Sprott Physical Uranium Trust Fund (U-UN) investor relations material

Executive summary

• The Trust invests primarily in long-term holdings of unencumbered physical uranium, providing investors with exposure to uranium price movements without direct handling complexities.

• For the six months ended June 30, 2026, the Trust reported a net change in unrealized gains on uranium oxide of $216.0 million, with no realized gains or losses.

• Net assets increased to $7,044.2 million ($20.47 per unit) as of June 30, 2026, up from $6,157.8 million ($19.80 per unit) at December 31, 2025.

• 33,085,763 units were issued through the ATM Program for gross proceeds of $703.0 million during the period.

Financial highlights

• Net income for the six months ended June 30, 2026 was $188.4 million, compared to $343.0 million for the same period in 2025.

• Net assets per unit rose to $20.47 from $19.80 at year-end 2025.

• The Trust held 81,447,348 pounds of uranium oxide as of June 30, 2026, up from 74,789,404 pounds at December 31, 2025.

• The spot price of uranium oxide increased to $85.03/lb from $81.54/lb at year-end 2025.

• The Trust returned 3.4% for the six months ended June 30, 2026, compared to 6.5% for the same period in 2025.

Outlook and guidance

• The Trust continues to focus on long-term holdings of physical uranium and does not speculate on short-term price movements.

• No changes to the investment objective or processes were reported during the period.