Mr. Glen Williams reports

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

Sprott Asset Management LP, a subsidiary of Sprott Inc., on behalf of Sprott Physical Gold Trust, has added additional sales agents to its at-the-market equity program to issue up to $1-billion (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 be completed in accordance with the terms of an amended and restated sales agreement dated Dec. 6, 2024, between Sprott Asset Management (as the manager of the trust), the trust, Cantor Fitzgerald & Co., Cantor Fitzgerald Canada Corp., Virtu Americas LLC, BMO Capital Markets, Canaccord Genuity LLC, Virtu Canada Corp., BMO Nesbitt Burns Inc., and Canaccord Genuity Corp. The A&R sales agreement is available on EDGAR at the website of the U.S. Securities and Exchange Commission 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 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 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 being made pursuant to the amended and restated prospectus supplement dated Dec. 6, 2024, to the trust's U.S. base prospectus included in its registration statement on Form F-10 (file No. 333-281989) filed with the SEC on Sept. 6, 2024, and pursuant to the amended and restated prospectus supplement dated Dec. 6, 2024, to the trust's Canadian short form base shelf prospectus dated Sept. 6, 2024. 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 NYSE and the TSX has been approved by the NYSE and the TSX, as applicable, subject to all applicable listing requirements.

About Sprott Physical Gold Trust

Important information about the trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the trust's annual information form for the year ended Dec. 31, 2023. Commissions, management fees, or other charges and expenses may be associated with investing in the trust. The performance of the trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

We seek Safe Harbor.