Sprott Physical Uranium Trust Fund (U-UN) Q4 2024 earnings summary

Executive summary

• The Trust invests primarily in long-term holdings of physical uranium, offering investors exposure without direct handling complexities.

• For the year ended December 31, 2024, the Trust experienced a significant unrealized loss on uranium holdings, reversing the prior year's gains.

• Units traded at an average discount to NAV of 6.5% and closed the year at $17.29 per unit on the TSX.

Financial highlights

• Net assets at year-end were $4,862.0 million ($18.02 per unit), down from $5,772.8 million ($22.57 per unit) the previous year.

• The Trust returned -20.2% for 2024, closely tracking the spot uranium oxide return of -19.7%.

• 14,097,400 units were issued for gross proceeds of $310.6 million.

• Operating expenses were $16.2 million (0.29% of average net assets), and management fees totaled $19.8 million.

• The Trust held 66,220,326 pounds of uranium oxide at year-end, up from 63,161,826 pounds a year earlier.

Outlook and guidance

• No changes to the investment objective or management process were reported.

• The Trust remains committed to its strategy of holding physical uranium for long-term value.