Form SUPPL Sprott Physical Gold

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Filed pursuant to Basic Instruction II.L of Kind F-10
File No. 333-225771

No securities regulatory authority has expressed an opinion about these securities and it’s an offence to say
in any other case.

This prospectus complement, along with the accompanying brief kind base shelf prospectus dated
June 20, 2018 (the “accompanying prospectus”) to which it relates, as amended or supplemented, and every doc deemed to be integrated by reference into this prospectus complement
and the accompanying prospectus, constitutes a public providing of those securities solely in these jurisdictions the place they could be lawfully supplied on the market and therein solely by individuals permitted to promote
such securities.

Data has been integrated by reference on this prospectus complement and the accompanying
prospectus from paperwork filed with the securities commissions or comparable regulatory authorities in Canada. Copies of the paperwork integrated by reference on this prospectus
complement and the accompanying prospectus could also be obtained on request with out cost from Sprott Asset Administration LP (the “Supervisor”), the supervisor of Sprott Bodily Gold Belief, Royal
Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Phone: (416) 943-8099 and are additionally accessible electronically at
www.sedar.com.

PROSPECTUS SUPPLEMENT
TO THE SHORT FORM BASE SHELF PROSPECTUS DATED JUNE 20, 2018

Sprott Bodily Gold Belief

As much as U.S.$262,954,421
Belief Items

Sprott Bodily Gold Belief (the “Belief”) is hereby qualifying for distribution the providing (the “providing”) of transferable, redeemable items of the
Belief (the “belief items” or “items of the Belief”, and every a “belief unit”) having an combination providing worth of as much as U.S.$262,954,421. Every belief unit represents an equal, fractional,
undivided possession curiosity within the web belongings of the Belief attributable to the actual class of belief items. Now we have beforehand entered right into a Managed Fairness Providing^SM gross sales
settlement dated Might 6, 2016, as amended by Modification No. 1 to the Gross sales Settlement dated January 29, 2020 (the “gross sales settlement”), between the Belief, the Supervisor, Cantor
Fitzgerald & Co. (“CF&Co”) and Virtu Americas LLC (“Virtu” and along with CF&Co, the “Brokers”) referring to belief items supplied by this prospectus complement and the
accompanying prospectus. In accordance with the gross sales settlement, and besides as famous beneath, we could distribute belief items having an combination providing worth of as much as U.S.$262,954,421 by way of the
Brokers, as our brokers for the distribution of the belief items. See “Plan of Distribution” starting on web page S-9 of this prospectus complement for extra data concerning these preparations.

The
Brokers will obtain a money price of as much as 3.0% of the mixture gross proceeds realized from the sale of the belief items for providers rendered in reference to the providing. See “Plan of
Distribution”. As described within the part entitled “Use of Proceeds”, the online proceeds of the providing will probably be utilized by the Belief to accumulate bodily gold bullion in accordance with the Belief’s
goal and topic to the Belief’s funding and working restrictions described herein.

We
estimate the entire bills of the providing, excluding the Brokers’ price, will probably be roughly U.S.$75,000, which prices could also be borne by the Supervisor. Every time belief items are issued and bought beneath
this prospectus complement, the Belief will reimburse the Supervisor for bills paid by it in respect of that drawdown, however solely to the extent there’s a enough premium between the online asset worth
(the “NAV”) per belief unit and the market worth at which every such unit is bought beneath the providing.

No
underwriter or seller concerned within the providing, no affiliate of such an underwriter or seller, and no individual appearing collectively or in live performance with such an underwriter or seller has over-allotted, or
will over-allot,
belief items with the providing or impact another transactions which might be meant to stabilize or keep the market worth of the belief items.

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Gross sales
of belief items, if any, beneath this prospectus complement and the accompanying prospectus will probably be made in transactions which might be deemed to be “at-the-market distributions” as outlined in Nationwide
Instrument 44-102 — Shelf Distributions (“NI 44-102”) and “at-the-market choices” pursuant to
Rule 415(a)(4) of the Securities Act of 1933, as amended, (the “Securities Act”) consisting of gross sales made instantly on the NYSE Arca or different current buying and selling markets within the
United States. The belief items will probably be distributed at market costs prevailing on the time of the sale of such belief items. Because of this, costs could fluctuate as between purchasers and through the
interval of distribution.

The
Belief has utilized to checklist the belief items supplied by this prospectus complement on the NYSE Arca and the Toronto Inventory Change (“TSX”). The TSX has conditionally accredited the Belief’s utility
to checklist the belief items issued hereunder, topic to the Belief fulfilling all the necessities of the TSX. Itemizing of the belief items issued hereunder on the NYSE Arca will probably be topic to the Belief
fulfilling all relevant necessities of such alternate.

The
items of the Belief are listed and posted for buying and selling on the NYSE Arca beneath the image “PHYS” and on the TSX beneath the symbols “PHYS” and “PHYS.U”. On February 21, 2020, the final buying and selling
day previous to the date hereof, the closing worth of the items of the Belief on the NYSE Arca and the TSX was U.S.$13.30 and Cdn$17.59, respectively. On February 21, 2020, the entire NAV of the
Belief and the NAV per unit of the Belief have been U.S.$2,780,875,108 and U.S.$13.3021, respectively.

The
Belief shouldn’t be a belief firm and doesn’t stick with it enterprise as a belief firm and, accordingly, the Belief shouldn’t be registered beneath the belief firm laws of any jurisdiction. Belief items
usually are not “deposits” throughout the that means of the Canada Deposit Insurance coverage Company Act (Canada) and usually are not insured beneath provisions of that Act or any
different laws.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) NOR ANY U.S. STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE TRUST UNITS OR
PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

We’re permitted, beneath a multi-jurisdictional disclosure system adopted by the United States, to arrange this prospectus complement in accordance with Canadian
disclosure necessities, that are totally different from these of the United States. We put together our monetary statements, that are integrated by reference on this
prospectus complement, in accordance with Worldwide Monetary Reporting Requirements as issued by the Worldwide Accounting Requirements Board, (“IFRS”). Our monetary statements will not be
corresponding to the monetary statements of United States issuers.

Buying
the belief items could topic you to tax penalties each within the United States and Canada. This prospectus complement and the accompanying prospectus could not describe these tax
penalties totally. You must learn the tax dialogue on this prospectus complement and within the accompanying prospectus.

Your skill to implement civil liabilities beneath United States federal securities legal guidelines or securities legal guidelines of different related jurisdictions could also be affected adversely
as a result of we’re a mutual fund belief established beneath the legal guidelines of the Province of Ontario. Every of the Belief, the Belief’s trustee, RBC Investor Companies Belief (the “Trustee”), the Supervisor, and
Sprott Asset Administration GP Inc. (the “GP”), which is the final associate of the Supervisor, is organized beneath the legal guidelines of the Province of Ontario, Canada, and all of their govt
workplaces and considerably all the administrative actions and a majority of their belongings are situated exterior the United States. As well as, the administrators and officers of the Trustee and
the GP are residents of jurisdictions aside from the United States and all or a considerable portion of the belongings of these individuals are or could also be situated exterior the
United States.

See “Danger Components” on this prospectus complement and the accompanying prospectus for a dialogue of sure concerns related to an funding within the belief items
supplied hereby.

The
monetary data of the Belief integrated by reference herein is offered in U.S. {dollars}. Except in any other case famous herein, all references to “$”, “U.S.$”,
“United States {dollars}” or “U.S. {dollars}” are to the foreign money of the United States and all references to “Cdn$” are to the foreign money of Canada.

The registered and head workplace of the Belief is situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario,
M5J 2J1.

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IMPORTANT NOTICE

        This doc is in two elements. The primary half is that this prospectus complement, which describes the precise phrases of the belief items
being supplied and the tactic of distribution of these securities and in addition dietary supplements and updates data concerning the Belief contained within the accompanying prospectus. The second half, the
accompanying prospectus, offers extra normal details about the belief items which may be supplied infrequently. Each paperwork comprise vital data it’s best to think about when making your
funding choice. This prospectus complement could add, replace or change data contained within the accompanying prospectus. Earlier than investing, it’s best to rigorously learn each this prospectus
complement and the accompanying prospectus along with the extra details about the Belief to which we refer you within the sections of this prospectus complement entitled “Paperwork Included
by Reference”.

        You
ought to rely solely on data contained on this prospectus complement, the accompanying prospectus and the paperwork we incorporate by reference on this prospectus complement and
the accompanying prospectus. If data on this prospectus complement is inconsistent with the accompanying prospectus or the data integrated by reference, it’s best to depend on this
prospectus complement. Now we have not
licensed anybody to give you data that’s totally different. If anybody supplies you with any totally different or inconsistent data, you shouldn’t depend on it. We’re providing the belief items
solely in jurisdictions the place such affords are permitted by regulation. The knowledge contained on this prospectus complement and the accompanying prospectus is correct solely as of their respective dates,
whatever the time of supply of this prospectus complement and the accompanying prospectus and you shouldn’t assume in any other case.

ABOUT THIS PROSPECTUS SUPPLEMENT

        This prospectus complement and the accompanying prospectus are a part of a “shelf” registration assertion on Kind F-10 that we
have filed with the SEC. Every time we promote our securities beneath the accompanying prospectus we’ll present a prospectus complement that can comprise particular details about the phrases of that
providing together with worth, the quantity and kind of securities being supplied, and the plan of distribution. The shelf registration assertion grew to become efficient beneath the principles and laws of the SEC on
June 20, 2018. This prospectus complement describes the precise particulars concerning the providing together with the value, variety of belief items being supplied, and the position preparations. The
accompanying prospectus supplies normal details about the Belief, a few of which, such because the part entitled “Plan of Distribution”, could not apply to the providing. This prospectus complement does
not comprise all the data contained within the registration assertion, sure elements of that are omitted in accordance with the principles and laws of the SEC. You must check with the
registration assertion and the reveals to the registration assertion for additional data with respect to us and our securities.

        Some
of the data contained or integrated by reference on this prospectus complement and the accompanying prospectus regarding financial and trade traits relies upon or
derived from data offered by trade sources. We consider that such data is correct and that the sources from which it has been obtained are dependable. Nevertheless, we can not assure the
accuracy of such data and we have now not independently verified the assumptions upon which projections of future traits are based mostly.

        The
Belief is topic to the data necessities of the U.S. Securities Change Act of 1934, as amended, (the “Change Act”), and relevant Canadian securities
laws, and in accordance therewith, the Belief recordsdata studies and different data with the SEC and with the securities regulatory authorities of every of the provinces and territories of Canada.
Beneath a multijurisdictional disclosure system adopted by the United States and Canada, the Belief could typically put together these studies and different data in accordance with the disclosure
necessities of Canada. These necessities are totally different from these of the United States. As a overseas personal issuer, the Belief is exempt from the principles beneath the Change Act prescribing the
furnishing and content material of proxy statements, and officers, administrators and principal unitholders of the Belief are exempt from the reporting and short-swing revenue restoration provisions contained in
Part 16 of the Change Act. As well as, the Belief shouldn’t be required to publish monetary statements as promptly as United States corporations.

        The
SEC maintains a web site (www.sec.gov) that makes accessible studies and different data that the Belief recordsdata electronically with it, together with the registration assertion that the
Belief has filed with respect hereto.

        This
prospectus complement is deemed to be integrated by reference into the accompanying prospectus solely for the needs of the providing. Different paperwork are additionally integrated or
deemed to be integrated by

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reference
into this prospectus complement and into the accompanying prospectus. See “Paperwork Included by Reference”.

        Copies
of studies, statements and different data that the Belief recordsdata with the Canadian securities regulatory authorities are electronically accessible from the Canadian System for
Digital Doc Evaluation and Retrieval (“SEDAR”) (www.sedar.com).

CONFLICTS OF INTEREST

        To keep away from any battle of curiosity, or the looks of a battle of curiosity, the Supervisor has adopted a coverage pursuant to which any
entity or account (a) that’s managed or (b) for whom funding selections are made, instantly or not directly, by an individual that’s concerned within the decision-making means of, or has
personal details about, follow-on choices of the Belief is prohibited from investing within the Belief, and no such decision-making individual is permitted to spend money on the Belief for that
decision-making individual’s profit, instantly or not directly. As well as, the coverage requires that any gross sales of items of the Belief at present owned by such individuals have to be pre-cleared by the impartial
assessment committee of the Belief.

FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES

        Except in any other case indicated, monetary data on this prospectus complement has been ready in accordance with IFRS. The
monetary data of the Belief integrated by reference herein is offered in U.S. {dollars}. Except in any other case famous herein, all references to “$”, “U.S.$”,
“United States {dollars}” or “U.S. {dollars}” are to the foreign money of the United States and all references to “Cdn$” are to the foreign money of Canada.

EXCHANGE RATE

        The next desk units out sure alternate charges based mostly upon the every day common fee printed by the Financial institution of Canada. The charges are
set out as United States {dollars} per Cdn$1.00.

		Years Ended December 31,
		2019			2018			2017
Low		$	0.7353		$	0.7330		$	0.7276
Excessive		$	0.7699		$	0.8138		$	0.8245
Common		$	0.7537		$	0.7721		$	0.7708
Finish		$	0.7699		$	0.7330		$	0.7971

        On
February 21, 2020, the every day common fee for United States {dollars} when it comes to Canadian {dollars}, as quoted by the Financial institution of Canada was Cdn$1.00 = U.S.$0.7562.

DOCUMENTS INCORPORATED BY REFERENCE

        Included by reference on this prospectus complement is definite data contained in paperwork filed by the Belief with the
securities regulatory authorities in Canada and the SEC. Which means that the Belief is disclosing vital data to you by referring you to these paperwork. The knowledge integrated by
reference is deemed to be a part of this prospectus complement, apart from any data outdated by data contained instantly on this prospectus complement or in another subsequently filed
doc which is also or is deemed to be integrated by reference herein.

        You
could get hold of copies of the paperwork integrated by reference on this prospectus complement on request with out cost by contacting the Supervisor, situated at Royal Financial institution Plaza, South
Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Phone: (416) 943-8099, in addition to by way of the sources described beneath “Further Data” in
the accompanying prospectus.

        The
following paperwork (together with any paperwork listed beneath beneath “Paperwork Filed As A part of the Registration Assertion”), filed with the securities regulatory authorities in Canada,
and filed with, or furnished

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to,
the SEC are particularly integrated by reference into, and kind an integral a part of, this prospectus complement:

(i)

our
annual data kind dated March 29, 2019 for the fiscal 12 months ended December 31, 2018;


(ii)

our
audited annual monetary statements for the fiscal 12 months ended December 31, 2018 and 2017, along with the notes and the administration report on
fund efficiency thereto; and


(iii)

our
unaudited interim monetary statements for the three and 9 month intervals ended September 30, 2019, along with the notes and the
administration report on fund efficiency thereto.

        The
paperwork recognized above as integrated by reference into this prospectus complement have been filed with the SEC as follows: (1) the annual data kind has been filed
as Exhibit 99.5 to the Belief’s annual report on Kind 40-F filed with the SEC on March 29, 2019; (2) the annual monetary statements have been filed as
Displays 99.6, 99.7 and 99.Eight to the Belief’s annual report on Kind 40-F filed with the SEC on March 29, 2019; (3) the annual administration report on fund efficiency has
been filed as Exhibit 99.6 to the Belief’s annual report on Kind 40-F filed with the SEC on March 29, 2019; and (4) the unaudited interim monetary statements and the
interim administration report on fund efficiency have been filed as Exhibit 99.1 to the Belief’s Report on Kind 6-Okay filed with the SEC on November 14, 2019.

        Any
paperwork of the kind referred to in Part 11.1 of Kind 44-101F1 — Brief Kind Prospectus, if filed by the Belief with the
securities regulatory authorities in Canada after the date of this prospectus complement and previous to the termination of the providing will probably be deemed to be integrated by reference on this prospectus
complement.

        When
new paperwork of the kind referred to within the paragraph above are filed by the Belief with the securities regulatory authorities in Canada through the foreign money of this prospectus
complement, such paperwork will probably be deemed to be integrated by reference on this prospectus complement and the earlier paperwork of the kind referred to within the paragraph above will now not be
deemed to be integrated by reference on this prospectus complement.

        In
addition, to the extent that any doc or data integrated by reference into this prospectus complement is included in any report on Kind 6-Okay or Kind 40-F
(or any respective successor kind) that’s filed with or furnished to the SEC after the date of this prospectus complement, such doc or data shall be deemed to be integrated by
reference as an exhibit to the registration assertion of which this prospectus complement kinds an element. As well as, we could incorporate by reference into this prospectus complement different
data from paperwork that we file with or furnish to the SEC pursuant to Part 13(a) or 15(d) of the Change Act, if and to the extent expressly offered therein.

        Any assertion contained on this prospectus complement or in a doc integrated or deemed to be integrated by reference on this prospectus complement shall
be deemed to be modified or outdated for functions of this prospectus complement to the extent {that a} assertion contained herein or in another subsequently filed doc which is also or is deemed
to be integrated by reference herein modifies or supersedes such assertion. The modifying or superseding assertion needn’t state that it has modified or outdated a previous assertion or embody any
different data set forth within the doc that it modifies or supersedes. The making of a modifying or superseding assertion shall not be deemed an admission for any functions that the modified or
outdated assertion, when made, constituted a misrepresentation, an unfaithful assertion of a fabric truth or an omission to state a fabric truth that’s required to be said or that’s essential to
make a press release not deceptive in gentle of the circumstances by which it was made. Any assertion so modified or outdated shall not be deemed, besides as so modified or outdated, to represent a
a part of this prospectus complement.

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ENFORCEMENT OF CIVIL LIABILITIES

        Every of the Belief, the Trustee, the Supervisor, and the GP is organized beneath the legal guidelines of the Province of Ontario, Canada, and all
of their govt workplaces and considerably all the administrative actions and a majority of their belongings are situated exterior the United States. As well as, the administrators and officers
of the Trustee and the GP are residents of jurisdictions aside from the United States and all or a considerable portion of the belongings of these individuals are or could also be situated exterior such
jurisdictions.

        As
a end result, you could have issue serving authorized course of inside your jurisdiction upon any of the Belief, the Trustee, the Supervisor or the GP or any of their administrators or
officers, as relevant, or implementing judgments
obtained in courts in your jurisdiction towards any of them or the belongings of any of them situated exterior your jurisdiction, or implementing towards them within the applicable Canadian courtroom judgments
obtained in courts of your jurisdiction, together with, however not restricted to, judgments predicated upon the civil legal responsibility provisions of the federal securities legal guidelines of the United States, or bringing
an unique motion within the applicable Canadian courts to implement liabilities towards the Belief, the Trustee, the Supervisor, the GP or any of their administrators or officers, as relevant, based mostly upon
the United States federal securities legal guidelines.

