<SEC-DOCUMENT>0001047469-15-007066.txt : 20150831
<SEC-HEADER>0001047469-15-007066.hdr.sgml : 20150831
<ACCEPTANCE-DATETIME>20150828180955
ACCESSION NUMBER:		0001047469-15-007066
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20150831
DATE AS OF CHANGE:		20150828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-204468
		FILM NUMBER:		151083129

	BUSINESS ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>a2225851zf-10a.htm
<DESCRIPTION>F-10/A
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on August&nbsp;28, 2015  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.333-204468  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> &nbsp;<BR>  </B></FONT></P>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>WASHINGTON,&nbsp;D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>AMENDMENT NO.&nbsp;8<BR>
TO<BR>  </B></FONT><FONT SIZE=5><B>FORM F-10</B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Sprott Physical Gold Trust<BR>  </B></FONT><FONT SIZE=1>(Exact Name of Registrant as Specified in its Charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Canada<BR>  </B></FONT><FONT SIZE=1>(Province or Other Jurisdiction of Incorporation or Organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1040<BR>  </B></FONT><FONT SIZE=1>(Primary Standard Industrial Classification Code Number) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>N/A<BR>  </B></FONT><FONT SIZE=1>(I.R.S. Employee Identification No.) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Suite&nbsp;2700, South Tower<BR>
Royal Bank Plaza<BR>
200&nbsp;Bay Street<BR>
Toronto, Ontario<BR>
Canada M5J&nbsp;2J1<BR>
Telephone: (416)&nbsp;362-7172<BR>  </B></FONT><FONT SIZE=1>(Address, including postal code, and telephone number, including area code, of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Puglisi&nbsp;&amp; Associates<BR>
850&nbsp;Library Avenue, Suite&nbsp;204<BR>
Newark, Delaware 19711<BR>
Telephone: (302)&nbsp;738-6680<BR>  </B></FONT><FONT SIZE=1>(Name, Address (Including Zip Code) and Telephone Number (Including Area Code) of Agent for Service in the United&nbsp;States) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Copies to:  </B></FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Kirstin H. McTaggart<BR>
Sprott Asset Management&nbsp;LP<BR>
Suite&nbsp;2700, South Tower<BR>
Royal Bank Plaza, 200&nbsp;Bay Street<BR>
Toronto, Ontario, Canada M5J&nbsp;2J1<BR>
(416)&nbsp;362-7172</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Christopher J. Cummings, Esq.<BR>
Edwin S. Maynard, Esq.<BR>
Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP<BR>
Toronto-Dominion Centre<BR>
77&nbsp;King Street West, Suite&nbsp;3100<BR>
Toronto, Ontario, Canada M5K&nbsp;1J3<BR>
(416)&nbsp;504-0520</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> John Ciardullo, Esq.<BR>
Mikhel Voore, Esq.<BR>
Stikeman Elliott&nbsp;LLP<BR>
5300&nbsp;Commerce Court West<BR>
199&nbsp;Bay Street<BR>
Toronto, Ontario, Canada M5L&nbsp;1B9<BR>
(416)&nbsp;869-5500</B></FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=1>Approximate
date of commencement of proposed sale of the securities to the public: </FONT><FONT SIZE=1><B>as soon as practicable after this registration statement becomes
effective.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Province of Ontario, Canada<BR>  </B></FONT><FONT SIZE=1>(Principal Jurisdiction Regulating this Form&nbsp;F-10 Offering) </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>It
is proposed that this filing shall become effective (check appropriate box): </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>A.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>upon filing with the Commission, pursuant to Rule&nbsp;467(a) (if&nbsp;in connection with an offering being made contemporaneously in the United&nbsp;States and&nbsp;Canada).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>B.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>at some future date (check appropriate box below):</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than
seven calendar days after&nbsp;filing).</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time seven calendar
days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of
clearance has been issued with respect&nbsp;hereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>After the filing of the next amendment to this form (if&nbsp;preliminary material is being&nbsp;filed).</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=1>If
any of the securities being registered on this Form&nbsp;F-10 are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check
the following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1><BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>
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<TD WIDTH="103pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of Each Class<BR>
of Securities to be Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
Registered<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering Price<SUP>(2)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee<SUP>(3)</SUP></B></FONT><BR></TH>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Units</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>85,822,653</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$814,900,275</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$94,691.41<SUP>(3)</SUP></FONT></TD>
</TR>
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 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents the maximum number of Sprott Physical Gold Trust units, without par value, estimated to be issuable upon
consummation of the offer (the&nbsp;"<U>Offer</U>") for all of the issued and outstanding units of Central GoldTrust multiplied by 4.4470, which represents the number of Sprott
Physical Gold Trust units to be exchanged for each unit of Central GoldTrust pursuant to the&nbsp;Offer.  </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Estimated solely for the purpose of calculating the amount of the registration fee
in accordance with General
Instruction&nbsp;II.H to Form&nbsp;F-10. The proposed maximum aggregate offering price is equal to the product of (i)&nbsp;US$42.225, which is the average of the high and low sale prices of GTU
Units as reported on the NYSE MKT on May&nbsp;20, 2015, and (ii)&nbsp;19,299,000, which is the estimated number of outstanding GTU Units in the aggregate that may be received by Sprott Physical
Gold Trust or cancelled in the transaction described herein in exchange for GTU Units held by U.S.&nbsp;residents. <BR>
If, as a result of stock splits, stock dividends or similar transactions, the number of securities purported to be registered on this Registration Statement changes, the provisions of Rule&nbsp;416
under the Securities Act of 1933, as amended, shall apply to this Registration Statement.  </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Previously paid. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1><B>Financial statements included or incorporated by reference herein have been prepared in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board, and thus may not be comparable to financial statements of U.S.&nbsp;companies. In addition, this offering is being made by a foreign private issuer that is
permitted, under a multijurisdictional disclosure system adopted by the United&nbsp;States, to prepare this document in accordance with the disclosure requirements of Canada. Accordingly, this
Registration Statement on F-10 (the&nbsp;"<U>Registration Statement</U>") and certain information incorporated by reference into this Registration Statement have been prepared
in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United&nbsp;States securities&nbsp;laws.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>Holders of GTU Units in the United&nbsp;States should be aware that the disposition of GTU Units and acquisition of PHYS Units by them as described herein may have tax
consequences both in the United&nbsp;States, Canada and other jurisdictions. Such consequences may not be fully described herein and such holders are urged to consult their
tax&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>The enforcement by holders of GTU Units of civil liabilities under U.S.&nbsp;federal securities laws may be affected adversely by the fact that each of the Offeror, the
Manager, Sprott Asset Management Gold Bid&nbsp;GP&nbsp;Inc. ("<U>SAM Gold Bid&nbsp;GP</U>"), Sprott Asset Management&nbsp;GP&nbsp;Inc.
