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Sprott Physical Copper Trust holds substantially all assets in physical copper and reports results for the six months ended June 30, 2026. Net assets were $202.7 million, or $12.26 per unit, up from $131.4 million and $11.60 per unit at December 31, 2025. The Trust held 14,808 metric tons of copper versus 9,945 metric tons at year-end.
Net income was $8.0 million, driven by a $9.8 million net change in unrealized gains on copper and no realized gains or losses. Through its at-the-market offering program, the Trust issued 5,447,514 units for gross proceeds of $66.6 million and redeemed 240,393 units for $2.7 million in cash. The Trust returned 5.7% compared with a 6.6% return on spot copper. Operating expenses were $0.8 million, equal to a 1.40% management expense ratio and a 0.69% trading expense ratio on an annualized basis. Units traded on NYSE Arca and TSX at an average discount of about 3.5% to net asset value during the NYSE Arca trading period.
Sprott Physical Copper Trust updated its at-the-market equity program to issue up to U.S.$250 million of Units in Canada and the United States. The new program replaces a prior ATM announced on May 4, 2026, with sales to be made through U.S. and Canadian agents on NYSE Arca and the TSX at prevailing market prices.
The Trust has sole discretion over the timing and volume of any unit distributions and intends to use proceeds to acquire physical copper metal in line with its investment objective and restrictions. The offering is being made under U.S. and Canadian shelf prospectuses and July 29, 2026 prospectus supplements tied to a Form F-10 registration statement.
Sprott Physical Copper Trust has updated its at-the-market equity program to issue up to US$500 million of trust units, tied to its new NYSE Arca listing. Units may be sold from time to time on the NYSE and TSX through a syndicate of Canadian and U.S. agents at prevailing market prices.
The program operates under an amended and restated sales agreement dated May 4, 2026 and relies on a previously filed short form base shelf prospectus in Canada and a Form F-10 registration statement in the United States. Net proceeds, if any, are intended to be used to acquire physical copper metal in line with the Trust’s investment objective.
Sprott Physical Copper Trust reports that unitholders have approved restructuring the vehicle from a non-redeemable investment fund into a mutual fund under Canadian securities laws. The change makes its trust agreement amendments effective on May 1, 2026.
The amendments replace the prior semi-annual redemption feature with a monthly redemption feature and remove the 1.5% cap on units that could be redeemed each period. The units are expected to begin trading on NYSE Arca on or about May 4, 2026 under the symbol “SCOP”, with the listing still subject to the filing and effectiveness of a U.S. registration statement.