Sprott Asset Management LP (“Sprott Asset Management”), on behalf of the Sprott Physical Uranium Trust (TSX: U.UN and U.U) (OTC: SRUUF) (“SPUT”) today announced that SPUT’s net asset value (“NAV”) has surpassed US$5.0 billion.
“We would like to thank our unitholders for their trust and support in helping the Sprott Physical Uranium Trust reach this significant milestone,” said John Ciampaglia, Chief Executive Officer of Sprott Asset Management. “Since SPUT’s launch, there has been a growing recognition that nuclear power is an essential component in achieving global carbon reduction targets while providing energy security. We are proud that our relentless focus on education helped investors globally to better understand the uranium investment opportunity. We continue to believe it is the early stages of a uranium bull market as global support for nuclear energy grows and the utility contracting cycle accelerates,” added Mr. Ciampaglia.
“We are grateful for the contributions of our partners at WMC Group in helping SPUT procure and store more than 62 million pounds of U3O8 and the invaluable market insights they are able to help us provide to unitholders,” continued Mr. Ciampaglia.
Since inception in July 2021, SPUT’s NAV has grown from US$630 million to more than US$5.0 billion as of November 20, 2023. Over this same period, SPUT’s unit price has increased by more than 100% while its liquidity and trading volumes have steadily improved.
Sprott Asset Management is the world’s largest manager of uranium-related investments1, with approximately US$7.0 billion of uranium-related assets under management, providing investors with innovative, transparent and highly-liquid strategies to participate in this compelling investment theme.
About Sprott Asset Management and the Trust
Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements in this press release include, without limitation, statements regarding the state and stage of the global uranium market, and the expected growth of support for nuclear energy acceleration of the utility contracting cycle. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the continued acceptance of nuclear energy as a source of sustainable energy. 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 Trust’s annual information form for the year ended December 31, 2022, which is available under the Trust’s profile at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law or stock exchange rules.
Investor Contact:
Glen Williams
Managing Partner
Investor and Institutional Client Relations
Direct: 416-943-4394
gwilliams@sprott.com
Media contact:
Dan Gagnier
Gagnier Communications
(646) 569-5897
sprott@gagnierfc.com
1 According to Morningstar as of September 30, 2023.
Source: Sprott Physical Uranium Trust
