# EDGAR Filing Document

**Accession Number:** 0002108383
**File Stem:** 0001104659-26-055089
**Filing Date:** 2026-5
**Character Count:** 169159
**Document Hash:** d3ddeb3410a0047482449530553406f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-055089.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001104659-26-055089

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260504

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sprott Physical Copper Trust
- **CENTRAL INDEX KEY:** 0002108383
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43161
- **FILM NUMBER:** 26939840

**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**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer Pursuant to Rule 13a-16 <br> or 15d-16 of the Securities Exchange Act of 1934**

**For the month of May 2026**

Commission File Number: 001-43161

**SPROTT PHYSICAL COPPER TRUST** 

(Translation of registrant's name into English)

**Royal Bank Plaza, South Tower**

**200 Bay Street, Suite 2600**

**Toronto, Ontario**

**Canada M5J 2J1**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

**Form 20-F ◻** **Form 40-F ⌧**

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

---

| | |
|:---|:---|
| **Exhibit** |  |
| [99.1](tm2613142d4_ex99-1.htm) | [Amended and Restated Sales Agreement dated May 4, 2026](tm2613142d4_ex99-1.htm) |
| [99.2](tm2613142d4_ex99-2.htm) | [Press Release dated May 4, 2026](tm2613142d4_ex99-2.htm) |

---

Exhibit 99.1 is hereby incorporated by reference into the Registrant's registration statement on Form F-10 (File No. [333-295543](http://www.sec.gov/Archives/edgar/data/2108383/000110465926055020/tm2613142d1_f10ef.htm)), which was originally filed with the Securities and Exchange Commission on May 4, 2026.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **SPROTT PHYSICAL COPPER TRUST** | **SPROTT PHYSICAL COPPER TRUST** | **SPROTT PHYSICAL COPPER TRUST** |
| **By: Sprott Asset Management LP, by its general partner Sprott Asset Management GP Inc., as manager of Sprott Physical Copper Trust** | **By: Sprott Asset Management LP, by its general partner Sprott Asset Management GP Inc., as manager of Sprott Physical Copper Trust** | **By: Sprott Asset Management LP, by its general partner Sprott Asset Management GP Inc., as manager of Sprott Physical Copper Trust** |
| By: | /s/ John Ciampaglia | /s/ John Ciampaglia |
|  | Name: | John Ciampaglia |
|  | Title: | Chief Executive Officer |

---

Dated: May 4, 2026

## Exhibit 99.1

**Exhibit 99.1**

***Execution Version***

**SPROTT PHYSICAL COPPER TRUST**

**Trust Units**

**<u>Amended and Restated Sales Agreement</u>**

May 4, 2026

Cantor Fitzgerald Canada Corporation<br> 181 University Avenue, Suite 1500<br> Toronto, ON M5H 3M7

Cantor Fitzgerald & Co.

110 East 59th Street

New York, NY 10022

Virtu Canada Corp.

222 Bay Street, Suite 1720

Toronto, ON M5K 1B7

Virtu Americas LLC

1633 Broadway

New York, NY 10019

Canaccord Genuity Corp.

40 Temperance Street, Suite 2100

Toronto, ON M5H 0B4

Canaccord Genuity LLC

One Post Office Square, Suite 3000

Boston, MA 02109

BMO Nesbitt Burns Inc.

1 First Canadian Place

100 King Street West

3<sup>rd</sup> Floor Podium

Toronto, ON M5X 1H3

BMO Capital Markets Corp.

151 West 42<sup>nd</sup> Street

New York, NY 10036

Ladies and Gentlemen:

Reference is made to the Sales Agreement, dated as of July 8, 2024 (the "**Sales Agreement**"), by and among Sprott Physical Copper Trust, a trust formed and organized under the laws of the Province of Ontario (the "**Trust**"), Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario (the "**Manager**"), Cantor Fitzgerald Canada Corporation ("**Cantor Canada**"), Virtu Canada Corp. ("**Virtu Canada**"), Canaccord Genuity Corp. ("**Canaccord Canada**") and BMO Nesbitt Burns Inc. ("**BMO Canada**" and, together with Cantor Canada, Virtu Canada and Canaccord Canada, the "**Canadian Agents**"), pursuant to which the Trust agreed to sell through the Canadian Agents, as sales agents, units of the Trust. The Trust, the Manager, the Canadian Agents, Cantor Fitzgerald & Co. ("**Cantor**"), Virtu Americas LLC ("**Virtu**"), Canaccord Genuity LLC ("**Canaccord**") and BMO Capital Markets Corp. ("**BMO**" and, together with Cantor, Virtu and Canaccord, the "**U.S. Agents**" and, collectively with the Canadian Agents, the "**Agents**", and each an "**Agent**") each confirm their agreement (this "**Agreement**") that the Sales Agreement is amended, restated and superseded in its entirety 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 or dollar amount of Units (as defined below) registered pursuant to the effective Registration Statement (as defined below) pursuant to which the offering will be made, (ii) exceeds the number of authorized but unissued Units (as defined below), or (iii) exceeds the number or dollar amount of Units for which the Trust has filed a Prospectus (as defined below) (the lesser of (i), (ii) and (iii), 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 a Canadian Final Prospectus (as defined below) and the Registration Statement and Prospectus filed by the Trust, which Registration Statement became effective upon filing with the U.S. Securities and Exchange Commission (the "Commission") pursuant to Rule 467(a) under the Securities Act (as defined below). Nothing in this Agreement shall be construed as requiring the Trust to use the Registration Statement and/or the Canadian 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 (as defined below) 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 Canadian 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 Canadian 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 "**Canadian Securities Commissions**") in each of the provinces and territories of Canada (the "**Canadian 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 Canadian Securities Commissions pursuant to Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdiction*s (collectively, the "**Passport System**") in respect of such short form base shelf prospectus in the form heretofore delivered to the Agents or available through EDGAR or 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 Canadian Securities Commissions except for any documents heretofore delivered to the Agents or available through EDGAR or 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 Canadian 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 Canadian 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 Canadian 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 Canadian Securities Commissions pursuant to the Passport System, being hereinafter called the "**Canadian 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 Canadian Securities Commissions in accordance with the Shelf Procedures and in accordance with Section 8(w) hereof, together with the Canadian Base Prospectus, is hereinafter called the "**Canadian Final Prospectus**". The Canadian Final Prospectus shall provide that any and all Designated News Releases shall be deemed to be incorporated by reference in the Canadian Final Prospectus. As used herein, the terms "**Canadian Base Prospectus**" and "**Canadian 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 Canadian Base Prospectus but only for the purposes of the at-the-market program contemplated by this Agreement. All Designated News Releases shall also be filed with the Commission under cover of Form 6-K and the Prospectus (as defined below) relating to the offering of the Units shall provide that each such Form 6-K shall be deemed to be incorporated by reference as an exhibit to the Registration Statement.

