the Trust and the Manager wish to evidence by this Agreement the manner in which the Manager will provide investment management services to the Trust and such other management and administrative services to the Trust as hereinafter described, subject to the terms and conditions set out herein;

**NOW THEREFORE** in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged) the parties hereto agree as follows:

**1.** **Definitions and Interpretations** 

The terms defined in this Section whenever used in this Agreement shall, unless the context otherwise requires, have the respective meanings hereinafter specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement**" means
 this management agreement dated as of the day and year first above written as the same may
 be amended, restated or supplemented from time to time and unless otherwise specified, references
 in this Agreement to sections and schedules are to sections of, and schedules to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Laws**" means,
 unless the context otherwise dictates, any applicable statute of Canada or of a province
 or territory of Canada or any applicable statute of the United States of America or of a
 state or territory of the United States of America or any applicable regulations, orders,
 instruments, policies or other laws made under statutory authority by any governmental or
 regulatory body or agency having jurisdiction over the Trust including, but not limited to,
 Securities Legislation and the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Business Day**" means
 any day on which the TSX, or any U.S. stock exchange on which the Units are listed, is open
 for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Copper**" means
 physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully
 allocated and stored at a Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Custodian**" means
 the Trustee, acting as the custodian of the Trust Property other than Copper, and any sub-custodians
 appointed by the Trustee, in accordance with the Trust Agreement, or any successor custodian
 of the Trust Property other than Copper appointed in accordance with the Trust Agreement
 or pursuant to one or more separate written custodial agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Enhancement Fees**" shall have the meaning set forth in Section 8(b)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Exemptive Relief** "
 means the exemptive relief order of the Ontario Securities Commission granted in connection
 with the initial public offering of the Trust, as such exemptive relief order may be amended,
 modified or supplemented, including any subsequent exemptive relief order than replaces such
 order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Facility**" means,
 subject to Section 27, a Chicago Mercantile Exchange-approved or London Metals Exchange-approved
 storage or similar facility for Copper operated by a Warehouse Provider located in a Storage
 Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "**Financial Instruments**" shall have the meaning set forth in Schedule "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Grade 1 Cathode**" means
 a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the
 Chicago Mercantile Exchange standards for classification as a Grade 1 electrolytic copper
 cathode;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Grade A Cathode**" means
 a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the
 London Metals Exchange standards for classification as Grade A copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) "**Indemnified Party**" shall have the meaning set forth in Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Investment Policy**" shall have the meaning set forth in Section 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Management Fee**" shall have the meaning set forth in Section 8(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Manager**" means Sprott Asset Management LP, acting as the manager of the Trust,
 and appointed in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Net Asset Value of the Trust**" shall have the meaning and shall be calculated
 in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Person**" means any individual, partnership, limited partnership, joint venture, syndicate,
 sole proprietorship, company or corporation with or without share capital, unincorporated association, trust,
 trustee, executor, administrator or other legal personal representative, regulatory body or agency, government
 or governmental agency, authority or entity however designated or constituted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Procurement Fee**" shall have the meaning
 set forth in Section 8(b)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Securities Authorities**" means the Ontario Securities Commission and equivalent securities regulatory authorities
 in each applicable province and territory of Canada, and the United States Securities and
 Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Securities Legislation**" means the laws, regulations, rules, requirements and policies
 of the Securities Authorities which are in effect from time to time and applicable to the
 Trust including, but not limited to, National Instrument 81 - 102 *Investment Funds,* National Instrument 81 - 106 *Investment Fund Continuous Disclosure,* National Instrument 81 - 107 *Independent Review Committee for Investment Funds,* and, if applicable, the *United States Securities Act of 1933,* as amended and the *United States Securities Exchange Act of 1934,* as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Storage Agreement**" means, subject to Section 27, a storage agreement or other type of contract or
 arrangement with a Facility or Facilities in connection with the storage of Copper which
 agreement, contract or arrangement adheres to industry standards and the Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Storage Jurisdictions**" means, subject to Section 27, Belgium, Canada, Germany, Italy, Malaysia,
 the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the
 United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Tax Act**" means
 the *Income Tax Act* (Canada) and the regulations, rules, requirements and policies
 promulgated thereunder, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Technical Advisor**" means the Person(s) appointed by the Manager, on behalf of the Trust, from time
 to time pursuant to the provisions hereof and any technical advisory, consulting or other
 similar agreement, to provide advisory services to the Manager, including: (i) commercial
 services with respect to: (A) the management of the movement and storage of Copper assets
 in accordance with reasonable standard industry practice; (B) all of the Trust's
 transactions involving the purchase and sale of Copper, lending or relocation of Copper,
 and (C) other means of optimizing the Trust's portfolio value, (ii) periodic
 communication with the Manager related to current and forecasted market conditions; and (iii) reasonable
 support of the Manager's marketing efforts for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Trust**" means
 Sprott Physical Copper Trust, a trust established pursuant to the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Trust Agreement**" means
 the amended and restated trust agreement of the Trust dated the date hereof, as the same
 may be amended, restated, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Trust Property**" at
 any time, means any and all securities, cash (including free credit balances), property and
 assets, real and personal, tangible and intangible, transferred, conveyed or paid to the
 Trust including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all funds realized from the sale of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Copper held for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all investments, sums or property of any type or description (other than Copper) from time to time delivered
to and received by the Trust or held for its account, directly or indirectly, as directed by the Manager and accepted by the Trustee on
behalf of the Trust in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any proceeds of disposition of any of the foregoing property and assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all income, interest, profit, gains and accretions and additional rights arising from or accruing to such
foregoing property or such proceeds of disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Trustee**" means RBC Investor Services Trust, acting as the trustee of the Trust, or any successor
 trustee appointed in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Unit**" means
 a unit of beneficial interest, in any class or series of a class of the Trust, as presently
 constituted pursuant to the Trust Agreement or as the same may from time to time hereinafter
 be constituted, collectively referred to as the "**Units** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Unitholders**" means Persons whose name appears on the Register as a registered holder of one or
 more Units or fractions thereof and "Unitholder" means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Valuation Date**" means each Business Day, unless the Manager determines that the assets
 of the Trust should be valued less frequently, either generally or in respect of one or more
 specific instances, in which event "Valuation Date" shall mean such Business
 Day or Business Days as the Manager determines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Warehouse Providers**" means, subject to Section 27, Access World, C. Steinweg Handelsveem and P Global
 Services, and/or each of their respective subsidiaries, affiliates or successors.

In this Agreement, where the context so indicates, the singular shall include the plural and the masculine shall include the feminine and neuter.

**2.** **Appointment of the Manager** 

The Manager is hereby appointed to provide all necessary or advisable investment management and administrative services and facilities as hereinafter set forth and the Manager hereby accepts such appointment and agrees to act in such capacity and to provide such investment management and administrative services and facilities upon the terms set forth in this Agreement.

The Trust hereby retains the Manager to manage the Trust Property in the name of the Trust with full discretionary authority as to all trades on a continuing basis until terminated and subject to and in accordance with the provisions of this Agreement.

The Manager may from time to time employ or retain any other person or entity where the Manager, in its sole discretion, has determined that it would be in the best interests of the Trust to do so (including without limitation any Technical Advisor), to provide investment management and administrative services on behalf of the Manager or to assist the Manager in managing or providing investment management and administrative services with respect to all or any portion of the Trust Property, and in performing other duties of the Manager set out in this Agreement (including without limitation any Technical Advisor). In the event that the Manager engages such other person or entity to provide investment management services with respect to the Trust Property, and such other person or entity is not registered as an adviser (or exempt from such registration requirement) under the *Securities Act* (Ontario), the Manager shall be responsible under the terms of this Agreement and the Trust Agreement to the Trust for advice received from such other person or entity with respect to the Trust Property as if such advice were given by the Manager.

In accordance with its authority and exclusive powers to manage and direct the investment management and administrative services for the Trust, the Manager, on behalf of the Trust, shall select qualified brokers or dealers to transact trades in respect of the Trust Property. The Manager may execute a portion of such portfolio transactions through an affiliate (as such term is defined in the *Securities Act* (Ontario)) which is a registered investment dealer. The Manager or its affiliates will offer competitive rates and will only execute trades as an investment dealer for the Trust when the executions obtained would be on terms and conditions no less favourable to the Trust than would otherwise be obtainable if the orders were placed through independent brokers or dealers and at commission rates equal or comparable to rates that would have been charged by independent brokers or dealers.

Funds of the Manager shall not be commingled with those of the Trust under any circumstances.

**3.** **Investment Policy** 

The Trust's investment objective, strategy and operating restrictions with respect to the Trust Property are set out in Article 21 of the Trust Agreement (the "**Investment Policy**") (and reproduced for reference in Schedule A). Subject to applicable Securities Legislation and the terms of the Trust Agreement, and this Agreement, the Manager shall advise the Trust in writing promptly of any material change to the Investment Policy, and any such writing shall be annexed hereto as a supplementary schedule.

**4.** **Investment Management Services** 

The Manager shall manage the Trust Property by taking such action from time to time in connection therewith as the Manager, in its sole discretion, shall deem necessary or desirable for the proper investment management of the Trust Property at all times in compliance with the Investment Policy. It is expressly understood that the Manager's investment discretion shall, subject to the Investment Policy, be absolute. Without limiting the generality of the preceding sentence, the Manager shall not be limited to investing the Trust Property in securities of a class authorized for investment by trustees if otherwise permitted by the Investment Policy.

The Trust hereby grants to the Manager, subject to, and in accordance with, the Trust Agreement and the Investment Policy, all power and authority necessary to give effect to the foregoing, with full power to delegate any of such duties to the extent permitted under Applicable Law and subject to the terms of the Trust Agreement and Section 3 and Section 12 of this Agreement, including, without limitation, the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) achieve the Trust's investment
 objectives and oversee the strategy and restrictions of the Trust, including providing investment
 advisory and portfolio management services to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide investor relations, sales
 and marketing support for the Trust, as well as client service support and direct the Manager's
 subject matter experts and spokespeople to promote the merits of investing in Copper, through
 an investment in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) obtain commercial services with
 respect to the movement and safe storage of Copper at Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arrange for, and complete, for
 and on behalf of the Trust, through industry-standard tenders or through direct negotiations
 in off-market transactions, the purchase and sale of Copper at the best prices available
 over a prudent period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) obtain brokerage and other services
 (including without limitation from a Technical Advisor) with respect to the purchase and
 sale of Copper, as well as other services aimed at optimizing the value of the Trust's portfolio
 (it being agreed that the Manager shall be responsible for any and all third party brokerage
 fees, commissions and service charges and other similar fees relating to all purchases or
 sales of Copper);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide for the Trust delivery
 and payment particulars in respect of each purchase and sale of Copper (including to fund
 redemptions of Units for cash) and arrange with the Facilities for the storage of Copper
 held by or for the account of the Trust, including arrangements regarding indemnities or
 insurance for the loss of such Copper in accordance with industry practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) monitor relationships with the
 Facilities (and any other service providers) that have been appointed by the Manager, in
 its own right or on behalf of the Trust, to hold and store Copper that is owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provide or arrange to be provided
 research, information, data, advice, opportunities and recommendations with respect to the
 making, acquiring (by purchase, investment, re-investment, exchange or otherwise), holding
 and disposing (through sale, exchange or otherwise) of Trust Property in the name of, on
 behalf of, and at the risk of, the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain for the Trust such services
 as may be required in acquiring, disposing of and owning Trust Property including, but not
 limited to, the placing of orders with brokers and investment dealers to purchase, sell and
 otherwise trade in or deal with any Trust Property in the name of, on behalf of, and at the
 risk of, the Trust (it being agreed that the Manager shall be responsible for any and all
 third party brokerage fees, commissions and service charges and other similar fees relating
 to all purchases or sales of Copper);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) implement purchases and sales for
 the Trust of futures contracts, warrants, warehouse receipts, and other derivative contracts
 that complement the Trust's Copper procurement strategy and investment policy, including
 the selection of brokers and dealers and, where appliable, negotiating
the compensation of such brokers and dealers in respect of such purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) give such directions and instructions to the Custodian and others as may be necessary and appropriate
to carry out the investment management mandate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) direct the delivery of Trust Property that is sold, exchanged or otherwise disposed of from the Trust's
account and direct payment for Trust Property acquired for the Trust's account upon delivery to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) direct the holding of all or any part of the Trust Property in cash or cash equivalents from time to time
available for investment in copper (whether in physical Copper or through Financial Instruments that represent Copper), which cash or
cash equivalents shall be invested or held in accordance with the terms of the Trust Agreement, and investing all or any part of said
cash or cash equivalents from time to time available for investment in short-term debt obligations of or guaranteed by the Government
of Canada or a province thereof, or the Government of the United States of America or a state thereof, or such other short-term investment
grade corporate debt obligations as the Manager, in its discretion, deems advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) exercise, or direct the exercise of, any and all rights, powers and discretion in connection with the
Trust Property, including the power to vote any securities at meetings of securityholders or executing proxies or other instruments on
behalf of the Trust for that purpose, and to consent to any reorganization or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) maintain the accounting records for the Trust and to cause the financial statements of the Trust to be
audited for each fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) make any election to be made in connection with any mergers, acquisitions, tender offers, take-over bids,
arrangements, bankruptcy proceedings or other similar occurrences which may affect the Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) execute any prospectus, registration statement or similar offering document relating to the offering of
securities of the Trust filed with the Securities Authorities on behalf of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) generally perform any other act necessary to enable it to carry out its obligations under this Agreement
and the Trust Agreement.

**5.** **Records** 

The Manager shall keep at all times proper books of account and records relating to the services performed hereunder, which books of account and records shall be accessible for inspection by the Trust at any time during normal business hours.

**6.** **Information, Statements and Reports** 

The Manager shall provide for the Trust periodic statements describing the Trust Property, and transactions involving the Trust Property, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the end of each month in which a transaction has been effected in respect of the Trust Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the end of each calendar quarter if no transaction has been effected with respect to the Trust Property.

The Manager shall provide for the Trust with notice of any change in the primary portfolio manager(s) who are responsible for the day-to-day investment management decisions made on behalf of the Trust Property. The Manager shall also provide for the Trust notice of any action, inquiry or proceeding involving the Manager which is initiated by a Securities Authority having jurisdiction over the Manager's investment management operations, unless such action, inquiry or proceeding is initiated in conjunction with correspondence and applications made in the ordinary course of maintaining such registrations in good standing and such action, inquiry or proceeding does not have an adverse material effect on the Trust, including the Manager's ability to act as discretionary investment manager of the Trust Property.

**7.** **Custody of Trust Property** 

It is agreed that the Manager, on behalf of the Trust, shall be entitled to make arrangements for the Trust Property, or any part thereof, to be held by such custodians or Facilities as the Manager may designate; in such event, the Manager agrees to provide the Trust with a copy of any authorization to such custodians or Facilities regarding acceptance of instructions from the Manager or the Trust and the Trust agrees not to withdraw any of the Trust Property so held without notice to the Manager.

Subject to the foregoing paragraph, the Trust and the Manager agree that Copper will be held by Facilities designated by the Manager on behalf of the Trust, and the Trust Property other than Copper will be held by the Custodian.

**8.** **Fees and Expenses** 

In consideration for the management, administrative and investment management services rendered by the Manager pursuant to this Agreement and the Trust Agreement, the Manager shall receive from the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a monthly management fee (the "**Management Fee**") set out in Schedule B, as such may be amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the following additional fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a fee ()"**Procurement Fees**") payable on purchases and sales of Copper that is equal to: 1.0% of the total purchase
 price of the Copper purchased or sold less third party brokerage fees, commissions and service
 charges and other similar fees plus any applicable federal and provincial sales taxes, to
 be paid not later than ten (10) Business Days upon the receipt of delivery of Copper
 to, or the delivery of Copper by, the Trust, as the case may be, in connection with such
 purchases or sales provided that the Manager shall be responsible for any and all third party
 brokerage fees, commissions and service charges and other similar fees relating to all such
 purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an enhancement fee ()"**Enhancement Fees**") equal to 50% of the profit on all other transactions involving Copper
 which are not outright purchases or sales of Copper, including any loan, swap or relocation
 of Copper or other commercial transaction by or on behalf of the Trust.

In addition to the Management Fee, Procurement Fees and Enhancement Fees paid to the Manager pursuant to the foregoing paragraphs, the Trust shall reimburse the Manager for all reasonable out-of-pocket expenses incurred by the Manager in connection with the duties set out in Section 4 (including reimbursements to third parties in that regard, which, for greater certainty shall include reasonable expenses reimbursed by the Manager to any Technical Advisor) to the extent such expenses were incurred for and on behalf of the Trust and do not represent administrative or internal costs of the Manager, any Technical Advisor or third parties necessary for it to carry out its functions hereunder or, in the case of the Technical Advisor or third parties, for which it has otherwise been engaged or for which it is otherwise responsible to pay out of the Management Fee hereunder or under the Trust Agreement (including, without limitation, amounts payable to the Manager in connection with sales of Copper to fund cash redemptions of Units and the administration fee payable to the Manager by Unitholders equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date (as defined in the Trust Agreement) to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash), and further provided such expenses do not contain any mark-up and administrative fees. Such expenses shall be reimbursed on each Valuation Date when incurred.

The Manager shall be responsible for paying the fees of any Technical Advisor out of the Management Fee (which, for greater certainty, shall not include any expenses of the Technical Advisor for which it is reimbursed by the Manager, which shall be addressed as set forth in the immediately preceding paragraph).

**9.** **Other Activities of the Manager** 

The Trust acknowledges that the Manager has investment management responsibilities and contracts with other persons, companies, limited partnerships, trusts, investment funds and other entities. The Trust therefore agrees that the Manager may provide investment management and other services to such other persons and entities which are similar or different from the services provided to the Trust by the Manager even though such other persons or entities may be the same or similar to the Trust. The Trust hereby accedes to such advisory arrangement consequences on the understanding that the Manager will act in good faith and follow a policy of allocating over a period of time investment opportunities to the Trust on a basis which is, in the Manager's reasonable opinion, fair and equitable to the Trust relative to investment opportunities allocated to other persons or entities for which the Manager is responsible, and of which the Manager has knowledge, in which case the Manager shall not be liable to account to the Trust for any profit, commission or remuneration made or received from or by reason of such investment decisions or advice.

Subject to the Investment Policy, the Manager, on behalf of the Trust, may from time to time invest the Trust Property in securities of an issuer in which the Manager or any affiliate, or any director, partner, officer, shareholder and/or employee of either has an interest or is an officer, a partner or a director, as set out under the sub-heading "Conflicts of Interest" in Schedule C.

**10.** **Authority to Enter into Agreement** 

Each of the parties to this Agreement hereby represents and warrants to the other that it is duly authorized and empowered to execute, deliver and perform this Agreement and that such action does not conflict with or violate any provision of law, regulation, policy, contract, deed of trust or other instrument to which it is a party or by which it is bound and that this Agreement constitutes a valid and binding obligation of it enforceable in accordance with its terms.

The Trust shall provide to the Manager concurrently with the execution and delivery by the Trust of this Agreement all such evidence of authority to act including, without limitation, designations of authorized persons and certified copies of the Trust Agreement and other documents, as the Manager may require. The Manager may continue to rely on all such evidence until notice to the contrary given hereunder has been received by it.

**11.** **Representations and Warranties of the Manager** 

The Manager hereby represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Manager is registered under the securities laws of Ontario as an adviser in the registration category
of portfolio manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Manager is registered under the securities laws of Ontario, Quėbec, and Newfoundland and Labrador
in the registration category of investment fund manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager has obtained, completed, executed, filed, received and passed, as the case may be, all registrations,
filings, approvals, authorizations, consents and/or examinations required under applicable Securities Legislation or by any Securities
Authority by reason of its activities as Manager hereunder and it shall maintain such registrations, filings, authorizations and consents
throughout the term of this Agreement.

**12.** **Standard of Care** 

The Manager shall exercise the powers granted and discharge its duties hereunder honestly, in good faith and in the best interests of the Trust and, in connection therewith, shall exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances. However, it is agreed that the Manager does not in any way guarantee the performance of the Trust Property and shall not be responsible for any loss in respect of the Trust Property, except where such loss arises out of acts or omissions of the Manager done or suffered in breach of its standard of care (including in connection with the Manager's delegation of its duties to any third party) or through the Manager's own negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty (including in connection with the Manager's delegation of its duties to any third party) or a material failure to comply with Applicable Laws or the provisions set forth in this Agreement or the Trust Agreement.

**13.** **Liability of the Manager** 

The Manager shall not be liable to the Trust or any Unitholder thereof for any loss suffered by the Trust or any Unitholder thereof, as the case may be, which arises out of any action or inaction of the Manager if such course of conduct did not constitute a breach of its standard of care (including in connection with the Manager's delegation of its duties to any third party) or negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty (including in connection with the Manager's delegation of its duties to any third party) or a material failure to comply with Applicable Laws or the provisions set forth in this Agreement or the Trust Agreement, and if the Manager, in good faith, determined that such course of conduct was in the best interests of the Trust.

The Trust acknowledges and agrees that the Manager shall not be responsible for any loss of opportunity whereby the value of any of the Trust Property could have been increased nor shall it be responsible for any decline in value of any of the Trust Property unless such decline is the result of the Manager's breach of its standard of care (including in connection with the Manager's delegation of its duties to any third party) or negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty (including in connection with the Manager's delegation of its duties to any third party) or a material failure in complying with Applicable Laws or the provisions set forth in this Agreement or the Trust Agreement.

The Trust acknowledges and agrees that the Manager shall not be responsible for any losses or damages to the Trust arising out of any action or inaction by the Custodian, a Facility, or any sub-custodian holding the Trust Property, unless such action or inaction arises out of or is the result of the Manager's breach of its standard of care (including in connection with the Manager's delegation of its duties to any third party) or negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty (including in connection with the Manager's delegation of its duties to any third party) or a material failure in complying with Applicable Laws or the provisions set forth in this Agreement or the Trust Agreement, or, for greater certainty the Manager's failure to meet its standard of care in the appointment and on-going monitoring of any Facility, or the Manager's failure to meet its standard of care in the appointment and on-going monitoring of any custodian or sub-custodian appointed by the Manager.

The Manager may rely and act upon any statement, report or opinion prepared by or any advice received from auditors, solicitors, notaries or other professional advisors of the Manager and shall not be responsible or held liable for any loss or damage resulting from relying or acting thereon if the advice was within the area of professional competence of the person from whom it was received and the Manager acted reasonably and in good faith in relying thereon.

The Manager hereby acknowledges and agrees that the obligations of the Trust hereunder are not personally binding upon the Unitholders of the Trust, any annuitant under a plan of which a Unitholder of the Trust acts as a trustee or carrier, or the agents of the Trust and that the Manager shall not resort to or seek redress, recourse or satisfaction from the private property of any of the foregoing, whether the liability be based on contract, tort or otherwise. The Manager agrees that only the Trust and the Trust Property shall be bound by and subject to the obligations and liabilities arising out of this Agreement.

**14.** **Indemnity** 

The Trust shall indemnify and hold harmless the Manager and its partners, officers, agents and employees from and against any and all expenses, losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in settlement, provided that the Trust has approved such settlement in accordance with the Trust Agreement) in respect of the acts, omissions, transactions, duties, obligations or responsibilities of the Manager as manager of the Trust, save and except where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by acts or omissions of the Manager done or suffered in breach of its standard of care or through the Manager's own negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty or a material failure in complying with Applicable Laws or the provisions set forth in this Agreement or the Trust Agreement.

The Manager shall indemnify and hold harmless the Trustee, its affiliates, subsidiaries and agents, and their respective directors, officers, and employees (each an "**Indemnified Party**") from and against all costs, expenses (including reasonable costs of litigation and reasonable legal fees and expenses), damages, claims, actions, demands and liabilities to which the Indemnified Party may become subject as a result of any act or omission in connection with this Agreement.

**15.** **Not Partners or Joint Venturers** 

The Trust and the Manager are not partners or joint venturers with each other and nothing herein shall be construed so as to make them partners or joint venturers or impose any liability as such on either of them; provided, however, that nothing herein shall be construed so as to prohibit the Trust and the Manager or its affiliates from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever, subject to Applicable Law.

**16.** **Term** 

This Agreement shall become effective on the date hereof and shall be in force until the date that is the five-year anniversary of this Agreement and shall be automatically renewed from time to time thereafter for additional terms of one year unless otherwise terminated pursuant to Section 17.

**17.** **Termination** 

This Agreement shall continue in full force and effect until this Agreement is terminated by either party giving at least 90 days' prior written notice (or such shorter period upon which the parties may mutually agree in writing) to the other party of such termination.

The Trust may terminate immediately this Agreement if the Manager is, in the opinion of the Trustee, in material default of its obligations under this Agreement or the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the Unitholders of the Trust pursuant to the Trust Agreement.

In addition, the Trust may terminate immediately this Agreement where: (i) the Manager has been declared bankrupt or insolvent or has entered into liquidation or winding-up, whether compulsory or voluntary (and not merely a voluntary liquidation for the purposes of amalgamation or reconstruction); (ii) the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency; or (iii) the assets of the Manager have become subject to seizure or confiscation by any public or governmental authority.

Such termination of the Agreement will be without prejudice to the rights and liabilities created under this Agreement prior to the effective date of the termination. Termination of this Agreement in accordance with the terms hereof shall not result in any penalty or other fee.

The parties acknowledge and agree that any change of the Manager (other than to its affiliate) requires the approval of the Unitholders of the Trust and the approval of Securities Authorities in accordance with applicable Securities Legislation.

Upon termination or assignment of this Agreement, the Manager shall forthwith deliver to the Trust, in the case of termination, or to the assignee, in the case of an assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all records, documents and books of account of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all materials and supplies of the Trust,

which are in the possession or control of the Manager and relate directly or indirectly to the performance by the Manager of its obligations under this Agreement; provided, however, that the Manager may retain notarial or other copies of such records, documents and books of account and the Trust or the assignee shall produce at its head office the originals of such records, documents and books of account whenever reasonably required to do so by the Manager for the purpose of legal proceedings or dealings with any governmental authorities.

Notwithstanding the foregoing paragraphs, the Trust reserves the right to make a partial withdrawal from the Trust Property by providing prior written notice to the Manager.

With respect to any transactions entered into by the Manager on behalf of the Trust prior to giving or receiving notice of termination or partial withdrawal, such transactions shall not be affected by such termination or partial withdrawal and adequate provisions will be made for proper settlement of outstanding commitments and the orderly transfer of the Trust Property.

**18.** **Conflict of Interest Policy** 

Attached as Schedule C is a copy of the Manager's Statement of Policies, which policies may be amended or restated from time to time.

**19.** **Confidentiality and Anti-Money Laundering Legislation** 

The Manager shall treat as confidential all information pertaining to the Trust including, without limitation, the financial affairs of the Trust, and the Manager shall not disclose such confidential information to persons who are not involved in the management and operation of the Trust, except with the Trust's consent or as may be necessary to comply with Applicable Laws or rules, regulations and policies of Securities Authorities. The Trust will treat all investment advice and information which it receives from the Manager as confidential and for the exclusive use of the Trust.

With respect to any prospective investor or Unitholder of the Trust, the Manager shall comply with Applicable Laws aimed at the prevention of money laundering and terrorist financing. If, as a result of any information or other matter coming to the attention of the Manager, or any of its directors, partners, officers, employees, or its professional advisors, the Manager knows or suspects that a prospective investor or Unitholder of the Trust is engaged in money laundering or terrorist financing, the Manager shall be required to report such information or other matter to the Financial Transactions and Reports Analysis Centre of Canada and such report or any other report required by Applicable Laws shall not be treated as a breach of any restriction upon the disclosure of information imposed by Canadian law or otherwise.

**20.** **Notices** 

Any notice or other communication required or permitted to be given hereunder shall be in writing and if delivered, shall be delivered to a responsible officer of the Trust or to the Manager, as the case may be, and if mailed shall be mailed by prepaid registered mail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Trust:

c/o RBC Investor Services Trust

155 Wellington Street West, 5<sup>th</sup> Floor

P.O. Box 7500, Station "A"

RBC Centre

Toronto, Ontario

M5V 3L3

Attention: Director, Client Service & Solutions

<br> Facsimile: (416) 955-6262 or (416) 955-8571

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Manager:

Sprott Asset Management LP

Royal Bank Plaza, South Tower

200 Bay Street

Suite 2600

Toronto, Ontario

M5J 2J1

Attention: Chief Compliance Officer

Telephone: (416) 943-6388<br> Facsimile: (416) 943-6497

or at such other address and number as the party to whom such communication is to be given shall have last notified the party giving the same in the manner provided in this section.

Any notice so mailed shall be deemed to have been given and received at the time of delivery. Any notice so mailed shall be deemed to have been given and received if given by the Trust, when received by the Manager, and if given by the Manager, on the third Business Day following such mailing, except in the event of interruption of normal postal service, in which event it shall be deemed given when received by the Trust. Either party may from time to time upon written notice to the other party change their or its address.

**21.** **Currency** 

Unless otherwise indicated, all references to sums of money or to "$" are references to Canadian dollars.

**22.** **Headings** 

The inclusion of section headings in this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.

**23.** **Governing Law** 

This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein and shall be treated in all respects as an Ontario contract. The parties hereto hereby attorn to the jurisdiction of the courts of Ontario for arbitration of any disputes between them with respect to the subject matter hereof.

**24.** **Entire Agreement** 

This Agreement, including the Schedules attached hereto, and the Trust Agreement constitute the entire agreement between the parties pertaining to the subject matter hereof and supersede and replace all prior understandings, agreements, negotiations or discussions, whether written or oral, between the parties with respect thereto. There are no representations, warranties, terms, conditions, undertakings or collateral agreements or understanding, express or implied, between the parties other than those expressly set forth in this Agreement and the Trust Agreement.

**25.** **Further Acts** 

Each of the Trust and the Manager shall promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement.

**26.** **Invalidity of Provisions** 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by Applicable Law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.

**27.** **Amendment** 

This Agreement may not be amended, changed, supplemented or otherwise modified in any respect except by written instrument executed by the parties hereto or their respective successors or permitted assigns, provided however that the definitions of "Facility", "Storage Agreement", Storage Jurisdiction" and "Warehouse Provider" shall be, and shall be deemed to be, amended if and to the extent such terms are amended in, and for the purposes of, the Trust Agreement.

**28.** **Assignment** 

This Agreement shall not be assigned by the Trust without the prior written consent of the Manager. Upon notice to the Trust, the Manager may transfer or assign any and all rights granted hereunder to any of its successors or affiliates.

**29.** **Successors** 

This Agreement shall enure to the benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns.

**30.** **Counterparts** 

This Agreement may be executed using wet-ink signature or electronic signature and in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. The electronic exchange of wet-ink signed or electronically signed copies of this Agreement (including pdf copies or other legible image files) will be, among other methods of delivery, sufficient to bind the parties, and neither of the parties shall contest the enforceability or admissibility of a copy of this Agreement that has been electronically signed and delivered.

**31.** **Limited Recourse** 

The Trustee is entering into this Agreement in its capacity as trustee of the Trust and not in its personal capacity and the parties agree that RBC Investor Services Trust shall have no personal liability whatsoever in connection with this Agreement, and that recourse shall be to the assets of the Trust only.

*[The remainder of this page has been intentionally left blank.]*

**IN WITNESS WHEREOF** the Trust and the Manager, by proper officers duly authorized on their behalf, have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **SPROTT PHYSICAL COPPER TRUST**, by its Trustee, **RBC INVESTOR SERVICES TRUST** without personal liability | **SPROTT PHYSICAL COPPER TRUST**, by its Trustee, **RBC INVESTOR SERVICES TRUST** without personal liability |
| By: | (signed) "*Ryan Lother*" |
|  | Ryan Lother |
|  | Director |
| By: | (signed) "*Niki Zaphiratos*" |
|  | Niki Zaphiratos |
|  | Managing Director |
| We have the authority to bind the Trustee. | We have the authority to bind the Trustee. |
| **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust | **SPROTT ASSET MANAGEMENT LP**, by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**, in its capacity as the Manager of the Trust |
| By: | (signed) "*John Ciampaglia*" |
|  | John Ciampaglia |
|  | Chief Executive Officer |
| By: | (signed) "*Varinder Bhathal*" |
|  | Varinder Bhathal |
|  | Chief Financial Officer |
| We have the authority to bind the Manager. | We have the authority to bind the Manager. |

---

**SCHEDULE A**

**INVESTMENT POLICY**

**Investment Objective**

The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to Unitholders of the Trust.

**Investment Strategy**

The Trust intends to achieve its objective by investing primarily in long-term holdings of Copper and generally will not speculate with regard to short-term changes in Copper prices.

**Investment and Operating Restrictions**

The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will invest in and hold a minimum of 90% of the total net assets of the Trust in Copper (whether in physical
form or through Financial Instruments that represent Copper) and invest in and hold no more than 10% of the total net assets of the Trust,
at the discretion of the Manager, in debt obligations guaranteed by the Government of the United States or a state thereof or by the Government
of Canada or a province of Canada, 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 Dominion Bond Rating Service Limited or its successors or assigns or F1 (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, cash 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 the Trust's
initial public offering or additional offerings or prior to the distribution of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not issue Units following the completion of the Trust's initial public offering except (i) if
the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit
prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income
distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not invest in financial instruments
 that represent Copper or that may be exchanged for Copper, other than for the purposes of
 Copper optimization transactions, including the use of futures, warrants, Chicago Mercantile
 Exchange or London Metals Exchange warehouse receipts, and other financial instruments (collectively
 "**Financial Instruments** "), to complement the Trust's Copper
 procurement strategy, so long as these transactions provide value to the Trust and the risk
 associated with each transaction and to the Trust is minimized to the satisfaction of the
 Manager taking into account all relevant tax considerations. For the avoidance of doubt,
 Copper optimization transactions include futures contracts that correspond to a Copper purchase
 agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not lend Copper except to other market participants, of
sufficient credit quality and/or with appropriate credit enhancing measures, so that the risk associated with any such transaction and
to the Trust is minimized to the satisfaction of the Manager taking into account all relevant tax considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will ensure that the storage of Copper is governed by agreements with the Facilities having generally
customary terms for agreements of such nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to (e) above, will ensure that the Copper remains unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will not guarantee the securities or obligations of any Person other than the Manager, and then only in
respect of the activities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will not use leverage other than for short-term borrowings to settle trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter
investment within the meaning of section 143.2 of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident
corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would
be required to include any significant amount in income under sections 94, 94.1 or 94.2 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments
that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

**Investment and Reinvestment by the Trust**

The Trust and the Manager shall not, in carrying out investment activities, be in any way restricted by the provisions of the laws of any jurisdiction limiting or purporting to limit investments which may be made by trustees, and shall be entitled to vary the investments of the Trust, but shall be limited by any Investment Policy contained in the Trust Agreement and the Applicable Laws to which the Trust is subject.

**SCHEDULE B**

**FEES**

Management Fee

As compensation for providing management, administrative and investment management services to the Trust pursuant to this Agreement and the Trust Agreement, the Trust shall pay the Manager a monthly Management Fee equal to 1/12 of 0.5% of the Net Asset Value of the Trust (as defined in the Trust Agreement) plus any applicable federal and provincial taxes. The Management Fee shall be calculated and accrued daily and payable monthly in arrears on the last day of each month.

**SCHEDULE C**

**Sprott Asset Management**

**SPROTT ASSET MANAGEMENT LP<br> STATEMENT OF POLICIES**

**IMPORTANT - The securities laws of certain jurisdictions of Canada require securities dealers and advisers, when they trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. These rules require dealers and advisers, prior to trading with or advising their customers or clients, to inform them of the relevant relationships and connections with the issuer of the securities. Clients and customers should refer to the applicable provisions of these securities laws for the particulars of these rules and their rights or consult with a legal advisor.**

**General**

Sprott Asset Management LP (herein referred to as "**SAM**", "**we**", "**us**" or "**this firm**") is registered as an investment fund manager in Ontario, Quebec and Newfoundland and Labrador and a portfolio manager in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia and Newfoundland and Labrador. SAM is also a SEC-registered investment advisor. SAM is an affiliate of: Sprott Capital Partners LP ("**SCP**"), an investment dealer and member of the Investment Industry Regulatory Organization of Canada (IIROC); Sprott Global Resource Investments Ltd., a US full service broker-dealer and member of the Financial Industry Regulatory Authority (FINRA); Sprott Asset Management USA Inc., a SEC-registered investment advisor; and Resource Capital Investment Corp., a SEC-registered investment advisor. On occasion we will work in a cooperative fashion with our affiliates in providing services to you.

Since these transactions may create a conflict between our interests and yours, we are required by securities laws to disclose to you certain relevant matters relating to these transactions. This statement contains a general description of our policies and the required disclosures.

**Compliance with Law and Regulatory Requirements**

SAM, its officers and employees are required to fully observe, in letter and spirit, all laws governing their business and securities activities. SAM, its officers and employees must deal fairly, honestly and in good faith with its clients.

SAM will only engage in activities where it is confident that such activities are in compliance with all requirements imposed by applicable law. In particular, it is SAM's policy to ensure that the engagement of other affiliates on behalf of SAM's clients would only be done when it has been determined that such other affiliate is an appropriate selection in the circumstances, given the client's mandate, investment objectives and risk tolerances.

In addition to applicable securities regulatory provisions and contractual provisions respecting any business arrangements that may exist between SAM and other dealers and advisers, the directors, officers and employees of each are subject to guidelines or codes of conduct governing their actions. Our internal compliance process supplements these policies and procedures.

**Related and Connected Issuers**

National Instrument 31-103 *Registration Requirements and Exemptions* requires SAM to disclose to investors whether any securities it recommends to investors to buy, sell or hold are securities issued by SAM, a related issuer or, during the distribution of the securities, a connected issuer of SAM. An issuer is related to SAM if, through the ownership of, or control over, voting securities or otherwise, the issuer is an influential securityholder of SAM, SAM is an influential securityholder of the issuer or if each of them is a related issuer of the same third party. An issuer is connected to SAM if it has a business relationship with SAM that, in connection with a distribution of securities of that issuer, may lead a reasonable prospective purchaser to question if the issuer and SAM are independent of each other.

In addition, SAM must disclose the name of any related issuer that is a reporting issuer in Ontario or that has distributed securities outside Ontario on a basis that, if it had done so in Ontario, would have made such issuer a reporting issuer. Set out below are the names of such related issuers:

**·** *Sprott Inc.* ()"**SI**") *,* a reporting issuer that is a related issuer of
 SAM because SI is an indirect 100% shareholder of Sprott Asset Management GP Inc., the general
 partner of SAM, and is the sole limited partner of SAM.

We may, from time to time, be deemed to be related or connected to one or more other issuers for purposes of the disclosure and other rules of the securities laws referred to above. We are prepared to act as an adviser in the ordinary course of our business to, and in respect of securities of, any such related or connected issuer and, in connection therewith to provide the full range of services customarily provided by us to, and in respect of securities of, other issuers. In any such case, such adviser and other services shall be carried on by us in the ordinary course of our business as an adviser in accordance with our usual practices and procedures and in accordance with all applicable disclosure and other regulatory requirements.

SAM, or its directors, officers, partners, salespeople or other employees may, from time to time, recommend that you trade in, or provide to you advice about, a security issued by these listed persons or companies. If you wish further information concerning the relationship between SAM and these listed persons or companies, or if you have any questions, please contact us.

**Related Registrants**

Where SAM has a principal shareholder, director or officer that is a principal shareholder, director or officer of another registrant, SAM shall adopt policies and procedures to minimize the potential for conflicts of interest resulting from such relationship(s). SAM is also required to disclose to clients in writing, initially before making a trade for or providing advice to the client, and in a timely manner thereafter and, if possible, before making the next trade for or providing advice to the client, if there are any significant changes to this disclosure, the details of the relationship(s) and the policies and procedures adopted to minimize the potential for conflicts of interest resulting from such relationships. SCP, a registrant, is related to SAM, by virtue of each of SAM and SCP having SI as a direct or indirect holder of 100% of the voting securities of each general partner of SAM and SCP.

**Conflicts of Interest**

*SAM as Adviser*

The principal business activity of SAM is to act as a portfolio manager for separately managed investment accounts of its clients (a "**SAM Managed Account**") and investment funds it manages or sub-advises (a "**SAM Investment Fund**"). In providing advisory services to our clients it is important that our clients understand our interests in the service or transaction.

We must make certain disclosures where we: (a) advise you; or (b) exercise discretion on your behalf, with respect to securities issued by us, by a related issuer or, in the course of a distribution, by a connected issuer (collectively, "**Related Securities**").

In these situations, we must disclose our relationship with the issuer of the securities. We must also make disclosure to you where we know or should know that, as a result of our acting as your adviser, or of our exercising discretion on your behalf, Related Securities will be purchased or sold by you through us.

The following is a list of the time and manner in which these disclosures must be made:

**·** Where we purchase or sell securities for your
account, a disclosure will be contained in the confirmation of trade and monthly statement, which we prepare and send to you.

**·** Where we advise you with respect to the purchase,
sale or holding of securities, the disclosure must be made prior to our giving the advice.

**·** If there is a significant change to the information
previously disclosed to you, SAM will notify you of the change in a timely manner and, if possible, before making the next purchase or
sale of the securities for you or providing advice to you to purchase, sell or hold the securities.

**·** Where we use our discretion as an adviser to
trade securities in a SAM Managed Account neither we nor another affiliate will charge a trade commission without your consent, or otherwise
in compliance with applicable law.

*Potential for Conflict*

SAM and its officers and employees must ensure that if they select another affiliate to assist a SAM client it is based on the determination that such other affiliate is an appropriate selection having regard to the client's circumstances.

Representatives of SAM and other affiliates may from time to time act as officers of SAM and may also be officers of other affiliates. All affiliates have adopted policies and procedures that minimize the potential for conflicts of interest resulting from the relationships of the officers and the affiliates, and all officers are required to observe such policies in carrying out their duties.

**Fair Allocation of Investment Opportunities and Fair Treatment of SAM Investment Funds and SAM Managed Accounts**

We must ensure the fair treatment of our clients through the highest standards of integrity and ethical business conduct. The principle of fair treatment must be recognized by all employees, officers and directors of SAM in order to provide a true benefit to our clients. Our clients have the right to be assured that their interests will always take precedence over the personal trading activities of SAM portfolio managers and other SAM access persons.

*Fairness Policy*

In order to ensure fairness in the allocation of investment opportunities among the SAM Managed Accounts and the SAM Investment Funds (each a "**SAM Client**"), SAM will allocate investment opportunities with consideration to the suitability of such investments to each SAM Client's investment objectives and strategies, portfolio composition, restrictions and cash availability (even though the investment objectives and strategies are substantially the same for some of the SAM Clients and cash flows of each SAM Client can be substantially different given daily/monthly subscriptions and redemptions/withdrawals). As well, cash flows (subscription inflows and redemptions/withdrawals) and investment strategies can influence the allocation process in order to maintain property weightings in each SAM Client account. If an investment opportunity is suitable for more than one SAM Client, SAM will allocate such investment opportunities equitably in order to ensure that each SAM Client has equal access to the same quality and quantity of investment opportunities.

To ensure fairness in the allocation of investment opportunities as between each SAM Client, SAM will ensure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where orders are entered simultaneously for execution at the same price, fills are allocated on a *pro rata* basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when transactions are executed at different prices for a group of SAM Clients, fills are allocated on
an average price basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a block trade or a new or secondary securities issue, if all SAM Client orders can be accommodated
(demand is smaller than supply), allocation is made on a *pro rata* basis based on the order size of each SAM Client. Where the allotment
received is insufficient to meet the full requirements of all SAM Clients on whose behalf orders have been placed (demand exceeds supply),
allocation is made on a *pro rata* basis based on the size of the SAM Client account or the existing position size in a SAM Client
account. However, if such prorating should result in an inappropriately small position for a SAM Client, the allotment would be reallocated
to another SAM Client. Depending on the number of block trades or new or secondary issues, over a period of time, every effort will be
made to ensure that these prorating and reallocation policies result in fair and equal treatment to all SAM Clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when orders for more than one SAM Client are bunched or blocked and the transactions are executed at varying
prices, an average price will be determined and allocated to each SAM Client on a *pro rata* basis. As well, all commissions will
be totalled and allocated to all SAM Clients on a *pro rata* basis. If different prices and commissions are executed, then an average
price as well as total average commission will be calculated and allocated on a *pro rata* basis. For a normal secondary purchase
order executed through a broker, the average price and commission will be calculated and allocated evenly among SAM Clients. There will
be no differentiation on price towards SAM Clients.

In addition, SAM will always seek to obtain the best order execution for each SAM Client and to minimize transaction costs. SAM employee trading accounts are never commingled with trades involving SAM Investment Funds.

**Proxy Voting Guidelines**

SAM, in its capacity as portfolio adviser to the SAM Clients, is sometimes responsible for establishing, monitoring and amending (if necessary) the policies and procedures relating to the voting of proxies received in connection with each SAM Client's investment portfolio.

In certain cases, proxy votes may not be cast when the portfolio manager determines that it is not in the best interests of the SAM Client to vote such proxies. In the event a proxy raises a potential material conflict of interest between the interests of a SAM Client and SAM, the conflict will be resolved by SAM in favour of that SAM Client.

SAM retains the discretion to depart from these polices on any particular proxy vote depending upon the facts and circumstances.

SAM will maintain and prepare an annual proxy voting record for each SAM Investment Fund. The proxy voting record for the annual period beginning July 1 for each SAM Investment Fund will be available free of charge to any investor upon request at any time after June 30 of the following year.

**Misuse of Confidential and Insider Information**

The misuse of confidential information or misuse of any insider information not generally disclosed, for personal gain or for the benefit of anyone else, is prohibited and grounds for serious sanction.

**Confidentiality and Privacy**

In addition, SAM has adopted a privacy policy in accordance with the *Personal Information Protection and Electronic Documents Act* (Canada) with respect to personal information of SAM Clients. This policy states that SAM will only disclose this information to third parties or its affiliates in limited specific circumstances on a strictly confidential basis.

**Money Laundering and Terrorist Financing**

As outlined by the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act,* SAM is obligated to implement specific measures to detect and deter money laundering and the financing of terrorist activity. As such, all investments into our SAM Managed Accounts and SAM Investment Funds require completed documentation to be submitted by investors. It is our duty to report to the Financial Transactions and Reports Analysis Centre of Canada confirmation of any investors engaged in money laundering. This reporting requirement will not be deemed to be a breach of any information disclosure restrictions imposed by applicable law or otherwise.

Please do not hesitate to contact us should you have any questions with regards to SAM's Statement of Policies or should you require further details on any SAM policies and practices.

## Exhibit 99.9

**Exhibit 99.9**

*No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This prospectus does not constitute an offer to sell or solicitation of an offer to buy any of these securities in the United States. See "Plan of Distribution".*

**PROSPECTUS**

*<u>Initial Public Offering</u>* May 31, 2024

![](tm263976d1_ex99-8img001.jpg)

**SPROTT PHYSICAL COPPER TRUST**

**US$100,000,000 (10,000,000 Units)**

**Minimum Subscription: US$1,000 (100 Units)**

This prospectus qualifies the distribution (the "**Offering**") of transferable units (the "**Units**" and each individually a "**Unit**") of Sprott Physical Copper Trust (the "**Trust**", "**us**" or "**we**") at a price of US$10.00 per Unit (or the equivalent in Canadian dollars, determined using the daily exchange rate posted by the Bank of Canada on the date the Units are sold). Each Unit represents an equal, fractional, beneficial interest in the net assets of the Trust attributable to the particular class of Units. As of completion of the Offering, the Trust will only have one class or series of Units, which is the class of Units that will be qualified by this prospectus. The Trust will use the net proceeds from the Offering as described in this prospectus. See "Use of Proceeds".

The Trust was established to invest and hold substantially all of its assets in physical copper metal and seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical copper metal without the inconvenience that is typical of a direct investment in physical copper metal. See "Investment Objectives" for further information about the Trust's investment objectives.

The Trust is a closed-end trust established under the laws of the Province of Ontario and is managed by Sprott Asset Management LP (the "**Manager**"). The Manager is a registered investment fund manager, portfolio manager and exempt market dealer and a wholly-owned subsidiary of Sprott Inc., a public company whose common shares are listed on the Toronto Stock Exchange (the "**TSX**") and the New York Stock Exchange. See "Organization and Management Details of the Trust – Manager of the Trust" for further information about the Manager.

The TSX has conditionally approved the listing of the Units on the TSX under the symbols "COP.U" (U.S. dollar denominated) and "COP.UN" (Canadian dollar denominated). Listing is subject to the Trust's fulfilment of all of the initial listing requirements and conditions of the TSX, and there can be no guarantee that the Trust will do so. Closing (as defined herein) is conditional on, among other things, the Units being listed on the TSX. See "Plan of Distribution".

**There is currently no market through which the Units may be sold, and purchasers may not be able to resell the Units purchased under this prospectus. This may affect the pricing of the Units in the secondary market, the transparency and availability of trading prices, the liquidity of the Units, and the extent of issuer regulation. An investment in the Units is subject to a number of risks that should be considered by a prospective purchaser. Prospective purchasers should carefully consider the risk factors described under "Risk Factors" before purchasing Units.**

&nbsp;&nbsp;**Price: US$10.00 per Unit**

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to the Public<sup>(1)</sup>** | **Underwriters'**<br> **Fee<sup>(2)</sup>** | **Net Proceeds**<br> **to the Trust<sup>(3)</sup>** |
| Per Unit | US$10.00 | US$0.50 | US$9.50 |
| Total Offering<sup>(3)</sup> | US$100,000,000 | US$5,000,000 | US$95,000,000 |

---

------

Notes to Table:

(1) The
 Offering Price (as defined herein) has been determined by negotiation among the Trust
 and the Underwriters (as defined herein).

(2) Pursuant
 to the terms and conditions of the Underwriting Agreement (as defined herein), the Underwriters
 will receive a fee equal to US$0.50 per Unit (being 5.0% of the Offering Price), including
 any Units forming part of the Over-Allotment Option (as defined herein), other than in
 respect of any Units sold to purchasers on the president's list (the "**President's List**") in respect of which no fee shall be payable. See "Plan of Distribution".

(3) Before
 deducting the expenses of the Offering. It is estimated that the total expenses of the
 Offering, not including the "Underwriters' Fee", will be approximately
 US$1 million, which will be paid by the Trust out of the proceeds of the Offering. The
 Trust also agreed to reimburse the Underwriters for their reasonable expenses in connection
 with the Offering. See "Use of Proceeds" and "Plan of Distribution".

(3) The
 Trust has granted the Underwriters an option (the "**Over-Allotment Option** "),
 exercisable, in whole or in part, at any time for a period of 30 days after the Closing
 Date (as defined herein), to purchase from the Trust up to an additional 15% of the aggregate
 number of Units issued under the Offering on the same terms as set forth above solely
 to cover over-allotments, if any, and consequential market stabilization purposes. If
 the Over-Allotment Option is exercised in full, the total "Price to the Public",
 Underwriters' Fee, and "Net Proceeds to the Trust" for the total Offering
 will be US$115 million, US$5.75 million, and US$109.25 million, respectively. This prospectus
 also qualifies the grant of the Over-Allotment Option and distribution of the Units issuable
 upon the exercise of the Over-Allotment Option. A purchaser who acquires Units forming
 part of the Underwriters' over-allocation position acquires such Units under this
 prospectus, regardless of whether the Underwriters' over-allocation position is
 ultimately filled through the exercise of the Over-Allotment Option or secondary market
 purchases. See "Plan of Distribution".

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "**Joint Bookrunners**") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "**Underwriters**"), as principals, conditionally offer the Units qualified under this prospectus, subject to prior sale, if, as and when sold by the Trust and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement (as defined herein) among us and the Underwriters referred to under "Plan of Distribution" and subject to the approval of certain legal matters on our behalf by Stikeman Elliott LLP and on behalf of the Underwriters by McCarthy Tétrault LLP. In connection with the Offering, the Underwriters have been granted the Over-Allotment Option and may, subject to applicable law, over-allocate or effect transactions which stabilize or maintain the market price of the Units at levels other than those which otherwise might prevail on the open market. **The Underwriters may offer the Units at a price lower than that stated above. See "Plan of Distribution".**

ii

The following table sets out the number of Units that may be sold by the Trust to the Underwriters pursuant to the Over-Allotment Option:

---

| | | | |
|:---|:---|:---|:---|
| **Underwriters' Position** | **Maximum Size or**<br> **Number of Securities**<br> **Available** | **Exercise Period** | **Exercise Price** |
| Over-Allotment Option | 1,500,000 Units | For a period of 30 days after the Closing Date | US$10.00 per Unit |

---

Subscriptions will be received subject to rejection or allocation in whole or in part and the Underwriters reserve the right to close the subscription books at any time without notice. The closing of the Offering (the "**Closing**") is expected to occur on or about June 6, 2024, or such other date as the Trust and the Underwriters may agree, but in any event no later than June 20, 2024 (the "**Closing Date**"). The Units will be deposited with CDS Clearing and Depository Services Inc. ("**CDS**") in electronic form on the Closing Date, through the non-certificated inventory system administered by CDS. A purchaser of Units will receive only a customer confirmation from the registered dealer from or through which the Units are purchased. See "Plan of Distribution – Non-Certificated Inventory System".

**An investment in the Units is subject to a number of risks that should be considered by a prospective purchaser. See ''Risk Factors''.**

The Trust is not a trust company and does not carry on business as a trust company, and accordingly, the Trust is not registered under the trust company legislation of any jurisdiction. A Unit is not a "deposit" within the meaning of the *Canada Deposit Insurance Corporation Act* (Canada) and are not insured under provisions of that act or any other legislation.

Whitney George, a director of the Manager, resides outside of Canada. Mr. George has appointed the Trust, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, as his agent for service of process in Canada. Unitholders are advised that it may not be possible to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process.

**Purchasing the Units may subject you to tax consequences. This prospectus may not describe these tax consequences fully. You should read the tax discussion in this prospectus and seek advice from your financial advisors. See "Material Canadian Federal Income Tax Considerations" and "Risk Factors".**

The Trust's office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. The Manager's office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416) 943-8099 (toll free: 1-855-943-8099). RBC Investor Services Trust is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3. The custodian for the Trust's assets other than its physical copper assets, RBC Investor Services Trust, is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3.

iii

 **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GLOSSARY OF SELECTED TERMS | 1 |
| CURRENCY | 7 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 8 |
| PROSPECTUS SUMMARY | 9 |
| OVERVIEW OF THE STRUCTURE OF THE TRUST | 37 |
| INVESTMENT OBJECTIVES | 46 |
| INVESTMENT STRATEGIES | 46 |
| OVERVIEW OF THE SECTOR THE TRUST INVESTS IN | 53 |
| INVESTMENT RESTRICTIONS | 66 |
| FEES AND EXPENSES | 68 |
| RISK FACTORS | 71 |
| DISTRIBUTION POLICY | 82 |
| PURCHASES OF UNITS | 85 |
| CONSOLIDATED CAPITALIZATION | 86 |
| MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 87 |
| ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS | 92 |
| ORGANIZATION AND MANAGEMENT DETAILS OF THE TRUST | 92 |
| CALCULATION OF NET ASSET VALUE | 109 |
| DESCRIPTION OF THE UNITS | 113 |
| SECURITYHOLDER MATTERS | 114 |
| TERMINATION OF THE TRUST | 119 |
| USE OF PROCEEDS | 120 |
| REDEMPTION OF UNITS | 121 |
| PLAN OF DISTRIBUTION | 125 |
| PRINCIPAL UNITHOLDERS OF THE TRUST | 128 |
| LEGAL PROCEEDINGS | 129 |
| LEGAL MATTERS | 130 |
| MATERIAL CONTRACTS | 131 |
| EXEMPTIONS AND APPROVALS | 132 |
| PURCHASERS' STATUTORY RIGHTS | 133 |
| INDEPENDENT AUDITOR'S REPORT | F-1 |
| SPROTT PHYSICAL COPPER TRUST |  |
| STATEMENT OF FINANCIAL POSITION | F-4 |
| SPROTT PHYSICAL COPPER TRUST |  |
| STATEMENT OF CHANGES IN EQUITY | F-5 |
| SPROTT PHYSICAL COPPER TRUST |  |
| STATEMENT OF CASH FLOWS | F-6 |
| SPROTT PHYSICAL COPPER TRUST |  |
| NOTES TO THE FINANCIAL STATEMENTS | F-7 |
| CERTIFICATE OF THE TRUST AND THE MANAGER | C-1 |
| CERTIFICATE OF THE PROMOTER | C-2 |
| CERTIFICATE OF THE UNDERWRITERS | C-3 |

---

 **GLOSSARY OF SELECTED TERMS**

In this prospectus, the following terms have the meanings set forth below, unless otherwise indicated.

"**allowable capital loss**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations – Canadian Taxation of the Trust";

"**Auditor**" means a firm of chartered accountants duly licensed and recognized to practice in the Province of Ontario and appointed from time to time by the Manager;

"**Bookrunners**" has the meaning ascribed thereto on the face page;

"**Budget 2024 Tax Proposals**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations";

"**Business Day**" means any day on which the TSX, or any U.S. stock exchange, as applicable, on which the Units are listed, is open for trading;

"**Canadian Unitholder**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations – Canadian Taxation of Unitholders – Unitholders Resident in Canada";

"**Cash Redemption Notice**" means a written request signed by a Unitholder for the redemption of Units for cash, in accordance with the form of written request set out in the Trust Agreement or in such other form as the Manager may from time to time in its sole discretion determine;

"**CDS**" means CDS Clearing and Depository Services Inc. and includes any successor corporation or any other depository subsequently appointed by the Trust as a depository in respect of the Units;

"**CDS Participants**" has the meaning ascribed thereto under the heading "Plan of Distribution – Non-Certificated Inventory System";

"**Class Net Asset Value**" has the meaning ascribed thereto under the heading "Calculation of Net Asset Value - Calculation of Class Net Asset Value and Class Net Asset Value per Unit";

"**Class Net Asset Value per Unit**" has the meaning ascribed thereto under the heading "Calculation of Net Asset Value - Calculation of Class Net Asset Value and Class Net Asset Value per Unit";

"**Closing**" has the meaning ascribed thereto on the face page;

"**Closing Date**" has the meaning ascribed thereto on the face page;

"**CME**" means the Chicago Mercantile Exchange;

"**Copper**" means physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully allocated or stored at a Facility. References to "copper" refers to physical copper metal in any form;

"**Copper Redemption Notice**" means a written request signed by a Unitholder for the redemption of Units for Copper, in accordance with the form of written request set out in the Trust Agreement or in such other form as the Manager may from time to time in its sole discretion determine;

"**CRA**" means the Canada Revenue Agency;

"**Custodian**" means the custodian of the Trust Property, other than Copper, appointed pursuant to the Trust Agreement and shall include the Trustee and any sub-custodians appointed by the Trustee which from time to time hold the Trust Property other than Copper pursuant to the Trust Agreement or a separate written custodial agreement;

"**Designated Facility**" means, for any redemption of Units for Copper in accordance with the Trust Agreement, the Facility or Facilities where the transfer of Copper will occur, as designated by the Manager in accordance with the Trust Agreement;

"**Disclosure Documents**" means any (final) prospectus of the Trust filed in all provinces and territories of Canada and any registration statement of the Trust filed with the United States Securities and Exchange Commission, or similar offering documents, as may be used by the Manager or required by applicable Securities Legislation in connection with qualifying the distribution of the Units to the public, including any amendments to such offering documents;

"**Distribution Date**" has the meaning ascribed thereto under the heading "Distribution Policy";

"**DFA Rules**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations – Canadian Taxation of the Trust";

"**Enhancement Fee**" has the meaning ascribed thereto under the heading "Prospectus Summary – The Trust – Fees and Expenses Payable by the Trust";

"**Exemptive Relief**" means the exemptive relief order of the Ontario Securities Commission expected to be granted in connection with the initial public offering of the Trust, as such exemptive relief order may be amended, modified or supplemented, including any subsequent exemptive relief order that replaces such order;

"**Facility**" means a CME or LME-approved storage or similar facility for Copper operated by a Warehouse Provider located in a Storage Jurisdiction or such other facility as the Manager may determine in accordance with the Trust Agreement and the Exemptive Relief;

"**FHSA**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**Financial Instruments**" has the meaning ascribed thereto under the heading "Investment Restrictions";

"**Fiscal Year**" means the fiscal year of the Trust ending on the last day of December in each year, or such other date as may be determined from time to time by the Manager;

"**GDP**" means gross domestic product;

"**Grade 1 Cathode**" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the CME standards for classification as a Grade 1 electrolytic copper cathode;

"**Grade A Cathode**" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the LME standards for classification as Grade A copper;

"**H1 Notice Period**" means the period from April 15 up to and including the last day of April when the TSX is open for trading;

"**H2 Notice Period**" means the period from October 15 up to and including the last day of October when the TSX is open for trading;

**"IFRS"** has the meaning ascribed hereto under the heading "Prospectus Summary – Organization and Management of the Trust";

"**Independent Review Committee**" means the independent review committee of the Trust established pursuant to NI 81-107;

**"Index-Linked Purchases**" has the meaning ascribed thereto under the heading "Investment Strategies";

"**Investment and Operating Restrictions**" means the investment and operating restrictions of the Trust as set out in the Trust Agreement;

"**Investment Manager**" means the Person(s) appointed by the Manager, on behalf of the Trust, from time to time pursuant to the provisions of the Trust Agreement and any portfolio management agreement, to determine, in its sole discretion, but subject to the Investment Policy, which securities or other assets (other than Copper) shall be purchased, held or sold for the Trust and to execute or cause the execution of purchase and sale orders in respect of such determinations;

"**Investment Policy**" means the investment objective, the investment strategy, and the investment and operating restrictions of the Trust, set forth in Article 21 of the Trust Agreement;

"**IOSCO**" means the International Organization of Securities Commissions;

"**Joint Bookrunners**" has the meaning ascribed thereto on the face page;

"**LME**" means the London Metals Exchange;

"**Management Agreement**" means the management agreement dated on or before the Closing Date between the Trustee, for and on behalf of the Trust, and the Manager;

"**Management Fee**" has the meaning ascribed thereto under the heading "Fees and Expenses – Fees and Expenses Payable by the Trust";

"**Manager**" means Sprott Asset Management LP, and any successor;

"**Manager GP**" means Sprott Asset Management GP Inc.;

"**Minimum Physical Redemption Lot**" means the equivalent value of 100 metric tonnes of Copper;

"**Net Asset Value**" or "**NAV**" means the net asset value of the Trust on a particular date equal to (i) the aggregate fair value of the assets of the Trust, less (ii) the aggregate fair value of the liabilities of the Trust;

"**Net Asset Value per Unit**" or "**NAV per Unit**" means the Net Asset Value divided by the total number of Units then outstanding;

"**net income**" has the meaning ascribed thereto under the heading "Distribution Policy";

"**net realized capital gains**" has the meaning ascribed thereto under the heading "Distribution Policy";

"**NI 81-102**" means National Instrument 81-102 – Investment Funds;

"**NI 81-106**" means National Instrument 81-106 – Investment Fund Continuous Disclosure;

"**NI 81-107**" means National Instrument 81-107 – Independent Review Committee for Investment Funds;

"**Non-Canadian Unitholder**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations – Unitholders Not Resident in Canada";

"**Notice Period**" means the H1 Notice Period or the H2 Notice Period, as applicable;

"**OECD**" means the Organisation for Economic Co-operation and Development;

"**Offering**" means the distribution and offering of an aggregate of 10,000,000 transferable Units pursuant to this prospectus;

"**Offering Price**" means a price of US$10.00 per Unit;

"**Over-Allotment Option**" has the meaning ascribed thereto on the face page;

"**Person**" means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted;

"**Price Reporters**" has the meaning ascribed thereto under the heading "Prospectus Summary – Price Reporters";

"**Procurement Fee**" has the meaning ascribed thereto under the heading "Fees and Expenses – Fees and Expenses Payable by the Trust";

"**RDSP**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**Redemption Date**" means, in respect of a redemption request received during the H1 Notice Period, the last day of May when the TSX is open for trading, or, in respect of a redemption request received during the H2 Notice Period, the last day of November when the TSX is open for trading;

"**Registrar and Transfer Agent**" means the registrar and transfer agent of the Units appointed by the Manager. The initial Registrar and Transfer Agent will be TSX Trust Company;

"**RESP**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**RRIF**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**RRSP**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**SAM US**" has the meaning ascribed thereto under the heading "Prospectus Summary – Experienced Manager";

"**Securities Authorities**" means the Ontario Securities Commission and equivalent securities regulatory authorities in each other province and territory of Canada, and, if applicable, the United States Securities and Exchange Commission;

"**Securities Legislation**" means the laws, regulations, rules, requirements and policies of the Securities Authorities which are in effect from time to time and applicable to the Trust including, but not limited to NI 81-102, NI 81-106, NI 81-107 and, if applicable, the *United States Securities Act of 1933*, as amended**;**

"**Sprott**" means Sprott Inc.;

"**Storage Agreement**" means subject to the terms of the Trust Agreement, a storage agreement or other type of contract or arrangement with a Facility or Facilities in connection with the storage of Copper which agreement, contract or arrangement adheres to industry standards and the Exemptive Relief;

"**Storage Jurisdictions**" means Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States and, subject to compliance with applicable securities laws and the Exemptive Relief, such other country or countries as the Manager may determine in accordance with the Trust Agreement;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations promulgated thereunder, as amended from time to time;

"**Tax Proposals**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations";

"**taxable capital gain**" has the meaning ascribed thereto under the heading "Material Canadian Federal Income Tax Considerations – Canadian Taxation of the Trust";

"**Technical Advisor**" means, initially, WMC, and includes any other Person(s) appointed by the Manager, on behalf of the Trust, from time to time pursuant to the provisions of the Trust Agreement and any technical advisory, consulting or other similar agreement, to provide advisory services to the Manager, including: (i) commercial services with respect to: (a) the management of the movement and storage of Copper assets in accordance with standard industry practice; (b) all of the Trust's transactions involving the purchase and sale of Copper, lending or relocation of Copper; and (c) other means of optimizing the Trust's portfolio value; (ii) periodic communication with the Manager related to current and forecasted market conditions; and (iii) reasonable support of the Manager's marketing efforts for the Trust;

"**Technical Advisory Agreement**" has the meaning ascribed thereto under the heading "Organization and Management Details of the Trust – Technical Advisor";

"**Technical Advisory Services**" has the meaning ascribed thereto under the heading "Prospectus Summary – Technical Advisor";

"**TFSA**" has the meaning ascribed thereto under the heading "Eligibility Under The Tax Act for Investment by Canadian Exempt Plans";

"**Treaty**" means the Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital;

"**Trust**" means the Sprott Physical Copper Trust;

"**Trust Agreement**" means the amended and restated trust agreement dated May 10, 2024, among Sprott Asset Management LP as Manager, RBC Investor Services Trust as Trustee, and Lara Misner as settlor, as applicable;

"**Trust Property**" has the meaning ascribed thereto under the heading "Securityholder Matters – Meeting of Unitholders";

"**Trust's Website**" has the meaning ascribed thereto under the heading "Redemption of Units – Transfer of Copper to the Redeeming Unitholder";

"**Trustee**" means RBC Investor Services Trust, in its capacity as trustee of the Trust, and any successor;

"**TSX**" means the Toronto Stock Exchange;

"**UMIR**" means the Universal Market Integrity Rules for Canadian Marketplaces;

"**UN**" means the United Nations;

"**Underwriters**" has the meaning ascribed thereto on the face page;

"**Underwriting Agreement**" means the underwriting agreement dated May 31, 2024 among the Trust, the Manager, and the Underwriters;

"**Unitholder**" means the owners of the beneficial interest in the Units;

"**Units**" means the transferable units of the Trust;

"**Valuation Agent**" has the meaning ascribed thereto under the heading "Calculation of Net Asset Value";

"**Valuation Date**" has the meaning ascribed thereto under the heading "Calculation of Net Asset Value";

"**Valuation Time**" has the meaning ascribed thereto under the heading "Calculation of Net Asset Value";

"**Warehouse Providers**" means initially, Access World, C. Steinweg Handelsveem and P Global Services, and/or each of their respective subsidiaries, affiliates or successors and, subject to compliance with applicable securities laws and the Exemptive Relief, such other warehouse service providers as the Manager may determine in accordance with the Trust Agreement; and

"**WMC**" has the meaning ascribed thereto under the heading "Prospectus Summary – Technical Advisor".