        In
the United States, the Belief and the Trustee every filed with the SEC, concurrently with the Belief’s registration assertion on Kind F-10, an appointment of agent for
service of course of on separate Kinds F-X. Beneath such Kinds F-X, every of the Belief and the Trustee appointed Puglisi & Associates as its agent.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

        The statements contained on this prospectus complement, together with any paperwork integrated by reference, that aren’t purely
historic are forward-looking statements. The Belief’s forward-looking statements embody, however usually are not restricted to, statements concerning its or its administration’s expectations, hopes, beliefs, intentions
or methods concerning the longer term. As well as, any statements that check with projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions,
are forward-looking statements. The phrases “anticipates”, “consider”, “proceed”, “might”, “estimate”, “count on”, “intends”, “could”, “would possibly”, “plan”, “potential”, “potential”, “predicts”, “challenge”,
“ought to”, “would” and comparable expressions could establish forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion shouldn’t be forward-looking. Ahead-looking statements in
this prospectus complement could embody, for instance, statements about:

•

buying and selling of the belief items issued pursuant to this providing on the NYSE Arca or the TSX;


•

the Belief’s targets and methods to realize the targets;


•

success in acquiring bodily gold bullion in a well timed method and allocating such gold;


•

success in retaining or recruiting, or modifications required in, the officers or key staff of the Supervisor; and


•

the gold trade, sources of and demand for bodily gold bullion, and the efficiency of the gold market.

        The
forward-looking statements contained on this prospectus complement, together with any doc integrated by reference, are based mostly on the Belief’s present expectations and beliefs
regarding future developments and their potential results on the Belief. There could be no assurance that future developments affecting the Belief will probably be those who it has anticipated. These
forward-looking statements contain plenty of dangers, uncertainties (a few of that are past the Belief’s management) or different assumptions which will trigger precise outcomes or efficiency to be materially
totally different from these expressed or implied by these forward-looking statements. These dangers and uncertainties embody these elements described beneath the heading “Danger Components” on this prospectus
complement and the accompanying prospectus. Ought to a number of of those dangers or uncertainties materialize, or ought to any of the Belief’s assumptions show incorrect, precise outcomes could fluctuate in
materials respects from these projected in these forward-looking statements. The Belief undertakes no obligation to replace or revise any forward-looking statements, whether or not on account of new
data, future occasions or in any other case, besides as could also be required beneath relevant securities legal guidelines.

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SPROTT PHYSICAL GOLD TRUST

        The next is a abstract of knowledge pertaining to the Belief and doesn’t comprise all the data
in regards to the Belief which may be vital to you. You must learn the extra detailed data together with however not restricted to the annual data kind, monetary statements and administration studies of
fund efficiency and associated notes which might be integrated by reference into and are thought-about to be part of this prospectus complement, and please check with the heading “Sprott Bodily Gold Belief”
starting on web page 5 of the accompanying prospectus.

Group of the Belief

        Sprott Bodily Gold Belief was established on August 28, 2009 beneath the legal guidelines of the Province of Ontario, Canada, pursuant to a
belief settlement (the “Belief Settlement”), dated as of August 28, 2009, as amended and restated as of December 7, 2009, as additional amended and restated as at February 1, 2010
and as additional amended and restated as of February 27, 2015. The Belief has obtained reduction from sure provisions of Nationwide
Instrument 81-102 — Mutual Funds (“NI 81-102”), and, as
such, the Belief shouldn’t be topic to sure of the insurance policies and laws of the Canadian Securities Directors that apply to different mutual funds.

        The
Belief’s registered workplace is situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada, M5J 2J1. The Supervisor acts because the
supervisor of the Belief pursuant to the Belief Settlement and a administration settlement with the Belief. The Trustee, a belief firm organized beneath the legal guidelines of Canada, acts because the trustee. RBC Investor
Companies Belief additionally acts as custodian on behalf of the Belief for the Belief’s belongings aside from bodily gold bullion. The Royal Canadian Mint acts as custodian on behalf of the Belief for the bodily
gold bullion owned by the Belief.

        As
of September 30, 2019, the Supervisor, along with its associates and associated entities, had belongings beneath administration totaling roughly Cdn$11.3 billion, and offered
administration and funding advisory providers to many entities, together with personal funding funds, the Sprott Mutual Funds, sure discretionary managed accounts, and administration of sure corporations
by way of its subsidiary, Sprott Consulting LP. The Supervisor additionally acts as: (A) supervisor of (i) the Sprott Bodily Gold and Silver Belief, a closed-end mutual fund belief whose belief
items are listed and posted for buying and selling on the TSX and the NYSE Arca that invests and holds considerably all of its belongings in bodily gold and silver bullion, (ii) the Sprott Bodily Silver
Belief, a belief whose items are listed and posted for buying and selling on the TSX and the NYSE Arca that invests and holds considerably all of its belongings in bodily silver bullion and (iii) the Sprott
Platinum and Palladium Belief, a belief whose items are listed and posted for buying and selling on the TSX and the NYSE Arca that invests and holds considerably all of its belongings in bodily platinum and
palladium bullion; and (B) sub-advisor for (i) the Ninepoint Gold Bullion Fund, a Canadian public mutual fund that invests in bodily gold bullion and (ii) the Ninepoint
Silver Bullion Fund, a Canadian public mutual fund that invests in bodily silver bullion.

Enterprise of the Belief

Funding Goals of the Belief

        The Belief was created to speculate and maintain considerably all of its belongings in bodily gold bullion. Many buyers are unwilling to
make investments instantly in bodily gold bullion as a consequence of inconveniences corresponding to transaction, dealing with, storage, insurance coverage and different prices which might be typical of a direct funding in bodily gold bullion. The
Belief seeks to offer a safe, handy and exchange-traded funding various for buyers occupied with holding bodily gold bullion with out the inconvenience that’s typical of a direct
funding in bodily gold bullion. The Belief invests primarily in long-term holdings of unencumbered, totally allotted, bodily gold bullion and won’t speculate with regard to short-term modifications
in gold costs. The Belief has solely bought and expects solely to personal “London Good Supply” bars as outlined by the London Bullion Market Affiliation (the “LBMA”), with every bar bought being
verified towards the LBMA supply. The Belief doesn’t anticipate making common money distributions to unitholders.

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Funding Methods of the Belief

        The Belief is expressly prohibited from investing in items or shares of different funding funds or collective funding schemes different
than cash market mutual funds after which solely to the extent that its curiosity doesn’t exceed 10% of the entire web belongings of the Belief.

        The
Belief could not borrow funds besides beneath restricted circumstances as set out in NI 81-102 and, in any occasion, not in extra of 10% of the entire web belongings of the Belief.

Borrowing Preparations

        As of the date of this prospectus complement, the Belief has no borrowing preparations in place and is unleveraged. The Belief has
traditionally not used leverage and the Supervisor has no intention of doing so sooner or later (save for the brief time period borrowings to settle trades). Unitholders will probably be notified of any modifications to the
Belief’s use of leverage.

Trustee

        The Trustee acts as custodian of the Belief’s belongings aside from bodily gold bullion pursuant to the Belief Settlement. The Trustee has
authority to delegate the efficiency of custody capabilities to sub-custodians who’re members of its worldwide custody community or, with the consent of the Supervisor, to different individuals.

RISK FACTORS

        You must think about rigorously the dangers described beneath earlier than
investing choice. You must also check with the opposite data included and integrated by reference herein, together with however not restricted to, the annual data kind and the Belief’s
monetary statements and the associated notes, integrated by reference herein. See “Paperwork Included by Reference”.

        The
“Danger Components” starting on web page 13 of the accompanying prospectus are integrated by reference on this prospectus complement.

USE OF PROCEEDS

        The web proceeds from the providing usually are not determinable in gentle of the character of the distribution. The web proceeds of any given
distribution of belief items by way of the Brokers in an “at-the-market distribution” will characterize the gross proceeds after deducting the relevant compensation payable to the Brokers beneath the gross sales
settlement. The Supervisor could bear the bills of the distribution. The web proceeds will probably be utilized by the Belief to accumulate bodily gold bullion in accordance with the Belief’s goal and topic to
the Belief’s funding and working restrictions described herein. See “Sprott Bodily Gold Belief — Enterprise of the
Belief — Funding Goals of the Belief” and “Sprott Bodily Gold Belief — Enterprise of the
Belief — Funding and Working Restrictions” within the accompanying prospectus. Every time belief items are issued and bought beneath this prospectus complement, the
Belief will reimburse the Supervisor for bills paid by it in respect of that drawdown, however solely to the extent there’s a enough premium between the NAV per belief unit and the market worth at which
every such unit is bought beneath the providing.

        The
providing is meant to be accretive to NAV per belief unit and is predicted to result in a rise in bodily gold bullion owned per unitholder on an total foundation. The Supervisor
believes that the providing could enhance liquidity for the belief items with the aim to make the Belief extra accessible for institutional buyers. As well as, the providing could end in economies of
scale which can result in an final lower of bills on a per belief unit foundation. Because of the nature of the Managed Fairness Providing^SM, the Supervisor will be capable of make the most of this system
instantly or infrequently when it deems it applicable.

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CAPITALIZATION

        There have been no materials modifications within the Belief’s capitalization for the reason that date of the unaudited interim statements of monetary
place of the Belief as at September 30, 2019 and the unaudited interim statements of complete revenue, modifications in fairness and money flows for the three month interval and 9 month interval
ended September 30, 2019 and 2018, essentially the most just lately filed monetary statements of the Belief, aside from: (i) on account of modifications within the worth of gold; and (ii) as described in
“Prior Gross sales”. On February 21, 2020, the entire NAV of the Belief and the NAV per unit of the Belief have been U.S.$2,780,875,108 and U.S.$13.3021, respectively, and there have been a complete of
209,054,816 items of the Belief issued and excellent.

DESCRIPTION OF THE UNITS OF THE TRUST

        The Belief is permitted to situation a limiteless variety of items of the Belief in a number of lessons and collection of a category. Presently, the
Belief has issued just one class or collection of items, which is the category of items which might be certified by this prospectus complement. Every unit of a category or collection of a category represents an undivided
possession curiosity within the web belongings of the Belief attributable to that class or collection of a category of items. Items are transferable and redeemable on the possibility of the unitholder in accordance with the
provisions set forth within the Belief Settlement. All items of the identical class or collection of a category have equal rights and privileges with respect to all issues, together with voting, receipt of distributions
from the Belief, liquidation and different occasions in reference to the Belief. Items and fractions thereof are issued solely as totally paid and non-assessable. Items haven’t any choice, conversion, alternate
or pre-emptive rights. Every entire unit of the Belief of a specific class or collection of a category entitles the holder thereof to a vote at conferences of unitholders the place all lessons vote collectively, or to a
vote at conferences of unitholders the place that individual class or collection of a category of unitholders votes individually as a class.

        The
Belief could not situation items besides (i) if the online proceeds per unit to be obtained by the Belief usually are not lower than 100% of essentially the most just lately calculated NAV per unit instantly
previous to, or upon, the dedication of the pricing of such issuance or (ii) by means of unit distribution in reference to an revenue distribution.

        Registration
or transfers of the belief items will probably be made by way of CDS Clearing and Depository Companies Inc., and/or the Depository Belief Firm, every of which holds the belief
items on behalf of its contributors (i.e., brokers), which in flip could maintain the belief items on behalf of their clients.

        References
on this prospectus complement and the accompanying prospectus to a holder of belief items or unitholder means, except the context in any other case requires, the proprietor of the
useful curiosity in such belief items.

        The
Belief and the Supervisor do not need any legal responsibility for: (i) data maintained by a depository referring to the useful pursuits within the belief items or the accounts maintained
by such depositary; (ii) sustaining, supervising or reviewing any data referring to such useful possession pursuits; or (iii) any recommendation or illustration made or given by a
depositary and made or given with respect to the principles and laws of the depositary or any motion taken by a depositary or on the path of the depositary’s contributors.

        The
Belief has the choice to terminate registration of the belief items by way of the non-certificated stock system by which case certificates for belief items in totally registered kind
will probably be issued to useful house owners of such belief items or to their nominees.

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PRIOR SALES

Prior Gross sales

        The next desk summarizes the belief items which were issued from treasury through the 12-month interval earlier than the date of this
prospectus complement, all of which have been issued pursuant to the gross sales settlement.

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Buying and selling Value and Quantity

        The belief items are traded on NYSE Arca beneath the image “PHYS” and on the TSX beneath the symbols “PHYS” and “PHYS.U”. The next
desk units forth the excessive and low costs and month-to-month common buying and selling quantity for the belief items for every month through the 12-month interval earlier than the date of this prospectus complement.

PLAN OF DISTRIBUTION

        Pursuant to the gross sales settlement, the Belief could supply and promote infrequently as much as U.S.$262,954,421 of belief items by way of the
Brokers in reference to this providing, offered that in no occasion will the Belief promote belief items having an combination worth in extra of what can be permitted beneath Part 9.1 of
NI 44-102.

        Gross sales
of the belief items pursuant to the gross sales settlement will probably be made in transactions which might be deemed to be “at-the-market distributions” as outlined in NI 44-102 and
“at-the-market choices” pursuant to Rule 415(a)(4) of the Securities Act, consisting of gross sales made instantly on the NYSE Arca or different current buying and selling markets within the United States.
Topic to the phrases and situations of the gross sales settlement and upon directions from us, the Brokers will promote the belief items instantly on the NYSE Arca or different current buying and selling markets within the
United States. We’ll instruct the Brokers as to the variety of belief items to be bought by them. No belief items will probably be bought on the TSX or on different buying and selling markets in Canada as at-the-market
distributions or in any other case. We or the Brokers could droop the providing of belief items upon correct discover and topic to different situations.

        To
compensate an Agent for its providers in appearing as agent within the sale of belief items, we pays a money fee of as much as 3.0% of the mixture gross proceeds of gross sales made by such
Agent pursuant to the gross sales settlement. We estimate that the entire bills that we are going to incur for the providing (together with charges payable to inventory exchanges, securities regulatory authorities and our
counsel and our auditors, however excluding compensation payable to the Brokers beneath the phrases of the gross sales settlement) will probably be roughly U.S.$75,000, which prices could also be borne by the Supervisor. The Belief
has additionally agreed to reimburse the Brokers for sure specified bills, together with the charges and disbursements of their authorized counsel in an quantity to not exceed U.S.$25,000. Every time belief items are
issued and bought beneath this prospectus complement, the Belief will reimburse the Supervisor for bills paid by it in respect of that drawdown, however solely to the extent there’s a enough premium between
the NAV per belief unit and the market worth at which every such unit is bought beneath the providing.

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        Settlement
for gross sales of the belief items are anticipated to happen on the second enterprise day following the date on which any gross sales are made, or on such different date as is trade observe for
regular-way buying and selling, in return for fee of the online proceeds to us.

        In
reference to the sale of the belief items on our behalf, the Brokers will probably be deemed to be an “underwriter” throughout the that means of the Securities Act, and the compensation of the
Brokers will probably be deemed to be underwriting commissions or reductions. Now we have agreed to offer indemnification and contribution to the Brokers towards sure civil liabilities, together with liabilities
beneath the Securities Act.

        The
providing of belief items pursuant to the gross sales settlement will terminate upon the termination of the gross sales settlement as permitted therein. The Brokers could terminate the gross sales settlement
beneath the circumstances specified within the gross sales settlement. Every of the Belief and the Brokers can also terminate the gross sales settlement upon giving the opposite get together ten days’ discover.

        The
Brokers and their associates could sooner or later present varied funding banking, industrial banking and different monetary providers for us and our associates, for which providers they
could sooner or later obtain customary charges. No underwriter or seller concerned within the providing, no affiliate of such an underwriter or seller, and no individual or firm appearing collectively or in live performance with
such an underwriter or seller has over-allotted, or will over-allot, belief items in reference to the providing or impact another transactions which might be meant to stabilize or keep the market
worth of the belief items. To the extent required by Regulation M beneath the Change Act, the Brokers is not going to have interaction in any market making actions involving our belief items whereas the providing
is ongoing beneath this prospectus complement.

        The
TSX has conditionally accredited the itemizing of the belief items supplied by this prospectus complement. Itemizing is topic to us fulfilling all the necessities of the TSX. The NYSE
Arca has licensed, upon official discover of issuance, the itemizing of the belief items supplied hereunder.

        This
prospectus complement and the accompanying prospectus in digital format could also be made accessible on a web site maintained by an Agent, and the Brokers could distribute this prospectus
complement and the accompanying prospectus electronically.

Bills of Issuance and Distribution

        The bills of the issuance and distribution could also be borne by the Supervisor. Every time belief items are issued and bought beneath this
prospectus complement, the Belief will reimburse the Supervisor for bills paid by it in respect of that drawdown, however solely to the extent there’s a enough premium between the NAV per belief unit and
the market worth at which every such unit is bought beneath the providing.

Promoting Restrictions Exterior of the United States

        Aside from within the United States, no motion has been taken by the Belief that might allow a public providing of the belief items
supplied by this prospectus complement in any jurisdiction exterior the United States the place motion for that goal is required. The belief items supplied by this prospectus
complement will not be supplied or bought, instantly or not directly, nor could this prospectus complement or another providing materials or commercials in reference to the supply and sale of any such
items be distributed or printed in any jurisdiction, besides beneath circumstances that can end in compliance with the relevant guidelines and laws of that jurisdiction. Individuals into whose
possession this prospectus complement comes are suggested to tell themselves about and to watch any restrictions referring to the providing and the distribution of this prospectus complement. This
prospectus complement doesn’t represent a proposal to promote or a solicitation of a proposal to purchase any belief items supplied by this prospectus complement in any jurisdiction by which such a proposal or a
solicitation is illegal.

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MATERIAL TAX CONSIDERATIONS

Materials U.S. Federal Earnings Tax Issues

        The accompanying prospectus describes sure materials U.S. federal revenue tax penalties to U.S. Holders
(as such time period is outlined within the accompanying prospectus) of the possession and disposition of belief items. Please check with the heading “Materials Tax
Issues — Materials U.S. Federal Earnings Tax Issues” starting on web page 16 of the accompanying prospectus and “Materials Tax
Issues — Backup Withholding and Data Reporting” starting on web page 21 of the accompanying prospectus. However the incorporation of
the abstract of fabric U.S. federal revenue tax concerns by reference to the accompanying prospectus, this prospectus complement amends and restates the heading “Materials Tax
Consideration — Backup Withholding and Data Reporting — International Account Tax Compliance Act.”

International Account Tax Compliance Act

        The International Account Tax Compliance Act provisions of Hiring Incentives to Restore Employment Act (“FATCA”) present that the Belief should
disclose the identify, handle and taxpayer identification variety of sure U.S. individuals that personal, instantly or not directly, an curiosity within the Belief, in addition to sure different data relating
to any such curiosity pursuant to an Intergovernmental Settlement between the United States and Canada (the “Canadian IGA”) and any relevant Canadian laws or
laws implementing the Canadian IGA. If the Belief fails to adjust to these necessities, then a 30% withholding tax will probably be imposed on funds to the Belief of U.S. supply curiosity and
U.S. supply dividend revenue. The withholding provisions of FATCA relevant to proceeds from the sale of property that might give rise to U.S. supply curiosity or dividends have been delayed by
momentary Treasury laws.