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 ("**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 has filed with the Commission a registration statement on Form F-10 relating to the Shelf Securities and an appointment of agent for service of process on Form F-X (a "**Trust Form F-X**") relating to the registration statement, and the Trust has caused RBC Investor Services Trust to file with the Commission an appointment of agent for service of process on Form F-X (a "**Trustee Form F-X**"). The Trust may file one or more additional registration statements from time to time that will contain a Base Prospectus (as defined below) and related prospectus, if applicable (which shall be a Prospectus (as defined below)), with respect to the Placement Units. The registration statement on Form F-10, or any subsequent registration statement on Form F-10, as most recently amended and including the information (if any) deemed to be a part of such registration statement at the time of effectiveness pursuant to Form F-10 under the *U.S. Securities Act of 1933*, as amended (the "**Securities Act**"), is hereinafter called the "**Registration Statement**"; the base prospectus relating to the Shelf Securities filed as part of the Registration Statement, in the form in which it has been filed with the Commission, is hereinafter called the "**Base Prospectus**". For purposes of this Agreement, "**Prospectus**" means the final prospectus supplement relating to the offering of the Placement Units, together with the Base Prospectus, filed with the Commission pursuant to General Instruction II.L. of Form F-10 in accordance with Section 8(w) hereof. As used herein, the terms "**Registration Statement**", "**Base Prospectus**" and "**Prospectus**" shall include the documents, if any, incorporated by reference therein as of the relevant time.

The terms "supplement," "amendment," and "amend" as used herein with respect to the Registration Statement, the Canadian Base Prospectus and the Base Prospectus shall include any document subsequently filed by the Trust pursuant to the Shelf Procedures or the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), as the case may be, that is deemed to be incorporated by reference therein. As used herein, "**Base Prospectuses**" shall mean, collectively, the Canadian Base Prospectus and the Base Prospectus, and "**Prospectuses**" shall mean, collectively, the Canadian Final Prospectus and the Prospectus.

**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 13. 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 and, to the extent applicable, U.S. state and federal laws, rules and regulations, Canadian Securities Laws (as defined below) and, if applicable, the rules of the NYSE Arca (the "**NYSE**") and the rules of the Toronto Stock Exchange (the "**TSX**" and, together with the NYSE, the "**Exchanges**"), 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 the Canadian Agents, on the TSX or on any other "marketplace" (as such term is defined in National Instrument 21-101– *Marketplace Operation* ("**NI 21-101**")) in Canada (any, a "**Canadian Marketplace**"), (iii) by the U.S. Agents, on the NYSE or on any other existing trading market for the Units in the United States, or (iv) 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. The Canadian Agents covenant and agree with the Trust that: (i) it shall not, directly or indirectly, advertise or solicit offers to purchase or sell Units in any jurisdiction other than Canada, and (ii) it shall not sell Units on any exchange other than the TSX or any other Canadian Marketplace. Each of the U.S. Agents, severally (and not jointly), covenant and agree with the Trust that: (i) it shall not, directly or indirectly, advertise or solicit offers to purchase or sell Units in Canada, and (ii) it shall not sell Units on the TSX or on any Canadian Marketplace. For the avoidance of doubt, none of the U.S. Agents is acting as an underwriter of the Units in the Canadian Qualifying Jurisdictions and no action on the part of any of the U.S. Agents in its capacity as an Agent of the offering and sale of the Units in the United States is intended to create any impression or support that it is acting as an underwriter of the Units in the Canadian Qualifying Jurisdictions.

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 if such activity would be prohibited under Regulation M under the Exchange Act or other anti-manipulation rules under the Securities Act. 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 NYSE (for Placements by the U.S. Agents in the United States) or the TSX (for Placements by the Canadian Agents in Canada).

**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 8(l), 8(m), and 8(n) with respect to the delivery of certificates, opinions, or comfort letters to the Agents, shall be waived, *provided, however*, that such waiver shall not apply for the Representation Date (defined below) occurring on the date that the Trust files its Annual Report on Form 40-F. 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 Trading Day (or such earlier date 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, The Depositary Trust Company through its
Deposit and Withdrawal as Custodian System 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 11(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, if a U.S. Agent, in the City of New York and, if a Canadian Agent, in the City of Toronto,
in either case 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, (ii) the amount available for offer and sale under the currently effective Registration
Statement and Canadian Base Prospectus, and (iii) 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, including, if required, the NYSE. 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 Sales Through the U.S. Agents**

With respect to the offering and sale of Placement Units pursuant to this Agreement through the U.S. Agents, the Trust agrees that any offer to sell Placement Units, any solicitation of an offer to buy Placement Units, and any sales of Placement Units in the United States shall only be effected by or through a single U.S. Agent during any specific period of time in the United States and the Trust shall in no event request that more than one U.S. Agent offer or sell Placement Units pursuant to this Agreement in the United States during the same period of time.

**Section 7 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 (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective, no stop order suspending the effectiveness of the Registration
Statement is in effect and no proceedings for such purpose are pending before or threatened by the Commission; the Final Receipt has been
obtained from the OSC as principal regulator representing the deemed receipt of each of the other Canadian Securities Commissions in respect
of the Canadian 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 Canadian 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 Canadian Securities Commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Registration Statement, when it became effective, did 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 required to be stated therein
or necessary to make the statements therein not misleading, (ii) the Canadian 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, (iii) the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable,
will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder,
(iv) the Canadian 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 Canadian Securities Commissions thereunder, and
(v) the 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 Registration Statement or the Prospectuses based upon information relating to the Agents furnished to the Trust and the Manager
in writing by the Agents expressly for use therein. Each of the Trust Form F-X and the Trustee Form F-X conform in all material
respects with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act.