**CURRENCY**

In this prospectus, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in United States dollars. All references to "$", "US$", "United States dollars", "U.S. dollars" or "dollars" are to the currency of the United States, and all references to "Cdn$" or "Canadian dollars" are to the currency of Canada.

The following table sets out the high and low rates of exchange for one U.S. dollar expressed in Canadian dollars during each of the following periods, the average rate of exchange for those periods, and the rate of exchange in effect at the end of each of those periods, each based on the rate of exchange published by the Bank of Canada for conversion of U.S. dollars into Canadian dollars.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended |
|  | Dec. 31,<br> 2023 | Dec. 31,<br> 2022 | Dec. 31,<br> 2021 | March 31,<br> 2024 | March 31,<br> 2023 |
|  | ($) | ($) | ($) | ($) | ($) |
| Highest rate during the period | 1.3875 | 1.3856 | 1.2942 | 1.3593 | 1.3807 |
| Lowest rate during the period | 1.3128 | 1.2451 | 1.2040 | 1.3316 | 1.3312 |
| Average noon spot rate for the period | 1.3497 | 1.3013 | 1.2535 | 1.3486 | 1.3525 |
| Rate at the end of the period | 1.3226 | 1.3544 | 1.2678 | 1.3550 | 1.3533 |

---

On May 30, 2024, the rate of exchange posted by the Bank of Canada for conversion of U.S. dollars into Canadian dollars was US$1.00 equals $1.3678. No representation is made that Canadian dollars could be converted into U.S. dollars at that rate or any other rate.

 **CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

The statements contained in this prospectus that are not purely historical are forward-looking statements. The Trust's forward-looking statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predicts," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example, statements about:

● trading of the Units on the TSX;

● the Trust's objectives and strategies to achieve the objectives;

● success in retaining or recruiting, or changes required in, the officers, key employees or directors of the Manager;

● success in appointing a Technical Advisor to provide advisory services to the Manager in respect of matters relating to the Trust's holding, purchases and sales of Copper;

● expectations regarding the supply of Copper and the ability of producers to bring additional sources of supply online; and

● expectations for growth of Copper industry, sources of and demand for Copper, and the performance of the Copper market.

The forward-looking statements contained in this prospectus are based on the Trust's current expectations and beliefs concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it has anticipated.

These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Trust's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include those factors described in greater detail under the heading "Risk Factors". Should one or more of these risks or uncertainties materialize, or should any of the Trust's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Trust has included in this prospectus material risks known to it; however, there may be other, unknown risks or risks that the Trust currently deems immaterial that may adversely affect the actual results of the Trust. Each of the Trust and the Manager undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable Securities Legislation.

**PROSPECTUS SUMMARY**

*The following is a summary of the principal features of the Offering and should be read together with the more detailed information and financial data and statements contained elsewhere in this prospectus. You should read this entire prospectus, including the "Risk Factors" listed herein before making an investment decision about the Units. Unless otherwise specified, in this "Prospectus Summary" section references to "copper" refers to physical copper metal in any form and references to "Copper" has the meaning ascribed thereto in the "Glossary of Selected Terms". Certain capitalized terms used, but not defined in this summary are defined in the "Glossary of Selected Terms".*

**The Trust**

The Trust was established under the laws of the Province of Ontario, Canada pursuant to the Trust Agreement dated as of April 12, 2024, as amended and restated on May 10, 2024.

**Sprott Physical Copper Trust Overview** 

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| | |
|:---|:---|
| <br> **Trust Overview** | ■ The Trust is the world's first physical Copper fund and was established to provide a secure, convenient and exchange-traded investment alternative for investors who seek physical exposure to Copper. <br> ■ Structured as a Canadian domiciled, closed-end investment trust. <br> ■ Investors will receive transferable Units that are currently anticipated to be listed on the TSX.  |
| <br>**Composition** | ■ CME grade 1 cathodes and LME grade A cathodes, or equivalent copper cathodes. <br> ■ Responsible sourcing of Copper for the Trust. <br> ■ Sourcing directly from Copper producers and traders.  |
| <br>**Storage & Insurance** | ■ Copper will be stored exclusively in CME and LME-approved Facilities: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Operated by well-regarded multinational entities; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Located in stable jurisdictions (i.e., Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States). <br> ■ Copper held by the Trust will also benefit from customary all-risk stock-only insurance for its full value at each Facility.  |
| **![](tm263976d1_ex99-8img005.jpg)**<br>**Pricing & NAV** | ■ Fair market value of the Trust's Copper assets will be determined based on published LME or CME Copper prices and reported Copper premiums from Fastmarkets. <br> ■ NAV determined daily at 4:00 p.m. (Toronto time) on each Business Day.  |
| <br>**Manager** | ■ Registered investment fund manager, portfolio manager and exempt market dealer and a wholly-owned subsidiary of Sprott Inc. <br> ■ Assets under management, together with its affiliates and related entities, of approximately US$29.4 billion as of March 31, 2024. <br> ■ Manager of other physical metals and commodity trusts including the Sprott Physical Uranium Trust, Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Gold and Silver Trust and Sprott Physical Platinum and Palladium Trust. |

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**Sprott Physical Copper Trust Overview**

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| | |
|:---|:---|
| ![](tm263976d1_ex99-8img007.jpg) <br>**Technical <br> Advisor to the <br> Manager** | ■ Independent physical commodity merchant focused on the energy transition sector:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sources, stores, finances, and arranges for deliveries of physical commodities worldwide; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant experience at global mining companies, WMC's lead buyers have been responsible for both procurement and sales of Copper, nickel, cobalt and lithium in senior management positions.<br> ■ Sprott's technical advisor in connection with the Sprott Physical Uranium Trust, WMC has purchased over US$2.2 billion of uranium for Sprott Physical Uranium Trust. |

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The Trust does not anticipate making regular cash distributions to Unitholders. RBC Investor Services Trust is the Trustee of the Trust. The Manager is the sponsor and promoter of the Trust and the manager of the Trust pursuant to the Management Agreement. The material terms of the Trust Agreement and the Management Agreement are discussed under the sections "Overview of the Structure of the Trust", "Organization and Management Details of the Trust", and "Securityholder Matters", respectively. Each outstanding Unit represents an equal, fractional, beneficial interest in the net assets of the Trust attributable to the particular class of Units.

The Manager expects that advantages of investing in the Trust will include the following:

**<u>Copper is a Critical Material</u>**

The copper market is large and mature. The size of the copper market was approximately $183 billion in 2022<sup>1</sup>, making it the third largest global metals market behind iron ore and gold. Copper's large market size and wide-ranging applications have historically made its price a barometer of the global economy.

In anticipation of growing copper demand and in recognizing that clean energy technologies require significantly greater copper than traditional energy sources, world governments, including the United States<sup>2</sup>, Canada<sup>3</sup>, the European Union<sup>4</sup> and Australia<sup>5</sup>, among others, have added copper to their lists of critical and/or strategic materials. Due to copper's distinctive properties, including electrical and thermal conductivity, ductility, malleability, and corrosion resistance, in addition to considerations of cost and availability, there is limited substitution risk for copper in its existing applications.

![](tm263976d1_ex99-8img008.jpg)

Source: CRU – March 2024

The global energy transition is driving increased demand for commodities, in particular copper. The expansion of copper-intensive infrastructure, such as power grids, electric vehicles and clean energy technologies coincide with an anticipated 165% increase in global electricity consumption by 2050.<sup>6</sup>

<sup>1</sup> USGS Mineral Commodity Summaries, 2023

<sup>2</sup> US Department of Energy, 2023 final critical materials list

<sup>3</sup> The Canadian Critical Minerals Strategy 2022

<sup>4</sup> European Commission, 2023 list of critical raw materials for the EU

<sup>5</sup> Australia's Critical Minerals List and Strategic Materials List 2024

<sup>6</sup> IEA World Energy Outlook 2023 Net Zero Emissions Scenario

![](tm263976d1_ex99-8img009.jpg)

Source: European Commission, Critical raw materials for strategic technologies and sectors in the EU, 2020

**<u>Copper Demand is Growing</u>**

Clean energy technologies require significantly more copper than traditional energy generation. In order to reach "net-zero" emissions by 2050, the global electricity grid is estimated to need $630 billion in investment per year through to 2030, a 230% increase from the amount invested in 2022.<sup>7</sup> Moreover, electricity demand is expected to increase 165% by 2050 due to, among other things, new technologies being implemented and a growing middle class in Asia.<sup>8</sup>

![](tm263976d1_ex99-8img010.jpg)

Source: IEA World Energy Outlook 2023 Stated Policies; included for illustrative purposes only

A key component of the global energy transition, electric vehicles require approximately 240% more copper to produce than a conventional internal combustion engine vehicle. As shown below, both solar energy production and onshore wind energy production require 250% more copper than comparable fossil fuels per megawatt ("**MW**"). Offshore wind energy production requires 700% more copper than comparable fossil fuels per MW.

**Copper Intensities**

Source: The role of critical minerals in clean energy transitions, IEA, May 2021; included for illustrative purposes only

<sup>7</sup> BNEF Energy Transitions Trends 2023

<sup>8</sup> IEA World Energy Outlook 2023 Net Zero Emissions Scenario

The utilities sector has forecasted a significant increase in electricity demand from data centres.<sup>9</sup> In the next five years, consumers and businesses are expected to generate twice as much data as all the data generated over the past ten years,<sup>10</sup> and a resulting $1 trillion investment in data centres over the next five years is expected.<sup>11</sup> Further, data centre racks used for artificial intelligence applications require 700% more electricity than traditional data centre racks.<sup>12</sup> Global electricity consumption from data centres, cryptocurrencies and artificial intelligence applications is estimated to increase from 1.7% of global electricity demand to 2.6% of global electricity demand by 2026.<sup>13</sup>

**Data centre electricity consumption in the U.S. is growing (TWhs)**

![](tm263976d1_ex99-8img012.jpg)

Source: Boston Consulting Group, the Impact of Electricity

There are a range of estimates regarding increased copper demand arising from the growth in demand for data centres and artificial intelligence applications. Trafigura estimates artificial intelligence could add up to one million tonnes ("**Mt**") of additional copper demand by 2030.<sup>14</sup> JP Morgan has estimated cumulative new copper demand of between 2.6 to 5.0Mt from data centres, forecasting that 86% of data centre growth will arise from artificial intelligence applications.<sup>15</sup> Bank of America estimates an additional 500 thousand tonnes ("**Kt**") of copper demand from artificial intelligence by 2026, equivalent to a 2% uplift to 2023's 26Mt demand.<sup>16</sup>

<sup>9</sup> S&P Global Chairman Daniel Yergin CNBC interview, April 2024

<sup>10</sup> JLL, Data Centers 2024 Global Outlook

<sup>11</sup> Business Insider, AI Data Centers Are Booming, Sucking Up Water, Energy and Land, October 2023

<sup>12</sup> Wall Street Journal, AI-Ready Data Centers are Poised for Fast Growth, August 2023

<sup>13</sup> Bank of America Global Research, Metals Strategist, 2024

<sup>14</sup> Reuters, AI could add 1 million tons of copper demand by 2030 says Trafigura, April 2024

<sup>15</sup> JP Morgan, Copper & AI the coming wave, March 2024

<sup>16</sup> Bank of America Global Research, Metals Strategist, 2024

**<u>Copper Supply Faces Challenges</u>**

The global copper supply currently faces challenges due to declining ore grades of existing copper mines and the long lead time required for new mine development. In addition, the ore bodies of existing copper mines have been declining in quality, which increases production costs and makes mine expansion challenging. Currently, copper ore grades are typically discovered at 1% purity or less, whereas copper ore grades discovered in the 19th century typically exceeded 5% purity.<sup>17</sup>

Major copper discoveries are also becoming less common. The Technical Advisor and the Manager believe that more desirable mine sites have already been discovered and developed leaving less desirable mine sites (e.g., in jurisdictions with higher political risk) available for development, which requires a higher market price environment to incentivize new development. On average, it takes over 16 years to bring new mining projects from discovery to initial production, highlighting the substantial challenges facing the copper industry in meeting future demand.<sup>18</sup>

Copper supply disruptions also negatively impact the global copper supply. A recent example is the closure of the Cobre Panama copper mine in 2023, which accounted for approximately 1.5% of global mined copper production prior to its closure.<sup>19</sup>

In 2023, Chile produced approximately 24% of global mined copper production, the most of any country. Peru and the Democratic Republic of Congo each produced approximately 12% of global mined copper production, followed by China and the United States at approximately 8% and 5%, respectively.

![](tm263976d1_ex99-8img013.jpg)

Source: CRU – March 2024

<sup>17</sup> S&P Global, The Future of Copper

<sup>18</sup> IEA, The role of critical minerals in clean energy transitions, May 2021

<sup>19</sup> Mining.com, Cobre Panama: How a $10 billion copper mine is now sitting idle in the jungle, April 2024

The chart below shows the historical performance of copper based on the official LME cash settlement price.

![](tm263976d1_ex99-8img014.jpg)

Source: LME

From 2024 to 2026, the copper market is forecasted to be in a slight supply deficit, which deficit is expected to increase in subsequent years due to supply and demand dynamics. From 2027 to 2028, there may be a significant supply deficit driven by lower growth in the copper supply.<sup>20</sup>

![](tm263976d1_ex99-8img015.jpg)

Source: CRU – March 2024; Note: This graphic includes secondary supply of recycled copper scrap

<sup>20</sup> CRU – March 2024

**<u>Convenient, Exchange Traded Vehicle</u>**

The Trust seeks to provide a secure, convenient, and exchange traded investment alternative for investors interested in holding Copper. The Trust may reduce exposure to futures carry costs, producer specific risks, exchange risk, and have the potential for value-add transactions.

Relative to a direct holding of Copper, the Trust expects to offer:

✓ The convenience and liquidity typical of an exchange traded security.

✓ A complete logistical solution for holding Copper (including sourcing, transportation, warehousing, insurance, material audits).

✓ Daily reporting of Net Asset Value.

✓ Lower holding and friction costs.

✓ Responsible sourcing policies.

**The Trust is expected to compare favourably against other vehicles that provide Copper exposure, such as futures and futures ETFs – as at May 10, 2024, the annualized one-year contango (i.e., where the futures price is higher than the spot price) based on the most liquid 3 month future is 6%, which implies a minimum cost of carry (or investment loss) of 6%.**

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| | | | |
|:---|:---|:---|:---|
|  | **Futures** | **Futures ETFs** | <br> **Sprott <br> Physical <br> Copper Trust**<br>|
| **Exposure to Copper** | ✓ | ✓ | ✓ |
| **Ability to Redeem for Physical Metal** | ✓ | ´ | ✓ |
| **Minimized Exposure to Market Contango** | ´ | ´ | ✓ |
| **Reduced Futures Exchange Risk** | ´ | ´ | ✓ |
| **Reporting Frequency & Transparency** | ´ | ✓ | ✓ |
| **Responsible Sourcing** | ´ | ´ | ✓ |
| **Potential for Additional Income** | ´ | ´ | ✓ |

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The Manager believes that, for many investors, the costs associated with buying and selling the Units and the payment of the Trust's ongoing expenses would be lower than the costs associated with directly buying and selling Copper, and storing and insuring Copper in allocated Copper accounts, as applicable.

Unitholders will have the ability, on a semi-annual basis and as described herein, to redeem their Units for Copper for a redemption value equal to the aggregate value of the Class Net Asset Value per Unit of the redeemed Units, less applicable expenses, including, to the extent required, sales or other value-added taxes, and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice, the transfer of the Copper for the redeemed Units and the applicable fees charged by the Designated Facility in connection with such redemption, including but not limited to ownership transfer fees. Unitholders will also have the ability, on a semi-annual basis and as described herein, to redeem their Units for cash for a redemption value equal to 95% of the lesser of: (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units on the applicable Redemption Date, less applicable fees, costs and expenses. See "Redemption of Units".

The Trust will store its Copper with Facilities that are reputable and exclusively in warehouses that are CME and LME approved, which is the main global market standard for physical metal warehousing services that is accepted by market participants and financiers.

Further, the Trust will only store Copper with such Facilities at locations in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States (i.e., the Storage Jurisdictions).

In addition, the Manager will maintain market standard insurance for the Copper held with the Facilities. Finally, the Facilities to be used by the Trust are owned by well-regarded multi-national providers of global storage for physical metals, namely Access World, C. Steinweg Handelsveem, and P Global Services.

**<u>Transparent Daily Reporting of Net Asset Value and Holdings</u>**

The Trust will report a daily NAV, based on the value of the Copper assets held by the Trust. Net Asset Value and Net Asset Value per Unit will be determined daily at 4:00 p.m. (Toronto time) on each Business Day. Daily disclosure of NAV is expected to provide for near real-time pricing alignment between Unit price and NAV.

The fair market value of the Copper held by the Trust will be based on reported spot prices from a globally recognized price reporter, Fastmarkets. See "Calculation of Net Asset Value" and "Prospectus Summary – Price Reporters".

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| | | |
|:---|:---|:---|
| **Benefits of Reporting <br> Methodology** | **Summary of Reporting & NAV Calculation** | **Summary of Reporting & NAV Calculation** |
| ✓ Transparent daily reporting of Copper  | **Net Asset Value (NAV) Calculation** | ■ Determined by the Valuation Agent.<br> ■ NAV is equal to the aggregate fair market value of the assets of the Trust, less the fair value of the liabilities (including the Management Fee) of the Trust, as of the time of valuation. |
| ✓ Industry-standard NAV calculation | **Valuation Frequency** | ■ NAV and NAV per Unit determined daily at 4:00 p.m. (Toronto time) on each Business Day. |
| ✓ Reliable third-party valuation agent | **Valuation Agent, Trustee and Custodian** | ■ RBC Investor Services Trust. |
| ✓ Globally recognized price reporter (Fastmarkets) that aligns with IOSCO principles to remove subjective pricing views | **Reporting Sources** | ■ The fair market value of the assets of the Trust will be based on reported spot prices from Fastmarkets, a globally recognized, independent price reporter aligning with IOSCO principles and commonly used by the market. |
| ✓ Daily disclosure allows for near real-time alignment between Unit price and NAV | **Holding Disclosure** | ■ Portfolio transactions (investment purchases and sales) will be reflected in the first calculation of the NAV of the Trust made after the date on which the transaction becomes binding. |

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**<u>Experienced Manager</u>**

The Trust will be managed by Sprott Asset Management LP, a Canadian registered investment fund manager, portfolio manager and exempt market dealer that is wholly-owned by Sprott. As of March 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling approximately US$29.4 billion, and provided management and investment advisory services to many entities, including private investment funds, mutual funds, and certain discretionary managed accounts.

The Manager has considerable experience and a long track record of investing in precious metals and other commodities on behalf of investors, including in connection with acting as the manager of other exchange listed closed-end trusts and closed-end mutual fund trusts such as the Sprott Physical Uranium Trust, the Sprott Physical Gold Trust, the Sprott Physical Silver Trust, the Sprott Physical Gold and Silver Trust, and the Sprott Physical Platinum and Palladium Trust. The Manager also acts as a sub-advisor for certain funds managed by Ninepoint LP and provides management and investment advisory services to certain U.S. funds. See "Organization and Management Details of the Trust – Manager of the Trust" and "Overview of the Structure of the Trust – The Manager".

![](tm263976d1_ex99-8img016.jpg)

**Summary of Physical Metal and Commodity Trusts Managed by Sprott Asset Management**

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| | | | |
|:---|:---|:---|:---|
|  |  | **Inception** <br> **Date**  | **NAV<sup>21</sup>**<br> *($Mn)* |
| ![](tm263976d1_ex99-8img017.jpg) | **Sprott Physical Gold Trust** | 2010 | $6900 |
| ![](tm263976d1_ex99-8img018.jpg) | **Sprott Physical Gold and Silver Trust** | 2018 | $4400 |
| ![](tm263976d1_ex99-8img019.jpg) | **Sprott Physical Silver Trust** | 2010 | $4200 |
| ![](tm263976d1_ex99-8img020.jpg) | **Sprott Physical Uranium Trust** | 2021 | $5600 |
| ![](tm263976d1_ex99-8img021.jpg) | **Sprott Physical Platinum and Palladium Trust** | 2012 | $112 |

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![](tm263976d1_ex99-8img022.jpg)

The Manager has engaged WMC Energy B.V. ("**WMC**") as the Manager's Technical Advisor to provide the Technical Advisory Services and assist with all activities involving Copper pursuant to the Technical Advisory Agreement.

WMC was established in 2016 to provide physical supply chain solutions to the nuclear industry. The Copper team at WMC has significant experience working at global mining companies. The team also brings experience with sourcing, storing, financing, and arranging deliveries of physical commodities worldwide. In 2021, WMC became the technical advisor to Sprott Asset Management LP for the Sprott Physical Uranium Trust. WMC is an independent merchant and 100% employee owned.

<sup>21</sup> As at March 31, 2024

The WMC procurement team has purchased over $2.2 billion of physical uranium for the Sprott Physical Uranium Trust. WMC's lead buyers have been responsible for both procurement and sales of Copper in senior management positions. WMC has established relationships with both producers and traders to execute all inception and future quantities of Copper. See "Organization and Management Details of the Trust – Technical Advisor".

The Manager has appointed Sprott Asset Management USA, Inc. ("**SAM US**") to provide advice to the Trust with respect to copper futures and certain other Financial Instruments. SAM US is relying on the "international adviser" exemption from the adviser registration requirements in the *Commodity Futures Act* (Ontario). SAM US is not registered as an adviser under Canadian securities or commodity legislation and, as such, is not required to comply with the same requirements that an adviser so registered would be subject to, such as those concerning proficiency, capital, insurance and other matters.

SAM US is an affiliate of the Manager. SAM US has its office, and all or substantially all of its assets, located outside of Canada. The Manager and the Trust may have difficulty enforcing any legal rights against SAM US.

*Principal Offices*

The Trust's office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1. The Manager's office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416) 943-8099 (toll free: 1-855-943-8099). The Trustee is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3. The custodian for the Trust's assets other than Copper, RBC Investor Services Trust, is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3.

**THE OFFERING**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer:** | Sprott Physical Copper Trust, a closed-end trust organized under the laws of the Province of Ontario, Canada pursuant to the Trust Agreement. See "Overview of the Structure of the Trust – Overview of the Trust Agreement". |
| &nbsp;&nbsp;**Offered Securities:** | 10 million transferable Units (11.5 million Units if the Underwriters exercise the Over-Allotment Option in full). Each Unit will represent an equal, fractional, beneficial interest in the net assets of the Trust attributable to the Units. See "Description of the Units". |
| &nbsp;&nbsp;**Issue Price:** | US$10.00 per Unit. |
| &nbsp;&nbsp;**Listing:** | The TSX has conditionally approved the listing of the Units on the TSX under the symbols "COP.U" (U.S. dollar denominated) and "COP.UN" (Canadian dollar denominated). Listing is subject to the Trust's fulfilment of all of the initial listing requirements and conditions of the TSX, and there can be no guarantee that that the Trust will do so. |
| &nbsp;&nbsp;**Use of Proceeds:** | The estimated net proceeds from the Offering, after deducting the Underwriters' commissions and the estimated expenses of the offering, will be US$94 million (or US$108.25 million if the Underwriters fully exercise their Over-Allotment Option). The Trust will use the net proceeds of the Offering to purchase Copper in accordance with the Trust's investment objective and subject to the Trust's investment and operating restrictions described herein. See "Use of Proceeds", "Investment Objectives", "Investment Restrictions", "Plan of Distribution" and "Fees and Expenses". |
| &nbsp;&nbsp;**Objective of the Trust:** | The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. See "Investment Objectives". |
| &nbsp;&nbsp;**Strategy of the Trust:** | The Trust intends to achieve its objective by investing primarily in long-term holdings of Copper. The Trust does not intend to speculate with regard to short-term changes in Copper prices. The Trust will have the ability to optimize the value of the Trust through Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse receipts, and other financial instruments to complement the Trust's Copper procurement strategy, so long as these transactions provide value to the Trust and the risk associated with each transaction and to the Trust is minimized to the satisfaction of the Manager, including consideration of the tax consequences to the Trust. |

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|:---|:---|
|  | The Facilities, Storage Jurisdictions and Warehouse Providers, as well as the maintenance of market standard insurance for the Copper held with the Facilities, are requirements of the Exemptive Relief. To the extent the Exemptive Relief is amended, modified or supplemented, including by any subsequent exemptive relief order, the Manager and the Trust may, in the future, be required to use only certain of the Facilities, Storage Jurisdictions or Warehouse Providers, or permitted to utilize different storage facilities for Copper, including in other jurisdictions and or owned by different warehouse service providers. |
|  | In addition, the Trust may occasionally enter into transactions intended to (a) enhance or maintain the value of its holdings of Copper or (b) optimize the Copper holdings and Trust operating costs. The Trust may occasionally lend out Copper to other market participants, of sufficient credit quality and/or with appropriate credit enhancing measures, in exchange for a lending fee, provided that the risk associated with each transaction is minimized to the satisfaction of the Manager, including consideration of the tax consequences to the Trust. See "Investment Strategies". |
| &nbsp;&nbsp;**Use of Leverage:** | The Trust has no borrowing arrangements in place and is unleveraged. The Manager has no intention of using leverage (save for short-term borrowings to settle trades). |
| &nbsp;&nbsp;**Technical Advisor:** | The Manager has engaged WMC as the Manager's Technical Advisor. The Technical Advisor will provide the Manager with the Technical Advisory Services, which include, but are not limited to: (a) arranging, co-ordinating and confirming all purchases and sales of Copper for the Trust; (b) arranging, co-ordinating and directing execution of all other transactions involving Copper, such as lending and exchanges of Copper, for the Trust; (c) advising on and arranging any (temporary) necessary financial hedges, such as futures or warrants, associated with (a) or (b) above, by the Trust; (d) advising on and co-ordinating all matters related to storage, logistics and safekeeping of Copper, including setting up warehouse accounts, directing incoming and outgoing transfers (both in warehouse and between warehouses), arranging logistics and insurance (inventory and/or marine), which for greater certainty, shall include assisting with due diligence, selection, and auditing of logistics providers and Warehouse Providers, including for the purposes of allowing the Trust and the Manager to comply with applicable securities laws and the Exemptive Relief; (e) generally co-ordinating communications between the Manager and third-parties active in the Copper market; (f) assisting with setting-up, maintaining and evaluating an appropriate valuation framework (including the selection of price reporting agencies) to accurately and frequently determine the fair market value of the Copper the Trust holds; (g) providing the Manager with periodic updates on the Copper market; (h) supporting the Manager with investor relations for the Trust, including assisting with preparation of marketing material, accompanying the Manager on roadshows and participating on investor calls; (i) assisting the Manager with the Trust's operational and administrative requirements; and (j) providing reasonable assistance and support in connection with the Manager's preparation of Net Asset Value, financial and other public disclosures with respect to the Trust ((a) to (j) are referred to collectively as the "**Technical Advisory Services**"). |

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|:---|:---|
| &nbsp;&nbsp;**Calculating Net Asset Value:** | The Net Asset Value, the Class Net Asset Value, and the NAV per Unit are determined daily as of 4:00 p.m. (Toronto time), on each Business Day by the Trust's valuation agent, which is RBC Investor Services Trust. Throughout this prospectus, unless otherwise indicated, the term "Business Day" refers to any day on which the TSX, or any U.S. stock exchange on which the Units are listed, is open for trading. In addition, the Manager may calculate the Net Asset Value, the Class Net Asset Value and the NAV per Unit at such other times as the Manager deems appropriate. The value of the net assets of the Trust as of the Valuation Time on any such day is equal to the aggregate fair market value of the assets of the Trust as of such date, less an amount equal to the value of the liabilities of the Trust as of such date. The valuation agent calculates the NAV per Unit by dividing the value of the net assets of the class of the Trust represented by the Units on that day by the total number of Units of that class then outstanding on such day. See "Calculation of Net Asset Value". |
| &nbsp;&nbsp;**Redemption of Units for Physical Copper:** | Subject to the terms of the Trust Agreement, Units may be redeemed at the option of a Unitholder on a semi-annual basis for Copper. Units redeemed for Copper shall have a redemption value equal to the aggregate value of the Class Net Asset Value per Unit of the redeemed Units as at the Valuation Time on the applicable Redemption Date for the Notice Period during which the redemption request is received. Redemption requests for Copper must be for amounts that are at least equivalent in value to one Minimum Physical Redemption Lot or an integral multiple thereof, plus applicable expenses, including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes. Any fractional amount of redemption proceeds payable in excess of a Minimum Physical Redemption Lot, or an integral multiple thereof (or, if reduced pursuant to the limitations described below in ''Redemption of Units—Semi-annual Limitation on Redemptions'' to a fractional amount that is less than a Minimum Physical Redemption Lot), will, in the Manager's sole discretion, be paid in Copper or the equivalent value in cash at a rate equal to 100% of the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date that represents such excess amount. A Unitholder redeeming Units for Copper will be responsible for the expenses incurred by the Trust in connection with such redemption (including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice, the transfer of the Copper for the Units that are being redeemed and applicable fees. Upon request, the Manager will provide Unitholders interested in redeeming Units for Copper with an estimate of the current costs associated with the transfer of Copper. See ''Redemption of Units'' for detailed terms and conditions relating to the redemption of Units for Copper. |

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|:---|:---|
|  | A Copper Redemption Notice must be received by the Registrar and Transfer Agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Copper Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during the next Notice Period. For each Copper Redemption Notice, the Registrar and Transfer Agent will send a confirmation notice to the Unitholder's broker that such notice has been received and determined to be complete. |
|  | A Unitholder redeeming Units for Copper will receive the Copper via an "in warehouse" transfer and delivery from the Trust's holdings of Copper at the Designated Facility to the Unitholder's account at the Designated Facility. Copper received by a Unitholder as a result of a redemption of Units will be transferred pursuant to delivery instructions provided by the Unitholder and shall only be delivered to an account established by the Unitholder at the Designated Facility. The Designated Facility shall be engaged by, or on behalf of, the redeeming Unitholder. The transfer of Copper in connection with a redemption of Units will occur as soon as practicable and, in any event, approximately 15 Business Days after the applicable Redemption Date, subject to the timelines, policies and procedures at any Designated Facility. See "Redemption of Units – Transfer of Copper to the Redeeming Unitholder". |
|  | Unitholders that are constituted and authorized as undertakings for collective investment in transferable securities (UCITS) or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving Copper may only redeem Units for cash pursuant to the Trust Agreement. |
| &nbsp;&nbsp;**Redemption of Units for Cash:** | Subject to the terms of the Trust Agreement, Units may be redeemed at the option of a Unitholder for cash on a semi-annual basis. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash. Cash redemption proceeds will be transferred to a redeeming Unitholder approximately 15 Business Days following the applicable Redemption Date, subject to the terms of and conditions of the sales of Copper by the Trust to fund the cash redemption amount. |

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| | |
|:---|:---|
|  | A Cash Redemption Notice must be received by the Registrar and Transfer Agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Cash Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during the next Notice Period. See ''Redemption of Units'' for detailed terms and conditions relating to the redemption of Units for cash. |
| &nbsp;&nbsp;**Semi-Annual Limitation on Redemptions:** | Pursuant to the terms of the Trust Agreement, the aggregate number of Units that may be redeemed on any Redemption Date shall not exceed 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period. In the event that the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period exceeds 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period, then the number of Units to be redeemed pursuant to any valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period shall be deemed for all purposes (other than determining the validity of a Copper Redemption Notice on the basis of such Copper Redemption Notice being for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses) to be a pro rata amount (rounded down to the nearest whole number of Units) of an amount equal to 1.5% of the number of Units outstanding at the close of business on the last day of the applicable Notice Period. Such pro-rationing will be equal to the product (rounded down to the nearest whole number) of (i) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period, multiplied by (ii) the quotient of (A) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice, divided by (B) the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period. See "Redemption of Units – Semi-Annual Limitation on Redemptions". |
| &nbsp;&nbsp;**Price Reporters:** | The fair market value of the Copper held by the Trust will be determined based on reported Copper spot prices from one or more credible, market leading, commodity exchanges to determine the copper base price and independent price reporters (the "**Price Reporters**") to determine the applicable copper premium to be added on top of the copper base price aligning with IOSCO principles that are most commonly used by the market subject to adjustment in certain circumstances. The Price Reporters are private business organizations that offer subscription services to which most Copper market participants subscribe and the spot prices reported by such Price Reporters are used by such market participants as a basis on which to negotiate or settle contracted prices for Copper. The Copper prices are mostly reported on a daily basis, and in all circumstances once a week, and are reported for, amongst other different locations, grades and shapes of Copper. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Distribution Policy:** | The Trust does not anticipate making regular cash distributions to Unitholders. See "Distribution Policy". |
| &nbsp;&nbsp;**Termination of the Trust:** | The Trust does not have a fixed termination date but will be terminated in the event that; (i) there are no Units outstanding; (ii) the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective; (iii) the Manager resigns and no successor manager is appointed by the Manager and approved by Unitholders by the time the resignation becomes effective; (iv) the Manager is, in the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the Unitholders; or (v) the Manager experiences certain insolvency events or the assets of the Manager are seized or confiscated by a public or governmental authority. In addition, the Manager may, in its discretion, terminate the Trust without Unitholder approval, if, in the opinion of the Manager, after consulting with the Independent Review Committee, the Net Asset Value of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the Unitholders to terminate the Trust, by giving the Trustee and each then Unitholder at least 90 days' notice. To the extent such termination in the discretion of the Manager may involve a matter that would be a "conflict of interest matter" as set forth under applicable Securities Legislation, the matter will be referred by the Manager to the Independent Review Committee for its recommendation. In connection with the termination of the Trust, the Trust will, to the extent possible, convert its assets into cash and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to Unitholders in accordance with the termination provisions set out in the Trust Agreement and the Trustee shall continue to act as trustee of the Trust until such Trust Property has been so distributed. See "Termination of the Trust" and "Organization and Management Details of the Trust – Independent Review Committee". |

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**Organization and Management of the Trust**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Manager:**<br>Sprott Asset Management LP,<br> Royal Bank Plaza, South<br> Tower, Suite 2600, 200 Bay<br> Street Toronto, Ontario, M5J<br> 2J1 Canada<br>| The Manager is responsible for the day-to-day undertaking and administration of the Trust. The Trust is managed by the Manager pursuant to the Management Agreement and the Trust Agreement. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Trustee:**<br>RBC Investor Services Trust<br> 155 Wellington Street West,<br> 2<sup>nd</sup> Floor, RBC Centre<br> Toronto, Ontario, Canada<br> M5V 3L3  | The Trustee is a trust company organized under the federal laws of Canada. The Trustee holds title to the Trust's assets (other than Copper) and has, together with the Manager, exclusive authority over the assets and affairs of the Trust. The Trustee has a fiduciary responsibility to act in the best interest of the Unitholders. The Trustee is unrelated to the Manager. |
| &nbsp;&nbsp;&nbsp;&nbsp; **Promoter:**<br>Sprott Asset Management LP,<br> Royal Bank Plaza, South<br> Tower, Suite 2600, 200 Bay<br> Street Toronto, Ontario, M5J<br> 2J1 Canada | The Manager initiated the creation and organization of the Trust and therefore may be considered a promoter of the Trust under applicable Securities Legislation by reason of its initiative in organizing the Trust. |
| &nbsp;&nbsp;**Custodian(s) for Copper:** | The Copper owned by the Trust will be stored by Facilities with which the Trust enters into storage agreements (the "**Storage Agreements**"). Each Storage Agreement is expected to require, among other things, that the Facility is required to exercise: (a) the same degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances; or (b) at least the same degree of care as they exercise with respect to CME or LME warehouse receipt holders, if this is a higher degree of care than the degree referred to in (a), and to have appropriate insurance in place. Under each Storage Agreement, the applicable Facility will receive the Copper owned by the Trust and, after verification, issue a "warehouse receipt" that confirms the amount, weight, type, form, origin, characteristics and packaging condition of the Copper that is to be stored with the Facility. In the event of discrepancy arising during the verification process, the Facility will promptly notify the Manager. The Copper owned by the Trust and stored at the Facilities will be segregated and identifiable at all times as belonging to the Trust. Under each Storage Agreement, the Facility will be required to provide a written settlement statement no less frequently than each quarter indicating the type and amount of Copper owned by the Trust that are being stored at the Facility. The Manager and Technical Advisor expect to have inspection and audit rights, including with respect to the Facility's inventory management system that keeps track of the Trust's inventory of Copper. Pursuant to each Storage Agreement, title to stored Copper will remain with the Trust, as the owner, and does not form part of the applicable Facility's assets. As such, in the event of an insolvency or other event at a Facility, ownership of the Copper is expected to remain with the Trust. In addition, the Trust expects to maintain a separate market standard insurance policy that insures the Copper held with a Warehouse Provider for loss, theft or damage. |
| &nbsp;&nbsp;&nbsp;&nbsp; **Custodian for Assets other than Copper:**<br>RBC Investor Services Trust<br> 155 Wellington Street West,<br> Street Level, Toronto, Ontario,<br> Canada M5V 3L3<br> Toronto, Ontario, Canada | The Trustee, in addition to its role as trustee of the Trust, will also act as custodian on behalf of the Trust for the Trust's assets other than Copper. The Trustee is only responsible for the Trust's assets that are directly held by it, its affiliates or appointed sub-custodians. The Trustee is unrelated to the Manager. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Registrar and Transfer Agent:**<br>TSX Trust Company<br> Toronto, Ontario, Canada | The registrar and transfer agent keeps the register of the Unitholders and transfers on behalf of the Trust and processes redemption orders and transfers. TSX Trust Company is unrelated to the Manager. |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auditor:**<br>KPMG LLP<br> Toronto, Ontario, Canada | The Auditor annually audits the financial statements of the Trust to determine whether they fairly present, in all material respects, the Trust's financial position, its financial performance and its cash flows in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**"), including subjecting the Copper stored with Warehouse Providers to audit procedures. The Auditor is independent of the Manager. |
| &nbsp;&nbsp;&nbsp;&nbsp; **Valuation Agent:**<br>RBC Investor Services Trust<br> 155 Wellington Street West,<br> Street Level, Toronto, Ontario,<br> Canada M5V 3L3<br> Toronto, Ontario, Canada | The Trust's Valuation Agent calculates the NAV and the NAV per Unit of the Trust on a Valuation Date and reconciles all purchases and redemptions of Units to determine the NAV and the NAV per Unit. The daily NAV and the NAV per Unit will be posted on the Trust's Website. "Valuation Date" means each Business Day, and includes any other day on which the Manager elects, in its discretion, to cause the NAV per Unit to be calculated. The Valuation Agent is unrelated to the Manager. |

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**UNDERWRITERS**

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "**Joint Bookrunners**") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "**Underwriters**"), as principals, conditionally offer the Units qualified under this prospectus, subject to prior sale, if, as and when sold by the Trust and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement among us and the Underwriters referred to under "Plan of Distribution" and subject to the approval of certain legal matters on our behalf by Stikeman Elliott LLP and on behalf of the Underwriters by McCarthy Tétrault LLP. In connection with the Offering, the Underwriters have been granted the Over-Allotment Option and may, subject to applicable law, over-allocate or effect transactions which stabilize or maintain the market price of the Units at levels other than those which otherwise might prevail on the open market. The Underwriters may offer the Units at a price lower than that stated in this prospectus. See "Plan of Distribution".

The following table sets out the number of Units that may be sold by the Trust to the Underwriters pursuant to the Over-Allotment Option:

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| | | | |
|:---|:---|:---|:---|
| **Underwriters' Position** | **Maximum Size or** <br> **Number of Securities** <br> **Available** | **Exercise Period** | **Exercise Price** |
| Over-Allotment Option | 1,500,000 Units | For a period of 30 days after the Closing Date | US$10.00 per Unit |

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**SUMMARY OF FEES AND EXPENSES**

This table lists the fees and expenses that the Trust pays for the continued operation of its undertaking and that Unitholders may have to pay if they invest in the Trust. Payment of these fees and expenses will reduce the value of the Unitholders' investment in the Trust. You will have to pay fees and expenses directly if you redeem your Units. See "Fees and Expenses".

***Fees and Expenses Payable by the Trust***

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Management Fee and Additional Fees:** | Pursuant to the Management Agreement, the ongoing operation of the Trust is managed by the Manager and the Trust will pay the Manager a monthly management fee equal to 1/12 of 0.50% of the NAV of the Trust plus any applicable federal and provincial taxes (the "**Management Fee**"). The Management Fee shall be calculated and accrued daily and payable monthly in arrears on the last day of each month. In addition, the Manager will be entitled to: (i) a fee payable on purchases and sales of Copper (the "**Procurement Fee**") that is equal to 1.0% of the total purchase price of the Copper purchased or sold, less brokerage costs, plus any applicable federal and provincial sales taxes; and (ii) an enhancement fee (the "**Enhancement Fee**"), equal to 50% of the profit on all other transactions involving Copper, which are not outright purchases or sales of Copper, such as lending and exchange transactions. In addition to the Management Fee, Procurement Fees and Enhancement Fees, the Trust shall reimburse the Manager for all reasonable out-of-pocket expenses (plus applicable federal and provincial taxes) incurred by the Manager in accordance with the Management Agreement. |

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Technical Advisory Fees:** | Fees payable to the Technical Advisor will be paid by, and be the sole responsibility of, the Manager. In addition, the Manager will reimburse the Technical Advisor for out-of-pocket expenditures (including, legal costs, costs for marketing materials and market data and travel expenses) that are directly related to the Technical Advisory Services and which the Manager can recover from the Trust, including any such expenditures incurred prior to signing the Technical Advisory Agreement. |
| **Operating Expenses:** | The Trust is responsible for paying the filing and listing fees of the applicable Securities Authorities and stock exchanges and the fees and expenses payable to the transfer agent. |
|  | Except as otherwise described in this prospectus, the Trust is responsible for all costs and expenses incurred in connection with the ongoing operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any Investment Manager, the Custodian, any sub-custodians, the Registrar and Transfer Agent, the Facilities (including the costs of all insurance policies obtained and administrative expenses incurred in connection with storing the Copper at such Facilities), the valuation agent of the Trust; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement fees; legal, audit, accounting, bookkeeping and record keeping fees and expenses; costs and expenses of reporting to Unitholders and conducting Unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable Securities Authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's public filing requirements and investor relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of Units; costs and expenses of preparing financial and other reports; any expenses associated with the implementation and ongoing operation of the Independent Review Committee; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the Trust. See "Fees and Expenses—Fees and Expenses Payable by the Trust". |
| **Redemption and Delivery Costs:** | If you choose to receive Copper upon a redemption of Units, you will be responsible for the expenses incurred in connection with effecting the redemption (including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice, the transfer of the Copper for the Units that are being redeemed and the applicable fees charged by the Designated Facility in connection with such redemption. See "Redemption of Units – Transfer of Copper to the Redeeming Unitholder". |

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
|  | If you choose to receive cash upon a redemption of Units, you will be responsible for an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units. See "Redemption of Units – Redemptions for Cash". |
| **Other Fees and Expenses:** | The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which, the Trustee, the Manager, the Technical Advisor, the Facilities, any Investment Manager, the Custodian, any sub-custodians, the Registrar and Transfer Agent, the Valuation Agent or the Underwriters and/or any of their respective officers, directors, employees, consultants or agents is entitled to indemnity by the Trust. |

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The Trust intends to retain cash in an amount equal to approximately 5% of the net proceeds of the Offering (but not to exceed 10% of the net proceeds of the Offering) in order to provide available funds for its ongoing expenses and cash redemptions. From time to time, the Trust may sell Copper in order to replenish this cash reserve. There is no limit on the total amount of Copper 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 non-Copper investments. See. "Investment Restrictions".

***Fees and Expenses Payable Directly by Unitholders***

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Fees and Expenses:** | No charges will apply. If applicable, the Unitholders may be subject to brokerage commissions or other fees associated with trading the Units. |

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***Fees and Expenses in Connection with the Offering***

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|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Fees Payable to the Underwriters for Selling the Units:** | The Underwriters shall be entitled to a fee, equal to 5.0% of the gross proceeds raised from the sale of the Units, other than Units sold to purchasers on the President's List in respect of which no fee shall be payable. The Underwriters' commissions will be paid out of the proceeds of the Offering. |
| **Expenses of the Offering:** | The expenses of the Offering (including the costs of creating and organizing the Trust, the costs of preparing this prospectus, marketing expenses and other incidental expenses, filing and listing fees of the applicable Securities Authorities and stock exchanges, auditing, legal, translation and printing expenses) will be paid by the Trust. The Trust has agreed to reimburse the Underwriters for certain of the expenses paid by them. The expenses of the Offering are estimated to be US$1 million. |

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**Risk Factors**

An investment in the Units is subject to a number of risk factors that should be carefully considered by prospective investors. These risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• a delay in the purchase by the Trust of Copper with the net proceeds of the Offering may result
in the Trust purchasing less Copper than it could have purchased earlier;

&nbsp;&nbsp;&nbsp;&nbsp;• the trading price of the Units could potentially be more volatile relative to NAV;

&nbsp;&nbsp;&nbsp;&nbsp;• an investment in the Trust will yield long-term gains only if the value of Copper increases in
an amount in excess of the Trust's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust may conduct further offerings of Units from time to time, at which time it will offer
Units at a price that will be at or above NAV at the time of the offering, but that may be below the trading price of Units on
the TSX at the time;

&nbsp;&nbsp;&nbsp;&nbsp;• the trading price of Units on the TSX is not predictable and may be affected by factors beyond
the control of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;• Price Reporters are used to calculate published NAV;

&nbsp;&nbsp;&nbsp;&nbsp;• Unitholders have no direct ownership interest in Copper;

&nbsp;&nbsp;&nbsp;&nbsp;• insurance policies procured by the Trust may not ultimately cover all losses suffered by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;• in the event the Trust's Copper is lost, damaged, stolen or destroyed, recovery may be limited
to the market value of the Copper at the time the loss is discovered;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trustee, Warehouse Providers, and other service providers engaged by the Trust may not carry
adequate insurance to cover claims against them by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;• a redemption of Units for cash will yield a lesser amount than selling the Units on the TSX or
another exchange or trading facility, if such a sale is possible;

&nbsp;&nbsp;&nbsp;&nbsp;• Cash Redemption Notices and Copper Redemption Notices are irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;• all redemption amounts will be determined using U.S. dollars, which will expose redeeming Canadian
dollar denominated Unitholders to currency risk;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust's remedies
against a Warehouse Provider that loses its CME or LME-approved status may be limited;

&nbsp;&nbsp;&nbsp;&nbsp;• because the Trust primarily invests in Copper, an investment in the Trust may be more volatile
than an investment in a more broadly diversified portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust's obligation to reimburse the Trustee, the Manager, the Underwriters or certain
parties related to them for certain liabilities could adversely affect an investment in Units;

&nbsp;&nbsp;&nbsp;&nbsp;• Unitholders are not entitled to participate in management of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;• the rights of Unitholders differ from those of shareholders of a corporation;

&nbsp;&nbsp;&nbsp;&nbsp;• substantial redemptions of Units may affect the liquidity and trading price of Units and increase
the *pro rata* expenses per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust may be subject to taxation in the jurisdictions in which it acquires, stores or sells
Copper;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading
price of Units;

&nbsp;&nbsp;&nbsp;&nbsp;• the value of the Units relates directly to the value of Copper held by the Trust, and fluctuations
in the price of Copper could materially adversely affect an investment in the Units;

&nbsp;&nbsp;&nbsp;&nbsp;• the current trading prices of Copper may not be sustained;

&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters, unusually adverse weather, cyber incidents, boycotts and geo-political events
could materially adversely affect the operations of the Trust or the Copper owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;• global events outside the Trust's control may adversely affect the Trust's business,
financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;• operational and similar risks faced by producers of Copper may adversely affect the global supply
of Copper, which in turn may adversely affect the Trust's ability to procure Copper and, consequently, could impact the value
of the Units;

&nbsp;&nbsp;&nbsp;&nbsp;• the CRA tax treatment of realized gains and losses;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust will not qualify as a "unit trust" or a "mutual fund trust" as
defined in the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;• if the Trust were to carry on a business in Canada in a taxation year or acquire securities that
were "non-portfolio properties", it could become subject to tax at full corporate tax rates on some or all of its income
for that year;

&nbsp;&nbsp;&nbsp;&nbsp;• if the Trust experiences a "loss restriction event" (as defined in the Tax Act) it
could result in unintended tax consequences for Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;• tax laws could change in a manner that adversely affects the Trust and Unitholders and could change
with retrospective or retroactive effect;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• the investment objectives
and restrictions of the Trust and the attributes of a particular class or series of a class of Units may be changed by way of
an extraordinary resolution of all Unitholders and Unitholders of such class or series of a class of Units, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;• the sale of Copper by the Trust to pay expenses and to cover certain redemptions will reduce the
amount of Copper represented by each Unit on an ongoing basis irrespective of whether the trading price of the Units rises or falls
in response to changes in the price of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;• the sale of the Trust's Copper to pay expenses or to cover certain redemptions at a time
of low Copper prices will adversely affect the Net Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;• the lack of a market for the Units may limit the ability of Unitholders to sell the Units;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust may terminate and liquidate at a time that is disadvantageous to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;• Unitholders may be liable for obligations of the Trust to the extent the Trust's obligations
are not satisfied out of the Trust's assets;

&nbsp;&nbsp;&nbsp;&nbsp;• Canadian registered plans that redeem their Units for Copper may be subject to adverse consequences;

&nbsp;&nbsp;&nbsp;&nbsp;• the Trust may suspend redemptions, which may affect the trading price of the Units;

&nbsp;&nbsp;&nbsp;&nbsp;• the market for Units and the liquidity of Units may be adversely affected by competition from other
methods of investing in Copper;

&nbsp;&nbsp;&nbsp;&nbsp;• the Manager and its affiliates also manage other funds that may invest in Copper and conflicts
of interest by the Manager or its affiliates may occur.

See, "Risk Factors" and the other information included in this prospectus for a discussion of the risks that an investor should carefully consider before deciding to invest in the Units.

**Tax Considerations**

This prospectus contains certain information with respect to the Canadian federal income tax consequences of the purchase, ownership or disposition of the Units for purchasers resident in Canada. However, in making an investment decision, purchasers must rely on their own examination of the Trust and the terms of the offering, including the merits and risks involved. **We suggest that prospective purchasers of Units consult with their own tax advisors about tax consequences of an investment in Units based on their particular circumstances.**

***Material Canadian Federal Income Tax Considerations for Non-Residents of Canada***

Unitholders not resident in Canada for purposes of the Tax Act, which we will refer to as "non-resident Unitholders", will generally not be subject to Canadian capital gains tax on a sale or other disposition of their Units.

Any amount paid or credited by the Trust to a non-resident Unitholder as income of or from the Trust (including the taxable portion of capital gains realized by the Trust) will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and the non-resident Unitholder's jurisdiction of residence. See "Material Canadian Federal Income Tax Considerations – Canadian Taxation of Unitholders – Unitholders Not Resident in Canada".

***Material Canadian Federal Income Tax Considerations for Residents of Canada***

Unitholders resident in Canada for purposes of the Tax Act, which we will refer to as "resident Unitholders", who dispose of Units held as capital property, (including upon a redemption of Units for Copper held by the Trust as capital property) should generally realize a net capital gain (or net capital loss) equal to the amount by which the proceeds of disposition, net of any costs of disposition, exceed (or are less than) the adjusted cost base of the Units.

Resident Unitholders will generally be required to include in their income for a year the portion of the income of the Trust for the year, if any, including net taxable capital gains, that is paid or payable to them in the year. Provided that appropriate designations are made by the Trust, such portion of the net taxable capital gains paid or payable to resident Unitholders will effectively retain its character in the hands of the resident Unitholders. The non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a resident Unitholder in the year will not be included in computing the resident Unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a resident Unitholder in the year also will not generally be included in the resident Unitholder's income for the year; however, the adjusted cost base of the resident Unitholder's Units will generally be required to be reduced by such amount. To the extent that the adjusted cost base of Units would otherwise be less than zero, the negative amount will be deemed to be a capital gain realized by the resident Unitholder from the disposition of Units, and the adjusted cost base of the Units will be increased to zero.

See "Material Canadian Federal Income Tax Considerations – Canadian Taxation of Unitholders – Unitholders Resident in Canada".

**OVERVIEW OF THE STRUCTURE OF THE TRUST**

Sprott Physical Copper Trust was established under the laws of the Province of Ontario, Canada, pursuant to an initial trust agreement dated April 12, 2024 (as amended and restated by the Trust Agreement). The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust intends to invest primarily in long-term holdings of unencumbered Copper and will not speculate with regard to short-term changes in Copper prices. The Trust does not anticipate making regular cash distributions to Unitholders. Sprott Asset Management LP is the manager of the Trust pursuant to the Management Agreement between the Trustee and the Manager. The material terms of the Management Agreement are discussed under the sections "Overview of the Structure of the Trust—The Manager". The head and registered offices of the Trust and the Manager are located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, M5J 2J1, Canada**.**

RBC Investor Services Trust, a trust company organized under the laws of Canada, is the trustee of the Trust. The Trustee is located at 155 Wellington Street West, Street Level, Toronto, Ontario, M5V 3L3, Canada. The fiscal year-end of the Trust is December 31. The Trust is considered a non-redeemable investment fund and subject to the Canadian securities regulatory regime for non-redeemable investment funds that are reporting issuers.

The Trust is authorized to issue an unlimited number of Units in one or more classes and series of Units. Each Unit of a class represents a beneficial interest in the net assets of the Trust attributable to that class or series of a class of Units. Units are transferable and redeemable at the option of the Unitholder in accordance with the provisions set forth in the Trust Agreement. All 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. Units and fractions of Units will be issued only as fully paid. The Units offered hereby will have no preference, conversion, exchange or pre-emptive rights. Each whole Unit of a particular class or series of a class entitles the holder thereof to one vote at meetings of Unitholders where all classes vote together and to one vote at meetings of Unitholders where that particular class or series of a class of Unitholders votes separately as a class or series of a class.

Pursuant to Storage Agreements with Warehouse Providers, the Trust will store its Copper at various facilities in the Storage Jurisdictions. RBC Investor Services Trust will act as custodian of the Trust's assets other than Copper pursuant to the Trust Agreement. See "Organization and Management Details of the Trust – Custodians for the Trust's Copper" and "Organization and Management Details of the Trust – Custodian for the Trust's Assets Other than Copper".

**Overview of the Trust Agreement**

***General***

The Trust was established under the laws of the Province of Ontario, Canada, and its Units and its property are governed by the general laws of trusts of that Province and by the terms of the Trust Agreement. The Trustee will act as the trustee of the assets, monies and investments from time to time of the Trust and will hold the same upon and subject to the provisions of the Trust Agreement. The Trust Property will consist of: (i) monies from time to time delivered to the Trustee for investment in Units pursuant to the Trust's Investment And Operating Restrictions; and (ii) such investments and other assets as may from time to time be acquired by the Trustee through the application of such monies, together with accretions thereto, less amounts paid out by the Trustee from time to time in accordance with the Trust Agreement. See "Investment Restrictions". The head office and principal office and situs of administration of the Trust is in Toronto, Ontario, Canada.

**Structure of the Trust**

An interest in the Trust is represented by one or more classes and series of transferable Units, including the Units issued pursuant to the Offering. The attributes of each class or series of a class of Units created and authorized for the Trust are as described below and in the Trust Agreement. The attributes of each class or series of a class of Units may not be changed without the prior approval of Unitholders of that class or series of a class by way of an extraordinary resolution, which must be approved, in person or by proxy, by Unitholders holding Units representing in aggregate not less than 66 2/3% of the Net Asset Value ascribed to such class or series of a class of Units as determined in accordance with the Trust Agreement, at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by Unitholders holding Units representing in aggregate not less than 66 2/3% of the Net Asset Value ascribed to such class or series of a class of Units as determined in accordance with the Trust Agreement.

Each class or series of a class of Units will have the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Unit will be without nominal or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each whole Unit of a particular class or series of a class will entitle the holder thereof to one
vote at all meetings of Unitholders or in respect of any written resolution of Unitholders where all classes and series of Units
vote together and to one vote at all meetings of Unitholders or in respect of any written resolution of Unitholders where that
particular class or series of a class of Units votes separately as a class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Unit of a particular class or series of a class will entitle the holder thereof to participate
pro rata, in accordance with the provisions of the Trust Agreement, with respect to all distributions made to that class or series
of a class and, upon liquidation of the Trust, to participate pro rata with other Unitholders of that same class or series of a
class in the Net Asset Value remaining after the satisfaction of outstanding liabilities of the Trust and the class or series of
a class as provided in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) distributions will be allocated among the classes or series of a class of Units in such manner
as the Manager considers appropriate and equitable and in accordance with the specific attributes of such classes or series of
a class of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no pre-emptive rights will attach to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no cancellation or surrender provisions will attach to the Units except as set out in the Trust
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) once the Net Asset Value per Unit for the applicable class or series of a class, determined in
accordance with Trust Agreement, at the time of issuance has been paid, there will be no liability for future calls or assessments
with respect to the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Units will be transferable, but only as contemplated by the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Unit will entitle the holder thereof to require the Trust to redeem the Unit as provided in
the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject to limitations and requirements determined from time to time by the Manager and stated
in the Disclosure Documents, each Unit of a particular class or series of a class of the Trust may be redesignated by the Manager
as a Unit of another class or series of the Trust based on the respective Net Asset Value per Unit for each such class or series
of Units on the date of the redesignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the number of Units and the classes and series of Units of the Trust that may be issued is unlimited;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) fractional Units of a class or series of a class may be issued and will be proportionately entitled
to all the same rights as whole Units of that same class or series, except voting rights (however fractional Units held by a single
Unitholder may be combined).

Units may be consolidated or subdivided by the Manager upon the Manager giving at least 21 days' prior written notice to the Trustee and to each Unitholder of its intention to do so. Notwithstanding the foregoing, Units may be consolidated without notice to Unitholders in connection with a distribution to Unitholders in accordance with the Trust Agreement. See "Distribution Policy".

Each Unit will be redeemable as set forth under "Redemption of Units", except during such times as the Manager has suspended the right to redeem in accordance with the Trust Agreement. See "Redemption of Units – Suspension of Redemptions".

The right to conduct the undertaking and affairs of the Trust is vested exclusively in the Trustee and the Manager, and the day-to-day management and administration of the Trust will be conducted by the Manager. Unitholders will have no interest in the Trust other than their beneficial interest in the Units held by them, and Unitholders will not be called upon to share or assume any losses of the Trust or suffer any assessment or further payments to the Trust or the Trustee of any kind by virtue of their ownership of the Units. However, under the law governing the Trust, Unitholders could be held summarily liable for obligations of the Trust to the extent that claims against the Trust are not satisfied out of the assets of the Trust. See also "Securityholder Matters – Unitholder Approval" and "Overview of the Structure of the Trust – Unitholder Liability".

Pursuant to the Trust Agreement, the Trust may not issue additional Units following the completion of the Offering except: (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated NAV per Unit immediately prior to, or upon, the determination of the pricing of such issuance; (ii) by way of Unit distribution in connection with a distribution; or (iii) with the approval of Unitholders by extraordinary resolution and subject to applicable Securities Legislation.

**Unitholder Liability**

The Trust Agreement provides that no Unitholder shall be held to have any personal liability as such and no resort shall be had to the Unitholder's private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee or any obligation which a Unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust Property is intended to be liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the Manager, as the case may be, shall use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the Manager shall cause the operations of the Trust to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on Unitholders of claims against the Trust and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of Unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability.

**The Trustee**

The Trustee has authority to delegate the performance of custody functions to sub-custodians who are members of its international custody network or, with the consent of the Manager, to other Persons.

In general, the Trustee, subject only to the specific limitations contained in the Trust Agreement, has the full, absolute, and exclusive power, control and authority over the Trust Property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the carrying out of any of the purposes of the Trust or conducting the undertaking of the Trust, including varying the investments of the Trust in accordance with the Investment Policy.

Subject to the specific limitations contained in the Trust Agreement, including the Investment Policy, and without any action or consent by Unitholders, the Trustee shall have and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and discretion, and in such manner and upon such terms and conditions as it may from time to time deem proper:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the Trust Property other than Copper that it may acquire hereunder exercising the same
degree of care which it gives to its own property of a similar kind under its own custody;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to deliver any cash at any time held by it as directed by the Manager or the Technical Advisor
to purchase, or otherwise acquire, on behalf of the Trust, Copper and to retain the same in trust hereunder in its capacity as
Trustee; provided, however, that the Trustee shall have no responsibility for the custody, authenticity or validity of title of
any Trust Property consisting of such Copper held at the Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to certain other provisions of the Trust Agreement, with any cash at any time held by it
to purchase, or otherwise acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other such Trust
Property (other than Copper) of a kind permitted pursuant to the Investment Policy and to hold and retain the same in trust hereunder
in its capacity as Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to enter into and settle foreign exchange transactions on behalf of the Trust for purposes of facilitating
settlement of trades of such Trust Property held by it at any time and any such transactions may be entered into with such counterparties
as the Trustee may choose, in its sole discretion, including its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge,
encumber or otherwise dispose of any such Trust Property held by it at any time, by any means considered reasonable by the Trustee
and to receive the consideration and grant discharges therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to commence, defend, adjust or settle suits or legal proceedings in connection with the Trust and
to represent the Trust in any such suits or legal proceedings and to keep the Manager informed; provided, however, that the Trustee
shall not be obliged or required to do so unless it has been indemnified to its satisfaction against all expenses and liabilities
sustained or anticipated by the Trustee by reason thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to applicable Securities Legislation, to lend money whether secured or unsecured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to exercise any corporate action in connection with any such Trust Property at any time held by
the Trustee, and to make any payments incidental thereto; to consent to, or otherwise participate in or dissent from, the reorganization,
consolidation, amalgamation or merger of any corporation, company or association, or to the sale, mortgage, pledge or lease of
the property of any corporation, company or association, or of any of the securities of which may at any time be held by it, and
to do any act with reference thereto, including the delegation of discretionary powers, the exercise of options, the making of
agreements or subscriptions and the payment of expenses, assessments or subscriptions which it may deem necessary or advisable
in connection therewith; to hold any such Trust Property which it may so acquire and generally to exercise any of the powers of
any owner with respect to such Trust Property, provided that where direction from the Manager is not provided within the time frame
specified by the Trustee in any notice provided in accordance with the Trust Agreement, the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to vote personally, or by general or by limited proxy, any such Trust Property which may be held
by it at any time, and similarly to exercise personally or by general or by limited power of attorney any right appurtenant to
any Trust Property held by it at any time, provided that where direction is not provided by the Manager within the time frame as
set out in the voting materials forwarded to it in accordance with the Trust Agreement, the Trustee shall take no action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to incur and pay out of such Trust Property held by it at any time any charges or expenses and
disburse any assets of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustee, the Manager or
the Technical Advisor, as the case may be, necessary or incidental to or desirable for the carrying out of any of the purposes
of the Trust or conducting the undertaking of the Trust including, without limitation, the Management Fee, fees payable to the
Facilities, the Custodian, the Valuation Agent and the Registrar and Transfer Agent, custodian settlement fees, any expenses related
to the implementation and on-going operation of the Independent Review Committee, brokerage fees and commissions, federal and provincial
income taxes, goods and services taxes and withholding taxes, or other governmental levies, charges and assessments of whatever
kind or nature, imposed upon or against the Trustee in connection with the Trust or such Trust Property or upon or against such
Trust Property or any part thereof and for any of the purposes in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to renew or extend or participate in the renewal or extension of any such Trust Property held by
it at any time, upon such terms as it may deem advisable, and to agree to a reduction in the rate of interest on any such Trust
Property or of any guarantee pertaining thereto, in any manner and to any extent that it may deem advisable; to waive any default
whether in the performance of any covenant or condition of any such Trust Property, or in the performance of any guarantee, or
to enforce rights in respect of any such default in such manner and to such extent as it may deem advisable; to exercise and enforce
any and all rights of foreclosure, to bid on property on sale or foreclosure with or without paying a consideration therefore and
in connection therewith to release the obligation on the covenant secured by such security and to exercise and enforce in any action,
suit or proceeding at law or in equity any rights or remedies in respect of any such security or guarantee pertaining thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts,
waivers, releases of other documents of transfer and any and all other instruments in writing that may be necessary or proper for
the accomplishment of any of the powers granted under the Trust Agreement, whether for a term extending beyond the office of the
Trustee or beyond the possible termination of the Trust or for a lesser term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in its sole discretion, to advance monies to the Trust for the purposes of settlement of transactions
and overdrafts against such Trust Property held by it at any time, on such terms and conditions as the Trustee may, in its sole
discretion, determine, provided that, in order to secure the obligations of the Trust to repay such borrowings, the principal of
and interest charged on such borrowing shall be paid out of the Trust Property and shall constitute a charge against the Trust
Property until paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to purchase, hold, sell or exercise call or put options on securities, indices of shares or other
securities, financial and stock index futures contracts, securities or currency futures or forward contracts or other financial
or derivative instruments, all whether or not any such options, indices, contracts or instruments are traded on a regular exchange
and in connection therewith to deposit such Trust Property held by it at any time with the counterparty as margin and to grant
security interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to deposit any such Trust Property, including securities and documents of title held by it under
the Trust Agreement, with the Custodian, including the Trustee, any of its affiliates, a sub-custodian appointed by the Trustee
or a depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to employ in respect of the Trust such counsel, auditors, advisors, agents or other Person as the
Trustee may deem necessary from time to time for the purpose of discharging its duties hereunder and to pay out of the Trust their
reasonable expenses and compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to issue Units for consideration and redeem Units as set forth in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to dispose of any Trust Property for the purpose of paying obligations of the Trust or for repaying
any loan authorized hereby and the Trustee shall give prompt notice to the Manager and the Technical Advisor of any such disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to hold such portion of such Trust Property held by it at any time that is uninvested in cash and,
from time to time, to retain such cash balances on deposit with the Trustee or any of its affiliates or with a chartered bank or
other depository, in such account as the Trustee, in its sole discretion determines, whether or not such deposits will earn interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to delegate any of the powers and duties of the Trustee to any one or more agents, representatives,
officers, employees, independent contractors or other Persons without liability to the Trustee except as specifically provided
in the Trust Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) to do all such acts, to take all such proceedings and to exercise all such rights and privileges,
although not specifically mentioned herein, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes
of the Trust established under the Trust Agreement.

The exercise of any one or more of the foregoing powers or any combination thereof from time to time will not be deemed to exhaust the rights of the Trustee to exercise such power or powers or combination of them thereafter from time to time.

The following enumerated powers shall only be exercised by the Trustee on the direction of the Manager or any Investment Manager: Subsections (c), (d), (e), (f), (g), (h), (i), (j) as applicable, (k), (l), (n) and (q), and with respect to Subsection (n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not negotiate or in respect to which the Trustee is not responsible hereunder, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances.

The Trustee may, and is expressly authorized from time to time, in its sole discretion, to appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in a fiduciary capacity or otherwise) and, without limiting the generality of the foregoing, the Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase, hold, sell, invest in or otherwise deal with securities or other property of the same
class and nature as may be held by the Trust, whether on the Trustee's own account or for the account of another (in a fiduciary
capacity or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use in other capacities, knowledge gained in its capacity as Trustee hereunder; provided that such
use does not adversely affect the interests of the Trust and provided further that the Trustee may not make use of any specific
confidential information for its own benefit or advantage that, if generally known, might be expected to affect materially the
value of the Trust Property or Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retain cash balances from time to time on hand in the Trust and pay interest to the Trust on such
balances and the Trustee may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold the same on a pooled basis and pay interest thereon at the rate from time to time established
by the Trustee and paid with respect to cash balances so held for similar accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold such cash balances on deposit with a Canadian chartered bank or such other deposit-taking
institution in any jurisdiction, including itself or its affiliates, in such interest bearing account as the Trustee, in its sole
discretion, may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide financial, investment or brokerage services related to any securities which form part of
the Trust Property or to the issuer of any securities forming part of the Trust Property, invest in the securities or other property
of any body corporate with which the Trustee may be directly or indirectly associated, affiliated or interested, or
earn profits from any of the activities listed in the Trust Agreement,

all without being liable to account therefor and without being in breach of the trust established under the Trust Agreement.

