Sprott Physical Gold Trust updates equity program to $2 billion

Sprott Physical Gold Trust (NYSE: PHYS, TSX: PHYS) announced it has updated its at-the-market equity program to issue up to $2 billion of units in the United States and Canada, according to a company statement.

The program operates under an amended sales agreement dated December 6, 2024, as amended on May 2, 2025, involving multiple agents including Cantor Fitzgerald & Co., Virtu Americas LLC, BMO Capital Markets Corp., and Canaccord Genuity LLC for U.S. sales, with corresponding Canadian entities handling Canadian sales.

Unit sales will occur through at-the-market issuances on NYSE Arca and the Toronto Stock Exchange at prevailing market prices. The trust maintains sole discretion over the volume and timing of any distributions under the program.

The trust stated it intends to use proceeds from the program to acquire physical gold bullion in accordance with its investment objectives. The closed-ended mutual fund trust holds substantially all of its assets in physical gold bullion.

The offering operates under a prospectus supplement dated October 29, 2025, to the trust's base prospectus included in its registration statement filed with the Securities and Exchange Commission on October 28, 2025. Similar documentation was filed with Canadian securities regulators.

U.S. agents will only sell units on U.S. marketplaces and cannot solicit offers in Canada, while Canadian agents are restricted to Canadian marketplaces. Listing of units sold through the program on both exchanges remains subject to fulfilling applicable listing requirements.

Sprott Asset Management LP, a subsidiary of Sprott Inc. (NYSE: SII, TSX: SII), serves as the trust's investment manager.

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