&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 Canadian
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 Canadian Securities Commissions, all discretionary
rulings, decisions and orders applicable to the Trust, if any, of the Canadian 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 Canadian Qualifying
Jurisdictions except for the filing of the Canadian Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust is not an "ineligible issuer" in connection with the offering and sale of the Placement
Units pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Trust is required to file
pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements
of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the
Trust has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf
of or used or referred to by the Trust complies or will comply in all material respects with the requirements of the Securities Act and
the applicable rules and regulations of the Commission thereunder. Except for the Permitted Free Writing Prospectuses (as defined
below), if any, identified in Exhibit 1 hereto, the Trust has not prepared, used or referred to, and will not, without your prior
consent, prepare, use or refer to, any free writing prospectus. The Trust meets the general eligibility requirements for use of a registration
statement on Form F-10 in connection with an offering contemplated thereby pursuant to the standards for Form F-10 approved
in Securities Act Release No. 33-6902 (June 21, 1991), and also satisfied such eligibility requirements under the Securities
Act at the time of filing the registration statement with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each document filed or to be filed with the Canadian Securities Commissions and incorporated by reference
in the Canadian Final Prospectus, as amended or supplemented, if applicable, when such documents were or are filed with the Canadian 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; each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Prospectus
complied or will comply when so filed in all material respects with the provisions of the Exchange Act applicable under the Canada / U.S.
Multijurisdictional Disclosure System and the applicable rules and regulations of the Commission thereunder, 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 Canadian Final Prospectus or the 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;(f) 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 Prospectuses 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;(g) The Trust has no direct or indirect subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 Prospectuses 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;(i) 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;(j) 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 Canadian 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;(k) The authorized Unit capital of the Trust conforms as to legal matters to the description thereof contained
in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;(m) 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;(n) 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, except such as may be required by the securities or Blue Sky laws of the various states
in connection with the offer and sale of the Placement Units or those that have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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 Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) 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 Prospectuses 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 Prospectuses, or (ii) that are required to be described in the Registration
Statement or the Prospectuses and are not so described; and there are no statutes, regulations, arrangements, contracts or other documents
that are required to be described in the Registration Statement or the Prospectuses or to be filed as exhibits to the Registration Statement
or filed with the Canadian Securities Commissions in connection with the filing of the Prospectuses that are not described or filed as
required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Trust is not, and after giving effect to the offering and sale of the Units and the application of
the proceeds thereof as described in the Prospectuses will not be, required to register as an "investment company" as such
term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Trust is a "mutual fund trust" within the meaning of the *Income Tax Act* (Canada)
and the regulations thereunder (the "**Tax Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Trust is not a non-resident of Canada within the meaning of the Tax Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) 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;(u) The Manager has been duly appointed as manager of the Trust pursuant to the Trust Agreement and 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;(v) The Copper owned, directly or indirectly, by the Trust is stored at CME or LME-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;(w) 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;(x) 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;(y) 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;(z) 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 July 30, 2024 (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;(aa) 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;(bb) 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 registration statement under the Securities Act or a prospectus under
Canadian Securities Laws with respect to any securities of the Trust or to require the Trust or the Manager to include such securities
with the Placement Units registered pursuant to the Registration Statement or the Placement Units qualified by the Canadian Final Prospectus,
except as described in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) 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;(dd) 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 Bank Secrecy Act, as amended by Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT Act), 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;(ee) 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 the 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, Iran,
North Korea and the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea region and the
non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine); 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;(ff) Subsequent to the respective dates as of which information is given in each of the Registration Statement
and the Prospectuses, except in each case as described in the Registration Statement and the Prospectuses, respectively, (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;(gg) 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 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;(hh) 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 Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The financial statements included in the Registration Statement and the Prospectuses, 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. The supporting schedules, if any, included in the Registration Statement present fairly in accordance
with IFRS the information required to be stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) KPMG LLP ()"**KPMG**") 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 Canadian
Securities Commissions thereunder, is independent in accordance with the requirements of the institute of chartered professional accountants
in each of the Canadian Qualifying Jurisdictions in respect of a listed entity (as defined in such requirements) and is an independent
registered public accounting firm within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted
by the Commission and the Public Accounting Oversight Board (United States). 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;(ll) 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 Prospectuses, 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;(mm) The Manager maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under
the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to
ensure that material information relating to the Trust is made known to the Manager by others within those entities; and such disclosure
controls and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) Except as set forth in the Prospectuses and except for the Units previously owned by Lara Misner, as settlor
of the Trust, and the Units issued in connection with the Trust's public offerings that have been disclosed on EDGAR and/or SEDAR+,
the Trust has not sold, issued or distributed any Units, including any sales pursuant to Rule 144A under, or Regulation D or S of,
the Securities Act or 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;(oo) 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 Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) 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;(qq) The net proceeds of the offering of Placement Units will be used in the manner specified in the Prospectuses
and for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) 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 Canadian Securities Commissions in each of the Canadian Qualifying Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) 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;(tt) 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;(uu) 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 Registration Statement or the Prospectuses 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 Registration Statement and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) The Trust is a "foreign private issuer" (as defined in Rule 405 under the Securities
Act) and meets the requirements for use of Form F-10 under the Securities Act and 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 Canadian Securities
Commissions and no proceedings, for that purpose, have been instituted or are pending or, to the Trust's knowledge, are contemplated
by the Canadian Securities Commissions; no stop order suspending the effectiveness of the Registration Statement has been issued by the
Commission or the Canadian Securities Commissions, as applicable, and no proceedings for that purpose have been instituted or are pending
or to the Trust's knowledge, are contemplated by either the Commission or the Canadian Securities Commissions; the Registration
Statement, including the Base Prospectus and such amendments to such Registration Statement as may have been required to the date of this
Agreement, has been prepared by the Trust under the applicable provisions of the Securities Act and has been filed with the Commission
pursuant to Rule 467(a) under the Securities Act; the Registration Statement became effective on April 29, 2026 (the "Effective
Date"). The Canadian Final Prospectus, the Registration Statement and the Prospectuses 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 Registration Statement or the Prospectuses or to be filed as exhibits to the Registration Statement or the Prospectuses
have been so described or filed. Copies of the Registration Statement, the Prospectus or the Canadian Final Prospectus, and any such amendments
or supplements and all documents incorporated by reference therein that were filed with the Commission or the Canadian Securities Commissions,
as applicable, on or prior to the date of this Agreement have been delivered, or are available on EDGAR or SEDAR+, as the case may be,
to the Agents and their counsel. The Prospectus and the Canadian 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 Canadian Final Prospectus; there are no documents required to be filed with the Canadian Securities Commissions,
in connection with the Canadian Base Prospectus or the Canadian Final Prospectus that have not been filed as required. The Commission
has not issued an order preventing or suspending the use of the Registration Statement or the Base Prospectus, any free writing prospectus
or the Prospectus relating to the proposed offering of the Placement Units and no proceedings for such purpose have been instituted or
are pending or, to the Trust's knowledge, are contemplated or threatened by the Commission. 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 Registration Statement and the Prospectus and any
Issuer Free Writing Prospectus (as defined below) to which the Agents have consented, which consent shall not be unreasonably withheld
or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) 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;(xx) There is and has been no failure on the part of the Trust or the Manager or any of their directors or
officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and
the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer of
the Trust (or each former principal executive officer of the Trust and each former principal financial officer of the Trust as applicable)
has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms,
statements and other documents required to be filed by it with the Commission. For purposes of the preceding sentence, "principal
executive officer" and "principal financial officer" shall have the meanings given to such terms in the Sarbanes-Oxley
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) 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;(zz) The Trust acknowledges and agrees that the Agents have informed the Trust that the Agents may, to the
extent permitted under the Securities Act and the Exchange Act, 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;(aaa) Neither the issuance, sale and delivery of the Placement Units nor the application of the proceeds thereof
by the Trust as described in the Registration Statement and the Prospectuses will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) 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;(ccc) The Units are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading
on the NYSE under the symbol "SCOP" and the TSX under the symbols "COP.U" and "COP.UN", and the Trust
has taken no action designed to terminate the registration of the Units under the Exchange Act or delisting the Units from either of the
Exchanges, nor, except as disclosed in the Registration Statement and the Prospectuses, has the Trust received any notification that the
Commission, the Canadian Securities Commissions or either of the Exchanges is contemplating terminating such registration or listing.
Except as disclosed in the Registration Statement and the Prospectuses, the Trust has complied in all material respects with the applicable
requirements of the Exchanges 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 Exchanges, the Commission and the Canadian 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 each Exchange.