Canadian Federal Earnings Tax Issues

        The accompanying prospectus describes sure Canadian federal revenue tax penalties to an investor who’s a resident of Canada and
to an investor who’s a non-resident of Canada, of buying, proudly owning or disposing of any belief items, together with to the extent relevant, whether or not the distributions referring to the belief items will probably be
topic to Canadian non-resident withholding tax. Please check with the heading “Materials Tax Issues — Materials Canadian Federal Earnings Tax Issues”
and “Materials Tax Issues — Canadian Taxation of Unitholders” starting on pages 22 and 24, respectively, of the accompanying prospectus.

U.S. ERISA CONSIDERATIONS

        The accompanying prospectus describes the U.S. Worker Retirement Earnings Safety Act of 1974, as amended, or ERISA, and the way it
imposes sure necessities on worker profit plans topic to Title I of ERISA and on entities which might be deemed to carry the belongings of such plans (collectively “ERISA Plans”), and on these individuals
who’re fiduciaries with respect to ERISA Plans. Investments by ERISA Plans are topic to ERISA’s normal fiduciary necessities, together with, however not restricted to, the requirement of funding prudence
and diversification and the requirement that an ERISA Plan’s investments be made in accordance with the paperwork governing the ERISA Plan. Please check with the heading “U.S. ERISA
Issues” starting on web page 28 of the accompanying prospectus.

AUDITORS

        The audited annual statements of monetary place of the Belief as at December 31, 2018 and 2017 and the statements of
complete revenue (loss), modifications in fairness and money flows for its fiscal years ended December 31, 2018 and 2017, and the report of the auditors thereon, integrated on this prospectus
complement by reference, have been audited by KPMG LLP, Chartered Skilled Accountants, Licensed Public Accountants, as said of their report, which is integrated herein by reference.
KPMG LLP has suggested the Belief and the Supervisor that it was impartial throughout the that means of the Guidelines of Skilled Conduct of the Chartered Skilled Accountants of Ontario for the
interval beneath audit in respect of the Belief’s monetary 12 months ended December 31, 2018.

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LEGAL MATTERS

        Sure authorized issues referring to the problem and sale of belief items supplied hereby will probably be handed upon by Baker &
McKenzie LLP on behalf of the Belief. Seward & Kissel LLP, New York, New York, is appearing as particular U.S. counsel to the Belief. Sure authorized issues in
reference to the providing will probably be handed on for the Brokers by Stikeman Elliott LLP, Toronto, Ontario, as to Canadian authorized issues and Cooley LLP, New York, New York as
to U.S. authorized issues. As of the date hereof, the “designated professionals” (as such time period is outlined in
Kind 51-102F2 — Annual Data Kind) of every of Baker & McKenzie LLP, Seward &
Kissel LLP, Stikeman Elliott LLP and Cooley LLP, respectively, beneficially personal, instantly or not directly, lower than 1% of the items of the Belief or the securities of any affiliate
or affiliate of the Belief.

DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT

        Along with the paperwork specified on this prospectus complement and within the accompanying prospectus beneath “Paperwork Included
by Reference”, the gross sales settlement as filed with the SEC on Kind 6-Okay on Might 6, 2016 and January 29, 2020 is hereby integrated by reference into the registration assertion on
Kind F-10 (File No. 333-225771) of which this prospectus complement kinds a half.

WHERE YOU CAN FIND MORE INFORMATION

        We’re a public firm and file annual, quarterly and particular studies, proxy statements and different data with the Canadian
securities regulatory authorities and the SEC. Our filings can be found to the general public on the SEC’s web site at www.sec.gov and on SEDAR which could be accessed at www.sedar.com.

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This brief kind prospectus has been filed beneath laws in all provinces and territories of Canada that allows sure details about these
securities to be decided after this prospectus has change into remaining and that allows the omission from this prospectus of that data. The laws requires the supply to purchasers of a
prospectus complement containing the omitted data inside a specified time frame after agreeing to buy any of those securities.

No securities regulatory authority has expressed an opinion about these securities and it’s an offence to say in any other case. This brief kind prospectus constitutes a public
providing of the securities solely in these jurisdictions the place they could be lawfully supplied on the market and therein solely by individuals permitted to promote such securities.

Data has been integrated by reference on this brief kind base shelf prospectus from paperwork filed with the securities commissions or comparable authorities in Canada. Copies of the
paperwork integrated herein by reference could also be obtained on request with out cost from Sprott Asset Administration LP, the supervisor of Sprott Bodily Gold
Belief, situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Phone: (416) 943-8099 and are additionally accessible
electronically at www.sedar.com.

SHORT FORM BASE SHELF PROSPECTUS

Sprott Bodily Gold Belief

U.S.$1,500,000,000
Belief Items

Sprott Bodily Gold Belief (the “Belief”) could supply infrequently, through the 25 month interval that this brief kind base shelf prospectus
(together with any amendments hereto) (the “prospectus”) stays efficient, as much as U.S.$1,500,000,000 of transferable, redeemable belief items (the “belief items”). Every belief unit represents
an equal, fractional, undivided possession curiosity within the web belongings of the Belief attributable to the actual class of belief items. The Belief is a closed-end mutual fund belief established beneath the
legal guidelines of the Province of Ontario and is managed by Sprott Asset Administration LP (the “Supervisor”). See “Sprott Bodily Gold Belief — Administration of the
Belief — The Supervisor” for additional details about the Supervisor. The Belief was created to speculate and maintain considerably all of its belongings in bodily gold bullion.
See “Sprott Bodily Gold Belief — Enterprise of the Belief — Funding Goals of the Belief” for additional details about
the Belief’s funding targets.

The
particular phrases of the belief items supplied, together with the variety of belief items supplied, will probably be described in dietary supplements to this prospectus (every a “prospectus complement”). All shelf data
omitted from this prospectus beneath relevant legal guidelines will probably be contained in a number of prospectus dietary supplements that will probably be delivered to purchasers along with this prospectus. Every prospectus
complement will probably be integrated by reference into this prospectus for the needs of securities laws as of the date of the prospectus complement and just for the needs of the distribution
of the belief items to which the prospectus
complement pertains. A prospectus complement could embody particular phrases pertaining to the belief items that aren’t throughout the alternate options or parameters described on this prospectus. You must learn
this prospectus and any relevant prospectus complement rigorously earlier than you make investments.

The
belief items are listed and posted for buying and selling on NYSE Arca beneath the image “PHYS” and on the Toronto Inventory Change (the “TSX”) beneath the symbols “PHYS” and “PHYS.U”. On June 19,
2018, the final buying and selling day previous to the date hereof, the closing worth of the belief items on NYSE Arca and the TSX have been U.S.$10.37 and U.S.$10.40, respectively.

The
Belief could promote the belief items to or by way of underwriters or sellers buying as principals to a number of purchasers instantly, or by way of brokers designated infrequently by the Supervisor on
behalf of the Belief. Topic to the provisions of the Belief Settlement (as outlined beneath) pursuant to which the Belief was established, the belief items could also be bought at fastened costs or non-fixed
costs, corresponding to costs decided by reference to the prevailing market worth of the belief items or at costs to be negotiated with purchasers, which costs could fluctuate between purchasers and through the
interval of distribution of the belief items. The prospectus complement referring to a specific providing of the belief items will establish every underwriter, seller or agent engaged by the Belief in
reference to the providing and sale of the belief items, and can set forth the phrases of the providing of such belief items, the tactic of distribution of such belief items together with, to the extent
relevant, the proceeds to the Belief, and any charges, reductions or another compensation payable to underwriters, sellers or brokers and another materials time period of the plan of distribution. In
reference to such providing, the underwriters, sellers or brokers, because the case could also be, could over-allot or impact transactions meant to stabilize or keep the market worth of the belief items at
ranges aside from these which in any other case would possibly prevail on the open market. Such transactions, if commenced, could also be discontinued at any time. See “Plan of Distribution”.

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The Belief shouldn’t be a belief firm and doesn’t stick with it enterprise as a belief firm and, accordingly, the Belief shouldn’t be registered beneath the belief firm laws of any
jurisdiction. Belief items usually are not “deposits” throughout the that means of the Canada Deposit Insurance coverage Company Act (Canada) and usually are not insured beneath
provisions of that Act or another laws.

NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) NOR ANY U.S. STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE TRUST UNITS
OR PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

We’re permitted, beneath a multi-jurisdictional disclosure system adopted by the United States, to arrange this prospectus in accordance with Canadian disclosure
necessities, that are totally different from these of the United States. We put together our monetary statements, that are integrated by reference on this prospectus, in accordance with Worldwide
Monetary Reporting Requirements as issued by the Worldwide Accounting Requirements Board (“IFRS”). Our monetary statements will not be corresponding to the monetary statements of
United States issuers.

Buying the belief items could topic you to tax penalties each within the United States and Canada. This prospectus or any prospectus complement could not describe these
tax penalties totally. You must learn the tax dialogue on this prospectus and any relevant prospectus complement.

Your skill to implement civil liabilities beneath United States federal securities legal guidelines or securities legal guidelines of different related jurisdictions could also be affected adversely
as a result of we’re a mutual fund belief established beneath the legal guidelines of the Province of Ontario. Every of the Belief, the Belief’s trustee, RBC Investor Companies Belief, (“RBC Investor Companies” or the
“Trustee”), the Supervisor, and Sprott Asset Administration GP Inc. (the “GP”), which is the final associate of the Supervisor, is organized beneath the legal guidelines of the Province of Ontario,
Canada, and all of their govt workplaces and considerably all the administrative actions and a majority of their belongings are situated exterior the United States or EU Member States. In
addition, the administrators and officers of the Trustee and the GP are residents of jurisdictions aside from the United States or EU Member States and all or a considerable portion of the
belongings of these individuals are or could also be situated exterior such jurisdictions.

See “Danger Components” for a dialogue of sure concerns related to an funding within the belief items supplied hereby. Within the opinion of Baker & McKenzie LLP,
counsel to the Belief, the belief items, as soon as supplied beneath a prospectus complement will probably be certified investments for sure funds, plans and accounts beneath the Earnings
Tax Act (Canada) (the “Tax Act”) as set out beneath the heading “Eligibility Beneath the Tax Act for Funding by Canadian
Exempt Plans”.

The monetary data of the Belief integrated by reference herein is offered in U.S. {dollars}. Except in any other case famous herein, all references to “$”, “U.S.$”,
“United States {dollars}”, “U.S. {dollars}” or “{dollars}” are to the foreign money of the United States and all references to “Cdn$” or “Canadian {dollars}” are to the foreign money
of Canada.

The registered and head workplace of the Belief is situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario,
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FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES

        Except in any other case indicated, monetary data on this prospectus has been ready in accordance with IFRS. The monetary
data of the Belief integrated by reference herein is offered in U.S. {dollars}. Except in any other case famous herein, all references to “$”, “U.S.$”,
“United States {dollars}”, “U.S. {dollars}” or “{dollars}” are to the foreign money of the United States and all references to “Cdn$” or “Canadian {dollars}” are to the foreign money
of Canada.

EXCHANGE RATE

        The next desk units out sure alternate charges based mostly upon the every day common fee printed by the Financial institution of Canada. The charges are
set out as United States {dollars} per Cdn$1.00.

        On
June 19, 2018, the every day common fee for United States {dollars} when it comes to Canadian {dollars}, as quoted by the Financial institution of Canada was Cdn$1.00 = U.S.$0.7532.

DOCUMENTS INCORPORATED BY REFERENCE

        Included by reference on this prospectus is definite data contained in paperwork filed by the Belief with the securities
regulatory authorities in every of the provinces and territories of Canada. Which means that the Belief is disclosing vital data to you by referring you to these paperwork. The knowledge
integrated by reference is deemed to be a part of this prospectus, apart from any data outdated by data contained instantly on this prospectus or in another subsequently filed
doc which is also or is deemed to be integrated by reference herein.

        You
could get hold of copies of the paperwork integrated by reference on this prospectus on request with out cost by contacting the Supervisor, situated at Royal Financial institution Plaza, South Tower,
200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada M5J 2J1, Phone: (416) 943-8099 (toll free quantity: 1-855-943-8099), in addition to by way of the sources described beneath
beneath “Further Data”.

        The
following paperwork are particularly integrated by reference on this prospectus:

(a)

the
annual data type of the Belief for its fiscal 12 months ended December 31, 2017, dated March 28, 2018 (the “AIF”);


(b)

the
audited annual statements of monetary place of the Belief as at December 31, 2017 and 2016 and the statements of complete revenue (loss),
modifications in fairness and money flows for its fiscal years ended December 31, 2017 and 2016, and the report of the auditors thereon, (collectively, the “Annual Monetary Statements”);


(c)

the
administration report of fund efficiency of the Belief for its fiscal 12 months ended December 31, 2017 (the “Annual MRFP”);


(d)

the
unaudited interim assertion of monetary place of the Belief as at March 31, 2018 and the unaudited interim statements of complete revenue
(loss), modifications in fairness and money flows for the three month interval ended March 31, 2018 and 2017 (collectively, the “Interim Monetary Statements”); and


(e)

the
administration report of fund efficiency of the Belief for the three month interval ended March 31, 2018 (the “Interim MRFP”).

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        Any
paperwork of the kind referred to within the previous paragraph with respect to the Belief or materials change studies (aside from confidential materials change studies) or required to be
integrated by reference herein pursuant to Nationwide Instrument 44-101 — Brief Kind Prospectus
Distributions, in addition to all prospectus dietary supplements disclosing extra or up to date data, filed by the Belief with the securities regulatory authorities in Canada
subsequent to the date of this prospectus and previous to 25 months from the date of issuance of the receipt for this prospectus shall be deemed to be integrated by reference on this prospectus.

        When
new paperwork of the kind referred to within the paragraphs above are filed by the Belief with the securities regulatory authorities in Canada through the foreign money of this prospectus,
such paperwork will probably be deemed to be integrated by reference on this prospectus and the earlier paperwork of the kind referred to within the paragraphs above and all materials change studies, unaudited
interim monetary statements (and administration studies of fund efficiency of the Belief relating thereto) and sure prospectus dietary supplements filed by the Belief with the securities regulatory
authorities in Canada earlier than the graduation
of the monetary 12 months by which the brand new paperwork are filed will now not be deemed to be integrated by reference on this prospectus.

        The
paperwork recognized above as integrated by reference into this prospectus have been filed with the SEC as follows: (1) the AIF has been filed as Exhibit 99.5
to the Belief’s annual report on Kind 40-F filed with the SEC on March 29, 2018; (2) the Annual Monetary Statements have been filed as Displays 99.6, 99.7
and 99.Eight to the Belief’s annual report on Kind 40-F filed with the SEC on March 29, 2018; (3) the Annual MRFP has been filed as Exhibit 99.6 to the Belief’s
annual report on Kind 40-F filed with the SEC on March 29, 2018; and (4) the Interim Monetary Statements and the Interim MRFP have been filed as Exhibit 99.1 to the
Belief’s Report on Kind 6-Okay filed with the SEC on Might 11, 2018.

        In
addition, to the extent that any doc or data integrated by reference into this prospectus is included in any report on Kind 6-Okay, Kind 40-F or
Kind 20-F (or any respective successor kind) that’s filed with or furnished to the SEC after the date of this prospectus, such doc or data shall be deemed to be integrated
by reference as an exhibit to the registration assertion of which this prospectus kinds an element. As well as, the Belief could incorporate by reference into this prospectus, or the registration
assertion of which it kinds an element, different data from paperwork that the Belief will file with or furnish to the SEC pursuant to Part 13(a) or 15(d) of the
U.S. Securities Change Act of 1934, as amended (the “Change Act”), if and to the extent expressly offered therein.

        A prospectus complement containing the precise phrases of any belief items supplied will probably be delivered to purchasers of such belief items along with this prospectus
and will probably be deemed to be integrated by reference on this prospectus as of the date of the prospectus complement solely for the needs of the providing of belief items coated by that prospectus
complement except in any other case offered therein.

        Any
assertion contained on this prospectus or in a doc integrated or deemed to be integrated by reference on this prospectus shall be deemed to be modified or outdated for
functions of this prospectus to the extent {that a} assertion contained herein or in another subsequently filed doc which is also or is deemed to be integrated by reference herein modifies or
supersedes such assertion. The modifying or superseding assertion needn’t state that it has modified or outdated a previous assertion or embody another data set forth within the doc that it
modifies or supersedes. The making of a modifying or superseding assertion shall not be deemed an admission for any functions that the modified or outdated assertion, when made, constituted a
misrepresentation, an unfaithful assertion of a fabric truth or an omission to state a fabric truth that’s required to be said or that’s essential to make a press release not deceptive in gentle of the
circumstances by which it was made. Any assertion so modified or outdated shall not be deemed, besides as so modified or outdated, to represent part of this prospectus.

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ADDITIONAL INFORMATION

        The Belief intends to file with the SEC a registration assertion on Kind F-10 of which this prospectus will kind an element.
This prospectus doesn’t comprise all the data set out within the registration assertion. For additional details about the Belief and the belief items, please check with the registration assertion,
together with the reveals to the registration assertion.

        The
Belief is topic to the data necessities of the Change Act and relevant Canadian securities laws, and in accordance therewith, the Belief recordsdata studies and different
data with the SEC and with the securities regulatory authorities of every of the provinces and territories of Canada. Beneath a multijurisdictional disclosure system adopted by the
United States and Canada, the Belief could typically put together these studies and different data in accordance with the disclosure necessities of Canada. These necessities are totally different from
these of the United States. As a overseas personal issuer, the Belief is exempt from the principles beneath the Change Act prescribing the furnishing and content material of proxy statements, and officers,
administrators and principal unitholders of the Belief are exempt from the reporting and short-swing revenue restoration provisions contained in Part 16 of the Change Act. As well as, the Belief is
not required to publish monetary statements as promptly as United States corporations.

        The
studies and different data filed by the Belief with the SEC could also be learn and copied on the SEC’s public reference room at 100 F Avenue, N.E., Washington, D.C. 20549.
Copies of the identical paperwork will also be obtained from the general public reference room of the SEC in Washington by paying a price. Please name the SEC at 1-800-SEC-0330 for additional data on the
public reference room. The SEC additionally maintains a web site (www.sec.gov) that makes accessible studies and different data that the Belief recordsdata electronically with it, together with the registration
assertion that the Belief has filed with respect hereto.

        Copies
of studies, statements and different data that the Belief recordsdata with the Canadian provincial and territorial securities regulatory authorities are electronically accessible from
the Canadian System for Digital Doc Evaluation and Retrieval (“SEDAR”) (www.sedar.com).

