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 Trust seeks to provide an exchange-traded investment alternative for investors interested in holding physical gold bullion. The Trust invests 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. Sprott Asset Management LP (the Manager) is the manager and RBC Investor Services Trust, a trust company, is the trustee of the Trust. The Trust employs two custodians. RBC Investor Services Trust also acts as custodian on behalf of the Trust for the Trust's assets other than physical gold bullion. The Royal Canadian Mint acts as custodian on behalf of the Trust for the physical gold bullion owned by the Trust.