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 8 Covenants of the Trust and the Manager**

The Trust and the Manager, jointly and severally, covenant with the Agents as follows:

(a) **Registration Statement and Prospectus Amendments**. After the date of this Agreement and during any
period in which a Prospectus or Canadian Final Prospectus relating to any Placement Units is required to be delivered by the Agents under
the Securities Act or Canadian Securities Laws (including in circumstances where such requirement may be satisfied pursuant to Rule 172
under the Securities Act), (i) the Trust will notify the Agents promptly of the time when any subsequent amendment to the Registration
Statement, other than documents incorporated by reference has been filed with the Commission or the Canadian Securities Commissions and/or
has become effective or any subsequent supplement to the Prospectus or Canadian Final Prospectus has been filed and of any request by
the Commission for any amendment or supplement to the Registration Statement, Prospectus or Canadian Final Prospectus, as applicable,
or for additional information, (ii) the Trust will prepare and file with the Commission or the Canadian Securities Commissions, promptly
upon the Agents' request, any amendments or supplements to the Registration Statement, Prospectus or the Canadian Final Prospectus,
as applicable, 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 Registration Statement, Prospectus or Canadian 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 have 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 Registration Statement, Prospectus or Canadian Final Prospectus, except for those documents available via EDGAR
or SEDAR+, as applicable, and (iv) the Trust will cause each amendment or supplement to the Prospectus or the Canadian Final Prospectus
to be filed with the Commission or the Canadian Securities Commissions as required pursuant to applicable Canadian Securities Laws and
the provisions of Form F-10 or, in the case of any document to be incorporated therein by reference, to be filed with the Commission
or the Canadian Securities Commissions as required pursuant to the Exchange Act or applicable Canadian Securities Laws, within the time
period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 8(a),
based on the Trust's reasonable opinion or reasonable objections, shall be made exclusively by the Trust).

(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 Commission or the Canadian Securities Commissions of
any stop order suspending the effectiveness of the Registration Statement, 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 Commission or the Canadian Securities Commissions
for any amendments to the Registration Statement or any amendment or supplements to the Prospectus, Canadian Final Prospectus or any Issuer
Free Writing Prospectus or for additional information relating to the offering of the Placement Units or for additional information related
to the Registration Statement, the Prospectus, the Canadian Final Prospectus or any Issuer Free Writing Prospectus.

(c) **Delivery of Prospectus; Subsequent Changes**. During any period in which the Prospectus relating
to the Placement Units is required to be delivered by the Agents under the Securities Act or Canadian Securities Laws with respect to
the offer and sale of the Placement Units (including in circumstances where such requirement may be satisfied pursuant to Rule 172
under the Securities Act), the Trust will comply with all requirements imposed upon it by the Securities Act and 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 Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act or with the Canadian
Securities Commissions pursuant to Canadian Securities Laws. If during such period any event occurs as a result of which the Prospectus
or the Canadian 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 Registration Statement or Prospectus to comply with the Securities Act or the Canadian
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 Registration Statement,
Prospectus or the Canadian 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 Prospectus or the Canadian Final Prospectus
relating to the Placement Units is required to be delivered by the Agents under the Securities Act or Canadian Securities Laws, as applicable,
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 each Exchange.

(e) **Delivery of Registration Statement and Prospectus**. The Trust will furnish to the Agents and their
counsel (at the expense of the Trust) copies of the Registration Statement, Prospectus and the Canadian Final Prospectus (including all
documents incorporated by reference therein), and all amendments and supplements to the Registration Statement, Prospectus or the Canadian
Final Prospectus that are filed with the Commission or the Canadian Securities Commissions, as applicable, during any period in which
the Prospectus or the Canadian Final Prospectus relating to the Placement Units is required to be delivered under the Securities Act (including
all documents filed with the Commission during such period that are deemed to be incorporated by reference therein) or delivered under
Canadian Securities Law, as applicable in each case 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 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 Prospectus) to the Agents to the extent such document is available on EDGAR or SEDAR+, as the case may be.

(f) **Earnings Statement**. The Trust will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the Trust's current fiscal quarter, an earnings statement
covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.

(g) **Use of Proceeds**. The Trust will use the Net Proceeds as described in the Prospectus in the section
entitled "Use of Proceeds."

(h) **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.

(i) **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.

(j) **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.

(k) **Required Filings Relating to Placement of Placement Units**. The Trust agrees that on such dates
as the Canadian Securities Laws and Form F-10 shall require, the Trust will (i) file a prospectus supplement with the Canadian
Securities Commissions and the Commission (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 or NYSE, 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 8(k), calculated
on a quarterly basis or annual basis, as applicable. For so long as the Units are listed on the Exchanges, the Trust will provide the
Exchanges 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 Exchanges.

(l) **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 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 Registration Statement or the 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 Registration Statement or the Prospectus relating to the Placement Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) files or amends an annual report on Form 20-F or Form 40-F under the Exchange Act (including
any Form 20-F/A or Form 40-F/A containing amended financial statements or a material amendment to the previously filed Form 20-F
or Form 40-F);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) files or furnishes its interim financial statements on Form 6-K under the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) files or furnishes a Form 6-K containing amended financial statements under the Exchange Act (each
date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a "**Representation Date** ");

the Manager, on behalf of the Trust, shall furnish the Agents (but in the case of clause (iv) above, only if the Agents reasonably determine that the information contained in such Form 6-K is material) 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 Registration Statement and the Prospectus as amended or supplemented. The requirement to provide a certificate under this Section 8(l) 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 8(l), 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 8(l) dated as of the date that the instructions for the sale of Placement Units are issued.