ENFORCEABILITY OF CIVIL LIABILITIES

        Every of the Belief, the Trustee, the Supervisor, and the GP is organized beneath the legal guidelines of the Province of Ontario, Canada, and all
of their govt workplaces and considerably all the administrative actions and a majority of their belongings are situated exterior the United States or EU Member States. As well as, the
administrators and officers of the Trustee and the GP are residents of jurisdictions aside from the United States or EU Member States and all or a considerable portion of the belongings of these
individuals are or could also be situated exterior such jurisdictions.

        As
a end result, you could have issue serving authorized course of inside your jurisdiction upon any of the Belief, the Trustee, the Supervisor or the GP or any of their administrators or
officers, as relevant, or implementing judgments obtained in courts in your jurisdiction towards any of them or the belongings of any of them situated exterior your jurisdiction, or implementing towards them in
the suitable Canadian courtroom judgments obtained in courts of your jurisdiction, together with, however not restricted to, judgments predicated upon the civil legal responsibility provisions of the federal securities legal guidelines
of the United States or an EU Member State, or bringing an unique motion within the applicable Canadian courts to implement liabilities towards the Belief, the Trustee, the Supervisor, the GP
or any of their administrators or officers, as relevant, based mostly upon the United States federal securities legal guidelines or securities legal guidelines of an EU Member State.

        Whereas
you, whether or not or not a resident of the United States or United Kingdom, could possibly start an motion in Canada referring to the Belief and can also be capable of
petition Canadian courts to implement judgments obtained within the courts of any a part of the United States or United Kingdom towards any of the Belief, the Trustee, the Supervisor or
the GP or any of their administrators or officers, within the case of the United Kingdom, in accordance with the Conference between the Authorities of Canada and the Authorities of the
United Kingdom of Nice Britain and Northern Eire offering for the Reciprocal Recognition and Enforcement of Judgments in Civil and Industrial Issues dated January 1, 1987, you might
face extra necessities serving authorized course of throughout the United States or United Kingdom upon or implementing judgments obtained within the United States or United Kingdom
courts towards any of them or the belongings of any of them situated exterior the United States or

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United Kingdom,
or implementing towards any of them within the applicable Canadian courts judgments obtained within the courts of any a part of the United States or United Kingdom, or
bringing an unique motion within the applicable Canadian courts to implement liabilities towards the Belief, the Trustee, the Supervisor, the GP or any of their administrators or officers,
as relevant.

        In
the United States, the Belief and the Trustee will every file with the SEC, concurrently with the Belief’s registration assertion on Kind F-10, an appointment of agent for
service of course of on separate Kinds F-X. Beneath such Kinds F-X, the Belief and the Trustee will appoint Puglisi & Associates as its agent.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

        The statements contained on this prospectus, together with any paperwork integrated by reference, that aren’t purely historic are
forward-looking statements. The Belief’s forward-looking statements embody, however usually are not restricted to, statements concerning its or its administration’s expectations, hopes, beliefs, intentions or methods
concerning the longer term. As well as, any statements that check with projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions, are
forward-looking statements. The phrases “anticipates,” “consider,” “proceed,” “might,” “estimate,” “count on,” “intends,” “could,” “would possibly,” “plan,” “potential,” “potential,” “predicts,” “challenge,”
“ought to,” “would” and comparable expressions could establish forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion shouldn’t be forward-looking. Ahead-looking statements in
this prospectus could embody, for instance, statements about:

•

buying and selling of the belief items on NYSE Arca or the TSX;


•

the Belief’s targets and methods to realize the targets;


•

success in acquiring bodily gold bullion in a well timed method and allocating such gold;


•

success in retaining or recruiting, or modifications required in, the officers or key staff of the Supervisor; and


•

the gold trade, sources of and demand for bodily gold bullion, and the efficiency of the gold market.

        The
forward-looking statements contained on this prospectus, together with any doc integrated by reference, are based mostly on the Belief’s present expectations and beliefs regarding future
developments and their potential results on the Belief. There could be no assurance that future developments affecting the Belief will probably be those who it has anticipated. These forward-looking statements
contain plenty of dangers, uncertainties (a few of that are past the Belief’s management) or different assumptions which will trigger precise outcomes or efficiency to be materially totally different from these
expressed or implied by these forward-looking statements. These dangers and uncertainties embody these elements described beneath the heading “Danger Components.” Ought to a number of of those dangers or
uncertainties materialize, or ought to any of the Belief’s assumptions show incorrect, precise outcomes could fluctuate in materials respects from these projected in these forward-looking statements. The Belief
undertakes no obligation to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as could also be required beneath relevant
securities legal guidelines.

SPROTT PHYSICAL GOLD TRUST

        The next is a abstract of knowledge pertaining to the Belief and doesn’t comprise all the data
in regards to the Belief which may be vital to you. You must learn the extra detailed data together with however not restricted to the AIF, monetary statements and administration studies of fund efficiency and
associated notes which might be integrated by reference into and are thought-about to be part of this prospectus.

Group of the Belief

        Sprott Bodily Gold Belief was established on August 28, 2009 beneath the legal guidelines of the Province of Ontario, Canada, pursuant to a
belief settlement dated as of August 28, 2009, as amended and restated as of December 7, 2009 and as additional amended and restated as at February 1, 2010 and as additional amended and
restated as of February 27, 2015 (the “Belief Settlement”). The Belief has obtained reduction from sure provisions of Nationwide
Instrument 81-102 — Funding Funds (“NI 81-102”), and, as such, the Belief shouldn’t be topic to
sure of the

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insurance policies
and laws of the Canadian Securities Directors that apply to different funds. See “Exemptions and Approvals”.

Administration of the Belief

The Supervisor

        Sprott Asset Administration LP is the Supervisor of the Belief. The Supervisor acts because the supervisor of the Belief pursuant to the Belief
Settlement and the administration settlement between the Belief and the Supervisor. The Supervisor is a restricted partnership shaped and arranged beneath the legal guidelines of the Province of Ontario, Canada, pursuant to the Restricted Partnerships
Act (Ontario) by declaration dated September 17, 2008. The overall associate of the Supervisor is the GP, which is a
company integrated beneath the legal guidelines of the Province of Ontario, Canada, on September 17, 2008. The GP is a wholly-owned subsidiary of Sprott Inc., which is an organization
integrated beneath the legal guidelines of the Province of Ontario, Canada, on February 13, 2008. Sprott Inc. can also be the only real restricted associate of the Supervisor. Sprott Inc. is a public firm
whose widespread shares are listed and posted for buying and selling on the TSX beneath the image “SII”. See “Duty for Operation of the Belief — The Supervisor” within the AIF
for additional data.

        As
of December 31, 2017, the Supervisor, along with its associates and associated entities, had belongings beneath administration totaling roughly Cdn$7.323 billion, and offered
administration and funding advisory providers to many entities, together with personal funding funds, the Sprott Mutual Funds, sure discretionary managed accounts, and administration of sure corporations
by way of its subsidiary, Sprott Consulting LP. The Supervisor additionally acts as supervisor of the Sprott Bodily Gold and Silver Belief, a closed-end mutual fund belief whose belief items are listed and
posted for buying and selling on the TSX and the NYSE Arca that invests and holds considerably all of its belongings in bodily gold and silver bullion, and as sub-advisor for the Ninepoint Gold Bullion Fund, a
Canadian public mutual fund that invests in bodily gold bullion.

        The
Supervisor is liable for the day-to-day enterprise and administration of the Belief, together with administration of the Belief’s portfolio and all clerical, administrative and operational
providers. The Belief maintains a public web site that incorporates details about the Belief and the belief items. The web handle of the web site is
http://sprott.com/investment-strategies/physical-bullion-trusts/. This web handle is offered right here solely as a comfort to you, and the data contained on or
related to the web site shouldn’t be integrated into, and doesn’t kind a part of, this prospectus.

The Trustee

        The Trustee, a belief firm organized beneath the federal legal guidelines of Canada, is the trustee of the Belief. The Trustee holds title to the
Belief’s belongings and has, along with the Supervisor, unique authority over the belongings and affairs of the Belief. The Trustee has a fiduciary duty to behave in the very best curiosity of the
unitholders.

The Custodians

        The Belief employs two custodians. The Royal Canadian Mint (the “Mint”), acts as custodian for the Belief’s bodily gold bullion
pursuant to the Gold Storage Settlement (as outlined beneath). The Mint is a Canadian Crown company, which acts as an agent of the Canadian Authorities, and its obligations typically represent
unconditional obligations of the Canadian Authorities. The Mint is liable for and bears all threat of the lack of, and injury to, the Belief’s bodily gold bullion that’s within the Mint’s custody,
topic to sure limitations, together with occasions past the Mint’s management and correct discover by the Supervisor.

        RBC
Investor Companies acts as custodian on behalf of the Belief for the Belief’s belongings aside from bodily gold bullion. RBC Investor Companies is just liable for the Belief’s belongings
which might be instantly held by it, its associates or appointed sub-custodian.

        Beneath
the Belief Settlement the Supervisor, with the consent of the Trustee, could decide to alter the custodial preparations of the Belief.

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Principal Places of work

        The Belief’s workplace is situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada
M5J 2J1. The Supervisor’s workplace is situated at Royal Financial institution Plaza, South Tower, 200 Bay Avenue, Suite 2600, Toronto, Ontario, Canada M5J 2J1 and its phone quantity is
(416) 943-8099 (toll free: 1-855-943-8099). The Trustee’s workplace is situated at 155 Wellington Avenue West, Avenue Degree, Toronto, Ontario, Canada M5V 3L3. The custodian for the
Belief’s bodily gold bullion, the Mint, has its workplace situated at 320 Sussex Drive, Ottawa, Ontario, Canada K1A 0G8, and the custodian for the Belief’s belongings aside from bodily gold
bullion, RBC Investor Companies, has its workplace situated at 155 Wellington Avenue West, Avenue Degree, Toronto, Ontario, Canada M5V 3L3.

Latest Developments

        On June 4, 2018, the Supervisor, for and on behalf of the Belief, entered right into a valuable metals storage and custody settlement with
the Mint (the “Gold Storage Settlement”), to exchange the previous model thereof, setting out the phrases and situations pursuant to which the Mint agrees to retailer the Belief’s bodily gold bullion
on the premises of the Mint. The charges are at present: (a) storage charges per 30 days — $16.00 per bar, with a minimal cost of $75.00; (b) deposit
charges — for incoming bars arriving in giant portions (minimal 185 bars per incoming supply) by way of the Belief’s acquisition of recent enterprise, $5 per bar;
(c) redemption charges — on the Mint’s discretion, as much as a most of 1% of the worth of the bodily gold bullion as calculated by the Mint utilizing the
gold P.M. worth as printed by the London Bullion Market Affiliation (“LBMA”) on the final day of redemption, plus a $250.00 administrative price; and (d) withdrawal and switch
charges — $4.00 per bar, plus a $50.00 administrative price.

Enterprise of the Belief

Funding Goals of the Belief

        The Belief was created to speculate and maintain considerably all of its belongings in bodily gold bullion. Many buyers are unwilling to
make investments instantly in bodily gold bullion as a consequence of inconveniences corresponding to transaction, dealing with, storage, insurance coverage and different prices which might be typical of a direct funding in bodily gold bullion. The
Belief seeks to offer a safe, handy and exchange-traded funding various for buyers occupied with holding bodily gold bullion with out the inconvenience that’s typical of a direct
funding in bodily gold bullion. The Belief invests primarily in long-term holdings of unencumbered, totally allotted, bodily gold bullion and won’t speculate with regard to short-term modifications
in gold costs. The Belief has solely bought and expects solely to personal “London Good Supply” bars as outlined by LBMA, with every bar bought being verified towards the LBMA supply. The Belief doesn’t
anticipate making common money distributions to unitholders. The Belief holds no belongings which might be topic to particular preparations arising from their illiquid nature (to the extent that any such
belongings are held, in compliance always with the Funding and Working Restrictions (as outlined beneath)).

Funding Methods of the Belief

        The Belief is expressly prohibited from investing in items or shares of different funding funds or collective funding schemes different
than cash market mutual funds after which solely to the extent that its curiosity doesn’t exceed 10% of the entire web belongings of the Belief.

        The
Belief could not borrow funds besides beneath restricted circumstances as set out in NI 81-102 and, in any occasion, not in extra of 10% of the entire web belongings of the Belief.

Borrowing Preparations

        The Belief has no borrowing preparations in place and is unleveraged. The Belief has traditionally not used leverage and the Supervisor has
no intention of doing so sooner or later (save for the short-term borrowings to settle trades). Unitholders will probably be notified of any modifications to the Belief’s use of leverage.

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        The
worth of the online belongings of the Belief and the online asset worth for a specific class or collection of a category of belief items (the “Class Internet Asset
Worth”) are decided every day as of 4:00 p.m., Toronto time, on every enterprise day by the Belief’s valuation agent, which is RBC Investor Companies. All through this prospectus, except in any other case
indicated, the time period “enterprise day” refers to any day on which NYSE Arca or the TSX is open for buying and selling. As well as, the Supervisor could calculate the worth of the online belongings of the Belief, the Class Internet
Asset Worth and the NAV per belief unit at such different occasions because the Supervisor deems applicable. The worth of the online belongings of the Belief as of the valuation time on any such day is the same as the mixture
truthful market worth of the belongings of the Belief as of such date, much less an quantity equal to the truthful worth of the liabilities of the Belief (excluding all liabilities represented by excellent belief items,
if any) as of such date. The valuation agent calculates the NAV by dividing the worth of the online belongings of the category of the Belief represented by the belief items on that day by the entire variety of
belief items of that class then excellent on such day. The whole NAV of the Belief as of June 19, 2018 was $2,177,074,200.

Redemption of Belief Items for Bodily Gold Bullion

        Topic to the phrases of the Belief Settlement, belief items could also be redeemed on the possibility of a unitholder for bodily gold bullion in any
month. Belief items redeemed for bodily gold bullion will probably be entitled to a redemption worth equal to 100% of the NAV of the redeemed belief items on the final day of the month on which NYSE Arca is
open for buying and selling for the month by which the redemption request is processed. Redemption requests for gold have to be for quantities which might be a minimum of equal in worth to at least one London Good Supply bar or
an integral a number of thereof, plus relevant bills. A “London Good Supply bar” weighs between 350 and 430 troy ounces (typically, most bars weigh between 390 and 410 troy ounces).
Any fractional quantity of redemption proceeds in extra of a London Good Supply bar or an integral a number of thereof will probably be paid in money at a fee equal to 100% of the NAV of such extra quantity. The
skill of a unitholder to redeem belief items for bodily gold bullion could also be restricted by the sizes of London Good Supply bars held by the Belief on the time of redemption. A unitholder redeeming
belief items for bodily gold bullion will probably be liable for bills in reference to effecting the redemption and relevant supply bills, together with the dealing with of the discover of redemption,
the supply of the bodily gold bullion for belief items which might be being redeemed and the relevant charges charged by the Mint in reference to such redemption, together with however not restricted to gold
storage redemption charges, pallet repackaging charges, pallet banding charges and administrative charges.

        However
the foregoing, unitholders which might be constituted and licensed as Undertakings for Collective Investments in Transferable Securities (“UCITS”) or are in any other case prohibited
by their funding insurance policies, tips or restrictions from receiving bodily gold bullion could solely redeem belief items for money.

        Since
inception, 82,542,653 belief items have been redeemed for bodily gold bullion.

        A
unitholder that owns a enough variety of items who needs to train redemption privileges for bodily gold bullion should accomplish that by instructing his, her or its dealer, who have to be
a direct or oblique participant of CDS Clearing and Depository Companies Inc. (“CDS”) or The Depository Belief Firm (“DTC”), to ship to the switch agent, TSX Belief Firm, on behalf of
the unitholder a written discover (the “Gold Redemption Discover”), of the unitholder’s intention to redeem belief items for bodily gold bullion (the switch agent is permitted to instantly
settle for redemption requests. See “Exemptions and Approvals”). If a unitholder needs to redeem belief items for bullion, and such unitholder holds his, her or its items by way of the direct registration
system (“DRS”), the holder first has to request after which obtain a belief unit certificates earlier than partaking within the redemption course of. A Gold Redemption Discover have to be obtained by the switch agent no
later than 4:00 p.m., Toronto time, on the 15th day of the month by which the Gold Redemption Discover will probably be processed or, if such day shouldn’t be a enterprise day, then on the instantly
following day that may be a enterprise day. Any Gold Redemption Discover obtained after such time will probably be processed within the subsequent month. Any Gold Redemption Discover should embody a sound signature assure to be
deemed legitimate by the Belief.

        Bodily
gold bullion obtained by a unitholder on account of a redemption of belief items will probably be delivered by armoured transportation service provider pursuant to supply directions
offered by the unitholder to the Supervisor, offered that the supply directions are acceptable to the armoured transportation service provider. Bodily gold bullion delivered to an establishment
situated in North America licensed to just accept and maintain London

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Good
Supply bars will probably retain its London Good Supply standing whereas within the custody of such establishment; bodily gold bullion delivered pursuant to a unitholder’s supply instruction to a
vacation spot aside from such an establishment situated in North America will now not be deemed London Good Supply as soon as obtained by the unitholder. The armoured transportation service provider will
obtain bodily gold bullion in reference to a redemption of belief items roughly 10 enterprise days after the top of the month by which the redemption discover is processed.

Redemption of Belief Items for Money

        Unitholders whose belief items are redeemed for money will probably be entitled to a redemption worth equal to 95% of the lesser of (i) the
volume-weighted common buying and selling worth of the belief items traded on NYSE Arca or, if buying and selling has been suspended on NYSE Arca, the buying and selling worth of the belief items traded on the TSX, for the final 5
days on which the respective alternate is open for buying and selling for the month by which the redemption request is processed and (ii) the NAV of the redeemed belief items as of 4:00 p.m., Toronto
time, on the final day of the month on which NYSE Arca is open for buying and selling for the month by which the redemption request is processed. Money redemption proceeds will probably be transferred to a redeeming
unitholder roughly three enterprise days after the top of the month by which the redemption discover is processed.

        Since
inception, 222,043 belief items have been redeemed for money.

        To
redeem belief items for money, a unitholder should instruct the unitholder’s dealer to ship a discover to redeem belief items for money (the “Money Redemption Discover”) to the
switch agent (the switch agent is permitted to just accept redemption requests. See “Exemptions and Approvals”). If a unitholder needs to redeem belief items for money, and such unitholder holds
his, her or its belief items by way of DRS, the holder first has to request after which obtain a belief unit certificates earlier than partaking within the redemption course of. A Money Redemption Discover have to be obtained
by the switch agent no later than 4:00 p.m., Toronto time, on the 15th day of the month by which the Money Redemption Discover will probably be processed or, if such day shouldn’t be a enterprise day,
then on the instantly following day that may be a enterprise day. Any Money Redemption Discover obtained after such time will probably be processed within the subsequent month. Any Money Redemption Discover should embody a sound
signature assure to be deemed legitimate by the Belief.

