Sprott Physical Uranium Trust announced an at-the-market offering of trust units valued up to US$125 million (approximately CAD$171.45 million) on November 20, 2023, and closed the offering on the same date. The units, listed on the Toronto Stock Exchange under symbols "U.UN" (CAD) and "U.U" (USD), aimed to enhance liquidity and align unit trading prices with the Trust's net asset value (NAV). The proceeds were allocated for acquiring physical uranium, supporting the Trust's objective to provide secure, exchange-traded uranium investments.

The units were sold at prevailing market prices on the TSX or other Canadian marketplaces through agents Cantor Fitzgerald Canada Corporation and Virtu Canada Corp., under a sales agreement dated August 16, 2021, and amended on multiple occasions. The agents earned a fee of up to 3.0% of gross proceeds. Legal matters for the Trust were handled by Stikeman Elliott LLP, while Borden Ladner Gervais LLP represented the agents. Offering expenses, excluding agent fees, were estimated at approximately US$75,000 (about CAD$102,870).

As of November 17, 2023, the Trust's NAV totaled US$4.92 billion (approximately CAD$6.75 billion), equivalent to US$19.23 (CAD$26.38) per unit. The Trust did not anticipate paying regular cash distributions but focused on uranium holdings, aiming for value accretion through efficient transactions and minimized risks?.