(m) **Legal Opinions**. (i) On or prior to the date of the first Placement Notice, and (ii) within
five (5) Trading Days of each Representation Date (except for any date that is a Representation Date solely due to the filing of
a prospectus supplement pursuant to Section 8(k) hereunder) with respect to which the Manager, on behalf of the Trust, is obligated
to deliver a certificate pursuant to Section 8(l) 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 each of Skadden, Arps, Slate, Meagher & Flom LLP ()"**U.S. Trust Counsel**") (in favour of the U.S. Agents only) and Stikeman Elliott LLP ()"**Canadian Trust Counsel** "),
or other counsel(s) satisfactory to the Agents, as applicable, 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 Registration
Statement, the Canadian Final Prospectus and the Prospectus, as applicable, 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 8(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 an opinion under
this Section 8(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 instruct U.S. Trust Counsel
and Canadian Trust Counsel to provide the Agents with an opinion in conformity with this (m) dated as of the date that the instructions
for the sale of Placement Units are issued.

(n) **Comfort Letter**. (i) On or prior to the date of the first Placement Notice, and (ii) within
five Trading Days of each Representation Date (except for any date that is a Representation Date solely due to the filing of a prospectus
supplement pursuant to Section 8(k) hereunder) with respect to which the Manager, on behalf of the Trust, is obligated to deliver
a certificate pursuant to Section 8(l) for which no waiver is applicable and excluding the date of this Agreement, the Trust
shall cause its independent registered public accounting firm 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 8(n); *provided*,
that if requested by the Agents, the Trust shall cause a Comfort Letter to be furnished to the Agents within ten (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 registered public accounting firm within the meaning of the Securities Act and
the Public Company Accounting Oversight Board (United States) and 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 Registration Statement, the Canadian Final Prospectus and the Prospectus, as amended and supplemented to the date of such letter.
The requirement to provide a Comfort Letter under this Section 8(n) 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 8(n), 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
the current auditor of the Trust to provide the Agents with a Comfort Letter in conformity with this Section 8(n) dated as of
the date that the instructions for the sale of Placement Units are issued.

(o) **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.

(p) **Investment Company Act**. The Trust will conduct its affairs in such a manner so as to reasonably
ensure that it will not be or become, at any time prior to the termination of this Agreement, required to register as an "investment
company", as such term is defined in the Investment Company Act.

(q) **No Offer to Sell**. Other than an Issuer Free Writing Prospectus approved in advance by the Manager,
on behalf of the Trust, and the Agents in their capacity as agents hereunder, 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 (as defined in Rule 405 under the Securities Act), required to be filed with the Commission,
that constitutes an offer to sell or solicitation of an offer to buy Placement Units hereunder.

(r) **Blue Sky and Other Qualifications**. The Manager, on behalf of the Trust, will use its commercially
reasonable efforts, in cooperation with the Agents, to qualify the Placement Units for offering and sale, or to obtain an exemption for
the Placement Units to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign)
as the Agents may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution
of the Placement Units (but in no event for less than one year from the date of this Agreement); provided, however, that the Trust shall
not be obligated to file a prospectus, registration statement or similar disclosure document with any regulatory authority or any general
consent to service of process or qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not
so qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In
each jurisdiction in which the Placement Units have been so qualified or exempt, the Trust will file such statements and reports as may
be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as
required for the distribution of the Placement Units (but in no event for less than one year from the date of this Agreement).

(s) **Sarbanes-Oxley Act**. The Manager, on behalf of the Trust, will maintain and keep accurate books
and records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles and including those policies and procedures that (i) pertain to the maintenance of records that in
reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Trust, (ii) provide reasonable
assurance that transactions are recorded as necessary to permit the preparation of the Trust's consolidated financial statements
in accordance with IFRS, (iii) that receipts and expenditures of the Trust are being made only in accordance with management's
and the Trust's directors' authorization, and (iv) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Trust's assets that could have a material effect on its financial statements.
The Manager, on behalf of the Trust, will maintain such controls and other procedures, including, without limitation, those required by
Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information
required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission's rules and forms, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under
the Exchange Act is accumulated and communicated to the Manager, on behalf of the Trust's management, including its principal executive
officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure and to ensure that material information relating to the Trust is made known to them by others within those entities, particularly
during the period in which such periodic reports are being prepared.

(t) **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 (5) 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.

(u) **Canadian Securities Laws, Securities Act, and Exchange Act**. 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, the Securities
Act, the Exchange Act and the rules of the Exchanges 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 Prospectus.

(v) **Reports, etc**. The Manager, on behalf of the Trust, shall (i) file promptly all reports
required to be filed by the Trust with the Commission or the Canadian 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 Canadian Securities Commissions or the Commission to amend or supplement the Registration Statement, the Canadian Base
Prospectus, the Base Prospectus, the Canadian Final Prospectus, the Prospectus or the Issuer Free Writing Prospectus, if any, or for additional
information with respect thereto or (y) of the issuance by the Commission or the Canadian Securities Commissions of any stop order
suspending the use or effectiveness of the Registration Statement or either of the Prospectuses, respectively, or the institution or threatening
of any proceeding for any such purpose.

(w) **Shelf Procedures**. The Trust shall comply with the requirements of the Shelf Procedures and General
Instruction II.L of Form F-10 and file the Canadian Final Prospectus with the Canadian Securities Commissions and the Prospectus
with the Commission 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 Registration
Statement, the Prospectus, or the Canadian Final Prospectus or the Issuer Free Writing Prospectus, if any, 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 Registration Statement in order to make the statements therein not misleading, or the Prospectus or the Canadian 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
Registration Statement, the Prospectus, the Canadian Final Prospectus or the Issuer Free Writing Prospectus, if any, to comply with any
law, the Trust promptly will prepare and file with the Commission and the Canadian Securities Commissions, and furnish at its own expense
to the Agents, an appropriate amendment to the Registration Statement or supplement to the Prospectus, Canadian Final Prospectus or the
Issuer Free Writing Prospectus, if any, so that the Registration Statement as so amended or the Prospectus or the Canadian 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 Registration Statement, Prospectus or the Canadian Final
Prospectus shall comply with such law. Before amending the Registration Statement or amending or supplementing the Prospectus or the Canadian
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 such amendment or supplement to which the Agents reasonably object.