Funding and Working Restrictions

        In making investments on behalf of the Belief, the Supervisor is topic to sure funding and working restrictions,
(the “Funding and Working Restrictions”), that are set out within the Belief Settlement. The Funding and Working Restrictions will not be modified with out the prior approval of unitholders
by means of a rare decision, which have to be accredited, in individual or by proxy, by unitholders holding belief items representing in combination not lower than 66²/3% of the worth of
the online belongings of the Belief as decided in accordance with the Belief Settlement, at a duly constituted assembly of unitholders, or at any adjournment thereof, referred to as and held in accordance with the
Belief Settlement, or a written decision signed by unitholders holding belief items representing in combination not lower than 66²/3% of the worth of the online belongings of the Belief as
decided in accordance with the Belief Settlement, except such change or modifications are needed to make sure compliance with relevant legal guidelines, laws or different necessities imposed infrequently by
relevant securities regulatory authorities.

        The
Funding and Working Restrictions present that the Belief:

(a)

will
spend money on and maintain a minimal of 90% of the entire web belongings of the Belief in bodily gold bullion in London Good Supply bar kind and maintain no extra
than 10% of the entire web belongings of the Belief, on the discretion of the Supervisor, in bodily gold bullion (in London Good Supply bar kind or in any other case), gold cash, debt obligations of or
assured by the Authorities of Canada or a province of Canada or by the Authorities of the United States of America or a state thereof, short-term industrial paper obligations of an organization
or different individual whose short-term industrial paper is rated R-1 (or its equal, or increased) by Dominion Bond Score Service Restricted or its successors or assigns or F1 (or its
equal, or increased) by Fitch Scores or its successors or assigns or A-1 (or its equal, or increased) by Customary & Poor’s or its successors or assigns or P-1 (or its
equal, or increased) by Moody’s Investor Service or its successors or assigns, interest-bearing accounts and short-term

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certificates
of deposit issued or assured by a Canadian chartered financial institution or belief firm, cash market mutual funds, short-term authorities debt or short-term funding grade company debt, or
different short-term debt obligations accredited by the Supervisor infrequently (for the aim of this paragraph, the time period “short-term” means having a date of maturity or name for fee not
greater than 182 days from the date on which the funding is made), besides through the 60-day interval following the closing of an providing of belief items or extra choices or previous to the
distribution of the belongings of the Belief;

(b)

will
retailer all bodily gold bullion owned by the Belief on the Mint or within the treasury vaults of a Schedule I Canadian chartered financial institution or an affiliate
or division thereof in Canada on a totally allotted foundation, offered that the bodily gold bullion held in London Good Supply bar kind could also be saved with a custodian provided that the bodily gold bullion
will stay London Good Supply whereas with that custodian;


(c)

will
not maintain any “taxable Canadian Property” throughout the that means of the Tax Act;


(d)

will
not buy, promote or maintain derivatives;


(e)

will
not situation belief items besides (i) if the online proceeds per belief unit to be obtained by the Belief usually are not lower than 100% of essentially the most just lately
calculated NAV per belief unit previous to, or upon, the dedication of the pricing of such issuance or (ii) by means of belief unit distribution in reference to an revenue distribution;


(f)

will
be sure that no a part of the saved bodily gold bullion could also be delivered out of safekeeping by the Mint or, if the bodily gold bullion is held by
one other custodian, that custodian, with out receipt of an instruction from the Supervisor within the kind specified by the Mint or such different custodian indicating the aim of the supply and giving
path with respect to the precise quantity;


(g)

will
be sure that no director or officer of the Supervisor or director or officer of the GP, or consultant of the Belief or the Supervisor will probably be
licensed to enter into the bodily gold bullion storage vaults with out being accompanied by a minimum of one consultant of the Mint or, if the bodily gold bullion is held by one other custodian,
that custodian, because the case could be;


(h)

will
be sure that the bodily gold bullion stays unencumbered;


(i)

will
examine or trigger to be inspected the saved bodily gold bullion periodically on a spot inspection foundation and, along with a consultant of the
Belief’s exterior auditor, bodily audit gold bars to verify bar numbers on a minimum of an annual foundation;


(j)

will
not assure the securities or obligations of any individual aside from the Supervisor, after which solely in respect of the actions of the Belief;


(okay)

in
reference to necessities of the Tax Act, is not going to make or maintain any funding that might end result within the Belief failing to qualify as a “mutual
fund belief” throughout the that means of the Tax Act;


(l)

in
reference to necessities of the Tax Act, is not going to spend money on any safety that might be a “tax shelter funding” throughout the that means of
part 143.2 of the Tax Act;


(m)

in
reference to necessities of the Tax Act, is not going to spend money on the securities of any non-resident company, belief or different non-resident entity
(or of any partnership that holds such securities) if the Belief (or the partnership) can be required to incorporate any important quantity in revenue beneath any of sections 94
or 94.1 of the Tax Act;


(n)

in
reference to necessities of the Tax Act, is not going to spend money on any safety of an issuer that might be a overseas affiliate of the Belief for
functions of the Tax Act; and


(o)

in
reference to necessities of the Tax Act, is not going to stick with it any enterprise and make or maintain any investments that might end result within the Belief itself
being topic to the tax for specified funding flow-through (“SIFT”) trusts as offered for in part 122 of the Tax Act (the “SIFT Guidelines”).

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Termination of the Belief

        The Belief doesn’t have a set termination date however will probably be terminated within the occasion there are not any belief items excellent, the Trustee
resigns or is eliminated and no successor trustee is appointed by the Supervisor by the point the resignation or removing turns into efficient, the Supervisor resigns and no successor supervisor is appointed by the
Supervisor and accredited by unitholders by the point the resignation turns into efficient, the Supervisor is, within the opinion of the Trustee, in materials default of its obligations beneath the Belief Settlement and
such default continues for 120 days from the date that the Supervisor receives discover of such default from the Trustee and no successor supervisor has been appointed by the unitholders of the Belief,
the Supervisor experiences sure insolvency occasions or the belongings of the Supervisor are seized or confiscated by a public or governmental authority. As well as, the Supervisor could, in its discretion,
terminate the Belief, with out unitholder approval, if, within the opinion of the Supervisor, after consulting with the impartial assessment committee, the worth of the online belongings of the Belief has been decreased
such that it’s now not economically possible to proceed the Belief and it could be in the very best pursuits of the unitholders to terminate the Belief, by giving the Trustee and every holder of belief
items on the time a minimum of 90 days’ discover. To the extent such termination within the discretion of the Supervisor could contain a matter that might be a “battle of curiosity matter” as set forth in
relevant Canadian laws, the matter will probably be referred by the Supervisor to the impartial assessment committee for its suggestion. In reference to the termination of the Belief, the Belief will,
to the extent potential, convert its belongings into money and, after paying or making satisfactory provision for all the Belief’s liabilities, distribute the online belongings of the Belief to unitholders, on a professional rata foundation, as quickly as practicable after the termination date.

FEES AND EXPENSES

        This desk lists the charges and bills that the Belief pays for the continued operation of its enterprise and that unitholders could must
pay in the event that they spend money on the Belief. Fee of those charges and bills will scale back the worth of the unitholders’ funding within the Belief. The unitholders must pay charges and bills instantly if
they redeem their belief items for bodily gold bullion.

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Charges and Bills Payable by the Belief

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        The
Belief has retained money from the online proceeds of every of its choices of belief items in an quantity not exceeding 3% of the online proceeds of every such providing, which has been added to
its accessible funds for use for its ongoing bills and money redemptions. Sometimes, the Belief will promote bodily gold bullion to replenish this money reserve to fulfill its bills and money
redemptions.

Charges and Bills Payable Straight by Unitholders

RISK FACTORS

        You must think about rigorously the dangers described beneath earlier than
investing choice. You must also check with the opposite data included and integrated by reference herein, together with however not restricted to the AIF and the Belief’s monetary statements
and the associated notes. See “Paperwork Included by Reference”.

        A big buy of bodily gold bullion by the Belief in reference to an providing could briefly have an effect on the value of gold.

        Relying
on the dimensions of an providing, the quantity of gold that the Belief will buy in reference to an providing could also be important on a brief time period foundation and such buy could have
the impact of briefly rising the spot worth of bodily gold bullion. Within the occasion that the acquisition of bodily gold bullion by the Belief in reference to an providing briefly will increase
the spot worth of bodily gold bullion, the Belief will be capable of buy a smaller quantity of bodily gold bullion with the proceeds of an providing
than in any other case, and if the spot worth of bodily gold bullion decreases after the acquisition of bodily gold bullion by the Belief, such lower would lower the NAV of the Belief.

        A delay within the buy by the Belief of bodily gold bullion with the online proceeds of an providing could end result within the Belief buying much less bodily gold bullion
than it might have bought earlier.

        The
Belief intends to buy bodily gold bullion with the online proceeds of an providing as described on this prospectus as quickly as practicable. The Belief could not be capable of buy
instantly all the required bodily gold bullion. Though the Belief will endeavor to finish the required purchases as rapidly as practicable, there could also be a delay within the completion of the
Belief’s purchases of bodily gold bullion. If bodily gold bullion costs enhance between the time of completion of an providing and the time the Belief completes its purchases of bodily gold
bullion, whether or not or not brought on by the Belief’s acquisition of bodily gold bullion, the quantity of bodily gold bullion the Belief will be capable of buy will probably be lower than it could have been in a position to
buy had it been in a position to full its purchases of the required bodily gold bullion instantly. In both of those circumstances, the amount of bodily gold bullion bought per belief unit
will probably be decreased, which could have a detrimental impact on the worth of the belief items.

        If there’s a loss, injury or destruction of the Belief’s bodily gold bullion within the custody of the Mint and the Belief doesn’t give well timed discover, all claims
towards the Mint will probably be deemed waived.

        If
both get together to the Gold Storage Settlement discovers loss, injury or destruction of the Belief’s bodily gold bullion within the Mint’s custody, care and management, such get together should give
written discover to the opposite get together inside 5 Mint enterprise days, within the case of the Supervisor’s discover, and one Mint enterprise day, within the case of the Mint’s discover, after its discovery of any such
loss, injury or destruction, however, within the occasion that the Supervisor receives a

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written
discover from the Mint by which a discrepancy within the amount of bodily gold bullion first seems, it shall give the Mint a discover of loss no later than 60 days following receipt of
such written assertion. If such discover shouldn’t be given in a well timed method, all claims towards the Mint will probably be deemed to have been waived. As well as, no motion, swimsuit or different continuing to get well any
loss or scarcity could be introduced towards the Mint except well timed discover of such loss or scarcity has been given and such motion, swimsuit or continuing could have commenced inside 12 months from the
time a declare is made. The lack of the precise to make a declare or of the power to deliver an motion, swimsuit or different continuing towards the Mint could imply that any such loss will probably be non-recoverable, which
could have an antagonistic impact on the worth of the online belongings of the Belief and the NAV.

        Canadian Registered Plans that redeem their belief items for bodily gold bullion could also be topic to antagonistic penalties.

        Bodily
gold bullion obtained by a Canadian Registered Plan (as outlined beneath), corresponding to a registered retirement financial savings plan (“RRSP”), on a redemption of belief items for bodily
gold bullion is not going to be a professional funding for such plan. Accordingly, such plans (and within the case of sure plans, the annuitants or beneficiaries thereunder or holders thereof) could also be
topic to antagonistic Canadian tax penalties.

USE OF PROCEEDS

        Except in any other case laid out in a prospectus complement, the online proceeds that the Belief will obtain from the problem of its belief items
will probably be used to accumulate bodily gold bullion in accordance with the Belief’s goal and topic to the Belief’s funding and working restrictions described herein. See “Sprott Bodily Gold
Belief — Enterprise of the Belief — Funding Goals of the Belief” and “Funding and Working Restrictions”.

CAPITALIZATION

        There have been no materials modifications within the Belief’s capitalization for the reason that date of the Interim Monetary Statements, being essentially the most
just lately filed monetary statements of the Belief, aside from modifications on account of modifications within the worth of gold.

DESCRIPTION OF THE TRUST UNITS

        The Belief is permitted to situation a limiteless variety of belief items in a number of lessons and collection of a category. Presently, the Belief
has issued just one class or collection of belief items, that are the category of belief items that will probably be certified by this prospectus. Every belief unit of a category or collection of a category represents an
undivided possession curiosity within the web belongings of the Belief attributable to that class or collection of a category of belief items. Belief items are transferable and redeemable on the possibility of the unitholder
in accordance with the provisions set forth within the Belief Settlement. All belief items of the identical class or collection of a category have equal rights and privileges with respect to all issues, together with
voting, receipt of distributions from the Belief, liquidation and different occasions in reference to the Belief. Belief items and fractions thereof are issued solely as totally paid and non-assessable. Belief
items haven’t any choice, conversion, alternate or pre-emptive rights. Every entire belief unit of a specific class or collection of a category entitles the holder thereof to a vote at conferences of unitholders
the place all lessons vote collectively, or to a vote at conferences of unitholders the place that individual class or collection of a category of unitholders votes individually as a class.

        The
Belief could not situation belief items besides (i) if the online proceeds per belief unit to be obtained by the Belief usually are not lower than 100% of essentially the most just lately calculated NAV per belief
unit instantly previous to, or upon, the
dedication of the pricing of such issuance or (ii) by means of belief unit distribution in reference to an revenue distribution.

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PRIOR SALES

        The next desk summarizes the belief items which were issued from treasury through the 12-month interval earlier than the date of this
prospectus, all of which have been issued pursuant to the Cantor Gross sales Settlement.

MARKET PRICE OF TRUST UNITS

        The belief items are traded on NYSE Arca beneath the image “PHYS” and on the TSX beneath the image “PHYS” and “PHYS.U”, respectively. The
following desk units forth the excessive and low costs and month-to-month common buying and selling quantity for the belief items since June 1, 2017.

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PLAN OF DISTRIBUTION

        The Belief could promote the belief items to or by way of underwriters or sellers buying as principals to a number of purchasers instantly,
or by way of brokers designated infrequently by the Supervisor on behalf of the Belief. Topic to the provisions of the Belief Settlement pursuant to which the Belief was established, the belief items could
be bought at fastened costs or non-fixed costs, corresponding to costs decided by reference to the prevailing market worth of the belief items on the time of sale or at costs to be negotiated with purchasers,
which costs could fluctuate between purchasers and through the interval of distribution of the belief items. The prospectus complement for any of the belief items being supplied thereby will set forth the phrases
of the providing of such belief items, together with the identify or names of underwriters, sellers or brokers, any underwriting reductions and different objects constituting underwriters’ compensation, any public
providing worth and any reductions or concessions allowed or paid to sellers or brokers. Solely underwriters so named within the related prospectus complement will probably be deemed to be underwriters in connection
with the belief items supplied thereby.

        If
underwriters are utilized in reference to an providing, the belief items will probably be acquired by the underwriters for their very own account and could also be resold infrequently in a number of
transactions, together with negotiated transactions, at a set public providing worth or at various costs decided on the time of sale. The obligations of the underwriters to buy such belief items
will probably be topic to sure situations precedent, and the underwriters will probably be obligated to buy all of the belief items supplied by the prospectus complement if any of such belief items are bought.
Any public providing worth and any reductions or concessions allowed or paid to sellers could also be modified from time to time.

        In
reference to an providing, the underwriters, sellers or brokers, because the case could also be, could over-allot or impact transactions meant to repair or stabilize the market worth of the belief
items at a stage above that which could in any other case prevail within the open market. An over-allotment, if any, entails gross sales in extra of the providing dimension, which creates a brief place. Stabilizing
transactions contain bids to buy the underlying safety as long as the stabilizing bids don’t exceed a specified most. These transactions could trigger the value of the belief items bought in an
providing to be increased then they’d in any other case be. The dimensions of the over-allotment, if any, shouldn’t be recognized presently. Such transactions, if commenced, could also be discontinued at any time.

        The
belief items can also be bought instantly by the Belief at such costs and upon such phrases as are agreed to by the Supervisor, on behalf of the Belief, and the purchaser or by way of brokers
designated by the Supervisor on behalf of the Belief infrequently. Any agent concerned within the providing and sale of the belief items in respect of which this prospectus is delivered will probably be named, and
any commissions payable by the Belief to such agent will probably be set forth, in a prospectus complement. Except in any other case indicated within the prospectus complement, any agent can be appearing on a greatest efforts
foundation for the interval of its appointment.

        Underwriters,
sellers and brokers who take part within the distribution of the belief items could also be entitled, beneath agreements to be entered into with the Belief, to indemnification by the
Belief towards sure liabilities, together with liabilities beneath securities laws, or to contribution with respect to funds which such underwriters, sellers or brokers could also be required to make in
respect thereof.

MATERIAL TAX CONSIDERATIONS

Materials U.S. Federal Earnings Tax Issues

        The next are the fabric U.S. federal revenue tax penalties to U.S. Holders (as outlined beneath) of the
possession and disposition of belief items. This dialogue doesn’t purport to take care of the tax penalties of proudly owning belief items to all classes of buyers, a few of which, corresponding to sellers in
securities, regulated funding corporations, tax-exempt organizations, buyers whose useful foreign money shouldn’t be the U.S. greenback and buyers that personal, truly or beneath relevant
constructive
possession guidelines, 10% or extra of the belief items, could also be topic to particular guidelines. This dialogue doesn’t handle U.S. state or native tax, U.S. federal property or reward tax or overseas tax
penalties of the possession and disposition of belief items. This dialogue offers solely with unitholders who maintain the belief items as a capital asset. You might be inspired to seek the advice of your individual tax
advisors in regards to the total tax penalties arising in your individual specific scenario beneath U.S. federal, state, native or overseas regulation of the possession of belief items.

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        The
following dialogue of U.S. federal revenue tax issues relies on the U.S. Inside Income Code of 1986, as amended, (the “Code”), judicial selections,
administrative pronouncements, and current and proposed laws issued by the U.S. Division of the Treasury (the “Treasury Rules”), all of that are topic to alter,
presumably with retroactive impact.

U.S. Federal Earnings Tax Classification of the Belief

        The Belief has filed an affirmative election with the Inside Income Service (“IRS”) to be categorised as an affiliation taxable as a
company for U.S. federal revenue tax functions.

U.S. Federal Earnings Taxation of U.S. Holders

        As used herein, the time period “U.S. Holder” means a useful proprietor of lower than 10% of belief items that may be a U.S. citizen or
resident for U.S. federal revenue tax functions, a U.S. company or different U.S. entity taxable as an organization, an property the revenue of which is topic to U.S. federal
revenue taxation no matter its supply, or a belief if a courtroom throughout the United States is ready to train main jurisdiction over the administration of the belief and a number of
U.S. individuals have the authority to regulate all substantial selections of the belief.

