Mr. Glen Williams reports

SPROTT PHYSICAL GOLD AND SILVER TRUST UPDATES ITS AT-THE-MARKET EQUITY PROGRAM

Sprott Asset Management LP, a subsidiary of Sprott Inc., on behalf of the Sprott Physical Gold and Silver Trust, a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical gold and silver bullion, has added additional sales agents to its at-the-market equity program to issue up to $250-million (U.S.) of units of the trust in the United States and Canada.

Distributions under the at-the-market equity programs in the United States and Canada will now be completed in accordance with the terms of an amended and restated sales agreement (the A&R sales agreement) dated Dec. 6, 2024, between Sprott Asset Management (as the manager of the trust), the trust, Cantor Fitzgerald & Co. (CF&Co), Cantor Fitzgerald Canada Corp., Virtu Americas LLC, BMO Capital Markets and Canaccord Genuity LLC (Canaccord, and together with CF&Co, Virtu and BMO, the U.S. agents), Virtu Canada Corp., BMO Nesbitt Burns Inc. (BMO Canada), Canaccord Genuity Corp. (Canaccord Canada and together with BMO Canada, Cantor Canada and Virtu Canada, the Canadian agents, and, together with the U.S. agents, the agents). The A&R sales agreement is available on EDGAR at the website of the United States Securities and Exchange Commission (the SEC) and the SEDAR+ website maintained by the Canadian Securities Administrators.

Sales of units through the agents, acting as agent, will be made through at-the-market issuances on the NYSE Arca and the Toronto Stock Exchange (TSX) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. Neither U.S. agent is registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. agents will only sell units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any units in Canada. The Canadian agents may only sell units on marketplaces in Canada.

The volume and timing of distributions under the ATM program, if any, will be determined in the trust's sole discretion. The trust intends to use the proceeds from the ATM program, if any, to acquire physical gold and silver bullion in accordance with the trust's objective and subject to the trust's investment and operating restrictions.

The offering under the ATM program is now being made pursuant to the amended and restated prospectus supplement dated Dec. 6, 2024 (the A&R U.S. prospectus supplement) to the trust's U.S. base prospectus (the U.S. base prospectus) included in its registration statement on Form F-10 (file No. 333-271163) filed with the SEC on April 6, 2023, and pursuant to the amended and restated prospectus supplement dated Dec. 6, 2024 (the A&R prospectus supplement), to the trust's Canadian short form base shelf prospectus dated April 6, 2023. The A&R U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR at the SEC's website, and the A&R prospectus supplement and the base shelf prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators.

Before you invest, you should read the offering documents and other documents that the trust has filed for more complete information about the trust, the A&R sales agreement and the ATM program.

Listing of the units sold pursuant to the ATM program on the New York Stock Exchange and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

About Sprott and Sprott Asset Management

Sprott Asset Management is a wholly owned subsidiary of Sprott and is the investment manager to the trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, the company consists of specialists. Its in-depth knowledge, experience and relationships separate it from the generalists. The company's investment strategies include exchange-listed products, managed equities and private strategies. Sprott has offices in Toronto, New York, Connecticut and California, and Sprott's common shares are listed on the NYSE and the TSX under the symbol SII.

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