**Section 9 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 Registration Statement, including any fees required by the Commission or the Canadian Securities Commissions, and the printing or electronic delivery of the Registration Statement, each of the Trust Form F-X and the Trustee Form F-X and the Prospectuses 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 US$25,000, (vi) the qualification or exemption of the Placement Units under state and provincial securities laws in accordance with the provisions of Section 8(u) hereof, including filing fees, but excluding fees of the Agents' counsel, (vii) the printing and delivery to the Agents of copies of any Permitted Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto in such number as the Agents shall deem necessary, (viii) the preparation, printing and delivery to the Agents of copies of the blue sky survey in an amount not to exceed US$2,500, (ix) the fees and expenses of the transfer agent and registrar for the Units, (x) the filing and other fees incidental to any review by FINRA of the terms of the sale of the Placement Units including the fees of the Agents' counsel (subject to the cap set forth in clause (v) above) and (xi) the fees and expenses incurred in connection with the listing of the Placement Units on each Exchange.

**Section 10 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) **Registration Statement Effective**. The Registration Statement shall have become effective and shall
be available for the (i) resale of all Placement Units issued to an Agent and not yet sold by such Agent and (ii) sale of all
Placement Units contemplated to be issued by any Placement Notice.

(b) **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 Commission, the Canadian Securities Commissions or any other federal,
state or provincial governmental authority during the period of effectiveness of the Registration Statement, the response to which would
require any post-effective amendments or supplements to the Registration Statement or the Prospectus, (ii) the issuance by the Commission,
the Canadian Securities Commissions or any other federal, state or provincial governmental authority of any stop order suspending the
use or effectiveness of the Registration Statement 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 Registration Statement or either of the Prospectuses 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 Registration Statement,
the Prospectuses or documents so that, in the case of the Registration Statement, it will not contain any materially 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 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 a Prospectus would
be appropriate.

(c) **No Misstatement or Material Omission**. The Agents shall not have advised the Manager, on behalf
of the Trust, that the Registration Statement or 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.

(d) **Material Changes**. Except as contemplated in the Prospectuses, or disclosed in the Trust's
reports filed with the Commission and the Canadian 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 Prospectus.

(e) **Legal Opinions**. The Agents shall have received the opinions and negative assurance letters, as
applicable, of each of U.S. Trust Counsel and Canadian Trust Counsel required to be delivered pursuant to Section 8(m) on or
before the date on which such delivery of such opinion is required pursuant to Section 8(m).

(f) **Comfort Letter**. The Agents shall have received the Comfort Letters required to be delivered pursuant
to Section 8(n) on or before the date on which such delivery of such Comfort Letters are required pursuant to Section 8(n).

(g) **Representation Certificate**. The Agents shall have received the certificate required to be delivered
pursuant to Section 8(l) on or before the date on which delivery of such certificate is required pursuant to Section 8(l).

(h) **No Suspension**. Trading in the Units shall not have been suspended on either Exchange and the Units
shall not have been delisted from either Exchange.

(i) **Other Materials**. On each date on which the Manager, on behalf of the Trust, is required to deliver
a certificate pursuant to Section 8(l), 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.

(j) **Securities Act Filings Made**. All filings with the Canadian Securities Commissions and the Commission
required by Canadian Securities Laws and Form F-10 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.

(k) **Approval for Listing**. The Placement Units shall either have been (i) approved for listing
on each Exchange, 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 each Exchange at, or prior to, the issuance of any Placement Notice and each Exchange shall have
reviewed such application and not provided any objections thereto.

(l) **FINRA**. If applicable, FINRA shall have raised no objection to the terms of this offering and the
amount of compensation allowable or payable to the Agents as described in the Prospectus.

(m) **No Termination Event**. There shall not have occurred any event that would permit the Agents to terminate
this Agreement pursuant to Section 13(a).

(n) **No Governmental Objections**. No U.S., 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 11 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 within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act 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 contained in the Registration Statement
(or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included
in any related Issuer Free Writing Prospectus or the Prospectuses (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 11(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 (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, the officers of the Manager who sign the Registration Statement and each person, if any,
who controls the Trust within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any
and all loss, liability, claim, damage and expense described in the indemnity contained in Section 11(a), as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments
thereto) or the 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 Registration
Statement, the Prospectus or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth
in the seventh paragraph and the last sentence in the ninth paragraph under the caption "Plan of Distribution" in the Prospectus
(the "**Agents' Information** ").

(c) **Procedure**. Any party that proposes to assert the right to be indemnified under this Section 11
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 11, 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 11, and (ii) any liability that it may
have to any indemnified party under the foregoing provision of this Section 11 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 11 (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 11(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 11 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, such as persons who control the Trust within the
meaning of the Securities Act, officers of the Trust who signed the Registration Statement and directors of the Trust, 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 11(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 11(e) shall be deemed to include,
for the purpose of this Section 11(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 11(c) hereof. Notwithstanding the
foregoing provisions of this Section 11(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 (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 11(e) any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers,
directors, partners, employees or agents of an Agent, will have the same rights to contribution as that party, and each director of the
Trust and each officer of the Trust who signed the Registration Statement will have the same rights to contribution as the Trust, subject
in each case to the provisions hereof. 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 11(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 11(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 11(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 11(c) hereof.
The Agents' respective obligations to contribute pursuant to this Section 11(e) are several in proportion to the respective
number of Placement Units they have sold hereunder, and not joint.

**Section 12 Representations and Agreements to Survive Delivery**

The indemnity and contribution agreements contained in Section 11 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 13 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 Prospectuses, 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 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 Commission, the Canadian
Securities Commissions or either Exchange, or if trading generally on either Exchange has been suspended or limited, or minimum prices
for trading have been fixed on either Exchange, (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 the United States or Canada shall have occurred and be continuing, or (vi) if a banking moratorium has been declared
by either Canadian or U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other
party except that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12
(Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial), Section 19
(Consent to Jurisdiction), Section 20 (Appointment of Agents for Service) and Section 21 (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 13(a),
such Agent shall provide the required notice as specified in Section 14 (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 13(a) shall not affect the rights
and obligations of the other Agents under this Agreement.

(b) The Trust shall have the right, by giving ten (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 9, Section 11, Section 12, Section 18, Section 19,
Section 20 and Section 21 hereof shall remain in full force and effect notwithstanding such termination.

(c) Each of the Agents shall have the right, by giving ten (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 9, Section 11, Section 12, Section 18, Section 19, Section 20 and Section 21
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 13(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 13(a), 13(b),
or 13(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 9, Section 11, Section 12, Section 18, Section 19,
Section 20 and Section 21 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 14 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:

Cantor Fitzgerald Canada Corporation<br> 181 University Avenue, Suite 1500<br> Toronto, ON M5H 3M7

Attention: Elan Shevel <br> Telephone: [\*\*\*]

and:

Cantor Fitzgerald & Co.

110 East 59th Street

New York, NY 10022

Attention: Capital Markets <br> Telephone: [\*\*\*]

and:

Virtu Canada Corp.