        If
a partnership (together with an entity handled as a partnership for U.S. federal revenue tax functions) holds the belief items, the tax therapy of a associate will typically rely
upon the standing of the associate and upon the actions of the partnership. Nevertheless, a U.S. individual that’s a person, belief or property and that owns belief items by way of a partnership
typically will probably be eligible for the decreased charges of taxation described beneath which might be relevant to U.S. Particular person Holders (as outlined beneath). If a unitholder is a associate in a
partnership holding the belief items, such unitholder ought to seek the advice of together with his, her or its tax advisor.

Distributions

        The Belief doesn’t anticipate making common money distributions to unitholders. Topic to the passive overseas funding firm
(“PFIC”) dialogue beneath, any distributions made by the Belief with respect to the belief items to a U.S. Holder will typically represent dividends, which can typically be taxable as peculiar
revenue to the extent of the Belief’s present or gathered earnings and income, as decided beneath U.S. federal revenue tax rules. Distributions in extra of the Belief’s earnings and
income will probably be handled first as a non-taxable return of capital to the extent of the U.S. Holder’s tax foundation in his, her or its belief items on a dollar-for-dollar foundation and thereafter as achieve
from the disposition of belief items. Because the Belief will probably be a PFIC, as described beneath, dividends paid on the belief items to a U.S. Holder who’s a person, belief or property
(a “U.S. Particular person Holder”), will typically not be handled as “certified dividend revenue” that’s taxable to U.S. Particular person Holders at preferential tax charges. Any dividends
typically will probably be handled as foreign-source revenue for U.S. overseas tax credit score limitation functions.

Redemption of Belief Items

        As described beneath “Sprott Bodily Gold Belief — Enterprise of the
Belief — Redemption of Belief Items for Bodily Gold Bullion” and “Sprott Bodily Gold Belief — Enterprise of the
Belief — Redemption of Belief Items for Money”, a U.S. Holder could have belief items redeemed for money or bodily gold bullion. Beneath Part 302 of the
Code, a U.S. Holder typically will probably be handled as having bought his, her or its belief items (reasonably than having obtained a distribution on the belief items) upon the redemption of belief items if
the redemption fully terminates or considerably reduces the U.S. Holder’s curiosity within the Belief. In such case, the redemption will probably be handled as described within the related part beneath
relying on whether or not the U.S. Holder makes a professional electing fund (“QEF”) election, a mark-to-market election or makes no election and subsequently is topic to the Default PFIC Regime
(as outlined beneath).

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PFIC Standing and Vital Tax Penalties

        Particular U.S. federal revenue tax guidelines apply to a U.S. Holder that holds inventory in a overseas company categorised as a
PFIC for U.S. federal revenue tax functions. Basically, the Belief will probably be handled as a PFIC with respect to a U.S. Holder if, for any taxable 12 months by which such U.S. Holder held
the belief items, both:

•

a minimum of 75% of the Belief’s gross revenue for such taxable 12 months consists of passive revenue; or


•

a minimum of 50% of the typical worth of the belongings held by the Belief throughout such taxable 12 months produce, or are held for the
manufacturing of, passive revenue.

        For
functions of those exams, “passive revenue” contains dividends, curiosity, and beneficial properties from the sale or alternate of funding property (together with commodities). The revenue that the Belief
derives from its gross sales of bodily gold bullion is predicted to be handled as passive revenue for this goal. Since considerably all the Belief’s belongings will include bodily gold bullion and
the Belief expects to derive considerably all of its revenue from the gross sales of bodily gold bullion, it’s anticipated the Belief will probably be handled as a PFIC for every of its taxable years.

        Assuming
the Belief is a PFIC, a U.S. Holder will probably be topic to totally different taxation guidelines relying on whether or not the U.S. Holder (1) makes an election to deal with the Belief
as a QEF, which is known as a QEF election, (2) makes a mark-to-market election with respect to the belief items, or (3) makes no election and subsequently is topic to the Default
PFIC Regime. As mentioned intimately beneath, making a QEF election or a mark-to-market election typically will mitigate the in any other case antagonistic U.S. federal revenue tax penalties beneath the
Default PFIC Regime. Nevertheless, the mark-to-market election will not be as favorable because the QEF election as a result of a U.S. Holder typically will acknowledge revenue annually attributable to any
appreciation within the U.S. Holder’s belief items and not using a corresponding distribution of money or different property.

        Assuming
that the Belief is a PFIC, a U.S. Holder is required to file an annual report with the IRS reporting his, her or its funding within the Belief.

Taxation of U.S. Holders Making a Well timed QEF Election

        Making the Election.    A U.S. Holder would make a QEF election with respect to any 12 months that the Belief is a PFIC by
submitting IRS Kind 8621 together with his, her or its U.S. federal revenue tax return. The Belief intends to yearly present every U.S. Holder with all needed data with a view to make
and keep a QEF election. A U.S. Holder who makes a QEF election for the primary taxable 12 months by which he, she or it owns belief items, or an Electing Holder, is not going to be topic to the Default
PFIC Regime for any taxable 12 months. We’ll check with an Electing Holder that may be a U.S. Particular person Holder as a Non-Company Electing Holder. A U.S. Holder who doesn’t make a well timed QEF
election can be topic to the Default PFIC Regime for
taxable years throughout his, her or its holding interval by which a QEF election was not in impact, except such U.S. Holder makes a particular “purging” election. A U.S. Holder who doesn’t make
a well timed QEF election is inspired to seek the advice of such U.S. Holder’s tax advisor concerning the provision of such purging election.

        Present Taxation and Dividends.    An Electing Holder should report annually for U.S. federal revenue tax functions
his, her or its professional rata share of the Belief’s peculiar earnings and the Belief’s web capital achieve, if any, for the Belief’s taxable 12 months that ends
with or throughout the taxable 12 months of the Electing Holder, no matter whether or not or not distributions have been obtained from the Belief by the Electing Holder. A Non-Company Electing Holder’s professional rata
share of the Belief’s web capital achieve typically will probably be taxable at a most fee of 28% beneath present regulation to the extent attributable to
gross sales of bodily gold bullion by the Belief if the Belief has held the gold bullion for a couple of 12 months. In any other case, such achieve typically will probably be handled as peculiar revenue.

        If
any unitholder redeems his, her or its belief items for bodily gold bullion (no matter whether or not the unitholder requesting redemption is a U.S. Holder or an Electing
Holder), the Belief will probably be handled as if it bought bodily gold bullion for its truthful market worth with a view to redeem the unitholder’s belief items. Because of this, any Electing Holder will probably be required to
at present embody in revenue his, her or its professional rata share of the Belief’s achieve from such deemed disposition (taxable to a Non-Company Electing
Holder at a most fee of 28% beneath present regulation if the Belief has held the bodily gold bullion for a couple of 12 months) despite the fact that the deemed disposition by the Belief shouldn’t be attributable to any
motion on the Electing Holder’s half. If any unitholder redeems

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belief
items for money and the Belief sells bodily gold bullion to fund the redemption (no matter whether or not the unitholder requesting redemption is a U.S. Holder or an Electing Holder), an
Electing Holder equally will embody in revenue his, her or its professional rata share of the Belief’s achieve from the sale of the bodily gold bullion,
which will probably be taxable as described above despite the fact that the Belief’s sale of bodily gold bullion shouldn’t be attributable to any motion on the Electing Holder’s half. An Electing Holder’s adjusted tax foundation
within the belief items will probably be elevated to mirror any quantities at present included in revenue beneath the QEF guidelines. Distributions of earnings and income that had been beforehand included in revenue will
end in a corresponding discount within the adjusted tax foundation within the belief items and won’t be taxed once more as soon as distributed. Another distributions typically will probably be handled as mentioned above
beneath “Materials Tax Issues — Materials U.S. Federal Earnings Tax Issues — U.S. Federal Earnings
Taxation of U.S. Holders — Distributions”.

        Earnings
inclusions beneath the QEF guidelines described above typically needs to be handled as foreign-source revenue for U.S. overseas tax credit score limitation functions, however Electing Holders
ought to seek the advice of their tax advisors on this regard.

        Sale, Change or Different Disposition.    An Electing Holder will typically acknowledge capital achieve or loss on the sale,
alternate, or different disposition of the belief items in an quantity equal to the surplus of the quantity realized on such disposition over the Electing Holder’s adjusted tax foundation within the belief items. Such
achieve or loss will probably be handled as a long-term capital achieve or loss if the Electing Holder’s holding interval within the belief items is bigger than one 12 months on the time of the sale, alternate or different
disposition. Lengthy-term capital beneficial properties of U.S. Particular person Holders at present are taxable at a most fee of 20%. An Electing Holder’s skill to deduct capital losses is topic to sure
limitations. Any achieve or loss typically will probably be handled as U.S.-source achieve or loss for U.S. overseas tax credit score limitation functions.

        An
Electing Holder that redeems his, her or its belief items will probably be required to at present embody in revenue his, her or its professional rata share of the Belief’s achieve from the deemed or precise disposition of
bodily gold bullion, as described above, which will probably be taxable to a
Non-Company Electing Holder at a most fee of 28% beneath present regulation if the Belief has held the bodily gold bullion for a couple of 12 months. The Electing Holder’s adjusted tax foundation within the belief
items will probably be elevated to mirror such achieve that’s included in revenue. The Electing Holder will additional acknowledge capital achieve or loss on the redemption in an quantity equal to the surplus of the truthful
market worth of the bodily gold bullion or money obtained upon redemption over the Electing Holder’s adjusted tax foundation within the belief items. Such achieve or loss will probably be handled as described within the
previous paragraph.

Taxation of U.S. Holders Making a Mark-to-Market Election

        Making the Election.    Alternatively, if, as is anticipated, the belief items are handled as “marketable inventory”, a
U.S. Holder can be allowed to make a mark-to-market election with respect to the belief items, offered the U.S. Holder completes and recordsdata IRS Kind 8621 in accordance with the
related directions and associated Treasury Rules. The belief items will probably be handled as marketable inventory for this goal if they’re usually traded on a professional alternate or different market. The
belief items will probably be usually traded on a professional alternate or different marketplace for any calendar 12 months throughout which they’re traded (aside from in de
minimis portions) on a minimum of 15 days throughout every calendar quarter. A professional alternate or different market means both a U.S. nationwide securities alternate that
is registered with the SEC, the NASDAQ, or a overseas securities alternate that’s regulated or supervised by a governmental authority of the nation by which the market is situated and which satisfies
sure regulatory and different necessities. The Belief believes that each the TSX and NYSE Arca needs to be handled as a professional alternate or different marketplace for this goal.

        Present Taxation and Dividends.    If the mark-to-market election is made, the U.S. Holder typically would come with
as peculiar revenue in every taxable 12 months the surplus, if any, of the truthful market worth of the belief items on the finish of the taxable 12 months over such U.S. Holder’s adjusted tax foundation within the belief
items. The U.S. Holder would even be permitted an peculiar loss in respect of the surplus, if any, of the U.S. Holder’s adjusted tax foundation within the belief items over their truthful market worth
on the finish of the taxable 12 months, however solely to the extent of the online quantity beforehand included in revenue on account of the mark-to-market election. Any revenue inclusion or loss beneath the previous
guidelines needs to be handled as achieve or loss from the sale of belief items for
functions of figuring out the supply of the revenue or loss. Accordingly, any such achieve or loss typically needs to be handled as U.S.-source revenue or loss for U.S. overseas tax credit score limitation
functions. A U.S. Holder’s tax foundation in his, her or its belief

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items
can be adjusted to mirror any such revenue or loss quantity. Distributions by the Belief to a U.S. Holder who has made a mark-to-market election typically will probably be handled as mentioned
above beneath “Materials Tax Issues — Materials U.S. Federal Earnings Tax Issues — U.S. Federal
Earnings Taxation of U.S. Holders — Distributions.”

        Sale, Change or Different Disposition.    Achieve realized on the sale, alternate, redemption or different disposition of the belief
items can be handled as peculiar revenue, and any loss realized on the sale, alternate, redemption or different disposition of the belief items can be handled as peculiar loss to the extent that such
loss doesn’t exceed the online mark-to-market beneficial properties beforehand included by the U.S. Holder. Any loss in extra of such earlier inclusions can be handled as a capital loss by the
U.S. Holder. A U.S. Holder’s skill to deduct capital losses is topic to sure limitations. Any such achieve or loss typically needs to be handled as U.S.-source revenue or loss for
U.S. overseas tax credit score limitation functions.

Taxation of U.S. Holders Not Making a Well timed QEF or Mark-to-Market Election

        Lastly, a U.S. Holder who doesn’t make both a QEF election or a mark-to-market election for that 12 months, or a Non-Electing
Holder, can be topic to particular guidelines (the “Default PFIC Regime”) with respect to (1) any extra distribution (i.e., the portion of any distributions obtained by the
Non-Electing Holder on the belief items in a taxable 12 months in extra of 125% of the typical annual distributions obtained by the Non-Electing Holder within the three previous taxable years, or, if shorter,
the Non-Electing Holder’s holding interval for the belief items), and (2) any achieve realized on the sale, alternate, redemption or different disposition of the belief items.

        Beneath
the Default PFIC Regime:

•

the surplus distribution or achieve can be allotted rateably over the Non-Electing Holder’s combination holding interval for
the belief items;


•

the quantity allotted to the present taxable 12 months and any taxable 12 months earlier than the Belief grew to become a PFIC can be taxed as
peculiar revenue; and


•

the quantity allotted to every of the opposite taxable years can be topic to tax on the highest fee of tax in impact for
the relevant class of taxpayer for that 12 months, and an curiosity cost for the deemed tax deferral profit can be imposed with respect to the ensuing tax attributable to every such different
taxable 12 months.

        Any
distributions aside from “extra distributions” by the Belief to a Non-Electing Holder will probably be handled as mentioned above beneath “Materials Tax
Issues — Materials U.S. Federal Earnings Tax Issues — U.S. Federal Earnings Taxation of
U.S. Holders — Distributions”.

        The
penalties wouldn’t apply to a pension or revenue sharing belief or different tax-exempt group that didn’t borrow funds or in any other case make the most of leverage in reference to its
acquisition of the belief items. If a Non-Electing Holder who’s a person dies whereas proudly owning the belief items, such Non-Electing Holder’s successor typically wouldn’t obtain a step-up in tax foundation
with respect to the belief items.

3.8% Tax on Internet Funding Earnings

        For taxable years starting after December 31, 2012, a U.S. Holder that’s a person, property, or, in sure instances, a
belief, will typically be topic to a 3.8% tax on the lesser of (1) the U.S. Holder’s web funding revenue for the taxable 12 months; and (2) the surplus of the U.S. Holder’s
modified adjusted gross revenue for the taxable 12 months over a sure threshold (which within the case of people will probably be between $125,000 and $250,000). A U.S. Holder’s web funding revenue will
typically embody dividends distributed by the Belief and capital beneficial properties from the sale, redemption or different disposition of the belief items. This tax is along with any revenue taxes due on such
funding revenue.

        Beneath
Treasury Rules typically efficient for taxable years after December 31, 2013, revenue inclusions beneath the QEF guidelines wouldn’t be thought-about “web funding revenue”
except: (1) the Electing Holder holds the belief items in reference to a commerce or enterprise of buying and selling in monetary devices or commodities; or (2) the Electing Holder elects to
deal with the revenue inclusion beneath the QEF guidelines as “web funding revenue”. If an Electing Holder doesn’t make this election, such holder’s tax foundation within the belief items

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would
not be elevated by the quantity of revenue inclusions beneath the QEF guidelines for functions of calculating “web funding revenue” upon the sale, redemption or different disposition of the belief items.
With respect to a U.S. Holder that has made a mark-to-market election with respect to the belief items, revenue inclusions beneath the mark-to-market election can be included within the calculation
of “web funding revenue”. An extra distribution made to a U.S. Holder topic to the Default PFIC Regime can be included in “web funding revenue” to the extent that such distribution
constitutes a dividend for U.S. federal revenue tax functions.

        If
you’re a U.S. Holder that’s a person, property or belief, you’re inspired to seek the advice of your tax advisors concerning the applicability of the three.8% tax on web funding
revenue to your belief items.

International Taxes

        Distributions, if any, by the Belief could also be topic to Canadian withholding taxes as mentioned beneath “Materials Tax
Issues — Canadian Taxation of Unitholders — Unitholders Not Resident in Canada”. A U.S. Holder could elect to
both deal with such taxes as a credit score towards U.S. federal revenue taxes, topic to sure limitations, or deduct his, her or its share of such taxes in computing such U.S. Holder’s
U.S. federal taxable revenue. No deduction for overseas taxes could also be claimed by a person who doesn’t itemize deductions.

Backup Withholding and Data Reporting

        Funds made throughout the United States, or by a U.S. payor or U.S. intermediary, of dividends on, or proceeds arising
from the sale or different taxable disposition of, belief items typically will probably be topic to data reporting and backup withholding, at present on the fee of 24%, if a U.S. Holder fails to
furnish its right U.S. taxpayer identification quantity (typically on IRS Kind W-9), and to make sure certifications, or in any other case fails to determine an exemption. Backup
withholding tax shouldn’t be a further tax. Somewhat, a U.S. Holder typically could get hold of a refund of any quantities withheld beneath backup withholding guidelines that exceed his, her, or its
U.S. federal revenue tax legal responsibility by submitting a refund declare with the IRS.

        U.S. Holders
could also be topic to sure IRS submitting necessities on account of holding belief items. For instance, a U.S. one that transfers property (together with money) to a
overseas company in alternate for inventory within the company is in some instances required to file an data return on IRS Kind 926 with the IRS with respect to such switch. Accordingly, a
U.S. Holder could also be required to file Kind 926 with respect to its acquisition of belief items in an providing. Relying on the variety of belief items held, acquired or disposed of by a
U.S. Holder, the U.S. Holder can also be required to file an data return on IRS Kind 5471
with the IRS. U.S. Holders additionally could also be required to file Kind TD F 90-22.1 (Report of International Financial institution and Monetary Accounts) with respect to their funding within the Belief.

        Pursuant
to just lately enacted laws, U.S. Holders who’re people (and to the extent laid out in relevant Treasury Rules, sure U.S. entities)
who maintain “specified overseas monetary belongings” (as outlined in Part 6038D of the Code) are required to file IRS Kind 8938 with data referring to the asset for every taxable
12 months by which the mixture worth of all such belongings exceeds $75,000 at any time through the taxable 12 months or $50,000 on the final day of the taxable 12 months (or such increased greenback quantity as
prescribed by relevant Treasury Rules). Specified overseas monetary belongings would come with, amongst different belongings, the belief items, except the belief items are held by way of an account maintained
with a U.S. monetary establishment. Substantial penalties apply to any failure to well timed file IRS Kind 8938, except the failure is proven to be as a consequence of cheap trigger and never as a consequence of
willful neglect. Moreover, within the occasion a U.S. Holder who’s a person (and to the extent laid out in relevant Treasury laws, a U.S. entity) that’s required to
file IRS Kind 8938 doesn’t file such kind, the statute of limitations on the evaluation and assortment of U.S. federal revenue taxes of such holder for the associated tax 12 months could not shut
till three years after the date that the required data is filed. U.S. Holders ought to seek the advice of their very own tax advisors with respect to their reporting obligations beneath this laws or
another relevant submitting necessities.