***Standard of Care and Indemnification of the Trustee***

The Trustee shall exercise the powers and discharge the duties of its office honestly and in good faith and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances.

The Trustee may rely and act upon any statement, report or opinion prepared by or any advice received from the Auditor, counsel or other professional advisors of the Trust and shall not be responsible nor held liable for any loss or damage resulting from so relying or acting if the advice was within the area of professional competence of the Person from whom it was received, the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in its capacity as trustee of the Trust and the Trustee acted in good faith in relying thereon.

The Trustee shall in no way be responsible for, nor incur any liability based on, the action or failure to act or for acting pursuant to or in reliance on instructions of the Manager, any Investment Manager, the Technical Advisor, a Facility, the Custodian (if not the Trustee), the Valuation Agent (if not the Trustee), the Registrar and Transfer Agent (if not the Trustee), or any Person to whom its responsibilities are delegated pursuant to the Trust Agreement.

The Trustee shall not be liable to the Trust or to any Unitholder for any loss or damage relating to any matter regarding the Trust, including any loss or diminution in the Net Asset Value of the Trust or to any particular asset of the Trust, except to the extent that the Trustee does not meet its standard of care set out in the Trust Agreement. In no event shall the Trustee be liable for indirect, consequential or special damages including, but not limited to, loss of reputation, goodwill or business.

***Resignation or Removal of the Trustee and Successor Trustees***

The Trustee may be removed by the Manager at any time by notice to the Trustee and Unitholders not less than 90 days prior to the date that such removal is to take effect; provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with the Trust Agreement.

In the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy shall occur in the office of the Trustee, a successor trustee shall forthwith be appointed by the Manager to fill such vacancy. Forthwith following such appointment of a successor trustee, the Trustee shall execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust Property (other than Copper) held in the Trustee's name to the successor trustee and, shall account to the Manager for all of the Trust Property which the Trustee retains as trustee and shall thereupon be discharged as trustee. The successor trustee shall be a resident of Canada for the purposes of the Tax Act.

In the event that the Manager shall fail to appoint a successor to the Trustee, the Trust shall be terminated and dissolved upon the effective date of the resignation or removal of the Trustee (which shall be considered to be the effective date on which the Trust is to be terminated for the purposes of the Trust Agreement), and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to Unitholders in accordance with the termination provisions set out in the Trust Agreement and the Trustee shall continue to act as trustee of the Trust until such Trust Property has been so distributed. Fees and expenses of the Trustee shall be a charge, to the extent permitted by applicable law, on the Trust Property or the interests of Unitholders to secure payment thereof.

**The Manager**

***Resignation of the Manager***

The Manager has the right to resign as Manager of the Trust by giving notice in writing to the Trustee and the Unitholders not less than 90 days prior to the date on which such resignation is to take effect. Such resignation will take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, Unitholders is required to effect a reorganization of the current Manager which does not result in a change of control of the Manager. The Manager will appoint a successor manager of the Trust and, unless the successor manager is an affiliate of the Manager, such appointment must be approved by an ordinary resolution of the Unitholders, which must be approved, in person or by proxy, by Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value as determined in accordance with the Trust Agreement, at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by Unitholders holding Units representing in aggregate not less than 50% of the Net Asset Value as determined in accordance with the Trust Agreement.

If, prior to the effective date of the Manager's resignation, a successor manager is not appointed or the Unitholders do not approve of the appointment of the successor manager as required pursuant to the Trust Agreement, the Trust will be terminated and dissolved upon the effective date of the resignation of the Manager and, after providing for all liabilities of the Trust, the Trust Property shall be distributed to the Unitholders in accordance with the termination provisions set out in the Trust Agreement, and the Trustee and the Manager shall continue to act as trustee and manager, respectively, of the Trust until such Trust Property has been so distributed.

***Standard of Care and Indemnification of the Manager***

The Manager is required to exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the Trust and in connection therewith will exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances.

The Manager may employ or engage, and rely and act on information or advice received from any Technical Advisor, any Investment Manager, Auditor, the Underwriters, agents, other distributors, brokers, depositories, a Facility, the Custodian, electronic data processors, advisors, lawyers and others and will not be responsible or liable for the acts or omissions of such Persons or for any other matter, including any loss or depreciation in the Net Asset Value or any particular asset of the Trust, provided that the Manager acted in good faith in accordance with its standard of care set out in the Trust Agreement in relying on such information or advice.

All information provided by the Manager to the Trust or the Trustee will be complete, accurate, and contain no misrepresentations; however, the Manager will be entitled to assume that any information received from the Trustee, any Technical Advisor, a Facility, the Custodian or any sub-custodian, or their respective authorized representatives associated with the day-to-day operation of the Trust is accurate and complete and no liability will be incurred by the Manager as a result of any error in such information or any failure to receive any notices required to be delivered pursuant to the Trust Agreement, except to the extent that any such information provided to, or failure to receive any notices by, the Manager arises or results from the Manager's failure to comply with the terms of the Trust Agreement or the Management Agreement in providing any required directions or information related thereto.

The Manager will not be required to devote its efforts exclusively to or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to those relating to the activities to be performed for the Trust. In the event that the Manager, its partners, employees, associates and affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them will be under any liability to the Trust or to the Unitholders for so acting.

The Manager, its affiliates and agents, and their respective directors, partners, officers and employees will at all times be indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement, actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to the Trust Agreement and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such Person or Persons will not be indemnified by the Trust where: (i) there has been negligence, wilful misconduct, wilful neglect, default, bad faith or dishonesty on the part of the Manager or such other Person; (ii) a claim is made as a result of a misrepresentation contained in this prospectus or in any Disclosure Document or continuous disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or applicable Securities Legislation; or (iii) the Manager has failed to fulfill its standard of care set out in the Trust Agreement or its other obligations in accordance with applicable laws or the provisions as set forth in the Trust Agreement and the Management Agreement, unless in an action brought against the Manager or such Person or Persons they have achieved complete or substantial success as a defendant.

**Indemnification of the Trust by the Manager**

The Trust will be indemnified and held harmless by the Manager against any costs, charges, claims, expenses, actions, suits or proceedings arising from a claim made as a result of a misrepresentation contained in this prospectus or any Disclosure Document or continuous disclosure documents of the Trust distributed or filed in connection with the issuance of the Units or under applicable Securities Legislation.

**INVESTMENT OBJECTIVES**

The Trust was created to invest and hold substantially all of its assets in Copper. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to Unitholders.

**INVESTMENT STRATEGIES**

The Trust intends to achieve its objective by investing primarily in long-term holdings of Copper. The Trust does not intend to speculate with regard to short-term changes in Copper prices. The Trust will have the ability to optimize the value of the Trust through Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse receipts, and other financial instruments, to complement the Trust's Copper procurement strategy, so long as these transactions provide value to the Trust and the risk associated with each transaction and to the Trust is minimized to the satisfaction of the Manager. For example, purchases of Copper generally involve a bilateral agreement where the buyer agrees to purchase from the seller a fixed quantity of Copper for delivery on a future date for a purchase price that is either fixed at the time of executing the purchase agreement or, alternatively, is calculated based on certain price reporters or indices as at or around the delivery date ("**Index-Linked Purchases**"). In order to allow the Trust's NAV to track the value of purchased Copper, in connection with any Index-Linked Purchases by the Trust, it is expected that the Trust will concurrently enter into a customary futures contract with respect to the same quantity of Copper in order to, effectively, fix the purchase price for Copper as of the execution of the purchase agreement.

The Manager expects that advantages of investing in the Units will include the following:

***Opportunity to Invest in Physical Copper***

The Trust will provide institutional and retail investors with indirect access to Copper in a market where producers are unable to bring copper supply online at a rate to satisfy growing demand. More specifically, from 2024 to 2026, the copper market is forecasted to enter a supply deficit that is expected to materially increase in subsequent years due to global economic recovery, clean energy transition and growth in artificial intelligence. For an overview of the global copper market, see "Overview of the Sector the Trust Invests In".

Demand for copper arises from a number of industry sectors, including construction, electronics and telecommunications, transportation, industrial machinery and equipment and consumer products.<sup>22</sup> China's industrial and urban growth, a global-scale transition to clean energy systems and increased electricity consumption from growth in the artificial intelligence sector is expected to grow the demand for copper by approximately 13% by 2028 from 2023 levels.<sup>23</sup>

<sup>22</sup> International Copper Study Group - The World Copper Factbook 2023

<sup>23</sup> CRU – March 2024

*<u>Global Refined Copper Consumption (Copper Contained) by Region</u>*

![](tm263976d1_ex99-8img023.jpg)

Source: CRU – March 2024

A key driver of growth in the demand for copper beyond 2028 is expected to be electricity consumption, which is forecasted to increase 165%<sup>24</sup> by 2050 due to the greater adoption of clean energy technologies by energy producers and consumers, globally.<sup>25</sup> In anticipation of growing copper demand and in recognizing that clean energy technologies require significantly greater copper than traditional energy sources, world governments, including the United States<sup>26</sup>, Canada<sup>27</sup>, the European Union<sup>28</sup> and Australia<sup>29</sup>, among others, have added copper to their lists of critical and/or strategic materials.

While there are a limited number of mining projects that have potential to increase current copper production, copper supply is forecasted to enter a global deficit in 2024. The deficit is expected to meaningfully grow through 2028 and beyond due to the challenges in bringing greenfield and brownfield copper projects into production at a rate sufficient to satisfy rising copper demand.<sup>30</sup> These challenges include significant capital expenditure requirements and access to capital, technical project risk, political risk, complex permitting processes and infrastructure limitations. In fact, according to the IEA, it takes on average more than 16 years to transition mining projects from discovery to initial production.<sup>31</sup> Further, the challenge to supplying copper to meet growing demand is magnified by significantly reduced global inventories of refined copper, which peaked in 2013 at 2.2Mt, and as of February 2024 are at 1.2Mt, with the timeline for inventory consumption down from six weeks in 2013, to two weeks as of the fourth quarter of 2023.<sup>32</sup>

***Convenient, Exchange Traded Vehicle***

Relative to a direct holding of copper, the Trust expects to offer: (i) the convenience and liquidity typical of an exchange traded security; (ii) a complete logistical solution for holding copper (including sourcing, transportation, warehousing, insurance and material audits); (iii) daily reporting of Net Asset Value; (iv) lower holding and friction costs; and (v) responsible sourcing policies.

<sup>24</sup> IEA World Energy Outlook 2023 Net Zero Emissions Scenario

<sup>25</sup> IEA – World Energy Outlook 2023

<sup>26</sup> US Department of Energy, 2023 final critical materials list

<sup>27</sup> The Canadian Critical Minerals Strategy 2022

<sup>28</sup> European Commission, 2023 list of critical raw materials for the EU

<sup>29</sup> Australia's Critical Minerals List and Strategic Materials List 2024

<sup>30</sup> CRU – March 2024

<sup>31</sup> IEA – The Role of Critical Minerals in Clean Energy Transitions

<sup>32</sup> CRU – March 2024

The Manager believes that, for many investors, the costs associated with buying and selling the Units and the payment of the Trust's ongoing expenses would be lower than the costs associated with directly buying and selling copper, and storing and insuring copper, as applicable.

The Trust will store its Copper with Facilities that are reputable and exclusively in warehouses that are CME or LME-approved, which is the main global market standard for physical metal warehousing services that is accepted by market participants and financiers. The LME approves warehouses pursuant to its *LME Policy on Approval of Locations at Delivery Points*. To obtain such approval, the Facility must satisfy the LME that the proposed warehouse location is safe, well managed, politically and economically stable, commercially sensible, fiscally appropriate, legally sound, not subject to corruption, and that the metal belonging to the owner can be removed in case of bankruptcy or insolvency of the Facility*.* Similar to the LME, the CME applies and audits the CME Group Delivery Facilities and Procedures policies for approving and maintaining such approval. By virtue of CME and LME policies, an individual warehouse location cannot simultaneously have both CME and LME-approved status.

Further, the Trust will only store Copper with such Facilities at locations in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States (i.e., the Storage Jurisdictions).

In addition, the Manager will maintain market standard insurance for the Copper held with the Facilities for loss, theft or damage. Finally, the Facilities to be used by the Trust are owned by established and reputable, multi-national entities, namely Access World, C. Steinweg Handelsveem, and P Global Services.

***Transparent Daily Reporting of Net Asset Value and Holdings***

The Trust will report a daily NAV, based on spot prices from one or more market leading, independent price reporters. Net Asset Value and Net Asset Value per Unit will be determined daily at 4:00 p.m. (Toronto time) on each Business Day. Daily disclosure of NAV is expected to provide for near real-time pricing alignment between Unit price and NAV.

The fair market value of the assets of the Trust will be based on reported spot prices from Fastmarkets, a globally recognized price reporter aligning with IOSCO principles and commonly used by the market. See "Calculation of Net Asset Value" and "Prospectus Summary – Price Reporters".

---

| | | |
|:---|:---|:---|
| **Benefits of Reporting Methodology** | **Summary of Reporting & NAV Calculation** | **Summary of Reporting & NAV Calculation** |
| ✓ Transparent daily reporting of Copper | Net Asset Value (NAV) Calculation | ■ Determined by the Valuation Agent.<br> ■ NAV is equal to the aggregate fair market value of the assets of the Trust, less the fair value of the liabilities (including the Management Fee) of the Trust, as of the time of valuation. |
| ✓ Industry-standard NAV calculation | Valuation Frequency | ■ NAV and NAV per Unit determined daily at 4:00 p.m. (Toronto time) on each Business Day. |
| ✓ Reliable third-party valuation agent | Valuation Agent, Trustee and Custodian | ■ RBC Investor Services Trust. |
| ✓ Globally recognized price reporter (Fastmarkets) that aligns with IOSCO principles to remove subjective pricing views | Reporting Sources | ■ The fair market value of the assets of the Trust will be based on reported spot prices from Fastmarkets, a globally recognized, independent price reporter aligning with IOSCO principles and commonly used by the market. |
| ✓ Daily disclosure allows for near real-time alignment between Unit price and NAV | Holding Disclosure | ■ Portfolio transactions (investment purchases and sales) will be reflected in the first calculation of the NAV of the Trust made after the date on which the transaction becomes binding. |

---

***Experienced Manager***

The Trust will be managed by Sprott Asset Management LP. The Manager is registered in Canada as an investment fund manager, portfolio manager and exempt market dealer and is wholly-owned by Sprott. The Manager has considerable experience and a long track record of investing in precious metals and other commodities on behalf of investors. As of March 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling approximately US$29.4 billion, and provided management and investment advisory services to many entities, including private investment funds, exchange-listed products, mutual funds and certain discretionary managed accounts. The Manager also acts as: (a) manager of (i) the Sprott Physical Uranium Trust,<sup>33</sup> a non-redeemable investment fund whose trust units are listed and posted for trading on the TSX that invests and holds substantially all of its assets in physical uranium; (ii) the Sprott Physical Gold Trust,<sup>34</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold bullion; (iii) the Sprott Physical Silver Trust,<sup>35</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical silver bullion; (iv) the Sprott Physical Gold and Silver Trust,<sup>36</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold and silver bullion; and (v) the Sprott Physical Platinum and Palladium Trust,<sup>37</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical platinum and palladium bullion; and (b) sub-advisor for certain funds managed by Ninepoint LP. The Manager also provides management and investment advisory services to certain U.S. funds. These include Sprott Uranium Miners ETF on the NYSE and, in partnership with HanETF, the Sprott Uranium Miners UCITS ETF of European markets and, more recently, the Manager launched the Sprott Energy Transition Materials ETF, Sprott Lithium Miners ETF, Sprott Junior Uranium Miners ETF and Sprott Junior Copper Miners ETF and Sprott Nickel Miners ETF on the NYSE.

<sup>33</sup> Formed in 2021; Approximately $5.6 billion in NAV as of March 31, 2024

<sup>34</sup> Formed in 2010; Approximately $6.9 billion in NAV as of March 31, 2024

<sup>35</sup> Formed in 2010; Approximately $4.2 billion in NAV as of March 31, 2024

<sup>36</sup> Formed in 2018; Approximately $4.4 billion in NAV as of March 31, 2024

<sup>37</sup> Formed in 2012; Approximately $0.1 billion in NAV as of March 31, 2024

The Manager is responsible for the day-to-day undertakings and administration of the Trust, including management of the Trust's invested assets and all clerical, administrative and operational services. The Trust will maintain a public website that will contain information about the Trust and the Units. The internet address of the Trust's Website is https://sprott.com/investment-strategies/physical-commodity-funds/copper/. This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does not form part of, this prospectus. See "Organization and Management Details of the Trust – Manager of the Trust" and "Overview of the Structure of the Trust – Manager of the Trust".

WMC will serve as the Manager's Technical Advisor and will provide the Technical Advisory Services, which include, but are not limited to: (a) arranging, co-ordinating and confirming all purchases and sales of Copper for the Trust; (b) arranging, co-ordinating and directing execution of all other transactions involving Copper, such as lending and exchanges of Copper, for the Trust; (c) advising on and arranging any (temporary) necessary financial hedges, such as futures or warrants, associated with (a) or (b) above, by the Trust; (d) advising on and co-ordinating all matters related to storage, logistics and safekeeping of Copper; (e) generally co-ordinating communications between the Manager and third-parties active in the Copper market; (f) assisting with setting-up, maintaining and evaluating an appropriate valuation framework (including the selection of price reporting agencies) to accurately and frequently determine the fair market value of the Copper the Trust holds; (g) providing the Manager with periodic updates on the Copper market; (h) supporting the Manager with investor relations for the Trust, including assisting with preparation of marketing material, accompanying the Manager on roadshows and participating on investor calls; and (i) assisting the Manager with the Trust's operational and administrative requirements; (j) and providing reasonable assistance and support in connection with the Manager's preparation of Net Asset Value, financial and other public disclosures with respect to the Trust. See, "Overview of the Structure of the Trust – Technical Advisor".

The Manager has appointed SAM US to provide advice to the Trust with respect to Copper futures and certain other financial instruments. SAM US is relying on the "international adviser" exemption from the adviser registration requirements in the *Commodity Futures Act* (Ontario). SAM US is not registered as an adviser under Canadian securities or commodity legislation and, as such, is not required to comply with the same requirements that an adviser so registered would be subject to, such as those concerning proficiency, capital, insurance and other matters.

SAM US is an affiliate of the Manager. SAM US has its office, and all or substantially all of its assets, located outside of Canada. The Manager and the Trust may have difficulty enforcing any legal rights against SAM US.

**Borrowing Arrangements and Use of Leverage**

The Trust has no borrowing arrangements in place and is unleveraged. The Manager has no intention of using leverage (save for the short-term borrowings to settle trades).

**Environmental, Social and Governance Considerations**

The Manager believes it is part of its corporate responsibility to deliver returns by being a responsible investor and that integrating Environmental, Social and Governance ("**ESG**") considerations into its investment decision-making process and active ownership practices are key tenets to being a responsible investor.

In addition, the Manager believes that participants in the copper trading market (other than end-users of copper) generally expect copper purchased over the facilities of the LME to possess the characteristics set out below. To the extent the copper traded does not possess the below characteristics, such copper typically trades at a discount to LME published prices. As such, the Manager believes that the below ESG principles are important to maintaining the value and liquidity of the Copper the Trust purchases and holds.

*Specific ESG Considerations in the Procurement of Copper by the Trust*

In accordance with the Manager's commitment to incorporating ESG principles into its investment decision-making and active ownership practices, the Manager and Technical Advisor have committed to:

&nbsp;&nbsp;&nbsp;&nbsp;• Follow the LME's rules on Responsible Sourcing for the procurement of LME-approved brands
of Copper, which includes LME-monitored implementation and compliance with the OECD guidelines, maintaining an ISO 14001 compliant
environmental management system as well as ISO 450001 compliant health and safety management system;

&nbsp;&nbsp;&nbsp;&nbsp;• Require suppliers of non-LME approved brands of Copper to use reasonable commercial efforts to
comply with the Ten Principles of the UN Global Compact and the OECD Due Diligence Guidance for Responsible Mineral Supply Chain;
and

&nbsp;&nbsp;&nbsp;&nbsp;• Procure Copper in compliance with applicable sanctions laws across the globe, including Canadian,
U.S., U.K., or E.U. laws where required, and the sanctions-related policies of the CME and the LME.

The LME's rules on Responsible Sourcing set out mandatory environmental, human rights and governance criteria that must be met for suppliers to be considered an LME-approved brand of Copper. Under the LME's rules on Responsible Sourcing, suppliers are required to conduct a red flag assessment of their supply chain based on OECD guidelines and submit such assessment to the LME for a compliance review. The LME's rules on Responsible Sourcing also require suppliers of LME-approved brands of Copper to obtain and maintain ISO 14001 and ISO 45001 (or equivalent) certifications. ISO 14001 and ISO 45001 are internationally recognized standards for environmental management systems and provide a framework for organizations to design and implement such systems. To obtain certifications under ISO 14001 and ISO 45001, an organization requires the implementation and maintenance of independently audited environmental management systems and occupational health and safety management systems, respectively. The LME may suspend or delist suppliers for non-compliance with its Responsible Sourcing rules.

Investors should refer to the publicly available materials published by the UN, OECD, CME and LME for further details on the UN Global Compact, OECD Due Diligence Guidance for Responsible Mineral Supply Chains, and sanctions policies of the CME and the LME. The Technical Advisor has also established internal policies and procedures that promote and support adoption and compliance with these standards, and is a member of the UN Global Compact.

Going forward, the Trust's ESG considerations with respect to Copper procurement strategies may incorporate any changes or updates to the UN, OECD, CME and LME policies as well as changes to sanctions laws and the market practices of LME market participants more generally, in each case, with a view to ensuring the value and liquidity of the Copper that the Trust purchases and holds is maintained. To the extent there are any material changes in the ESG considerations that the Trust factors into its investment strategy and objectives, the Trust will disclose such changes and provide additional information on how such changes impact the investment strategies and objectives of the Trust.

The Trust further notes that the above ESG considerations are non-binding. However, the Manager and Technical Advisor are both committed to using reasonable commercial efforts to comply with these principles (as updated or revised from time to time).

**OVERVIEW OF THE SECTOR THE TRUST INVESTS IN**

*Unless otherwise specified, in this "Overview of the Sector the Trust Invests In" section references to "copper" refers to physical copper metal in any form and references to "Copper" has the meaning ascribed thereto in the "Glossary of Selected Terms".*

**Copper Industry**

Copper is a metallic element that occurs naturally in sulfide, carbonate and silicate deposits.<sup>38</sup> Copper's physical, chemical and aesthetic properties make it the material of choice in a diverse range of electrical, communication, construction, transportation, industrial machinery and equipment, and general consumer applications. These properties include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Electrical conductivity:*** Copper has the highest electrical conductivity of any non-precious
metal. Because of its electrical conductivity, copper is often used in electrical wiring and conductors, and has become a key component
in clean power generation technologies including solar, wind and batteries.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Heat conductivity:*** Copper is one of the best performing metals for heat conductivity,
leading to its frequent use in heat exchange equipment, radiators, and cooling systems.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Corrosion resistance:*** Copper is naturally resistant to corrosion, making it suitable
for use in marine and other challenging environments, such as underwater vessels, tanks, piping exposed to seawater, propellers,
oil platforms and coastal power stations.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Malleability and ductility:*** Copper can be shaped into various forms without breaking
or compromising its performance, leading to its frequent use in the manufacturing of wiring, tubing, and other industrial components.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strength:*** Copper has sufficient strength and durability to withstand mechanical stresses
without easily deforming or breaking, making it suitable for certain structural applications.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Antimicrobial properties:*** Copper has antimicrobial properties which inhibit microorganism
growth on its surface, allowing for use in healthcare, food processing and HVAC applications.

In addition, when alloyed with other metals, such as zinc (to form brass), aluminum or tin (to form bronzes), or nickel, copper acquires new characteristics for use in specialized applications such as shipbuilding, automobiles and home appliances.

Copper is typically produced into and sold in the form of cathodes for which globally accepted specification standards apply. Market quotations exist for the base price of copper on exchanges such as the LME and CME, which are further supplemented by cathode premia for specific locations and grades of copper. In 2023, global copper usage amounted to approximately 31.2Mt, making the copper market one of the largest base metals markets in the world.<sup>3</sup><sup>9</sup>

<sup>38</sup> International Copper Study Group - The World Copper Factbook 2023

<sup>39</sup> CRU *–* March 2024

**Copper Supply**

<u>Primary Copper Production</u>

Copper production begins with the mining of copper-bearing ores. The most common form of copper mining is open-pit mining, particularly where the ore bodies are close to the Earth's surface. Underground mining is used where the ore bodies are deep below the Earth's surface. Once the copper-bearing ores are mined, there are two main processes for producing refined copper:<sup>4</sup><sup>0</sup>

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Electro-refining process:*** This process begins with the copper-bearing ore being crushed
and ground, followed by a flotation process that produces copper concentrates. These concentrates typically have a copper content
of approximately 30%. The copper concentrates then undergo smelting, sometimes with an initial roasting step, converting it into
a 'matte' having 50-70% copper content. The matte is further refined in a converter to create blister copper, with an approximate
99% purity. The blister copper is then processed and casted into anodes for electro-refining, culminating in the production of
refined copper cathodes with a purity of over 99.99%.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Hydrometallurgical process:*** This process primarily focuses on extracting copper from
low-grade oxide ores and, to a lesser extent, sulfide ores through a combination of leaching, solvent extraction and electrowinning.
The hydrometallurgical process also results in the production of refined copper cathodes with a purity of over 99.99%.

In 2023, Chile produced approximately 24% of global mined copper production, the most of any country. Peru and the Democratic Republic of Congo each produced approximately 12% of global mined copper production, followed by China and the United States at approximately 8% and 5%, respectively.

In terms of refined copper, in 2023, approximately 45% of global production came from China.

*<u>Mined and Refined Production (Copper Contained)</u>*

![](tm263976d1_ex99-8img024.jpg)

Source: CRU – March 2024; Note: The difference between mined and refined production is due to direct use of copper scrap

<sup>40</sup> International Copper Study Group - The World Copper Factbook 2023

<u>Secondary Copper Production</u>

Secondary copper is produced by recycling copper scrap from copper discarded in fabrication and manufacturing processes as well as from obsolete end-of-life products. Once reprocessed, secondary copper cannot be distinguished from copper originating from ores.<sup>41</sup> Recycling copper extends the lifecycle of the metal, results in energy savings and contributes to ensuring a sustainable source of metal supply for future use.

It is estimated that approximately 5.5Mt of copper scrap was consumed for direct-use in 2023, which amount is forecasted to grow at a compound annual growth rate ("**CAGR**") of over 3.4% from 2023 through 2028.<sup>42</sup> Although the secondary copper market is growing, it faces supply challenges due to the long lifecycle of primary copper currently in use. For instance, in traditional copper applications such as construction, the primary lifecycle of copper can be more than 30 years.

<u>Copper Inventories</u>

Copper supply is also impacted by commodity exchanges (e.g., the LME and CME) as well as commodity traders. Commodity exchanges are a key component of the copper market, as they provide pricing transparency as well as liquidity through warrants (i.e., a derivative trading product) that represent physical copper.

However, commodity exchange inventories do not result in a net increase of copper supply. Commodity exchange inventories act as a buffer, balancing short term supply and demand fluctuations. In addition, global refined copper stocks have fallen from a peak of approximately 2.2Mt in 2013, to 1.2Mt as of February 2024, with the timeline for inventory consumption down from six weeks in 2013, to two weeks as of the fourth quarter of 2023.<sup>4</sup><sup>3</sup>

*<u>Global Total Stocks (Refined Copper)</u>*

![](tm263976d1_ex99-8img025.jpg)

Source: CRU – March 2024

<sup>41</sup> International Copper Study Group - The World Copper Factbook 2023

<sup>42</sup> CRU – March 2024

<sup>43</sup> CRU – March 2024

<u>Supply Challenges</u>

The global copper supply currently faces challenges, including due to declining ore grades of existing copper mines and the long lead time required for new mine developments. In addition, the ore bodies of existing copper mines have been declining in quality, which increases production costs and makes mine expansion challenging.<sup>4</sup><sup>4</sup>

To maintain global copper supply, the development of new copper mines is necessary due to the limited potential for expansion of existing mining operations and the limited recycling options due to the long lifecycle of primary copper currently in use. However, obstacles such as high capital expenditure requirements, political risk, complex permitting processes, and infrastructure limitations hinder new mine development. On average, it takes over 16 years<sup>45</sup> to bring new mining projects from discovery to initial production, highlighting the substantial challenges facing the copper industry in meeting future demand. Moreover, given the history and maturity of the global copper mining industry, the Technical Advisor and the Manager believe that many desirable mine sites have already been discovered and developed leaving less desirable mine sites (e.g., in jurisdictions with higher political risk) available for development, which requires a higher market price environment to incentivize new development.

**Copper Demand**

<u>Demand from Conventional Applications</u>

Demand for copper arises from diverse industry sectors and end-uses, including:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Construction:*** A large source of demand for copper is the construction industry, where
copper is used for its high electrical conductivity, corrosion resistance, and malleability, particularly in electrical wiring,
plumbing, roofing and heating systems. Since copper has antimicrobial qualities, it is also often used for touch surfaces in public
and healthcare settings.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Electronics and telecommunications:*** Copper is a key component in the manufacturing
of electronics and telecommunication equipment. Due to copper's high electrical conductivity, it is used in the manufacturing of
computers, smartphones, televisions, printed circuit boards, connectors, and cables. Copper is also used in the manufacturing of
telephone lines and data cables.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Transportation:*** The automotive industry uses copper in the manufacturing of vehicles,
particularly for electrical wiring, connectors, and motors. Copper is also used in the manufacturing of components for aircraft,
trains and ships.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Industrial machinery and equipment:*** Copper and its alloys are used in the production
of industrial machinery and equipment, particularly in the electrical components that power electric motors, transformers, and
generators.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Consumer products:*** Copper is used in a wide array of consumer goods, including home
appliances, cookware, and decorative items. Its high heat conductivity is ideal for cookware, and its aesthetic qualities make
it a material of choice in home fixtures and other consumer goods.

In 2023, global copper consumption was approximately 31.2Mt. The civil and construction sector accounted for approximately 27% of global copper demand, followed by the utilities sector at approximately 17%, and the machinery sector at approximately 15%. Global demand for copper is correlated to GDP growth, with global copper consumption forecasted to increase to approximately 35Mt by 2028.

<sup>44</sup> S&P Global – The future of copper, July 2022

<sup>45</sup> IEA – The Role of Critical Minerals in Clean Energy Transitions

*<u>Global Copper Consumption (Copper Contained)</u>*

![](tm263976d1_ex99-8img026.jpg)

Source: CRU – March 2024

*<u>Global Refined Copper Consumption (Copper Contained) and Change in Global GDP</u>*

![](tm263976d1_ex99-8img027.jpg)

Source: CRU – March 2024

<u>Demand from China</u>

Geographically, most refined copper demand comes from China which represents approximately 57% of global market consumption. Copper plays an important role as a raw material in the construction of new buildings, especially for wiring, cabling and piping for water and heating. In recent years, activity in the real estate sector in China has slowed (in part due to China's population peaking) and, as a result, China's copper demand from traditional sectors has slowed. CRU projects short-term support to the sector through approximately US$50 billion of funding towards key construction projects.

CRU forecasts China's GDP to grow at 4.8% in 2024, slightly below China's own target of 5%. Within the overall growth of the Chinese's economy, various factors are expected to contribute positively to China's copper demand including: (i) electrification, specifically solar and wind electricity generation, and increasing demand for electric vehicles; (ii) consumer products like air conditioners and refrigerators (with generally increasing global temperatures expected to further increase demand); and (iii) China becoming a net exporter of semi -fabricated products including wires and cables. Overall, China's demand for refined copper is expected to grow by 3.2% in 2024.<sup>4</sup><sup>6</sup>

<u>Global Energy Transition</u>

Under the Paris Climate Agreement, which was initially adopted in 2015, over 190 countries have committed to limiting global warming through the reduction of their respective GHG emissions. In addition, more than 140 countries, including China, the United States, as well as the European Union, have adopted "net zero" targets,<sup>4</sup><sup>7</sup> which means cutting GHG emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere by carbon dioxide removal.

The energy sector, which includes transportation, electricity and heating, buildings, manufacturing and construction, emits approximately 73% of the world's GHG emissions,<sup>48</sup> and as a result, there is pressure on energy producers and consumers to increase their use of renewable energy and other clean technologies. The International Energy Agency ("**IEA**") expects the percentage of renewable electricity generation to increase from 30% in 2022, to 50% by 2030, based on the latest global policy.<sup>4950</sup>

<sup>46</sup> CRU – March 2024

<sup>47</sup> United Nations – Net Zero Coalition

<sup>48</sup> World Resources Institute

<sup>49</sup> International Energy Agency – World Energy Outlook 2023

<sup>50</sup> International Energy Agency – CO2 emissions in 2023

<sup>51</sup> International Energy Agency – Critical Minerals Market Review 2023

<sup>52</sup> CRU – March 2024

*<u>Use of Raw Materials per MW of Energy Produced</u>*

![](tm263976d1_ex99-8img028.jpg)

Note: Minerals used in clean energy technologies compared to other power generation sources.

Source: IEA – International Energy Agency, 2021

*<u>Copper Demand for Clean Energy (Copper Contained)</u>*

![](tm263976d1_ex99-8img029.jpg)

Source: CRU – March 2024

<u>Artificial Intelligence</u>

Growth in the artificial intelligence sector is also expected to create additional demand for copper. The IEA projects that the artificial intelligence industry's electricity consumption will grow tenfold from 2023 to 2026, forecasting an increase in demand from data centres, which utilize copper wiring and copper in their power and cooling systems to allow for additional computing capacity.<sup>5</sup><sup>3</sup>

There are a range of estimates regarding increased copper demand arising from the growth in demand for data centres and artificial intelligence applications. Trafigura estimates artificial intelligence could add up to 1.0Mt of additional copper demand by 2030.<sup>54</sup> JP Morgan has estimated cumulative new copper demand of between 2.6 to 5.0Mt from data centres, forecasting that 86% of data centre growth will arise from artificial intelligence applications.<sup>55</sup> Bank of America estimates an additional 500Kt of copper demand from artificial intelligence by 2026, equivalent to a 2% uplift to 2023's 26Mt demand.<sup>56</sup>

<sup>53</sup> IEA – Electricity 2024

<sup>54</sup> Reuters, AI could add 1 million tons of copper demand by 2030 says Trafigura, April 2024

<sup>55</sup> JP Morgan, Copper & AI the coming wave, March 2024

<sup>56</sup> Bank of America Global Research, Metals Strategist, 2024

<u>Limited Substitution Risk from Copper Alternatives</u>

Although alternatives to copper exist for specific applications, there is no universal substitute for copper. The lack of copper substitutes arises due to its distinctive properties, including electrical and thermal conductivity, ductility, malleability, and corrosion resistance, in addition to considerations of cost and availability. However, in limited cases, aluminum and silver can be used as copper substitutes. Research conducted by CRU for the International Copper Association estimated that the total potential for copper substitution by 2035 will amount to approximately 1.7 percent of total global copper use.<sup>57</sup>

Aluminum's electrical conductivity is 40% lower than copper. Consequently, aluminum conductors require larger diameters to accommodate equivalent electric currents compared to copper, resulting in bulkier installations. However, aluminum can be considered for certain applications due to cost considerations. Similar considerations apply to thermal conductivity, with aluminum demonstrating thermal conductive properties that fall short of copper's efficiency.<sup>5</sup><sup>8</sup>

Silver has the highest electrical conductivity among all metallic elements; 3% higher than copper. Therefore, silver can be used as a substitute for copper in high-end electronics and specialized applications where maximal conductivity is essential. However, the higher cost associated with silver confines its use to specific use cases, and accordingly risk of copper substitution in existing applications is considered minimal.<sup>59</sup>

<sup>57</sup> Exploring Substitution and Miniaturization Trends in Copper Demand: Reflections from ICA's "Focus on Substitution" Panel at the World Copper Conference – May 24, 2023

<sup>58</sup> Silver in Electronics: Exploring the Benefits and Future Trends – July 26, 2023

<sup>59</sup> Silver in Electronics: Exploring the Benefits and Future Trends – July 26, 2023

**Supply and Demand**

<u>Copper Value Chain Overview</u>

A schematic of the copper value chain is shown below.

*<u>Copper Value Chain Overview</u>*

![](tm263976d1_ex99-8img030.jpg)

Source: WMC Group, International Copper Study Group - The World Copper Factbook 2023

<u>Supply and Demand Estimates</u>*<sup>60</sup>*

In 2023, copper supply and demand returned to relative equilibrium, following a supply deficit in 2022. Due to the supply deficit, copper prices on the LME reached a high of approximately US$11,000 in the first quarter of 2022, before falling to approximately US$8,000 in 2023.

From 2024 to 2026, the copper market is forecasted to be in a slight supply deficit, which deficit is expected to increase in subsequent years due to supply and demand dynamics. From 2027 to 2028, there may be a significant supply deficit driven by lower growth in copper supply.

<sup>60</sup> CRU – March 2024

*<u>Global Supply and Demand Balance (Refined Copper) and Price Forecast</u>*

![](tm263976d1_ex99-8img031.jpg)

Source: CRU – March 2024; Note: This graphic includes secondary supply of recycled copper scrap

<u>Operation of the Copper Market</u>

The copper market is one of the largest and most liquid base metal markets globally. For the North American market, COMEX (owned by CME) is the leading market venue for copper in the United States while the LME is the leading market venue for other regions, including Europe and Asia. Standards for copper have been established by CME (i.e., Grade 1 Cathode) and LME (i.e., Grade A Cathode) that are based on the chemical composition of the copper as recognized by market participants around the world. Any copper purchased by the Trust will be, at the time of purchase, either Grade 1 Cathode or Grade A Cathode, or equivalent quality of cathodes.

The LME and COMEX publish prices for copper on a daily basis. These prices are then generally subject to either a premium or discount, which is determined by various commercial and logistical factors. As copper is used in many different industrial processes, its location relative to the place of consumption is highly important for determining the premium or discount. Different premium levels are published by price reporters for different locations reflecting the supply and demand dynamics of the specific location. In addition, specific brands of copper can also trade at a premium or discount subject to a buyer's preference for that brand. Fundamentally, copper that is stored in a location that is low in supply and high in demand will carry a higher premium than copper that is stored in a location where supply is generally high and demand is low.

The Trust will purchase Grade A Cathodes or Grade 1 Cathodes. In addition, as described above in "Investment Strategies – Environmental, Social and Governance Considerations", the Manager and Technical Advisor are committed to incorporating ESG principles into the sourcing of the copper purchased for the Trust. This means that the Trust will follow the rules for Responsible Sourcing as set by the LME. For brands that are not approved by the LME, the Trust will only source such copper if the supplier guarantees to use reasonable commercial efforts to comply with the Ten Principles of the UN Global Compact and the OECD Due Diligence Guidance for Responsible Mineral Supply Chains. All procurement of copper by the Trust will comply with applicable sanctions laws.

**Historical Prices**

The chart below shows the historical performance of copper based on the official LME cash settlement price.

*<u>Historic Copper Cash Settlement Price, LME (USD)</u>*

![](tm263976d1_ex99-8img032.jpg)

Source: LME

From 2007 to 2009, the global financial crisis resulted in demand concerns and worldwide reduced consumption, creating downward pressure on copper prices. In the following years, copper prices recovered with the global economic recovery and reduced inventory levels.

From 2015 to 2020, mining strikes, export bans and the global pandemic had contrasting effects on copper prices, leading to relatively stable prices over this period.

Since 2021, copper prices have been trending upwards following the global energy transition and reduced supply of copper.

**Investment Highlights**

<u>Copper Supply Challenges</u>

The copper industry has supply challenges, including due to declining ore grades and quality, prolonged underinvestment, and extensive lead times required to open new mines. These challenges are compounded by demand growth, driven by continued Chinese industrialization, urbanization and increasingly, the global energy transition. This demand has strained current copper mining operations and the potential for expansion of existing mining operations is limited.

To address the need for increased copper supply, the development of new copper projects, both greenfield (new sites) and brownfield (expansions of existing sites), is required. However, obstacles such as high capital expenditure requirements, political risk, complex permitting processes, and infrastructure limitations hinder mine expansion and new mine development. According to the IEA, on average, it has taken more than 16 years to transition mining projects from discovery to initial production.<sup>61</sup>

<sup>61</sup> IEA – The Role of Critical Minerals in Clean Energy Transitions

<u>Copper: Essential to Energy Transition, Big Data and AI and other New Technologies</u>

As mentioned above, growth in the artificial intelligence sector is also expected to create additional demand for copper. The IEA projects that the artificial intelligence industry's electricity consumption will grow tenfold from 2023 to 2026, forecasting an increase in demand from data centres, which utilize copper wiring and copper in their power and cooling systems to allow for additional computing capacity.<sup>66</sup>

There are a range of estimates regarding increased copper demand arising from the growth in demand for data centres and artificial intelligence applications. Trafigura estimates artificial intelligence could add up to one million tonnes of additional copper demand by 2030.<sup>67</sup> JP Morgan has estimated cumulative new copper demand of between 2.6 to 5.0Mt from data centres, forecasting that 86% of data centre growth will arise from artificial intelligence applications.<sup>68</sup> Bank of America estimates an additional 500Kt of copper demand from artificial intelligence by 2026, equivalent to a 2% uplift to 2023's 26Mt demand.<sup>69</sup>

<u>Reduced Global Refined Copper Inventories</u>

Global refined copper stocks peaked in 2013 at 2.2Mt. At the end of 2023, global refined copper stocks were 1.2Mt (representing approximately two weeks of consumption), limiting the ability for increased copper supply from such inventories.<sup>70</sup>

<u>Physical Copper Reduces Producer-Specific Risks</u>

There are inherent risks in investing in copper producers. Global copper producers face a variety of challenges, from economic, environmental, social, natural disasters, and political issues, in addition to resource depletion, environmental damage, water scarcity, and local opposition Investing in physical copper, conversely, reduces company-specific idiosyncratic risks, while maintaining exposure to copper price dynamics. In addition, most publicly traded producers are diversified and not pure-play copper producers.

<u>Physical Copper Investments compared to Futures-Based Investments</u>

The benefits of investing in physical copper, as opposed to investments in futures-based instruments, include:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Minimizing exposure to market contango*** : As at May 10, 2024, the annualized one-year
contango (based on the most liquid 3 month future) is 6%, which implies a minimum cost of carry (or investment loss) of 6%. For
futures-based investments, this rolling carry cost is a fundamental part of the running costs of rolling an underlying futures
portfolio in comparison to the more predictable cost base of a physical commodity holding trust.

<sup>62</sup> IEA – World Energy Outlook 2023

<sup>63</sup> IEA – International Energy Agency, 2021

<sup>64</sup> European Commission, 2023 list of critical raw materials for the EU

<sup>65</sup> US Department of Energy, 2023 final critical materials list

<sup>66</sup> IEA – Electricity 2024

<sup>67</sup> Reuters, AI could add 1 million tons of copper demand by 2030 says Trafigura, April 2024

<sup>68</sup> JP Morgan, Copper & AI the coming wave, March 2024

<sup>69</sup> Bank of America Global Research, Metals Strategist, 2024

<sup>70</sup> CRU – March 2024

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Reduced exchange liquidity and roll-risk*** : The exposure to financial market disruptions exhibited by a futures exchange, the LME in particular, is
reduced by holding (non-sanctioned) physical copper. An example of commodity market disruption was the forced suspension of nickel
trading by the LME in March 2022 due to chaotic pricing and extreme volatility.<sup>71</sup> An additional example is the U.K.
and United States sanctioning Russian-origin metals, including copper, produced before April 13, 2024.<sup>72</sup> Given that
Russian-origin copper amounted to approximately 65% of on-warrant copper inventory of the LME, these sanctions could lead to increased
uncertainty and liquidity challenges leading to futures roll-risk and potential additional friction costs to futures-only based
investment vehicles in copper.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Redemption*** : Futures-based investments don't provide the ability to redeem units
for physical copper.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Potential for additional income*** : The Trust has an ability to consider inbound requests
involving the physical copper held by the Trust which could, for example, involve a request for the Trust to lend out a limited
amount of physical copper inventory to creditworthy market participants for a limited period of time, which in turn leads to the
generation of incremental income to investors.

<sup>71</sup> Reuters Energy, LME nickel trading halted as big short hits big trouble, May 2022

<sup>72</sup> LME

**INVESTMENT RESTRICTIONS**

Non-redeemable investment funds are subject to certain restrictions and practices contained in Securities Legislation, including NI 81-102, that are designed in part to ensure that the investments of the investment fund are diversified and relatively liquid and to ensure the proper administration of the investment fund. Subject to the specific exceptions from NI 81-102 set out under the section entitled "Exemptions and Approvals" of this prospectus, the Trust will be managed in accordance with these restrictions and practices.

In making investments on behalf of the Trust, the Manager is subject to certain investment and operating restrictions (the "**Investment and Operating Restrictions**") set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval of Unitholders in accordance with the Trust Agreement.

The Investment and Operating Restrictions are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will invest in and hold a minimum of 90% of the total net assets of the Trust in Copper (whether
in physical from or through Financial Instruments that represent Copper) and invest in and hold no more than 10% of the total net
assets of the Trust, at the discretion of the Manager, in debt obligations guaranteed by the Government of the United States or
a state thereof or by the Government of Canada or a province of Canada, 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 Dominion Bond Rating Service Limited
or its successors or assigns or F1 (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, cash 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 the Offering or additional offerings or prior
to the distribution of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not issue Units following the completion of the Offering except (i) if the net proceeds per
Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon,
the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not invest in Financial Instruments that represent Copper or that may be exchanged for Copper,
other than for the purposes of Copper optimization transactions, including the use of futures, warrants, CME or LME warehouse receipts,
and other financial instruments (collectively, "**Financial Instruments** "), to complement the Trust's Copper
procurement strategy, so long as these transactions provide value to the Trust and the risk associated with each transaction is
minimized to the satisfaction of the Manager taking into account all relevant tax considerations. For the avoidance of doubt, Copper
optimization transactions include futures contracts that correspond to a Copper purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not lend Copper except to other market participants, of sufficient credit quality and/or with
appropriate credit enhancing measures, so that the risk associated with any such transaction and to the Trust is minimized to the
satisfaction of the Manager taking into account all relevant tax considerations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will ensure that the storage of Copper is governed by agreements with the Facilities having generally
customary terms for agreements of such nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to (e) above, will ensure that the Copper remains unencumbered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will not guarantee the securities or obligations of any Person other than the Manager, and then
only in respect of the activities of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will not use leverage other than for short-term borrowings to settle trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with requirements of the Tax Act, will not invest in any security that would be a
tax shelter investment within the meaning of Section 143.2 of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident
corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership)
would be required to include any significant amount in income under Sections 94, 94.1 or 94.2 of the Tax Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with requirements of the Tax Act, will not carry on any business and make or hold
any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in Section 122 of
the Tax Act.

**FEES AND EXPENSES**

This table lists the fees and expenses that the Trust expects to pay for the continued operation of its business, and that you may have to pay if you invest in the Trust. Payment of these fees and expenses will reduce the value of your investment in the Trust. You will have to pay fees and expenses directly if you redeem your Units.

***Fees and Expenses Payable by the Trust***

---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Management Fee and Additional Fees:** | Pursuant to the Management Agreement, the ongoing operation of the Trust is managed by the Manager and the Trust will pay the Manager the Management Fee, which is equal to 1/12 of 0.50% of the NAV of the Trust plus any applicable federal and provincial taxes. The Management Fee shall be calculated and accrued daily and payable monthly in arrears on the last day of each month. In addition, the Manager will be entitled to: (i) the Procurement Fee, which is equal to 1.0% of the total purchase price of the Copper purchased or sold, less brokerage costs, plus any applicable federal and provincial sales taxes; and (ii) an Enhancement Fee, equal to 50% of the profit on all other transactions involving Copper, which are not outright purchases or sales of Copper, such as lending and exchange transactions. In addition to the Management Fee, Procurement Fees and Enhancement Fees, the Trust shall reimburse the Manager for all reasonable out-of-pocket expenses (plus applicable federal and provincial taxes) incurred by the Manager in accordance with the Management Agreement. |
| **Technical Advisory Fees:** | Fees payable to the Technical Advisor will be paid by, and be the sole responsibility of, the Manager. In addition, the Manager will reimburse the Technical Advisor for out-of-pocket expenditures (including, legal costs, costs for marketing materials and market data, and travel expenses) that are directly related to the Technical Advisory Services and which the Manager can recover from the Trust, including any such expenditures incurred prior to signing the Technical Advisory Agreement. |
| **Operating Expenses:** | The Trust is responsible for paying the filing and listing fees of the applicable Securities Authorities and stock exchanges and the fees and expenses payable to the Registrar and Transfer Agent. |
|  | Except as otherwise described in this prospectus, the Trust is responsible for all costs and expenses incurred in connection with the ongoing operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any Investment Manager, the Custodian, any sub-custodians, the Registrar and Transfer Agent, the Facilities (including the costs of all insurance policies obtained and administrative expenses incurred in connection with storing the Copper at such Facilities), the valuation agent of the Trust; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement fees; legal, audit, accounting, bookkeeping and record keeping fees and expenses; costs and expenses of reporting to Unitholders and conducting Unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable Securities Authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of Units; costs and expenses of preparing financial and other reports; any expenses associated with the implementation and ongoing operation of the Independent Review Committee; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the Trust. |

---

---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Other Fees and Expenses:** | The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which, the Trustee, the Manager, the Technical Advisor, the Facilities, any Investment Manager, the Custodian, any sub-custodians, the Registrar and Transfer Agent, the Valuation Agent or the Underwriters and/or any of their respective officers, directors, employees, consultants or agents is entitled to indemnity by the Trust. |

---

The Trust intends to retain cash from the net proceeds of the offering in an amount equal to approximately 5% of the net proceeds of the Offering in order to provide available funds for its ongoing expenses and cash redemptions. From time to time, the Trust may sell Copper in order to replenish this cash reserve. There is no limit on the total amount of Copper 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 non-Copper investments.

***Fees and Expenses Payable Directly by Unitholders***

---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Redemption and Delivery Costs:** | If you choose to receive Copper upon a redemption of Units, you will be responsible for the expenses incurred in connection with effecting the redemption (including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice, the transfer of the Copper for the Units that are being redeemed and the applicable fees charged by the Designated Facility in connection with such redemption. See "Redemption of Units – Transfer of Copper to the Redeeming Unitholder". |
|  | If you choose to receive cash upon a redemption of Units, you will be responsible for an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units. See "Redemption of Units – Redemptions for Cash". |
| **Other Fees and Expenses:** | No charges will apply. If applicable, the Unitholders may be subject to brokerage commissions or other fees associated with trading the Units. |

---

***Fees and Expenses in Connection with the Offering***

---

| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Fees Payable to the Underwriters for Selling the Units:** | The Underwriters shall be entitled to a fee, equal to 5.0% of the gross proceeds raised from the sale of the Units. The Underwriters' commissions will be paid out of the proceeds of the Offering. |
| **Expenses of the Offering:** | The expenses of the Offering (including the costs of creating and organizing the Trust, the costs of preparing this prospectus, marketing expenses and other incidental expenses, filing and listing fees of the applicable Securities Authorities and stock exchanges, auditing, legal, translation and printing expenses) will be paid by the Trust. The Manager has agreed to reimburse the Underwriters for certain of the expenses paid by them. Excluding the Underwriters' commissions, the expenses of the Offering are expected to be approximately US$1 million. |

---

**Additional Services**

Additional services to be provided to the Trust by the Manager or any of its affiliates that have not been described in this prospectus must be on terms that are generally no less favorable to the Trust than those available from arm's length parties (within the meaning of the Tax Act) for comparable services. The Trust will pay all fees or expenses associated with such additional services. The introduction of any fees or expenses that are charged to the Trust which could result in an increase in charges to the Trust requires the prior approval of the Unitholders by an ordinary resolution.

No change in the basis of the calculation of the management fee or other fees or expenses that are charged to the Trust will be made which could result in an increase in charges to the Trust without the prior approval of the Unitholders, other than increased fees or expenses payable by the Trust to parties at arms' length to the Trust where Unitholders are given notice of such increased fees or expenses. The foregoing Unitholder approval is to be expressed by way of an ordinary resolution, which must be approved, in person or by proxy, by Unitholders holding Units representing in aggregate not less than 50% of the value of net assets of the Trust as determined in accordance with the Trust Agreement, at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by Unitholders holding Units representing in aggregate not less than 50% of the NAV as determined in accordance with the Trust Agreement.

**RISK FACTORS**

*You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this prospectus, including the Trust's financial statements and the related notes.*

In addition to all other information set out in this prospectus, the following specific factors could materially adversely affect the Trust and should be considered when deciding whether to make an investment in the Trust and the Units. Other risks and uncertainties that we do not presently consider to be material, or of which we are not presently aware, may become important factors that affect the Trust's future financial condition and results of operations. The occurrence of any of the risks discussed below could materially adversely affect the business, prospects, financial condition, or results of operations of the Trust. The Units are only suitable for investors: (i) who understand the potential risk of capital loss; (ii) for whom an investment in the Units is part of a diversified investment program; and (iii) who fully understand and are willing to assume the risks involved in such an investment program. Prospective purchasers of Units should carefully consider the following risks before investing in the Trust and the Units.

**A delay in the purchase by the Trust of Copper with the net proceeds of the Offering may result in the Trust purchasing less Copper than it could have purchased earlier.**

The Trust intends to purchase Copper with the net proceeds of the Offering as described in this prospectus as soon as practicable; however, the Trust may not be able to immediately purchase all of the required Copper. If the price of Copper increases between the time of completion of the Offering and the time the Trust completes its purchases of Copper, whether or not caused by the Trust's acquisition of Copper, the amount of Copper that the Trust will be able to purchase will be less than it would have been able to purchase had it been able to complete its purchases immediately. In such a circumstance, the quantity of Copper purchased per Unit will be reduced, which will have a negative effect on the value of the Units.

**The trading price of the Units could potentially be more volatile relative to NAV.**

The trading price of the 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 Copper, including market trends and the sentiment of investors towards Copper.

**An investment in the Trust will yield long-term gains only if the value of Copper increases in an amount in excess of the Trust's expenses.**

The Trust will not actively trade Copper to take advantage of short-term market fluctuations in the price of Copper or generate other income. Accordingly, the Trust's long-term performance is dependent on the long-term performance of the price of Copper. As a result, an investment in the Trust will yield long-term gains only if the value of Copper increases in an amount in excess of the Trust's expenses.

**The Trust may conduct further offerings of Units from time to time, at which time it will offer Units at a price that will be at or above the most recently calculated NAV at the time of the offering but that may be below the trading price of Units on the TSX at that time.**

The Trust may conduct further offerings of Units from time to time. Under the provisions of the Trust Agreement, the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value of the Trust per Unit prior to, or upon, the determination of the pricing of such issuance, including any future at-the-market offerings of Units. Follow-on offerings of securities of issuers that are traded on an exchange are usually priced below the trading price of such securities at the time of an offering to induce investors to purchase securities in the follow-on offering rather than through the exchange on which such securities are traded. Consequently, the price to the public at which such Units are offered likely will be below the trading price of Units on the TSX at the time of the offering, which may have the effect of lowering the trading price of Units immediately after the pricing of such follow-on offering. In addition, if, and as long as the trading price of the Units is below NAV, it is unlikely that the Trust will be able to conduct a further offering of Units, because the Trust Agreement governing the Trust provides such Units would have to be offered at a price above the trading price of Units. The Manager may, from time to time and in its sole discretion, pay some or all of the expenses associated with an offering of Units.

**The trading price of Units on the TSX is not predictable and may be affected by factors beyond the control of the Trust.**

The Trust cannot predict whether the Units will trade above, at or below NAV. The trading price of Units may not closely track the price of Copper, and Units may trade on the TSX at a significant premium or discount from time to time. In addition to changes in the price of Copper, the trading price of Units may be affected by other factors beyond the control of the Trust, which may include the following: macroeconomic developments in North America and globally; market perceptions of attractiveness of Copper as an investment; the lessening in trading volume and general market interest in the Units which may affect a Unitholder's ability to trade significant numbers of Units; and the size of the Trust's public float which may limit the ability of some institutions to invest in Units.

**Price Reporters are used to calculate published NAV.**

The value of Copper held by the Trust for the purposes of calculating the NAV of the Trust is based on the prices provided by widely recognized Price Reporters or an average of such services as directed by the Manager or the Technical Advisor. As the Trust's NAV is calculated using such Price Reporters (including an average thereof), it will not necessarily be reflective of the price of Copper available for purchase or sale. In addition, Copper can trade 24 hours a day and the Trust's NAV is calculated daily based on such Price Reporters. As such, the published NAV may not be reflective of market events and other developments that occur after the NAV pricing and publication and thus may not be reflective of the then-available market price or value of Copper.

**Unitholders have no direct ownership interest in Copper.**

An investment in Units does not constitute an investment by Unitholders in the Copper included in the Trust's investment portfolio. Unitholders will not have a direct ownership interest in the Copper held by the Trust. Accordingly, Unitholders will have no recourse or rights against the Copper held by the Trust.

**Insurance policies procured by the Trust may not ultimately cover all losses suffered by the Trust.**

While the Trust is required under the Exemptive Relief to maintain, and expects to maintain, at all times, a separate market standard insurance policy that insures the Copper held with a Warehouse Provider, Unitholders cannot be assured that such insurance policies will be sufficient to satisfy any or all losses incurred by the Trust or that coverage provided by such insurance policies will be applicable in all circumstances giving rise to losses suffered by the Trust, including, the exclusions from such policies such as losses, damages, liabilities and expenses related to war, chemical, biological and similar weapons, terrorism, and communicable diseases, among others.

**In the event the Trust's Copper is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the Copper at the time the loss is discovered.**

If there is a loss due to loss, theft, damage, destruction or fraud or otherwise with respect to the Trust's Copper held by one of the Warehouse Providers and such loss is found to be the fault of the Facility, the Trust may not be able to recover more than the market value of the Copper at the time the loss is discovered. If the market value of Copper increases between the time the loss is discovered and the time the Trust receives payment for its loss and purchases Copper to replace the losses, less Copper will be acquired by the Trust and the value of the net assets of the Trust will be negatively affected.

**The Trustee, Warehouse Providers, and other service providers engaged by the Trust may not carry adequate insurance to cover claims against them by the Trust.**

Unitholders cannot be assured that the Trustee, Warehouse Providers, or other service providers engaged by the Trust will maintain any insurance with respect to the Trust's assets held or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their relationship with the Trust. In addition, none of the Trust's service providers is required to include the Trust as a named beneficiary of any such insurance policies that are purchased. Accordingly, the Trust will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such arrangements. In addition, given that Warehouse Providers are located in foreign jurisdictions, the Trust may not be able to enforce any rights of recovery it may have against any Warehouse Provider in connection with losses suffered.

**A redemption of Units for cash will yield a lesser amount than selling the Units on the TSX or another exchange or trading facility, if such a sale is possible.**

The cash redemption value of the Units is based on 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash. Therefore, a redemption of Units for cash will yield a lesser amount than selling the Units on the TSX or another exchange or trading facility, if such a sale is possible. As such, Unitholders should consider the manner in which the cash redemption value is determined before exercising their right to redeem their Units for cash.

**Cash Redemption Notices and Copper Redemption Notices are irrevocable.**

In order to redeem Units, a Unitholder must provide a Cash Redemption Notice or a Copper Redemption Notice, as applicable, to the Registrar and Transfer Agent. Except when redemptions have been suspended by the Manager, once a Cash Redemption Notice or Copper Redemption Notice has been received by the Registrar and Transfer Agent, it cannot be revoked by the Unitholder under any circumstances, though it may be rejected by the Registrar and Transfer Agent if it does not comply with the requirements for a Cash Redemption Notice or Copper Redemption Notice, as applicable. See "Redemption of Units".

**All redemption amounts will be determined using U.S. dollars, which will expose redeeming Canadian dollar denominated Unitholders to currency risk.**

All redemption amounts will be determined using U.S. dollars. All redeeming Unitholders will receive any cash amount to which the Unitholder is entitled in connection with the redemption in U.S. dollars, and will be exposed to the risk that the exchange rate between the U.S. dollar and the other currency in which the Unitholder generally operates will result in a lesser redemption amount than the Unitholder would have received if the redemption amount had been calculated and delivered in Canadian dollars. In addition, because any cash as a result of the redemption will be delivered in U.S. dollars, the redeeming Unitholder may be required to open or maintain an account that can receive deposits of U.S. dollars.

**The Trust's remedies against a Warehouse Provider that loses its CME or LME approved status may be limited.**

In the event a Warehouse Provider has its CME or LME approval revoked, the Trust will endeavour to transfer the Copper stored with such Warehouse Provider to another Facility operated by a CME or LME approved Warehouse Provider as soon as practical. If such Warehouse Provider refuses to transfer the Copper, the Trust would seek to enforce its contractual rights and pursue available civil remedies but would not be able to avail of regulatory remedies to enforce the transfer. Until such time as the Copper was transferred, the Trust's Copper would remain at a Facility that is not subject to the requirements or oversight of the CME or LME, as applicable.

**Because the Trust primarily invests in Copper, an investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.**

The Trust will primarily invested at all times in Copper. As a result, the Trust's holdings will not be diversified. Accordingly, the NAV may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be deemed speculative and is not intended as a complete investment program. An investment in Units should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in the Trust. Investors should review closely the objective and strategy, the Investment and Operating Restrictions set out under the heading "Investment Restrictions" and the redemption provisions of the Trust as outlined herein, and familiarize themselves with the risks associated with an investment in the Trust.

**The Trust's obligation to reimburse the Trustee, the Manager, the Underwriters or certain parties related to them for certain liabilities could adversely affect an investment in Units.**

Under certain circumstances, the Trust might be subject to significant indemnification obligations in favor of the Trustee, the Manager or an Underwriter as a result of an offering or certain parties related to them. The Trust does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the foregoing parties are insured for losses for which the Trust has agreed to indemnify them. Any indemnification paid by the Trust would reduce the value of net assets of the Trust and, accordingly, the NAV.

**Unitholders are not entitled to participate in management of the Trust.**

Unitholders are not entitled to participate in the management or control of the Trust or its operations, except to the extent of exercising their right to vote their Units when applicable. Unitholders do not have any input into the Trust's daily activities.

**The rights of Unitholders differ from those of shareholders of a corporation.**

Because the Trust is organized as a trust rather than a corporation, the rights of Unitholders are set forth in the Trust Agreement rather than in a corporate statute. This means that Unitholders do not have the statutory rights normally associated with the ownership of shares in an Ontario corporation. For example, the Trust is not subject to minimum quorum requirements, is not required to hold annual meetings, and has no officers or directors. Unitholders have the right to vote on matters brought before Unitholders in accordance with the Trust Agreement but do not have a right to elect the Manager, though Unitholders do have the right to remove the Manager in certain circumstances. In addition, Unitholders do not have the right to bring "oppression" or "derivative" suits.

**Substantial redemptions of Units may affect the liquidity and trading price of Units and increase the *pro rata* expenses per Unit.**

Notwithstanding that aggregate redemptions shall not exceed 1.5% of NAV on each Redemption Date, substantial redemptions of Units could result in a decrease in the trading liquidity of the Units and increase the amount of Trust expenses allocated to each remaining Unit. Such increased expenses may reduce the Net Asset Value and the Net Asset Value per Unit.

**The Trust may be subject to taxation in the jurisdictions in which it acquires, stores or sells Copper.**

The Trust may acquire, store, and sell Copper in various foreign jurisdictions outside of Canada and around the world. It is possible the Trust may be subject to direct or indirect taxes in any of these jurisdictions, which taxes, if they were to apply, would increase the Trust's expenses. Further, tax laws and regulations in such jurisdictions are subject to differences in interpretation or change, either on a prospective or retroactive basis, and there can be no guarantee that applicable tax authorities would agree with the Trust's position as to the application or non-application of any particular tax. To the extent any such direct or indirect taxes are applied to the Trust in the future and / or applicable tax authorities disagree with the Trust's position as to the applicability of a particular tax, the Trust's business, financial condition and results of operations could be materially and adversely affected.

**Fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading price of Units.**

The Trust maintains its accounting records, purchases Copper and reports its financial position and results in U.S. dollars. Because certain of the Trust's expenses are paid in Canadian dollars and the local currencies applicable in the Storage Jurisdictions and jurisdictions from which the Trust purchases Copper, some of which may be subject to significant volatility, any increase in the value of the Canadian dollar or other local currencies would increase the reported expenses of the Trust that are payable in Canadian dollars or the local currency, which could result in the Trust being required to sell more Copper to pay its expenses. Further, such appreciation could adversely affect the Trust's reported financial results, which may have an adverse effect on the trading price of Units.

**The value of the Units relates directly to the value of Copper held by the Trust, and fluctuations in the price of Copper could materially adversely affect an investment in the Units.**

The principal factors affecting the value of the Units are factors that affect the price of Copper. Copper is traded internationally and its price is generally quoted in U.S. dollars. The price of the Units will depend on, and typically fluctuate with, the prices of Copper. The Manager expects the price of Copper may be affected at any time by many international, economic, monetary and political factors, many of which are unpredictable. These factors include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· Copper
 demand, especially from China and from the global energy transition;

&nbsp;&nbsp;&nbsp;&nbsp;· global
 supply and demand, which is influenced by such factors as: (i) forward selling of Copper
 by Copper producers; (ii) purchases made by Copper producers to unwind Copper hedge
 positions; (iii) production and cost levels in major Copper-producing countries; (iv) new
 production projects; and (v) industrial demand for Copper;

&nbsp;&nbsp;&nbsp;&nbsp;· investors'
 expectations for future inflation rates;

&nbsp;&nbsp;&nbsp;&nbsp;· exchange
 rate volatility of the U.S. dollar, the principal currency in which the price of Copper is
 generally quoted;

&nbsp;&nbsp;&nbsp;&nbsp;· interest
 rate volatility; and

&nbsp;&nbsp;&nbsp;&nbsp;· unexpected
 global, or regional, political or economic incidents.

Changing tax, royalty, land and mineral rights ownership and leasing regulations in countries in which Copper is produced may have an impact on market functions and expectations for future Copper supply. This can affect both share prices of Copper mining companies and the relative prices of other commodities, which are both factors that may affect investor decisions in respect of investing in Copper.

The Copper market is volatile and cyclical and consumption of Copper is influenced by global economic growth, trends in industrial production, conditions in the housing and automotive industries, economic growth in China, which is the largest consumer of refined Copper in the world, and the energy transition away from traditional sources to alternative, sustainable and less carbon intensive sources which inherently utilize more Copper. Notably, China is increasingly seeking strategic self-sufficiency in key commodities, including investments in existing businesses or new developments in other countries. These investments may adversely impact future Copper demand and supply balances and prices. Should demand weaken and consumption patterns change, in particular if consumers seek out lower cost substitute materials, the price of Copper could be materially adversely affected, which could negatively affect the Trust's business and results of operations.

**The current trading prices of Copper may not be sustained.**

The Manager anticipates that the price of Copper going forward and, in turn, the future NAV and the NAV per Unit, will be dependent upon factors such as global Copper supply and demand, investors' inflation expectations, exchange rate volatility and interest rate volatility. An adverse development with regard to one or more of these factors may lead to a decrease in Copper trading prices. A decline in prices of Copper would decrease the NAV and the NAV per Unit.