222 Bay Street, Suite 1720

Toronto, ON M5K 1B7

Attention: Ryan Quattrini <br> Telephone: [\*\*\*]

and:

Virtu Americas LLC

1633 Broadway

New York, NY 10019

Attention: Virtu Capital Markets

and:

Canaccord Genuity Corp.

40 Temperance Street, Suite 2100

Toronto, ON M5H 0B4

Attention: David Sadowski <br> Telephone: [\*\*\*]

and:

Canaccord Genuity LLC

One Post Office Square, Suite 3000

Boston, MA 02109

and:

BMO Nesbitt Burns Inc.

1 First Canadian Place

100 King Street West

3rd Floor Podium

Toronto, ON M5X 1H3

Attention: Joshua Goldfarb <br> Telephone: [\*\*\*]

and:

BMO Capital Markets Corp.

151 West 42<sup>nd</sup> Street

New York, NY 10036

Attention: Brad Pavelka

Telephone: [\*\*\*]

with a copy to:

Cooley LLP

55 Hudson Yards

New York, NY 10001-2157

Attention: Daniel I. Goldberg, Esq.

Facsimile: (212) 479-6275

and:

Borden Ladner Gervais LLP<br> Bay Adelaide Centre, East Tower<br> 22 Adelaide St W<br> Toronto, ON, Canada M5H 4E3

Attention: Ben Keen <br> Telephone: (416) 367-6254

and if to the Trust or Manager, shall be delivered to:

Sprott Physical Copper Trust/Sprott Asset Management LP<br> Royal Bank Plaza, South Tower<br> 200 Bay Street, Suite 2600<br> Toronto, Ontario M5J 2J1

Attention: Lara Misner <br> Telephone: [\*\*\*]

with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001-8062

Attention: John J. Zelenbaba

Facsimile: (416) 777-4735

and:

Stikeman Elliott LLP<br> 5300 Commerce Court West<br> 199 Bay Street<br> Toronto, Ontario M5L 1B9

Attention: J.R. Laffin <br> Facsimile: (416) 947-0866

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 each Exchange 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 14 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 15 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 11 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 16 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 17 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 18 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 19 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 20 Appointment of Agent for Service**

The Trust and the Manager hereby irrevocably appoint Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711, as its agent for service of process in any suit, action or proceeding described in the preceding paragraph and agrees that service of process in any such suit, action or proceeding may be made upon it at the office of such agent. The Trust and the Manager waive, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Trust and the Manager represent and warrant that such agent has agreed to act as the agent for service of process for the Trust and the Manager, and the Trust and the Manager agree to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.

**Section 21 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 22 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 (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law (e.g., www.docusign.com)).

**Section 23 Effect of Headings**

The section and exhibit headings herein are for convenience only and shall not affect the construction hereof.

**Section 24 Permitted Free Writing Prospectuses**

The Trust represents, warrants and agrees that, unless it obtains the prior consent of each of the Agents, which consent shall not be unreasonably withheld, delayed or conditioned, and each of the Agents represent, warrant and agree that, unless they obtain the prior consent of the Trust and the other Agents, they have not made and will not make any offer relating to the Placement Units that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a "free writing prospectus", as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agents or by the Trust, as the case may be, is hereinafter referred to as a "Permitted Free Writing Prospectus." The Trust represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit 1 hereto are Permitted Free Writing Prospectuses.

**Section 25 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 26 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.

"**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433, relating to the Placement Units that (i) is required to be filed with the Commission by the Trust, (ii) is a "road show" that is a "written communication" within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Units or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Trust's records pursuant to Rule 433(g) under the Securities Act Rules and Regulations.

All references in this Agreement to financial statements and schedules and other information that is "contained," "included" or "stated" in the Registration Statement or the Prospectuses (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 Registration Statement or the Prospectuses, as the case may be.

All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to "supplements" to the Prospectuses shall include, without limitation, any supplements, "wrappers" or similar materials prepared in connection with any offering, sale or private placement of any Placement Units by the Agents outside of the United States.

***[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**<br>By its manager, Sprott Asset Management LP<br>By its general partner, Sprott Asset Management GP Inc. | **SPROTT PHYSICAL COPPER TRUST**<br>By its manager, Sprott Asset Management LP<br>By its general partner, Sprott Asset Management GP Inc. | **SPROTT PHYSICAL COPPER TRUST**<br>By its manager, Sprott Asset Management LP<br>By its general partner, Sprott Asset Management GP Inc. |
| By: | */s/ John Ciamaglia* | */s/ John Ciamaglia* |
|  | Name: | John Ciamaglia |
|  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **SPROTT ASSET MANAGEMENT LP**<br>By its general partner, Sprott Asset Management GP Inc. | **SPROTT ASSET MANAGEMENT LP**<br>By its general partner, Sprott Asset Management GP Inc. | **SPROTT ASSET MANAGEMENT LP**<br>By its general partner, Sprott Asset Management GP Inc. |
| By: | */s/ John Ciamaglia* | */s/ John Ciamaglia* |
|  | Name: | John Ciampaglia |
|  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **ACCEPTED** as of the date first-above written:<br>**CANTOR FITZGERALD CANADA CORPORATION** | **ACCEPTED** as of the date first-above written:<br>**CANTOR FITZGERALD CANADA CORPORATION** | **ACCEPTED** as of the date first-above written:<br>**CANTOR FITZGERALD CANADA CORPORATION** |
| By: | */s/ Elan Shevel* | */s/ Elan Shevel* |
|  | Name: | Elan Shevel |
|  | Title: | Chief Compliance Officer |

---

---

| | | |
|:---|:---|:---|
| **CANTOR FITZGERALD & CO.** | **CANTOR FITZGERALD & CO.** | **CANTOR FITZGERALD & CO.** |
| By: | */s/ Sameer Vasudev* | */s/ Sameer Vasudev* |
|  | Name: | Sameer Vasudev |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **VIRTU CANADA CORP.** | **VIRTU CANADA CORP.** | **VIRTU CANADA CORP.** |
| By: | */s/ Ryan Quattrini* | */s/ Ryan Quattrini* |
|  | Name: | Ryan Quattrini |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| **VIRTU AMERICAS LLC** | **VIRTU AMERICAS LLC** | **VIRTU AMERICAS LLC** |
| By: | */s/ Joshua R. Feldman* | */s/ Joshua R. Feldman* |
|  | Name: | Joshua R. Feldman |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | */s/ David Sadowski* | */s/ David Sadowski* |
|  | Name: | David Sadowski |
|  | Title: | Managing Director, Head of Canadian Metals & Mining Investment Banking |

