On March 31, 2025, Sprott Physical Platinum and Palladium Trust launched an at-the-market (ATM) equity offering of trust units for gross proceeds of up to US$50 million (approximately C$67 million). This new offering followed prior issuances under the same sales agreement, which had raised around US$49.79 million (C$66.7 million) in aggregate gross proceeds. The units are being sold through Cantor Fitzgerald, Virtu, Canaccord Genuity, and BMO Capital Markets under an amended and restated sales agreement dated December 6, 2024.

Sales will be conducted on the Toronto Stock Exchange (TSX), NYSE Arca, or other recognized marketplaces in Canada and the U.S. at prevailing market prices, in accordance with National Instrument 44-102. The Agents will receive a commission of up to 3.0% of the gross proceeds from each sale. Net proceeds are intended to be used to acquire physical platinum and palladium bullion, consistent with the Trust's investment strategy.

Stikeman Elliott LLP (Canada) and Seward & Kissel LLP (U.S.) acted as legal counsel to the Trust, while Borden Ladner Gervais LLP (Canada) and Cooley LLP (U.S.) represented the Agents. Offering expenses, excluding agent commissions, are estimated at approximately US$75,000 (C$100,000) and may be paid by the Trust’s manager