**Natural disasters, unusually adverse weather, cyber incidents, boycotts and geo-political events could materially adversely affect the operations of the Trust or the Copper owned by the Trust.**

The occurrence of one or more natural disasters, such as fires, hurricanes and earthquakes, unusually adverse weather, cyber incidents such as ransomware attacks, boycotts and geo-political events, such as civil unrest and acts of terrorism (including cyber terrorism or other cyber incidents), or similar disruptions could materially adversely affect the supply, transportation, storage, and demand for Copper, which may result in an adverse effect to the value of the Copper held by the Trust or the operations of the Manager, Technical Advisor and other service providers. These events could result in physical damage to property, an increase in energy prices, temporary or permanent closure of one or more of the Facilities, temporary lack of an adequate workforce in a market, temporary or long-term disruption in the supply of or demands for Copper, temporary disruption in transport, or disruption to information systems relied upon by the Manager and Technical Advisor, each of which may have an adverse effect on the operations of the Trust and the value of the Trust's Copper.

**Global events outside the Trust's control may adversely affect the Trust's business, financial condition and results of operations.**

The Trust cautions that global events outside the Trust's control may have a significant negative effect on the Trust and may negatively impact the Trust's business, financial condition and results of operations, including the ability of the Trust to provide services. The success of the Trust's activities may be affected by general market conditions, the outbreak of pandemics or contagious diseases, armed conflict, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. Examples of recent global events include the COVID-19 pandemic, Russia's invasion of Ukraine, the Israel-Hamas war and conflict between Israel and Iran. In addition, unexpected volatility or illiquidity could have a significant negative effect on the Trust. These as well as other global or macroeconomic events may also result in market uncertainty, which could have a material adverse impact on taxation, liquidity of Units and other Unitholder rights generally.

**Operational and similar risks faced by producers of Copper may adversely affect the global supply of Copper, which in turn may adversely affect the Trust's ability to procure Copper and, consequently, could impact the value of the Units.**

The Trust's ability to procure Copper is generally contingent on there being a sufficient supply of Copper. The global supply of Copper is subject to numerous risks, including operational and similar risks associated with developing and operating mining properties, including the following: insufficient copper reserves; increased capital or operating costs; declines in the price of copper; construction or development delays; operational disruptions, including those caused by pandemics or other global or local health crises; inability to obtain or maintain necessary permits; inability to replace or increase reserves as properties are mined; inability to maintain, or challenges to, exploration or mining rights; changes in mining taxes and royalties payable to governments; significant changes to environmental, permitting, or other regulatory requirements; challenges to operations, permits, or mining rights by local communities, indigenous populations, non-government organizations, or others; litigation between operators and third parties relating to the properties; community or civil unrest, including protests and blockades; labour shortages, increased labor costs, labor disputes, strikes, or work stoppages; fires, explosions, or other industrial accidents; injuries to humans, property, or the environment; natural catastrophes and environmental hazards such as earthquakes, droughts, floods, forest fires, hurricanes, weather, or climate events; physical effects of climate change and regulatory changes designed to reduce the effects of climate change; uncertain political and economic environments; economic downturns; insufficient financing or inability to obtain financing; default by an operator on its obligations to us or its other creditors; insolvency, bankruptcy, or other financial difficulty of the operator; changes in laws or regulations or the enforcement of laws or regulations; unavailability of mining, drilling, or other equipment; unanticipated geological conditions or metallurgical characteristics; unanticipated ground or water conditions, including lack of access to sufficient water; inadequate supplies of power or other raw materials; or pit wall or tailings dam failures or underground stability issues.

The occurrence of any of these events could adversely impact operations at mining properties that produce Copper, which, in turn, could impact the global supply of Copper and the Trust's ability to source, purchase, transport or trade Copper. In these circumstances, the Trust may face delays when purchasing Copper, be unable to purchase Copper, or may procure Copper at a higher cost than the market price for such Copper at the time of the Offering (or any subsequent offering of Units). In the event the Trust is delayed or unable to procure Copper with the funds raised in the Offering (or subsequent offerings of Units), the value of the Units may be adversely affected.

**The CRA tax treatment of realized gains and losses.**

The CRA has expressed the opinion that gains (or losses) resulting from certain transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that, subject to the particular facts, such transactions give rise to ordinary income rather than capital gains. As the Manager intends for the Trust to be a long-term holder of Copper and generally does not anticipate that the Trust will sell its Copper (other than where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses), although depending on the circumstances, it may instead include (or deduct) the full amount of such gains or losses in computing its income. See "Material Canadian Federal Income Tax Considerations – Canadian Taxation of the Trust". If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of any amounts distributed to Unitholders, with the result that Canadian unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase, and Non-Canadian unitholders potentially could be assessed directly by the CRA for Canadian withholding tax on the amount of net gains on such transactions that were treated by the CRA as having been distributed to them. The CRA can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to Non-Canadian unitholders that are subject to withholding tax, and typically would do so rather than assessing the Non-Canadian unitholders directly. Accordingly, any such re-determination by the CRA may result in the Trust being liable for unremitted withholding taxes on prior distributions made to Unitholders who were not resident in Canada for the purposes of the Tax Act at the time of the distribution. As the Trust may not be able to recover such withholding taxes from the Non-Canadian unitholders, payment of any such amounts by the Trust would reduce the NAV and could reduce the trading prices of Units. See "Material Canadian Federal Income Tax Considerations – Canadian Taxation of Unitholders – Unitholders Not Resident in Canada".

**The Trust will not qualify as a "unit trust" or a "mutual fund trust" as defined in the Tax Act**

Although interests in the Trust are described by reference to units, the Trust will not be a "unit trust" and therefore will not be a "mutual fund trust", each as defined in the Tax Act. The failure of the Trust to qualify as a "mutual fund trust" will give rise to certain additional risks and uncertainties relating to the Trust and to the Trust Unitholders. Certain of these risks are set out below.

*Deemed disposition*

If the Trust does not qualify as a unit trust, within the meaning of the Tax Act, on the day that is 21 years after the date of its creation (or on each 21 year anniversary day thereafter) the Trust may be deemed at that time to have disposed of, and reacquired, certain capital property for fair market value for the purposes of the Tax Act. Accordingly, the Trust would be subject to tax under Part I of the Tax Act on the taxable capital gains arising from such deemed disposition, including the deemed disposition of Copper then held by the Trust, less the portion thereof that it claims in respect of amounts paid or payable to the Unitholders in the taxation year. Pursuant to the Trust Agreement, the Trust shall take such steps as necessary or advisable so that the Trust may qualify as a "unit trust" for purposes of the Tax Act prior to April 11, 2045, as determined by the Manager in its discretion. If such event does not occur, the adverse income tax considerations applicable to the Trust could be material.

*Election concerning "Canadian Securities"*

Unitholders who are residents of Canada for the purposes of the Tax Act are generally entitled to make an irrevocable election under subsection 39(4) of the Tax Act, the effect of which may be to deem to be capital property any "Canadian security", as defined in the Tax Act, owned by such investor in the taxation year in which the election is made and in all subsequent taxation years. So long as the Trust is not a "mutual fund trust" within the meaning of the Tax Act, Units will not constitute "Canadian securities" for the purposes of subsection 39(4), and therefore Unitholders will not be eligible to benefit from deemed capital gains treatment under subsection 39(4) in respect of such Units.

**If the Trust were to carry on a business in Canada in a taxation year or acquire securities that were "non-portfolio properties", it could become subject to tax at full corporate tax rates on some or all of its income for that year.**

The Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains) realized by the Trust for Canadian tax purposes in the year so as to ensure that it will not be subject to Canadian income tax on such income. Such income generally will become subject to Canadian income tax at full corporate rates if the Trust becomes a "SIFT trust", as defined in the Tax Act, even if distributed in full. If the Trust, contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of any such business, or acquire securities that were "non-portfolio properties", it could become a SIFT trust. The anticipated activities of the Trust, as described in this prospectus, are intended to avoid having the Trust characterized as a SIFT trust. The CRA may take a different (and adverse) view of this issue and characterize the Trust as a SIFT trust. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by Unitholders would be treated as dividends from a taxable Canadian corporation. The likely effect of the SIFT rules on the market for Units and on the Trust's ability to finance future acquisitions through the issue of Units or other securities is uncertain. If the SIFT rules were to apply to the Trust, they may adversely affect the marketability of the Units, the amount of cash available for distribution, and the after-tax return to Unitholders.

**If the Trust experiences a "loss restriction event" (as defined in the Tax Act) it could result in unintended tax consequences for Unitholders.**

The Tax Act contains loss restriction rules that could result in unintended tax consequences for Unitholders, including an unscheduled distribution of income or capital gains that must be included in a Unitholder's income for Canadian income tax purposes. If the Trust experiences a "loss restriction event", it will: (i) be deemed to have a year-end for Canadian tax purposes whether or not the Trust has losses (which would trigger a distribution of the Trust's net income and net realized capital gains to Unitholders to ensure that the Trust itself is not subject to tax on such amounts); and (ii) the Trust will become subject to the Canadian loss restriction rules that generally apply to corporations, including a deemed realization of any unrealized capital losses and disallowance of its ability to carry forward capital losses. Generally, the Trust will be subject to a loss restriction event if a person becomes a "majority-interest beneficiary", or a group of persons becomes a "majority-interest group of beneficiaries", of the Trust, as those terms are defined in the affiliated persons rules contained in the Tax Act, with certain modifications. Generally, a majority-interest beneficiary of a Trust is a beneficiary in the income or capital, as the case may be, of the Trust who, together with the beneficial interests of persons and partnerships with whom the beneficiary is affiliated, has a fair market value that is greater than 50% of the fair market value of all the interests in the income or capital, as the case may be, of the Trust. A loss restriction event could occur because a particular Unitholder or an affiliate acquires Units. Please see "Material Canadian Federal Income Tax Considerations — Canadian Taxation of Unitholders" for the tax consequences of a distribution to Unitholders.

**Tax laws could change in a manner that adversely affects the Trust and Unitholders.**

Statements herein concerning the Canadian federal income taxation of the Trust and Unitholders are of a general nature and are based upon current tax law and published practice. There can be no assurance that Canadian federal income tax laws, the judicial interpretation thereof, the terms of any applicable tax treaty or the administrative policies and assessing practices of the CRA will not be changed in a manner that adversely affects the Trust or Unitholders. Any such change may increase the amount of tax payable by the Trust, could otherwise adversely affect Unitholders by reducing the amount available to pay distributions or changing the tax treatment applicable to Unitholders in respect of such distributions, and could apply with retrospective or retroactive effect.

**The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of Units may be changed by way of an extraordinary resolution of all Unitholders and Unitholders of such class or series of a class of Units, respectively.**

The investment objectives and restrictions of the Trust and the attributes of a particular class or series of a class of Units may be changed with the approval, in person or by proxy, of all Unitholders and Unitholders of that class or series of a class, as the case may be, representing in aggregate not less than 66 2/3% of Net Asset Value or that class or series of a class of the Trust, respectively, as determined in accordance with the Trust Agreement, at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by Unitholders representing in aggregate not less than 66 2/3% of the Net Asset Value or of that class or series of a class of the Trust, as determined in accordance with the Trust Agreement. Such changes to the investment objectives or restrictions of the Trust or the attributes of the Units may be more favorable or less favorable to Unitholders than the investment objectives or restrictions of the Trust or the attributes of the Units, as the case may be, as described in this prospectus. The value of the Units sold in a future offering of the Trust may decrease as a result of such changes.

**The sale of Copper by the Trust to pay expenses and to cover certain redemptions will reduce the amount of Copper represented by each Unit on an ongoing basis irrespective of whether the trading price of the Units rises or falls in response to changes in the price of Copper.**

Each outstanding Unit will represent an equal, fractional, beneficial interest in the net assets of the Trust attributable to the Units. As the Trust does not expect to generate any net income and will sell Copper over time on an as-needed basis to pay for its ongoing expenses and to cover certain redemptions, the amount of Copper represented by each Unit will, and the NAV per Unit may, gradually decline over time. This is true even if additional Units are issued in future offerings of Units by the Trust from time to time, as the amount of Copper acquired by the proceeds of any such future offering of Units will proportionately reflect the amount of Copper represented by such Units. Assuming constant Copper prices, the trading price of the Units would be expected to gradually decline as the amount of Copper represented by the Units gradually declines. The Units will only maintain their original value if the price of Copper increases enough to offset the Trust's expenses.

Investors should be aware that the gradual decline in the amount of Copper held by the Trust will occur regardless of whether the trading price of the Units rises or falls in response to changes in the price of such. The estimated ordinary operating expenses of the Trust, which accrue daily commencing after the first day of trading of the Units on the TSX, are described under the heading, "Fees and Expenses".

**The sale of the Trust's Copper to pay expenses or to cover certain redemptions at a time of low Copper prices will adversely affect the Net Asset Value.**

The Manager intends to sell Copper held by the Trust in proportion to the value of its Copper holdings (to the extent practicable) to pay Trust expenses or to cover certain redemptions on an as-needed basis irrespective of then-current prices of such, and no attempt will be made to buy or sell Copper to protect against or to take advantage of fluctuations in the prices of Copper. Consequently, the Trust's Copper may be sold at a time when Copper prices are low. Sales at relatively lower prices for such Copper will require the sale of more Copper, which in turn will have an adverse effect on the NAV and the NAV per Unit.

**The lack of a market for the Units may limit the ability of Unitholders to sell the Units.**

Prior to the date of this prospectus, there has been no market for the Units. An active public market for the Units may not develop. If an active public market for the Units does not develop or continue, the market prices and liquidity of the Units may be adversely affected.

**The Trust may terminate and liquidate at a time that is disadvantageous to Unitholders.**

If the Trust is required to terminate and liquidate, or the Manager determines to terminate and liquidate the Trust, such termination and liquidation could occur at a time which is disadvantageous to Unitholders, such as when Copper prices are lower than the prices for such Copper at the time when Unitholders purchased their Units. In such a case, when the Trust's Copper are sold as part of the Trust's liquidation, the resulting proceeds distributed to Unitholders will be less than if the prices for such Copper were higher at the time of sale. In certain circumstances, the Manager has the ability to terminate the Trust without the consent of Unitholders. The Manager's interests may differ from those of the Unitholders, and the Manager may terminate the Trust at a time that is not advantageous for the Unitholder.

**Unitholders may be liable for obligations of the Trust to the extent the Trust's obligations are not satisfied out of the Trust's assets.**

The Trust Agreement provides that no Unitholder will be subject to any liability whatsoever, in tort, contract or otherwise, to any person in connection with the investment obligations, affairs or assets of the Trust and all such persons will look solely to the Trust's assets for satisfaction of claims of any nature arising out of or in connection therewith. Also, under the *Trust Beneficiaries' Liability Act, 2004* (Ontario), holders of Units of a trust governed by the laws of the Province of Ontario that is a reporting issuer under the *Securities Act* (Ontario) (as the Trust will be on the issuance by Canadian securities regulatory authorities of a receipt in respect of the final prospectus filed in respect of the offering) are not, as beneficiaries, liable for any act, default, obligation or liability of the trust. Notwithstanding the above, there is a risk that a Unitholder could be held personally liable for obligations of the Trust to the extent that claims are not satisfied out of the assets of the Trust if a court finds: (i) that Ontario law does not govern the ability of a third party to make a claim against a beneficiary of a trust and that the applicable governing law permits such a claim; or (ii) that the Unitholder was acting in a capacity other than as a beneficiary of the trust. In the event that a Unitholder should be required to satisfy any obligation of the Trust, under the Trust Agreement, such Unitholder will be entitled to reimbursement from any available assets of the Trust.

**Canadian registered plans that redeem their Units for Copper may be subject to adverse consequences.**

Copper received by a Canadian registered plan, such as a registered retirement savings plan, on a redemption of Units for Copper 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 including, in the case of registered education savings plans, revocation of such plans.

**The Trust may suspend redemptions, which may affect the trading price of the Units.**

In certain circumstances, the Manager, on behalf of the Trust, may suspend the right of Unitholders to request a redemption of their Units or postpone the date of delivery or payment of the redemption proceeds of the Trust (whether Copper and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required. Such circumstances include any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the Units. See "Redemption of Units – Suspension of Redemptions". This may affect the trading price of the Units at a time when an investor wishes to sell its Units on the TSX or another exchange or trading facility. Accordingly, Units may not be an appropriate investment for investors who seek immediate liquidity.

**The market for Units and the liquidity of Units may be adversely affected by competition from other methods of investing in Copper.**

The Trust will compete with other financial vehicles, including traditional debt and equity securities issued by companies in the resource industry and other securities backed by or linked to Copper, direct investments in Copper and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Manager's control, may make it more attractive to invest in other financial vehicles or to invest in Copper directly, which could limit the market for the Units and reduce the liquidity of the Units and, accordingly, the price received for sales of Units on the TSX.

**The Manager and its affiliates also manage other funds that may invest in Copper and conflicts of interest by the Manager or its affiliates may occur.**

Pursuant to the Management Agreement and the Trust Agreement, the Manager is responsible for the day-to-day business and operation of the Trust and, therefore, exercises significant control over the Trust. The Manager may have different interests than the Unitholders and consequently may act in a manner that is not advantageous to Unitholders at any particular time.

The Manager and its general partner, the general partner's directors and officers, and their respective affiliates and associates may engage in the promotion, management or investment management of other accounts, funds or trusts that invest in producers, warehousers, brokers, distributors or end-users of Copper. The Manager currently manages other investment funds which may include Copper as part of their portfolios from time to time. The staff of the Manager may have conflicts in allocating their time and services among the Trust and the other accounts, funds or trusts managed by the Manager.

**DISTRIBUTION POLICY**

**Distribution of Net Income and Net Realized Capital Gains to Unitholders**

As at the Valuation Time on the last Valuation Date in each taxation year or such other date as the Manager may, in its sole discretion determine (a "**Distribution Date**"), the Manager shall determine the amount of the net income and the net realized capital gains of the Trust for the period since the immediately preceding Distribution Date (or in the case of the first Distribution Date, from the inception date of the Trust).

The net income and the net realized capital gains of the Trust shall be computed as of the Valuation Time on each Distribution Date in accordance with the following:

"net income" for any taxation year of the Trust shall be the net income for the year determined pursuant to the provisions of the Tax Act having regard to the provisions thereof that relate to the calculation of income of a trust, other than subsection 104(6), and taking into account such adjustments thereto as are determined by the Manager; provided, however, that capital gains and capital losses shall be excluded from the computation of net income.

"net realized capital gains" of the Trust for any taxation year of the Trust shall be determined as the amount, if any, by which the aggregate of the capital gains of the Trust in the taxation year exceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate of the capital losses of the Trust in the taxation year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount determined by the Manager in respect of any unapplied net capital losses or non-capital losses
for prior taxation years which the Trust is permitted by the Tax Act to deduct in computing the taxable income of the Trust for the applicable
taxation year and provided that, in the sole discretion of the Manager, the net realized capital gains of the Trust for a taxation year
may be calculated without subtracting the full amount of the net capital losses or any non-capital losses of the Trust carried forward
from previous taxation years.

Commencing with the Trust's first taxation year, anticipated to end on December 31, 2024, the Manager intends to cause the Trust to make distributions to Unitholders of net income, if any, for each taxation year calculated in accordance with the Trust Agreement.

Commencing with the first taxation year, anticipated to end on December 31, 2024, the Manager also intends to cause the Trust to make distributions to Unitholders of net realized capital gains, if any, for each taxation year as determined in accordance with the Trust Agreement. If the Trust qualifies as a mutual fund trust as defined in the Tax Act throughout a taxation year, the amount of net realized capital gains to be distributed to Unitholders for such year shall be reduced to take into account the Trust's entitlement to a capital gains refund, if any. All such distributions to Unitholders, including the amount of net income and net realized capital gains, as applicable, payable to each Unitholder, are in the discretion of the Trustee, acting on the direction of the Manager.

Having regard to the present intention of the Manager to allocate, distribute and make payable to Unitholders all net income or net realized capital gains so that the Trust will not have any liability for tax under Part I of the Tax Act in any taxation year (other than alternative minimum tax), it is the intention of the Manager that the total amount due and payable on the last Distribution Date in any taxation year shall not be less than the amount necessary to ensure that the Trust will not be liable for income tax under Part I of the Tax Act for such year (other than alternative minimum tax) after taking into account the Trust's entitlement to a capital gains refund, if any.

The Manager may direct that such distribution or payment shall be due and payable by the Trust in cash or in additional Units. Where distributions are payable in additional Units, the Registrar and Transfer Agent, acting on the direction of the Manager, may round up or round down the number of Units in order to avoid the Trust issuing fractional Units. Any additional Units that are issued in this manner shall be of the same class or series of a class at a price equal to the Net Asset Value per Unit as at the Valuation Time on the applicable Distribution Date and the Units shall be immediately consolidated so that the number of outstanding Units following the distribution shall equal the number of Units outstanding prior to the distribution, and the Manager is hereby irrevocably constituted attorney for each Unitholder to so apply such distributions on behalf of each Unitholder on the relevant Distribution Date. Notwithstanding the foregoing, where Canadian tax is required to be withheld in respect of a Unitholder's share of a distribution paid in Units, the consolidation will result in such Unitholder holding that number of Units equal to the product of (i) the sum of the number of Units held by such Unitholder prior to the distribution and the number of Units received by such Unitholder in connection with the distribution (net of the total of the number of whole or fractional Units withheld by the Trust to satisfy the Trust's withholding obligations and the number of whole or fractional Units withheld on account of the reasonable expenses incurred in respect of the sale of such Units withheld on account of withholding taxes); and (ii) a quotient, the numerator of which is the aggregate number of Units outstanding prior to the distribution, and the denominator of which is the aggregate number of Units that would be outstanding following distribution and before the consolidation if no withholding were required in respect of any part of the distribution payable to any Unitholders. Such Unitholder will be required to surrender the Unit certificates, if any, representing such Unitholder's original Units in exchange for a Unit certificate representing such Unitholder's post-consolidation Units.

Distributions, if any, of net income or net realized capital gains will be made to Unitholders who were Unitholders of record as of 5:00 p.m. (Toronto time) on the last Business Day prior to any relevant Distribution Date. The amounts to be paid to a Unitholder shall be the amount of net income or net realized capital gains divided by the total number of Units outstanding on the Distribution Date, multiplied by the number of Units held by such Unitholder on the applicable Distribution Date and the Unitholder shall have the right to enforce payment thereof on the Distribution Date.

All distributions, if declared and paid, shall be converted into and, if a cash distribution, paid in United States currency.

**Additional Distributions, Designations, Determinations, Allocations and Elections**

In addition to any distributions made to Unitholders as described above, on the direction of the Manager, the Trust shall at such times and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per Unit, payable at such time or times and to Unitholders of record on such Distribution Date, as from time to time may be determined by the Manager, and also make such designations, determinations, allocations and elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to Unitholders and of expenses incurred by the Trust and of tax deductions of which the Trust may be entitled, as the Manager may, in its sole discretion, determine.

**Withholding Taxes**

The Manager will deduct or withhold from distributions payable to any Unitholder all amounts required by applicable law to be withheld from such distributions, whether such distributions are in the form of cash, additional Units or otherwise. In the event of a distribution in the form of additional Units, the Manager may sell Units of such Unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of such sale and the Manager will have the power of attorney of such Unitholder to do so. Any such sale will be made in compliance with applicable Securities Legislation on any stock exchange on which the Units are then listed and upon such sale, the affected Unitholder will cease to be the holder of such Units. In the event that the net proceeds of any such sale of a Unitholder's Units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager will remit such excess to the Unitholder.

**Income Tax Statements**

On or before March 31 in each year, or in the case of a leap year on or before March 30 in such year, if applicable, or as otherwise required, the Manager will prepare and deliver or make available electronically, or cause to be prepared and delivered or be made available electronically, to Unitholders information pertaining to the Trust, including all distributions, designations, determinations, allocations and elections, which is required by the Tax Act or which is necessary to permit Unitholders to complete their individual income tax returns for the preceding year.

In the event that amounts that were allocated, distributed or paid to Unitholders as capital gains or as non-taxable payments are, for any reason, subsequently determined (including as a result of an assessment or reassessment by any taxation authorities) to have been fully includible in the taxable income of the Trust for the relevant taxation year, then the Manager shall have the discretion to declare that all or part of such amounts shall be retroactively deemed to have been allocated, distributed and paid to Unitholders out of the income of the Trust, and the Manager may issue new or amended tax reporting slips to the relevant Unitholders or former Unitholders to report any such distributions to them.

**Unclaimed Distributions**

In the event that the Registrar and Transfer Agent holds distributions which are unclaimed or which cannot be paid for any reason, the Registrar and Transfer Agent will not be under any obligation to invest or reinvest the same but will administer such unclaimed amounts as directed by the Manager in accordance with applicable laws. Any Unitholder making a claim in respect of any amount payable pursuant to the Trust Agreement is required to give notice in writing of such claim to the Registrar and Transfer Agent and/or the Manager no later than the second anniversary of the date on which the amount was payable. Such notice must set out the basis for the claim, the amount claimed and the specific grounds for the claim. The Registrar and Transfer Agent will, unless otherwise required by applicable law, pay over to the Trust any such amounts which have been held for more than six years. The Trust will indemnify and save harmless the Registrar and Transfer Agent in respect of any claim made for such amounts.

**PURCHASES OF UNITS**

Prospective purchasers may purchase Units through any one of the Underwriters or any member of a selling-group that the Underwriters may form. Prospective purchasers may acquire Units by cash payment only. Closing will take place on or about June 6, 2024, or such later date as may be agreed upon by the Trust and the Underwriters, but, in any event, not later than June 20, 2024. The Offering Price was determined by negotiation between the Underwriters and the Trust. See "Plan of Distribution".

**CONSOLIDATED CAPITALIZATION**

The following table sets forth the capitalization of the Trust as of April 19, 2024, both before and after giving effect to the Offering (assuming no exercise of the Underwriters' over-allotment option). There have been no significant changes to the Trust's capitalization since April 19, 2024.

---

| | | | |
|:---|:---|:---|:---|
| Designation | **Authorized** | **As of April 19,<br> 2024** | **As of April 19, 2024<br> after giving effect to <br> the Offering <sup>(1)</sup>** |
| Units | Unlimited | US$10 | US$94,000,000 |
|  |  | (1 Unit) | (10,000,000 Units) |
| **Total Capitalization** |  | US$10 | US$94,000,000 |

---

Notes:

(1) After deducting the estimated underwriting commissions and estimated
applicable expenses of the offering payable by the Trust.

**MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

In the opinion of Stikeman Elliott LLP, counsel for the Trust, and McCarthy Tétrault LLP, counsel to the Underwriters, the following is, as of the date hereof, a general description of the principal Canadian federal income tax considerations generally applicable under the Tax Act to a purchaser who acquires, as beneficial owner, Units pursuant to this prospectus and who, at all relevant times, deals at arm's length and is not affiliated with the Trust or the Underwriters and holds Units as capital property. Units will generally be considered capital property to a Unitholder unless the Unitholder holds the Units in the course of carrying on a business of trading or dealing in securities or has acquired the Units in a transaction or transactions considered to be an adventure or concern in the nature of trade.

This description is not applicable to a Unitholder: (i) that is a "financial institution"; (ii) that is a "specified financial institution"; (iii) that has elected to determine its Canadian tax results in accordance with the "functional currency" rules; (iv) an interest in which is a "tax shelter investment"; (v) who enters into a "derivative forward agreement" with respect to the Units; or (vi) is an "authorized foreign bank" (as all such terms are defined in the Tax Act). This description assumes that the Trust is not subject to a "loss restriction event", as defined in the Tax Act. In addition, this description does not address the deductibility of interest by a Unitholder who has borrowed to acquire Units. All such Unitholders should consult with their own tax advisors.

This description is also based on the assumption (discussed below under "SIFT Trust Rules") that the Trust will at no time be a "SIFT trust" as defined in the Tax Act.

This description is based on the current provisions of the Tax Act, the regulations thereunder, all specific proposals to amend the Tax Act and the regulations publicly announced by the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals**"), and counsel's understanding of the current administrative policies of the CRA, published in writing prior to the date hereof. There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any assurance that the CRA will not change its administrative policies. This description further assumes that the Trust will comply with the Trust Agreement and that the Manager and the Trust will comply with a certificate issued to Canadian counsel regarding certain factual matters. Except for the Tax Proposals, this description does not otherwise take into account or anticipate any change in the law, whether by legislative, governmental or judicial decision or action, which may adversely affect any income tax consequences described herein, and does not take into account provincial, territorial or foreign tax considerations, which may differ significantly from those described herein.

**This description is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in Units. Moreover, the income and other tax consequences of acquiring, holding or disposing of Units will vary depending on a taxpayer's particular circumstances. Accordingly, this description is of a general nature only and is not intended to constitute legal or tax advice to any Unitholder or prospective purchaser of Units. You should consult with your own tax advisors about the tax consequences of an investment in Units based on your particular circumstances.**

For the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Units (including distributions, adjusted cost base and proceeds of disposition), or to transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in U.S. dollars must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the day on which the amount first arose or such other rate of exchange as is acceptable to the CRA.

***Status of the Trust***

Although interests in the Trust are described by reference to units, the Trust is not a "unit trust" as defined in the Tax Act and therefore is not a "mutual fund trust" as defined in the Tax Act. The consequences of not qualifying as a mutual fund trust under the Tax Act are described below under the heading "Canadian Taxation of the Trust".

Pursuant to the Trust Agreement, the Trust shall take such steps as necessary or advisable so that the Trust may qualify as a "unit trust" for purposes of the Tax Act prior to April 11, 2045, as determined by the Manager in its discretion. If such event does not occur, the adverse income tax consequences applicable to the Trust could be material. The discussion of Canadian tax consequences herein describes the tax consequences of the Trust not qualifying as a unit trust and a mutual fund trust, as is currently the case, and does not anticipate any changes to the status of the Trust.

***Canadian Taxation of the Trust***

The Trust will generally be subject to tax in each taxation year under Part I of the Tax Act on the amount of its income for the year, including net realized taxable capital gains, less the portion thereof that it claims in respect of amounts paid or payable to the Unitholders in such taxation year. An amount will be considered to be payable to a Unitholder in a taxation year if it is paid in that year by the Trust or the Unitholder is entitled in that year to enforce payment of such amount.

In computing its income for purposes of the Tax Act, the Trust may deduct reasonable administrative costs and other reasonable expenses incurred by it for the purpose of earning income. However, because the Trust does not qualify as a unit trust, it may not deduct from its income for the year any expenses incurred by it to issue the Units.

Subject to certain Tax Proposals announced in the Federal Budget on April 16, 2024 (the "**Budget 2024 Tax Proposals**"), one-half of the amount of any capital gain (a "**taxable capital gain**") realized by the Trust in a taxation year must be included in computing the Trust's income for the year, and one-half of the amount of any capital loss (an "**allowable capital loss**") realized by the Trust in a taxation year must be deducted against any taxable capital gains realized by the Trust in the year. Any excess of allowable capital losses over taxable capital gains for a taxation year may be carried forward and deducted in any subsequent taxation year against net taxable capital gains realized by the Trust to the extent and under the circumstances described in the Tax Act. Because the Trust will not qualify as a mutual fund trust, it will not be entitled to reduce (or receive a refund in respect of) its liability, if any, for any tax arising on its capital gains for a particular taxation year.

Pursuant to the Budget 2024 Tax Proposals, subject to certain transitional rules, the portion of a capital gain or capital loss included in the taxable capital gain or allowable capital loss of the Trust will be increased from one-half to two-thirds in respect of dispositions made by the Trust on or after June 25, 2024. These proposals are discussed in more detail below under "Canadian Taxation of Unitholders – Unitholders Resident in Canada".

The CRA has expressed the opinion that gains (or losses) of trusts resulting from transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital gains — although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian counsel, the holding by the Trust of Copper generally with no intention of disposing of such Copper (other than on a redemption of Units or to fund expenses) likely would not represent an adventure in the nature of trade so that a disposition of Copper that previously had been acquired with such intention would likely give rise to a capital gain (or capital loss) to the Trust. As the Manager intends for the Trust to be a long-term holder of Copper and does not anticipate that the Trust will sell its Copper (otherwise than where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses), although depending on the circumstances, the Trust may instead include (or deduct) the full amount of such gains or losses in computing its income. If the CRA were to assess or reassess the Trust on the basis that gains realized on dispositions of Copper were not on capital account, then the Trust could be required to pay Canadian income tax on such gains under Part I of the Tax Act to the extent such gains were not distributed to Unitholders, which could reduce the NAV for all Unitholders.

Gains or losses of the Trust in respect of derivatives will generally be on income account except where such derivatives are used to hedge investments or other transactions on capital account and there is sufficient linkage to such investments or other transactions, in which case such gains or losses will be treated as capital gains or capital losses, subject to certain rules in the Tax Act (the "**DFA Rules**") that target certain financial arrangements (defined in the DFA Rules as "derivative forward agreements") that seek to reduce tax by converting, through the use of derivative contracts, the return on an investment that would have the character of ordinary income into capital gains. The DFA Rules are broad in scope and could apply to other types of agreements or transactions. If the DFA Rules were to apply in respect of derivative contracts entered into by the Trust, gains realized in respect of the property underlying such derivatives could be treated as ordinary income. However, the DFA Rules generally should not apply to foreign currency hedging transactions in respect of properties held by the Trust as capital properties.

Losses incurred by the Trust in a taxation year cannot be allocated to Unitholders, but may be deducted by the Trust in future years in accordance with the detailed rules in the Tax Act.

Having regard to the Trust Agreement, the Trust is required to make distributions in each year to Unitholders in an amount sufficient to ensure that the Trust will generally not be liable for tax under Part I of the Tax Act in any year. Income of the Trust payable to Unitholders, whether in cash, additional Units or otherwise, will generally be deductible by the Trust in computing its income. However, there are circumstances in which the Trust, despite making such distributions, may be liable to alternative minimum tax.

If the Trust does not qualify as a unit trust within the meaning of the Tax Act, on the day that is 21 years after the date of its creation (and on each 21 year anniversary day thereafter) the Trust will be deemed at that time to have disposed of, and immediately reacquired, certain of its capital property for proceeds equal to the fair market value thereof for the purposes of the Tax Act. Accordingly, the Trust would be subject to tax under Part I of the Tax Act on the taxable capital gains (if any) arising from such deemed disposition, less the portion thereof that it claims in respect of amounts paid or payable to the Unitholders in the taxation year.

***SIFT Trust Rules***

The Trust would be a "SIFT trust" as defined in the Tax Act for a taxation year of the Trust if in that year the Units are listed or traded on a stock exchange or other public market and the Trust holds one or more "non-portfolio properties," as defined in the Tax Act. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on its income and capital gains in respect of such non-portfolio properties at a combined federal/provincial income tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by Unitholders would be treated as dividends received from a taxable Canadian corporation.

Copper and other property of the Trust would be non-portfolio property if such property were used by the Trust (or by a person or partnership with which it does not deal at arm's length within the meaning of the Tax Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of "securities" (the term "security" is broadly defined in the Tax Act) of other entities could also be non-portfolio property.

The Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. The mere holding by the Trust of Copper as capital property (or as an adventure or concern in the nature of trade) would not represent the use of such property in the course of carrying on a business in Canada, and therefore would not by itself cause the Trust to be a SIFT trust.

**Canadian Taxation of Unitholders**

***Unitholders Resident in Canada***

This portion of the general description of the principal Canadian federal income tax considerations is applicable to a Unitholder who, for the purposes of the Tax Act and any applicable tax treaty, is, or is deemed to be, resident in Canada at all relevant times (a "**Canadian Unitholder**"). This portion of the description is primarily directed at Unitholders who are individuals (other than trusts). Unitholders who are Canadian resident corporations, trusts or other entities should consult their own tax advisors regarding their particular circumstances.

Canadian Unitholders will generally be required to include in their income for tax purposes for a particular year an amount equal to the portion of the income of the Trust for that particular taxation year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian Unitholder in the particular taxation year, whether such amount is received as additional Units or in cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains that is paid or payable to a Canadian Unitholder will effectively retain its character and be treated as such in the hands of the Unitholder for purposes of the Tax Act.

The non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian Unitholder in a taxation year will not be included in computing the Canadian Unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian Unitholder in such year also will not generally be included in the Canadian Unitholder's income for the year. However, where any such other amount is paid or payable to a Canadian Unitholder, the Canadian Unitholder generally will be required to reduce the adjusted cost base of a Unit to the Canadian Unitholder by such amount. To the extent that the adjusted cost base of a Unit would otherwise become a negative amount (i.e., be less than zero), the negative amount will be deemed to be a capital gain realized by the Canadian Unitholder from the disposition of the Unit and the Canadian Unitholder's adjusted cost base in respect of the Unit will be increased by the amount of such deemed capital gain to become equal to zero.

Upon the actual or deemed disposition of a Unit, including on redemption, a capital gain (or a capital loss) will generally be realized to the extent that the proceeds of disposition of the Unit exceed (or are exceeded by) the aggregate of the adjusted cost base of the Unit to the Canadian Unitholder and any reasonable costs of disposition. For the purpose of determining the adjusted cost base to a Canadian Unitholder of a Unit, when a Unit is acquired, the cost of the newly acquired Unit will be averaged with the adjusted cost base of all Units owned by the Canadian Unitholder as capital property that were acquired before that time. For this purpose, the cost of additional Units that have been issued by the Trust as a distribution of income and/or capital gains will generally be equal to the amount of the income and/or capital gains distributed to the Canadian Unitholder in the form of additional Units. A consolidation of Units following a distribution paid in the form of additional Units will not be regarded as a disposition of Units and will not affect the aggregate adjusted cost base to a Canadian Unitholder of Units.

Under the Tax Act, taxable capital gains are included in an individual's income and allowable capital losses are generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three taxation years and forward indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax Act. Capital gains realized by individuals may give rise to alternative minimum tax.

Pursuant to the Budget 2024 Tax Proposals, subject to certain transitional rules, the portion of a capital gain or capital loss included in the taxable capital gain or allowable capital loss of a taxpayer will be increased from one-half to two-thirds in respect of (i) dispositions realized by a Canadian Unitholder who is an individual (excluding a trust) on or after June 25, 2024, for the portion of capital gains realized in the year that exceed $250,000, and (ii) dispositions realized by a Canadian Unitholder that is a corporation or trust on or after June 25, 2024. Net capital losses of prior years would continue to be deductible against taxable capital gains in the current year by adjusting their value to reflect the inclusion rate of the capital gains being offset. Canadian Unitholders are advised to consult their own tax advisors with regard to the Budget 2024 Tax Proposals.

If, at any time, the Trust delivers physical metal copper to any Canadian Unitholder upon a redemption of a Canadian Unitholder's Units, the Canadian Unitholder's proceeds of disposition of the Units will generally be equal to the aggregate of the fair market value of the distributed physical metal copper and the amount of any cash received, less the amount of any capital gain or income realized by the Trust as a result of the disposition of such physical metal copper which is allocated to the Canadian Unitholder. The cost of any physical metal copper distributed by the Trust in specie will generally be equal to the fair market value of such physical metal copper at the time of the distribution. Pursuant to the Trust Agreement, the Trust has the authority to distribute, allocate and designate any taxable capital gains or income of the Trust to a Canadian Unitholder who has redeemed Units during a year in an amount equal to the taxable capital gains or income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing physical metal copper to a Unitholder who has redeemed Units for such physical metal copper, and any taxable capital gains or income realized by the Trust before, at or after the redemption as a result of selling physical metal copper in order to fund the payment of the cash redemption proceeds), or such other amount that is determined by the Trust to be reasonable. Any such allocations will reduce the redeeming Canadian Unitholder's proceeds of disposition Units for the purposes of the Tax Act.

***Unitholders Not Resident in Canada***

This portion of the general description of the principal Canadian federal income tax considerations is applicable to a Unitholder who, at all relevant times for purposes of the Tax Act, is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold, Units in connection with a business that the Unitholder carries on, or is deemed to carry on, in Canada at any time, and is not an insurer or bank who carries on (or is deemed to carry on) an insurance or banking business in Canada and elsewhere (a "**Non-Canadian Unitholder**"). Prospective non-resident purchasers of Units should consult their own tax advisors to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances.

Any amount paid or credited by the Trust to a Non-Canadian Unitholder as income of or from the Trust (including the taxable portion of capital gains realized by the Trust), whether such amount is received in additional Units or cash, generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and the Non-Canadian Unitholder's jurisdiction of residence. Pursuant to the *Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital,* as amended (the "**Treaty**"), a Non-Canadian Unitholder who is a resident of the United States and entitled to benefits under the Treaty will generally be entitled to have the rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the Trust. A Non-Canadian Unitholder that is a religious, scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United States may be exempt from Canadian withholding tax under the Treaty, provided that certain administrative procedures are observed regarding the registration of such Unitholder.

Any amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian Unitholder (including the non-taxable portion of capital gains realized by the Trust) generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian Unitholder, the amount generally will reduce the adjusted cost base of the Units held by such Non-Canadian Unitholder. If, as a result of such reduction, the adjusted cost base to the Non-Canadian Unitholder in any taxation year of Units would otherwise become a negative amount, the Non-Canadian Unitholder will be deemed to realize a capital gain equal to such negative amount for that year from the disposition of his or her Units. Such capital gain will not be subject to tax under the Tax Act unless the Units constitute "taxable Canadian property" to such Non-Canadian Unitholder. The Non-Canadian Unitholder's adjusted cost base in respect of Units will, immediately after the deemed realization of such capital gain, be increased by the amount of such capital gain to become equal to zero.

Any capital gain realized on a disposition or deemed disposition of a Unit by a Non-Canadian Unitholder, whether on redemption or otherwise, will not be subject to tax under the Tax Act, provided that the Unit does not constitute "taxable Canadian property" of the Non-Canadian Unitholder for purposes of the Tax Act. Units will not be "taxable Canadian property" of a Non-Canadian Unitholder unless, at any time during the 60-month period immediately preceding their disposition by such Non-Canadian Unitholder, the Units derived directly or indirectly more than 50% of their fair market value from any combination of "Canadian resource properties" (the definition of which in the Tax Act does not include Copper), real or immovable property situated in Canada, timber resource properties (as defined in the Tax Act) or options or interests in such properties, or the Units were otherwise deemed to be taxable Canadian property. Assuming that the Trust adheres to its mandate to invest and hold substantially all of its assets in Copper, the Units should not be taxable Canadian property.

Even if Units held by a Non-Canadian Unitholder were to constitute "taxable Canadian property", a capital gain realized on the disposition of Units may be exempt from Canadian income tax pursuant to an applicable income tax treaty or convention between Canada and the Non-Canadian Unitholder's jurisdiction of residence.

Non-Canadian Unitholders whose Units constitute "taxable Canadian property" and who are not entitled to relief under an applicable income tax treaty are referred to the discussion above under "Canadian Taxation of Unitholders – Unitholders Resident in Canada" relating to the Canadian tax consequences in respect of a disposition of a Unit.

**International Information Reporting**

Generally, investors will be required to provide their dealer with information related to their tax residency or citizenship and, if applicable, a foreign tax identification number. If an investor does not provide the information or is identified as a U.S. citizen or a foreign (including U.S.) tax resident, additional details about the investor and their investment in the Trust will be reported to the CRA, unless the investment is held within a registered plan. The CRA will provide that information to the U.S. Internal Revenue Service (in the case of U.S. tax residents or citizens) or the relevant tax authority of any country that is a signatory of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information or that has otherwise agreed to a bilateral information exchange with Canada.

**ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS**

In the opinion of Stikeman Elliott LLP, counsel for the Trust, and McCarthy Tétrault LLP, counsel to the Underwriters, provided that the Units are listed at a particular time on a "designated stock exchange" (which currently includes the TSX) for purposes of the Tax Act, the Units will be qualified investments under the Tax Act and the regulations thereunder at such time for a registered retirement savings plan ("**RRSP**"), registered retirement income fund ("**RRIF**"), registered education savings plan ("**RESP**"), registered disability savings plan ("**RDSP**"), tax-free savings account ("**TFSA**"), first home savings account ("**FHSA**") and deferred profit sharing plan.

Notwithstanding that the Units may be qualified investments for RESPs, RDSPs, TFSAs, FHSAs, RRSPs and RRIFs, the subscriber of a RESP, the holder of a RDSP, FHSA or TFSA, as the case may be, or the annuitant under an RRSP or RRIF, as the case may be, will be subject to penalty taxes in respect of the Units if such Units are a "prohibited investment" for the RESP, RDSP, TFSA, FHSA, RRSP or RRIF, as applicable. The Units will not generally be a prohibited investment provided that the subscriber, holder or annuitant, as applicable, deals at arm's length with the Trust for purposes of the Tax Act and does not have a "significant interest" in the Trust. Generally, a subscriber, holder or annuitant, as the case may be, will not have a "significant interest" in the Trust unless the subscriber, holder, or annuitant, as the case may be, either alone or together with persons with which the subscriber, holder or annuitant, as the case may be, does not deal at arm's length, owns interests as a beneficiary under the Trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the Trust. In addition, the Units will not be a "prohibited investment" if such Units are "excluded property" as defined in the Tax Act for a trust governed by a TFSA, RRSP, RRIF, RESP, FHSA, or RDSP. Individuals who hold or intend to hold Units in a TFSA, RRSP, RRIF, RESP, FHSA, or RDSP should consult their own tax advisors regarding the potential application of the prohibited investment rules to their particular circumstances.

**ORGANIZATION AND MANAGEMENT DETAILS OF THE TRUST**

**Manager of the Trust**

Pursuant to the management agreement between the Trust and Sprott Asset Management LP dated as of May 10, 2024 (the "**Management Agreement**"), the Manager will act as the manager of the Trust. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the Limited Partnerships Act (Ontario) by declaration dated September 17, 2008. The general partner of the Manager is Sprott Asset Management GP Inc. ("**Manager GP**"), which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17, 2008. The Manager GP is a wholly-owned subsidiary of Sprott, which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February 13, 2008. Sprott is also the sole limited partner of the Manager.

The Manager is registered as a portfolio manager in Ontario, an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador and an exempt market dealer in all provinces of Canada.

As of March 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling approximately US$29.4 billion, and provided management and investment advisory services to many entities, including private investment funds, exchange-listed products, mutual funds and discretionary managed accounts. The Manager also acts as: (a) manager of (i) the Sprott Physical Uranium Trust,<sup>73</sup> a non-redeemable investment fund whose trust units are listed and posted for trading on the TSX that invests and holds substantially all of its assets in physical uranium; (ii) the Sprott Physical Gold Trust,<sup>74</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold bullion; (iii) the Sprott Physical Silver Trust,<sup>75</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical silver bullion; (iv) the Sprott Physical Gold and Silver Trust,<sup>76</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold and silver bullion; and (v) the Sprott Physical Platinum and Palladium Trust,<sup>77</sup> a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical platinum and palladium bullion; and (b) sub-advisor for certain funds managed by Ninepoint LP. The Manager also provides management and investment advisory services to certain U.S. funds. These include Sprott Uranium Miners ETF on the NYSE and, in partnership with HanETF, the Sprott Uranium Miners UCITS ETF of European markets and, more recently, the Manager launched the Sprott Energy Transition Materials ETF, Sprott Lithium Miners ETF, Sprott Junior Uranium Miners ETF and Sprott Junior Copper Miners ETF and Sprott Nickel Miners ETF on the NYSE.

<sup>73</sup> Formed in 2021; Approximately $5.6 billion in NAV as of March 31, 2024

<sup>74</sup> Formed in 2010; Approximately $6.9 billion in NAV as of March 31, 2024

<sup>75</sup> Formed in 2010; Approximately $4.2 billion in NAV as of March 31, 2024

<sup>76</sup> Formed in 2018; Approximately $4.4 billion in NAV as of March 31, 2024

<sup>77</sup> Formed in 2012; Approximately $0.1 billion in NAV as of March 31, 2024

The corporate structure of Sprott and its material subsidiaries are as indicated in the following chart:

![](tm263976d1_ex99-8sp1img001.jpg)

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Sprott Inc. is the publicly traded parent with its common shares listed on the TSX and New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Sprott Resource Lending Corp. is the general partner of Sprott Private Resource Lending Funds and Sprott Private Resource Lending
Fund II.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Sprott Resource Streaming and Royalty Corp. is the general partner of the Sprott Private Resource Streaming and Royalty Fund and Sprott
Private Resource Streaming and Royalty Annex Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Sprott Asset Management GP Inc. which is incorporated under the laws of the Province of Ontario, is the general partner of the Manager.

The registered office of the Manager is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1. Further contact information of the Manager is as follows:

Tel: (416) 943 8099

Fax: (416) 943 6497

Email: invest@sprott.com

Website: www.sprott.com

Toll free number: 1-855-943-8099

**Duties and Services Provided by the Manager**

The Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical, administrative and operational services. The Trust maintains a public website that contains information about the Trust and the Units. The internet address of the Trust's Website is https://sprott.com/investment-strategies/physical-commodity-funds/copper/. This internet address is provided here only as a convenience to you, and the information contained on or connected to the Trust's Website is not incorporated into, and does not form part of, this prospectus.

The long-time experience in the commodity industries of the Manager, its predecessor, Sprott Asset Management Inc., and its affiliates has permitted them to gain an extensive knowledge base in the business of commodities, including buying, selling, valuing, pricing, securing or storing commodity-related assets.

**Powers and Duties of the Manager**

Pursuant to the Trust Agreement and Management Agreement, the Manager reserves and retains full authority and exclusive power to manage and direct the undertaking and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services to the Trust Property and all clerical, administrative and operational services to the Trust as set forth in the Trust Agreement or in the Management Agreement, including the power to further delegate certain investment management, clerical, administrative and operational services of the Trust (including without limitation to the Technical Advisor and/or Investment Manager), where in the sole discretion of the Manager, it would be in the best interests of the Trust.

The Manager shall have the following duties with respect to the Trust and shall, subject to the provisions of the Trust Agreement, be able to delegate such duties to one or more Technical Advisors, at the Manager's sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine the investment objectives and strategies, including any restrictions on investments, which
it deems advisable to implement the Investment Policy, as may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to ensure that the Trust complies with applicable laws including those relating to the investment of the
Trust Property, the distribution of the Units and applicable stock exchange listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to comply with applicable laws in connection with its duties and actions as manager of the Trust, including
applicable anti-bribery and anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to monitor the performance of Copper and other Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to provide investor relations, sales and marketing support for the Trust, as well as client service support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to arrange for, and complete, through industry-standard tenders or through direct negotiations in off-market
transactions, the purchase and sale of Copper at the best prices available over a prudent period of time, and to enter into any contracts
or commitments related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) obtain brokerage and other services (including without limitation from the Technical Advisor) with respect
to the purchase and sale of Copper, as well as other services aimed at optimizing the value of the Trust's portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to provide services in respect of the Trust's daily operations, including the processing of and determination
of procedures applicable to subscriptions of Units (including the acceptance and rejection of subscriptions) and to submit such subscriptions
to the Registrar and Transfer Agent for processing, and any other services not otherwise specifically contemplated by the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to offer Units for sale to prospective purchasers
 including the power and authority to enter into arrangements regarding the distribution and
 sale of Units and other arrangements relating to the right to charge fees of any nature or
 kind (including, without limitation, sales commissions, distribution fees and transfer fees)
 in connection with the distribution or sale of Units. Any such fees may be deducted from
 the amount of a subscription or a distribution if not paid separately by a Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to determine from
 time to time the form of unit certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to conduct or cause to be conducted
 the day-to-day correspondence and administration of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to provide to the Trust, adequate for
 carrying on the undertaking of the Trust, all requisite office accommodation, office facilities
 and personnel, telephone and telecommunication services, stationery, office supplies, statistical
 and research services, record-keeping services, bookkeeping and internal accounting and audit
 services in respect of the operations of the Trust and other usual and ordinary office services
 that may be required to properly and efficiently carry out its duties set forth in the Trust
 Agreement and the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to provide for the Trust all other
 administrative and other services and facilities required by the Trust in relation to the
 Unitholders and be responsible for all aspects of the Trust's relationship with Unitholders,
 including the preparation for and holding of meetings of Unitholders, and other services
 for the provision of information to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to establish general matters of policy
 and governance of the Trust subject, where specifically provided in the Trust Agreement,
 to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to establish the Trust's operating
 expense budgets and to authorize the payment of actual operating expenses incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to appoint the Auditor and to change
 the Auditor (with the prior consent of the Trustee and the Independent Review Committee,
 and after providing notice to the Unitholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to maintain the accounting records
 for the Trust and to cause the financial statements of the Trust to be audited for each Fiscal
 Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) to appoint an advisor, Technical Advisor,
 consultant, or other service provider to provide certain services to the Trust, pursuant
 to an advisory, consultant or other agreement in respect of matters relating to the Trust's
 holding, purchases and sales of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to appoint the bankers of the Trust
 and to establish banking procedures to be implemented by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to appoint a Facility or Facilities
 pursuant to Storage Agreements with respect to the movement and safe storage of Copper, and
 appoint the Custodian to hold the Trust Property other than Copper, all of which appointments
 shall be subject to the approval of any applicable Securities Authorities having jurisdiction
 over the Trust, and for greater certainty, the appointment of the Custodian shall also be
 subject to the approval of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) provide for the Trust delivery and
 payment particulars in respect of each purchase and sale of Copper and arrange with the Facilities
 for the storage of Copper held by or for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to maintain market standard insurance
 coverage for 100% of the full value of the Copper owned by the Trust for loss of, theft of
 and damage to the Copper stored with Warehouse Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) to conduct due diligence on, and create a
 risk profile for, each Warehouse Provider before entering into any Storage Agreement, which
 analysis will include the following in respect of such Warehouse Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a business profile of the Facility detailing its corporate
 history, reputation in the market, location of facilities and ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a financial profile of the Warehouse
 Provider that includes a review of available financial statements and financial ratios, an
 assessment of the Facility's credit worthiness and a review of financial news;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) confirmation of the CME-approved
 or LME-approved status of the respective facility the Warehouse Provider and the Manager
 agree are acceptable to use for the purpose of storing Copper on behalf of the Trust, pursuant
 to Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to request audited financial statements
 of the Facility as part of the due diligence process before entering into any Storage Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) to ensure that each Storage Agreement
 contains provisions as to who bears the responsibility for the loss that is consistent with
 industry practice and covenants with respect to maintaining the necessary insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) to use reasonable commercial efforts
 to ensure that, pursuant to each Storage Agreement, the terms with respect to liability of
 the parties thereto continue to apply after the termination of the Storage Agreement until
 all the Copper stored is transferred from the Trust's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) to negotiate a requirement that each
 respective Facility maintain its CME or LME-approved status, as well as inspection and information
 rights to, among other things, maintain proper visibility on the financial standing of the
 Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) to use reasonable commercial efforts
 to ensure that the Storage Agreements it enters into impose a standard of care on each Facility
 such that each Facility is required to exercise: (i) the degree of care, diligence and
 skill in safeguarding the Copper as any reasonably prudent person acting as custodian of
 the Copper would exercise in the circumstances; or (ii) at least the same degree of
 care as they exercise with respect to the property of CME or LME warehouse receipt holders,
 if this is a higher degree of care than the degree of care referred to in (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) to negotiate a condition in each Storage
 Agreement that the relevant Warehouse Provider will not be entitled to an indemnity from
 the Trust in the event the Warehouse Provider breaches the standard of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) to include industry standard termination
 provisions in each Storage Agreement, including for termination in the event of a material
 breach of the Storage Agreement by the Facility that is not cured within a prescribed number
 of days following the giving of written notice to the Facility of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) as part of the ongoing due diligence
 activities, to ensure that the Copper stored with Facilities will be subject to a physical
 count by a representative of the Manager or the Technical Advisor periodically on a spot-inspection
 basis as well as subject to audit procedures by the Trust's external auditors (which audit
 procedures may include a site inspection);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) to ensure that the Storage Agreements will
 restrict a Warehouse Provider from transferring Copper without the Trust's consent and/or
 assigning any of the Warehouse Provider's obligations under the Storage Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) to monitor relationships with the
 Facilities (and any other service providers) that have been appointed to hold and store Copper
 that is owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) to calculate the Net Asset Value of
 the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net
 Asset Value per Unit, to appoint the Valuation Agent, to review the valuation of the Trust
 Property as calculated by such Valuation Agent on each Valuation Date and, from time to time,
 consider the appropriateness of the valuation policies adopted by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to appoint a Registrar and Transfer
 Agent and distribution agent (which may be the Registrar and Transfer Agent or an affiliate
 thereof) to make distributions of net income and net realized capital gains and other distributions
 in accordance with the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) to authorize, negotiate, enter into
 and execute all agreements, instruments or other documents relating to the affairs of the
 Trust including, without limitation, any loan agreement, granting of a security interest
 and supporting documentation, or to perform any act or deed which the Manager deems necessary
 or advisable in the best interests of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) to apply for listing of the Units
 on the TSX, to, if deemed appropriate, apply for listing of the Units on a U.S. stock exchange
 and to prepare, execute and file with the appropriate Securities Authorities or stock exchanges
 any other documents that are required or appropriate under relevant Securities Legislation
 or stock exchange rules and regulations in respect of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) to prepare, execute and file with
 the appropriate Securities Authorities the Disclosure Documents, annual information forms,
 management reports of fund performance or such other continuous disclosure documents relating
 to the Trust, and any amendments thereto, as may be required under applicable Securities
 Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) to prepare, certify, execute and distribute to Unitholders and
file with the Securities Authorities and applicable tax authorities all such documents as may be necessary or desirable in connection
with the issue, sale and distribution of Units, including such interim financial statements, audited annual financial statements, reports
to Unitholders and other disclosure as may be required under applicable Securities Legislation, and to make all designations, elections,
determinations, allocations and applications under the Tax Act as the Manager considers to be reasonable in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) to determine and compute for distribution
 purposes the net income and net realized capital gains of the Trust and determine when, to
 what extent, and in what manner distributions shall be made payable to Unitholders, as well
 as determine whether distributions are payable out of the income, dividends received from
 taxable Canadian corporations, capital gains, capital or otherwise of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) to authorize the issuance of additional
 Units and the consolidation of the Units outstanding after such a distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) to direct the Registrar and Transfer Agent regarding the allotment
and issue of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) on or before March 31 in each year, other
 than a leap year in which case on or before March 30 in such year, to prepare and deliver
 to Unitholders the information pertaining to the Trust, including all distributions and allocations
 which is required by the Tax Act or which is necessary to permit Unitholders to complete
 their individual tax returns for the preceding year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) on or before March 31 in each year,
 other than a leap year in which case on or before March 30 in such year, and such other
 date(s) in each year, to prepare and deliver to the appropriate taxation authorities
 in Canada and the United States, all relevant tax filings and/or returns for the Trust that
 are required by applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) within 60 days from the end of
 each taxable year of the Trust, to provide Unitholders with all information necessary to
 enable Unitholders or beneficial owners of Units, as applicable, to elect to treat the Trust
 as a QEF for U.S. federal income tax purposes, including a completed "PFIC Annual Information
 Statement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) to keep proper records relating to the
 performance of its duties as Manager hereunder, which records shall be accessible for inspection
 by the Trustee, its agents, or the Manager's agents, including an Investment Manager, the
 Technical Advisor and the Auditor, at any time, upon reasonable notice, during ordinary business
 hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) to determine and compute any pro rata amount of Units to be
redeemed pursuant to the provisions of the Trust Agreement in accordance with the limitations set out in the Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) on or before 90 days following
 December 31 in each year, to provide the Trustee with a certificate of compliance and
 a copy of the audited annual financial statements of the Trust, together with the report
 of the Auditor thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) on or before 90 days following June 30 in each year, to
provide the Trustee with an interim certificate of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to do all such other acts and
 things as are incidental to the foregoing, and to exercise all powers which are necessary
 or useful to carry on the undertaking of the Trust, to promote any of the purposes for which
 the Trust is formed and to carry out the provisions of the Trust Agreement and the Management
 Agreement.

The Manager may act as the Investment Manager to the Trust with responsibility for implementing the Investment Policy, including providing investment advisory and portfolio management services to the Trust, or arrange for the implementation of such Investment Policy or portfolio management services by appointing, on behalf of the Trust, one or more Investment Managers, and delegating any of its investment advisory responsibilities to such Investment Managers. The Manager, on behalf of the Trust, shall enter, in its sole discretion, into an investment management agreement with any such Investment Manager to act for all or part of the portfolio investments of the Trust and shall advise the Trustee of such appointment. The appointment of any such Investment Manager shall be deemed to be effective upon the later of the date of receipt by the Trustee of a direction notifying the Trustee of such appointment or the effective date specified therein and such appointment shall continue in force until receipt by the Trustee of a direction containing notice to the contrary. Any instructions from an Investment Manager shall be deemed to be instructions of the Manager pursuant to the provisions of the Trust Agreement. The Trustee shall also be entitled to rely conclusively on and shall be fully protected in acting in accordance with the direction of the Investment Manager in the exercise of powers conferred by the Trust Agreement. The Investment Manager will be a Person or Persons who, if required by applicable laws, will be duly registered and qualified as a portfolio manager under applicable Securities Legislation and will determine, in its sole discretion, which portfolio securities and other assets of the Trust shall be purchased, held or sold and shall execute or cause the execution of purchase and sale orders in respect such determinations. The Manager shall ensure that any Investment Manager appointed hereunder shall act in accordance with the Investment Policy and applicable laws.

Any Investment Manager shall have the right to resign as Investment Manager of the Trust by giving notice in writing to the Manager and the Trustee not less than 60 days prior to the date on which such resignation is to take effect. The Manager may at any time terminate the appointment of any Investment Manager of the Trust by giving notice in writing to the Trustee and the Investment Manager not less than 60 days prior to the date on which such resignation is to take effect. The Manager, in its sole discretion, may appoint a successor Investment Manager of the Trust. If prior to the effective date of the Investment Manager's resignation, a successor Investment Manager is not appointed, the Manager shall assume the duties and responsibilities of such Investment Manager until such time as a successor shall be appointed and/or approved, as the case may be.

The Manager may from time to time employ or retain any other Person where the Manager has determined, in its sole discretion, that it would be in the best interests of the Trust to do so (including without limitation any Technical Advisor or Investment Manager), to perform any of the duties of the Manager set out in the Trust Agreement (including without limitation any technical advisor or Investment Manager).

**Details of the Management Agreement**

***General***

Pursuant to the Management Agreement, the Manager is appointed to provide or engage others to provide all necessary or advisable investment management and administrative services and facilities for the Trust. The Manager will manage the Trust Property, including Copper owned by the Trust, and will have full discretionary power to act on behalf of the Trust without consulting the Trustee. The Manager will follow the objective, strategy and investment and operating restrictions described in this prospectus.

Under the Management Agreement, the Manager will manage the Trust Property by taking such action from time to time as the Manager, in its sole discretion, deems necessary or desirable for the proper investment management of the Trust Property at all times in compliance with the Investment Policy, and the Manager's investment discretion will, subject to the Investment Policy, be absolute. Subject to the Trust Agreement, the Management Agreement grants to the Manager all power and authority necessary to give effect to the foregoing, including, without limitation, the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide or arrange to be provided research, information, data, advice, opportunities and recommendations
with respect to the making, acquiring (by purchase, investment, re-investment, exchange or otherwise), holding and disposing (through sale,
exchange or otherwise) of the Trust Property in the name of, on behalf of, and at the risk of, the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain for the Trust such services as may be required in acquiring, disposing of and owning Trust Property
including, but not limited to, the placing of orders with brokers and investment dealers to purchase, sell and otherwise trade in or deal
with any Trust Property in the name of, on behalf of, and at the risk of, the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) implement purchases and sales for the Trust of futures contracts, warrants, warehouse receipts, and other
derivative contracts that complement the Trust's Copper procurement strategy and investment policy, including the selection of brokers
and dealers and, where applicable, negotiating compensation of such brokers and dealers in respect of such purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) give such directions and instructions to the Custodian, Facilities and others as may be necessary and
appropriate to carry out the investment management mandate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) direct the delivery of the Trust Property sold, exchanged or otherwise disposed of from the Trust's account
and to direct the payment for Trust Property acquired for the Trust's account upon delivery to a Facility or the custodian of the Trust's
assets other than Copper, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) direct the holding of all or any part of the Trust Property in cash or cash equivalents from time to time
available for investment in Copper (whether in Copper or through Financial Instruments that represent Copper), which cash or cash equivalents
is to be invested or held on deposit with a Canadian chartered bank, trust company, custodian or prime broker appointed by the Trust from
time to time, and investing all or any part of said cash or cash equivalents from time to time available for investment in short-term
debt obligations of or guaranteed by the Government of Canada or a province thereof, or the Government of the United States or a state
thereof, or such other short-term investment grade debt obligations as the Manager, in its discretion, deems advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arrange for, and complete, for and on behalf of the Trust, the purchase and sale of Copper, at the best
available prices available over a prudent period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provide to the Trust and the Facilities
 delivery and payment particulars in respect of each purchase and sale of Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrange or cause to be arranged
 with the Facilities for the storage of Copper which are owned by the Trust, including arrangements
 regarding indemnities or insurance in favor of the Trust for the loss of such Copper in accordance
 with industry practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) monitor relationships with the
 Facilities and any other custodian that has been appointed by the Trust to hold and store
 Copper owned by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) exercise, or direct the exercise
 of, any and all rights, powers and discretion in connection with the Trust Property, including
 the power to vote the securities at meetings of securityholders or executing proxies or other
 instruments on behalf of the Trust for that purpose, and to consent to any reorganization
 or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) maintain the accounting records for the
 Trust and to cause the financial statements of the Trust to be audited for each fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) make any election to be made in
 connection with any mergers, acquisitions, tender offers, take-over bids, arrangements, bankruptcy
 proceedings or other similar occurrences which may affect the Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) execute any prospectus, registration
 statement or similar document relating to the offering of securities of the Trust filed with
 the Canadian securities authorities on behalf of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) generally perform any other act
 necessary to enable it to carry out its obligations under the Management Agreement and the
 Trust Agreement.

The Manager will be required to provide monthly reports to the Trust with respect to transactions affecting the property of the Trust (if any such transactions took place during that month) and quarterly reports describing the Trust property (even if no transactions took place during that quarter).

The Manager may provide investment management and other services to other Person or Persons provided that the Manager will act in good faith and follow a policy of allocating investment opportunities to the Trust on a basis that is, in the Manager's reasonable opinion, fair and equitable to the Trust relative to investment opportunities allocated to other Persons for which the Manager is responsible, and of which the Manager has knowledge.

***Term of the Management Agreement***

The Management Agreement will continue until May 10, 2029 and will be automatically renewed from time to time thereafter for additional terms of one year unless otherwise terminated by either party giving at least 90 days' prior written notice (or such shorter period upon which the parties may mutually agree in writing) to the other party of such termination.

The Trust may immediately terminate the Management Agreement if the Manager is, in the opinion of the Trustee, in material default of its obligations under the Management Agreement or the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the Unitholders pursuant to the Trust Agreement.

In addition, the Trust may immediately terminate the Management Agreement where (i) the Manager has been declared bankrupt or insolvent or has entered into liquidation or winding-up, whether compulsory or voluntary (and not merely a voluntary liquidation for the purposes of amalgamation or reconstruction); (ii) the Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency; or (iii) the assets of the Manager have become subject to seizure or confiscation by any public or governmental authority.

Any change of Manager (other than to its affiliate) requires the approval of the Unitholders and, to the extent required, the approval of Securities Authorities in accordance with applicable Securities Legislation.

For a detailed description of the Trust Agreement, see "Overview of the Structure of the Trust – Overview of the Trust Agreement".

***Officers and Directors of the Manager***

The names, places of residence and present positions held by the directors and officers of the Manager and/or of the Manager GP are listed below.