---

---

| | | |
|:---|:---|:---|
| **CANACCORD GENUITY LLC** | **CANACCORD GENUITY LLC** | **CANACCORD GENUITY LLC** |
| By: | */s/ Jennifer Pardi* | */s/ Jennifer Pardi* |
|  | Name: | Jennifer Pardi |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | */s/ Joshua Goldfarb* | */s/ Joshua Goldfarb* |
|  | Name: | Joshua Goldfarb |
|  | Title: | Managing Director |

---

---

| | | |
|:---|:---|:---|
| **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** |
| By: | */s/ Brad Pavelka* | */s/ Brad Pavelka* |
|  | Name: | Brad Pavelka |
|  | Title: | Managing Director |

---

**Schedule "A"<br> 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 Amended and Restated 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 Canada**"), Cantor Fitzgerald & Co. ("**Cantor**"), Virtu Canada Corp. ("**Virtu Canada**"), Virtu Americas LLC ("**Virtu**"), Canaccord Genuity Corp. ("**Canaccord Canada**"), Canaccord Genuity LLC ("**Canaccord**"), BMO Nesbitt Burns Inc. ("**BMO Canada**") and BMO Capital Markets Corp. ("**BMO**" and, collectively with Cantor Canada, Cantor, Virtu Canada, Virtu, Canaccord Canada, Canaccord and BMO Canada, the "**Agents**") dated May [●], 2026, the Manager, on behalf of the Trust, hereby requests that [Cantor Canada/Cantor/Virtu Canada/Virtu/Canaccord Canada/Canaccord/BMO Canada/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].

Sales by Cantor Canada, Virtu Canada, Canaccord Canada and BMO Canada shall be conducted only on the TSX or on any other "marketplace" (as such term is defined in National Instrument 21-101 – *Marketplace Operation*) in Canada, and sales by Cantor, Virtu, Canaccord and BMO shall be conducted only on the NYSE or to or through a market maker in the United States.

"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"<br> Notice Parties**

<u>The Manager</u>

Arthur Einav ([\*\*\*])<br> John Ciampaglia ([\*\*\*])<br> Lara Misner ([\*\*\*])

<u>Cantor Fitzgerald & Co. and Cantor Fitzgerald Canada Corporation</u>

Sameer Vasudev ([\*\*\*])

Graham Moylan ([\*\*\*])

Matthew Crawford ([\*\*\*])

Jackson Hughes ([\*\*\*])

With copies to:

[\*\*\*]

<u>Virtu Capital Markets</u>

Jeff Lumby ([\*\*\*])

Joshua Feldman ([\*\*\*])

Conor Lumby ([\*\*\*])

With copies to:

[\*\*\*]

[\*\*\*]

<u>Canaccord Genuity Corp. and Canaccord Genuity LLC</u>

David Sadowski ([\*\*\*])<br> Ron Sedran ([\*\*\*])

Michael Klizs ([\*\*\*])

Brad Delaney ([\*\*\*])

With copies to:

[\*\*\*]

<u>BMO Nesbitt Burns Inc.</u>

Joshua Goldfarb ([\*\*\*])<br> Jesse Pearlstein ([\*\*\*])

Jenny Min ([\*\*\*])

<u>BMO Capital Markets Corp.</u>

Brad Pavelka ([\*\*\*])<br> Joseph Erbe ([\*\*\*])

Eli Rossman ([\*\*\*])

"C" - 1

**Exhibit 1**

**Permitted Free Writing Prospectus**

None.

"C" - 1

## Exhibit 99.2

**Exhibit 99.2**

**Sprott Physical Copper Trust Updates Its "At-The-Market" Equity Program in Connection with NYSE Arca Listing**

TORONTO, May 4, 2026 – Sprott Asset Management LP ("Sprott Asset Management"), a wholly-owned subsidiary of Sprott Inc. ("Sprott") (NYSE/TSX: SII), on behalf of the Sprott Physical Copper Trust (NYSE: SCOP) (TSX: COP.UN) (TSX: COP.U) (the "Trust"), a closed-end trust created to invest and hold substantially all of its assets in physical copper metal, today announced that, in connection with the listing of the units of the Trust (the "Units") on the NYSE Arca ("NYSE"), it has updated its at-the-market equity program to issue up to US$500 million of Units.

Distributions under the at-the-market equity programs in Canada and the United States (together, the "ATM Program") will now be completed in accordance with the terms of an amended and restated sales agreement (the "A&R Sales Agreement") dated May 4, 2026 between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald Canada Corporation ("Cantor Canada"), Virtu Canada Corp. ("Virtu Canada"), BMO Nesbitt Burns Inc. ("BMO Canada"), Canaccord Genuity Corp. ("Canaccord Canada" and, together with Cantor Canada, Virtu Canada and BMO Canada, the "Canadian Agents"), Cantor Fitzgerald & Co. ("Cantor"), Virtu Americas LLC ("Virtu"), BMO Capital Markets Corp. ("BMO") and Canaccord Genuity LLC ("Canaccord" and, together with Cantor, Virtu and BMO, the "U.S. Agents" and, collectively with the Canadian Agents, the "Agents"). The A&R Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission's (the "SEC") website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

Sales of Units through the Agents, acting as agent, will be made through "at the market" issuances on the NYSE and the Toronto Stock Exchange ("TSX") or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical copper metal in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.

The offering under the ATM Program is now being made pursuant to the prospectus supplement dated May 4, 2026 (the "U.S. Prospectus Supplement") to the Trust's U.S. base prospectus (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (the "Registration Statement") (File No. 333-295543) filed with the SEC on May 4, 2026, and pursuant to the amended and restated prospectus supplement dated May 4, 2026 (the "Canadian A&R Prospectus Supplement") to the Trust's Canadian short form base shelf prospectus dated July 3, 2024 (the "Canadian Base Shelf Prospectus" and together with the Canadian A&R Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Canadian Registration Statement, the "Offering Documents"). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov, and the Canadian A&R Prospectus Supplement and the Canadian Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the A&R Sales Agreement and the ATM Program.

Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

**About Sprott**

Sprott is a global asset manager focused on precious metals and critical materials. At Sprott, we are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott's common shares are listed on the NYSE and the TSX under the symbol "SII". For more information, please visit www.sprott.com. Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust.

**About the Trust**

Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the current annual information form for the Trust and the Trust's prospectus. Please read these documents carefully before investing. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Trust on a stock exchange. If the units are purchased or sold on a stock exchange, investors may pay more than the current net asset value when buying units or shares of the Trust and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

**Caution Regarding Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, 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 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 risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust's continuous disclosure filings, which are available at www.sec.gov and 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.

**Contact:**

Glen Williams

Senior Managing Partner

Investor and Institutional Client Relations

Direct: 416-943-4394

gwilliams@sprott.com