Sprott Physical Gold Trust Updates Its "At-the-Market" Equity Program

Executive Summary

• Sprott Asset Management announced an amendment to the Trust’s at‑the‑market (ATM) equity program, increasing the authorized issuance capacity to up to US$2 billion of units for the Sprott Physical Gold Trust.
• The updated ATM program will be executed through designated U.S. and Canadian agents on NYSE Arca and the Toronto Stock Exchange, with proceeds intended for additional physical gold bullion purchases.
• The amendment is documented in prospectus supplements filed with the SEC (Form F‑10) and SEDAR+, and the Trust may distribute units at its discretion under the new terms.

Key Details

• Program Expansion: Authorized issuance increased to US$2 billion of trust units across U.S. and Canadian markets.
• Agents Involved:
• U.S. Agents – Cantor Fitzgerald, Virtu Americas, BMO Capital Markets, Canaccord Genuity (U.S.).
• Canadian Agents – Cantor Fitzgerald Canada, Virtu Canada, BMO Nesbitt Burns, Canaccord Genuity Canada.
• Sales Mechanism: Units will be sold “at‑the‑market” on NYSE Arca and TSX (or other existing trading venues) at prevailing market prices; pricing may vary per transaction.
• Regulatory Filings:
• U.S. Prospectus Supplement dated Oct 29 2025 attached to the Trust’s Form F‑10 registration statement (File No. 333‑291125).
• Canadian Prospectus Supplement and Base Shelf Prospectus filed on SEDAR+.
• Use of Proceeds: All net proceeds, if any are raised under the ATM program, will be used to acquire additional physical gold bullion in line with the Trust’s investment objective.
• Distribution Discretion: The timing and volume of unit distributions remain at the sole discretion of the Trust.
• Listing Requirements: Units sold via the ATM program must satisfy all applicable NYSE and TSX listing standards.

Notable Quotes

(No direct executive quotes were included in the release.)