09:09 AM EDT, 07/08/2024 (MT Newswires) -- Sprott Physical Copper Trust (COP-U.TO,COP-UN.TO), the world's first physical copper investment vehicle, on Monday established an at-the-market equity program to issue up to an additional US$500 million of trust units.

The program will be made pursuant to a prospectus supplement to the short form base shelf prospectus dated July 3.

The trust, which is part of Sprott (SII.TO), was created to provide investors with an alternative to rolling copper futures and would complement investments in copper mining equities.

"Copper is an increasingly important metal in an era of growing energy demand, electrification and the adoption of new copper-intensive technologies," said John Ciampaglia, CEO of Sprott Asset Management, a wholly-owned subsidiary of Sprott and the investment manager to the Trust.

The Trust's share price rose 1.2% last Friday to $13 on the TSX.