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| | | | |
|:---|:---|:---|:---|
| **Name and <br> Municipality of <br> Residence** | **Position with the <br> Manager** | **Position with <br> Manager GP** | **Principal Occupation** |
| &nbsp;&nbsp;John Ciampaglia <br> Caledon, Ontario, <br> Canada | Chief Executive Officer <br> and Director | Chief Executive <br> Officer and <br> Director | &nbsp;&nbsp;Chief Executive Officer of the Manager and Manager GP |
| &nbsp;&nbsp;Kevin Hibbert <br> Toronto, Ontario, <br> Canada | Director | Director | &nbsp;&nbsp;Chief Financial Officer of Sprott |
| &nbsp;&nbsp;Whitney George Darien, Connecticut, USA | Director | Director | &nbsp;&nbsp;President and Chief Executive Officer of Sprott |
| &nbsp;&nbsp;Maria Smirnova, <br> Toronto, Ontario, <br> Canada | Chief Investment Officer | Chief Investment <br> Officer | &nbsp;&nbsp;Chief Investment Officer of the Manager and Manager GP |
| &nbsp;&nbsp;Varinder Bhathal <br> Toronto, Ontario, <br> Canada | Chief Financial Officer | Chief Financial <br> Officer and <br> Secretary | &nbsp;&nbsp;Chief Controller of Sprott |
| &nbsp;&nbsp;Lara Misner, <br> Toronto, Ontario, <br> Canada | Chief Compliance <br> Officer | Chief<br> Compliance<br> Officer | &nbsp;&nbsp;Chief Compliance Officer of the Manager and Manager GP |

---

*John Ciampaglia*

Mr. Ciampaglia has over 30 years of investment industry experience and since 2017 serves as Chief Executive Officer of Sprott Asset Management and as Senior Managing Partner of Sprott Inc. He is responsible for overseeing Sprott's public market investment strategies and is also the Portfolio Manager for the company's physical commodity funds. Mr. Ciampaglia plays an active role in the development of new investment strategies, acquisitions, marketing and strategic partnerships. Before joining Sprott in 2010, he was a Senior Executive at Invesco Canada and held the position of Senior Vice President, Product Development. Prior to joining Invesco Canada, he spent more than four years at TD Asset Management. Mr. Ciampaglia earned a Bachelor of Arts in Economics from York University, is a CFA charterholder and a Fellow of the Canadian Securities Institute.

*Kevin Hibbert*

Mr. Hibbert serves as Chief Financial Officer and Senior Managing Director at Sprott. In this role, Mr. Hibbert is the co-head of Sprott's Enterprise Shared Services Group with specific responsibility for external financial reporting, investment operations, tax, treasury, financial planning and analysis, investor relations and corporate communications, information technology, office facilities and administration. Mr. Hibbert was previously recognized by Report on Business Magazine and the Globe & Mail as one of Canada's 50 Best Executives. In addition to his duties at Sprott, Mr. Hibbert serves as a board member of UHN Foundation, Canada's largest hospital foundation and is past Vice-chairman and treasurer of Dixon Hall Neighbourhood Services, one of the largest providers of housing, employment and elder care services to at-risk communities in Toronto. Mr. Hibbert was awarded the Vice Chancellor's Award from the University of the West Indies, is a 'Fellow', CPA Ontario, and is a graduate (high distinction) from the University of Toronto.

*Whitney George*

Mr. George was named Chief Executive Officer of Sprott Inc. in 2022. He is also a Senior Portfolio Manager at Sprott Asset Management USA. Mr. George joined Sprott in 2015 and previously spent 23 years in senior roles at Royce & Associates LLC ("**Royce**") in New York. He was Co-Chief Investment Officer of Royce from 2009 to 2013 and played a key role in the firm's growth and evolution into a leading U.S. small-cap manager with peak assets of more than $40 billion. At Sprott, Mr. George is also senior portfolio manager of Sprott Focus Trust (FUND), a closed-end equity investment fund that seeks to provide long-term growth of capital through a focused portfolio of value stocks of companies across all market capitalizations. Prior to joining Royce, Mr. George held positions with Dominick & Dominick, Inc., WR Lazard & Laidlaw, Inc., Laidlaw, Adams & Peck, and Oppenheimer & Co. Inc. Mr. George holds a bachelor's degree from Trinity College.

*Maria Smirnova*

Maria Smirnova has over 20 years of investment experience. She first joined the Manager in 2005 as a research associate supporting the metals and mining team. She currently serves as Lead Portfolio Manager of a Sprott Sub-Advised Silver Equities Fund and Co-Portfolio Manager of another Sprott Sub-Advised Gold and Precious Minerals Fund. Maria is also a Portfolio Manager on the investment team for Sprott Gold Equity Fund (SGDLX). Prior to joining Sprott, Maria served as a Product Development Analyst at Fidelity Investments. Ms. Smirnova holds a Master of Business Administration degree and a Bachelor of Commerce degree from the Rotman School of Management, University of Toronto. She has been a CFA charterholder since 2002.

*Varinder (Vinny) Bhathal*

Ms. Bhathal is Managing Partner, Chief Controller and Treasurer of Sprott and is the Chief Financial Officer for Sprott's subsidiaries and funds. In this role, Ms. Bhathal manages Sprott's financial control and investment operations teams. In her spare time, Ms. Bhathal is active on Women Get On Board, and serves as Audit Chair, The Neighbourhood Group. Ms. Bhathal holds a Bachelor of Commerce degree from Toronto Metropolitan University and is a CPA, CMA (Ontario).

*Lara Misner*

Lara Misner is Managing Partner, Enterprise Risk Management at Sprott and Chief Compliance Officer of the Manager. Ms. Misner has over 30 years of investment experience in various roles in compliance, portfolio management, equity research, client services and operations. Prior to joining Sprott in 2020, Ms. Misner was Chief Compliance Officer at WisdomTree Asset Management Canada, Purpose Investments and Marret Asset Management. Previously, she worked with BMO Harris as a portfolio manager for private client accounts. Ms. Misner has served as a Director of Montreal CFA Society and Toronto CFA Society. She received a Bachelor of Commerce from McGill University, an MBA from HEC Montreal at University of Montreal and is a CFA charterholder.

***Standard of Care and Indemnification of the Manager***

The Manager shall exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the Trust and in connection therewith shall exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances.

The Manager may employ or engage, and rely and act on information or advice received from any Technical Advisor, any Investment Manager, Auditor, the Underwriters, other distributors, brokers, depositories, a Facility, the Custodian, electronic data processors, advisers, counsel and others and shall not be responsible or liable for the acts or omissions of such Persons or for any other matter, including any loss or depreciation in the Net Asset Value of the Trust or any particular asset of the Trust, provided that the Manager acted in good faith in accordance with its standard of care in relying on such information or advice.

The Manager shall be entitled to assume that any information received from the Trustee, any Technical Advisor, a Facility, any Custodian or any sub-custodian, or their respective authorized representatives associated with the day-to-day operation of the Trust is accurate and complete and no liability shall be incurred by the Manager as a result of any error in such information or any failure to receive any notices required to be delivered pursuant to the Trust Agreement, except to the extent that any such information provided to, or failure to receive any notices by, the Manager arises or results from the Manager's failure to comply with the terms of the Trust Agreement or the Management Agreement in providing any required directions or information related thereto.

In the event that the Manager, its partners, employees, associates and affiliates or any of them now or hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them shall be under any liability to the Trust or to Unitholders for so acting. The Manager is not required to devote its efforts exclusively to or for the benefit of the Trust and may engage in other business interests and may engage in other activities similar or in addition to those relating to the activities to be performed for the Trust.

The Manager, its affiliates and agents, and their respective directors, partners, officers and employees are indemnified and held harmless by the Trust from and against all legal fees, judgments and amounts paid in settlement, actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to the Trust Agreement and the Management Agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment of the legal fees, judgments and amounts paid in settlement was in the best interests of the Trust and provided that such person(s) shall not be indemnified by the Trust where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there has been negligence, willful
 misconduct, willful neglect, default, bad faith or dishonesty on the part of the Manager
 or such other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a claim is made as a result of
 a misrepresentation contained in any current Disclosure Documents or continuous disclosure
 documents of the Trust distributed or filed in connection with the issuance of Units or under
 applicable Securities Legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manager has failed to fulfill
 its standard of care or its other obligations in accordance with applicable laws or the provisions
 set forth in the Trust Agreement and the Management Agreement,

unless in an action brought against the Manager or such Persons they have achieved complete or substantial success as a defendant.

In order for the Trust, acting through the Trustee, to satisfy itself as to whether the indemnification provided for in the Trust Agreement is in the best interests of the Trust, before paying out any such indemnity, the Trust, acting through the Trustee, may obtain a satisfactory legal opinion that the Trust has reasonable grounds to believe that the indemnification is in the best interests of the Trust, and instead of or in addition to the obtainment of such a legal opinion, the Trustee in its sole discretion and at the expense of the Trust, may call a meeting of Unitholders pursuant to the Trust Agreement to direct the Trustee as to any such payments out of the Trust.

***Conflicts of Interest of the Manager***

The Manager is responsible for the management, administration and investment management of the portfolio held by the Trust. The Manager provides, and may in the future provide, management and/or investment advisory services to other corporations, limited partnerships or other investment funds or managed accounts in addition to the Trust. In the event that the Manager elects to undertake such activities and other business activities in the future, the Manager and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Manager and its principals and affiliates endeavor to treat each client, investment pool and managed account fairly and not to favor one client, investment pool or managed account over another.

To avoid any conflict of interest, or the appearance of a conflict of interest, the Manager has adopted a policy pursuant to which any entity or account that is: (a) managed; or (b) for whom investment decisions are made, directly or indirectly, by a Person that is involved in the decision-making process of, or has non-public information about, follow-on offerings of the Trust is prohibited from investing in the Trust, and no such decision-making Person is permitted to invest in the Trust for that decision-making Person's benefit, directly or indirectly. In addition, the policy requires that any sales of Units owned by such Persons must be precleared by the Independent Review Committee.

In executing its duties on behalf of the Trust, the Manager is subject to the provisions of the Trust Agreement, the Management Agreement and the Manager's Code of Ethics (a copy of which is available for review upon request at the offices of the Manager), which provide that the Manager will execute its duties in good faith and with a view to the best interests of the Trust and Unitholders.

***Independent Review Committee***

In accordance with applicable Securities Legislation, the Manager has established an Independent Review Committee for all investment funds managed by the Manager, which includes the Trust. The Independent Review Committee is composed of three members, each of whom is independent of the Manager and its affiliates, and free from any interest and any business or other relationship which could, or could be reasonably perceived to, materially interfere with the exercise of an Independent Review Committee member's judgment.

The mandate of the Independent Review Committee is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager may be subject when managing the mutual funds and non-redeemable investment funds managed by the Manager. The Manager refers all conflict of interest matters to the Independent Review Committee for its review and/or approval. The Manager has established a written charter for the Independent Review Committee, which includes its mandate, responsibilities and functions, and the written policies and procedures it will follow when performing its functions, including dealing with conflict of interest matters. The Manager maintains records in respect of these matters and provides assistance to the Independent Review Committee in carrying out its functions. The Independent Review Committee conducts regular assessments and provides reports, at least annually, to the Trust and to Unitholders in respect of its functions. The report prepared by the Independent Review Committee is made available on the Trust's Website or, at a Unitholder's request, sent to the Unitholder at no cost.

All fees and expenses of the Independent Review Committee incurred in connection with its duties with respect to the Trust shall be paid by the Trust and the Independent Review Committee shall have the authority to retain, at the expense of the Trust, independent counsel or other advisors if the Independent Review Committee deems it appropriate to do so. The members of the Independent Review Committee shall be indemnified by the Trust, except in cases of wilful misconduct, bad faith, negligence or breach of their standard of care.

The current members of the Independent Review Committee and their principal occupations are as follows:

---

| | |
|:---|:---|
| **Name and Municipality of Residence** | **Principal Occupation** |
| Michele D. McCarthy<br> Toronto, Ontario, Canada | Consultant |
| Kevin Drynan<br> Toronto, Ontario, Canada | Consultant |
| Fraser Howell<br> Toronto, Ontario, Canada | Consultant |

---

**Trustee**

Pursuant to the Trust Agreement, RBC Investor Services Trust is the trustee of the Trust. The Trustee is a trust company existing under the laws of Canada. The principal office of the Trustee is located at 155 Wellington Street West, Street Level, Toronto, Ontario, Canada M5V 3L3.

**Facilities**

The Trust will store its Copper with Facilities that are reputable and exclusively in warehouses that are CME or LME-approved, which is the main global market standard for physical metal warehousing services that is accepted by market participants and financiers. The LME approves warehouses pursuant to its *LME Policy* on *Approval of Locations at Delivery Points.* To obtain such approval, the Facility must satisfy the LME that the proposed warehouse location is safe, well managed, politically and economically stable, commercially sensible, fiscally appropriate, legally sound, not subject to corruption, and that the metal belonging to the owner can be removed in case of bankruptcy or insolvency of the Facility. Similar to the LME, the CME applies and audits the CME Group Delivery Facilities and Procedures policies for approving and maintaining such approval. By virtue of LME and CME policies, an individual warehouse location cannot simultaneously have both LME and CME approved status. Further, the Trust will only store Copper with such Facilities located in Storage Jurisdictions. The Storage Jurisdictions are all advanced economies with regulations for the storage of metals that are similar to those in Canada. The Facilities are not generally expected to meet the capitalization requirements in Section 6.3 of NI 81-102, the Manager will mitigate risks associated with such lack of capitalization by maintaining, at all times, a separate, market standard insurance policy that insures the Copper held with the Facilities for loss, theft or damage. This arrangement is in accordance with the industry standards for transactions in, and the storage of, Copper. In addition, in connection with becoming an LME or CME approved warehouse, Facilities must have market standard insurance in place for fraud and gross negligence that insures the Copper they are storing.

The Facilities, Storage Jurisdictions and Warehouse Providers, as well as the maintenance of market standard insurance, are requirements of the Exemptive Relief. To the extent the Exemptive Relief is amended, modified or supplemented, including by any subsequent exemptive relief order, the Manager and the Trust may, in the future, be required to use only certain of the Facilities, Storage Jurisdictions or Warehouse Providers, or permitted to utilize different storage facilities for Copper, including in other jurisdictions and or owned by different warehouse service providers.

**Technical Advisor**

WMC was engaged as the technical advisor to the Manager pursuant to a technical advisory agreement dated as of May 10, 2024 between the Manager and WMC (the "**Technical Advisory Agreement**").

WMC was established in 2016 to provide supply chain solutions to the nuclear industry. The team brings experience with sourcing, storing, financing, and arranging deliveries of physical commodities worldwide, particularly with respect to Copper. In 2021, WMC became the technical advisor to Sprott Asset Management LP for the Sprott Physical Uranium Trust.

The WMC procurement team has purchased over $2.2 billion of physical uranium for the Sprott Physical Uranium Trust. WMC's lead buyers have been responsible for both procurement and sales of Copper in senior management positions. WMC has established relationships with both producers and traders to execute all inception and future quantities of Copper.

Fees payable to the Technical Advisor will be paid by, and be the sole responsibility of, the Manager. In addition, the Manager will reimburse the Technical Advisor for out-of-pocket expenditures (including, legal costs, costs for marketing materials and market data and travel expenses) that are directly related to the Technical Advisory Services and which the Manager can recover from the Trust, including any such expenditures incurred prior to signing the Technical Advisory Agreement.

The Technical Advisor will provide the Technical Advisory Services, which include, but are not limited to: (a) arranging, co-ordinating and confirming all purchases of Copper for the Trust; (b) arranging, co-ordinating and directing execution of all other transactions involving Copper, such as lending and exchanges of Copper, for the Trust; (c) advising on and arranging any (temporary) necessary financial hedges, such as futures or warrants, associated with (a) or (b) above, by the Manager; (d) advising on and co-ordinating all matters related to storage, logistics and safekeeping of the Copper, such as setting up warehouse accounts, direct incoming and outgoing transfers (both in warehouse and between warehouses), arranging logistics and insurance (inventory and/or marine), which for greater certainty, shall include assisting with due diligence, selection, and auditing of logistics providers and Warehouse Providers, including for the purposes of allowing the Trust and the Manager to comply with applicable securities laws; (e) generally co-ordinating communications between the Manager and third-parties active in the Copper market; (f) assisting with setting-up, maintaining and evaluating an appropriate valuation framework (including the selection of price reporting agencies) to accurately, regularly, determine the fair market value of the Copper the Trust holds; (g) providing the Manager with periodic updates on the Copper market; (h) supporting the Manager with investor relations for the Trust, such support includes assisting with preparation of marketing material, accompanying the Manager on roadshows and participating on investor calls; (i) assisting the Manager with the Trust's operational and administrative requirements; and (j) providing reasonable assistance and support in connection with the Manager's preparation of Net Asset Value, financial and other public disclosures with respect to the Trust.

In the event that WMC is no longer able to serve as a Technical Advisor, the Manager may appoint such other Person(s), from time to time, pursuant to the provisions of the Trust Agreement and any technical advisory, consulting or other similar agreement, to provide advisory services to the Manager in respect of some or all of the Technical Advisory Services.

The Manager has appointed SAM US to provide advice to the Trust with respect to copper futures and certain other financial instruments. SAM US is relying on the "international adviser" exemption from the adviser registration requirements in the *Commodity Futures Act* (Ontario). SAM US is not registered as an adviser under Canadian securities or commodity legislation and, as such, is not required to comply with the same requirements that an adviser so registered would be subject to, such as those concerning proficiency, capital, insurance and other matters.

SAM US is an affiliate of the Manager. SAM US has its office, and all or substantially all of its assets, located outside of Canada. The Manager and the Trust may have difficulty enforcing any legal rights against SAM US.

**Auditor**

KPMG LLP was appointed as the Trust's auditor effective as of April 19, 2024. KPMG LLP's principal office is located at 333 Bay Street, Suite 4600, Toronto, Ontario, Canada, M5H 2S5.

The Auditor will annually audit the financial statements of the Trust to determine whether they fairly represent, in all material respects, the Trust's financial position, financial performance and cash flows in accordance with IFRS.

**Transfer Agent and Registrar**

TSX Trust Company will serve as the transfer agent and registrar for the Units. TSX Trust Company's principal office is located at 301-100 Adelaide St. W, Toronto, Ontario, Canada M5H 4H1, and the register of Units are kept at such address. TSX Trust Company will receive fees for the transfer agent and registrar related services provided to the Trust.

**Valuation Agent**

The Valuation Agent is responsible for providing valuation services to the Trust and calculating the value of the net assets of the Trust and NAV pursuant to the terms of the valuation services agreement. See "Calculation of Net Asset Value".

In carrying out its duties as valuation agent, the Valuation Agent is required to exercise the powers and discharge the duties of its office honestly and in good faith and, in connection therewith, must exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

The Valuation Agent receives fees for the valuation services provided to the Trust.

**Promoter**

The Manager, which is located in Toronto, Canada may be considered a promoter of the Trust within the meaning of the securities legislation of certain of the provinces and territories of Canada by reason of its initiative in organizing the Trust. See "Organization and Management Details of the Trust – The Manager of the Trust". The Manager does not own any Units. The Manager will be entitled to ongoing management fees payable by the Trust. See "Organization and Management Details of the Trust – Details of the Management Agreement".

**Custodian for the Trust's Copper**

Copper owned by the Trust will be stored at Facilities with which the Trust will enter into Storage Agreements. Each Storage Agreement entered into with a Facility is expected to require, among other things, that the Facilities exercise their services with great care and skill, which is the same degree and care, diligence and skill that a reasonably prudent person would exercise in the circumstances, and to have the required insurance in place. Additionally, under each Storage Agreement, the applicable Facility will receive the Copper owned by the Trust and, after verification, issue a "warehouse receipt" that confirms the amount, weight, type, form, origin, characteristics and packaging condition of the Copper that are to be stored with the Facility. In the event of discrepancy arising during the verification process, the Facility will be required to promptly notify the Manager. The Copper owned by the Trust and stored at the Facilities will be segregated and identifiable at all times as belonging to the Trust. Under each Storage Agreement, the Facility for the Trust will be required to provide a written settlement statement no less frequently than each quarter indicating the type and amount of the Copper owned by the Trust that are being stored at the Facility. The Manager and Technical Advisor expect to have inspection and audit rights, including with respect to the Facility's inventory management system that keeps track of the Trust's inventory of Copper. Pursuant to each Storage Agreement, title to stored Copper will remain with the Trust, as the owner, and does not form part of the applicable Facility's assets. As such, in the event of an insolvency or other event at a Facility, ownership of the Copper are expected to remain with the Trust.

**Custodian for the Trust's Assets other than Copper**

Pursuant to the Trust Agreement, RBC Investor Services Trust will act as the custodian of the Trust's assets other than Copper. As compensation for the custodial services rendered to the Trust, RBC Investor Services Trust will receive such fees as mutually agreed upon with the Manager from time to time. These fees will be paid by the Trust out of the cash reserve held for ongoing expenses. RBC Investor Services Trust will be responsible for the safekeeping of all of the assets of the Trust delivered to it and will act as the custodian of such assets. The Manager, in accordance with applicable law and with the consent of the Trustee, will have the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement custodian or additional custodians. RBC Investor Services Trust carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust's assets. The Trust Agreement does not require RBC Investor Services Trust to carry insurance in connection with any claims the Trust or Unitholders may have against RBC Investor Services Trust in its capacity as custodian of the Trust's assets other than Copper.

**CALCULATION OF NET ASSET VALUE**

The calculation of the Net Asset Value of the Trust shall be the responsibility of the Manager, who may consult with the valuation agent, which is RBC Investor Services Trust (the "**Valuation Agent**"), any Investment Manager, any Technical Advisor, the Facilities and the Custodian and/or the Auditor. The Net Asset Value of the Trust shall be determined for the purposes of subscriptions as at the time (the "**Valuation Time**") and the date (the "**Valuation Date**") as the Manager determines, in U.S. dollars. The Net Asset Value of the Trust determined on the last Valuation Date of each year shall include all income, common expenses, class expenses or any other items to be accrued to December 31 of each year and since the last calculation of the Net Asset Value per Unit (as defined below) or the Class Net Asset Value per Unit for the purpose of the distribution of net income and net realized capital gains of the Trust to Unitholders.

The "Net Asset Value of the Trust" as at the Valuation Time on each Valuation Date shall be the amount obtained by deducting from the aggregate fair market value of the assets of the Trust as of such Valuation Date an amount equal to the value of the liabilities of the Trust as of such Valuation Date. The "Net Asset Value per Unit" shall be determined by dividing the Net Asset Value of the Trust on a Valuation Date by the total number of Units then outstanding. The Net Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be determined in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets of the Trust shall be deemed to include the following
property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Copper owned by or contracted for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all cash on hand or on deposit,
 including any interest accrued thereon adjusted for accruals deriving from trades executed
 but not yet settled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all bills, notes and accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all interest accrued on any interest-bearing
 securities owned by the Trust other than interest, the payment of which is in default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) prepaid expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of the assets of the Trust shall be determined
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fair market value of the Copper
 held by the Trust will be determined based on reported Copper spot prices from one, or more,
 Price Reporters that are most commonly used by the market subject to adjustment, as described
 below. The Price Reporters are private business organizations that offer subscription services
 to which most Copper market participants subscribe and the spot prices reported by such Price
 Reporters are used by such market participants as a basis on which to negotiate or settle
 contracted prices for Copper. The LME, the largest base metals commodity exchange in the
 world, is a regulated commodities exchange in the United Kingdom and provides public pricing
 information for base prices on Copper. COMEX (owned by CME) is the leading market venue for
 Copper in the United States. The Manager and Technical Advisor may use the LME or CME prices
 for Copper or may determine to use a different Price Reporter (or Price Reporters), depending
 on any changes in market conditions. If the Trust purchases Copper in a location or with
 other characteristics for which none of the Price Reporters report a spot price, the Trust
 will use the best available alternative spot price, as determined by the Manager and the
 Technical Advisor, to determine the fair market value of such Copper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the value of any cash on hand or on deposit,
 bills, demand notes, accounts receivable, prepaid expenses, and interest accrued and not
 yet received, shall be deemed to be the full amount thereof, unless the Manager shall have
 determined that any such deposit, bill, demand note, account receivable, prepaid expense
 or interest is not worth the full amount thereof, in which event the value thereof shall
 be deemed to be such value as the Manager shall determine to be the fair value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) short-term investments including
 notes and money market instruments shall be valued at cost plus accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the value of any security or other
 property for which no price quotations are available or, in the opinion of the Manager, to
 which the above valuation principles cannot or should not be applied, shall be the fair value
 thereof determined from time to time in such manner as the Manager shall from time to time
 provide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the value of all assets and liabilities
 of the Trust valued in terms of a currency other than the currency used to calculate the
 Net Asset Value of the Trust shall be converted to the currency used to calculate the Net
 Asset Value of the Trust by applying the rate of exchange obtained from the best available
 sources to the Valuation Agent as agreed upon by the Manager including, but not limited to,
 the Trustee or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The liabilities of the Trust shall
 be calculated on a fair value basis and shall be deemed to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all bills, notes and accounts payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees (including Management
 Fees (as defined in the above section "Fees and Expenses Payable by the Trust"))
 and administrative and operating expenses and applicable taxes payable and/or accrued by
 the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all contractual obligations for
 the payment of money or property, including distributions of net income and net realized
 capital gains, if any, declared, accrued or credited to Unitholders but not yet paid on the
 day before the Valuation Date as of which the Net Asset Value of the Trust is being determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all allowances authorized or approved
 by the Manager or the Trustee for taxes or contingencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other liabilities of the Trust
 of whatsoever kind and nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of determining the
 market value of any security or property pursuant to (b) above which, in the opinion
 of the Valuation Agent in consultation with the Manager, the above valuation principles cannot
 be applied (because no price or yield equivalent quotations are available as provided above,
 or the current pricing option is not appropriate, or for any other reason), shall be the
 fair value as determined in such manner by the Valuation Agent in consultation with the Manager
 and generally adopted by the marketplace from time to time, provided that any change to the
 standard pricing principles as set out above shall require prior consultation and written
 agreement with the Manager. For greater certainty, fair valuing an investment comprising
 the Trust Property may be appropriate if: (i) market quotations do not accurately reflect
 the fair value of an investment; (ii) an investment's value has been materially affected
 by events occurring after the close of the exchange or market on which the investment is
 principally traded; (iii) a trading halt closes an exchange or market early; or (iv) other
 events result in an exchange or market delaying its normal close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio transactions (investment
 purchases and sales) will be reflected in the first computation of the Net Asset Value of
 the Trust made after the date on which the transaction becomes binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Net Asset Value of the Trust and
 Net Asset Value per Unit on the first Business Day following a Valuation Date shall be deemed
 to be equal to the Net Asset Value of the Trust (or the Net Asset Value per Unit, as the case may
be) on such Valuation Date after payment of all fees and applicable taxes, including Management Fees, and after processing of all subscriptions
of Units in respect of such Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Net Asset Value of the Trust and the Net Asset Value per Unit determined by the Manager in accordance
with the provisions of this section shall be conclusive and binding on all Unitholders.

**Calculation of Class Net Asset Value and Class Net Asset Value per Unit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Net Asset Value for a particular class
 or series of a class of units of the Trust (the "**Class Net Asset Value** ")
 as at the Valuation Time on a Valuation Date shall be determined for the purposes of subscriptions
 in accordance with the following calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class Net Asset Value last calculated for that class or series of a class; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the increase in the assets attributable to that class or series of a class as a result of the issue of
Units of that class or series of a class or the redesignation of Units into that class or series of a class since the last calculation;
minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the decrease in the assets attributable to that class or series of a class as a result of the redesignation
of Units out of that class or series of a class since the last calculation; plus (in the case of an increase) or minus (in the case of
a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the proportionate share of the net change in non-portfolio assets attributable to that class or series
of a class since the last calculation; plus (in the case of an increase) or minus (in the case of a decrease)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proportionate share of market appreciation or depreciation of the portfolio assets attributable to
that class or series of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the proportionate share of the common expenses and applicable taxes allocated to that class or series
of a class since the last calculation; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any class expenses and applicable taxes allocated to that class or series of a class since the last calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Unit of a class or series of a class being issued or a Unit that has been redesignated as a part of
that class or series of a class shall be deemed to become outstanding as of the next calculation of the applicable Class Net Asset
Value immediately following the Valuation Date at which the applicable Class Net Asset Value per Unit that is the issue price or
redesignation basis of such Unit is determined and the issue price received or receivable for the issuance of the Unit shall then be deemed
to be an asset of the Trust attributable to the applicable class or series of a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Unit of a class or series of a class that has been redesignated as no longer being a part of that class
or series of a class shall be deemed to remain outstanding as part of that class or series of a class until immediately following the
Valuation Date as of which the applicable Class Net Asset Value per Unit that is the redesignation basis of such Unit is determined;
thereafter, the Unit which has been redesignated will be deemed to be outstanding as a part of the class or series of a class into which
it has been redesignated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On any Valuation Date that a distribution is paid to Unitholders of a class or series of a class, a second
Class Net Asset Value shall be calculated for that class or series of a class, which shall be equal to the first Class Net Asset
Value calculated on that Valuation Date minus the amount of the distribution. For greater certainty, the second Class Net Asset Value
shall be used for determining the Class Net Asset Value
per Unit on such Valuation Date for purposes of determining the issue price for Units on such Valuation Date, as well as the redesignation
basis for Units being redesignated into or out of such class or series of a class, and Units redesignated out of that class or series
of a class as at such Valuation Date shall participate in such distribution while Units subscribed for or redesignated into such class
or series of a class as at such Valuation Date shall not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Class Net Asset Value per Unit of a particular class
or series of a class of units as at any Valuation Date is the quotient obtained
by dividing the applicable Class Net Asset Value as at such Valuation Date by the total number of Units of that class or series of
a class outstanding at such Valuation Date. This calculation shall be made without taking into account any issuance or redesignation of
Units of that class or series of a class to be processed by the Trust immediately after the Valuation Time of such calculation on that
Valuation Date. The Class Net Asset Value per Unit for each class or series of a class of Units for the purpose of the issue of Units
shall be calculated on each Valuation Date by or under the authority of the Manager as at the Valuation Time on every Valuation Date as
shall be fixed from time to time by the Manager and the Class Net Asset Value per Unit so determined for each class or series of
a class shall remain in effect until the Valuation Time as of which the Class Net Asset Value per Unit for that class or series of
a class is next determined.

**Suspension of Calculation of Net Asset Value Per Unit**

During any period in which the right of Unitholders to request a redemption of their Units for Copper and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Valuation Agent to suspend the calculation of the Net Asset Value, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit for each class or series of a class of Units. During any such period of suspension, the Trust shall not issue or redeem any Units. As noted in "Redemption of Units – Suspension of Redemptions", in the event of any such suspension or termination thereof, the Manager shall issue a press release announcing the suspension or the termination of such suspension, as the case may be.

**Reporting of Net Asset Value of the Trust**

The value of the net assets of the Trust and the NAV is updated on each Business Day or as determined by the Manager in accordance with the Trust Agreement and is made available as soon as practicable at no cost on the Trust's Website. Information contained in, or connected to, the Manager's website is not incorporated into, and does not form part of, this prospectus.

**DESCRIPTION OF THE UNITS**

**General**

The Trust is authorized to issue an unlimited number of units in one or more classes and series of a class. Currently, the Trust has issued only one class of Units. Subject to amendment in accordance with the Trust Agreement, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of units and into one or more series of each such class of units, the attributes that shall attach to each class or series of units and whether any class or series of units should be redesignated as a different class or series from time to time.

Each unit of a class or series of a class represents a beneficial interest in the net assets of the Trust attributable to that class or series of a class of units. Units are transferable and redeemable at the option of the Unitholder in accordance with the provisions set forth in the Trust Agreement. All 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. Units and fractions thereof are issued only as fully paid and non-assessable. Units have no preference, conversion, exchange or pre-emptive rights. Each whole 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.

**Voting**

Subject to the restrictions described above, each Unitholder shall be entitled to one vote for each whole Unit held.

**SECURITYHOLDER MATTERS**

**Meeting of Unitholders**

Meetings of Unitholders shall be held by the Manager or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in accordance with the Trust Agreement or applicable laws and for the transaction of such other related matters as the Manager or the Trustee determines. Unitholders representing not less than 50% of the Net Asset Value of the Trust (as defined below) may requisition a meeting of Unitholders by giving a written notice to the Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee shall, upon the written request of the Manager or Unitholders representing not less than 50% of the Net Asset Value of the Trust, requisition a meeting of Unitholders, provided that in the event of a request to call a meeting of Unitholders made by such Unitholders, the Trustee shall not be obligated to call any such meeting until it has been satisfactorily indemnified by such Unitholders against all costs of calling and holding such meeting. Unless otherwise required under applicable laws or stock exchange rules, the Trust need only to hold meetings of Unitholders as described above and is not required to hold annual or other periodic meetings.

Meetings of Unitholders are to be held at the principal office of the Trust or elsewhere in the municipality in which its office is located or, if the Manager so determines, at any other place in Canada.

Subject to the Trust Agreement, notice of the time and place of each meeting of Unitholders shall be given not less than 21 days before the day on which the meeting is to be held to each Unitholder of record at 4:00 p.m. (Toronto time) on the day on which the notice is given. Notice of a meeting of Unitholders shall state the general nature of the matters to be considered by the meeting. The Trustee, the Auditor, any Technical Advisor and any Investment Manager are entitled to receive all notices and other communications relating to any meeting of Unitholders that any Unitholder is entitled to receive and shall be entitled to attend at any meeting of Unitholders.

A quorum for the transaction of business at any meeting of Unitholders shall be at least two Unitholders holding not less than 5% of the outstanding Units on such date present in person or represented by proxy and entitled to vote thereat. If a quorum is not present at a meeting within 30 minutes after the time fixed for the meeting, the meeting, if convened on the requisition of Unitholders, shall be cancelled but in any other case shall be adjourned to such place and time on a date fixed by the chairman of the meeting not later than 14 days thereafter (which, for greater certainty, can be at a later time on the date of the originally scheduled meeting) at which adjourned meeting Unitholders present in person or represented by proxy shall be deemed to constitute a quorum.

At any meeting of Unitholders, every person shall be entitled to vote who, as at the end of the Business Day immediately preceding the date of the meeting, is entered in the register maintained in accordance with the Trust Agreement, unless in the notice of meeting and accompanying materials sent to Unitholders in respect of the meeting a record date is established for persons entitled to vote thereat.

For the purpose of determining Unitholders who are entitled to receive notice of and to vote at any meeting, or any adjournment thereof, or for the purpose of any action other than as provided in the Trust Agreement, the Manager may fix a date not more than 60 days nor fewer than 30 days prior to the date of any meeting of Unitholders, or other action, as a record date for the determination of Unitholders entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to receive such distributions, or to be treated as Unitholders of record for purposes of such other action, and any Unitholder who was a Unitholder at the time so fixed shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action, even though the Unitholder has since that date disposed of their Units and no Unitholder becoming such after that date shall be entitled to receive notice of and vote at such meeting, or any adjournment thereof, or to be treated as a Unitholder of record for purposes of such other action.

At any meeting of Unitholders, any Unitholder entitled to vote thereat may vote by proxy and a proxy need not be a Unitholder, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be solicited naming the Manager as proxy and the cost of such solicitation shall be paid out of the property of the Trust (the "**Trust Property**"). When any Unit is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Unit, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Unit. The instrument appointing any proxy shall be in such form and executed in such manner as the Manager may from time to time determine.

At any meeting of Unitholders every question shall, unless otherwise required by the Trust Agreement or applicable laws, be determined by an "ordinary resolution" approved, in person or by proxy, by Unitholders representing not less than 50% of the Net Asset Value of the Trust, or in the case of a separate vote by a particular class or series of a class of units, 50% of the Class Net Asset Value, as determined in accordance with the Trust Agreement, at a duly constituted meeting of Unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by Unitholders holding Units representing not less than 50% of the Net Asset Value of the Trust, or in the case of a separate vote by a particular class or series of a class of Units, 50% of the Class Net Asset Value, as determined in accordance with the Trust Agreement;

Subject to the provisions of the Trust Agreement or applicable laws, any question at a meeting of Unitholders shall be decided by a show of hands unless a poll thereon is required or demanded as hereinafter provided. Upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a poll thereon is so required or demanded, a declaration by the chairman of the meeting that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be prima face evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision of Unitholders upon the said question.

A resolution in writing forwarded to all Unitholders entitled to vote on such resolution at a meeting of Unitholders and signed by the requisite number of Unitholders required to obtain approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of Unitholders in accordance with the Trust Agreement.

Any resolution passed in accordance with the provisions of the Trust Agreement shall be binding on all Unitholders and their respective heirs, executors, administrators, other legal representatives, successors and assigns, whether or not such Unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such Unitholder voted against such resolution.

**Amendments to the Trust Agreement**

Any provision of the Trust Agreement may be amended, deleted, expanded or varied by the Manager, with the approval of the Trustee, upon notice to Unitholders, if the amendment, in the opinion of counsel for either the Trustee or the Manager, does not constitute a material change and does not relate to any of the matters that require Unitholder approval, but no amendment shall be made which adversely affects the pecuniary value of the interest of any Unitholder or restricts any protection provided to the Trustee or increases the responsibilities of the Trustee under the Trust Agreement.

The Trust Agreement may also be amended by the Manager without the approval of, or notice to, Unitholders for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to remove any conflicts or other inconsistencies which may exist between any terms of the Trust Agreement
and any provisions of any applicable law affecting the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make any change or correction in the Trust Agreement which is of a typographical nature or is required
to cure or correct any ambiguity or defective or inconsistent provision, clerical omission, mistake or manifest error contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to bring the Trust Agreement into
 conformity with applicable laws, rules and policies of Securities Authorities, stock
 exchanges on which the Units are listed or with current practice within the securities industry,
 provided that any such amendment does not adversely affect the rights, privileges or interests
 of any Unitholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where the Exemptive Relief has
 been amended, modified, supplemented or replaced, to reflect any changes to the definitions
 of "Facility", "Storage Agreements", "Storage Jurisdictions"
 or "Warehouse Provider", to the extent permitted by such amended, modified, supplemented
 or replaced Exemptive Relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add or amend a redemption feature
 for any class of units that is necessary or advisable in connection with the Trust undertaking
 to list such class of units on a U.S. stock exchange, or so that the Trust may qualify as
 a "unit trust" for purposes of the Tax Act, in either case as determined by the
 Manager in its discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide added protection or benefit to Unitholders.

**Unitholder Approval**

Subject to the provisions of the Trust Agreement, certain matters relating to the Trust and the Trust Agreement require approval by Unitholders. Such approval must be given at a meeting duly called for that purpose or by written resolution. Any provision of the Trust Agreement may be amended, deleted, expanded or varied with the approval of Unitholders for the following purposes by resolution passed by an ordinary resolution, other than (a) and (b) below which require approval of Unitholders by an extraordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change in the
 investment objective of the Trust or the investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the Investment and
 Operating Restrictions of the Trust, unless such change or changes are necessary to ensure
 compliance with Applicable Laws or other requirements imposed from time to time by stock
 exchanges on which the Units are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any change in the basis of calculating
 a fee or expense that is charged to the Trust or directly to Unitholders by the Trust or
 the Manager in connection with the holding of Units which could result in an increase in
 charges to the Trust or to Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the introduction of a fee or expense
 to be charged to the Trust or directly to Unitholders by the Trust or the Manager in connection
 with the holding of Units which could result in an increase in charges to the Trust or to
 Unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reduction in the frequency of
 calculating the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net
 Asset Value or the Class Net Asset Value per Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change in the Manager, unless
 the successor manager is an affiliate of the current Manager or the successor manager occurs
 primarily as a result of a Manager reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Trust undertakes
 a reorganization with, or transfers its assets to, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust ceases to continue after the reorganization or transfer
 of assets, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction results in Unitholders
 becoming unitholders in the other investment fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trust undertakes
 a reorganization with, or acquires assets from, another investment fund, if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust continues after the reorganization or acquisition
of assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction results in the unitholders
 of the other investment fund becoming Unitholders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transaction would be a material
 change to the Trust.

Despite the foregoing, the approval of Unitholders is not required to be obtained for a change referred to in (c) above if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust is at arm's length to
 the Person charging the fee or expense to the Trust which is changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Disclosure Documents disclose
 that, although the approval of Unitholders will not be obtained before making the change,
 Unitholders will be sent a written notice at least 60 days before the effective date of the
 change that is to be made which could result in an increase in charges to the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the notice referred to above is
 sent 60 days before the effective date of the change.

Despite the foregoing, the approval of Unitholders is not required to be obtained for a change referred to in (g) above if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Independent Review Committee has approved the change in
 accordance with NI 81-107;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust is being reorganized
 with, or its assets are being transferred to, another investment fund to which NI 81-102
 and NI 81-107 apply and that is managed by the Manager or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reorganization or transfer
 of assets of the Trust complies with the criteria set forth in NI 81-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Disclosure Documents disclose
 that, although the approval of Unitholders will not be obtained before making the change,
 Unitholders will be sent a written notice at least 60 days before the effective date of the
 change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the notice to Unitholders referred
 to above is sent 60 days before the effective date of the change.

Any reorganization or transfer of assets pursuant to (g) or (h) above, including a transaction approved by the Independent Review Committee, must satisfy certain additional criteria as set forth in the Trust Agreement.

In addition, any material amendment, modification or variation in the provisions of, or rights attaching to, a particular class or series of a class of units must be approved by an extraordinary resolution of the unitholders of that class or series of a class of units, as the case may be.

The approval of Unitholders of any amendment, deletion, expansion or variation of the Trust Agreement reasonably required or advisable (as determined by the Manager acting in good faith) for, or in connection with, the listing or potential listing of the Units on a U.S. stock exchange shall only require a resolution approved, in person or by proxy, by Unitholders representing not less than 50% of the Units or a written resolution signed by Unitholders holding not less than 50% of the Units.

Notice of any amendment shall be given in writing to Unitholders and any such amendment shall take effect on a date to be specified therein, which date shall be not less than 60 days after notice of the amendment is given to Unitholders, except that the Manager and the Trustee may agree that any amendment shall become effective at an earlier date if, in the opinion of the Manager and the Trustee, an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any Unitholder.

**Unitholder Reporting**

The Manager shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made by the Auditor. A copy of such statements, together with the Auditor's report thereon, shall be filed with the appropriate Securities Authorities pursuant to applicable laws. The Manager will provide to Unitholders a copy of the audited annual financial statements of the Trust within 90 days of each fiscal year-end as well as unaudited semi-annual interim financial statements of the Trust, within the timelines required under applicable Securities Legislation. The Manager will also prepare, file and deliver to Unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable Securities Legislation.

**TERMINATION OF THE TRUST**

The Trust does not have a fixed termination date but will be terminated in the event there are no Units outstanding; the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective; the Manager resigns and no successor manager is appointed by the Manager and approved by Unitholders by the time the resignation becomes effective; the Manager is, in the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by Unitholders; the Manager experiences certain insolvency events; or the assets of the Manager are seized or confiscated by a public or governmental authority. In addition, the Manager may, in its discretion, terminate the Trust, without Unitholder approval, if, in the opinion of the Manager, after consulting with the Independent Review Committee, the value of the net assets of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the Unitholders to terminate the Trust, by giving the Trustee and each holder of Units at the time at least 90 days' notice. To the extent such termination in the discretion of the Manager may involve a matter that would be a "conflict of interest matter" as set forth under applicable Securities Legislation, the matter will be referred by the Manager to Independent Review Committee for its recommendation. In connection with the termination of the Trust, the Trust will, to the extent possible, convert its assets into cash and, after paying or making adequate provision for all of the Trust's liabilities, distribute the net assets of the Trust to Unitholders, on a pro rata basis, as soon as practicable after the termination date.

**USE OF PROCEEDS**

The estimated net proceeds from the Offering, after deducting the Underwriters' commissions and the estimated expenses of the offering, will be US$94 million (or US$108.25 million if the Underwriters fully exercise their Over-Allotment Option).

The Trust will use the net proceeds of the Offering to acquire Copper in accordance with the Trust's investment objective and subject to the Trust's investment and operating restrictions described herein. The Trust intends to use approximately 90% of the net proceeds of the Offering to acquire the Copper as soon as practicable following the Closing. See "Fees and Expenses".

**REDEMPTION OF UNITS**

Subject to the terms of the Trust Agreement and the Manager's right to suspend redemptions in the circumstances described below, and the other limitations to which redemptions are subject as described below, Units may be redeemed at the option of a Unitholder on a semi-annual basis for physical Copper or cash. All redemptions will be determined using U.S. dollars, regardless of whether the redeemed Units were acquired on the TSX or another exchange or trading facility.

**Redemptions for Copper**

Unitholders whose Units are redeemed for Copper will be entitled to receive a redemption price equal to the aggregate value of the Class Net Asset Value per Unit of the redeemed Units as at the Valuation Time on the applicable Redemption Date for the Notice Period during which the redemption request is received. Except as provided under "Redemption of Units—Semi-annual Limitation on Redemptions" below, redemption requests must be for amounts that are at least equivalent to the value of one Minimum Physical Redemption Lot or an integral multiple thereof, plus applicable expenses. A "Minimum Physical Redemption Lot" means the equivalent of 100 metric tonnes of Copper. Any fractional amount of redemption proceeds (adjusted for applicable expenses) payable in excess of a Minimum Physical Redemption Lot or an integral multiple thereof, but below an incremental Minimum Physical Redemption Lot (or, if reduced pursuant to the limitations described below in "Redemption of Units—Semi-annual Limitation on Redemptions" to a fractional amount that is less than a Minimum Physical Redemption Lot), will, in the Manager's sole discretion, be paid in Copper or the equivalent value in cash at a rate equal to 100% of the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date that represents such excess amount. A Unitholder redeeming Units for Copper will be responsible for the expenses incurred in connection with effecting the redemption including, to the extent required, sales or other value-added taxes (as determined by the Manager in its sole discretion) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the Copper Redemption Notice, the transfer of the Copper for the Units that are being redeemed and the applicable fees charged by the Designated Facility in connection with such redemption, including but not limited to ownership transfer fees.

*Procedure to Redeem for Copper*

Except as provided under "Redemption of Units—Semi-annual Limitation on Redemptions" below, a Unitholder that owns a sufficient number of Units who desires to exercise redemption privileges for physical Copper must do so by instructing his, her or its broker, who must be a CDS participant, to deliver to the Registrar and Transfer Agent on behalf of the Unitholder a Copper Redemption Notice. A Copper Redemption Notice must be received by the Registrar and Transfer Agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Copper Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during the next Notice Period. Any Copper Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.

Except as provided under "Redemption of Units—Suspension of Redemptions" below, by instructing a broker, who must be a CDS participant, to deliver to the Registrar and Transfer Agent a Copper Redemption Notice, the Unitholder will be deemed to have irrevocably surrendered his, her or its Units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.

Once a Copper Redemption Notice is received by the Registrar and Transfer Agent, the Registrar and Transfer Agent, together with the Manager, will determine whether such Copper Redemption Notice complies with the applicable requirements, is, subject to the limitations described in "Redemption of Units—Semi-annual Limitation on Redemptions" below, for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses, contains "in warehouse" transfer and delivery instructions that are acceptable to the Designated Facility (including an identified account in good standing with the Designated Facility), and, to the extent required (as determined by the Manager in its sole discretion), any tax identification information, resale certificate or other sales or value-added tax related information. If the Registrar and Transfer Agent and the Manager determine that the Copper Redemption Notice complies with all applicable requirements, the Registrar and Transfer Agent will provide a notice to such redeeming Unitholder's broker, who must be a CDS participant, confirming that the Copper Redemption Notice was received and determined to be complete.

Any Copper Redemption Notice delivered to the Registrar and Transfer Agent regarding a Unitholder's intent to redeem Units that the Registrar and Transfer Agent or the Manager, in their sole discretion, determines to be incomplete, not in proper form, not duly executed or, subject to the limitations described in "Redemption of Units—Semi-annual Limitation on Redemptions" below, for an amount (taking into account applicable expenses) of Copper less than at least one Minimum Physical Redemption Lot shall for all purposes be void and of no effect, and the redemption privilege to which it relates shall be considered for all purposes not to have been exercised thereby. If the Registrar and Transfer Agent and the Manager determine that the Copper Redemption Notice does not comply with the applicable requirements, the Registrar and Transfer Agent will provide a notice explaining the deficiency to the Unitholder's broker. If the Copper Redemption Notice is determined to have complied with the applicable requirements, the Registrar and Transfer Agent and the Manager will determine as at the Valuation Time on the applicable Redemption Date the amount of Copper and the amount of cash that will be delivered to the redeeming Unitholder. Also on such applicable Redemption Date, the redeeming Unitholder's broker, who must be a CDS participant, will deliver the redeemed Units to CDS for cancellation.

Based on instructions from the Manager, the Designated Facility will arrange for "in warehouse" transfer and delivery of the requisite amount of Copper from the Trust's holdings of Copper at the Designated Facility to the Unitholder's account at the Designated Facility. As directed by the Manager, any cash to be received by a redeeming Unitholder in connection with a redemption of Units for Copper will be delivered or caused to be delivered by the Manager to the Unitholder's brokerage account within approximately 15 Business Days of the applicable Redemption Date.

*Redemption of Units – Transfer of Copper to the Redeeming Unitholder*

On or before the fifth Business Day of April of each year and on or before the fifth Business Day of October of each year, the Manager shall designate the Facility where the transfer of Copper will occur for, and which shall be the Designated Facility for the purposes of, the nearest following Redemption Date. Such designation shall be made available on the website established by the Manager from time to time for the Trust, which as of the date hereof is: https://sprott.com/investment-strategies/physical-commodity-funds/copper/ (the "**Trust's Website**").

A Unitholder redeeming Units for Copper will receive the Copper via an "in warehouse" transfer and delivery from the Trust's holdings of Copper at the Designated Facility to the Unitholder's account at the Designated Facility. Copper received by a Unitholder as a result of a redemption of Units will be transferred pursuant to delivery instructions provided by the Unitholder and shall only be delivered to an account established by the Unitholder at the Designated Facility. The Designated Facility shall be engaged by, or on behalf of, the redeeming Unitholder.

Costs associated with the redemption of Units and the transfer of Copper will be borne by the redeeming Unitholder. The redeeming Unitholder will also be responsible for any and all fees charged by the Designated Facility, including any transfer or setup fees. Upon request, the Manager will provide Unitholders interested in redeeming Units for Copper with an estimate of the current costs associated with the transfer of Copper pursuant to the Unitholder's transfer and delivery instructions.

The transfer of Copper in connection with a redemption of Units will occur as soon as practicable and, in any event, approximately 15 Business Days after the applicable Redemption Date, subject to the timelines, policies and procedures at any Designated Facility.

*Exceptions to Redemption for Copper*

Unitholders that are constituted and authorized as undertakings for collective investment in transferable securities (UCITS) or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving Copper may only redeem Units for cash pursuant to the Trust Agreement.

**Redemptions for Cash**

Unitholders whose Units are redeemed for cash will be entitled to receive a redemption price per Unit equal to 95% of the lesser of (i) the volume-weighted average trading price (in U.S. dollars) of the Units traded on the TSX, for the five trading days ending on the applicable Redemption Date; and (ii) the Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date, less an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value of the redeemed Units as at the Valuation Time on the applicable Redemption Date to offset the handling, logistical requirements and administration in connection with a redemption of Units for cash.

Cash proceeds from the redemption of Units will be transferred to a redeeming Unitholder approximately 15 Business Days following the applicable Redemption Date, subject to the terms of and conditions of the sales of Copper by the Trust to fund the cash redemption amount.

**Procedure to Redeem for Cash**

To redeem Units for cash, a Unitholder must instruct the Unitholder's broker, who must be a CDS participant, to deliver a Cash Redemption Notice to the Registrar and Transfer Agent. A Cash Redemption Notice must be received by the Registrar and Transfer Agent between 9:00 a.m. on the first day of the applicable Notice Period and 4:00 p.m. on the last day of the applicable Notice Period. Any Cash Redemption Notice received outside of a Notice Period will not be processed, will be void and, in order to be processed, must be re-submitted during a Notice Period. Any Cash Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust.

Except as provided under "Redemption of Units—Suspension of Redemptions" below, by instructing his, her or its broker, who must be a CDS participant, to deliver to the Registrar and Transfer Agent a Cash Redemption Notice, the redeeming Unitholder will be deemed to have irrevocably surrendered his, her or its Units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such exercise.

Any Cash Redemption Notice delivered to the Registrar and Transfer Agent regarding a Unitholder's intent to redeem Units that the Registrar and Transfer Agent or the Manager determines to be incomplete, not in proper form or not duly executed will for all purposes be void and of no effect and the redemption privilege to which it relates will be considered for all purposes not to have been exercised thereby. For each Cash Redemption Notice, the Registrar and Transfer Agent will notify the redeeming Unitholder's broker, who must be a CDS participant, that such Cash Redemption Notice has been deemed insufficient or accepted and duly processed, as the case may be.

The Registrar and Transfer Agent and the Manager will determine as at the Valuation Time on the applicable Redemption Date the amount of cash that will be delivered to the redeeming Unitholder. Also on such Redemption Date, the redeeming Unitholder's broker, who must be a CDS participant, will deliver the redeemed Units to CDS for cancellation.

***Canadian Tax Implications of Redemption***

Pursuant to the Trust Agreement, the Manager, in its sole discretion, may allocate and, where applicable, designate to a Unitholder who has redeemed Units during a year an amount equal to any net income or net realized capital gains realized by the Trust for the year as a result of the disposition of any of the Trust's property to satisfy the Copper Redemption Notice or the Cash Redemption Notice, as the case may be, given by such Unitholder or such other amount that is determined by the Manager to be reasonable. See "Material Canadian Federal Income Tax Considerations".

***Suspension of Redemptions***

The Manager, on behalf of the Trust, may suspend the right of Unitholders to request a redemption of their Units or postpone the date of delivery or payment of the redemption proceeds (whether Copper and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having jurisdiction, where required, for any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the Manager to determine the Net Asset Value of the Trust and the Net Asset Value per Unit.

In the event of any such suspension, the Manager shall issue a press release announcing the suspension and shall advise the Trustee, the Trust's valuation agent and any other agents appointed by the Manager, as applicable. The suspension may apply to all requests for redemption received prior to the suspension, but as for which payment has not been made, as well as to all requests received while the suspension is in effect. All Unitholders making such requests will be advised by the Manager of the suspension and that the redemption shall be effected at a price determined on the first Valuation Date that the Net Asset Value per Unit is calculated following the termination of the suspension. All such Unitholders will have, and will be advised that during such suspension of redemptions that they have, the right to withdraw their requests for redemption. The suspension will terminate in any event on the first Business Day on which the condition giving rise to the suspension has ceased to exist or when the Manager has determined that such condition no longer exists, provided that no other condition under which a suspension is authorized then exists, at which time the Manager shall issue a press release announcing the termination of the suspension and will advise the Trustee, the Trust's valuation agent and any other agents appointed by the Manager, as applicable. Subject to applicable Canadian and U.S. securities laws, any declaration of suspension made by the Manager, on behalf of the Trust, will be conclusive.

***Suspension of Calculation of Net Asset Value Per Unit***

During any period in which the right of Unitholders to request a redemption of their Units for Copper and/or cash is suspended, the Manager, on behalf of the Trust, will direct the Trust's valuation agent to suspend the calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class Net Asset Value and the Class Net Asset Value per Unit. During any such period of suspension, the Trust will not issue or redeem any Units. In the event of any such suspension or termination thereof, the Manager shall issue a press release announcing the suspension or the termination of such suspension, as the case may be. See "Calculation of Net Asset Value – Suspension of Calculation of Net Asset Value Per Unit".

***Semi-annual Limitation on Redemptions***

Pursuant to the terms of the Trust Agreement, the aggregate number of Units that may be redeemed on any Redemption Date shall not exceed 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period. In the event that the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period exceeds 1.5% of the number of Units outstanding as at the close of business on the last day of the applicable Notice Period, then the number of Units to be redeemed pursuant to any valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period shall be deemed for all purposes (other than determining the validity of a Copper Redemption Notice on the basis of such Copper Redemption Notice being for an amount of Copper that is equal to at least one Minimum Physical Redemption Lot plus applicable expenses) to be a pro rata amount (rounded down to the nearest whole number of Units) of an amount equal to 1.5% of the number of Units outstanding at the close of business on the last day of the applicable Notice Period. Such pro-rationing will be equal to the product (rounded down to the nearest whole number) of (i) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice received during the applicable Notice Period, multiplied by (ii) the quotient of (A) the number of Units originally set out in such valid Copper Redemption Notice or valid Cash Redemption Notice, divided by (B) the aggregate number of Units originally set out in valid Copper Redemption Notices and valid Cash Redemption Notices received during the applicable Notice Period. The applicable pro rata amounts shall be calculated by the Manager and be subject to adjustment at the discretion of the Manager acting in good faith to give effect to the intention of this provision of the Trust Agreement.

**PLAN OF DISTRIBUTION**

**General**

Pursuant to an underwriting agreement dated May 31, 2024 among the Trust, the Manager, and the Underwriters (the "**Underwriting Agreement**"), the Trust has agreed to sell and the Underwriters have severally agreed to purchase on Closing an aggregate of 10 million Units pursuant to the Offering at a price of US$10.00 per Unit for aggregate gross proceeds of US$100,000,000 payable in cash to the Trust, against delivery of the Units on the Closing Date or such later date as the Trust and the Underwriters agree, but no later than June 20, 2024, subject to and in compliance with all of the necessary legal requirements and conditions contained in the Underwriting Agreement.

In consideration for their services in connection with the Offering, the Trust has agreed to pay the Underwriters a fee equal to US$0.50 per Unit (being 5.0% of the Offering Price), including any Units forming part of the Over-Allotment Option, but excluding any Units sold to purchasers on the President's List in respect of which no fee shall be payable. It is estimated that the total expenses of the Offering, not including the Underwriters' Fee, will be approximately US$1 million. All such expenses of the Offering will be paid by the Trust. The Underwriters may form a selling group including other qualified investment dealers and determine the fee payable to the members of such group, which fee will be paid by the Underwriters out of their fees.

Prior to the Offering, there was no public market for the Units. The Offering Price was determined by negotiation among the Trust, the Manager, and the Underwriters and the Underwriters propose to offer the Units initially at the Offering Price. After the Underwriters have made a reasonable effort to sell all of the Units at the price specified on the cover page of this prospectus, the Offering Price may be decreased and may be further changed from time to time to an amount not greater than that set out on the cover page of this prospectus, and the compensation realized by the Underwriters will be decreased by the amount that the aggregate price paid by the purchasers for the Units is less than the price paid by the Underwriters to the Trust. Any such reduction will not affect the net proceeds received by the Trust. The Underwriters may form a selling group including other qualified investment dealers and determine the fee payable to the members of such group, which fee will be paid by the Underwriters out of their fees.

Pursuant to the Underwriting Agreement, the Trust has granted to the Underwriters the Over-Allotment Option, which is exercisable, in whole or in part, at any time for a period of 30 days after Closing to purchase from the Trust up to an additional 1.5 million Units (representing 15% of the aggregate number of Units sold pursuant to the Offering) on the same terms as set forth above for the purpose of covering the Underwriters' over-allocation position, if any, and consequential market stabilization. If the Over-Allotment Option is exercised in full, the total Price to the Public will be US$115 million, the Underwriters' Fee will be US$5.75 million, and the Net Proceeds to the Trust will be US$109.25 million (before deducting the expenses of the Offering). This prospectus also qualifies the grant of the Over-Allotment Option and the distribution of the Units to be delivered upon the exercise of the Over-Allotment Option. A purchaser who acquires Units forming part of the Underwriters' over-allocation position acquires such Units under this prospectus, regardless of whether the Underwriters' over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

Under the terms of the Underwriting Agreement, the Underwriters may, at their discretion, terminate the Underwriting Agreement upon the occurrence of certain events, including "material change out and "market out" clauses. The Underwriters are, however, severally obligated to take up and pay for all of the Units that they have agreed to purchase if any of the Units are purchased under the Underwriting Agreement. Pursuant to the Underwriting Agreement, the Trust has agreed that it will not, directly or indirectly, without the prior written consent of the Joint Bookrunners, issue, sell, grant any option for the sale of, or otherwise dispose or monetize, or offer to announce any intention to do so, in a public offering or by way of private placement or otherwise, any Unit, retained interest securities, or any securities convertible or exchangeable into Unit for a period of 90 days after the date of Closing.

We have severally agreed to indemnify the Underwriters and each of their affiliates and their respective directors, officers, employees and agents against certain liabilities, including, without restriction, civil liabilities under Securities Legislation, and to contribute to any payments that the Underwriters may be required to make in respect thereof.

The TSX has conditionally approved the listing of the Units on the TSX under the symbols "COP.U" (U.S. dollar denominated) and "COP.UN" (Canadian dollar denominated). Listing is subject to the Trust's fulfilment of all of the initial listing requirements and conditions of the TSX, and there can be no guarantee that the Trust will do so. Closing is conditional on the Units being listed on the TSX.

There is currently no market through which the Units may be sold. This may affect the pricing of the Units in the secondary market, the transparency and availability of trading prices, the liquidity of the Units and the extent of issuer regulation. See "Risk Factors". Subscriptions for Units will be received subject to rejection or allocation in whole or in part and the right is reserved to close the subscription books at any time without notice. The Closing is expected to occur on June 6, 2024 or such other date as the Trust and the Underwriters may agree, but in any event not later than June 20, 2024.

The Offering is being made in each of the provinces and territories of Canada. The Units will be offered in each of the provinces and territories of Canada through the Underwriters or their affiliates who are registered to offer the Units for sale in such provinces and territories and such other registered dealers as may be designated by the Underwriters.

The Units have not been, and will not be, registered under the U.S. Securities Act or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Each Underwriter has agreed that it will not offer or sell Units within the United States, except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. The Underwriting Agreement provides that the Underwriters may re-offer and re-sell the Units that they have acquired pursuant to the Underwriting Agreement in the United States to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in accordance with Rule 144A under the U.S. Securities Act. The Trust may also offer and sell the Units in the United States, through the U.S. registered broker-dealer affiliates of the Underwriters, as placement agents, to a limited number of "accredited investors" (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act), on a substituted purchaser basis pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by Section 4(a)(2) thereof and pursuant to similar exemptions under applicable state securities laws.

The Underwriting Agreement also provides that the Underwriters may offer and sell the Units outside the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. In addition, until 40 days after the commencement of the Offering, an offer or sale of the Units within the United States by any dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act if such offer or sale is made otherwise than in accordance with an exemption from registration under the U.S. Securities Act.

**Price Stabilization, Short Positions and Passive Market Making**

Stabilizing transactions consist of bids or purchases made for the purpose of preventing or retarding a decline in the market price of the Units while the Offering is in progress. These transactions may also include over-allocating or making short sales of the Units, which involves the sale by the Underwriters of a greater number of Units than they are required to purchase in the Offering. Short sales may be "covered short sales", which are short positions in an amount not greater than the Over-Allotment Option, or may be "naked short sales", which are short positions in excess of that amount.

The Underwriters may close out any covered short position either by exercising the Over-Allotment Option, in whole or in part, or by purchasing Units in the open market. In making this determination, the Underwriters will consider, among other things, the price of Units available for purchase in the open market compared with the price at which they may purchase Units from the Trust through the Over-Allotment Option.

The Underwriters must close out any naked short position by purchasing Units in the open market. A naked short position is more likely to be created if the Underwriters are concerned that there may be downward pressure on the price of the Units in the open market. Any naked short sales will form part of the Underwriters' over-allocation position. A purchaser who acquires Units forming part of the Underwriters' over-allocation position resulting from any covered short sales or naked short sales will, in each case, acquire such Units under this prospectus, regardless of whether the Underwriters' over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

In addition, in accordance with rules and policy statements of certain Canadian securities regulatory authorities and the Universal Market Integrity Rules for Canadian Marketplaces ("**UMIR**"), the Underwriters may not, at any time during the period of distribution, bid for or purchase Units. The foregoing restriction is, however, subject to exceptions where the bid or purchase is not made for the purpose of creating actual or apparent active trading in, or raising the price of the Units. These exceptions include a bid or purchase permitted under the by-laws and rules of applicable regulatory authorities and the TSX, including UMIR, relating to market stabilization and passive market making activities and a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of distribution.

As a result of these activities, the price of the Units may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the Underwriters at any time. The Underwriters may carry out these transactions on any stock exchange on which the Units are listed, in the over-the-counter market, or otherwise.

**Non-Certificated Inventory System**

No certificates representing the Units to be sold in the Offering will be issued to purchasers under this prospectus. Registration will be made in the depository service of CDS, or to its nominee, and electronically deposited with CDS on the Closing Date. Each purchaser of Units will receive only a customer confirmation of purchase from the participants in the CDS depository service ("**CDS Participants**") from or through which such Units are purchased, in accordance with the practices and procedures of such CDS Participant. Transfers of ownership of Units in Canada will be effected through records maintained by the CDS Participants, which include securities brokers and dealers, banks and trust companies. Indirect access to the CDS book entry system is also available to other institutions that maintain custodial relationships with a CDS Participant, either directly or indirectly.

**PRINCIPAL UNITHOLDERS OF THE TRUST**

Prior to the Offering, the Trust has issued on April 12, 2024 one Unit, in exchange for the purchase price of US$10.00, in connection with the formation of the Trust. This Unit is owned by and registered in the name of the settlor of the Trust, Lara Misner, who is the Chief Compliance Officer of Manager GP, and will be presented for cancellation upon the completion of the Offering. No other Units have been issued by the Trust.

**LEGAL PROCEEDINGS**

The Manager is not aware of any legal or administrative proceedings outstanding, threatened or pending as of the date hereof by or against the Trust or the Manager or relating to the business that would be material to a purchaser of Units.

**LEGAL MATTERS**

The matters referred to under "Eligibility Under the Tax Act for Investment by Canadian Exempt Plans" and "Material Canadian Federal Income Tax Considerations", as well as certain other legal matters relating to the issue and sale of the Units, will be passed upon on our behalf by Stikeman Elliott LLP and on behalf of the Underwriters by McCarthy Tétrault LLP. As at the date of this prospectus, the partners and associates of each of Stikeman Elliott LLP and McCarthy Tétrault LLP beneficially own, directly and indirectly, less than 1% of our outstanding securities or other property, or our affiliates. See "Principal Unitholders of the Trust".

As a non-redeemable investment fund, the Trust is required to post certain regulatory disclosure documents on the Trust's Website. The internet address of the Trust's Website is https://sprott.com/investment-strategies/physical-commodity-funds/copper/. This internet address is provided here only as a convenience to you, and the information contained on or connected to the Trust's Website is not incorporated into, and does not form part of, this prospectus.

**MATERIAL CONTRACTS**

The only material contracts entered into by the Trust to which it is or will become a party on or prior to the Closing are as follows:

1. the
 Trust Agreement described under "Overview of the Structure of the Trust – Overview
 of the Trust Agreement";

2. the
 Management Agreement referred to under "Organization and Management Details of the Trust
 – Manager of the Trust"; and

3. the
 Underwriting Agreement referred to under "Plan of Distribution".

Copies of these material contracts will also be filed under the Trust's SEDAR+ profile at www.sedarplus.com. You may also obtain copies of these material contracts by requesting them in writing or by telephone at the following address and phone number: Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1 and (416) 943-8099.

**EXEMPTIONS AND APPROVALS**

The Manager has applied for, and expects to receive, Exemptive Relief from the Canadian securities regulatory authorities for relief from NI 81-102 to permit the Trust to appoint the Warehouse Providers as custodians of the Trust's Copper.

**PURCHASERS' STATUTORY RIGHTS**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two Business Days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal adviser.

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**KPMG LLP**

Bay Adelaide Centre

333 Bay Street, Suite 4600

Toronto, ON M5H 2S5

Canada

Telephone 416 777 8500

Fax 416 777 8818

**INDEPENDENT AUDITOR'S REPORT**

To Sprott Asset Management LP and the Unitholder of Sprott Physical Copper Trust

***Opinion***

We have audited the financial statements of Sprott Physical Copper Trust (the Entity), which comprise:

· the
 statement of financial position as at April 19, 2024

· the
 statement of changes in unitholder's equity for the period from inception on April 12,
 2024 to April 19, 2024

· the
 statement of cash flows for the period from inception on April 12, 2024 to April 19,
 2024

· and
 notes to the financial statements, including a summary of material accounting policy information

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Entity as at April 19, 2024 and its financial performance and its cash flows for the period from inception on April 12, 2024 to April 19, 2024 in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

***Basis for Opinion***

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "***Auditor's Responsibilities for the Audit of the Financial Statements***" section of our auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated<br> with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

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***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Entity's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

· Identify
 and assess the risks of material misstatement of the financial statements, whether due to
 fraud or error, design and perform audit procedures responsive to those risks, and obtain
 audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain
 an understanding of internal control relevant to the audit in order to design audit procedures
 that are appropriate in the circumstances, but not for the purpose of expressing an opinion
 on the effectiveness of the Entity's internal control.

