Sprott Physical Uranium Trust Fund (U-UN) Q2 2025 earnings summary

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 or storage concerns.

• For the six months ended June 30, 2025, the Trust recorded a total change in unrealized gains on uranium oxide of $358.1 million, compared to unrealized losses of $381.3 million in the same period of 2024.

• Net assets increased to $5,435.3 million ($19.18 per unit) as of June 30, 2025, up from $4,862.0 million ($18.02 per unit) at December 31, 2024.

• The Trust issued 13,506,362 units for gross proceeds of $232.8 million during the period.

Financial highlights

• Net income for the six months ended June 30, 2025 was $342.96 million, compared to a net loss of $399.57 million for the same period in 2024.

• Net assets per unit rose to $19.18 at June 30, 2025 from $18.02 at December 31, 2024.

• The Trust held 67,670,326 pounds of uranium oxide at June 30, 2025, up from 66,220,326 pounds at year-end 2024.

• The spot price of uranium oxide increased to $78.56/lb at June 30, 2025 from $73.18/lb at December 31, 2024.

• The Trust returned 6.5% for the six months ended June 30, 2025, compared to -6.6% for the same period in 2024.

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.