On April 11, 2025, Sprott Asset Management LP and Brompton Funds Limited launched an at-the-market (ATM) equity offering of up to US$1 billion in trust units for the Sprott Physical Gold Trust (PHYS). The offering allows the Trust to issue units on an ongoing basis at prevailing market prices through the NYSE Arca and the Toronto Stock Exchange, where the units trade under the symbol “PHYS” in both U.S. and Canadian dollars. Using the exchange rate on the date of the announcement (1.36 USD/CAD), the total value of the offering is approximately C$1.36 billion.

Proceeds from the ATM offering will be used for general purposes of the Trust, including the acquisition of additional physical gold bullion. The Sprott Physical Gold Trust is structured to provide secure, transparent exposure to precious metals and holds fully allocated, unencumbered physical gold at the Royal Canadian Mint.

Legal counsel on the transaction includes Stikeman Elliott LLP as Canadian counsel to the Trust and Skadden, Arps, Slate, Meagher & Flom LLP as U.S. counsel to the Trust. Borden Ladner Gervais LLP (BLG) served as Canadian counsel to the agents, while Simpson Thacher & Bartlett LLP acted as U.S. counsel to the agents. This ATM structure enhances the Trust’s flexibility to efficiently raise capital in response to market demand.