· Evaluate
 the appropriateness of accounting policies used and the reasonableness of accounting estimates
 and related disclosures made by management.

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· Conclude
 on the appropriateness of management's use of the going concern basis of accounting and,
 based on the audit evidence obtained, whether a material uncertainty exists related to events
 or conditions that may cast significant doubt on the Entity's ability to continue as a going
 concern. If we conclude that a material uncertainty exists, we are required to draw attention
 in our auditor's report to the related disclosures in the financial statements or, if such
 disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
 evidence obtained up to the date of our auditor's report. However, future events or conditions
 may cause the Entity to cease to continue as a going concern.

· Evaluate
 the overall presentation, structure and content of the financial statements, including the
 disclosures, and whether the financial statements represent the underlying transactions and
 events in a manner that achieves fair presentation.

· Communicate
 with those charged with governance regarding, among other matters, the planned scope and
 timing of the audit and significant audit findings, including any significant deficiencies
 in internal control that we identify during our audit.

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Chartered Professional Accountants, Licenced Public Accountants

Toronto, Canada

May 10, 2024

**SPROTT PHYSICAL COPPER TRUST**

**FINANCIAL STATEMENTS**

**Sprott Physical Copper Trust**

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Statement of Financial Position<br> *(in U.S. dollars)*

**As at April 19, 2024**

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| | |
|:---|:---|
| **Assets** |  |
| Cash | $10 |
| **Unitholder's equity** |  |
| Unitholder's capital (Note 1): |  |
| Units (1 Unit) | $10 |

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*The accompanying notes are an integral part of these financial statements*

**Sprott Physical Copper Trust**

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Statement of Changes in Unitholder's Equity<br> *(in U.S. dollars, except unit amounts)*

**For the period from inception on April 12, 2024<br> to April 19, 2024**

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| | | |
|:---|:---|:---|
|  | Number | Amount ($) |
| Unitholder's equity – beginning of period |  |  |
| Issuance of trust unit | 1 | $10 |
| Unitholder's equity – end of period | 1 | $10 |

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*The accompanying notes are an integral part of these financial statements*

**Sprott Physical Copper Trust**

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Statement of Cash Flows<br> *(in U.S. dollars)*

**For the period from inception on April 12, 2024<br> to April 19, 2024**

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| | |
|:---|:---|
| **Financing activities** |  |
| Issuance of trust unit | $10 |
| Cash flow from financing activities | $10 |
| Cash, beginning of period | - |
| **Cash, end of period** | $10 |

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*The accompanying notes are an integral part of these financial statements*

**SPROTT PHYSICAL COPPER TRUST**

<br> **NOTES TO THE FINANCIAL STATEMENTS**

**As at and for the period ended April 19, 2024**

*(in U.S. dollars, unless otherwise noted)*

**1. Organization of the Trust**

Sprott Physical Copper Trust (the '**Trust**') is a closed-end trust established under the laws of the Province of Ontario, Canada pursuant to an amended and restated trust agreement dated as of May 10, 2024 ("Trust Agreement"). Sprott Asset Management LP (the "**Manager**") is the manager of the Trust and the initial trustee. The Manager is a registered investment fund manager, portfolio manager and wholly-owned subsidiary of Sprott Inc. ("**Sprott**"), a public company whose common shares are listed on the Toronto Stock Exchange (the "**TSX**") and the New York Stock Exchange. The Trust is authorized to issue an unlimited number of units ("**Units**") in one or more classes and series of Units. Each Unit of a class represents an equal, fractional, beneficial interest in the net assets of the Trust attributable to that class or series of a class of Units. Units are transferable or redeemable (on a limited, semi-annual basis), at the option of the Unitholder in accordance with the provisions set forth in the Trust Agreement. The aggregate number of units that may be redeemed shall not exceed 1.5% of the number of Units outstanding at each redemption period. The Trust's registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1.

For the period from April 12, 2024 to April 19, 2024, the Trust had no operations.

The Trust will be managed by Sprott Asset Management LP utilizing WMC Group B.V. to advise and assist with all activities involving copper. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the sole Trustee of the Trust effective May 10, 2024. RBC Investor Services Trust also acts as custodian for the Trust's assets other than physical copper. The Copper owned by the Trust will be stored at London Metals Exchange or Chicago Mercantile Exchange approved storage or similar facilities for Copper. The Trust will enter into storage agreements to store such Copper.

The Trust will apply to list the Units on the TSX under the symbols "COP.U" (U.S. dollar denominated) and "COP.UN" (Canadian dollar denominated). Listing is subject to approval by the TSX of the listing application and the Trust fulfilling all of the initial listing requirements and conditions of the TSX. The TSX has not conditionally approved the listing of the Units on the TSX and there is no assurance that it will do so.

**2. Basis of preparation**

The Trust's financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board ("IFRS"). These are the first set of financial statements of the Trust prepared under IFRS. As there have been no operations during the period, a statement of income and comprehensive income has not been prepared. Going forward, the Trust's financial reporting year end will be December 31.

<u>Use of estimates</u>

In preparing these financial statements, management has made estimates. In developing these estimations, management has made judgements and assumptions about the future that affect the application of the Trust's accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

These financial statements are presented in U.S. dollars, which is the Trust's functional currency.

These financial statements were authorized for issue by the Manager on May 10, 2024.

**3. Material accounting policy**

<u>Financial assets and liabilities</u>

Cash includes deposits held with banks. Cash is recorded at amortized cost, which is equivalent to its fair value.

**4. Management fee and additional fees**

The Trust will pay the Manager, a monthly management fee equal to <sup>1</sup>⁄12 of 0.50% of the value of the net assets of the Trust (determined in accordance with the Trust's trust agreement), plus any applicable sales taxes. The management fee will be calculated and accrued daily and payable monthly in arrears on the last day of each month.

Pursuant to the management agreement dated May 10, 2024, the Manager will be entitled to (i) a procurement fee which is equal to 1% of the total purchase price of the copper purchased or sold, less brokerage costs, plus applicable taxes; and (ii) an enhancement fee equal to 50% of the profit of all other transactions involving Copper, which are not outright purchases or sales of Copper.

**5. Operating expenses**

The Trust pays its own expenses incurred in connection with the ongoing operation and administration of the Trust, which include, but are not limited to, audit, legal, and trustee fees, unitholder reporting expenses, general and administrative fees, filing and listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical copper bullion, and any expenses associated with the Independent Review Committee of the Trust.

**6. Related party transactions**

On April 12, 2024, the Trust issued one Unit for $10 cash to an employee of the Manager, as a first settlor of the Trust.

**CERTIFICATE OF THE TRUST AND THE MANAGER**

Dated: May 31, 2024

This prospectus constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces and territories of Canada.

**SPROTT PHYSICAL COPPER TRUST**

By its manager, **SPROTT ASSET MANAGEMENT LP**

by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**

(signed) John Ciampaglia (signed) Varinder Bhathal <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors of<br> **SPROTT ASSET MANAGEMENT GP INC.**

(signed) Whitney George (signed) Kevin Hibbert <br> Director Director

**CERTIFICATE OF THE PROMOTER**

Dated: May 31, 2024

This prospectus constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces and territories of Canada.

**SPROTT ASSET MANAGEMENT LP**<br> by its general partner, **SPROTT ASSET MANAGEMENT GP INC.**

(signed) John Ciampaglia (signed) Varinder Bhathal <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors of

**SPROTT ASSET MANAGEMENT GP INC.**

(signed) Whitney George (signed) Kevin Hibbert <br> Director Director

**CERTIFICATE OF THE UNDERWRITERS**

Dated: May 31, 2024

To the best of our knowledge, information and belief, this prospectus constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of each of the provinces and territories of Canada.

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| | | |
|:---|:---|:---|
| **CANACCORD GENUITY <br> CORP.** | **BMO NESBITT BURNS INC.** | **CANTOR FITZGERALD <br> CANADA CORPORATION** |

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(signed) David Sadowski (signed) Joshua Goldfarb (signed) Elan Shevel

**RBC DOMINION SECURITIES INC.**

(signed) Valerie Tan

**TD SECURITIES INC.**

(signed) Vivian Sze

## Exhibit 99.10

**Exhibit 99.10**

*This short form prospectus has been filed under legislation in all provinces and territories of Canada that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.*

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.*** *This short form prospectus constitutes a public offering of the securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.*

***Information has been incorporated by reference in this short form base shelf prospectus from documents filed with the securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from Sprott Asset Management LP, the manager of Sprott Physical Copper Trust, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Telephone: (416) 943-8099 and are also available electronically at www.sedarplus.com.*

**SHORT FORM BASE SHELF PROSPECTUS**

*<u>New Issue</u>* July 3, 2024

![](tm263976d1_ex99-11img001.jpg)

**SPROTT PHYSICAL COPPER TRUST**

**US$1,000,000,000<br> Trust Units**

Sprott Physical Copper Trust (the "**Trust**") may offer from time to time, during the 25-month period that this short form base shelf prospectus (including any amendments hereto) (this "**prospectus**") remains effective, up to US$1,000,000,000 of transferable trust units (the "**trust units**"). Each trust unit represents an equal, fractional, undivided beneficial interest in the net assets of the Trust attributable to the particular class of trust units. To date, the Trust has issued only one class or series of trust units, which is the class of trust units that will be qualified by this prospectus. The Trust is a closed-end trust established under the laws of the Province of Ontario and is managed by Sprott Asset Management LP (the "**Manager**"). See "Sprott Physical Copper Trust — Management of the Trust — The Manager" for further information about the Manager. The Trust was established to invest and hold substantially all of its assets in physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully allocated or stored at a Facility (as defined below) ("**Copper**"). For the purposes of this prospectus, "**Grade 1 Cathode**" means physical copper metal cathode that, at the time of purchase by the Trust, satisfies the Chicago Mercantile Exchange standards for classification as a Grade 1 electrolytic copper cathode, and "**Grade A Cathode**" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the London Metals Exchange standards for classification as Grade A copper. See "Sprott Physical Copper Trust — Business of the Trust — Investment Objectives of the Trust" for further information about the Trust's investment objectives.

The specific terms of the trust units offered, including the number of trust units offered and the offering price (or the manner of determination thereof if offered on a non-fixed price basis, including sales in transactions that are deemed to be "at-the-market" distributions as defined in National Instrument 44-102 – *Shelf Distribution* ("**NI 44-102**")), will be described in supplements to this prospectus (each a "**prospectus supplement**"). All shelf information omitted from this prospectus under applicable laws will be contained in one or more prospectus supplements. Each prospectus supplement will be incorporated by reference into this prospectus for the purposes of securities legislation as of the date of the prospectus supplement and only for the purposes of the distribution of the trust units to which the prospectus supplement pertains. A prospectus supplement may include specific terms pertaining to the trust units that are not within the alternatives or parameters described in this prospectus. You should read this prospectus and any applicable prospectus supplement carefully before you invest.

This prospectus may qualify an "at-the-market distribution" as defined in NI 44-102.

The trust units are listed and posted for trading on the Toronto Stock Exchange (the "**TSX**") under the symbols "COP.UN" (Canadian dollar denominated) and "COP.U" (U.S. dollar denominated). On July 2, 2024, the last trading day prior to the date hereof, the closing price of the trust units on the TSX was Cdn$12.75 (COP.UN) and US$9.23 (COP.U).

The Trust may sell the trust units to or through underwriters or dealers purchasing as principals to one or more purchasers directly, or through agents designated from time to time by the Manager on behalf of the Trust. Subject to the provisions of the Trust Agreement (as defined below) pursuant to which the Trust is governed, the trust units may be sold at fixed prices or non-fixed prices, such as prices determined by reference to the prevailing market price of the trust units or at prices to be negotiated with purchasers, which prices may vary between purchasers and during the period of distribution of the trust units. The prospectus supplement relating to a particular offering of the trust units will identify each underwriter, dealer or agent engaged by the Trust in connection with the offering and sale of the trust units, and will set forth the terms of the offering of such trust units, the method of distribution of such trust units including, to the extent applicable, the proceeds to the Trust, and any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material term of the plan of distribution. In connection with such offering, other than an "at-the-market" distribution, the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to stabilize or maintain the market price of the trust units at levels other than those which otherwise might prevail on the open market. Such transactions, if commenced, may be discontinued at any time. See "Plan of Distribution".

No underwriter or dealer involved in an "at-the-market" distribution, no affiliate of such underwriter or dealer and no person or company acting jointly or in concert with such underwriter or dealer, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the trust units or securities of the same class as the trust units distributed under the "at-the-market" prospectus including selling an aggregate number or principal amount of trust units that would result in the underwriter or dealer creating an over-allocation position in the trust units.

The Trust is not a trust company and does not carry on business as a trust company and, accordingly, the Trust is not registered under the trust company legislation of any jurisdiction. Trust units are not "deposits" within the meaning of the *Canada Deposit Insurance Corporation Act* (Canada) (the "**CDIC Act**") and are not insured under the provisions of the CDIC Act or any other legislation.

**The Trust prepares its financial statements, which are incorporated by reference in this prospectus, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").**

**Purchasing the trust units may subject you to tax consequences. This prospectus or any prospectus supplement may not describe these tax consequences fully. You should read the tax discussion in this prospectus and any applicable prospectus supplement.**

**Whitney George, a director of the GP (as defined below), resides outside of Canada. Mr. George has appointed the Trust, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, M5J 2J1, as his agent for service of process in Canada. It may not be possible for you to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the person has appointed an agent for service of process.**

**See "Risk Factors" for a discussion of certain considerations relevant to an investment in the trust units offered hereby. In the opinion of Stikeman Elliott LLP, counsel to the Trust, the trust units, once listed on the TSX, will be qualified investments for certain funds, plans and accounts under the *Income Tax Act* (Canada) (the "Tax Act") subject to the qualifications set out under the heading "Eligibility Under the Tax Act for Investment by Canadian Exempt Plans".**

- ii -

**The financial information of the Trust incorporated by reference herein is presented in U.S. dollars. Unless otherwise noted herein, all references to "$", "US$", "United States dollars", "U.S. dollars" or "dollars" are to the currency of the United States and all references to "Cdn$" or "Canadian dollars" are to the currency of Canada.**

**The registered and head office of the Trust is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, M5J 2J1.**

- iii -

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES | 2 |
| EXCHANGE RATE | 2 |
| DOCUMENTS INCORPORATED BY REFERENCE | 2 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 3 |
| SPROTT PHYSICAL COPPER TRUST | 4 |
| FEES AND EXPENSES | 8 |
| RISK FACTORS | 10 |
| USE OF PROCEEDS | 11 |
| CAPITALIZATION | 11 |
| DESCRIPTION OF THE TRUST UNITS | 12 |
| PRIOR SALES | 12 |
| MARKET PRICE OF TRUST UNITS | 12 |
| PLAN OF DISTRIBUTION | 13 |
| MATERIAL TAX CONSIDERATIONS | 14 |
| ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS | 20 |
| AUDITORS | 20 |
| LEGAL MATTERS | 20 |
| EXEMPTIONS AND APPROVALS | 20 |
| PURCHASERS' STATUTORY RIGHTS | 21 |
| CERTIFICATE OF THE TRUST AND THE MANAGER | C-1 |

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**FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES**

Unless otherwise indicated, financial information in this prospectus has been prepared in accordance with IFRS. The financial information of the Trust incorporated by reference herein is presented in U.S. dollars. **Unless otherwise noted herein, all references to "$", "US$", "United States dollars", "U.S. dollars" or "dollars" are to the currency of the United States and all references to "Cdn$" or "Canadian dollars" are to the currency of Canada.**

**EXCHANGE RATE**

The following table sets out certain exchange rates based upon the daily average rate published by the Bank of Canada. The rates are set out as United States dollars per Cdn$1.00.

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
|  | **2023** | **2022** |
| Low | $0.7207 | $0.7217 |
| High | $0.7617 | $0.8031 |
| Average | $0.7410 | $0.7692 |
| End | $0.7561 | $0.7383 |

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On July 2, 2024, the daily average rate for United States dollars in terms of Canadian dollars, as quoted by the Bank of Canada was Cdn$1.00 = US$0.7301.

**DOCUMENTS INCORPORATED BY REFERENCE**

Incorporated by reference in this prospectus is certain information contained in documents filed by the Trust with the securities regulatory authorities in each of the provinces and territories of Canada. This means that the Trust is disclosing important information to you by referring you to those documents. The information incorporated by reference is deemed to be part of this prospectus, except for any information superseded by information contained directly in this prospectus or in any other subsequently-filed document which also is or is deemed to be incorporated by reference herein.

You may obtain copies of the documents incorporated by reference in this prospectus on request without charge by contacting the Manager, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Telephone: (416) 943-8099 (toll free number: 1-855-943-8099), as well as through the sources described below under "Additional Information".

The following documents are specifically incorporated by reference in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 following sections of the prospectus of the Trust dated May 31, 2024 (the "**IPO Prospectus** "): "Overview of the Structure of the Trust", "Investment
 Objectives", "Investment Strategies", "Overview of the Sector the
 Trust Invests In", "Investment Restrictions", "Fees and Expenses",
 "Risk Factors", "Distribution Policy", "Organization and Management
 Details of the Trust" other than information contained under the subheading *"Auditor",* "Calculation of Net Asset Value", "Description of the Units",
 "Securityholder Matters", "Termination of the Trust", "Redemption
 of Units", "Principal Unitholder of the Trust", "Legal Proceedings"
 and "Material Contracts"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 audited financial statements of the Trust as at April 19, 2024, and for the period from
 inception on April 12, 2024, to April 19, 2024, and the related notes thereto,
 together with the independent auditor's report thereon dated May 10, 2024 (the
 "**IPO Financial Statements** ").

Any material change reports (other than confidential material change reports) or any document of the type referred to in section 11.1 of Form 44-101F1 of National Instrument 44-101 - *Short Form Prospectus Distributions* ("**NI 44-101**") required to be incorporated by reference herein pursuant to NI 44-101, as well as all prospectus supplements (solely for the purposes of the offering of trust units covered by that prospectus supplement unless otherwise provided therein) disclosing additional or updated information filed by the Trust with the securities regulatory authorities in Canada subsequent to the date of this prospectus and prior to 25 months from the date of issuance of the receipt for this prospectus, shall be deemed to be incorporated by reference in this prospectus.

When new documents of the type referred to in the paragraphs above are filed by the Trust with the securities regulatory authorities in Canada during the currency of this prospectus, such documents will be deemed to be incorporated by reference in this prospectus and the previous documents of the type referred to in the paragraphs above and all material change reports, unaudited interim financial statements (and management reports of fund performance of the Trust relating thereto) and certain prospectus supplements filed by the Trust with the securities regulatory authorities in Canada before the commencement of the financial year in which the new documents are filed will no longer be deemed to be incorporated by reference in this prospectus.

**A prospectus supplement containing the specific terms of any trust units offered will be deemed to be incorporated by reference in this prospectus as of the date of the prospectus supplement solely for the purposes of the offering of trust units covered by that prospectus supplement unless otherwise provided therein.**

Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement that is not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

The statements contained in this prospectus, including any documents incorporated by reference, that are not purely historical are forward-looking statements. The Trust's forward-looking statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predicts," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading
 of the trust units on the TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Trust's objectives and strategies to achieve the objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· expectations
 regarding the supply of Copper and the ability of producers to bring additional sources of
 supply online; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· expectations
 for the growth of the Copper industry, sources of and demand for Copper, and the performance
 of the Copper market.

The forward-looking statements contained in this prospectus, including any document incorporated by reference, are based on the Trust's current expectations and beliefs concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Trust's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks, uncertainties and assumptions include those factors described under the heading "Risk Factors" in this prospectus and in any prospectus supplement, as well as, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success
 in retaining or recruiting, or changes required in, the officers or key employees of the
 Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success
 in retaining or recruiting, or changes required in, the officers or key employees of any
 technical advisor appointed by the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success
 in appointing a technical advisor to provide advisory services to the Manager in respect
 of matters relating to the Trust's holding, purchases and sales of Copper.

Should one or more of these risks or uncertainties materialize, or should any of the Trust's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Trust undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**SPROTT PHYSICAL COPPER TRUST**

**The following is a summary of information pertaining to the Trust and does not contain all the information about the Trust that may be important to you. You should read the more detailed information including but not limited to the IPO Prospectus that are incorporated by reference into and are considered to be a part of this prospectus.**

**Organization of the Trust**

Sprott Physical Copper Trust was established on April 12, 2024 under the laws of the Province of Ontario, Canada, and its provisions and features are set out in an amended and restated trust agreement dated as of May 10, 2024 (the "**Trust Agreement**"). The Trust has received relief from certain provisions of National Instrument 81-102 – *Investment Funds* ("**NI 81-102**")**,** and, as such, the Trust is not subject to certain policies and regulations of the Canadian Securities Administrators that apply to other non-redeemable investment funds (as defined under applicable Canadian securities legislation). See "Exemptions and Approvals".

The Trust invests and holds substantially all of its assets in Copper and does not, nor does it anticipate, holding any other similar metal or related chemical compounds.

**Management of the Trust**

*The Manager*

Sprott Asset Management LP is the Manager of the Trust. The Manager acts as the manager of the Trust pursuant to the Trust Agreement and a management agreement between the Trust and the Manager dated as of May 10, 2024 (the "**Management Agreement**"). The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the *Limited Partnerships Act* (Ontario) by declaration dated as of September 17, 2008. The general partner of the Manager is Sprott Asset Management GP Inc. (the "**GP**"), which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17, 2008. The GP is a wholly-owned subsidiary of Sprott Inc., which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February 13, 2008. Sprott Inc. is also the sole limited partner of the Manager. Sprott Inc. is a public company whose common shares are listed and posted for trading on the TSX and the New York Stock Exchange under the symbol "SII". See "Organization and Management Details of the Trust" in the IPO Prospectus for further information.

As of March 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling approximately US$29.4 billion, and provided management and investment advisory services to many entities, including private investment funds, exchange-listed products, mutual funds and discretionary managed accounts. The Manager also acts as: (A) manager of (i) the Sprott Physical Uranium Trust, a non-redeemable investment fund whose trust units are listed and posted on the TSX that invests and holds substantially all of its assets in physical uranium, (ii) the Sprott Physical Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical silver bullion, (iii) the Sprott Physical Gold Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold bullion, (iv) the Sprott Physical Gold and Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold and silver bullion, and (v) the Sprott Physical Platinum and Palladium Trust, a closed-end mutual fund trust whose units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical platinum and palladium bullion; and (B) sub-advisor for certain funds managed by Ninepoint LP, a Canadian public mutual fund manager.

The Manager has appointed Sprott Asset Management USA, Inc. ("**SAM US**") to provide advice to the Trust with respect to copper futures and certain other Financial Instruments (as defined below). SAM US is relying on the "international adviser" exemption from the adviser registration requirements in the *Commodity Futures Act* (Ontario). SAM US is not registered as an adviser under Canadian securities or commodity legislation and, as such, is not required to comply with the same requirements that an adviser so registered under such legislation would be subject to, including those concerning proficiency, capital and insurance.

SAM US is an affiliate of the Manager. SAM US has its office, and all or substantially all of its assets, located outside of Canada. The Manager and the Trust may have difficulty enforcing any legal rights against SAM US.

The Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical, administrative and operational services. The Trust maintains a public website that contains information about the Trust and the trust units. The internet address of the website is https://sprott.com/investment-strategies/physical-commodity-funds/copper/. **This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does not form part of, this prospectus.**

*The Trustee*

RBC Investor Services Trust (the "**Trustee**"), a trust company organized under the federal laws of Canada, is the trustee of the Trust. The Trustee holds title to the Trust's assets and has, together with the Manager, exclusive authority over the assets and affairs of the Trust, provided that the Manager may also delegate certain investment management, clerical, administrative and operational services of the Trust (including without limitation to one or more technical advisors and/or investment managers), at the Manager's sole discretion, pursuant to the Trust Agreement and the Management Agreement. The Trustee has a fiduciary responsibility to act in the best interest of the unitholders. The Trustee also acts as custodian on behalf of the Trust for the Trust's assets other than Copper. Various Chicago Mercantile Exchange or London Metals Exchange-approved storage or similar facilities owned by Access World, C. Steinweg Handelsveem and P Global Services, and/or each of their respective subsidiaries, affiliates or successors and, subject to compliance with applicable securities laws and exemptive relief order regarding the custody of the Trust's Copper, such other warehouse service providers as the Manager may determine in accordance with the Trust Agreement (the "**warehouse service providers**") in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States will store the Copper owned by the Trust on behalf of the Trust (collectively, the "**Facilities**"). Under the Trust Agreement, the Manager, with the consent of the Trustee, may determine to change the custodial arrangements of the Trust.

*Principal Offices*

The Trust's office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. The Manager's office is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416) 943-8099 (toll free: 1-855-943-8099). The Trustee's office is located at 155 Wellington Street West, 10th Floor, Toronto, Ontario, Canada M5V 3L3.

**Business of the Trust**

*Recent Developments*

On June 6, 2024, the Trust announced the closing of its initial public offering of 10,000,000 trust units at a price of US$10.00 per trust unit (the "**IPO**") for gross proceeds of US$100,000,000. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "**Joint Bookrunners**") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "**Underwriters**") acted as underwriters of the IPO. The Trust also granted the Underwriters an option (the "**Over-Allotment Option**"), exercisable, in whole or in part, at any time for a period of 30 days after the closing date of the IPO, to purchase from the Trust an additional 15% of the aggregate number of trust units issued under the IPO on the same terms as the trust units offered under the IPO. On June 20, 2024, the Trust announced that the Underwriters partially exercised the Over-Allotment Option and purchased 1,000,000 trust units at the IPO price of US$10.00 per trust unit (the "**Over-Allotment Exercise**"). The Over-Allotment Exercise generated gross proceeds of US$10,000,000.

*Investment Objectives of the Trust*

The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper. The Trust does not anticipate making regular cash distributions to unitholders.

*Investment Strategies of the Trust*

The Trust's principal investment strategy is to invest primarily in long-term holdings of Copper and will not speculate with regard to short-term changes in Copper prices.

The Trust is expressly prohibited from investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and then only to the extent that its interest does not exceed 10% of the total net assets of the Trust.

The Trust may not borrow funds except under limited circumstances as set out in NI 81-102 and, in any event, not in excess of 10% of the total net assets of the Trust.

*Borrowing Arrangements*

As of the date of this prospectus, the Trust has no borrowing arrangements in place and is unleveraged. The Trust has historically not used leverage and the Manager has no intention of doing so in the future (save for the short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust's use of leverage.

*Calculating Net Asset Value*

The value of the net assets of the Trust and the net asset value for a particular class or series of a class of trust units (the "**Class Net Asset Value**") are determined daily as of 4:00 p.m., Toronto time, on each business day by the Trust's valuation agent, which is RBC Investor Services Trust. Throughout this prospectus, unless otherwise indicated, the term "business day" refers to any day on which the TSX is open for trading. In addition, the Manager may calculate the value of the net assets of the Trust, the Class Net Asset Value and the NAV per trust unit at such other times as the Manager deems appropriate. The value of the net assets of the Trust as of the valuation time on any such day is equal to the aggregate fair market value of the assets of the Trust as of such date, less an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding trust units, if any) as of such date. The valuation agent calculates the NAV by dividing the value of the net assets of the class of the Trust represented by the trust units on that day by the total number of trust units of that class then outstanding on such day. The total NAV of the Trust as of July 2, 2024 was US$98,871,109.

*Investment and Operating Restrictions*

Non-redeemable investment funds (as defined under applicable Canadian securities legislation) are subject to certain restrictions and practices contained in securities legislation, including NI 81-102, that are designed in part to ensure that the investments of the investment fund are diversified and relatively liquid and to ensure the proper administration of the investment fund. Subject to the specific exceptions from NI 81-102 set out under the section entitled "Exemptions and Approvals" of this prospectus, the Trust will be managed in accordance with these restrictions and practices.

In making investments on behalf of the Trust, the Manager is subject to certain investment and operating restrictions (the "**Investment and Operating Restrictions**"), which are set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval of unitholders in accordance with the Trust Agreement.

The Investment and Operating Restrictions are intended to be conducted in accordance with, among other things, the following investment and operating restrictions, and they provide that the Trust:

(a) will
 invest in and hold a minimum of 90% of the total net assets of the Trust in Copper (whether
 in physical form or through Financial Instruments that represent Copper) and invest in and
 hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager,
 in debt obligations guaranteed by the Government of the United States or a state thereof
 or by the Government of Canada or a province of Canada, 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 Dominion Bond Rating Service Limited or its successors or assigns or F1 (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, cash 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;

(b) will
 not issue trust units except (i) if the net proceeds per trust unit to be received by
 the Trust are not less than 100% of the most recently calculated NAV of the Trust per trust
 unit prior to, or upon, the determination of the pricing of such issuance, or (ii) by
 way of trust unit distribution in connection with a distribution;

(c) will
 not invest in Financial Instruments that represent Copper or that may be exchanged for Copper,
 other than for the purposes of Copper optimization transactions, including the use of futures,
 warrants, Chicago Mercantile Exchange or London Metals Exchange warehouse receipts, and other
 financial instruments (collectively, "**Financial Instruments** "), to complement
 the Trust's Copper procurement strategy, so long as these transactions provide value
 to the Trust and the risk associated with each transaction is minimized to the satisfaction
 of the Manager taking into account all relevant tax considerations. For the avoidance of
 doubt, Copper optimization transactions include futures contracts that correspond to a Copper
 purchase agreement;

(d) may
 not lend Copper except to other market participants, of sufficient credit quality and/or
 with appropriate credit enhancing measures, so that the risk associated with any such transaction
 and to the Trust is minimized to the satisfaction of the Manager taking into account all
 relevant tax considerations;

(e) will
 ensure that the storage of Copper is governed by agreements with the Facilities having generally
 customary terms for agreements of such nature;

(f) subject
 to (e) above, will ensure that the Copper remains unencumbered;

(g) will
 not guarantee the securities or obligations of any person other than the Manager, and then
 only in respect of the activities of the Trust;

(h) will
 not use leverage other than for short-term borrowings to settle trades;

(i) in
 connection with requirements of the Tax Act, will not invest in any security that would be
 a tax shelter investment within the meaning of section 143.2 of the Tax Act;

(j) in
 connection with requirements of the Tax Act, will not invest in the securities of any non-resident
 corporation, trust or other non-resident entity (or of any partnership that holds such securities)
 if the Trust (or the partnership) would be required to include any significant amount in
 income under sections 94, 94.1 or 94.2 of the Tax Act; and

(k) in
 connection with requirements of the Tax Act, will not carry on any business and make or hold
 any investments that would result in the Trust itself being subject to the tax for SIFT trusts
 as provided for in section 122 of the Tax Act.

*Termination of the Trust*

The Trust does not have a fixed termination date but will be terminated in the event there are no trust units outstanding, the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective, the Manager resigns and no successor manager is appointed by the Manager and approved by unitholders by the time the resignation becomes effective, the Manager is, in the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such default continues for 120 days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the unitholders of the Trust, the Manager experiences certain insolvency events or the assets of the Manager are seized or confiscated by a public or governmental authority. In addition, the Manager may, in its discretion, terminate the Trust if, in the opinion of the Manager, after consulting with the independent review committee, the value of the net assets of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the unitholders to terminate the Trust, by giving the Trustee and each holder of trust units at the time at least 90 days' notice. To the extent such termination in the discretion of the Manager may involve a matter that would be a "conflict of interest matter" as set forth under applicable Canadian securities legislation, the matter will be referred by the Manager to the Trust's independent review committee for its recommendation. In connection with the termination of the Trust, the Trust will, to the extent possible, convert its investments into cash and, after paying or making adequate provision for all of the Trust's obligations and liabilities, distribute the net assets of the Trust among the unitholders.

**FEES AND EXPENSES**

This table lists the fees and expenses that the Trust pays for the continued operation of its business and that unitholders may have to pay if they invest in the Trust. Payment of these fees and expenses will reduce the value of the unitholders' investment in the Trust.

**Fees and Expenses Payable by the Trust**

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Management Fees and Additional Fees:** | Pursuant to the Management Agreement, the ongoing operation of the Trust is managed by the Manager and the Trust will pay the Manager a monthly management fee equal to 1/12 of 0.50% of the NAV of the Trust plus any applicable federal and provincial taxes (the "**Management Fee**"). The Management Fee shall be calculated and accrued daily and payable monthly in arrears on the last day of each month. In addition, the Manager will be entitled to: (i) a procurement fee, which is equal to 1.0% of the total purchase price of the Copper purchased or sold, less brokerage costs, plus any applicable federal and provincial sales taxes (the "**Procurement Fee");** and (ii) an enhancement fee, equal to 50% of the profit on all other transactions involving Copper, which are not outright purchases or sales of Copper, such as lending and exchange transactions (the "**Enhancement Fee**"). In addition to the Management Fee, Procurement Fees and Enhancement Fees, the Trust shall reimburse the Manager for all reasonable out-of-pocket expenses (plus applicable federal and provincial taxes) incurred by the Manager in accordance with the Management Agreement. |
| **Technical Advisory Fees:** | Fees payable to any technical advisor will be paid by, and be the sole responsibility of, the Manager. In addition, the Manager will reimburse any technical advisor for out-of-pocket expenditures (including, legal costs, costs for marketing materials and market data and travel expenses) that are directly related to services provided by any technical advisor and which the Manager can recover from the Trust, including any such expenditures incurred prior to signing an agreement with any technical advisor. |
| **Operating Expenses:** | The Trust is responsible for paying the filing and listing fees of the applicable securities authorities and stock exchanges, the fees and expenses payable to the registrar and transfer agent. |

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
|  | <br> Except as otherwise described in this prospectus, the Trust is responsible for all costs and expenses incurred in connection with the on-going operation and administration of the Trust and each of its subsidiaries including but not limited to: the fees and expenses payable to and incurred by the Trustee, the fees and expenses of the Manager, the expenses of any other investment manager, the Facilities, the custodian, any sub-custodians, the registrar and transfer agent and the valuation agent of the Trust; the Facilities (including the costs of all insurance policies obtained and administrative expenses incurred in connection with storing the Copper at such Facilities); the valuation agent of the Trust; transaction and handling costs for Copper; storage fees for Copper; counterparty fees; custodian settlement fees; legal, audit, accounting, bookkeeping and record keeping fees and expenses; costs and expenses of reporting to unitholders and conducting unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable securities regulatory authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor relations; any applicable Canadian or foreign taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of trust units; costs and expenses of preparing financial and other reports; any expenses associated with the implementation and on-going operation of the independent review committee of the Trust; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the Trust. |
| **Other Fees and Expenses:**<br>| The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which, the Trustee, the Manager, any technical advisor, the Facilities, any investment manager, the custodian, any sub-custodians, the registrar and transfer agent or the valuation agent and/or any of their respective officers, directors, employees, consultants or agents is entitled to indemnity by the Trust. |

---

**Fees and Expenses Payable Directly by Unitholders**

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Redemption and Delivery Costs:** | If a unitholder chooses to receive Copper upon a redemption of trust units, such unitholder will be responsible for the expenses incurred in connection with effecting the redemption (including, to the extent required (as determined by the Manager in its sole discretion), sales or other value-added taxes) and applicable transfer and delivery expenses, including the handling, logistical requirements and administration of the redemption notice, the transfer of the Copper for the trust units that are being redeemed and the applicable fees charged by the Facility in connection with such redemption. See "Redemption of Units – Transfer of Copper to the Redeeming Unitholder" in the IPO Prospectus.<br>If a unitholder chooses to receive cash upon a redemption of trust units, such unitholder will be responsible for an administration fee payable to the Trust equal to the out-of-pocket fees, costs and expenses of the Trust associated with such redemption, including amounts payable under the Management Agreement in connection with the sale of Copper to fund the cash redemption amount, and a further administration fee payable to the Manager equal to 1.0% of the aggregate Class Net Asset Value (as defined in the paragraph "Calculating Net Asset Value" below) of the redeemed trust units. See "Redemption of Units – Redemptions for Cash" in the IPO Prospectus. |

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| | |
|:---|:---|
| **Type of Fee** | **Amount and Description** |
| **Other Fees and Expenses:** | No other charges will apply. If applicable, the unitholders may be subject to brokerage commissions or other fees associated with trading the trust units. |

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**RISK FACTORS**

You *should consider carefully the risks described below before making an investment decision. You should also refer to the other information included and incorporated by reference herein, including but not limited to the information under the heading "Risk Factors" in the IPO Prospectus. See "Documents Incorporated by Reference".*

**The Canada Revenue Agency ("CRA") tax treatment of realized gains and losses.**

The CRA has expressed the opinion that gains (or losses) resulting from certain transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that, subject to the particular facts, such transactions give rise to ordinary income rather than capital gains. As the Manager intends for the Trust to be a long-term holder of Copper and does not anticipate that the Trust will dispose of its Copper (otherwise than on a redemption of trust units or where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses), although depending on the circumstances, the Trust may instead include (or deduct) the full amount of such gains or losses in computing its income. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of any amounts distributed to unitholders, with the result that Canadian-resident unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase, and non-resident unitholders potentially could be assessed directly by the CRA for Canadian withholding tax on the amount of net gains on such transactions that were treated by the CRA as having been distributed to them. The CRA can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to non-resident unitholders that are subject to withholding tax, and typically would do so rather than assessing the non-resident unitholders directly. Accordingly, any such re-determination by the CRA may result in the Trust being liable for unremitted withholding taxes on prior distributions made to unitholders who were not resident in Canada for the purposes of the Tax Act at the time of the distribution.

**If the Trust were to carry on a business in Canada in a taxation year or acquire securities that are "non-portfolio properties", it could become subject to tax at full corporate tax rates on some or all of its income for that year.**

The Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains) realized by the Trust for Canadian tax purposes in the year so as to ensure that it will not be subject to Canadian income tax on such income. However, if the Trust were a "SIFT trust" (as defined in the Tax Act), it would effectively be taxed similarly to a corporation on income and capital gains in respect of its "non-portfolio property" (as defined in the Tax Act) at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations, and distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation. If the Trust, contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of any such business, or acquire securities that are "non-portfolio property", it could become a SIFT trust. While the Trust's investment restrictions are intended to ensure that the Trust will not be a SIFT trust, the CRA may take a different (and adverse) view of this issue and characterize the Trust as a SIFT trust.

**If the Trust experiences a "loss restriction event" it could result in unintended tax consequences for unitholders.**

The Tax Act contains loss restriction rules that could result in unintended tax consequences for unitholders, including an unscheduled distribution of income or capital gains that must be included in a unitholder's income for Canadian income tax purposes. If the Trust experiences a "loss restriction event", it will: (i) be deemed to have a year-end for Canadian tax purposes whether or not the Trust has losses (which would trigger a distribution of the Trust's net income and net realized capital gains to unitholders to ensure that the Trust itself is not subject to tax on such amounts); and (ii) the Trust will become subject to the Canadian loss restriction rules that generally apply to corporations, including a deemed realization of any unrealized capital losses and disallowance of its ability to carry forward capital losses. Generally, the Trust will be subject to a loss restriction event if a person becomes a "majority-interest beneficiary", or a group of persons becomes a "majority-interest group of beneficiaries", of the Trust, as those terms are defined in the affiliated persons rules contained in the Tax Act, with certain modifications. Generally, a majority-interest beneficiary of a Trust is a beneficiary in the income or capital, as the case may be, of the Trust who, together with the beneficial interests of persons and partnerships with whom the beneficiary is affiliated, has a fair market value that is greater than 50% of the fair market value of all the interests in the income or capital, as the case may be, of the Trust. A loss restriction event could occur because a particular unitholder or an affiliate acquires trust units. Please see "Material Tax Considerations — Canadian Taxation of Unitholders" for the tax consequences of a distribution to unitholders.

**Global events outside of the Trust's control may adversely affect the Trust's business, financial condition and results of operations.**

The Trust cautions that global events outside the Trust's control may have a significant negative effect on the Trust and may negatively impact the Trust's business, financial condition and results of operations, including the ability of the Trust to provide services. The success of the Trust's activities may be affected by general market conditions, the outbreak of pandemics or contagious diseases, armed conflict, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. Examples of recent global events include the COVID-19 pandemic, Russia's invasion of Ukraine, the Israel-Hamas war and conflict between Israel and Iran. In addition, unexpected volatility or illiquidity could have a significant negative effect on the Trust. These as well as other global or macroeconomic events may also result in market uncertainty, which could have a material adverse impact on taxation, liquidity of trust units and other unitholder rights generally.

**A delay in the purchase by the Trust of Copper with the net proceeds of an offering may result in the Trust purchasing less Copper than it could have purchased earlier.**

The Trust intends to purchase Copper with the net proceeds of an offering as described in this prospectus as soon as practicable, however, the Trust may not be able to immediately purchase all of the required Copper. If the price of Copper increases between the time of completion of an offering and the time the Trust completes its purchases of Copper, whether or not caused by the Trust's acquisition of Copper, the amount of Copper the Trust will be able to purchase will be less than it would have been able to purchase had it been able to complete its purchases immediately. In such a circumstance, the quantity of Copper purchased per trust unit will be reduced, which will have a negative effect on the value of the trust units.

**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 Copper, including market trends and the sentiment of investors towards Copper.

**USE OF PROCEEDS**

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 to acquire Copper in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described herein. See "Sprott Physical Copper Trust — Business of the Trust — Investment Objectives of the Trust" and "Investment and Operating Restrictions".

**CAPITALIZATION**

On July 2, 2024, the total NAV of the Trust and the NAV per trust unit were US$98,871,109 and US$8.99, respectively, and there were a total of 11,000,000 trust units issued and outstanding.

**DESCRIPTION OF THE TRUST UNITS**

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. Subject to amendment in accordance with the Trust Agreement, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of trust units and into one or more series of each such class of trust units, the attributes that shall attach to each class or series of trust units and whether any class or series of trust units should be redesignated as a different class or series from time to time. Each trust unit of a class or series of a class represents an undivided beneficial 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 per trust unit to be received by the Trust are not less than 100% of the most recently calculated NAV per trust unit immediately prior to, or upon, the determination of the pricing of such issuance; (ii) by way of trust unit distribution in connection with a distribution; or (iii) with the approval of unitholders by extraordinary resolution and subject to applicable securities legislation.

Registration or transfers of the trust units will be made through the non-certificated inventory system of CDS Clearing and Depository Services Inc., which holds the trust units on behalf of its participants (i.e., brokers), which in turn may hold the trust units on behalf of their customers.

References in this prospectus to a holder of trust units or unitholder mean, unless the context otherwise requires, the owner of the beneficial interest in such trust units.

The Trust and the Manager do not have any liability for: (i) records maintained by a depository relating to the beneficial interests in the trust units or the accounts maintained by such depositary; (ii) maintaining, supervising or reviewing any records relating to such beneficial ownership interests; or (iii) any advice or representation made or given by a depositary and made or given with respect to the rules and regulations of the depositary or any action taken by a depositary or at the direction of the depositary's participants.

The Trust has the option to terminate registration of the trust units through the non-certificated inventory system in which case certificates for trust units in fully registered form will be issued to beneficial owners of such trust units or to their nominees.

**PRIOR SALES**

The following table summarizes the trust units that have been issued from treasury during the 12-month period before the date of this prospectus.

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| | | |
|:---|:---|:---|
| **Date** | **Price Per Trust Unit (US$)** | **Number of Trust Units Issued** |
| April 12, 2024 | $10.00 | 1 |
| June 6, 2024 | $10.00 | 10000000 |
| June 20, 2024 | $10.00 | 1000000 |

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**MARKET PRICE OF TRUST UNITS**

The trust units are traded on the TSX under the symbols "COP.UN" (Canadian dollar denominated) and "COP.U" (U.S. dollar denominated), respectively. The following table sets forth the reported high and low trading prices and average trading volume of the trust units on the TSX (as reported by TSX) for each month during the 12-month period before the date of this prospectus.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** |
| <br>**Calendar Period** | **High <br> (US$ - <br> COP.U)** | **Low <br> (US$ - <br> COP.U)** | **Average <br> Volume** | **High <br> (Cdn$ - <br> COP.UN)** | **Low <br> (Cdn$ - <br> COP.UN)** | **Average <br> Volume** |
| June 6 – June 30, 2024 | 10.05 | 9.20 | 33983 | 14.00 | 12.50 | 5316 |
| July 1 – 2, 2024 | 9.23 | 9.23 |  | 12.75 | 12.75 | 301 |

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**PLAN OF DISTRIBUTION**

The Trust may sell the trust units to or through underwriters or dealers purchasing as principals to one or more purchasers directly, or through agents designated from time to time by the Manager on behalf of the Trust. Subject to the provisions of the Trust Agreement pursuant to which the Trust is governed, the trust units may be sold at fixed prices or non-fixed prices, such as prices determined by reference to the prevailing market price of the trust units at the time of sale or at prices to be negotiated with purchasers, which prices may vary between purchasers and during the period of distribution of the trust units. The prospectus supplement for any of the trust units being offered thereby will set forth the terms of the offering of such trust units, including the name or names of underwriters, dealers or agents, any underwriting discounts and other items constituting underwriters' compensation, any public offering price (or the manner of determination thereof if offered on a non-fixed price basis, including sales in transactions that are deemed to be "at-the-market" distributions as defined in NI 44-102) and any discounts or concessions allowed or paid to dealers or agents. Only underwriters so named in the relevant prospectus supplement will be deemed to be underwriters in connection with the trust units offered thereby.

In accordance with paragraph 9.3(2) of NI 81-102, the issue price of the trust units will not (a) as far as reasonably practicable, be a price that causes dilution of the NAV of the Trust's other outstanding securities at the time of issue and (b) be a price that is less than the most recently calculated NAV per trust unit. Accordingly, the trust units sold pursuant to the offering will not be sold at an issue price that is less than 100% of the most recently calculated NAV per trust unit immediately prior to, or upon, the determination of the pricing of such issuance.

If underwriters are used in connection with an offering, other than an "at-the-market" distribution, the trust units will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase such trust units will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the trust units offered by the prospectus supplement if any of such trust units are purchased. Any public offering price and any discounts or concessions allowed or paid to dealers may be changed from time to time.

In connection with an offering, the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix or stabilize the market price of the trust units at a level above that which might otherwise prevail in the open market. An over-allotment, if any, involves sales in excess of the offering size, which creates a short position. Stabilizing transactions involve bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. These transactions may cause the price of the trust units sold in an offering to be higher than they would otherwise be. The size of the over-allotment, if any, is not known at this time. Such transactions, if commenced, may be discontinued at any time.

No underwriter or dealer involved in an "at-the-market" distribution, no affiliate of such underwriter or dealer, and no person or company acting jointly or in concert with such underwriter or dealer, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the trust units or securities of the same class as the trust units distributed under the "at-the-market" prospectus including selling an aggregate number or principal amount of trust units that would result in the underwriter or dealer creating an over-allocation position in the trust units.

The trust units may also be sold directly by the Trust at such prices and upon such terms as are agreed to by the Manager, on behalf of the Trust, and the purchaser or through agents designated by the Manager on behalf of the Trust from time to time. Any agent involved in the offering and sale of the trust units in respect of which this prospectus is delivered will be named, and any commissions payable by the Trust to such agent will be set forth, in a prospectus supplement. Unless otherwise indicated in the prospectus supplement, any agent would be acting on a best-efforts basis for the period of its appointment.

Underwriters, dealers and agents who participate in the distribution of the trust units may be entitled, under agreements to be entered into with the Trust, to indemnification by the Trust against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof.

**MATERIAL TAX CONSIDERATIONS**

**Material Canadian Federal Income Tax Considerations**

The following is, as of the date hereof, a general description of the principal Canadian federal income tax considerations generally applicable under the Tax Act to the acquisition, holding and disposition of trust units by a unitholder. This description is generally applicable to a unitholder who deals at arm's length and is not affiliated with the Trust and holds trust units as capital property. Trust units will generally be considered capital property to a unitholder unless the unitholder holds the trust units in the course of carrying on a business of trading or dealing in securities or has acquired the trust units in a transaction or transactions considered to be an adventure in the nature of trade.

This description is not applicable to a unitholder: (i) that is a "financial institution", (ii) that is a "specified financial institution", (iii) that has elected to determine its Canadian tax results in accordance with the "functional currency" rules, (iv) an interest in which is a "tax shelter investment", or (v) who enters into a "derivative forward agreement" with respect to the trust units (as all such terms are defined in the Tax Act). This description assumes that the Trust is not subject to a "loss restriction event", as defined in the Tax Act. In addition, this description does not address the deductibility of interest by a unitholder who has borrowed to acquire trust units. All such unitholders should consult with their own tax advisors.

This description is also based on the assumption (discussed below under "Material Tax Considerations – Material Canadian Federal Income Tax Considerations — SIFT Trust Rules") that the Trust will at no time be a "SIFT trust" as defined in the Tax Act.

This description is based on the current provisions of the Tax Act, the regulations thereunder, all specific proposals to amend the Tax Act and the regulations publicly announced by the Minister of Finance (Canada) prior to the date hereof (the "**Tax Proposals"),** and an understanding of the current administrative and assessing policies of the CRA. There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any assurance that the CRA will not change its administrative or assessing practices. This description further assumes that the Trust will comply with the Trust Agreement and that the Manager and the Trust will comply with a certificate issued to Canadian counsel regarding certain factual matters. Except for the Tax Proposals, this description does not otherwise take into account or anticipate any change in the law, whether by legislative, governmental or judicial decision or action, which may affect adversely any income tax consequences described herein, and does not take into account provincial, territorial or foreign tax considerations, which may differ significantly from those described herein.

**This description is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in trust units. Moreover, the income and other tax consequences of acquiring, holding or disposing of trust units will vary depending on a taxpayer's particular circumstances. Accordingly, this description is of a general nature only and is not intended to constitute legal or tax advice to any unitholder or prospective purchaser of trust units. You should consult with your own tax advisors about tax consequences of an investment in trust units based on your particular circumstances.**

*Currency Conversion*

For the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of trust units (including distributions, adjusted cost base and proceeds of disposition), or transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in United States dollars must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the day on which the amount first arose or such other rate of exchange as is acceptable to the CRA.

*Status of the Trust*

Although interests in the Trust are described by reference to units, the Trust is not a "unit trust" as defined in the Tax Act and therefore is not a "mutual fund trust" as defined in the Tax Act. The consequences of not qualifying for such designations under the Tax Act are described below under the heading "Material Tax Considerations – Material Canadian Federal Income Tax Considerations – Canadian Taxation of the Trust".

Pursuant to the Trust Agreement, the Trust shall take such steps as necessary or advisable so that the Trust may qualify as a "unit trust" for purposes of the Tax Act prior to April 11, 2045, as determined by the Manager in its discretion. If such event does not occur, the adverse income tax considerations applicable to the Trust could be material. However, the discussion of Canadian tax consequences herein describes the tax consequences of the Trust not qualifying as a unit trust and a mutual fund trust, as is currently the case, and does not anticipate any changes to the status of the Trust.

*Canadian Taxation of the Trust*

The Trust will generally be subject to tax in each taxation year under Part I of the Tax Act on the amount of its income for the year, including net realized taxable capital gains, less the portion thereof that it claims in respect of the amount paid or payable to the unitholders in such taxation year. An amount will be considered to be payable to a unitholder in a taxation year if it is paid in the year by the Trust or the unitholder is entitled in that year to enforce payment of it.

In computing its income for purposes of the Tax Act, the Trust may deduct reasonable administrative costs and other reasonable expenses incurred by it for the purpose of earning income. However, because the Trust does not qualify as a unit trust, it may not deduct from its income for the year a portion of any reasonable expenses incurred by the Trust to issue the trust units.

Under the currently enacted rules in the Tax Act, one-half of the amount of any capital gain (a "**taxable capital gain**") realized by the Trust in a taxation year must be included in computing the Trust's income for the year, and one-half of the amount of any capital loss (an "**allowable capital loss**") realized by the Trust in a taxation year must be deducted against any taxable capital gains realized by the Trust in the year. Any excess of allowable capital losses over taxable capital gains for a taxation year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized by the Trust to the extent and under the circumstances described in the Tax Act. Because the Trust will not qualify as a mutual fund trust, it will not be entitled to reduce (or receive a refund in respect of) its liability, if any, for any tax arising on its capital gains for a particular taxation year.

Pursuant to Tax Proposals released on June 10, 2024 (the "**Capital Gains Proposals**"), subject to certain transitional rules, the portion of a capital gain or capital loss included in the taxable capital gain or allowable capital loss of the Trust is increased from one-half to two-thirds in respect of dispositions made by the Trust on or after June 25, 2024. The Capital Gains Proposals are discussed in more detail below under "Canadian Taxation of Unitholders – Unitholders Resident in Canada".

The CRA has expressed the opinion that gains (or losses) of trusts resulting from transactions in commodities should generally be treated for purposes of the Tax Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital gains — although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian counsel, the holding by the Trust of Copper with no intention of disposing of such Copper likely would not represent an adventure in the nature of trade so that a disposition of Copper that previously had been acquired without such intention would likely give rise to a capital gain (or capital loss) to the Trust. As the Manager intends for the Trust to be a long-term holder of Copper and does not anticipate that the Trust will dispose of its Copper (otherwise than on a redemption of trust units or where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or losses) as a result of dispositions of Copper as capital gains (or capital losses), although depending on the circumstances, the Trust may instead include (or deduct) the full amount of such gains or losses in computing its income. If the CRA were to assess or re-assess the Trust on the basis that gains realized on dispositions of Copper were not on capital account, then the Trust could be required to pay Canadian income tax on such gains under Part I of the Tax Act to the extent such gains were not distributed to unitholders, and could be liable for taxes, penalties and interest under Part XIII of the Tax Act in connection with withholding tax which was not withheld on distributions to non-residents, which could reduce the NAV for all unitholders.

Losses incurred by the Trust in a taxation year cannot be allocated to unitholders, but may be deducted by the Trust in future years in accordance with the Tax Act.

Having regard to the Trust Agreement, the Trust is required to make distributions in each year to Trust unitholders in an amount sufficient to ensure that the Trust will generally not be liable for tax under Part I of the Tax Act in any year. Income of the Trust payable to unitholders, whether in cash, additional units or otherwise, will generally be deductible by the Trust in computing its taxable income. However, there are circumstances in which the Trust, despite making such distributions, may be liable for alternative minimum tax.

If the Trust does not qualify as a unit trust within the meaning of the Tax Act, on the day that is 21 years after the date of its creation (or on each 21-year anniversary day thereafter) the Trust may be deemed at that time to have disposed of, and reacquired, certain capital property for fair market value for the purposes of the Tax Act. Accordingly, the Trust would be subject to tax under Part I of the Tax Act on the taxable capital gains arising from such deemed disposition, less the portion thereof that it claims in respect of amounts paid or payable to the Trust unitholders in the taxation year.

*SIFT Trust Rules*

The Trust will be a "SIFT trust" as defined in the Tax Act for a taxation year of the Trust if in that year the trust units are listed or traded on a stock exchange or other public market and the Trust holds one or more "non-portfolio properties," as defined in the Tax Act. If the Trust were a SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation.

Copper and other property of the Trust will be non-portfolio property if such property is used by the Trust (or by a person or partnership with which it does not deal at arm's length within the meaning of the Tax Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of "securities" (the term "security" is broadly defined in the Tax Act) of other entities could also be non-portfolio property.

The Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. The mere holding by the Trust of Copper as capital property (or as an adventure in the nature of trade) would not represent the use of such property in carrying on a business in Canada and, therefore, would not by itself cause the Trust to be a SIFT trust.

**Canadian Taxation of Unitholders**

*Unitholders Resident in Canada*

This part of the general description of the principal Canadian federal income tax considerations is applicable to a unitholder who, for the purposes of the Tax Act and any applicable tax treaty, is, or is deemed to be, resident in Canada at all relevant times (a "Canadian unitholder"). This portion of the description is primarily directed at unitholders who are individuals. Unitholders who are Canadian resident corporations, trusts or other entities should consult their own tax advisors regarding their particular circumstances.

Canadian unitholders will generally be required to include in their income for tax purposes for a particular year the portion of the income of the Trust for that particular taxation year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian unitholder in the particular taxation year, whether such amount is received in additional trust units or cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains as is paid or payable to a Canadian unitholder will effectively retain its character and be treated as such in the hands of the unitholder for purposes of the Tax Act, and would be subject to the Capital Gains Proposals discussed below.

The non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian unitholder in a taxation year will not be included in computing the Canadian unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian unitholder in such year also will not generally be included in the Canadian unitholder's income for the year. However, where such other amount is paid or payable to a Canadian unitholder (other than as proceeds of disposition of trust units), the Canadian unitholder generally will be required to reduce the adjusted cost base of a trust unit to the Canadian unitholder by such amount. To the extent that the adjusted cost base of a trust unit would otherwise be less than zero, the negative amount will be deemed to be a capital gain realized by the Canadian unitholder from the disposition of the trust unit and the Canadian unitholder's adjusted cost base in respect of the trust unit will be increased by the amount of such deemed capital gain to zero.

Upon the actual or deemed disposition of a trust unit (including on a redemption), a capital gain (or a capital loss) will generally be realized to the extent that the proceeds of disposition of the trust unit exceed (or are exceeded by) the aggregate of the adjusted cost base of the trust unit to the Canadian unitholder and any costs of disposition. For the purpose of determining the adjusted cost base to a Canadian unitholder of a trust unit, when a trust unit is acquired, the cost of the newly acquired trust unit will be averaged with the adjusted cost base of all trust units owned by the Canadian unitholder as capital property that were acquired before that time. For this purpose, the cost of trust units that have been issued as an additional distribution will generally be equal to the amount of the net income or capital gain distributed to the Canadian unitholder in trust units. A consolidation of trust units following a distribution paid in the form of additional trust units will not be regarded as a disposition of trust units and will not affect the aggregate adjusted cost base to a Canadian unitholder of trust units.

Under the currently enacted rules in the Tax Act, one-half of capital gains ("**taxable capital gains**") are included in an individual's income and one-half of capital losses ("**allowable capital losses**") are generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three taxation years and forward indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax Act. Capital gains realized by individuals may give rise to alternative minimum tax.

The Capital Gains Proposals increase a Canadian unitholder's capital gains inclusion rate for a taxation year ending after June 24, 2024 from one-half to two-thirds, subject to a transitional rule applicable for a Canadian unitholder's 2024 taxation year that would reduce the capital gains inclusion rate for that taxation year to, in effect, be one-half for net capital gains realized before June 25, 2024. The Capital Gains Proposals also include provisions that generally offset the increase in the capital gains inclusion rate for up to $250,000 of capital gains realized by a Canadian unitholder that is an individual (excluding a trust) in a year, calculated net of any capital losses incurred in the year (or the portion of the year ending after June 24, 2024 in the case of the 2024 taxation year), and which are not offset by net capital losses from prior years which are deducted against taxable capital gains in the year. If the Capital Gains Proposals are enacted as proposed, capital losses realized prior to June 25, 2024 which are deductible against capital gains included in income for the 2024 or subsequent taxation years will offset an equivalent capital gain regardless of the inclusion rate which applied at the time such capital losses were realized.

Pursuant to the Capital Gains Proposals, net capital gains of the Trust that are included in the Canadian unitholder's income for the year (and for which appropriate designations are made by the Trust) should benefit from the lower 50% capital gains inclusion rate to the Canadian unitholder up to the $250,000 annual threshold discussed above. For the taxation year of the Trust that begins before June 25, 2024 and ends after June 24, 2024, based on the Capital Gains Proposals, the amount designated to unitholders in respect of the Trust's net taxable capital gains will be grossed up (doubled for gains in the pre-June 25, 2024 period and increased by 3/2 for gains in the post-June 24, 2024 period) and deemed to be capital gains realized by the Canadian unitholder in the period that the Trust disposed of the relevant capital property (either pre-June 25, 2024 or post-June 24, 2024). The Trust will be required to disclose to its unitholders in prescribed form the portion of the deemed capital gains that relates to dispositions of property that occurred in each period. If the Trust does not disclose this information, the deemed capital gains would be deemed to have been realized after June 24, 2024. The Trust also has the option of electing the deemed capital gains allocated to its unitholders to have been realized by them proportionally within the two periods based on the number of days in each period divided by the number of days in the Trust's taxation year. Canadian unitholders should consult their own tax advisors having regard to their own circumstances.

If, at any time, the Trust delivers Copper to any Canadian unitholder upon a redemption of a Canadian unitholder's trust units, the Canadian unitholder's proceeds of disposition of the trust units will generally be equal to the aggregate of the fair market value of the distributed Copper and the amount of any cash received, less the amount of any capital gain or income realized by the Trust as a result of the disposition of such Copper which is allocated to the Canadian unitholder. The cost of any Copper distributed by the Trust in specie will generally be equal to the fair market value of such Copper at the time of the distribution. Pursuant to the Trust Agreement, the Trust has the authority to distribute, allocate and designate any taxable capital gains or income of the Trust to a Canadian unitholder who has redeemed trust units during a year in an amount equal to the taxable capital gains or income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing Copper to a unitholder who has redeemed trust units for such Copper, and any taxable capital gains or income realized by the Trust before, at or after the redemption as a result of selling Copper in order to fund the payment of cash redemption proceeds), or such other amount that is determined by the Trust to be reasonable. Any such allocations will reduce the redeeming Canadian unitholder's proceeds of disposition for the purposes of the Tax Act.

The Manager anticipates that the Trust generally will treat gains as a result of dispositions of Copper as capital gains (see above under "Material Tax Considerations – Material Canadian Federal Income Tax Considerations — Canadian Taxation of the Trust") and that such capital gains generally will be designated as taxable capital gains of the unitholders. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of amounts distributed to unitholders, with the result that Canadian unitholders could be reassessed by the CRA to increase their taxable income by the amount of such increase.

*Unitholders Not Resident in Canada*

This portion of the description is applicable to a unitholder who, at all relevant times for purposes of the Tax Act, has not been and is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold its trust units in connection with a business that the unitholder carries on, or is deemed to carry on, in Canada at any time, and is not an insurer or bank who carries on an insurance or banking business or is deemed to carry on an insurance or banking business in Canada and elsewhere (a "**Non-Canadian unitholder**"). Prospective non-resident purchasers of trust units should consult their own tax advisors to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances.

Any amount paid or credited by the Trust to a Non-Canadian unitholder as income of or from the Trust, whether such amount is received in additional trust units or cash generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and the Non-Canadian unitholder's jurisdiction of residence. Pursuant to the *Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital,* as amended (the "**Treaty"),** a Non-Canadian unitholder who is a resident of the United States and entitled to benefits under the Treaty will generally be entitled to have the rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the Trust. A Non-Canadian unitholder that is a religious, scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United States may be exempt from Canadian withholding tax under the Treaty, provided that certain administrative procedures are observed regarding the registration of such unitholder.

Any amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian unitholder (including the non-taxable portion of capital gains realized by the Trust) generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian unitholder, otherwise than as proceeds of disposition or deemed disposition of trust units or any part thereof, the amount generally will reduce the adjusted cost base of the trust units held by such Non-Canadian unitholder. (However, the non-taxable portion of net realized capital gains of the Trust that is paid or payable to a Non-Canadian unitholder will not reduce the adjusted cost base of the trust units held by the Non-Canadian unitholder.) If, as a result of such reduction, the adjusted cost base to the Non-Canadian unitholder in any taxation year of trust units would otherwise be a negative amount, the Non-Canadian unitholder will be deemed to realize a capital gain in such amount for that year from the disposition of trust units. Such capital gain will not be subject to tax under the Tax Act, unless the trust units represent "taxable Canadian property" to such Non-Canadian unitholder. The Non-Canadian unitholder's adjusted cost base in respect of trust units will, immediately after the realization of such capital gain, be zero.

A disposition or deemed disposition of a trust unit by a Non-Canadian unitholder will not give rise to any capital gain subject to tax under the Tax Act, provided that the trust unit does not constitute "taxable Canadian property" of the Non-Canadian unitholder for purposes of the Tax Act. Trust units will not be "taxable Canadian property" of a Non-Canadian unitholder unless at any time during the 60-month period immediately preceding their disposition by such Non-Canadian unitholder, the trust units derived directly or indirectly more than 50% of their fair market value from any combination of "Canadian resource properties" (which definition in the Tax Act does not include Copper), real or immovable property situated in Canada, timber resource properties (as defined in the Tax Act) or options in respect of, or interests in, or for civil law rights in, such properties, whether or not such property exists, or the trust units were otherwise deemed to be taxable Canadian property. Assuming that the Trust adheres to its mandate to invest and hold substantially all of its assets in Copper, the trust units should not be taxable Canadian property.

Even if trust units held by a Non-Canadian unitholder were "taxable Canadian property", a capital gain from the disposition of trust units may be exempted from tax under the Tax Act pursuant to an applicable income tax treaty or convention. A capital gain realized on the disposition of trust units by a Non-Canadian unitholder entitled to benefits under the Treaty (and who is not a former resident of Canada for purposes of the Treaty) should be exempt from tax under the Tax Act.

Non-Canadian unitholders whose trust units constitute "taxable Canadian property" and who are not entitled to relief under an applicable income tax treaty are referred to the discussion above under "Material Tax Considerations — Canadian Taxation of Unitholders — Unitholders Resident in Canada" relating to the Canadian tax consequences in respect of a disposition of a trust unit.

**International Information Reporting**

Generally, investors will be required to provide their dealer with information related to their tax residency or citizenship and, if applicable, a foreign tax identification number. If an investor does not provide the information or is identified as a U.S. citizen or a foreign (including U.S.) tax resident, additional details about the investor and their investment in the Trust will be reported to the CRA, unless the investment is held within a Registered Plan (as defined below) but excluding, in the case of information reporting to the United States, a FHSA (as defined below) (however, based on the current administrative position of the CRA, FHSAs are not required to be reported to the CRA in any event). The CRA will provide that information to the U.S. Internal Revenue Service (in the case of U.S. tax residents or citizens) or the relevant tax authority of any country that is a signatory of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information or that has otherwise agreed to a bilateral information exchange with Canada.

**Taxation of Registered Plans**

Provided that the trust units are listed on a "designated stock exchange" (which currently includes the TSX) for purposes of the Tax Act, the trust units, if issued on the date hereof, will be qualified investments under the Tax Act and the regulations thereunder for deferred profit sharing plans, tax-free savings accounts ("**TFSAs**"), first home savings accounts ("**FHSAs**"), registered disability savings plans ("**RDSPs**"), registered education savings plans ("**RESPs**"), registered retirement savings plan ("**RRSPs**") and registered retirement income funds ("**RRIFs**") (collectively, "**Registered Plans**").

Notwithstanding that the trust units may be qualified investments for RRSPs, RRIFs, RESPs, RDSPs, FHSAs and TFSAs, the subscriber of a RESP, the holder of a RDSP, FHSA or TFSA, or the annuitant under a RRSP or RRIF, as the case may be, will be subject to penalty taxes in respect of the trust units if such properties are a "prohibited investment" (as defined in the Tax Act) for the RESP, RDSP, FHSA, TFSA, RRSP or RRIF, as applicable. Trust units will not generally be a prohibited investment provided that the subscriber, holder or annuitant, as applicable, deals at arm's length with the Trust for purposes of the Tax Act and does not have a "significant interest" (within the meaning of the Tax Act) in the Trust. Generally, a subscriber, holder or annuitant, as the case may be, will not have a "significant interest" in the Trust unless the subscriber, holder, or annuitant, as the case may be, owns interests as a beneficiary under the Trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the Trust, either alone or together with persons and partnerships with which the subscriber, holder or annuitant, as the case may be, does not deal at arm's length. In addition, the trust units will not be a "prohibited investment" if such units are "excluded property" as defined in the Tax Act for a trust governed by a RESP, RDSP, FHSA, TFSA, RRSP or RRIF.

