Sprott Physical Copper Trust Expands ATM Program to $500M for Copper Purchases
SCOP•Sprott Physical Copper Trust increased its at-the-market equity program to issue up to US$500 million of units concurrent with its NYSE Arca listing. Sales will be conducted via an amended and restated sales agreement with Canadian and U.S. agents, with proceeds earmarked for acquiring physical copper metal in the Trust.
1. ATM Program Expansion
On May 4, 2026, the Trust updated its at-the-market equity program to issue up to US$500 million of units concurrent with its NYSE Arca listing. This expansion enables the Trust to raise capital directly from the market while maintaining its existing TSX listing.
2. Amended Sales Agreement
An amended and restated sales agreement dated May 4, 2026 appoints Cantor Fitzgerald, Virtu, BMO and Canaccord as U.S. agents and their Canadian counterparts as Canadian agents to sell units at prevailing market prices. The agreement specifies that U.S. agents may only trade in U.S. venues and Canadian agents in Canadian venues.
3. Proceeds Utilization
Proceeds from any issuances under the ATM program will be used exclusively to acquire physical copper metal in accordance with the Trust’s investment objectives and operating restrictions. The Trust retains sole discretion over the timing and volume of unit sales to capitalize on favorable market conditions.