International Account Tax Compliance Act

        The International Account Tax Compliance Act provisions of Hiring Incentives to Restore Employment Act (“FATCA”) present that the Belief should
disclose the identify, handle and taxpayer identification variety of sure U.S. individuals that personal, instantly or not directly, an curiosity within the Belief, in addition to sure different data relating

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to
any such curiosity pursuant to an Intergovernmental Settlement between the United States and Canada (the “Canadian IGA”) and any relevant Canadian laws or laws
implementing the Canadian IGA. If the Belief fails to adjust to these necessities, then a 30% withholding tax will probably be imposed on funds to the Belief of U.S. supply revenue and proceeds from
the sale of property that might give rise to U.S. supply curiosity or dividends. The withholding tax provisions of FATCA grew to become efficient on July 1, 2014 with respect to revenue and are
scheduled to change into efficient on January 1, 2019, within the case of proceeds from the sale of property.

Materials Canadian Federal Earnings Tax Issues

        The next is, as of the date hereof, a normal description of the principal Canadian federal revenue tax concerns typically
relevant beneath the Tax Act to the acquisition, holding and disposition of belief items by a unitholder. This description is mostly relevant to a unitholder who offers at arm’s size and
shouldn’t be affiliated with the Belief and holds belief items as capital property. Belief items will typically be thought-about capital property to a unitholder except the unitholder holds the belief items within the
course of carrying on a enterprise of buying and selling or dealing in securities or has acquired the belief items in a transaction or transactions thought-about to be an journey within the nature of commerce.
Canadian-resident unitholders who usually are not merchants or sellers in securities and who won’t in any other case be thought-about to carry their belief items as capital property could also be entitled to have their belief
items (and each different “Canadian safety” owned by them in that taxation 12 months or any subsequent taxation 12 months) handled as capital property by making the irrevocable election permitted by
subsection 39(4) of the Tax Act. Such unitholders ought to seek the advice of their very own tax advisors concerning the provision and appropriateness of constructing this election having regard to their
specific circumstances and the anticipated commodity holdings of the Belief.

        This
description shouldn’t be relevant to a unitholder: (i) that may be a “monetary establishment”, (ii) that may be a “specified monetary establishment”, (iii) that has elected
to find out its Canadian tax ends in accordance with the “useful foreign money” guidelines, (iv) an curiosity by which is a “tax shelter funding”, or (v) who enters right into a “by-product
ahead settlement” with respect to the belief items (as all such phrases are outlined within the Tax Act). This description assumes that the Belief shouldn’t be topic to a “loss restriction occasion”,
as outlined within the Tax Act. As well as, this description doesn’t handle the deductibility of curiosity by a unitholder who has borrowed to accumulate belief items. All such unitholders ought to
seek the advice of with their very own tax advisors.

        This
description can also be based mostly on the belief (mentioned beneath beneath “Materials Tax Issues — Materials Canadian Federal Earnings Tax
Issues — SIFT Belief Guidelines”) that the Belief will at no time be a “SIFT belief” as outlined within the Tax Act.

        This
description relies on the present provisions of the Tax Act, the laws thereunder, all particular proposals to amend the Tax Act and the laws publicly
introduced by the Minister of Finance (Canada) previous to the date hereof (the “Tax Proposals”), and an understanding of the present administrative and assessing insurance policies of the Canada Income
Company (“CRA”). There could be no assurance that the Tax Proposals will probably be carried out of their present kind or in any respect, nor can there be any assurance that the CRA is not going to change its administrative or
assessing practices. This description additional assumes that the Belief will adjust to the Belief Settlement and that the Supervisor and the Belief will adjust to a certificates issued to Canadian counsel
concerning sure factual issues. Apart from the Tax Proposals, this description doesn’t in any other case have in mind or anticipate any change within the regulation, whether or not by legislative, governmental or
judicial choice or motion, which can have an effect on adversely any revenue tax penalties described herein, and doesn’t have in mind provincial, territorial or overseas tax concerns, which can
differ considerably from these described herein.

        This description shouldn’t be exhaustive of all potential Canadian federal tax concerns relevant to an funding in belief items. Furthermore, the revenue and different
tax penalties of buying, holding or disposing of belief items will fluctuate relying on a taxpayer’s specific circumstances. Accordingly, this description is of a normal nature solely and isn’t
meant to represent authorized or tax recommendation to any unitholder
or potential purchaser of belief items. You must seek the advice of with your individual tax advisors about tax penalties of an funding in belief items based mostly in your specific
circumstances.

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        For the needs of the Tax Act, all quantities referring to the acquisition, holding or disposition of belief items (together with distributions, adjusted price
base and proceeds of disposition), or transactions of the Belief, have to be expressed in Canadian {dollars}. Quantities denominated in United States {dollars} have to be transformed into Canadian {dollars}
utilizing the speed of alternate quoted by the Financial institution of Canada at midday on the day on which the quantity first arose or such different fee of alternate as is appropriate to the CRA.

Qualification as a Mutual Fund Belief

        This description relies on the assumptions that the Belief will qualify always as a “unit belief” and a
“mutual fund belief” throughout the that means of the Tax Act and that the Belief has validly elected beneath the Tax Act to be a mutual fund belief from the date it was established. The Supervisor
expects that the Belief will meet the necessities needed for it to qualify as a mutual fund belief always beneath this prospectus.

        One
of the situations to qualify as a mutual fund belief for the needs of the Tax Act is that the Belief has not been established or maintained primarily for the advantage of
non-residents except, always, all or considerably all the Belief’s property consists of property aside from “taxable Canadian property” throughout the that means of the Tax Act. Bodily gold
bullion shouldn’t be “taxable Canadian property”. Accordingly, based mostly on the funding targets and funding restrictions, the Belief mustn’t maintain any such property.

        In
addition, to qualify as a mutual fund belief: (i) the Belief have to be a Canadian resident “unit belief” for functions of the Tax Act; (ii) the one enterprise of the
Belief have to be (a) the investing of its funds in property (aside from actual property or pursuits in actual property), or (b) the buying, holding, sustaining, enhancing, leasing or
managing of any actual property (or curiosity in actual property) that’s capital property of the Belief, or (c) any mixture of the actions described in (a) and (b); and
(iii) the Belief should adjust to sure minimal necessities concerning the possession and dispersal of belief items (the “minimal distribution necessities”). On this regard, the Supervisor
intends to trigger the Belief to qualify as a unit belief all through the lifetime of the Belief; that the Belief’s enterprise conforms with the restrictions for mutual fund trusts; and that it has no motive to
consider on the date hereof that the Belief is not going to adjust to the minimal distribution necessities in any respect materials occasions.

        If the Belief have been to not qualify as a mutual fund belief always, the revenue tax concerns described on this description and beneath “Eligibility Beneath the
Tax Act for Funding by Canadian Exempt Plans” would, in some respects, be materially and adversely totally different.

Canadian Taxation of the Belief

        Every taxation 12 months of the Belief will finish on December 31. In every taxation 12 months, the Belief will probably be topic to tax beneath
Half I of the Tax Act on any revenue for the 12 months, together with web realized taxable capital beneficial properties, much less the portion thereof that it deducts in respect of the quantities paid or payable within the
12 months to unitholders. An quantity will probably be thought-about to be payable to a unitholder in a taxation 12 months whether it is paid to the unitholder within the 12 months by the Belief or if the unitholder is entitled in that
12 months to implement fee of the quantity. The Belief intends to deduct, in computing its revenue in every taxation 12 months, such quantity in annually as will probably be enough to make sure that the Belief will
typically not be answerable for revenue tax beneath Half I of the Tax Act. The Belief will probably be entitled for every taxation 12 months to cut back (or obtain a refund in respect of) its legal responsibility,
if any, for tax on its capital beneficial properties by an quantity decided beneath the Tax Act based mostly on the redemption of belief items through the 12 months. Based mostly on the foregoing, the Belief will typically not be
answerable for revenue tax beneath Half I of the Tax Act.

        The
CRA has expressed the opinion that beneficial properties (or losses) of mutual fund trusts ensuing from transactions in commodities ought to typically be handled for functions of the
Tax Act as being derived from an journey within the nature in commerce, in order that such transactions give rise to peculiar revenue reasonably than capital
beneficial properties — though the therapy in every specific case stays a query of truth to be decided having regard to all of the circumstances. Within the view of Canadian
counsel, the holding by the Belief of bodily gold bullion with no intention of disposing of such bullion besides in specie on a redemption of
belief items probably wouldn’t characterize an journey within the nature of commerce so {that a} disposition, on a redemption of belief items, of bodily gold bullion that beforehand had been acquired with such
intention
would probably give rise to a capital achieve (or capital loss) to the Belief. Because the Supervisor intends for the Belief to be a long-term holder of bodily gold bullion and doesn’t anticipate that the
Belief will promote its bodily gold bullion (in any other case than the place essential to fund bills of

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the
Belief), the Supervisor anticipates that the Belief typically will deal with beneficial properties (or losses) on account of inclinations of bodily gold bullion as capital beneficial properties (or capital losses),
though relying on the circumstances, the Belief could as an alternative embody (or deduct) the complete quantity of such beneficial properties or losses in computing its revenue. If the CRA have been to evaluate or re-assess the
Belief on the idea that beneficial properties realized on inclinations of bodily gold bullion weren’t on capital account, then the Belief could possibly be required to pay Canadian revenue tax on such beneficial properties beneath
Half I of the Tax Act to the extent such beneficial properties weren’t distributed to unitholders, which might scale back the NAV for all unitholders.

        The
Belief will even be required to incorporate in its revenue for every taxation 12 months all curiosity that accrues to it to the top of the 12 months, or turns into receivable or is obtained by it earlier than
the top of the 12 months, besides to the extent that such curiosity was included in computing its revenue for a previous taxation 12 months. Upon the precise or deemed disposition of indebtedness, the Belief will
be required to incorporate in computing its revenue for the 12 months of disposition all curiosity that accrued on such indebtedness from the final curiosity fee date to the date of disposition besides to the
extent such curiosity was included in computing the Belief’s revenue for that or one other taxation 12 months, and such revenue inclusion will scale back the proceeds of disposition for functions of computing any
capital achieve or loss.

        Beneath
the present provisions of the Tax Act, the Belief is entitled to deduct in computing its revenue cheap administrative and different working bills (aside from sure
bills on account of capital) incurred by it for the needs of incomes revenue (aside from taxable capital beneficial properties). No assurance could be offered that administration bills of the Belief is not going to be
thought-about to be on account of capital. The Belief typically can also deduct from its revenue for the 12 months a portion of the cheap bills incurred by it to situation belief items. The portion of the
situation bills deductible by the Belief in a taxation 12 months is 20% of the entire situation bills, professional rated the place the Belief’s taxation 12 months is lower than 365 days.

        Losses
incurred by the Belief in a taxation 12 months can’t be allotted to unitholders, however could also be deducted by the Belief in future years in accordance with the Tax Act.

SIFT Belief Guidelines

        The Belief will probably be a “SIFT belief” as outlined within the Tax Act for a taxation 12 months of the Belief if in that 12 months the belief items are
listed or traded on a inventory alternate or different public market and the Belief holds a number of “non-portfolio properties,” as outlined within the Tax Act. If the Belief have been a SIFT
belief for a taxation 12 months of the Belief, it could successfully be taxed equally to an organization on revenue and capital beneficial properties in respect of such non-portfolio properties at a mixed
federal/provincial tax fee corresponding to charges that apply to revenue earned and distributed by Canadian companies. Distributions of such revenue obtained by unitholders can be handled as dividends
from a taxable Canadian company.

        Bodily
gold bullion and different property of the Belief will probably be non-portfolio property if such property is utilized by the Belief (or by an individual or partnership with which it doesn’t
deal at arm’s size throughout the that means of the Tax Act) in the middle of carrying on a enterprise in Canada. In some circumstances, important holdings of “securities” (the time period
“safety” is broadly outlined within the Tax Act) of different entities may be non-portfolio property.

        The
Belief is topic to funding restrictions, together with a prohibition towards carrying on any enterprise, which might be meant to make sure that it is not going to be a SIFT belief. The mere holding
by the Belief of bodily gold bullion as capital property (or as an journey within the nature of commerce) wouldn’t characterize using such property in carrying on a enterprise in Canada and,
subsequently, wouldn’t by itself trigger the Belief to be a SIFT belief.

Canadian Taxation of Unitholders

Unitholders Resident in Canada

        This a part of the final description of the principal Canadian federal revenue tax concerns is relevant to a unitholder who, for
the needs of the Tax Act and any relevant tax treaty, is, or is deemed to be, resident in Canada in any respect related occasions (a “Canadian unitholder”). This portion of the outline is
primarily directed at unitholders who’re people. Unitholders who’re Canadian resident companies, trusts or different entities ought to seek the advice of their very own tax advisors concerning their specific
circumstances.

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        Canadian
unitholders will typically be required to incorporate of their revenue for tax functions for a specific 12 months the portion of the revenue of the Belief for that individual taxation
12 months, together with web realized taxable capital beneficial properties, if any, that’s paid or payable to the Canadian unitholder within the specific taxation 12 months,
whether or not such quantity is obtained in extra belief items or money. Supplied that applicable designations are made by the Belief, such portion of its web taxable capital beneficial properties as is paid or payable to
a Canadian unitholder will successfully retain its character and be handled as such within the fingers of the unitholder for functions of the Tax Act.

        The
non-taxable portion of any web realized capital beneficial properties of the Belief that’s paid or payable to a Canadian unitholder in a taxation 12 months is not going to be included in computing the Canadian
unitholder’s revenue for the 12 months. Another quantity in extra of the revenue of the Belief that’s paid or payable to a Canadian unitholder in such 12 months additionally is not going to typically be included within the
Canadian unitholder’s revenue for the 12 months. Nevertheless, the place such different quantity is paid or payable to a Canadian unitholder (aside from as proceeds of disposition of belief items), the Canadian unitholder
typically will probably be required to cut back the adjusted price base of a belief unit to the Canadian unitholder by such quantity. To the extent that the adjusted price base of a belief unit would in any other case be much less
than zero, the detrimental quantity will probably be deemed to be a capital achieve realized by the Canadian unitholder from the disposition of the belief unit and the Canadian unitholder’s adjusted price base in
respect of the belief unit will probably be elevated by the quantity of such deemed capital achieve to zero.

        Upon
the precise or deemed disposition of a belief unit, together with its redemption, a capital achieve (or a capital loss) will typically be realized to the extent that the proceeds of
disposition of the belief unit exceed (or are exceeded by) the mixture of the adjusted price base of the belief unit to the Canadian unitholder and any prices of disposition. For the aim of
figuring out the adjusted price base to a Canadian unitholder of a belief unit, when a belief unit is acquired, the price of the newly acquired belief unit will probably be averaged with the adjusted price base of
all belief items owned by the Canadian unitholder as capital property that have been acquired earlier than that point. For this goal, the price of belief items which were issued as a further distribution
will typically be equal to the quantity of the online revenue or capital achieve distributed to the Canadian unitholder in belief items. A consolidation of belief items following a distribution paid within the kind
of extra belief items is not going to be thought to be a disposition of belief items and won’t have an effect on the mixture adjusted price base to a Canadian unitholder of belief items.

        Beneath
the Tax Act, one-half of capital beneficial properties, (“taxable capital beneficial properties”) are included in a person’s revenue and one-half of capital losses, (“allowable capital losses”) are
typically deductible solely towards taxable capital beneficial properties. Any unused allowable capital losses could also be carried again as much as three taxation years and ahead indefinitely and deducted towards web taxable
capital beneficial properties realized in any such different 12 months to the extent and beneath the circumstances described within the Tax Act. Capital beneficial properties realized by people could give rise to various minimal tax.
If any transactions of the Belief are reported by it on capital account however are subsequently decided by the CRA to be on revenue account, there could also be a rise within the web revenue of the Belief for
tax functions and the taxable part of redemption proceeds (or another quantities) distributed to unitholders, with the end result that Canadian resident unitholders could possibly be reassessed by the
CRA to extend their taxable revenue by the quantity of such enhance.

        If,
at any time, the Belief delivers bodily gold bullion to any Canadian unitholder upon a redemption of a Canadian unitholder’s belief items, the Canadian unitholder’s proceeds of
disposition of the belief items will typically be equal to the mixture of the truthful market worth of the distributed bodily gold bullion and the quantity of any money obtained, much less any capital achieve or
revenue realized by the Belief on the disposition of such bodily gold bullion and allotted to the Canadian unitholder. The price of any bodily gold bullion distributed by the Belief in specie will
typically be equal to the truthful market worth of such bodily gold bullion on the time of the distribution. Pursuant to the Belief
Settlement, the Belief has the authority to distribute, allocate and designate any revenue or taxable capital beneficial properties of the Belief to a Canadian unitholder who has redeemed belief items throughout a 12 months in an
quantity equal to the taxable capital beneficial properties or different revenue realized by the Belief on account of such redemption (together with any taxable capital achieve or revenue realized by the
Belief in distributing bodily gold bullion to a unitholder who has redeemed belief items for such bodily gold bullion, and any taxable capital achieve or revenue realized by it earlier than, at or after the
redemption on promoting bodily gold bullion with a view to fund the fee of the money redemption proceeds), or such different quantity that’s decided by the Belief to be cheap. The Supervisor
anticipates that the Belief will typically make such an allocation the place the Supervisor determines that the Belief realized a capital achieve on such redemption and the Belief had web realized capital beneficial properties

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for
that 12 months for which the Belief was not entitled to a capital beneficial properties refund (as described beneath “Materials Tax Issues — Materials Canadian Federal
Earnings Tax Issues — Canadian Taxation of the Belief”). Any such allocations will scale back the redeeming Canadian unitholder’s proceeds of disposition for the
functions of the Tax Act.

        The
Supervisor anticipates that the Belief typically will deal with beneficial properties on account of inclinations of bodily gold bullion as capital beneficial properties (see above beneath “Materials Tax
Issues — Materials Canadian Federal Earnings Tax Issues — Canadian Taxation of the Belief”) and that it
anticipates that when the Belief distributes bodily gold bullion on the redemption of belief items by Canadian unitholders, any ensuing taxable capital beneficial properties of the Belief (to the extent that
there are ensuing web realized capital beneficial properties of the Belief for the associated taxation 12 months) for which the Belief shouldn’t be entitled to a capital beneficial properties refund, as described beneath “Canadian Taxation of the
Belief” typically will probably be designated as taxable capital beneficial properties of such unitholders. If any transactions of the Belief are reported by it on capital account however are subsequently decided by the CRA to
be on revenue account, there could also be a rise within the web revenue of the Belief for tax functions and the taxable part of redemption proceeds (or another quantities) distributed to
unitholders, with the end result that Canadian unitholders could possibly be reassessed by the CRA to extend their taxable revenue by the quantity of such enhance.

