Sprott Physical Uranium Trust Fund : Interim Financial Statements for the period ended June 30, 2022

Sprott Physical Uranium Trust

Unaudited interim financial statements

June 30, 2022

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Sprott Physical Uranium Trust

Unaudited statement of comprehensive income (loss)

(in thousands of U.S. dollars, except unit amounts)

	For the
	six months ended
	June 30, 2022
	$
Income
Net realized gains (losses) on sales of uranium oxide	-
Change in unrealized gains (losses) on uranium oxide	337,358
	337,358
Expenses
Management fees (note 8)	4,603
Commissions	7,837
Storage fees	4,543
Listing and regulatory filing fees	96
Unitholder reporting costs	104
Legal fees	79
Custodial fees	13
Administrative fees	76
Audit fees	50
Trustee fees	2
Independent Review Committee fees	5
Other	(648)
	16,760
Net income (loss) and comprehensive income (loss)	320,598
Weighted average number of Units	206,656,262
Increase (decrease) in total equity from operations per Unit	1.55

The accompanying notes are an integral part of these financial statements.

As the Trust was created on April 23, 2021 and did not commence operations until July 19, 2021, a comparative period statement of comprehensive income (loss) for the period to June 30, 2021 has not been presented.

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Sprott Physical Uranium Trust

Unaudited statements of financial position

(in thousands of U.S. dollars)

	As at	As at
	June 30, 2022	December 31, 2021
	$	$
Assets
Cash	225,443	263,116
Prepaid assets	2,271	1,950
Sales tax recoverable	5,104	-
Other assets	-	110
Uranium oxide (note 5)	2,863,820	1,738,227
Total assets	3,096,638	2,003,403
Liabilities
Due to manager	586	133
Trade and other	164,075	233,186
Accounts payable	2,715	1,369
Total liabilities	167,376	234,688
Equity
Unitholders' capital	2,477,103	1,627,876
Retained earnings	477,047	156,449
Underwriting commissions and issue expenses	(24,888)	(15,610)
Total equity (note 7)	2,929,262	1,768,715
Total liabilities and equity	3,096,638	2,003,403
Total equity per Unit	12.69	10.82

The accompanying notes are an integral part of these financial statements.

On behalf of the Manager, Sprott Asset Management LP, by its General Partner, Sprott Asset Management GP Inc.:

Kevin Hibbert	John Ciampaglia
Director	Director

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Sprott Physical Uranium Trust

Unaudited statement of changes in equity

(in thousands of U.S. dollars, except unit amounts) For the six months ended June 30, 2022

				Underwriting
	Number of		Retained	Commissions
	Units	Unitholders'	Earnings	and Issue
	Outstanding	Capital	(Deficit)	Expenses	Total Equity
		$	$	$	$
Balance as at January 1, 2022	163,471,400	1,627,876	156,449	(15,610)	1,768,715
Units issued on acquisition of UPC (note 1)	-	-	-	-	-
Proceeds from issuance of Units (note 7)	67,365,000	849,227	-	-	849,227
Net income (loss) and comprehensive income (loss) for the period	-	-	320,598	-	320,598
Underwriting commissions and issue expenses	-	-	-	(9,278)	(9,278)
Balance as at June 30, 2022	230,836,400	2,477,103	477,047	(24,888)	2,929,262

The accompanying notes are an integral part of these financial statements.

As the Trust was created on April 23, 2021 and did not commence operations until July 19, 2021, a comparative period statement of changes in equity for the period to June 30, 2021 has not been presented.

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Sprott Physical Uranium Trust

Unaudited statement of cash flows

(in thousands of U.S. dollars)

	For the six months ended
	June 30, 2022
	$
Cash flows from operating activities
Net income (loss) for the period	320,598
Adjustment to reconcile net income (loss) for the period to net cash from operating activities
Change in unrealized (gains) losses on uranium oxide	(337,358)
Net changes in operating assets and liabilities
(Increase) decrease in prepaid assets	(321)
(Increase) decrease in sales tax recoverable	(5,104)
(Increase) decrease in other assets	110
Increase (decrease) in due to manager	453
Increase (decrease) in trade and other	(69,111)
Increase (decrease) in accounts payable	1,346
Net cash provided by (used in) operating activities	(89,387)
Cash flows from investing activities
Purchases of uranium oxide	(788,235)
Net cash provided by (used in) investing activities	(788,235)
Cash flows from financing activities
Proceeds from issuance of Units (note 7)	849,227
Underwriting commissions and issue expenses	(9,278)
Net cash provided by (used in) financing activities	839,949
Net increase (decrease) in cash during the period	(37,673)
Cash at beginning of period	263,116
Cash at end of period	225,443

The accompanying notes are an integral part of these financial statements.

As the Trust was created on April 23, 2021 and did not commence operations until July 19, 2021, a comparative period statement of cash flows for the period to June 30, 2021 has not been presented.

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