SPROTT PHYSICAL SILVER TRUST 6-K

SPROTT PHYSICAL SILVER TRUST 6-K

Exhibit 99.2 

March 25, 2024

Sprott Physical Silver Trust
Royal Bank Plaza, South Tower
000 Xxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx
X0X 0X0

and

RBC Investor Services Trust
000 Xxxxxxxxxx Xxxxxx Xxxx, 0xx Floor

P.O. Box 7500, Station “A”

RBC Centre

Toronto, Ontario

M5V 3L3

Dear Sirs/Mesdames:

Reference is made to Sprott Physical Silver Trust’s amended and restated trust agreement between the Manager and RBC Investor Services Trust dated February 27, 2015, as amended November 13, 2020 (collectively, the “Trust Agreement”). Capitalized terms used herein have the meanings given to the in the Trust Agreement.

As contemplated in the definition of “Silver Redemption Notice” at section 1.1(ooo) of the Trust Agreement, the Manager may from time to time in its sole discretion determine the form of a Silver Redemption Notice.

Please be advised that the Manager has determined that effective immediately the form of notice attached hereto as Exhibit I shall be the form of Silver Redemption Notice required in connection with a redemption for physical silver as contemplated in the Trust Agreement, and such form replaces the existing form at Schedule “E” to the Trust Agreement.

Effective immediately, the Manager will no longer accept a Silver Redemption Notice that is not in the form attached hereto as Exhibit X.

xxxxxx asset management lp, by its general partner sprott asset management gp inc., in its capacity as manager of Sprott Physical Silver Trust
By:	(signed) “Xxxx Xxxxxxxxxx”
	Name:	Xxxx Xxxxxxxxxx
	Title:	Chief Executive Officer

Exhibit I

(see attached)

FORM OF silver REDEMPTION NOTICE

DATE: ____________________________

TO: TSX Trust Company (the “Transfer Agent”), as the registrar and transfer agent of Sprott Physical Silver Trust (the “Trust”)

Ticker Symbol: PSLV/PSLV.U (TSX) / PSLV (NYSE Arca)

CUSIP number: 00000X000

AND TO: Sprott Asset Management LP (the “Manager”), as the manager of the Trust

RE: Silver Redemption Notice under Section 6.1 of the Trust Agreement of the Trust

The undersigned (the “Unitholder”), the holder of __________________ units of the Trust (the “Units”) designated above by its Toronto Stock Exchange or NYSE Arca ticker symbol and CUSIP number, requests the redemption for physical silver bullion of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of February 27, 2015, as the same may be further amended, restated or supplemented from time to time, and directs the Transfer Agent to cancel such Units on __________________. All physical silver bullion shall be delivered to the following address by armoured transportation service carrier, which the undersigned hereby authorizes the Manager or its agent to retain on the undersigned’s behalf. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate form.

For the purposes of determining certain redemption expenses charged by the Silver Custodian, the Unitholder represents and warrants to the Trust and the Silver Custodian that the aggregate number of redemption notices submitted by or on behalf of the beneficial owner of the Units or any affiliate(s)^[1] of the beneficial owner of the Units since the start of the calendar year in which this Silver Redemption Notice is delivered (including this Silver Redemption Notice) is equal to __________________.

Delivery Instructions: Please see attached delivery instructions.

Signature of Unitholder		Signature Guarantee
Print Name		Unitholder’s Brokerage Account Number
Print Address
Print Broker Name and DTC/CDS Number		Print Broker Contact Name and Telephone Number
If beneficial owner of Units is different than Unitholder (e.g., broker on behalf of beneficial owner of Units), print name of beneficial owner of Units

¹ For the purposes of this redemption notice:

- “affiliate” of a person means any other person that directly or indirectly controls, is controlled by or is under common control with such person;

- “control” means the possession, directly or indirectly of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise; and

- “person” means an individual, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity.

NOTE: The name and address of the Unitholder set forth in this Silver Redemption Notice must correspond with the name and address as recorded on the register of the Trust maintained by the Transfer Agent. The signature of the person executing this Silver Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program.

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Sprott Physical Silver Trust

Physical Redemption Request form

Delivery Instructions for Silver:

Delivery Instructions for Bullion Broker acting as the buyer for the Silver

Broker Name

Contact Person

Delivery Instructions for transportation outside the Royal Canadian Mint

Armoured Transportation Carrier

Contact of the Carrier

Address to be delivered

Delivery Instructions for accounts with the Royal Canadian Mint

Account Number

Contact at the Royal Canadian Mint

NOTE: ADDRESS MUST BE A COMMERCIAL ADDRESS (PLACE OF BUSINESS OR A BANK). CARRIER WILL NOT DELIVER TO A RESIDENTIAL ADDRESS. Please contact Carrier directly to confirm delivery address.

Any changes or amendments to the delivery instructions completed in this form will constitute a cancelation of the redemption, and the redemption will deemed to be processed for the following month. This form must contain delivery instructions that are acceptable to the armored service transportation carrier. The Manager will provide the delivery date of the metal once it is available and confirmed by the Royal Canadian Mint. It is the responsibility of the redeeming Unitholder to make arrangements to pick up of the bullion within five (5) Business Days of the date it is made available to the Unitholder, and failure to do so may constitute a cancellation of your redemption.

Signature of the Carrier or Bullion Broker representing the redeeming Unitholder, as marked on the redemption notice

Signature __________________________________________

Name _____________________________________________

Date ______________________________________________