Unitholders Not Resident in Canada

        This portion of the outline is relevant to a unitholder who, in any respect related occasions for functions of the Tax Act, has not
been and isn’t resident in Canada or deemed to be resident in Canada and doesn’t use or maintain, and isn’t deemed to make use of or maintain its belief items in reference to a enterprise that the unitholder
carries on, or is deemed to hold on, in Canada at any time, and isn’t an insurer or financial institution who carries on an insurance coverage or banking enterprise or is deemed to hold on an insurance coverage or banking enterprise in
Canada and elsewhere(a “Non-Canadian unitholder”). Potential non-resident purchasers of belief items ought to seek the advice of their very own tax advisors to find out their entitlement to reduction beneath any
revenue tax treaty between Canada and their jurisdiction of residence, based mostly on their specific circumstances.

        Any
quantity paid or credited by the Belief to a Non-Canadian unitholder as revenue of or from the Belief, whether or not such quantity is obtained in extra belief items or money (aside from an
quantity that the Belief has
designated in accordance with the Tax Act as a taxable capital achieve, and together with an quantity paid on a redemption of belief items to a Non-Canadian unitholder that’s designated as a
distribution of revenue in accordance with the Belief Settlement) typically will probably be topic to Canadian withholding tax at a fee of 25%, except such fee is decreased beneath the provisions of an revenue tax
treaty between Canada and the Non-Canadian unitholder’s jurisdiction of residence. Pursuant to the Conference Between Canada and the United States of America With
Respect to Taxes on Earnings and on Capital, as amended (the “Treaty”), a Non-Canadian unitholder who’s a resident of the United States and entitled to advantages
beneath the Treaty will typically be entitled to have the speed of Canadian withholding tax decreased to 15% of the quantity of any distribution that’s paid or credited as revenue of or from the Belief. A
Non-Canadian unitholder that may be a spiritual, scientific, literary, academic or charitable group that’s resident in, and exempt from tax in, the United States could also be exempt from
Canadian withholding tax beneath the Treaty, offered that sure administrative procedures are noticed concerning the registration of such unitholder.

        Any
quantity paid or credited by the Belief to a Non-Canadian unitholder that the Belief has validly designated in accordance with the Tax Act as a taxable capital achieve, together with
such an quantity paid on a redemption of belief items, typically is not going to be topic to Canadian withholding tax or in any other case be topic to tax beneath the Tax Act.

        The
Belief doesn’t presently personal any “taxable Canadian property” and doesn’t intend to personal any taxable Canadian property. Nevertheless, if the Belief realizes a capital achieve on the
disposition of a taxable Canadian property and that achieve is handled beneath the Tax Act and in accordance with a designation by the Belief as being distributed to a Non-Canadian unitholder, there
could also be Canadian withholding tax on the fee of 25% (except decreased by an relevant tax treaty) on each the taxable and non-taxable parts of the achieve.

        Any
quantity in extra of the revenue of the Belief that’s paid or payable by the Belief to a Non-Canadian unitholder (together with the non-taxable portion of capital beneficial properties realized by the
Belief) typically is not going to be topic to Canadian withholding tax. The place such extra quantity is paid or turns into payable to a Non-Canadian

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unitholder,
in any other case than as proceeds of disposition or deemed disposition of belief items or any half thereof, the quantity typically will scale back the adjusted price base of the belief items held by such
Non-Canadian unitholder. (Nevertheless, the non-taxable portion of web realized capital beneficial properties of the Belief that’s paid or payable to a Non-Canadian unitholder is not going to scale back the adjusted price base of the
belief items held by the Non-Canadian unitholder.) If, on account of such discount, the adjusted price base to the Non-Canadian unitholder in any taxation 12 months of belief items would in any other case be a
detrimental quantity, the Non-Canadian unitholder will probably be deemed to understand a capital achieve in such quantity for that 12 months from the disposition of belief items. Such capital achieve is not going to be topic to tax
beneath the Tax Act, except the belief items characterize “taxable Canadian property” to such Non-Canadian unitholder. The Non-Canadian unitholder’s adjusted price base in respect of belief items will,
instantly after the belief of such capital achieve, be zero.

        A
disposition or deemed disposition of a belief unit by a Non-Canadian unitholder, whether or not on a redemption or in any other case, is not going to give rise to any capital achieve topic to tax beneath the
Tax Act, offered that the belief unit doesn’t represent “taxable Canadian property” of the Non-Canadian unitholder for functions of the Tax Act. Belief items is not going to be “taxable
Canadian property” of a Non-Canadian unitholder except at any time through the 60-month interval instantly previous their disposition by such Non-Canadian unitholder, (i) 25% or extra of the
issued belief items have been owned by or belonged to a number of of the Non-Canadian unitholder, individuals with whom the Non-Canadian unitholder didn’t deal at arm’s size and partnerships by which the
Non-Canadian unitholder or individuals with whom the non-Canadian unitholder didn’t deal at arm’s size holds a membership curiosity instantly or not directly by way of a number of partnerships; and
(ii) the belief items derived instantly or not directly greater than 50% of their truthful market worth from any mixture of “Canadian useful resource properties” (which definition within the Tax Act does
not embody gold bullion), actual or immovable property located in Canada, timber useful resource properties (as outlined within the Tax Act) or choices or pursuits in such properties or the belief
items have been in any other case deemed to be taxable Canadian property. Assuming that the Belief adheres to its mandate to speculate and maintain considerably all of its belongings in bodily gold bullion, the belief items
shouldn’t be taxable Canadian property.

        Even
if belief items held by a Non-Canadian unitholder have been “taxable Canadian property”, a capital achieve from the disposition of belief items could also be exempted from tax beneath the
Tax Act pursuant to an relevant revenue tax treaty or conference. A capital achieve realized on the disposition of belief items by a Non-Canadian unitholder entitled to advantages beneath the Treaty
(and who shouldn’t be a former resident of Canada for functions of the Treaty) needs to be exempt from tax beneath the Tax Act.

        Non-Canadian
unitholders whose belief items represent “taxable Canadian property” and who usually are not entitled to reduction beneath an relevant revenue tax treaty are referred to the dialogue
above beneath “Materials Tax Issues — Canadian Taxation of Unitholders — Unitholders Resident in Canada” referring to
the Canadian tax penalties in respect of a disposition of a belief unit.

        The
Supervisor anticipates that the Belief typically will deal with beneficial properties on account of inclinations of bodily gold bullion as capital beneficial properties (see above beneath “Materials Tax
Issues — Materials Canadian Federal Earnings Tax Issues — Canadian Taxation of the Belief”) and that it
anticipates that when the Belief distributes bodily gold bullion on the redemption of belief items by Non-Canadian unitholders, any ensuing taxable capital beneficial properties of the Belief (to the extent
that there are ensuing web realized capital beneficial properties of the Belief for the associated taxation 12 months) for which the Belief shouldn’t be entitled to a capital beneficial properties refund, as described beneath “Materials Tax
Issues — Materials Canadian Federal Earnings Tax Issues — Canadian Taxation of the Belief” typically will probably be
designated as taxable capital beneficial properties of such unitholders. If such therapy is accepted by the CRA, there will probably be no Canadian withholding tax relevant to such distributions, and Non-Canadian
unitholders is not going to be topic to tax beneath the Tax Act on quantities so designated. Nevertheless, if the CRA have been to contemplate that such beneficial properties as an alternative have been beneficial properties from an journey within the nature of
commerce, the distribution of such beneficial properties typically can be topic to Canadian withholding tax, as mentioned above. Equally, if the Belief disposed of bodily gold bullion (or different belongings) at
a achieve and designated one-half of that achieve as a taxable capital achieve of a Non-Canadian unitholder who had redeemed belief items for money, the complete quantity of such achieve typically can be topic to
Canadian withholding tax if the CRA have been to deal with such achieve as being from an journey within the nature of commerce reasonably than as a capital achieve.

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        In
addition to the foregoing, if the CRA have been to evaluate or re-assess the Belief itself on the idea that beneficial properties weren’t on capital account, then the Belief could possibly be required to pay
Canadian revenue tax on such beneficial properties beneath Half I of the Tax Act, which might scale back the NAV for all unitholders, together with Non-Canadian unitholders.

Taxation of Registered Plans

        Supplied that both (i) the Belief qualifies as a “mutual fund belief” throughout the that means of the Tax Act or
(ii) the belief items are listed on a “designated inventory alternate” for functions of the Tax Act, the belief items, if issued on the date hereof, will probably be certified investments beneath the
Tax Act and the laws thereunder for Plan Trusts (being any belief governing a Registered Plan).

        However
that the belief items could also be certified investments for tax-free financial savings accounts (“TFSAs”), registered incapacity financial savings plans (“RDSPs”), registered training financial savings
plans (“RESPs”), RRSPs and registered retirement revenue funds (“RRIFs”), the subscriber of a RESP, the holder of a RDSP or TFSA, because the case could also be, or the annuitant beneath a RRSP or RRIF, because the case
could also be, will probably be topic to penalty taxes in respect of the belief items if such properties are a “prohibited funding” (as outlined within the Tax Act) for the RESP, RDSP, TFSA, RRSP or
RRIF, as relevant. Belief items is not going to typically be a prohibited funding offered that the subscriber, holder or annuitant, as relevant, offers at arm’s size with the Belief for functions of
the Tax Act and doesn’t have a “important curiosity” (throughout the that means of the Tax Act) within the Belief. Typically, a subscriber, holder or annuitant, because the case could also be, is not going to have a
“important curiosity” within the Belief except the subscriber, holder, or annuitant, because the case could also be, owns pursuits as a beneficiary beneath the Belief which have a good market worth of 10% or extra of the
truthful market worth of the pursuits of all beneficiaries beneath the Belief, both alone or along with individuals and partnerships with which the subscriber, holder or annuitant, because the case could also be, does
not deal at arm’s size, As well as, the belief items is not going to be a “prohibited funding” if such items are “excluded property” as outlined within the Tax Act for a belief ruled by a RESP,
RDSP, TFSA, RRSP or RRIF (collectively “Registered Plans”).

        Quantities
of revenue and capital beneficial properties included in a Plan Belief’s revenue are typically not taxable beneath Half I of the Tax Act, offered that the belief items are certified
investments for the Plan Belief. Unitholders ought to seek the advice of their very own advisors concerning the tax implications of building, amending, terminating or withdrawing quantities from a Plan Belief.

U.S. ERISA CONSIDERATIONS

        The next disclosure is a abstract of sure features of legal guidelines and laws relevant to retirement plan investments as in
existence on the date hereof, all of that are topic to alter. This abstract is normal in nature and doesn’t handle each situation which may be relevant to the belief items or a specific investor.

        The
U.S. Worker Retirement Earnings Safety Act of 1974, as amended, (“ERISA”), imposes sure necessities on worker profit plans topic to Title I of ERISA and on entities
which might be deemed to carry the belongings of such plans (collectively, “ERISA Plans”), and on these individuals who’re fiduciaries with respect to ERISA Plans. Investments by ERISA Plans are topic to ERISA’s
normal fiduciary necessities, together with, however not restricted to, the requirement of funding prudence and diversification and the requirement that an ERISA Plan’s investments be made in accordance
with the paperwork governing the ERISA Plan.

        Part 406
of ERISA and Part 4975 of the Code prohibit sure transactions involving the belongings of an ERISA Plan (as nicely as these plans and accounts which might be
not topic to ERISA however that are topic to Part 4975 of the Code, corresponding to particular person retirement accounts, and entities which might be deemed to carry the belongings of such plans and accounts
(along with ERISA Plans, the “Plans”) and sure individuals (“events in curiosity” or “disqualified individuals”) having sure relationships to such Plans, except a statutory or administrative
exemption is relevant to the transaction. A celebration in curiosity or disqualified one that engages in a prohibited transaction could also be topic to excise taxes and different penalties and liabilities beneath
ERISA and the Code.

        Any
Plan fiduciary that proposes to trigger a Plan to buy the belief items ought to seek the advice of together with his, her or its counsel concerning the applicability of the fiduciary duty and
prohibited transaction provisions of ERISA and Part 4975 of the Code to such an funding, and to verify that such buy is not going to represent or end in a non-exempt prohibited
transaction or another violation of an relevant requirement of ERISA or the Code.

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        Non-U.S. plans, governmental plans (as outlined in Part 3(32) of ERISA) and sure church plans (as outlined in Part 3(33)
of ERISA), whereas not topic to the fiduciary duty provisions of ERISA or the prohibited transaction provisions of ERISA and Part 4975 of the Code, could nonetheless be topic to
different federal, state, native or non-U.S. legal guidelines or laws which might be considerably much like the foregoing provisions of ERISA and the Code (“Comparable Regulation”). Fiduciaries of any such plans
ought to seek the advice of with their counsel earlier than buying the belief items to find out the necessity for, if needed, and the provision of, any exemptive reduction beneath any Comparable Regulation.

        Beneath
ERISA and the U.S. Division of Labor’s “Plan Asset Rules” at 29 C.F.R. §2510.3-101, as modified by Part 3(42) of ERISA, when a Plan
acquires an fairness curiosity in an entity that’s neither a “publicly-offered safety” nor a safety issued by an funding firm registered beneath the Funding Firm Act of 1940, as amended,
the Plan’s belongings embody each the fairness curiosity and an undivided curiosity in every of the underlying belongings of the entity, except it’s established that both lower than 25 % of the
complete worth of every class of fairness pursuits within the entity is held by “profit plan buyers” (as outlined in Part 3(42) of ERISA), which we check with because the “25 % take a look at”,
or the entity is an “working firm”, as outlined within the Plan Asset Rules. So as to be thought-about a “publicly supplied safety,” the belief items have to be (i) freely transferable,
(ii) a part of a category of securities that’s
owned by 100 or extra buyers impartial of the Belief and of each other, and (iii) both (1) a part of a category of securities registered beneath Part 12(b) or 12(g) of
the Change Act or (2) bought to the Plan as a part of an providing of securities to the general public pursuant to an efficient registration assertion beneath the Securities Act, and the category of securities
of which the securities are an element is registered beneath the Change Act inside 120 days (or such later time as could also be allowed by the SEC) after the top of the Belief’s fiscal 12 months throughout
which the providing of such securities to the general public occurred. It’s anticipated that the Belief is not going to qualify as an “working firm”, and the Belief doesn’t intend to observe funding by
profit plan buyers within the Belief for functions of satisfying the 25 % take a look at. The Belief anticipates, nevertheless, that it’ll qualify for the exemption beneath the Plan Asset Rules for
“publicly supplied securities”, though there could be no assurance in that regard.

ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS

        Within the opinion of Baker & McKenzie LLP, counsel for the Belief, offered that both: (i) the Belief qualifies as a
“mutual fund belief” throughout the that means of the Tax Act; or (ii) the belief items are listed on a “designated inventory alternate” for functions of the Tax Act, the belief items, if issued
on the date hereof, will probably be certified investments beneath the Tax Act and the laws thereunder for RRSPs, RRIFs, deferred revenue sharing plans, RDSPs, RESPs and TFSAs.

        However
that the belief items could also be certified investments for RESPs, RDSPs, TFSAs, RRSPs and RRIFs, the subscriber of a RESP, the holder of a RDSP or TFSA, because the case could also be, or
the annuitant beneath an RRSP or RRIF, because the case could also be, will probably be topic to penalty taxes in respect of the belief items if such properties are a “prohibited funding” for the RESP, RDSP, TFSA, RRSP
or RRIF, as relevant. Belief items is not going to typically be a prohibited funding offered that the subscriber, holder or annuitant, as relevant, offers at arm’s size with the Belief for functions of
the Tax Act and doesn’t have a “important curiosity” within the Belief. Typically, a subscriber, holder or annuitant, because the case could also be, is not going to have a “important curiosity” within the Belief except
the subscriber, holder, or annuitant, because the case could also be, owns pursuits as a beneficiary beneath the Belief which have a good market worth of 10% or extra of the truthful market worth of the pursuits of all
beneficiaries beneath the Belief, both alone or along with individuals and partnerships with which the subscriber, holder or annuitant, because the case could also be, doesn’t deal at arm’s size, As well as,
the belief items is not going to be a “prohibited funding” if such items are “excluded property” as outlined within the Tax Act for a belief ruled by a RESP, RDSP, TFSA, RRSP or RRIF.

AUDITORS

        The Annual Monetary Statements, integrated on this prospectus by reference, have been audited by KPMG LLP, Chartered
Skilled Accountants, Licensed Public Accountants, as said of their report, which is integrated herein by reference. KPMG LLP has suggested the Belief and the Supervisor that it was
impartial throughout the that means of the Guidelines of Skilled Conduct of the Chartered Skilled Accountants of Ontario for the interval beneath audit in respect of the Belief’s monetary 12 months ended
December 31, 2017.

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LEGAL MATTERS

        Sure authorized issues referring to the belief items supplied by this prospectus will probably be handed upon for us by Baker &
McKenzie LLP, Toronto, Ontario, with respect to issues of Canadian regulation, and Seward & Kissel LLP, New York, New York with respect to issues of United States
regulation. As of the date hereof, the “designated professionals” (as such time period is outlined in Kind 51-102F2 — Annual Data
Kind) of every of Baker & McKenzie LLP and Seward & Kissel LLP, respectively, beneficially personal, instantly or not directly, lower than 1% of any class of
belief items issued by the Belief.

DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT

        The next paperwork have been filed or will probably be filed with the SEC as a part of the registration assertion of which this prospectus
kinds an element: the paperwork listed beneath “Paperwork Included by Reference”; consents of accountants and counsel; and powers of legal professional.

EXEMPTIONS AND APPROVALS

        The Belief has obtained exemptive reduction from the Canadian securities regulatory authorities for reduction from NI 81-102 to allow
(i) the Belief to speculate as much as 100% of its belongings, taken at market worth on the time of buy, in bodily gold bullion; (ii) the appointment of the Mint as custodian of the Belief’s
bodily gold bullion belongings; (iii) purchases of belief items on NYSE Arca and the TSX and redemption requests to be submitted on to the registrar and switch agent of the Belief;
(iv) the redemption of belief items and fee upon redemption of belief items all as described beneath “Sprott Bodily Gold Belief — Enterprise of the
Belief — Redemption of Belief Items for Bodily Gold Bullion” and “Sprott Bodily Gold Belief — Enterprise of the
Belief — Redemption of Belief Items for Money”; and (v) the Belief to determine a document date for distributions in accordance with the insurance policies of the TSX and
NYSE Arca. The Belief has additionally obtained exemptive reduction from the requirement to file compliance studies or audit studies in accordance with Appendix B-1 of NI 81-102.

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Sprott Bodily Gold Belief

As much as U.S.$262,954,421
Belief Items

PROSPECTUS SUPPLEMENT

February 24, 2020

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