On July 8, 2024, Sprott Physical Copper Trust announced an "at-the-market" (ATM) offering of trust units with a target of up to US$500 million (C$688 million). Each unit, traded on the Toronto Stock Exchange (TSX) under the symbols COP.UN (Canadian dollar) and COP.U (U.S. dollar), represented a fractional, undivided beneficial interest in the trust’s net assets. Sales under the ATM arrangement were conducted by Cantor Fitzgerald Canada Corporation, Virtu Canada Corp., Canaccord Genuity Corp., and BMO Nesbitt Burns Inc., with the agents receiving a commission of up to 3.0% on gross proceeds.

The net proceeds from this offering were intended for the acquisition of physical copper, aligning with the trust’s investment objectives. Estimated offering expenses, excluding agents’ fees, were approximately US$75,000 (C$103,200) and could have been covered by the manager, Sprott Asset Management LP, subject to reimbursement by the trust if a sufficient premium existed between net asset value (NAV) per unit and sale price. Stikeman Elliott LLP provided legal counsel to the trust, while Borden Ladner Gervais LLP represented the agents. The TSX conditionally approved the listing of additional trust units, pending regulatory compliance and fulfillment of TSX requirements.