Amounts of income and capital gains included in a Registered Plan's income are generally not taxable under Part I of the Tax Act, provided that the trust units are qualified investments for the Registered Plan. Unitholders should consult their own advisors regarding the tax implications of establishing, amending, terminating or withdrawing amounts from a Registered Plan.

**ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS**

In the opinion of Stikeman Elliott LLP, counsel for the Trust, provided that the trust units are listed on a "designated stock exchange" (which currently includes the TSX) for purposes of the Tax Act, the trust units, if issued on the date hereof, will be qualified investments under the Tax Act and the regulations thereunder for RRSPs, RRIFs, deferred profit sharing plans, RDSPs, RESPs, FHSAs and TFSAs.

Notwithstanding that the trust units may be qualified investments for RESPs, RDSPs, FHSAs, TFSAs, RRSPs and RRIFs, the subscriber of a RESP, the holder of a RDSP, FHSA or TFSA, as the case may be, or the annuitant under an RRSP or RRIF, as the case may be, will be subject to penalty taxes in respect of the trust units if such properties are a "prohibited investment" for the RESP, RDSP, FHSA, TFSA, RRSP or RRIF, as applicable. Trust units will not generally be a prohibited investment provided that the subscriber, holder or annuitant, as applicable, deals at arm's length with the Trust for purposes of the Tax Act and does not have a "significant interest" in the Trust. Generally, a subscriber, holder or annuitant, as the case may be, will not have a "significant interest" in the Trust unless the subscriber, holder, or annuitant, as the case may be, owns interests as a beneficiary under the Trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the Trust, either alone or together with persons and partnerships with which the subscriber, holder or annuitant, as the case may be, does not deal at arm's length. In addition, the trust units will not be a "prohibited investment" if such units are "excluded property" as defined in the Tax Act for a trust governed by a RESP, RDSP, FHSA, TFSA, RRSP or RRIF.

**AUDITORS**

The IPO Financial Statements incorporated by reference in this prospectus have been audited by KPMG LLP, Chartered Professional Accountants, Licensed Public Accountants, as stated in their report, which is incorporated by reference herein. KPMG LLP has advised the Trust and the Manager that it is independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation in respect of the period covered by the IPO Financial Statements.

**LEGAL MATTERS**

Certain legal matters relating to the trust units offered by this prospectus will be passed upon for us by Stikeman Elliott LLP, Toronto, Ontario, Canada, with respect to matters of Canadian law. As of the date hereof, the "designated professionals" (as such term is defined in Form 51-102F2 – *Annual Information Form)* of Stikeman Elliott LLP beneficially own, directly or indirectly, less than 1% of any class of trust units issued by the Trust.

**EXEMPTIONS AND APPROVALS**

Pursuant to a decision of the Ontario Securities Commission dated May 30, 2024, the Trust has obtained exemptive relief from the Canadian securities regulatory authorities for relief from NI 81-102 and the *Securities Act* (Ontario), as applicable, to permit the Trust to appoint the Facilities as custodians of the Trust's Copper.

Pursuant to a decision of the Autorité des marchés financiers dated June 14, 2024, the Trust was granted a permanent exemption from the requirement to translate into French this prospectus as well as the documents incorporated by reference therein and any prospectus supplement to be filed in relation to an "at-the-market distribution". This exemption is granted on the condition that this prospectus and any prospectus supplement (other than in relation to an "at-the-market distribution") be translated into French if the Trust offers securities to Québec purchasers in connection with an offering other than in relation to an "at-the-market distribution".

Pursuant to a decision of the Ontario Securities Commission dated June 14, 2024, the Trust was granted an exemption from the short form prospectus eligibility qualification criteria under paragraph 2.2(d) of NI 44-101 to permit the Trust to file a short form prospectus or a shelf prospectus even though the Trust does not have current annual financial statements or a current AIF (as those terms are defined in NI 44-101). The relief was granted to the Trust on the condition that: (a) the Trust incorporates by reference the IPO Financial Statements; and (b) the Trust includes or incorporates by reference the disclosure that would have been required in a current AIF, had the Trust been required to prepare a current AIF.

**PURCHASERS' STATUTORY RIGHTS**

Securities legislation in some provinces and territories of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. However, purchasers of the trust units distributed under an "at-the-market" distribution by the Trust do not have the right to withdraw from an agreement to purchase the trust units and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to the trust units purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the trust units purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of NI 44-102.

Securities legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of the trust units distributed under an "at-the-market" distribution by the Trust may have against the Trust or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above.

A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser.

**CERTIFICATE OF THE TRUST AND THE MANAGER**

Dated: July 3, 2024

This short form prospectus, together with the documents incorporated by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this short form prospectus as required by the securities legislation of all of the provinces and territories of Canada.

Sprott Physical Copper Trust

By its manager, Sprott Asset Management LP

by its general partner, Sprott Asset Management GP Inc.

(Signed) John Ciampaglia (Signed) Varinder Bhathal <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors of<br> SPROTT ASSET MANAGEMENT GP INC.

(Signed) Whitney George (Signed) Kevin Hibbert <br> Director Director

## Exhibit 99.11

**Exhibit 99.11**

**SPROTT PHYSICAL COPPER TRUST<br> Trust Units**

**<u>Sales Agreement</u>**

July 8, 2024

Cantor Fitzgerald Canada Corporation<br> 181 University Avenue, Suite 1500<br> Toronto, ON MSH 3M7

Virtu Canada Corp.

130 King Street West, Suite 1800

Toronto, ON MSX IE3

Canaccord Genuity Corp.

40 Temperance Street, Suite 2100

Toronto, Ontario M5H 0B4

BMO Nesbitt Burns Inc.<br> 1 First Canadian Place<br> 100 King Street West<br> 3<sup>rd</sup> Floor Podium

Toronto, ON M5X 1H3

Ladies and Gentlemen:

Sprott Physical Copper Trust, a trust formed and organized under the laws of the Province of Ontario (the "**Trust**") and managed by Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario (the "**Manager**"), Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc. (together, the "**Agents**" and each an "**Agent**"), each confirm their agreement (this "**Agreement**") as follows:

**Section 1 Issuance and Sale of Units**

The Trust agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agents units of the Trust (the "**Placement Units**"); *provided, however,* that in no event shall the Trust issue or sell through the Agents such number or dollar amount of Placement Units that (i) exceeds the number of authorized but unissued Units (as defined below), or (ii) exceeds the number or dollar amount of Units for which the Trust has filed a Base Prospectus (as defined below) (the lesser of (i) and (ii) the "**Maximum Amount**")**.** Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 1 on the amount of Placement Units issued and sold under this Agreement shall be the sole responsibility of the Trust and that the Agents shall have no obligation in connection with such compliance, provided that the Agents shall not sell Units in excess of the amount set forth in any Placement Notice (as defined below). The issuance and sale of Placement Units through the Agents will be effected pursuant to the Final Prospectus (as defined below) although nothing in this Agreement shall be construed as requiring the Trust to use the Final Prospectus to issue Placement Units. The units of the Trust are hereby referred to as the "**Units**".

When determining the amount of Units sold in Canadian dollars, such dollars will be converted to U.S. dollars using the Bank of Canada daily exchange rate for U.S. dollars in effect as of 4:30 p.m. (Toronto time) on the business day before the issuance of the Units.

The Trust is qualified under Canadian Securities Laws (as defined below), including the rules and procedures established pursuant to National Instrument 44-101 – *Short Form Prospectus Distributions* and National Instrument 44-102 – *Shelf Distributions* ("**NI 44-102**") (collectively, the "**Shelf Procedures**"), in connection with a distribution of the Units in each of the Qualifying Jurisdictions (as defined below) to file a prospectus in the form of a short form base shelf prospectus. A final short form base shelf prospectus dated July 3, 2024, in respect of up to US$1,000,000,000 of Units (such Units together with any Units offered pursuant to any subsequent final short form base shelf prospectus filed with the Ontario Securities Commission (the "OSC"), as principal regulator, and with each of the other Securities Commissions (as defined below) in accordance with the Shelf Procedures, the "**Shelf Securities**") has been filed with the OSC, as principal regulator, and with each of the securities commissions or similar regulatory authorities (as applicable, the "**Securities Commissions**") in each of the provinces and territories of Canada (the "**Qualifying Jurisdictions**") in respect of the offering of the Shelf Securities; a receipt (the "**Final Receipt**") has been issued by the OSC in its capacity as principal regulator, representing the deemed receipt of each of the other Securities Commissions pursuant to Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions* (collectively, the "**Passport System**") in respect of such short form base shelf prospectus in the form heretofore delivered to the Agents or available through SEDAR+ (together with all documents filed in connection therewith and all documents incorporated by reference therein and the documents otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws (as defined below), including but not limited to, all Designated News Releases (as defined below)). No other document to be incorporated by reference therein has been filed with the OSC as principal regulator and or with any of the other Securities Commissions except for any documents heretofore delivered to the Agents or available through SEDAR+; no order having the effect of ceasing or suspending the distribution of the Shelf Securities (including any Units) has been issued by the OSC or any other Securities Commission and no proceeding for that purpose has been initiated or, to the best of the Trust's knowledge and the Manager's knowledge, threatened by the OSC or any other Securities Commission (the final short form base shelf prospectus dated July 3, 2024, as most recently amended, if applicable, or any subsequent final short form base shelf prospectus, filed with the OSC as principal regulator and with each of the other Securities Commissions in accordance with the Shelf Procedures for which a receipt has been issued by the OSC in its capacity as principal regulator, representing the deemed receipt of each of the other Securities Commissions pursuant to the Passport System, being hereinafter called the "**Base Prospectus**"). The final prospectus supplement relating to the offering of the Placement Units to be filed with the OSC as principal regulator and with each of the other Securities Commissions in accordance with the Shelf Procedures and in accordance with Section 7(t) hereof, together with the Base Prospectus, is hereinafter called the "**Final Prospectus**". The Final Prospectus shall provide that any and all Designated News Releases shall be deemed to be incorporated by reference in the Final Prospectus. As used herein, the terms "**Base Prospectus**" and "**Final Prospectus**" shall include the documents, if any, incorporated by reference therein, including any and all Designated News Releases. As used herein, a "**Designated News Release**" means a news release disseminated by the Trust in respect of previously undisclosed information that, in the Trust's determination, constitutes a "material fact" (as such term is defined in Canadian Securities Laws (as defined herein)) and identified by the Trust as a "designated news release" in writing on the face page of the version of such news release that is filed by the Trust on SEDAR+. The final prospectus supplement relating to the offering of the Units shall provide that any and all Designated News Releases shall be deemed to be incorporated by reference therein and in the Base Prospectus but only for the purposes of the at-the-market program contemplated by this Agreement.

As used herein, "**Copper**" means physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully allocated or stored at a Facility (as defined below). As used herein, "**Grade 1 Cathode**" means physical copper metal cathode that, at the time of purchase by the Trust, satisfies the Chicago Mercantile Exchange standards for classification as a Grade 1 electrolytic copper cathode, and "**Grade A Cathode**" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the London Metals Exchange standards for classification as Grade A copper.

The terms "supplement," "amendment," and "amend" as used herein with respect to the Base Prospectus shall include any document subsequently filed by the Trust pursuant to the Shelf Procedures that is deemed to be incorporated by reference therein.

**Section 2 Placements**

Each time that the Manager, on behalf of the Trust, wishes to issue and sell Placement Units hereunder (each, a "**Placement**"), the Manager will notify one of the Agents (the "**Designated Agent**") by email notice (or other method mutually agreed to in writing by the parties) of the number of Placement Units, the time period during which sales are requested to be made, any limitation on the number of Placement Units that may be sold in any one Trading Day (as defined below) and any minimum price below which sales may not be made (a "**Placement Notice**"), the form of which is attached hereto as Schedule "A". The Placement Notice shall originate from any of the individuals from the Manager set forth on Schedule "C" (with a copy to each of the other individuals from the Manager listed on such schedule), and shall be addressed to each of the individuals from the Designated Agent set forth on Schedule "C", as such Schedule "C" may be amended from time to time. The Placement Notice shall be effective unless and until (i) the Designated Agent declines to accept the terms contained therein for any reason, in its sole discretion, by providing email notice to the individuals from the Manager set forth on Schedule "C", (ii) the entire amount of the Placement Units thereunder have been sold, (iii) the Manager, on behalf of the Trust, suspends or terminates the Placement Notice, or (iv) this Agreement has been terminated under the provisions of Section 12. The amount of any discount, commission or other compensation to be paid by the Trust, or the Manager, on behalf of the Trust, to the Designated Agent in connection with the sale of the Placement Units shall be calculated in accordance with the terms set forth in Schedule "B". It is expressly acknowledged and agreed that neither the Manager, on behalf of the Trust, nor the Agents will have any obligation whatsoever with respect to a Placement or any Placement Units unless and until the Manager, on behalf of the Trust, delivers a Placement Notice to the Designated Agent and the Designated Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

**Section 3 Sale of Placement Units by Designated Agent**

Subject to the provisions of Section 5(a), the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices, rules and regulations, Canadian Securities Laws (as defined below) and, if applicable, the rules of the Toronto Stock Exchange (the "**TSX**"), to sell the Placement Units up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Designated Agent will provide written confirmation to the Manager and the Trust no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Units hereunder setting forth the number of Placement Units sold on such day, the compensation payable by the Trust to the Designated Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Trust, with an itemization of the deductions made by the Designated Agent (as set forth in Section 5(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Placement Units may be offered and sold: (i) by any method permitted by law deemed to be an "at-the-market distribution" as defined in NI 44-102, (ii) by either Agent, on the TSX or on any other "marketplace" (as such term is defined in NI 21-101 *– Marketplace Operation* ("**NI 21-101**")) in Canada, or (iii) with the prior written consent of the Manager, on behalf of the Trust, which may be provided in the terms of a Placement Notice, in negotiated transactions subject to prior written consent of the TSX. During the term of this Agreement, and notwithstanding anything to the contrary herein, each Agent agrees that in no event will it or any of its affiliates, nor shall it act jointly or in concert with another person to, enter into any transaction that is intended to stabilize or maintain the market price of the Units, including selling an aggregate number of Units that would result in such Agent creating an over-allocation position in the Units, or engage in any market making, bidding, stabilization or other trading activity with regard to the Units. For the avoidance of doubt, the obligations of the Agents under this Agreement shall be several and not joint. "**Trading Day**" means any day on which the Units are traded on the TSX.

**Section 4 Suspension of Sales**

The Manager, on behalf of the Trust, or the Designated Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule "C", if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule "C"), suspend any sale of Placement Units (a "**Suspension**"); *provided, however,* that such suspension shall not affect or impair any party's obligations with respect to any Placement Units sold hereunder prior to the receipt of such notice. While a Suspension is in effect, any obligation under Sections 7(k), 7(1), and 7(m) with respect to the delivery of certificates, opinions, or comfort letters to the Agents, shall be waived. Each of the parties agrees that no such notice under this Section 4 shall be effective against any other party unless it is made to one of the individuals named on Schedule "C" hereto, as such Schedule may be amended from time to time.

**Section 5 Sale and Delivery to the Designated Agent; Settlement**

(a) **Sale of Placement Units**. On the
 basis of the representations and warranties herein contained and subject to the terms and
 conditions herein set forth, upon the Designated Agent's acceptance of the terms of
 a Placement Notice, and unless the sale of the Placement Units described therein has been
 declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
 the Designated Agent, for the period specified in the Placement Notice, will use its commercially
 reasonable efforts consistent with its normal trading and sales practices and applicable
 law and regulations to sell such Placement Units up to the amount specified, and otherwise
 in accordance with the terms of such Placement Notice. The Manager, on behalf of the Trust,
 acknowledges and agrees that (i) there can be no assurance that the Designated Agent
 will be successful in selling Placement Units, (ii) the Designated Agent will incur
 no liability or obligation to the Trust or any other person or entity if it does not sell
 Placement Units for any reason other than a failure by the Designated Agent to use its commercially
 reasonable efforts consistent with its normal trading and sales practices and applicable
 law and regulations to sell such Placement Units as required under this Agreement, and (iii) the
 Designated Agent shall be under no obligation to purchase Placement Units on a principal
 basis pursuant to this Agreement, except as otherwise agreed by the Designated Agent and
 the Manager, on behalf of the Trust.

(b) **Settlement of Placement Units**. Unless
 otherwise specified in the applicable Placement Notice, settlement for sales of Placement
 Units will occur on the first (1st) Trading Day (or such earlier day as is industry practice
 for regular-way trading) following the date on which such sales are made (each, a "**Settlement Date** "). The Designated Agent shall notify the Manager of each sale of Placement
 Units no later than the opening of the Trading Day immediately following the Trading Day
 on which it has made sales of Placement Units hereunder. The amount of proceeds to be delivered
 to the Trust on a Settlement Date against receipt of the Placement Units sold (the "**Net Proceeds**") will be equal to the aggregate sales price received by the Designated
 Agent, after deduction for (i) the Designated Agent's commission, discount or
 other compensation for such sales payable by the Trust pursuant to Section 2 hereof,
 and (ii) any documented transaction fees imposed by any governmental or self-regulatory
 organization in respect of such sales.

(c) **Delivery of Placement Units**. On
 or before each Settlement Date, the Manager, on behalf of the Trust, will, or will cause
 its transfer agent to, electronically transfer the Placement Units being sold by crediting
 the Designated Agent's or its designee's account *(provided* the Designated
 Agent shall have given the Manager written notice of such designee at least one Trading Day
 prior to the Settlement Date) at The Canadian Depository for Securities, or by such other
 means of delivery as may be mutually agreed upon by the parties hereto which in all cases
 shall be freely tradable, transferable, registered Units in good deliverable form. On each
 Settlement Date, the Designated Agent will deliver the related Net Proceeds in same day funds
 to an account designated by the Manager on, or prior to, the Settlement Date. The Manager,
 on behalf of the Trust, agrees that if the Trust, or the Trust's transfer agent (if
 applicable), defaults in its obligation to deliver Placement Units on a Settlement Date through
 no fault of the Designated Agent, the Manager, on behalf of the Trust, agrees that in addition
 to and in no way limiting the rights and obligations set forth in Section 10(a) hereto,
 it will (i) hold the Designated Agent harmless against any loss, claim, damage, or expense
 (including reasonable legal fees and expenses), as incurred, arising out of or in connection
 with such default by the Manager, on behalf of the Trust, or its transfer agent (if applicable),
 and (ii) pay to the Designated Agent any commission, discount, or other compensation
 to which it would otherwise have been entitled absent such default.

(d) **Denominations; Registration**. Certificates
 for the Placement Units, if any, shall be in such denominations and registered in such names
 as the Designated Agent may request in writing at least one full Business Day (as defined
 below) before the Settlement Date. The certificates for the Placement Units, if any, will
 be made available by the Manager, on behalf of the Trust, for examination and packaging by
 the Designated Agent in the City of Toronto, not later than noon (Toronto time) on the Business
 Day prior to the Settlement Date.

(e) **Limitations on Offering Size**. Under
 no circumstances shall the Manager, on behalf of the Trust, cause or request the offer or
 sale of any Placement Units if, after giving effect to the sale of such Placement Units,
 the aggregate gross sales proceeds of Placement Units sold pursuant to this Agreement would
 exceed the lesser of (i) together with all sales of Placement Units under this Agreement,
 the Maximum Amount, and (ii) the amount authorized from time to time to be issued and
 sold under this Agreement by the Manager, on behalf of the Trust, and notified to the Designated
 Agent in writing. Under no circumstances shall the Trust cause or request the offer or sale
 of any Placement Units pursuant to this Agreement at a price less than 100% of the most recently
 calculated net asset value per Unit prior to, or upon the determination of the pricing of
 such issuance, in accordance with Section 9.3(2) of National Instrument 81-102
 — *Investment Funds* ()"**NI 81-102**") and notified to the Designated
 Agent in writing, unless the Manager makes a contribution to the Trust in the amount of any
 shortfall, and such contribution is approved by all applicable parties. Further, under no
 circumstances shall the Manager, on behalf of the Trust, cause or permit the aggregate offering
 amount of Placement Units sold pursuant to this Agreement to exceed the Maximum Amount.

**Section 6 Representations and Warranties of the Trust and Manager**

The Trust and the Manager, jointly and severally, represent and warrant to and agree with the Agents that as of the date of this Agreement and as of each Applicable Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Final Receipt has been obtained from the OSC as principal regulator representing the deemed receipt
of each of the other Securities Commissions in respect of the Base Prospectus and no order or action that would have the effect of suspending
the distribution of the Units has been issued or taken by the Securities Commissions and no proceedings for that purpose have been instituted
or are pending or, to the knowledge of the Trust or the Manager, are contemplated by the Securities Commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Final Prospectus will, when filed, be true and correct in all material respects and contain
full, true and plain disclosure of all material facts relating to the Trust and the Units as required by Canadian Securities Laws (as
defined below) and does not contain and will not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading,
(ii) the Final Prospectus, as amended or supplemented, if applicable, will comply in all material respects with Canadian Securities
Laws (as defined below) and the applicable rules and regulations of the Securities Commissions thereunder, and (iii) the Final
Prospectus does not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading except that the representations and warranties set forth in this paragraph
do not apply to statements or omissions in the Final Prospectus based upon information relating to the Agents furnished to the Trust and
the Manager in writing by the Agents expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust has complied in all material respects with all applicable securities laws in each of the Qualifying
Jurisdictions, including the respective rules and regulations made thereunder together with applicable published national and local
instruments, policy statements, notices, blanket rulings and orders of the Securities Commissions, all discretionary rulings, decisions
and orders applicable to the Trust, if any, of the Securities Commissions ()"**Canadian Securities Laws**") required to be
complied with by the Trust to qualify the distribution of the Units as contemplated hereby in each of the Qualifying Jurisdictions except
for the filing of the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each document filed or to be filed with the Securities Commissions and incorporated by reference in the
Final Prospectus, as amended or supplemented, if applicable, when such documents were or are filed with the Securities Commissions, conformed
or will conform when so filed in all material respects with Canadian Securities Laws, and none of such documents, as of their respective
dates, contained or will contain any untrue statement of material fact or omitted or will omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and none of such documents, as of their respective dates, contained or will contain any untrue statement of a material fact or omitted
or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; *provided, however,* that this representation and warranty shall not apply to any statements
or omissions contained in the Final Prospectus, as amended or supplemented, if applicable, based upon information relating to the Agents
furnished to the Trust and the Manager in writing by the Agents expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust has been established and is subsisting
 under the trust agreement governing the Trust, dated as of April 12, 2024 as amended
 and restated as of May 10, 2024, between the Manager and RBC Investor Services
 Trust (the "**Trust Agreement** "), as a trust under the laws of the Province
 of Ontario, has all requisite power and authority to own its property and assets, to conduct
 its business and invest in accordance with the investment objectives as described in the
 Final Prospectus and carry out its obligations hereunder and to issue, sell and deliver the
 Placement Units in accordance with the provisions of this Agreement, and is duly qualified
 to transact business and is in good standing in each jurisdiction in which the conduct of
 its business or its ownership or leasing of property requires such qualification, except
 to the extent that the failure to be so qualified or be in good standing would not have a
 material adverse effect on the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust has no subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Manager has been duly organized and is validly existing as a limited partnership under the laws of
the Province of Ontario, and is registered as a portfolio manager in Ontario, an investment fund manager in Ontario, Québec, and Newfoundland
and Labrador and an exempt market dealer in all provinces of Canada. The Manager has the capacity and power to own its property and assets
and to conduct its business as described in the Final Prospectus and is duly qualified to transact business and is in good standing in
each jurisdiction in which the conduct of its business or its ownership or leasing of property or assets requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement has been duly authorized, executed and delivered by the Manager on behalf of itself and
the Trust, and constitutes a valid and binding obligation of the Manager and the Trust and is enforceable against the Manager and the
Trust in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium and other laws or possible judicial actions relating to or affecting the rights of creditors generally
and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity,
contribution and waiver, and the ability to sever unenforceable terms may be limited by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All necessary action has been taken by each of the Trust and the Manager to authorize the execution and
delivery of this Agreement and the transactions contemplated hereby, the execution and delivery of the Final Prospectus and the filing
thereof and the filing of all documents incorporated by reference therein under Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The authorized Unit capital of the Trust conforms as to legal matters to the description thereof contained
in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Units outstanding prior to the issuance of the Placement Units to be sold by the Trust have been duly
authorized and are validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Placement Units have been duly authorized and, when issued and delivered in accordance with the terms
of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Placement Units will not be subject to any
preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The execution and delivery by the Trust and the Manager of this Agreement, and the performance by each
of the Trust and the Manager of its respective obligations under this Agreement and the Related Agreements (as defined below), as applicable,
and the issue and sale of the Placement Units do not and will not contravene or conflict with (i) any material provision of applicable
law, (ii) the Trust Agreement, or the limited partnership agreement of the Manager, (iii) any agreement, resolution or other
instrument binding upon the Trust or the Manager that is material to the Trust or the Manager (including the Related Agreements) as applicable,
or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Trust or the Manager,
and no consent, approval, authorization or order of, or qualification with, any governmental body or agency (including any Canadian court
or Canadian federal, provincial or territorial governmental authority) is required for the performance by the Trust or the Manager of
its respective obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) There has not occurred any material adverse change, or any development involving a prospective material
adverse change, in the condition, financial or otherwise, or in the earnings, business, assets, operations or capital of the Trust or
the Manager from that set forth in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) There are no legal or governmental proceedings pending or threatened to which the Trust or the Manager
is a party or to which any of the properties or assets of the Trust or the Manager is subject (i) other than proceedings accurately
described in all material respects in the Final Prospectus or proceedings that would not have a material adverse effect on the Trust or
the Manager, as applicable, or on the power or ability of the Trust or the Manager to perform its respective obligations under this Agreement
or to consummate the transactions contemplated by the Final Prospectus, or (ii) that are required to be described in the Final Prospectus
and are not so described; and there are no statutes, regulations, arrangements, contracts or other documents that are required to be described
in the Final Prospectus or to be filed with the Securities Commissions in connection
with the filing of the Final Prospectus that are not described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Trust is not currently subject to the reporting requirements of the United States *Securities Exchange Act of 1934,* as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Trust is not a non-resident of Canada
 within the meaning of the *Income Tax Act* (Canada) and the regulations thereunder (the
 "**Tax Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Trust Agreement has been duly authorized, executed and delivered by the Manager (by its general partner,
Sprott Asset Management GP Inc.), in its capacity as manager of the Trust, and is enforceable against the Manager in accordance with its
terms, and the Trust Agreement is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Manager has been duly appointed as manager of the Trust pursuant to the management agreement, dated
as of May 10, 2024 (the "**Management Agreement** "), and the Management Agreement has been duly authorized, executed
and delivered by each of the Trust and the Manager and is enforceable against each such party in accordance with its terms, and the Management
Agreement is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Copper owned, directly or indirectly,
 by the Trust is stored at Chicago Mercantile Exchange or London Metals Exchange-approved
 storage or similar facilities for Copper (the "**Facilities** ", and each,
 a "**Facility**") operated by approved warehouse service providers pursuant
 to storage agreements (the "**Copper Storage Agreements** "), in accordance
 with the terms of the Trust Agreement. Each Copper Storage Agreement has been duly authorized,
 executed and delivered by the Manager on behalf of the Trust and is enforceable against the
 Trust in accordance with the terms of such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) WMC Energy B.V. (the "**Technical Advisor** "), has been duly appointed as custodian of the technical advisor to the Manager pursuant to the technical advisory agreement entered
into as of May 10, 2024 (the "**Technical Advisory Agreement** "), and such agreement has been duly authorized, executed
and delivered by the Manager on behalf of the Trust and is enforceable against the Trust in accordance with its terms, and such agreement
is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) RBC Investor Services Trust, a trust company incorporated
under the federal laws of Canada, has been duly appointed as custodian of the assets, other than the Trust's Copper, pursuant to the Trust
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) TSX Trust Company, at its principal office in
Toronto, Ontario has been duly appointed as the registrar, transfer agent and disbursement agent for the Units pursuant to the transfer
agent, registrar and disbursing agent agreement, dated as of May 31, 2024 (the "**Transfer Agent Agreement** "), and
such agreement has been duly authorized, executed and delivered by the Manager on behalf of the Trust and is enforceable against the Trust
in accordance with its terms, and such agreement is in full force and effect and has not been amended, restated, supplemented or otherwise
modified or replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) RBC Investor Services Trust,
 at its principal office in Toronto, Ontario has been duly appointed as the valuation agent
 of the Trust pursuant to the valuation services agreement, dated as of February 24,
 2010 (the "**Valuation Services Agreement**" and together with the Trust
 Agreement, the Management Agreement, the Copper Storage Agreements and the Transfer Agent
 Agreement, the "**Related Agreements** "), and such agreement has been duly
 authorized, executed and delivered by the Manager, in its capacity as manager of the Trust,
 and is enforceable against the Manager in accordance with its terms, and such agreement is
 in full force and effect and has not been amended, restated, supplemented or otherwise modified
 or replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The Trust has good and marketable title to all Copper owned by it and all other personal property owned
by it which is material to the business of the Trust, in each case free and clear of all liens, encumbrances and defects; and all of the
Copper owned by the Trust is held pursuant to the Copper Storage Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) There are no contracts, agreements or understandings between the Trust or the Manager and any person granting
such person the right to require the Trust or the Manager to file a prospectus under Canadian Securities Laws with respect to any securities
of the Trust or to require the Trust or the Manager to include the Placement Units qualified by the Final Prospectus, except as described
in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Neither the Trust, the Manager nor any officer, employee or affiliate, nor, to the knowledge of the Trust
and the Manager, any agent or representative, of the Trust or the Manager or any of their affiliates has taken, or will take, any action,
in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or
anything else of value, directly or indirectly, to any "government official" (including any officer or employee of a government
or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or
on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action
or secure an improper advantage; and the Trust, the Manager and their respective affiliates have conducted their businesses in compliance
with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to
promote and achieve compliance with such laws and with the representation and warranty contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The operations of each of the Trust and the Manager are and have been conducted at all times in compliance
with all applicable financial recordkeeping and reporting requirements, including those of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the *Corruption of Foreign Public Officials Act* (Canada) and the applicable anti-money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the "**Anti-Money Laundering Laws** "), and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Trust or the
Manager with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Trust and the Manager, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) None of the Trust, the Manager or, to the
 knowledge of the Trust or the Manager, any director, officer, agent, employee, affiliate
 or representative of the Trust or the Manager is an individual or entity ()"**Person** ")
 that is, or is owned or controlled by a Person that is, the subject of any U.S. sanctions
 administered or enforced by the Office of Foreign Assets Control of the U.S. Department of
 Treasury, the U.S. Department of State, the United Nations Security Council, the European
 Union, His Majesty's Treasury, the Office of the Superintendent of Financial Institutions
 (Canada), or pursuant to the *Special Economic Measures Act* (Canada) or other relevant
 sanctions authority or relevant statute, rule, or regulation (collectively, "**Sanctions** "), nor located, organized or resident in a country or territory that is the subject of
 Sanctions (including, without limitation, Cuba, Burma (Myanmar), Iran, North Korea,
 Sudan, Syria, the Crimea Region and the non-government controlled areas of Zaporizhzhia and
 Kherson Regions of the Ukraine, the so-called Donetsk People's Republic and the so-called
 Luhansk People's Republic); and each of the Trust and the Manager will not, directly
 or indirectly, use the proceeds of the offering of Placement Units hereunder, or lend, contribute
 or otherwise make available such proceeds to any subsidiary, joint venture partner or other
 Person, to fund or facilitate any activities of or business with any Person, or in any country
 or territory that, at the time of such funding or facilitation, is the subject of any Sanctions,
 or in a manner that will result in a violation of the Sanctions by any Person (including
 any Person involved in or facilitating the offering of the Units, whether as underwriter,
 advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Subsequent to the respective dates as of which information is given in the Final Prospectus, except in
each case as described in the Final Prospectus, (i) the Trust has not incurred any material liability or obligation, direct or contingent,
nor entered into any material transaction, (ii) except for Units redeemed in accordance with the applicable provisions of the Trust
Agreement, the Trust has not purchased any outstanding Units or other equity interest in the capital of the Trust, nor declared, paid
or otherwise made any dividend or distribution of any kind on its Units or other equity interest in the capital of the Trust, and (iii) there
has not been any material change in the capital, short-term debt or long-term debt of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Each of the Trust and the Manager owns, possesses or licenses, or can acquire on reasonable terms, all
material patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures), trademarks, service marks and trade names (collectively, "**Intellectual Property**") currently employed by it, in each case, in connection with the business now operated by them, and neither the Trust
nor the Manager has received any notice of infringement of or conflict with asserted rights of others with respect to any of the foregoing
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect
on the Trust or the Manager, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The Manager is insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which it is engaged; it has not been refused any insurance coverage
sought or applied for; and it has no reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would
not have a material adverse effect on the Manager, except as described in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Each of the Trust and the Manager possesses all certificates, authorizations and permits issued by the
appropriate federal, provincial, state or foreign regulatory authorities necessary to conduct its business, and neither the Trust nor
the Manager has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or
permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse
effect on the Trust or the Manager, as applicable, except as described in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) The financial
statements included in the Final Prospectus, together with the related schedules and notes, present fairly the financial position of
the Trust at the dates indicated and the statements of financial position of the Trust for the periods specified; such financial statements
have been prepared in conformity with the International Financial Reporting Standards as issued by the International Accounting Standards
Board ()"**IFRS**") applied on a consistent basis throughout the periods involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) KPMG LLP ()"**KPMG** "), who have certified certain financial statements of the Trust and delivered
their report with respect to the audited financial statements included in the Final Prospectus, have been the Trust's auditors beginning
as of April 19, 2024. KPMG is an independent public accountant as required by Canadian Securities Laws and the rules and regulations
of the Securities Commissions thereunder, is independent in accordance with the requirements of the institute of chartered professional
accountants in each of the Qualifying Jurisdictions in respect of a listed entity (as defined in such requirements). There has not been
any disagreement (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations)* with KPMG with respect
to the audit of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The Manager maintains a system of internal accounting controls sufficient to provide reasonable
 assurance that (i) transactions are executed in accordance with management's general or specific authorizations,
 (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS principles
 and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or
 specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
 intervals and appropriate action is taken with respect to any differences. Except as described in the Final Prospectus, there has
 been (x) no material weakness in the Trust's or the Manager's internal control over financial reporting (whether or
 not remediated) and (y) no change in the Trust's or the Manager's internal control over financial reporting that
 has materially affected, or is reasonably likely to materially affect, the Trust's or the Manager's, applicable,
 internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Except as set forth in the Final Prospectus and except for the Units previously owned by Lara
 Misner, as settlor of the Trust, the Trust has not sold, issued or distributed any Units, including any sales on a private placement
 basis under one or more exemptions from the prospectus requirement under Canadian Securities Laws other than Permitted Private
 Placements (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) There are no business relationships, related-party transactions or off-balance sheet transactions or
 any other non-arm's length transactions involving the Trust that are required to be disclosed that have not been described in
 the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) Except for the Agents, there is no person, firm or corporation acting or purporting to act for the
 Trust, entitled to any brokerage or finder's fee in connection with this Agreement or any of the transactions contemplated
 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) The net proceeds of the offering of Placement Units will be used in the manner specified in the
 Final Prospectus and for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) The terms and conditions of the offering of Placement Units comply and will comply in all material
 respects with Canadian Securities Laws including, without limitation, NI 81-102, except to the extent that an exemption therefrom
 has been obtained from applicable Securities Commissions in each of the Qualifying Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Neither the Trust nor the Manager has any liabilities (contingent or otherwise) which might
 interfere with the performance of their obligations hereunder or under any of the Related Agreements to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Each of the Trust and the Manager is current and up-to-date with all material filings required to be
 made by each of them under the laws of Canada and each of the provinces and territories thereof, including all Canadian Securities
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) None of the directors or officers of the general partner of the Manager or any associate or
 affiliate of any of the foregoing had, has or, to the knowledge of the Manager, intends to have, any material interest, direct or
 indirect, in any material transaction contemplated by this Agreement, any of the Related Agreements or the Final Prospectus or in
 any proposed transaction with the Trust which materially affects, is material to or will materially affect the Trust, except as and
 to the extent disclosed in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) The Trust is eligible for the use of the Shelf Procedures under Canadian Securities Laws; no order suspending
the trading or distribution of the Units has been issued by the Securities Commissions and no proceedings, for that purpose, have been
instituted or are pending or, to the Trust's knowledge, are contemplated by the Securities Commissions. The Final Prospectus and the offer
and sale of Placement Units as contemplated hereby shall, upon their filing, meet the requirements of NI 44-102 and comply in all material
respects with the provisions thereof and other applicable Canadian Securities Laws. Any statutes, regulations, contracts or other documents
that are required to be described in the Final Prospectus or to be filed as exhibits to the Final Prospectus have been so described or
filed. Copies of the Final Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that
were filed with the Securities Commissions, as applicable, on or prior to the date of this Agreement have been delivered, or are available
on SEDAR+, to the Agents and their counsel. The Final Prospectus will name the Agents as the agents in the section entitled "Plan
of Distribution." There are no reports or information that must be filed or made publicly available in connection with the listing
of the Placement Units on the TSX (other than routine post-closing filings) that have not been filed or made publicly available as required,
other than the Final Prospectus; there are no documents required to be filed with the Securities Commissions, in connection with the Base
Prospectus or the Final Prospectus that have not been filed as required. The Trust has not distributed and, prior to the later to occur
of each Settlement Date and completion of the distribution of the Placement Units, will not distribute any offering material in connection
with the offering or sale of the Placement Units other than the Final Prospectus to which the Agents have consented, which consent shall
not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) The Trust has not relied upon the Agents or legal counsel for the Agents for any legal, tax or accounting
advice in connection with the offering and sale of the Placement Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) The Manager, on behalf of the Trust, is not a party to any agreement with an agent or underwriter for
any other "at-the-market" or continuous equity transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) The Trust acknowledges and agrees that the Agents have informed the Trust that the Agents may purchase
and sell Units for its own account while this Agreement is in effect, provided, that (i) no such purchase or sales shall take place
while a Placement Notice is in effect (except to the extent each Agent may engage in sales of Placement Units purchased or deemed purchased
from the Trust as a "riskless principal" or in a similar capacity), and (ii) the Trust shall not be deemed to have authorized
or consented to any such purchases or sales by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) On each Settlement Date, all stock transfer or other taxes (other
than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Units to be sold hereunder
will be, or will have been, fully paid or provided for by the Trust and all laws imposing such taxes will be or will have been fully
complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) The Units are listed for trading on the TSX under the symbols "COP.U" and "COP.UN",
and the Trust has taken no action designed to effect a delisting of the Units from the TSX, nor, except as disclosed in the Final Prospectus,
has the Trust received any notification that the Securities Commissions or the TSX is contemplating terminating such listing. Except as
disclosed in the Final Prospectus, the Trust has complied in all material respects with the applicable requirements of the TSX for
maintenance of inclusion of the Units thereon. The Trust has obtained all necessary consents, approvals, authorizations or orders of,
or filing, notification or registration with, the TSX and the Securities Commissions, where applicable, required for the listing and trading
of the Placement Units, subject only to satisfying their standard listing and maintenance requirements. The Trust has no reason to believe
that it will not in the foreseeable future continue to be in compliance with all such listing and maintenance requirements of the TSX.

Any certificate signed by the Manager on behalf of the Trust or the Manager and delivered to the Agents or to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty by the Trust and the Manager, as applicable, to the Agents as to the matters set forth therein.

**Section 7 Covenants of the Trust and the Manager**

The Trust and the Manager, jointly and severally, covenant with the Agents as follows:

(a) **Prospectus Amendments**. After
 the date of this Agreement and during any period in which a Base Prospectus or a Final Prospectus
 relating to any Placement Units is required to be delivered by the Agents under Canadian
 Securities Laws, (i) the Trust will notify the Agents promptly of the time when any
 subsequent supplement to the Final Prospectus has been filed, (ii) the Trust will prepare
 and file with the Securities Commissions, promptly upon the Agents' request, any amendments
 or supplements to the Final Prospectus, that, in the Agents' reasonable opinion, may
 be necessary or advisable in connection with the distribution of the Placement Units by the
 Agents (provided, however, that the failure of the Agents to make such request shall not
 relieve the Trust or the Manager of any obligation or liability hereunder, or affect the
 Agents' right to rely on the representations and warranties made by the Trust and the
 Manager in this Agreement and provided, further, that the only remedy the Agents shall have
 with respect to the failure to make such filing shall be to cease making sales under this
 Agreement until such amendment or supplement is filed), (iii) the Trust will not file
 any amendment or supplement to the Final Prospectus relating to the Placement Units or a
 security convertible into the Placement Units unless a copy thereof has been submitted to
 the Agents within a reasonable period of time before the filing and the Agents has not objected
 thereto (provided, however, that the failure of the Agents to make such objection shall not
 relieve the Trust or the Manager of any obligation or liability hereunder, or affect the
 Agents' right to rely on the representations and warranties made by the Trust or the
 Manager in this Agreement and provided, further, that the only remedy the Agents shall have
 with respect to the failure by the Trust or the Manager to obtain such consent shall be to
 cease making sales under this Agreement) and the Trust will furnish to the Agents at the
 time of filing thereof a copy of any document that upon filing is deemed to be incorporated
 by reference into the Final Prospectus, except for those documents available via SEDAR+,
 and (iv) the Trust will cause each amendment or supplement to the Final Prospectus to
 be filed with the Securities Commissions as required pursuant to applicable Canadian Securities
 Laws or, in the case of any document to be incorporated therein by reference, to be filed
 with the Securities Commissions as required pursuant to applicable Canadian Securities Laws,
 within the time period prescribed.

(b) **Notice of Commission Stop Orders**. The
 Trust will advise the Agents, promptly after it receives notice or obtains knowledge thereof,
 of the issuance or threatened issuance by the Securities Commissions of the suspension of
 the qualification of the Placement Units for offering or sale in any jurisdiction, or of
 the initiation or threatening of any proceeding for any such purpose; and it will promptly
 use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
 its withdrawal if such a stop order should be issued. The Trust will advise the Agents promptly
 after it receives any request by the Securities Commissions for any amendment or supplements
 to the Final Prospectus or for additional information related to the offering of the Placement
 Units or for additional information related to the Final Prospectus.

(c) **Delivery of Prospectus; Subsequent Changes**. During any period in which the Final Prospectus relating to the Placement Units is
 required to be delivered by the Agents under Canadian Securities Laws with respect to the
 offer and sale of the Placement Units, the Trust will comply with all requirements imposed
 upon it by the Canadian Securities Laws, as from time to time in force, and file on or before
 their respective due dates all reports required to be filed by the Trust with the Securities
 Commissions pursuant to Canadian Securities Laws. If during such period any event occurs
 as a result of which the Final Prospectus as then amended or supplemented would include an
 untrue statement of a material fact or omit to state a material fact necessary to make the
 statements therein, in the light of the circumstances then existing, not misleading, or if
 during such period it is necessary to amend or supplement the Final Prospectus to comply
 with applicable Canadian Securities Laws, the Manager, on behalf of the Trust, will promptly
 notify the Agents to suspend the offering of Placement Units during such period and the Trust
 will promptly amend or supplement the Final Prospectus (at the expense of the Trust) so as
 to correct such statement or omission or effect such compliance; provided, however, that
 the Trust may delay the filing of any such amendment or supplement if the Manager deems it
 to be in the best interest of the Trust.

(d) **Listing of Placement Units**. During
 any period in which the Final Prospectus relating to the Placement Units is required to be
 delivered by the Agents under Canadian Securities Laws with respect to the offer and sale
 of the Placement Units, the Manager, on behalf of the Trust, will use its reasonable best
 efforts to cause the Placement Units to be listed on the TSX.

(e) **Delivery of Prospectus**. The Trust
 will furnish to the Agents and their counsel (at the expense of the Trust) copies of the
 Final Prospectus (including all documents incorporated by reference therein), and all amendments
 and supplements to the Final Prospectus that are filed with the Securities Commissions, during
 any period in which the Final Prospectus relating to the Placement Units is required to be
 delivered under Canadian Securities Law, as soon as reasonably practicable and in such quantities
 as the Agents may from time to time reasonably request and, at the Agents' request,
 will also furnish copies of the Final Prospectus to each exchange or market on which sales
 of the Placement Units may be made; provided, however, that the Trust shall not be required
 to furnish any document (other than the Final Prospectus) to the Agents to the extent such
 document is available on SEDAR+.

(f) **Use of Proceeds**. The Trust will
 use the Net Proceeds as described in the Final Prospectus in the section entitled "Use
 of Proceeds."

(g) **Notice of Other Sales**. Other
 than Permitted Private Placements, the Trust will not, without the prior written consent
 of the Agents, directly or indirectly, offer to sell, sell, contract to sell, grant any option
 to sell or otherwise dispose of any Units (other than the Placement Units offered pursuant
 to this Agreement) or securities convertible into or exchangeable for Units, warrants or
 any rights to purchase or acquire, Units during the period beginning on the fifth Trading
 Day immediately prior to the date on which any Placement Notice is delivered to the Agents
 hereunder and ending on the fifth Trading Day immediately following the final Settlement
 Date with respect to Placement Units sold pursuant to such Placement Notice (or, if the Placement
 Notice has been terminated or suspended prior to the sale of all Placement Units covered
 by a Placement Notice, the date of such suspension or termination); and will not directly
 or indirectly in any other "at-the-market" or continuous equity transaction offer
 to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Units
 (other than the Placement Units offered pursuant to this Agreement) or securities convertible
 into or exchangeable for Units, warrants or any rights to purchase or acquire, Units prior
 to the later of the termination of this Agreement and the 60th day immediately following
 the final Settlement Date with respect to Placement Units sold pursuant to such Placement
 Notice; *provided, however,* that such restrictions will not be required in connection
 with the Trust's issuance or sale of (i) Units, options to purchase Units or Units
 issuable upon the exercise of options, pursuant to any employee or director stock option
 or benefits plan, stock ownership plan or dividend reinvestment plan (but not Units subject
 to a waiver to exceed plan limits in respect of any such dividend reinvestment plan) of the
 Trust whether now in effect or hereafter implemented, (ii) Units issuable upon conversion
 of securities or the exercise of warrants, options or other rights in effect or outstanding,
 and disclosed in filings by the Trust available on SEDAR+ or otherwise in writing to the
 Agents. and (iii) Units or securities convertible into or exchangeable for Units as
 consideration for mergers, acquisitions, other business combinations or strategic alliances
 occurring after the date of this Agreement which are not issued for capital raising purposes.
 For the purposes of this Agreement, "**Permitted Private Placements**" shall
 mean any issuance of Units where the consideration to be received by the Trust in exchange
 for such Units consists of Copper.

(h) **Change of Circumstances**. The
 Manager, on behalf of the Trust, will, at any time during the pendency of a Placement Notice
 advise the Agents promptly after it shall have received notice or obtained knowledge thereof,
 of any information or fact that would alter or affect in any material respect any opinion,
 certificate, letter or other document required to be provided to the Agents pursuant to this
 Agreement.

(i) **Due Diligence Cooperation**. The
 Manager, on behalf of the Trust, will cooperate with any reasonable due diligence review
 conducted by the Agents or its representatives in connection with the transactions contemplated
 hereby, including, without limitation, providing information and making available documents
 and senior corporate officers, during regular business hours and at the Trust's principal
 offices, as the Agents may reasonably request.

(j) **Required Filings Relating to Placement of Placement Units**. The Trust agrees that on such dates as the Canadian Securities
 Laws shall require, the Trust will (i) file a prospectus supplement with the Securities
 Commissions (each and every filing, a "**Filing Date** "), which prospectus
 supplement will set forth, within the relevant period, the amount of Placement Units to be
 sold through the Agents, the Net Proceeds to the Trust and the compensation payable to the
 Agents with respect to such Placement Units, and (ii) deliver such number of copies
 of each such prospectus supplement to each exchange or market on which such sales were effected
 as may be required by the rules or regulations of such exchange or market. In each quarterly
 report, annual information form or annual financial statements filed by the Trust in respect
 of any period in which sales of Placement Units were made by the Agents under this Agreement,
 the Trust shall set forth with regard to such period the number of Placement Units sold through
 the Agents under this Agreement, the Net Proceeds received by the Trust and the compensation
 paid by the Trust to the Agents with respect to sales of Placement Units pursuant to this
 Agreement, in each case to the extent required by Canadian Securities Laws. The Agents will
 deliver to the Trust, for each fiscal quarter of the Trust and fiscal year of the Trust during
 which Units are sold pursuant to this Agreement, and otherwise as reasonably requested by
 the Trust to enable the Trust to meet its quarterly and annual or other reporting requirements
 under Canadian Securities Laws or any applicable requirements of the TSX, within three Trading
 Days (or such lesser number of days as agreed to by the Trust and the Agents) after the end
 of the fiscal quarter or fiscal year, as applicable, a report stating the number of Units
 distributed pursuant to this Agreement during such fiscal quarter or fiscal year, together
 with such other information reasonably requested and specified in this Section 7(j),
 calculated on a quarterly basis or annual basis, as applicable. For so long as the Units
 are listed on the TSX, the Trust will provide the TSX with all information it requires with
 respect to the offering and sale of Placement Units pursuant to this Agreement within the
 timelines prescribed by the TSX.

(k) **Representation Dates; Certificate**. (1) On or prior to the date of the first Placement Notice and (2) each time
 the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) files the Final Prospectus relating to the Placement Units or amends or supplements (other than a prospectus
supplement relating solely to an offering of securities other than the Placement Units) the Final Prospectus relating to the Placement
Units by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into
the Final Prospectus relating to the Placement Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) files or amends an annual information
form in accordance with National Instrument 81 -106 – *Investment Fund Continuous Disclosure;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) files or amends annual or interim financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any other time reasonably requested
 by the Agents (each date of filing of one or more documents referred to in clauses (i) through
 (iii) and at any time of request pursuant to this subsection (iv) above shall be
 a "**Representation Date** ");

the Manager, on behalf of the Trust, shall furnish the Agents with a certificate, in the form and substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary, to relate to the Final Prospectus as amended or supplemented. The requirement to provide a certificate under this Section 7(k) shall be waived for any Representation Date occurring at a time a Suspension is in effect, which waiver shall continue until the earlier to occur of the date the Manager, on behalf of the Trust, delivers instructions for the sale of Placement Units hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Manager, on behalf of the Trust, subsequently decides to sell Placement Units following a Representation Date when a Suspension was in effect and did not provide the Agents with a certificate under this Section 7(k), then before the Manager, on behalf of the Trust, delivers the instructions for the sale of Placement Units or the Agents sell any Placement Units pursuant to such instructions, the Manager, on behalf of the Trust, shall provide the Agents with a certificate in conformity with this Section 7(k) dated as of the date that the instructions for the sale of Placement Units are issued.

(1) **Legal Opinions**. (i) On or
 prior to the date of the first Placement Notice, and (ii) within five Trading Days of
 each Representation Date with respect to which the Manager, on behalf of the Trust, is obligated
 to deliver a certificate pursuant to Section 7(k) for which no waiver is applicable
 and excluding the date of this Agreement, the Trust shall cause to be furnished to the Agents
 a written opinion of Stikeman Elliott LLP ()"**Canadian Trust Counsel** "),
 or other counsel(s) satisfactory to the Agents, in form and substance satisfactory to
 the Agents and their counsel, substantially similar to the forms previously provided to the
 Agents and their counsel, modified, as necessary, to relate to the Final Prospectus, as then
 amended or supplemented; *provided, however,* that the Manager, on behalf of the Trust,
 shall be required to furnish to the Agents no more than one opinion hereunder per calendar
 quarter. The requirement to provide an opinion under this Section 7(1) shall be
 waived for any Representation Date occurring at a time a Suspension is in effect, which waiver
 shall continue until the earlier to occur of the date the Manager, on behalf of the Trust,
 delivers instructions for the sale of Placement Units hereunder (which for such calendar
 quarter shall be considered a Representation Date) and the next occurring Representation
 Date. Notwithstanding the foregoing, if the Manager, on behalf of the Trust, subsequently
 decides to sell Placement Units following a Representation Date when a Suspension was in
 effect and did not provide the Agents with an opinion under this Section 7(1), then
 before the Manager, on behalf of the Trust, delivers the instructions for the sale of Placement
 Units or the Agents sell any Placement Units pursuant to such instructions, the Manager,
 on behalf of the Trust, shall instruct Canadian Trust Counsel to provide the Agents with
 an opinion in conformity with this Section 7(1) dated as of the date that the instructions
 for the sale of Placement Units are issued.

(m) **Comfort Letter**. (i) On or
 prior to the date of the first Placement Notice, and (ii) within five Trading Days of
 each Representation Date with respect to which the Manager, on behalf of the Trust, is obligated
 to deliver a certificate pursuant to Section 7(k) for which no waiver is applicable
 and excluding the date of this Agreement, the Trust shall cause KPMG, the current auditor
 of the Trust, to furnish the Agents a letter (the "**Comfort Letter** "), dated
 the date the Comfort Letter is delivered, which shall meet the requirements set forth in
 this Section 7(m); *provided,* that if requested by the Agents, the Trust shall
 cause a Comfort Letter to be furnished to the Agents within 10 Trading Days of the date of
 occurrence of any material transaction or event, including the restatement of the Trust's
 financial statements. The Comfort Letter from the Trust's independent registered public
 accounting firm shall be in a form and substance satisfactory to the Agents, (i) confirming
 that they are an independent auditor as required by Canadian Securities Laws, (ii) stating,
 as of such date, the conclusions and findings of such firm with respect to the financial
 information and other matters ordinarily covered by accountants' "comfort letters"
 to underwriters in connection with registered public offerings (the first such letter, the
 "**Initial Comfort Letter** "), and (iii) updating the Initial Comfort
 Letter with any information that would have been included in the Initial Comfort Letter had
 it been given on such date and modified as necessary to relate to the Final Prospectus, as
 amended and supplemented to the date of such letter. The requirement to provide a Comfort
 Letter under this Section 7(m) shall be waived for any Representation Date occurring
 at a time a Suspension is in effect, which waiver shall continue until the earlier to occur
 of the date the Manager, on behalf of the Trust, delivers instructions for the sale of Placement
 Units hereunder (which for such calendar quarter shall be considered a Representation Date)
 and the next occurring Representation Date. Notwithstanding the foregoing, if the Manager,
 on behalf of the Trust, subsequently decides to sell Placement Units following a Representation
 Date when a Suspension was in effect and did not provide the Agents with a Comfort Letter
 under this Section 7(m), then before the Manager, on behalf of the Trust, delivers the
 instructions for the sale of Placement Units or the Agents sell any Placement Units pursuant
 to such instructions, the Manager, on behalf of the Trust, shall cause KPMG to provide the
 Agents with a Comfort Letter in conformity with this Section 7(m) dated as of the
 date that the instructions for the sale of Placement Units are issued.

(n) **Market Activities**. The Trust
 and Manager will not, directly or indirectly, (i) take any action designed to cause
 or result in, or that constitutes or would reasonably be expected to constitute, the stabilization
 or manipulation of the price of any security of the Trust to facilitate the sale or resale
 of Units, or (ii) sell, bid for, or purchase Units, or pay anyone any compensation for
 soliciting purchases of the Placement Units other than the Agents; provided, however, that
 the foregoing shall not prevent the Trust and the Manager from engaging in marketing activities
 in the ordinary course of business.

(o) **No Offer to Sell**. Neither the
 Agents nor the Manager, on behalf of the Trust (including its agents and representatives,
 other than the Agents in its capacity as such) will make, use, prepare, authorize, approve
 or refer to any written communication that constitutes an offer to sell or solicitation of
 an offer to buy Placement Units hereunder.

(p) **Sale of Units in the United States**. The Manager, on behalf of the Trust, will not engage in or permit any of its affiliates
 or any person acting on its behalf to engage in any Directed Selling efforts or in any form
 of General Solicitation or General Advertising in the United States (within the meaning of
 the United States *Securities Act of 1933,* as amended) with respect to the Placement
 Units.

(q) **Secretary's Certificate; Further Documentation**. On or prior to the date of the first Placement Notice, the Trust
 and Manager shall deliver to the Agents a certificate of an officer of the Manager, on behalf
 of the Trust, and attested to by an executive officer of the Manager, dated as of such date,
 certifying as to (i) the constituent and governing documents of the Trust and Manager,
 (ii) the resolutions of the Trust and Manager authorizing the execution, delivery and
 performance of this Agreement and the issuance of the Placement Units, and (iii) the
 incumbency of the officers duly authorized to execute this Agreement and the other documents
 contemplated by this Agreement. Within five Trading Days of each Representation Date, the
 Manager, on behalf of the Trust, shall have furnished to the Agents such further information,
 certificates and documents as the Agents may reasonably request.

(r) **Canadian Securities Laws**. The
 Manager, on behalf of the Trust, will use its commercially reasonable efforts to comply with
 all requirements imposed upon it by Canadian Securities Laws, and the rules of the TSX
 as from time to time in force, so far as necessary to permit the continuance of sales of,
 or dealings in, the Placement Units as contemplated by the provisions hereof and the Final
 Prospectus.

(s) **Reports, etc**. The Manager,
 on behalf of the Trust, shall (i) file promptly all reports required to be filed by
 the Trust with the Securities Commissions, (ii) file promptly all reports and other
 documents required to be filed by the Trust to comply with Canadian Securities Laws, (iii) provide
 the Agents with a copy of such reports and statements and other documents filed by the Trust
 pursuant to the Canadian Securities Laws and to promptly notify the Agents of such filing
 unless available on SEDAR+, and (iv) advise the Agents, promptly after it receives notices
 thereof, (x) of any request by the Securities Commissions to amend or supplement the
 Base Prospectus, the Final Prospectus, or for additional information with respect thereto
 or (y) of the issuance by the Securities Commissions of any stop order suspending the
 use or effectiveness of the Final Prospectus, or the institution or threatening of any proceeding
 for any such purpose.

(t) **Shelf Procedures**. The Trust shall
 comply with the requirements of the Shelf Procedures and file the Final Prospectus with the
 Securities Commissions on the day which is no later than two Business Days following the
 date of this Agreement. If during the period in which a prospectus is required by law to
 be delivered by the Agents, any event shall occur that makes any statement made in the Final
 Prospectus, untrue or that as a result of which, in the judgment of the Trust or in the reasonable
 opinion of the Agents or counsel for the Agents, it becomes necessary to amend or supplement
 the Final Prospectus in order to (i) constitute full, true and plain disclosure of all
 material facts, and (ii) make the statements therein, in the light of the circumstances
 in which they are made, not misleading, or, if it is necessary at any time to amend or supplement
 the Final Prospectus, to comply with any law, the Trust promptly will prepare and file with
 the Securities Commissions, and furnish at its own expense to the Agents, an appropriate
 amendment to the supplement to the Final Prospectus, so that the Final Prospectus, as so
 amended or supplemented will (x) constitute full, true and plain disclosure of all material
 facts; and (y) not, in the light of the circumstances when it is so delivered, be misleading,
 or so that the Final Prospectus shall comply with such law. Before amending or supplementing
 the Final Prospectus in connection with this Agreement, the Trust shall furnish the Agents
 with a copy of such proposed amendment or supplement and shall not file any such amendment
 or supplement to which the Agents reasonably object.

**Section 8 Payment of Expenses**

The Trust will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation and filing of the Final Prospectus, including any fees required by the Securities Commissions, and the printing or electronic delivery of the Final Prospectus as originally filed and of each amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the Agents of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Units, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Units to the Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Units to the Agents, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Trust, (v) the fees and disbursements of the counsel to the Agents, payable upon the execution of this Agreement, in an amount not to exceed CAD$75,000, (vi) the qualification or exemption of the Placement Units under provincial securities laws in accordance with the provisions of Section 7(r) hereof, including filing fees, but excluding fees of the Agents' counsel, (vii) the printing and delivery to the Agents of copies of the Final Prospectus and any amendments or supplements thereto in such number as the Agents shall deem necessary, (viii) the fees and expenses of the transfer agent and registrar for the Units (subject to the cap set forth in clause (v) above) and the fees and expenses incurred in connection with the listing of the Placement Units on the TSX.

**Section 9 Conditions to the Agents' Obligations**

The obligations of the Agents hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Trust and Manager herein, to the due performance by the Trust and Manager of their obligations hereunder, to the completion by the Agents of a due diligence review satisfactory to them in their reasonable judgment, and to the continuing satisfaction (or waiver by the Designated Agent in respect of the Placement in its sole discretion) of the following additional conditions:

(a) **No Material Notices**. None of
 the following events shall have occurred and be continuing: (i) receipt by the Trust
 of any request for additional information from the Securities Commissions or any other federal
 or provincial government authority, the response to which would require any amendments or
 supplements to the Final Prospectus, (ii) the issuance by the Securities Commissions
 or any other federal or provincial governmental authority of any stop order suspending the
 use of or effectiveness of the Final Prospectus or the initiation of any proceedings for
 that purpose, (iii) receipt by the Trust of any notification with respect to the suspension
 of the qualification or exemption from qualification of any of the Placement Units for sale
 in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
 or (iv) the occurrence of any event that makes any statement made in the Final Prospectus
 or any document incorporated or deemed to be incorporated therein by reference untrue in
 any material respect or that requires the making of any changes in the Final Prospectus or
 documents so that it will not contain any untrue statement of a material fact or omit to
 state any material fact required to be stated therein or necessary to make the statements
 therein not misleading and, that in the case of each Base Prospectus and Final Prospectus,
 it will not contain any untrue statement of a material fact or omit to state any material
 fact required to be stated therein or necessary to make the statements therein, in the light
 of the circumstances under which they were made, not misleading, and (v) the Manager's,
 on behalf of the Trust, reasonable determination that an amendment to the Final Prospectus
 would be appropriate.

(b) **No Misstatement or Material Omission**. The Agents shall not have advised the Manager, on behalf of the Trust, that the Final
 Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact
 that in the Agents' reasonable opinion is material, or omits to state a fact that in
 the Agents' reasonable opinion is material and is required to be stated therein or
 is necessary to make the statements therein not misleading.

(c) **Material Changes**. Except as contemplated
 in the Final Prospectus, or disclosed in the Trust's reports filed with the Securities
 Commissions, there shall not have been any material adverse change in the authorized Units
 or other equity of the Trust or any material adverse effect or any development that could
 reasonably be expected to cause a material adverse effect, or a downgrading in or withdrawal
 of the rating assigned to any of the Trust's securities (other than asset backed securities)
 by any rating organization or a public announcement by any rating organization that it has
 under surveillance or review its rating of any of the Trust's securities (other than
 asset backed securities), the effect of which, in the case of any such action by a rating
 organization described above, in the reasonable judgment of the Agents (without relieving
 the Trust of any obligation or liability it may otherwise have), is so material as to make
 it impracticable or inadvisable to proceed with the offering of the Placement Units on the
 terms and in the manner contemplated in the Final Prospectus.

(d) **Legal Opinions**. The Agents shall
 have received the opinions of Canadian Trust Counsel required to be delivered pursuant to
 Section 7(1) on or before the date on which such delivery of such opinion is required
 pursuant to Section 7(1).

(e) **Comfort Letter**. The Agents shall
 have received the Comfort Letters required to be delivered pursuant to Section 7(m) on
 or before the date on which delivery of such Comfort Letters are required pursuant to Section 7(m).

(f) **Representation Certificate**. The
 Agents shall have received the certificate required to be delivered pursuant to Section 7(k) on
 or before the date on which delivery of such certificate is required pursuant to Section 7(k).

(g) **No Suspension**. Trading in the
 Units shall not have been suspended on the TSX and the Units shall not have been delisted
 from the TSX.

(h) **Other Materials**. On each date
 on which the Manager, on behalf of the Trust, is required to deliver a certificate pursuant
 to Section 7(k), the Manager, on behalf of the Trust, shall have furnished to the Agents
 such appropriate further information, opinions, certificates, letters and other as the Agents
 may reasonably request. All such opinions, certificates, letters and other documents will
 be in compliance with the provisions hereof.

(i) **Securities Act Filings Made**. All
 filings with the Securities Commissions required by Canadian Securities Laws to have been
 filed prior to the issuance of any Placement Notice hereunder shall have been made within
 the applicable time period prescribed for such filing.

(j) **Approval for Listing**. The Placement
 Units shall either have been (i) approved for listing on the TSX, subject only to notice
 of issuance, or (ii) the Manager, on behalf of the Trust shall have filed an application
 for listing of the Placement Units on the TSX at, or prior to, the issuance of any Placement
 Notice and the TSX shall have reviewed such application and not provided any objections thereto.

(k) **No Termination Event**. There shall
 not have occurred any event that would permit the Agents to terminate this Agreement pursuant
 to Section 12(a).

(1) **No Governmental Objections**. No
 Canadian, or other governmental authority shall have issued any opinion, guidance, objection,
 or advice that can be construed as limiting or restricting in any way the ability of the
 Agents to carry out the transactions contemplated hereunder.

**Section 10 Indemnification and Contribution**

(a) **Trust and Manager Indemnification**. The Trust and the Manager, jointly and severally, agree to indemnify and hold harmless
 the Agents, their affiliates and their respective partners, members, directors, officers,
 employees and agents and each person, if any, who controls the applicable Agent or any affiliate,
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several,
arising out of or based upon any untrue statement or alleged untrue statement of a material fact included in the Final Prospectus (or
any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several,
to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section 10(d) below) any such settlement is effected with the written consent
of the Trust and the Manager, which consent shall not unreasonably be delayed or withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, to the extent that any such expense is not paid under Section 10(a)(i) or (ii) above, *provided, however,* that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Agents'
Information (as defined below); and provided, further, that this indemnity shall not impose any personal
liability to any trustee and/or unitholder of the Trust and there will be no resort to the trustee's and/or unitholder's private property
for satisfaction of any obligation or claim arising out of or in connection with this Agreement.

(b) **Indemnification by the Agents**. Each
 respective Agent, severally but not jointly, agrees to indemnify and hold harmless the Manager
 and the Trust, against any and all loss, liability, claim, damage and expense described in
 the indemnity contained in Section 10(a), as incurred, but only with respect to untrue
 statements or omissions, or alleged untrue statements or omissions, made in the Final Prospectus
 (or any amendment or supplement thereto) in reliance upon and in conformity with information
 relating to such respective Agent and furnished to the Trust in writing by such respective
 Agent expressly for use therein. The Trust and the Manager hereby acknowledge that the only
 information that the Agents have furnished to the Trust and the Manager expressly for use
 in the Final Prospectus (or any amendment or supplement thereto) are the statements set forth
 in the seventh paragraph under the caption "Plan of Distribution" in the Final
 Prospectus (the "**Agents' Information** ").

