Sprott Physical Gold Trust Updates “In-the-Market” Equity Program

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TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of Sprott Physical Gold Trust (NYSE: PHYS) (TSX: PHYS / PHYS.U) (the “Trust”), a closed-end mutual fund trust established to invest and hold substantially all of its assets in physical gold bullion, today announced that it has updated its market share program to issue up to US$1 billion of Trust Units (“Units”) in the United States and Canada.

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Distributions under the Market Action Programs in the United States and Canada (together, the “ATM Program”) will be made pursuant to the terms of an amended and restated sale agreement (the “ATM sale”) dated October 21. , 2020, as amended on August 11, 2022, between Sprott Asset Management (as manager of the Trust), the Trust, Cantor Fitzgerald & Co. (“CF&Co”), Virtu Americas LLC (“Virtu” and together with CF&Co, the “US Agents”) and Virtu ITG Canada Corp. (the “Canadian Agent” and, together with the United States Agents, the “Agents”). The Sales Agreement is available on EDGAR on the SEC’s website at www.sec.gov and on the SEDAR website operated by the Canadian Securities Administrators at www.sedar.com.

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Sales of Units through the Agents, acting as agents, will be made by way of “in-the-market” issuances on the NYSE Arca (“NYSE”) and the Toronto Stock Exchange (” TSX”) or on other existing stock exchanges in the United States and Canada at the prevailing market price at the time of each sale and, therefore, sale prices may vary. None of the US Agents are registered as dealers in any Canadian jurisdiction and therefore the US Agents will only sell Units on marketplaces in the United States and are not authorized to and will not, directly or indirectly , advertising or solicitation of offers to buy shares. in Canada. The Canadian agent can only sell shares on markets in Canada.

The size and timing of distributions under the ATM Program, if any, will be determined at the sole discretion of the Trust. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical gold bullion in accordance with the Trust’s purpose and subject to the Trust’s investment and operating restrictions. .

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The offering under the ATM Program is being made pursuant to a prospectus supplement dated August 11, 2022 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-266758) filed with the United States Securities and Exchange Commission (the “SEC”) on August 10, 2022, and pursuant to a prospectus supplement dated August 11, 2022 (the “Prospectus Supplement”) to the Trust’s Canadian short form base shelf prospectus dated August 10, 2022 (the “Base Shelf Prospectus” and, together with the Prospectus Supplement , the U.S. Prospectus Supplement, the U.S. Base Prospectus and Registration Statement, the “Base Shelf Prospectus” documents”). The U.S. Prospectus Supplement, U.S. Base Shelf Prospectus and Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and Base Shelf Prospectus are available on the SEDAR website operated by the Canadian Securities Administrators at www.sedar.com.

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Before investing, you should read the offering documents and other documents the Trust has filed for more complete information about the Trust, the Agreement of Sale and the ATM Program.

Listing of Units sold under the ATM Program on the NYSE and TSX will be subject to satisfaction of all applicable listing requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to the registration or qualifications under titles. laws of such jurisdiction.

About Sprott Asset Management and the Trust
Sprott Asset Management, a subsidiary of Sprott Inc., is the Trust’s investment manager. Important information about the Trust, including its investment objectives and strategies, applicable management fees and expenses, can be found in the Trust’s Annual Information Form for the year ended December 31, 2021 (the “Annual Information Form”), which can be viewed at www. sprottphysicalbullion.com, in the United States at www.sec.gov and in Canada at www.sedar.com. Commissions, management fees or other fees and expenses may be associated with an investment in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not indicative of future results.

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To learn more about the Trust, please visit www.sprottphysicalbullion.com.

Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, but are not limited to, statements regarding the ATM program, including the intended use of proceeds from any sale of Units and the timing and ability of the Trust to obtain all necessary regulatory approvals. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: expected gold price and costs and the impact of the COVID-19 pandemic on the business , financial condition and results of operations. Although the Trust considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, business and social uncertainties and contingencies. In addition, there are known and unknown risk factors that could cause the actual results, performance or achievements of the Trust to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this Press release. A discussion of the risks and uncertainties facing the Trust is contained in the AIF and offering documents, each updated by the Trust’s continuous disclosure documents, which are available at www.sec.gov and www.sec.gov. .sedar.com. All forward-looking statements contained herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update such forward-looking statements or to publicly announce the outcome of any revision of any of forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

For more information:

Glen Williams
Managing Director, Investor Relations and Institutional Clients
Tel: 416.943.4394
Email: [email protected]



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