Sprott Physical Gold Trust (the Trust) is a closed-end mutual fund trust. The Trust was created to invest and hold substantially all of its assets in physical gold bullion. The investment objective of the Trust is to seek to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to short- term changes in gold prices. The Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. Sprott Asset Management LP acts as the manager of the Trust. RBC Investor Services Trust acts as the trustee of the Trust.