Sprott Physical Silver Trust Announces "At-The-Market" Equity Program to Issue up to US$3 Billion of Trust Units

Toronto, Ontario--(Newsfile Corp. - March 19, 2021) - Sprott Asset Management LP ("Sprott"), on behalf of the Sprott Physical Silver Trust (NYSE: PSLV) (TSX: PSLV) (NYSE: PSLV.U) (the "Trust"),a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical silver bullion, announces that it has renewed an "at-the-market" equity program (the "ATM Program") to issue up to US$3 billion of trust units.

Distributions under the ATM Program will be completed in accordance with the terms of an amended and restated sales agreement (the "Sales Agreement"), dated October 21, 2020, between Sprott (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. ("CF&Co"), Virtu Americas LLC ("Virtu" and together with CF&Co, the "U.S. Agents") and Virtu ITG Canada Corp. (the "Canadian Agent" and together with the U.S. Agents, the "Agents"). The Sales Agreement is available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com^[1] and on EDGAR at the SEC's website at www.sec.gov^[2].

Sales of trust units through the Agents, acting as agent, will be made through "at-the-market" issuances on the Toronto Stock Exchange ("TSX") and the NYSE Arca ("NYSE") or other existing trading markets in Canada and the United States at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. Neither U.S. Agent is registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell trust units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any trust units in Canada. The Canadian Agent may only sell trust units on marketplaces in Canada. The trust units sold pursuant to the ATM Program will be listed on the TSX and NYSE.

The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.

The offering under the ATM Program is being made pursuant to a prospectus supplement dated March 11, 2021 (the "Prospectus Supplement") to the Trust's Canadian short form base shelf prospectus dated March 9, 2021 (the "Base Shelf Prospectus"), and pursuant to a prospectus supplement dated March 11, 2021 (the "U.S. Prospectus Supplement") to the Trust's U.S. base prospectus dated March 9, 2021 (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (File No. 333-254061) filed with the United States Securities and Exchange Commission (the "SEC") on March 10, 2021 (the "Registration Statement" and together with the Prospectus Supplement, Base Shelf Prospectus, U.S. Prospectus Supplement and U.S. Base Prospectus, the "Offering Documents"). The Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com^[3], and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov^[4].

Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

About Sprott and the Trust

Sprott is the investment manager to the Trust. Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Trust's annual information form for the year ended December 31, 2019 (the "AIF"), which can be found on www.sprottphysicalbullion.com^[5], in the U.S. on www.sec.gov^[6] and in Canada on www.sedar.com^[7]. 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.

To learn more about the Trust, please visit www.sprottphysicalbullion.com^[8].

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements in this press release include, without limitation, statements regarding the ATM Program, including the intended use of proceeds from any sale of trust units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the recent volatility in securities markets, the price of silver and anticipated costs and the impact of the COVID-19 pandemic on the Trust's business, financial condition and results of operations. 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 AIF, and the Offering Documents, each as updated by the Trust's continuous disclosure filings, which are available at www.sedar.com^[9] and at www.sec.gov^[10]. 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.

For more information:

Glen WilliamsManaging Director, Investor and Institutional Client RelationsTel: 416.943.4394Email: gwilliams@sprott.com^[11]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77969^[12]

References

1. ^{^} www.sedar.com (www.newsfilecorp.com)
2. ^{^} www.sec.gov (www.newsfilecorp.com)
3. ^{^} www.sedar.com (www.newsfilecorp.com)
4. ^{^} www.sec.gov (www.newsfilecorp.com)
5. ^{^} www.sprottphysicalbullion.com (www.newsfilecorp.com)
6. ^{^} www.sec.gov (www.newsfilecorp.com)
7. ^{^} www.sedar.com (www.newsfilecorp.com)
8. ^{^} www.sprottphysicalbullion.com (www.newsfilecorp.com)
9. ^{^} www.sedar.com (www.newsfilecorp.com)
10. ^{^} www.sec.gov (www.newsfilecorp.com)
11. ^{^} gwilliams@sprott.com (www.newsfilecorp.com)
12. ^{^} https://www.newsfilecorp.com/release/77969 (www.newsfilecorp.com)