(c) **Procedure**. Any party that proposes
 to assert the right to be indemnified under this Section 10 will, promptly after receipt
 of notice of commencement of any action against such party in respect of which a claim is
 to be made against an indemnifying party or parties under this Section 10, notify each
 such indemnifying party of the commencement of such action, enclosing a copy of all papers
 served, but the omission so to notify such indemnifying party will not relieve the indemnifying
 party from (i) any liability that it might have to any indemnified party otherwise than
 under this Section 10, and (ii) any liability that it may have to any indemnified
 party under the foregoing provision of this Section 10 unless, and only to the extent
 that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying
 party. If any such action is brought against any indemnified party and it notifies the indemnifying
 party of its commencement, the indemnifying party will be entitled to participate in and,
 to the extent that it elects by delivering written notice to the indemnified party promptly
 after receiving notice of the commencement of the action from the indemnified party, jointly
 with any other indemnifying party similarly notified, to assume the defense of the action,
 with counsel reasonably satisfactory to the indemnified party, and after notice from the
 indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
 party will not be liable to the indemnified party for any legal or other expenses except
 as provided below and except for the reasonable costs of investigation subsequently incurred
 by the indemnified party in connection with the defense. The indemnified party will have
 the right to employ its own counsel in any such action, but the fees, expenses and other
 charges of such counsel will be at the expense of such indemnified party unless (i) the
 employment of counsel by the indemnified party has been authorized in writing by the indemnifying
 party, (ii) the indemnified party has reasonably concluded (based on advice of counsel)
 that there may be legal defenses available to it or other indemnified parties that are different
 from or in addition to those available to the indemnifying party, (iii) a conflict or
 potential conflict exists (based on advice of counsel to the indemnified party) between the
 indemnified party and the indemnifying party (in which case the indemnifying party will not
 have the right to direct the defense of such action on behalf of the indemnified party),
 or (iv) the indemnifying party has not in fact employed counsel to assume the defense
 of such action or counsel reasonably satisfactory to the indemnified party, in each case,
 within a reasonable time after receiving notice of the commencement of the action, in each
 of which cases the reasonable fees, disbursements and other charges of counsel will be at
 the expense of the indemnifying party or parties. It is understood that the indemnifying
 party or parties shall not, in connection with any proceeding or related proceedings in the
 same jurisdiction, be liable for the reasonable fees, disbursements and other charges of
 more than one separate firm (plus local counsel) admitted to practice in such jurisdiction
 at any one time for all such indemnified party or parties. All such fees, disbursements and
 other charges will be reimbursed by the indemnifying party promptly after the indemnifying
 party receives a written invoice relating to fees, disbursements and other charges in reasonable
 detail. An indemnifying party will not, in any event, be liable for any settlement of any
 action or claim effected without its written consent. No indemnifying party shall, without
 the prior written consent of each indemnified party, settle or compromise or consent to the
 entry of any judgment in any pending or threatened claim, action or proceeding relating to
 the matters contemplated by this Section 10 (whether or not any indemnified party is
 a party thereto), unless such settlement, compromise or consent (i) includes an unconditional
 release of each indemnified party, in form and substance reasonably satisfactory to such
 indemnified party, from all liability arising out of such litigation, investigation, proceeding
 or claim, and (ii) does not include a statement as to or an admission of fault, culpability
 or a failure to act by or on behalf of any indemnified party.

(d) **Settlement Without Consent if Failure to Reimburse**. If an indemnified party shall have requested an indemnifying party to
 reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying
 party agrees that it shall be liable for any settlement of the nature contemplated by Section 10(a)(ii) effected
 without its written consent if: (i) such settlement is entered into more than 45 days
 after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying
 party shall have received notice of the terms of such settlement at least 30 days prior to
 such settlement being entered into, and (iii) such indemnifying party shall not have
 reimbursed such indemnified party in accordance with such request prior to the date of such
 settlement.

(e) **Contribution**. In order to provide
 for just and equitable contribution in circumstances in which the indemnification provided
 for in the foregoing paragraphs of this Section 10 is applicable in accordance with
 its terms but for any reason is held to be unavailable from the Trust and the Manager, or
 an Agent, the Trust and the Manager, and such Agent will contribute to the total losses,
 claims, liabilities, expenses and damages (including any investigative, legal and other expenses
 reasonably incurred in connection with, and any amount paid in settlement of, any action,
 suit or proceeding or any claim asserted, but after deducting any contribution received by
 the Trust and the Manager from persons other than such Agent, who also may be liable for
 contribution) to which the Trust and the Manager, and the Agents may be subject in such proportion
 as shall be appropriate to reflect the relative benefits received by the Trust and the Manager
 on the one hand and the Agents on the other hand. The relative benefits received by the Trust
 and the Manager on the one hand and the Agents on the other hand shall be deemed to be in
 the same proportion as the total net proceeds from the sale of the Placement Units (before
 deducting expenses) received by the Trust bear to the total compensation received by the
 Agents (before deducting expenses) from the sale of Placement Units on behalf of the Trust.
 If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable
 law, the allocation of contribution shall be made in such proportion as is appropriate to
 reflect not only the relative benefits referred to in the foregoing sentence but also the
 relative fault of the Trust and the Manager, on the one hand, and the Agents, on the other
 hand, with respect to the statements or omission that resulted in such loss, claim, liability,
 expense or damage, or action in respect thereof, as well as any other relevant equitable
 considerations with respect to such offering. Such relative fault shall be determined by
 reference to, among other things, whether the untrue or alleged untrue statement of a material
 fact or omission or alleged omission to state a material fact relates to information supplied
 by the Trust and the Manager, or the Agents, the intent of the parties and their relative
 knowledge, access to information and opportunity to correct or prevent such statement or
 omission. The Trust and the Manager, and each Agent agree that it would not be just and equitable
 if contributions pursuant to this Section 10(e) were to be determined by pro rata
 allocation or by any other method of allocation that does not take into account the equitable
 considerations referred to herein. The amount paid or payable by an indemnified party as
 a result of the loss, claim, liability, expense, or damage, or action in respect thereof,
 referred to above in this Section 10(e) shall be deemed to include, for the purpose
 of this Section 10(e), any legal or other expenses reasonably incurred by such indemnified
 party in connection with investigating or defending any such action or claim to the extent
 consistent with Section 10(c) hereof. Notwithstanding the foregoing provisions
 of this Section 10(e), no Agent shall be required to contribute any amount in excess
 of the commissions received by it under this Agreement and no person found guilty of fraudulent
 misrepresentation will be entitled to contribution from any person who was not guilty of
 such fraudulent misrepresentation. Any party entitled to contribution, promptly after receipt
 of notice of commencement of any action against such party in respect of which a claim for
 contribution may be made under this Section 10(e), will notify any such party or parties
 from whom contribution may be sought, but the omission to so notify will not relieve that
 party or parties from whom contribution may be sought from any other obligation it or they
 may have under this Section 10(e) except to the extent that the failure to so notify
 such other party materially prejudiced the substantive rights or defenses of the party from
 whom contribution is sought. Except for a settlement entered into pursuant to the last sentence
 of Section 10(c) hereof, no party will be liable for contribution with respect
 to any action or claim settled without its written consent if such consent is required pursuant
 to Section 10(c) hereof. The Agents' respective obligations to contribute
 pursuant to this Section 10(e) are several in proportion to the respective number
 of Placement Units they have sold hereunder, and not joint.

**Section 11 Representations and Agreements to Survive Delivery**

The indemnity and contribution agreements contained in Section 10 of this Agreement and all representations and warranties of the Trust and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of any Agent, any controlling persons, or the Trust and the Manager (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Units and payment therefor, or (iii) any termination of this Agreement.

**Section 12 Termination**

(a) An Agent may terminate this Agreement with respect to itself, by notice to the Trust and the Manager,
as hereinafter specified at any time (i) if there has been, since the time of execution of this Agreement or since the date as of
which information is given in the Final Prospectus, any change, or any development or event involving a prospective change, in the condition,
financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Trust considered as one enterprise,
whether or not arising in the ordinary course of business, which individually or in the aggregate, in the sole judgment of such Agent
is material and adverse and makes it impractical or inadvisable to market the Placement Units or to enforce contracts for the sale of
the Placement Units, (ii) if there has occurred any material adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development
involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which
is such as to make it, in the judgment of the such Agent, impracticable or inadvisable to market the Placement Units or to enforce contracts
for the sale of the Placement Units, (iii) if trading in the Units has been suspended or limited by the Securities Commissions or
the TSX or if trading generally on the TSX has been suspended or limited, or minimum prices for trading have been fixed on the TSX, (iv) if
any suspension of trading of any securities of the Trust on any exchange or in the over-the-counter market shall have occurred and be
continuing, (v) if a major disruption of securities settlements or clearance services in Canada shall have occurred and be continuing,
or (vi) if a banking moratorium has been declared by Canadian authorities. Any such termination shall be without liability of any
party to any other party except that the provisions of Section 8 (Payment of Expenses), Section 10 (Indemnification and Contribution),
Section 11 (Representations and Agreements to Survive Delivery), Section 17 (Governing Law and Time; Waiver of Jury Trial),
Section 18 (Consent to Jurisdiction), and Section 19 (Judgment Currency) hereof shall remain in full force and effect notwithstanding
such termination. If an Agent elects to terminate this Agreement as provided in this Section 12(a), such Agent shall provide the
required notice as specified in Section 13 (Notices). For the avoidance of doubt, the termination by one of the Agents of its rights
and obligations under this Agreement pursuant to this Section 12(a) shall not affect the rights and obligations of the other
Agents under this Agreement.

(b) The Trust shall have the right, by giving 10 days' notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any
other party except that the provisions of Section 8, Section 10, Section 11, Section 17, Section 18 and Section 19
hereof shall remain in full force and effect notwithstanding such termination.

(c) Each of the Agents shall have the right, by giving 10 days' notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time after the date of this Agreement, with respect to such Agent's rights and obligations
under this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8,
Section 10, Section 11, Section 17, Section 18 and Section 19 hereof shall remain in full force and effect notwithstanding
such termination. For the avoidance of doubt, the termination by one of the Agents of its rights and obligations under this Agreement
pursuant to this Section 12(c) shall not affect the rights and obligations of the other Agents under this Agreement.

(d) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), 12(b),
or 12(c) above or otherwise by mutual agreement of the parties; *provided, however,* that any such termination by mutual agreement
shall in all cases be deemed to provide that Section 8, Section 10, Section 11, Section 17, Section 18 and Section 19
shall remain in full force and effect.

(e) Any termination of this Agreement shall be effective on the date specified in such notice of termination; *provided, however,* that such termination shall not be effective until the close of business on the date of receipt of such notice
by an Agent or the Trust, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Units,
such Placement Units shall settle in accordance with the provisions of this Agreement.

**Section 13 Notices**

(a) All notices or other communications required or permitted to be given by any party to any other party
pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agents, shall be delivered
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cantor Fitzgerald Canada Corporation<br>
181 University Avenue, Suite 1500<br>
Toronto, ON M5H 3M7

Attention: Elan Shevel

Telephone: [Redacted]

and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Virtu Canada Corp.

130 King Street West, Suite 1800

Toronto, ON MSX IE30B4

Attention: Brandon Boyd

Telephone: [Redacted]

and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Canaccord Genuity Corp.

40 Temperance Street, Suite 2100

Toronto, Ontario M5H 0B4

Attention: David Sadowski

Telephone: [Redacted]

and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BMO Nesbitt Burns Inc.<br>
1 First Canadian Place<br>
100 King Street West<br>
3rd Floor Podium<br>
Toronto, ON M5X 1H3

Attention: Joshua Goldfarb

Telephone: [Redacted]

with a copy to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Borden Ladner Gervais LLP

Bay Adelaide Centre, East Tower

22 Adelaide St W

Toronto, ON, Canada M5H 4E3

Attention: Ben Keen

Telephone: [Redacted]

and if to the Trust or Manager, shall be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Sprott Physical Copper Trust / Sprott Asset Management LP

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2600

Toronto, Ontario M5J 2J1

Attention: Lara Misner

Telephone: [Redacted]

with a copy to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Stikeman Elliott LLP

5300 Commerce Court West

199 Bay Street

Toronto, Ontario M5L 1B9

Attention: J.R. Laffin

Telephone: [Redacted]

Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., Toronto time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier, and (iii) on the Business Day actually received if deposited in the Canadian mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, "**Business Day**" shall mean any day on which the TSX and commercial banks in the City of Toronto are open for business.

An electronic communication ("**Electronic Notice**") shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form ("**Non-electronic Notice**") which shall be sent to the requesting party within 10 days of receipt of the written request for Non-electronic Notice.

**Section 14 Successors and Assigns**

This Agreement shall inure to the benefit of and be binding upon the Trust and the Manager and the Agents and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 10 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party; provided, however, that each Agent may assign its rights and obligations hereunder to an affiliate thereof without obtaining the Trust's or Manager's consent.

**Section 15 Adjustments for Splits**

The parties acknowledge and agree that all Unit-related numbers contained in this Agreement shall be adjusted to take into account any Unit split, Unit dividend or similar event effected with respect to the Placement Units.

**Section 16 Entire Agreement; Amendment; Severability; Waiver**

This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof other than the side letter signed as of the date hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Manager, on behalf of the Trust, the Manager and each of the Agents. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.

**Section 17 GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL**

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. SPECIFIED TIMES OF DAY REFER TO TORONTO TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

**Section 18 CONSENT TO JURISDICTION**

EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE PROVINCIAL AND FEDERAL COURTS SITTING IN THE CITY OF TORONTO, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

**Section 19 Judgment Currency**

The Trust agrees to indemnify the Agents against any loss incurred by the Agents as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the "**judgment currency**") other than Canadian dollars and as a result of any variation as between (i) the rate of exchange at which the Canadian dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase Canadian dollars with the amount of the judgment currency actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of the Trust and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

**Section 20 Counterparts**

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or by electronic delivery of a portable document format (PDF) file.

**Section 21 Effect of Headings**

The section and exhibit headings herein are for convenience only and shall not affect the construction hereof.

**Section 22 Absence of Fiduciary Relationship**

The Trust and the Manager acknowledge and agree that:

(a) each Agent is acting solely as agent in connection with the public offering of the Placement Units and
in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory
relationship between the Trust and the Manager or any of its respective affiliates, shareholders (or other equity holders), creditors
or employees or any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect of any of
the transactions contemplated by this Agreement, irrespective of whether or not such Agent has advised or is advising the Trust or the
Manager on other matters, and no Agent has an obligation to the Trust and the Manager with respect to the transactions contemplated by
this Agreement except the obligations expressly set forth in this Agreement;

(b) it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions
of the transactions contemplated by this Agreement;

(c) neither the Agents nor their affiliates have provided any legal, accounting, regulatory or tax advice
with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors
to the extent it has deemed appropriate;

(d) it is aware that each Agent and its respective affiliates are engaged in a broad range of transactions
which may involve interests that differ from, those of the Trust and the Manager and the Agents and their affiliates have no obligation
to disclose such interests and transactions to the Trust and the Manager by virtue of any fiduciary, advisory or agency relationship or
otherwise; and

(e) it waives, to the fullest extent permitted by law, any claims it may have against an Agent or its affiliates
for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Units under this Agreement and
agrees that such Agent and its affiliates shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to
it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the
Trust and the Manager, employees or creditors of Trust, other than in respect of the Agents' obligations under this Agreement and to keep
information provided by the Trust and the Manager to the Agents and the Agents' counsel confidential to the extent not otherwise publicly-available.
Notwithstanding the foregoing or anything herein to the contrary, the Agents or its representatives, may, if requested by any governmental,
regulatory or self-regulatory agency or authority having jurisdiction over such entity, disclose such confidential information without
notice to or consent from the Trust or the Manager.

**Section 23 Definitions**

As used in this Agreement, the following terms have the respective meanings set forth below:

"**Applicable Time**" means (i) each Representation Date, (ii) the time of each sale of any Placement Units pursuant to this Agreement, and (iii) each Settlement Date.

All references in this Agreement to financial statements and schedules and other information that is "contained," "included" or "stated" in the Final Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Final Prospectus.

***[Signature Page Follows]***

If the foregoing correctly sets forth the understanding among the Trust, the Manager and the Agents, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Trust, the Manager and the Agents.

Very truly yours,

---

| | | | |
|:---|:---|:---|:---|
|  | **SPROTT PHYSICAL COPPER TRUST** | **SPROTT PHYSICAL COPPER TRUST** | **SPROTT PHYSICAL COPPER TRUST** |
|  | By its manager, Sprott Asset Management LP | By its manager, Sprott Asset Management LP | By its manager, Sprott Asset Management LP |
|  | By its general partner, Sprott Asset Management GP Inc. | By its general partner, Sprott Asset Management GP Inc. | By its general partner, Sprott Asset Management GP Inc. |
|  | By: | *signed "John Ciampaglia"* | *signed "John Ciampaglia"* |
|  |  | Name: | John Ciampaglia |
|  |  | Title: | Chief Executive Officer |
|  | **SPROTT ASSET MANAGEMENT LP** | **SPROTT ASSET MANAGEMENT LP** | **SPROTT ASSET MANAGEMENT LP** |
|  | By its general partner, Sprott Asset Management GP Inc. | By its general partner, Sprott Asset Management GP Inc. | By its general partner, Sprott Asset Management GP Inc. |
| | By: | *signed "John Ciampaglia"* | *signed "John Ciampaglia"* |
|  |  | Name: | John Ciampaglia |
|  |  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **ACCEPTED** as of the date first-above written: | **ACCEPTED** as of the date first-above written: | **ACCEPTED** as of the date first-above written: |
| **CANTOR FITZGERALD CANADA CORPORATION** | **CANTOR FITZGERALD CANADA CORPORATION** | **CANTOR FITZGERALD CANADA CORPORATION** |
| By: | *signed "Elan Shevel"* | *signed "Elan Shevel"* |
|  | Name: | Elan Shevel |
|  | Title: | Chief Compliance Officer |
| **VIRTU CANADA CORP.** | **VIRTU CANADA CORP.** | **VIRTU CANADA CORP.** |
| By: | *signed "Brandon Boyd"* | *signed "Brandon Boyd"* |
|  | Name: | Brandon Boyd |
|  | Title: | Chief Compliance Officer |
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | *signed "David Sadowski"* | *signed "David Sadowski"* |
|  | Name: | David Sadowski |
|  | Title: | Managing Director, Head of Canadian Metals & Mining Investment Banking |
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | *signed "Joshua Goldfarb"* | *signed "Joshua Goldfarb"* |
|  | Name: | Joshua Goldfarb |
|  | Title: | Managing Director |

---

**Schedule "A"**

**Form of Placement Notice**

From: Sprott Physical Copper Trust, by its manager, Sprott Asset Management LP, by its general partner, Sprott Asset Management GP Inc.

---

| | |
|:---|:---|
| To: | [·] (the "**Designated Agent")** |

---

Subject: Placement Notice

---

| | |
|:---|:---|
| Date: | [·], **20[·]** |

---

Ladies and Gentlemen:

Pursuant to the terms and subject to the conditions contained in the Sales Agreement among Sprott Physical Copper Trust, a trust formed and organized under the laws of the Province of Ontario (the "**Trust**") and managed by Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario (the "**Manager**"), Cantor Fitzgerald Canada Corporation ("**Cantor**"), Virtu Canada Corp. ("**Virtu**"), Canaccord Genuity Corp. ("**Canaccord**") and BMO Nesbitt Burns Inc. ("**BMO**", and together with Cantor, Virtu and Canaccord, the "**Agents**") dated July 8, 2024, the Manager, on behalf of the Trust, hereby requests that [Cantor/Virtu/Canaccord/BMO/Agents] sell up to [·] of the Trust's units at a minimum market price of [US/CAD]$[·] per unit, during the time period beginning [month, day, time] and ending [month, day, time].

"A" - 1

**Schedule "B"<br> Compensation**

The Trust shall pay to the Designated Agent in cash, upon each sale of Placement Units pursuant to this Agreement, an amount equal to up to 3.0% of the aggregate gross proceeds from each sale of Placement Units.

"B" - 1

**Schedule "C"**

**Notice Parties**

<u>The Manager</u>

[Redacted – personal information]

<u>Cantor Fitzgerald & Co.</u>

[Redacted – personal information]

<u>Virtu Capital Markets</u>

[Redacted – personal information]

<u>Canaccord Genuity Corp.</u>

[Redacted – personal information]

<u>BMO Nesbitt Burns Inc.</u>

[Redacted – personal information]

"C" - 1

## Exhibit 99.12

**Exhibit 99.12**

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.***

*This prospectus supplement, together with the accompanying short form base shelf prospectus dated July 3, 2024 (the "accompanying prospectus") to which it relates, as amended or supplemented, and each document deemed to be incorporated by reference into this prospectus supplement and the accompanying prospectus, constitutes a public offering of the securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.*

***Information has been incorporated by reference in this prospectus supplement and the accompanying prospectus from documents filed with the securities commissions or similar regulatory authorities in Canada.*** *Copies of the documents incorporated by reference in this prospectus supplement and the accompanying prospectus may be obtained on request without charge from Sprott Asset Management LP (the "Manager"), the manager of Sprott Physical Copper Trust (the "Trust"), Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Telephone: (416) 943-8099 and are also available electronically at www.sedarplus.com.*

**PROSPECTUS SUPPLEMENT**

**TO THE SHORT FORM BASE SHELF PROSPECTUS**

**DATED JULY 3, 2024**

<u>New Issue</u> <u>July 8, 2024</u>

![](tm263976d1_ex99-13img001.jpg)

**Sprott Physical Copper Trust**

**Up to US$500,000,000 Trust Units**

The Trust is hereby qualifying for distribution the offering (the "**offering**") of transferable units of the Trust (the "**trust units**" or "**units of the Trust**", and each a "**trust unit**") having an aggregate offering price of up to US$500,000,000 (or the equivalent in Canadian dollars determined using the daily exchange rate posted by the Bank of Canada on the date the trust units are sold). Each trust unit represents an equal, fractional, undivided beneficial interest in the net assets of the Trust attributable to the particular class of trust units. To date, the Trust has issued only one class or series of trust units, which is the class of trust units that will be qualified by this prospectus supplement and the accompanying prospectus. The Trust has entered into a sales agreement among the Trust, the Manager, Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. (the "**Agents**") dated July 8, 2024 (the "**sales agreement**") providing for the sale of trust units under the accompanying prospectus and prospectus supplements, including this prospectus supplement, having an aggregate offering price of up to US$500,000,000.

In accordance with the sales agreement, and except as noted below, the Trust may distribute trust units having an aggregate offering price of up to US$500,000,000 through the Agents, as its agents for the distribution of the trust units. See "Plan of Distribution" beginning on page S-8 of this prospectus supplement for more information regarding these arrangements.

The Agents will receive a cash fee of up to 3.0% of the aggregate gross proceeds realized from the sale of the trust units for services rendered in connection with the offering. See "Plan of Distribution". As described in "Use of Proceeds", the net proceeds of the offering will be used by the Trust to acquire Copper (as defined below) in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described herein. For the purposes of this prospectus supplement, "**Copper**" means physical copper metal in either Grade 1 Cathode form or Grade A Cathode form that is fully allocated or stored at a Facility (as defined below). For the purposes of this prospectus supplement, "**Grade 1 Cathode**" means physical copper metal cathode that, at the time of purchase by the Trust, satisfies the Chicago Mercantile Exchange standards for classification as a Grade 1 electrolytic copper cathode, and "**Grade A Cathode**" means a physical copper metal cathode that, at the time of purchase by the Trust, satisfies the London Metals Exchange standards for classification as Grade A copper. See "Sprott Physical Copper Trust — Business of the Trust — Investment Objectives of the Trust" for further information about the Trust's investment objectives.

We estimate the total expenses of the offering, excluding the Agents' fee, will be approximately US$75,000, which costs may be borne by the Manager. Each time trust units are issued and sold under this prospectus supplement, the Trust will reimburse the Manager for expenses paid by it in respect of that drawdown, but only to the extent there is a sufficient premium as determined by the Manager between the net asset value (the "**NAV**") per trust unit and the market price at which each such trust unit is sold under the offering.

No underwriter or dealer involved in the offering, no affiliate of such underwriter or dealer, and no person or company acting jointly or in concert with such underwriter or dealer, may, in connection with the offering, enter into any transaction that is intended to stabilize or maintain the market price of the trust units or securities of the same class as the trust units under this prospectus supplement including selling an aggregate number of principal amount of trust units that would result in the underwriter or dealer creating an over-allocation position in the trust units.

Sales of trust units, if any, under this prospectus supplement and the accompanying prospectus will be made in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 – *Shelf Distributions* ("**NI 44-102**"), consisting of sales made directly on the Toronto Stock Exchange ("**TSX**") or on any other "marketplace" as such term is defined in National Instrument 21-101 – *Marketplace Operation* ("**NI 21-101**") in Canada. The trust units will be distributed at market prices prevailing at the time of the sale of such trust units. As a result, prices may vary as between purchasers and during the period of distribution. There is no minimum amount of funds that must be raised under the offering. This means that the offering may terminate after raising only a portion of the offering amount set out above, or none at all. The Agents will sell trust units on marketplaces in Canada. See "Plan of Distribution".

The Trust has applied to list the trust units offered by this prospectus supplement on the TSX. The TSX has conditionally approved the Trust's application to list the trust units issued hereunder, subject to the Trust fulfilling all of the requirements of the TSX.

The trust units are listed and posted for trading on the TSX under the symbol "COP.UN" (Canadian dollar denominated) and "COP.U" (U.S. dollar denominated). On July 5, 2024, the last trading day prior to the date hereof, the closing price of the trust units on the TSX was Cdn$13.00 (COP.UN) and US$9.46 (COP.U). On July 5, 2024, the total NAV of the Trust and the NAV per unit of the Trust were US$101,482,417 and US$9.23, respectively.

The Trust is not a trust company and does not carry on business as a trust company and, accordingly, the Trust is not registered under the trust company legislation of any jurisdiction. Trust units are not "deposits" within the meaning of the *Canada Deposit Insurance Corporation Act* (Canada) and are not insured under provisions of that act or any other legislation.

**The Trust prepares its financial statements, which are incorporated by reference in this prospectus supplement, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").**

**Purchasing the trust units may subject you to tax consequences. This prospectus supplement and the accompanying prospectus may not describe these tax consequences fully. You should read the tax discussion in this prospectus supplement and in the accompanying prospectus.**

Whitney George, a director of the GP (as defined below), resides outside of Canada. Mr. George has appointed the Trust, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, M5J 2J1, as his agent for service of process in Canada. It may not be possible for you to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process.

**See "Risk Factors" in this prospectus supplement and the accompanying prospectus for a discussion of certain considerations relevant to an investment in the trust units offered hereby.**

**The registered and head office of the Trust is located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, M5J 2J1.**

- ii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Prospectus Supplement** | **Page** |
| IMPORTANT NOTICE | S-1 |
| ABOUT THIS PROSPECTUS SUPPLEMENT | S-1 |
| CONFLICTS OF INTEREST | S-1 |
| FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES | S-1 |
| EXCHANGE RATE | S-2 |
| DOCUMENTS INCORPORATED BY REFERENCE | S-2 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-3 |
| SPROTT PHYSICAL COPPER TRUST | S-4 |
| RISK FACTORS | S-6 |
| USE OF PROCEEDS | S-6 |
| CAPITALIZATION | S-6 |
| DESCRIPTION OF THE UNITS OF THE TRUST | S-7 |
| PRIOR SALES | S-7 |
| MARKET PRICE OF TRUST UNITS | S-7 |
| PLAN OF DISTRIBUTION | S-8 |
| MATERIAL TAX CONSIDERATIONS | S-9 |
| AUDITORS | S-9 |
| LEGAL MATTERS | S-9 |
| STATUTORY RIGHTS OF WITHDRAWAL AND RECISSION | S-10 |
| WHERE YOU CAN FIND MORE INFORMATION | S-10 |
| CERTIFICATE OF THE TRUST AND THE MANAGER | C-1 |
| CERTIFICATE OF THE AGENTS | C-2 |

---

---

| | |
|:---|:---|
| **Short Form Base Shelf Prospectus dated July 3, 2024** |  |
| FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES | 2 |
| EXCHANGE RATE | 2 |
| DOCUMENTS INCORPORATED BY REFERENCE | 2 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 3 |
| SPROTT PHYSICAL COPPER TRUST | 4 |
| FEES AND EXPENSES | 8 |
| RISK FACTORS | 10 |
| USE OF PROCEEDS | 11 |
| CAPITALIZATION | 11 |
| DESCRIPTION OF THE TRUST UNITS | 11 |
| PRIOR SALES | 12 |
| MARKET PRICE OF TRUST UNITS | 12 |
| PLAN OF DISTRIBUTION | 13 |
| MATERIAL TAX CONSIDERATIONS | 14 |
| ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS | 20 |
| AUDITORS | 20 |
| LEGAL MATTERS | 20 |
| EXEMPTIONS AND APPROVALS | 20 |
| PURCHASERS' STATUTORY RIGHTS | 21 |
| CERTIFICATE OF THE TRUST AND THE MANAGER | C-1 |

---

- iii -

**IMPORTANT NOTICE**

This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of the trust units being offered and the method of distribution of those securities and also supplements and updates information regarding the Trust contained in the accompanying prospectus. The second part, the accompanying prospectus, gives more general information about the trust units that may be offered from time to time. Both documents contain important information you should consider when making your investment decision. This prospectus supplement may add, update or change information contained in the accompanying prospectus. Before investing, you should carefully read both this prospectus supplement and the accompanying prospectus together with the additional information about the Trust to which we refer you in the sections of this prospectus supplement entitled "Documents Incorporated by Reference".

You should rely only on information contained in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference in this prospectus supplement and the accompanying prospectus. If information in this prospectus supplement is inconsistent with the accompanying prospectus or the information incorporated by reference, you should rely on this prospectus supplement. The Trust has not authorized anyone to provide you with information that is different. If anyone provides you with any different or inconsistent information, you should not rely on it. The Trust is offering the trust units only in jurisdictions where such offers are permitted by law. The information contained in this prospectus supplement and the accompanying prospectus is accurate only as of their respective dates, regardless of the time of delivery of this prospectus supplement and the accompanying prospectus and you should not assume otherwise.

**ABOUT THIS PROSPECTUS SUPPLEMENT**

Some of the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus concerning economic and industry trends is based upon or derived from information provided by industry sources. The Trust believes that such information is accurate and that the sources from which it has been obtained are reliable. However, the Trust cannot guarantee the accuracy of such information and it has not independently verified the assumptions upon which projections of future trends are based.

This prospectus supplement is deemed to be incorporated by reference into the accompanying prospectus solely for the purposes of the offering. Other documents are also incorporated or deemed to be incorporated by reference into this prospectus supplement and into the accompanying prospectus. See "Documents Incorporated by Reference".

Copies of reports, statements and other information that the Trust files with the Canadian provincial and territorial securities regulatory authorities are electronically available from SEDAR+ at www.sedarplus.com.

**CONFLICTS OF INTEREST**

To avoid any conflict of interest, or the appearance of a conflict of interest, the Manager has adopted a policy pursuant to which any entity or account (a) that is managed or (b) for whom investment decisions are made, directly or indirectly, by a person that is involved in the decision-making process of, or has non-public information about, follow-on offerings of the Trust is prohibited from investing in the Trust, and no such decision-making person is permitted to invest in the Trust for that decision-making person's benefit, directly or indirectly. In addition, the policy requires that any sales of units of the Trust currently owned by such persons must be pre-cleared by the independent review committee of the Trust.

**FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES**

Unless otherwise indicated, financial information in this prospectus supplement has been prepared in accordance with IFRS. The financial information of the Trust incorporated by reference herein is presented in U.S. dollars. **Unless otherwise noted herein, all references to "$", "US$", "United States dollars", "U.S. dollars" or "dollars" are to the currency of the United States and all references to "Cdn$" or "Canadian dollars" are to the currency of Canada.**

**EXCHANGE RATE**

The following table sets out certain exchange rates based upon the daily average rate published by the Bank of Canada. The rates are set out as United States dollars per Cdn$1.00.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31,** | **Year Ended <br> December 31,** |
|  | **2023** | **2022** |
| Low | $0.7207 | $0.7217 |
| High | $0.7617 | $0.8031 |
| Average | $0.7410 | $0.7692 |
| End | $0.7561 | $0.7383 |

---

On July 5, 2024, the daily average rate for United States dollars in terms of Canadian dollars, as quoted by the Bank of Canada was Cdn$1.00 = US$0.7335.

**DOCUMENTS INCORPORATED BY REFERENCE**

Incorporated by reference in this prospectus supplement is certain information contained in documents filed by the Trust with the securities regulatory authorities in each of the provinces and territories of Canada. This means that the Trust is disclosing important information to you by referring you to those documents. The information incorporated by reference is deemed to be part of this prospectus supplement, except for any information superseded by information contained directly in this prospectus supplement or in any other subsequently-filed document which also is or is deemed to be incorporated by reference herein.

You may obtain copies of the documents incorporated by reference in this prospectus supplement on request without charge by contacting the Manager, located at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Telephone: (416) 943-8099, as well as through the sources described under "Additional Information" in the accompanying prospectus.

The following documents, filed with the securities regulatory authorities in Canada are specifically incorporated by reference into, and form an integral part of, this prospectus supplement and the accompanying prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the following sections of the prospectus
 of the Trust dated May 31, 2024 (the "**IPO Prospectus** "): *"Overview of the Structure of the Trust", "Investment Objectives", "Investment Strategies", "Overview of the Sector the Trust Invests In", "Investment Restrictions", "Fees and Expenses", "Risk Factors", "Distribution Policy", "Redemption of Units", "Organization and Management Details of the Trust"* other than information contained under the subheading *"Auditor", "Calculation of Net Asset Value", "Description of the Units", "Securityholder Matters", "Termination of the Trust", "Redemption of Units", "Principal Unitholder of the Trust", "Legal Proceedings" and "Material Contracts";* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the audited financial statements of the
 Trust as at April 19, 2024, and for the period from inception on April 12, 2024
 to April 19, 2024, and the related notes thereto, together with the independent auditor's
 report thereon dated May 10, 2024 (the "**IPO Financial Statements** ").

Any documents of the type referred to in Section 11.1 of Form 44-101F1 **–** *Short Form Prospectus* required to be incorporated by reference, if filed by the Trust with the securities regulatory authorities in Canada after the date of this prospectus supplement and prior to the termination of the offering, will be deemed to be incorporated by reference in this prospectus supplement.

When new documents of the type referred to in the paragraph above are filed by the Trust with the securities regulatory authorities in Canada during the currency of this prospectus supplement, such documents will be deemed to be incorporated by reference in this prospectus supplement and the previous documents of the type referred to in the paragraph above will no longer be deemed to be incorporated by reference in this prospectus supplement.

If we disseminate a news release in respect of previously undisclosed information that, in our determination, constitutes a "material fact" (as such term is defined under applicable Canadian securities legislation), we will identify such news release as a "designated news release" for the purposes of this prospectus supplement and the accompanying prospectus in writing on the face page of the version of such news release that we file on SEDAR+ (each such news release a "**Designated News Release**"), and each such Designated News Release shall be deemed to be incorporated by reference into this prospectus supplement and the accompanying prospectus only for the purposes of the offering.

**Any statement contained in this prospectus supplement or in a document incorporated or deemed to be incorporated by reference in this prospectus supplement shall be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

The statements contained in this prospectus supplement, including any documents incorporated by reference, that are not purely historical are forward-looking statements. The Trust's forward-looking statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predicts", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus supplement may include, for example, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading of the trust units issued pursuant to this offering on the TSX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Trust's objectives and strategies to achieve the objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· expectations regarding the supply of Copper and
the ability of producers to bring additional sources of supply online; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· expectations for the growth of the Copper industry,
sources of and demand for Copper, and the performance of the Copper market.

The forward-looking statements contained in this prospectus supplement, including any document incorporated by reference, are based on the Trust's current expectations and beliefs concerning future developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Trust's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks, uncertainties and assumptions include those factors described under the heading "Risk Factors" in this prospectus supplement and the accompanying prospectus, as well as, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success in retaining or recruiting, or changes required in, the officers
or key employees of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success in retaining or recruiting, or changes
required in, the officers or key employees of any technical advisor appointed by the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· success in appointing a technical advisor to provide advisory services to the Manager in respect of matters relating to the Trust's holding, purchases and sales of Copper.

Should one or more of these risks or uncertainties materialize, or should any of the Trust's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Trust undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**SPROTT PHYSICAL COPPER TRUST**

**The following is a summary of information pertaining to the Trust and does not contain all the information about the Trust that may be important to you. You should read the more detailed information including, but not limited to, the applicable sections of the IPO Prospectus and the IPO Financial Statements that are incorporated by reference into and considered to be a part of this prospectus supplement, and please refer to the heading "Sprott Physical Copper Trust" beginning on page 4 of the accompanying prospectus.**

**Organization of the Trust**

Sprott Physical Copper Trust was established on April 12, 2024 under the laws of the Province of Ontario, Canada, and its provisions and features are set out in an amended and restated trust agreement dated as of May 10, 2024 (the "**Trust Agreement**"). The Trust has received relief from certain provisions of National Instrument 81-102 — *Investment Funds* ("**NI 81-102**"), and, as such, the Trust is not subject to certain policies and regulations of the Canadian Securities Administrators that apply to other non-redeemable investment funds (as defined under applicable Canadian securities legislation). See "Exemptions and Approvals".

The Trust invests and holds substantially all of its assets in Copper and does not, nor does it anticipate, holding any similar metal or related chemical compounds.

**Management of the Trust**

*The Manager*

Sprott Asset Management LP is the Manager of the Trust. The Manager acts as the manager of the Trust pursuant to the Trust Agreement and a management agreement between the Trust and the Manager dated as of May 10, 2024 (the "**Management Agreement**"). The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the *Limited Partnerships Act* (Ontario) by declaration dated as of September 17, 2008. The general partner of the Manager is Sprott Asset Management GP Inc. (the "**GP**"), which is a corporation incorporated under the laws of the Province of Ontario, Canada, on September 17, 2008. The GP is a wholly-owned subsidiary of Sprott Inc., which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February 13, 2008. Sprott Inc. is also the sole limited partner of the Manager. Sprott Inc. is a public company whose common shares are listed and posted for trading on the TSX and the New York Stock Exchange under the symbol "SII". See "Organization and Management Details of the Trust" in the IPO Prospectus for further information.

As of March 31, 2024, the Manager, together with its affiliates and related entities, had assets under management totaling approximately US$29.4 billion, and provided management and investment advisory services to many entities, including private investment funds, exchange-listed products, mutual funds and discretionary managed accounts. The Manager also acts as: (A) manager of (i) the Sprott Physical Uranium Trust, a non-redeemable investment fund whose trust units are listed and posted on the TSX that invests and holds substantially all of its assets in physical uranium, (ii) the Sprott Physical Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical silver bullion, (iii) the Sprott Physical Gold Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold bullion, (iv) the Sprott Physical Gold and Silver Trust, a closed-end mutual fund trust whose trust units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical gold and silver bullion, and (v) the Sprott Physical Platinum and Palladium Trust, a closed-end mutual fund trust whose units are listed and posted for trading on the TSX and the NYSE Arca that invests and holds substantially all of its assets in physical platinum and palladium bullion; and (B) sub-advisor for certain funds managed by Ninepoint LP, a Canadian public mutual fund manager.

The Manager has appointed Sprott Asset Management USA, Inc. **("SAM US")** to provide advice to the Trust with respect to copper futures and certain other Financial Instruments (as defined below). SAM US is relying on the "international adviser" exemption from the adviser registration requirements in the *Commodity Futures Act* (Ontario). SAM US is not registered as an adviser under Canadian securities or commodity legislation and, as such, is not required to comply with the same requirements that an adviser so registered under such legislation would be subject to, including those concerning proficiency, capital and insurance.

SAM US is an affiliate of the Manager. SAM US has its office, and all or substantially all of its assets, located outside of Canada. The Manager and the Trust may have difficulty enforcing any legal rights against SAM US.

The Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical, administrative and operational services. The Trust maintains a public website that contains information about the Trust and the trust units. The internet address of the website is https://sprott.com/investment-strategies/physical-commodity-funds/copper/. **This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does not form part of, this prospectus supplement.**

**Business of the Trust**

*Recent Developments*

On June 6, 2024, the Trust announced the closing of its initial public offering of 10,000,000 trust units at a price of US$10.00 per trust unit (the "**IPO**") for gross proceeds of US$100,000,000. Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation (as "**Joint Bookrunners**") and RBC Dominion Securities Inc. and TD Securities Inc. (together with the Joint Bookrunners, the "**Underwriters**") acted as underwriters of the IPO. The Trust also granted the Underwriters an option (the "**Over-Allotment Option**"), exercisable, in whole or in part, at any time for a period of 30 days after the closing date of the IPO, to purchase from the Trust an additional 15% of the aggregate number of trust units issued under the IPO on the same terms as the trust units offered under the IPO. On June 20, 2024, the Trust announced that the Underwriters partially exercised the Over-Allotment Option and purchased 1,000,000 trust units at the IPO price of US$10.00 per trust unit (the "**Over-Allotment Exercise**"). The Over-Allotment Exercise generated gross proceeds of US$10,000,000.

*Investment Objectives of the Trust*

The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper. The Trust does not anticipate making regular cash distributions to unitholders.

*Investment Strategies of the Trust*

The Trust's principal investment strategy is to invest primarily in long-term holdings of Copper and generally will not speculate with regard to short-term changes in Copper prices.

The Trust is expressly prohibited from investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and then only to the extent that its interest does not exceed 10% of the total net assets of the Trust.

The Trust may not borrow funds except under limited circumstances as set out in NI 81-102 and, in any event, not in excess of 10% of the total net assets of the Trust.

**Borrowing Arrangements**

As of the date of this prospectus supplement, the Trust has no borrowing arrangements in place and is unleveraged. The Trust has historically not used leverage and the Manager has no intention of doing so in the future (save for short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust's use of leverage.

**Trustee**

RBC Investor Services Trust (the "**Trustee**"), a trust company organized under the federal laws of Canada, is the trustee of the Trust. The Trustee holds title to the Trust's assets and has, together with the Manager, exclusive authority over the assets and affairs of the Trust, provided that the Manager may also delegate certain investment management, clerical, administrative and operational services of the Trust (including without limitation to one or more technical advisors and/or investment managers), at the Manager's sole discretion, pursuant to the Trust Agreement and the Management Agreement. The Trustee has a fiduciary responsibility to act in the best interest of the unitholders. The Trustee also acts as custodian on behalf of the Trust for the Trust's assets other than Copper. Various Chicago Mercantile Exchange or London Metals Exchange-approved storage or similar facilities owned by Access World, C. Steinweg Handelsveem and P Global Services, and/or each of their respective subsidiaries, affiliates or successors and, subject to compliance with applicable securities laws and exemptive relief order regarding the custody of the Trust's Copper, such other warehouse service providers as the Manager may determine in accordance with the Trust Agreement (the "**warehouse service providers**") in Belgium, Canada, Germany, Italy, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden, the United Arab Emirates and the United States will store the Copper owned by the Trust on behalf of the Trust (collectively, the "**Facilities**", and each a "**Facility**"). Under the Trust Agreement, the Manager, with the consent of the Trustee, may determine to change the custodial arrangements of the Trust.

**RISK FACTORS**

You *should consider carefully the risks described in the "Risk Factors" on page 10 of the accompanying prospectus, which are incorporated by reference in this prospectus supplement, before making an investment decision. You should also refer to the other information included and incorporated by reference herein, including but not limited to, the information under the heading "Risk Factors" in the IPO Prospectus and other information in the IPO Prospectus and the IPO Financial Statements and the related notes. See "Documents Incorporated by Reference".*

**USE OF PROCEEDS**

The net proceeds from the offering are not determinable in light of the nature of the distribution. The net proceeds of any given distribution of trust units through the Agents in an "at-the-market distribution" will represent the gross proceeds after deducting the applicable compensation payable to the Agents under the sales agreement. The Manager may bear the expenses of the distribution. The net proceeds will be used by the Trust to acquire Copper in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described herein. See "Sprott Physical Copper Trust — Business of the Trust — Investment Objectives of the Trust" and "Sprott Physical Copper Trust — Business of the Trust — Investment and Operating Restrictions" in the accompanying prospectus. Each time trust units are issued and sold under this prospectus supplement, the Trust will reimburse the Manager for expenses paid by it in respect of that drawdown, but only to the extent there is a sufficient premium between the NAV per trust unit and the market price at which each such trust unit is sold under the offering.

The offering and the use of the net proceeds from the offering are intended to be accretive to NAV per trust unit and are intended to lead to an increase in Copper owned per unitholder on an overall basis. The Manager believes that the offering may increase liquidity for the Trust's units with the goal to make the Trust more available for institutional investors. In addition, the offering may result in economies of scale which may lead to an ultimate decrease of expenses on a per trust unit basis. Due to the nature of the "at-the-market" offering, the Manager will be able to utilize the program immediately or from time to time when it deems it appropriate.

**CAPITALIZATION**

On July 5, 2024, the total NAV of the Trust and the NAV per trust unit were US$101,482,417 and US$9.23, respectively, and there were a total of 11,000,000 trust units issued and outstanding.

**DESCRIPTION OF THE UNITS OF THE TRUST**

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 supplement. Subject to amendment in accordance with the Trust Agreement, the Manager shall have sole discretion in determining whether the capital of the Trust is divided into one or more classes of trust units and into one or more series of each such class of trust units, the attributes that shall attach to each class or series of trust units and whether any class or series of trust units should be redesignated as a different class or series from time to time. Each trust unit of a class or series of a class represents an undivided beneficial 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 per trust unit to be received by the Trust are not less than 100% of the most recently calculated NAV per trust unit immediately prior to, or upon, the determination of the pricing of such issuance; (ii) by way of trust unit distribution in connection with a distribution; or (iii) with the approval of unitholders by extraordinary resolution and subject to applicable securities legislation.

Registration or transfers of the trust units will be made through the non-certificated inventory system of CDS Clearing and Depository Services Inc., which holds the trust units on behalf of its participants (i.e., brokers), which in turn may hold the trust units on behalf of their customers.

References in this prospectus supplement and the accompanying prospectus to a holder of trust units or unitholder mean, unless the context otherwise requires, the owner of the beneficial interest in such trust units.

The Trust and the Manager do not have any liability for: (i) records maintained by a depository relating to the beneficial interests in the trust units or the accounts maintained by such depositary; (ii) maintaining, supervising or reviewing any records relating to such beneficial ownership interests; or (iii) any advice or representation made or given by a depositary and made or given with respect to the rules and regulations of the depositary or any action taken by a depositary or at the direction of the depositary's participants.

The Trust has the option to terminate registration of the trust units through the non-certificated inventory system in which case certificates for trust units in fully registered form will be issued to beneficial owners of such trust units or to their nominees.

**PRIOR SALES**

The following table summarizes the trust units that have been issued from treasury during the 12-month period before the date of this prospectus supplement.

---

| | | |
|:---|:---|:---|
| **Date** | **Price Per Trust Unit (US$)** | **Number of Trust Units Issued** |
| April 12, 2024 | $10.00 | 1 |
| June 6, 2024 | $10.00 | 10000000 |
| June 20, 2024 | $10.00 | 1000000 |

---

**MARKET PRICE OF TRUST UNITS**

The trust units are traded on the TSX under the symbols "COP.UN" (Canadian dollar denominated) and "COP.U" (U.S. dollar denominated), respectively. The following table sets forth the reported high and low trading prices and average trading volume of the trust units on the TSX (as reported by TSX) for each month during the 12-month period before the date of the accompanying prospectus.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** |
| <br>**Calendar Period** | **High<br> (US$ -<br> U.U)** | **Low<br> (US$ -<br> U.U)** | **Average <br> Volume** | **High<br> (Cdn$ -<br> U.UN)** | **Low<br> (Cdn$ -<br> U.UN)** | **Average <br> Volume** |
| June 6 – June 30, 2024 | 10.05 | 9.20 | 33983 | 14.00 | 12.50 | 5316 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** | **TSX** |
| <br>**Calendar Period** | **High<br> (US$ - <br> U.U)** | **Low<br> (US$ - <br> U.U)** | **Average <br> Volume** | **High<br> (Cdn$ - <br> U.UN)** | **Low<br> (Cdn$ - <br> U.UN)** | **Average <br> Volume** |
| July 1 – July 5, 2024 | 9.50 | 9.40 | 10600 | 13.00 | 12.75 | 1675 |

---

**PLAN OF DISTRIBUTION**

Pursuant to the sales agreement, the Trust may offer and sell from time to time up to US$500,000,000 of trust units through the Agents in connection with the offering, provided that in no event will the Trust sell trust units having an aggregate value in excess of what would be permitted under Section 9.1 of NI 44-102.

Sales of the trust units pursuant to the sales agreement will be made in transactions that are deemed to be "at-the-market distributions" as defined in NI 44-102, consisting of sales made directly on the TSX or on any other "marketplace" as such term is defined in NI 21-101 in Canada. Subject to the terms and conditions of the sales agreement and upon instructions from the Trust, the Agents will sell the trust units directly on the TSX or on any other "marketplace" as such term is defined in NI 21-101 in Canada. The Trust will instruct the Agents as to the number of trust units to be sold by them. The Trust or the Agents may suspend the offering of trust units upon proper notice and subject to other conditions.

In accordance with paragraph 9.3(2) of NI 81-102, the issue price of the trust units will not (a) as far as reasonably practicable, be a price that causes dilution of the NAV of the Trust's other outstanding securities at the time of issue and (b) be a price that is less than the most recently calculated NAV per trust unit. Accordingly, the trust units sold pursuant to the offering will not be sold at an issue price that is less than 100% of the most recently calculated NAV per trust unit immediately prior to, or upon, the determination of the pricing of such issuance.

To compensate an Agent for its services in acting as agent in the sale of trust units, we will pay a cash commission of up to 3.0% of the aggregate gross proceeds of sales made by such Agents pursuant to the sales agreement. We estimate that the total expenses that we will incur for the offering (including fees payable to stock exchanges, securities regulatory authorities and the Trust's counsel and its auditors, but excluding compensation payable to the Agents under the terms of the sales agreement) will be approximately US$75,000 which costs may be borne by the Manager. The Trust has also agreed to reimburse the Agents for certain specified expenses, including the fees and disbursements of its legal counsel in an amount not to exceed US$25,000. There is no arrangement for funds to be received in an escrow trust or similar arrangement.

Settlement for sales of the trust units are expected to occur on the first business day following the date on which any sales are made, or on such other date as is industry practice for regular-way trading, in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow trust or similar arrangement.

The offering of trust units pursuant to the sales agreement will terminate upon the termination of the sales agreement as permitted therein. The Agents may terminate the sales agreement under the circumstances specified in the sales agreement. Each of the Trust and the Agents may also terminate the sales agreement upon giving the other party ten days' notice.

The Agents and their affiliates may in the future provide various investment banking, commercial banking and other financial services for the Trust and its affiliates, for which services they may in the future receive customary fees. No underwriter or dealer involved in an "at-the-market" distribution, no affiliate of such underwriter or dealer, and no person or company acting jointly or in concert with such underwriter or dealer may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the trust units or securities of the same class as the trust units distributed under this prospectus supplement, including selling an aggregate number or principal amount of trust units that would result in the underwriter creating an over-allocation position in the trust units.

The Trust has applied to list the trust units offered by this prospectus supplement on the TSX. The TSX has conditionally approved the Trust's application to list the trust units issued hereunder, subject to the Trust fulfilling all of the requirements of the TSX.

This prospectus supplement and the accompanying prospectus in electronic format may be made available on a website maintained by an Agent, and the Agents may distribute this prospectus supplement and the accompanying prospectus electronically.

**Expenses of Issuance and Distribution**

The expenses of the issuance and distribution may be borne by the Manager. Each time trust units are issued and sold under this prospectus supplement, the Trust will reimburse the Manager for expenses paid by it in respect of that drawdown, but only to the extent there is a sufficient premium between the NAV per trust unit and the market price at which each such trust unit is sold under the offering.

**Selling Restrictions Outside of Canada**

Other than in Canada, no action has been taken by the Trust that would permit a public offering of the trust units offered by this prospectus supplement in any jurisdiction outside Canada where action for that purpose is required. The trust units offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such trust units be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any trust units offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful.

**MATERIAL TAX CONSIDERATIONS**

**Material Canadian Federal Income Tax Considerations**

The accompanying prospectus describes certain Canadian federal income tax consequences to an investor who is a resident of Canada and to an investor who is a non-resident of Canada, of acquiring, owning or disposing of any trust units, including to the extent applicable, whether the distributions relating to the trust units will be subject to Canadian non-resident withholding tax. Please refer to the heading "Material Tax Considerations – Material Canadian Federal Income Tax Considerations" and "Material Tax Considerations — Canadian Taxation of Unitholders" beginning on pages 14 and 16, respectively, of the accompanying prospectus, and "Eligibility Under the Tax Act for Investment by Canadian Exempt Plans", beginning on page 20 of the accompanying prospectus.

**AUDITORS**

The IPO Financial Statements incorporated by reference in this prospectus supplement have been audited by KPMG LLP, Chartered Professional Accountants, Licensed Public Accountants, as stated in their report, which is incorporated by reference herein. KPMG LLP has advised the Trust and the Manager that it is independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations in respect of the period covered by the IPO Financial Statements.

**LEGAL MATTERS**

Certain legal matters relating to the issue and sale of trust units offered hereby will be passed upon by Stikeman Elliott LLP, Toronto, Ontario, Canada, with respect to matters of Canadian law. The Agents are being represented in connection with this offering by Borden Ladner Gervais LLP, Toronto, Ontario, Canada. As of the date hereof, the "designated professionals" (as such term is defined in Form 51-101F2 — *Annual Information Form*) of Stikeman Elliott LLP beneficially own, directly or indirectly, less than 1% of the units of the Trust or the securities of any associate or affiliate of the Trust.

**STATUTORY RIGHTS OF WITHDRAWAL AND RECISSION**

Securities legislation in some provinces and territories of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. However, purchasers of trust units distributed under an "at-the-market" distribution by the Trust do not have the right to withdraw from an agreement to purchase the trust units and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to trust units purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the trust units purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of NI of 44-102.

Securities legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contains a misrepresentation. Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of trust units distributed under an "at-the-market" distribution by the Trust may have against the Trust or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above.

A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser.

**WHERE YOU CAN FIND MORE INFORMATION**

The Trust is subject to applicable Canadian securities legislation, and in accordance therewith, the Trust files or furnishes reports and other information with the securities regulatory authorities of each of the provinces and territories of Canada.

Copies of reports, statements and other information that the Trust files with the Canadian provincial and territorial securities regulatory authorities are electronically available from SEDAR+ at www.sedarplus.com.

**CERTIFICATE OF THE TRUST AND THE MANAGER**

Dated: July 8, 2024

The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada.

Sprott Physical Copper Trust

By its manager, Sprott Asset Management LP

by its general partner, Sprott Asset Management GP Inc.

<u>(SIGNED) John Ciampaglia</u> <u>(SIGNED) Varinder Bhathal</u> <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors of

Sprott Asset Management GP Inc.

<u>(SIGNED) Whitney George</u> <u>(SIGNED) Kevin Hibbert</u> <br> Director Director

**CERTIFICATE OF THE AGENTS**

Dated: July 8, 2024

To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada.

---

| | |
|:---|:---|
| Cantor Fitzgerald Canada Corporation | Virtu Canada Corp. |
| (SIGNED) Elan Shevel | (SIGNED) Brandon Boyd |
| Chief Compliance Officer | Chief Compliance Officer |
| Canaccord Genuity Corp. | BMO Nesbitt Burns Inc. |
| (SIGNED) David Sadowski | (SIGNED) Joshua Goldfarb |
| Managing Director | Managing Director |

---

![](tm263976d1_ex99-13img002.jpg)

**Sprott Physical Copper Trust**

**Up to US$500,000,000 Trust Units**

**PROSPECTUS SUPPLEMENT**

------

**July 8, 2024**

## Exhibit 99.13

**Exhibit 99.13**

![](tm263976d1_ex99-15img001.jpg)

**Annual Report of the Independent Review Committee<br> for the Sprott Funds**

March 19, 2025

Dear Securityholders,

In accordance with National Instrument 81-107 - *Independent Review Committee for Investment Funds* ("NI 81-107" or the "Instrument"), Sprott Asset Management LP ("Sprott" or "the Manager") established an Independent Review Committee (the "Committee" or "IRC") in April 2007. The IRC has jurisdiction over the funds listed in this report (the "Funds"). The IRC has functioned in accordance with the applicable securities laws and is composed of three individuals, each of whom is independent of the Funds, the Manager and each entity related to the Manager (as defined in the Instrument).

The IRC is pleased to publish its annual report to securityholders, covering the period from January 1, 2024 to December 31, 2024 (the "Reporting Period").

**<u>Mandate of the IRC</u>**

In accordance with the Instrument, the mandate of the IRC is to consider and provide decisions to the Manager on conflicts of interest to which the Manager may be subject when managing the Funds. The Manager is required under the Instrument to identify potential conflicts of interest inherent in its management of the Funds, develop written policies and procedures guiding its management of those conflicts and request input from the IRC on those written policies and procedures.

When a conflict matter arises, the Manager must refer its proposed course of action in respect of such conflict to the IRC for its review. While certain matters require the IRC's prior approval, in most cases the IRC will provide a decision to the Manager as to whether or not, in the opinion of the IRC, the Manager's proposed action provides a fair and reasonable result for the Funds. For recurring conflict of interest matters, the IRC can provide the Manager with Standing Instructions ("SI"). The SI enable the Manager to proceed with certain matters without having to refer them to the IRC each time for approval, providing the Manager deals with the conflicts in accordance with the SI.

The IRC is empowered to represent the best interest of the Funds in any matter where the Manager has referred a conflict of interest matter to it. In those cases, the IRC has sought to ensure that the Manager's proposed course of action represents a fair and reasonable result for the affected Funds.

Secretariat of the Sprott IRC

Independent Review Inc.

**<u>Composition of the IRC</u>**

The members of the IRC during 2024 and their principal occupations are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Name and municipality of <br> residence*** | &nbsp;&nbsp;***Principal Occupation*** | &nbsp;&nbsp;***Term of Office*** |
| &nbsp;&nbsp;Chair: Kevin Drynan<br> Clarksburg, Ontario | &nbsp;&nbsp;Consultant, Retired Financial Services Executive | &nbsp;&nbsp;Appointed February 20, 2019<br>Re-appointed in 2023 for a three-year term until December 31, 2026 |
| &nbsp;&nbsp;Michele McCarthy <br> Toronto, Ontario | &nbsp;&nbsp;President, McCarthy Law Professional Corp. | &nbsp;&nbsp;Appointed January 1, 2019<br>Retired effective December 31, 2024 |
| &nbsp;&nbsp;Fraser Howell <br> Toronto, Ontario | &nbsp;&nbsp;Financial executive, with broad experience managing investment funds. | &nbsp;&nbsp;Appointed January 1, 2020<br>Re-appointed in 2022 for a three-year term until December 31, 2025 |

---

Michele McCarthy retired effective December 31, 2024 at the end of her term. On October 25, 2024, the IRC met and selected Geoff Salmon to replace Ms. McCarthy, appointing him for a period of three years effective from January 1, 2025.

On March 19, 2025, Kevin Drynan was appointed as Chair of the Sprott IRC.

**<u>Compensation and Indemnification</u>**

**Review of Compensation**

At least annually, the IRC reviews its compensation considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature and extent of the workload of each member of the IRC, including the commitment of
 time and energy expected from each member;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 number of meetings required by the IRC including special meetings to consider conflict issues
 brought to the Committee;

Secretariat of the Sprott IRC<br> Independent Review Inc.

&nbsp;&nbsp;&nbsp;&nbsp;· industry
 best practices, including industry averages and surveys on IRC compensation; and,

&nbsp;&nbsp;&nbsp;&nbsp;· the
 complexity of the conflict issues brought to the IRC.

As a result of the IRC's ongoing review, compensation was increased from $28,500 to $39,000 effective January 1, 2024. The IRC considered the above factors anew in the self-assessment meeting in 2025 and determined that its current compensation was adequate.

**Members' Fees**

In aggregate, the IRC members were paid $39,000 plus applicable taxes, during the Reporting Period.

**Indemnities Granted**

The Funds and the Manager have provided each IRC Member with a contractual indemnity in keeping with NI 81-107. No payments were paid to the IRC Members pursuant to this indemnity by the Funds or the Manager during the Reporting Period.

**<u>Disclosure of IRC Members' Holdings</u>**

As of December 31, 2024, the IRC Members did not beneficially own, directly or indirectly:

· any
 interest in any of the Funds;

· any
 interest in the Manager; or,

· any
 interest in a company or person that provides services to the Manager or any Fund.

**<u>Decisions and Approvals</u>**

The IRC did not provide any decisions or approvals during the Reporting Period.

**<u>Standing Instructions Approved</u>**

The IRC has approved one SI. The Manager can proceed with the specific action(s) set out in an SI without having to refer the conflict of interest matter or its proposed action to the IRC, provided that the Manager complies with the terms and conditions of the SI. The SI required the Manager to comply with its related policy and procedures and to report periodically to the IRC.

Secretariat of the Sprott IRC<br> Independent Review Inc.

**Standing Instructions No. 1: Omnibus** covers conflict of interest matters which are addressed by the following policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Expense Allocation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Portfolio Valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NAV and Trading Errors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Best Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Outsourcing to Third
 Party Service Providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Personal Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. New Funds and Fund Capacity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Complaints

**<u>Manager's Report on its Standing Instructions</u>**

In accordance with the Instrument, the Manager provided written reports to the IRC describing its reliance on the SI during the Reporting Period. The Manager relied on SI No. 1 during the Reporting Period.

**<u>Funds Served by the IRC</u>**

Sprott Physical Gold Trust

Sprott Physical Silver Trust

Sprott Physical Gold and Silver Trust

Sprott Physical Platinum and Palladium Trust

Sprott Physical Uranium Trust

Sprott Physical Copper Trust

This report is available on the Manager's website at <u>www.sprott.com</u> or you may request a copy, at no cost to you, by contacting the Manager at 855-943-8099 or email the Funds at <u>invest@sprott.com</u>. This document and other information about the Funds are available on <u>www.sedarplus.com</u>.

Yours truly,

*"Kevin Drynan"*

Kevin Drynan, Chair

Secretariat of the Sprott IRC<br> Independent Review Inc.

**Schedule of all the**

**Independent Review Committees that the IRC Members Serve on**

**Michele McCarthy served as a member of the following Independent Review Committees:**

Investment funds that are reporting issuers managed by Addenda Capital Inc.

Investment funds that are reporting issuers managed by EHP Funds Inc.

Investment funds that are reporting issuers managed by Global X Investments Canada Inc.

*(formerly Horizons ETFs Management (Canada) Inc.)*

Investment funds that are reporting issuers managed by Northwest & Ethical Investments L.P.

Investment funds that are reporting issuers managed by PIMCO Canada Corp.

Investment funds that are reporting issuers managed by Sprott Asset Management LP Inc. <br> *(retired effective December 31, 2024)*

**Kevin Drynan served as a member of the following Independent Review Committees:**

Investment funds that are reporting issuers managed by Arrow Capital Management Inc. 

*(appointed effective February 26, 2025)*

Investment funds that are reporting issuers managed by Bristol Gate Capital Partners Inc.

*(appointed effective January 1, 2025)*

Investment funds that are reporting issuers managed by Evolve Funds Group Inc.

Investment funds that are reporting issuers managed by Genus Capital Management Inc.

Investment funds that are reporting issuers managed by Sprott Asset Management LP

Investment funds that are reporting issuers managed by Viewpoint Partners Corporation

*(appointed effective March 1, 2023)*

**Fraser Howell served as a member of the following Independent Review Committees:**

Investment funds that are reporting issuers managed by Veritas Asset Management Inc.

Investment funds that are reporting issuers managed by Sprott Asset Management LP

**Geoff Salmon served as a member of the Independent Review Committees:**

Investment Funds that are reporting issuers managed by Accelerate Financial Technologies Inc.

Investment Funds that are reporting issuers managed by Algonquin Capital Corp.

Investment Funds that are reporting issuers managed by Addenda Capital Inc.

Investment Funds that are reporting issuers managed by EHP Funds Inc.

Investment funds that are reporting issuers managed by Genus Capital Management Inc.

Investment funds that are reporting issuers managed by Hamilton Capital Partners Ltd.

Investment Funds that are reporting issuers managed by McElvaine Investment Management Ltd.

Investment funds that are reporting issuers managed by Next Edge Capital Corp. and

*(retired effective December 31, 2024)*

 

Secretariat of the Sprott IRC<br> Independent Review Inc.

Investment funds that are reporting issuers managed by Sprott Asset Management

*(appointed effective January 1, 2025)*

Investment funds managed by VanCity Investment Management

*(appointed effective October 22, 2024)*

Secretariat of the Sprott IRC<br> Independent Review Inc.

## Exhibit 99.14

**Exhibit 99.14** 

**MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Sprott Physical Copper Trust (the "**Trust**" or "**COP**")

Royal Bank Plaza, South Tower

200 Bay Street, Suite 2600

Toronto, Ontario M5J 2J1

Canada

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

February 17, 2026

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

A news release disclosing the material change was issued on February 17, 2026 through the facilities of Globe Newswire and filed on the System for Electronic Data Analysis and Retrieval + ("**SEDAR+**").

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On February 17, 2026, in connection with the previous approval by the United States' Securities and Exchange Commission (the "SEC") of a Rule 19b-4 application filed by the NYSE Arca to list and trade COP's trust units (the "Units") on NYSE Arca, amendments were made to the Trust's trust agreement (the "**Trust Agreement**").

The amendments to the Trust Agreement provide that, following COP unitholder approval at a meeting of unitholders as required under applicable Canadian securities laws, COP's current semi-annual redemption feature will become a monthly redemption feature and the current cap on the number of Units that can be redeemed each redemption period (currently capped at 1.5% of the outstanding Units at the end of the applicable notice period) will be removed, and make certain consequential changes related to the foregoing and the potential listing of the Units on the NYSE Arca.

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change** |

---

On February 17, 2026, in connection with the previous approval by the United States' Securities and Exchange Commission (the "SEC") of a Rule 19b-4 application filed by the NYSE Arca to list and trade COP's trust units (the "Units") on NYSE Arca, amendments were made to the Trust's trust agreement (the "**Trust Agreement**").

The amendments to the Trust Agreement provide that, following COP unitholder approval at a meeting of unitholders as required under applicable Canadian securities laws, COP's current semi-annual redemption feature will become a monthly redemption feature and the current cap on the number of Units that can be redeemed each redemption period (currently capped at 1.5% of the outstanding Units at the end of the applicable notice period) will be removed, and make certain consequential changes related to the foregoing and the potential listing of the Units on the NYSE Arca.

The date of the COP unitholder meeting will be announced in due course, but the Trust's intention is to closely align the date of the unitholder meeting and the effectiveness of a registration statement to be filed under the U.S. Securities Exchange Act of 1934 in respect of the listing of the Units on the NYSE Arca (the "**Registration Statement**").

The listing of the Units on the NYSE Arca remains subject to the filing and effectiveness of the Registration Statement. The Trust cannot provide any assurance that it will be successful in achieving a listing of the Units on the NYSE Arca.

---

| | |
|:---|:---|
| **Item 6** | **Reliance on subsection 11.2(2) of National Instrument 81-106** |

---

Not applicable.

 

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

---

For additional information with respect to the material change referred to herein, the following person may be contacted:

John Ciampaglia, Chief Executive Officer of Sprott Asset Management LP, the manager of the Trust

Telephone number: 416-943-8099

---

| | |
|:---|:---|
| **Item 9** | **Date of Report** |

---

This material change report is dated February 17, 2026.

**Forward-Looking Statements**

This material change report contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "**forward-looking statements**"). Forward-looking statements in this material change report include, without limitation, statements regarding the listing of the Units on NYSE Arca, the filing and effectiveness of the Registration Statement, and amendments to COP's redemption feature. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: subsequent U.S. listing of the Units, ability to obtain unitholder approval for amendments to COP's redemption feature, as well as dynamics in the copper market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors and uncertainties that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of certain risks and uncertainties facing the Trust appears in the Trust's Annual Information Form for the year ended December 31, 2024, and its prospectus supplement dated July 8, 2024 and related short-form base shelf prospectus dated July 3, 2024, as updated by the Trust's continuous disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

## Exhibit 99.15

**Exhibit 99.15**

![](tm263976d1_ex99-15img002.jpg)

KPMG LLP

Bay Adelaide Centre

333 Bay Street, Suite 4600

Toronto, ON M5H 2S5

Canada

**Consent of Independent Registered Public Accounting Firm**

To Sprott Asset Management LP, Manager of Sprott Physical Copper Trust

We, KPMG LLP, consent to the use of our report dated March 20, 2025 on the financial statements of Sprott Physical Copper Trust (the "Entity"), which comprise the statement of financial position as at December 31, 2024, the statements of comprehensive income (loss), changes in equity and cash flows for the period from April 12, 2024 (inception) to December 31, 2024, and notes to the financial statements, including a summary of material accounting policies, which are incorporated by reference in the Registration Statement on Form 40-F of the Entity dated February 20, 2026.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

February 20, 2026

Toronto, Canada© 2026 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.