("<U>SAM&nbsp;GP&nbsp;Inc.</U>"), the Trust and GTU is organized under and governed by the laws of Canada or a province thereof, that the directors and officers of
SAM&nbsp;GP&nbsp;Inc., SAM Gold Bid&nbsp;GP and the trustees of each of the Trust and GTU may be residents of jurisdictions other than the United&nbsp;States, that the experts named in the
Offer and Circular may be residents of jurisdictions other than the United&nbsp;States and that all or a substantial portion of the assets of each of the Offeror, the Manager, SAM Gold
Bid&nbsp;GP, SAM&nbsp;GP&nbsp;Inc., the Trust, GTU and such other said persons may be located outside the United&nbsp;States.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE&nbsp;"<U>COMMISSION</U>") NOR HAS THE COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><BR></FONT></P>
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<A NAME="toc_bc15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART I<BR>  <BR>    INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc15801_item_1._home_jurisdiction_document"> </A>
<A NAME="toc_bc15801_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Document    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;8 amends and supplements the Registration Statement on Form&nbsp;F-10 (as amended, the "Registration
Statement") filed by Sprott Physical Gold Trust (the&nbsp;"<U>Trust</U>"), a closed-end mutual fund trust established under the laws of the Province of Ontario managed by
Sprott Asset Management&nbsp;LP (the&nbsp;"<U>Manager</U>"), on May&nbsp;27, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement relates to the offer to purchase (the&nbsp;"<U>Offer</U>") by Sprott Asset Management Gold Bid&nbsp;LP, a limited partnership created
under the laws of the Province of Ontario (the&nbsp;"<U>Offeror</U>") and owned and controlled by the Manager, all of the issued and outstanding units ("<U>GTU
Units</U>") of Central GoldTrust ("<U>GTU</U>"), a corporation existing under the laws of Canada (NYSE MKT: GTU / TSX: GTU-U), in exchange for units of the Trust
("<U>PHYS&nbsp;Units</U>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is subject to the terms and conditions set forth in the Offeror's offer and circular, dated May&nbsp;27, 2015 (the&nbsp;"<U>Original Offer and
Circular</U>"), as amended by the Notice of Extension and Variation,
dated June&nbsp;22, 2015, the Notice of Extension and Variation, dated July&nbsp;7, 2015, the Corrected Notice of Extension and Variation, dated July&nbsp;7, 2015, the Notice of Extension and
Variation, dated August&nbsp;4, 2015 (each, a "<U>Notice of Extension and Variation</U>"), the Notice of Change, dated August&nbsp;18, 2015, and the Notice of Change, dated
August&nbsp;28, 2015 (each, a&nbsp;"<U>Notice of Change</U>" and, collectively, with the Original Offer and Circular and the Notices of Extension and Variation, the
"<U>Offer and Circular</U>"), and the related letter of transmittal (the&nbsp;"<U>Letter of Transmittal</U>"), copies of which are attached hereto as
Exhibits&nbsp;1.1, 1.12, 1.15, 1.16, 1.17, 1.19, 1.20 and&nbsp;1.2, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer and Circular, the Letter of Transmittal, including all schedules, exhibits and annexes thereto, the Notices of Extension and Variation and the
Notice of Change is hereby expressly incorporated herein by reference in response to all items of information required to be included in, or covered by, the Registration Statement on Form&nbsp;F-10,
and is supplemented by the information specifically provided herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specifically provided herein, this Amendment No.&nbsp;8 does not modify any of the information previously reported in the Registration Statement.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc15801_item_2._additional_information."> </A>
<A NAME="toc_bc15801_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Additional Information.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the financial statements included or incorporated by reference in the Offer and&nbsp;Circular.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc15801_item_3._informational_legends."> </A>
<A NAME="toc_bc15801_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Informational Legends.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the outside front cover page and the introduction of the Offer and Circular.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc15801_item_4._incorporation___bc102219"> </A>
<A NAME="toc_bc15801_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Certain Information by Reference.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Documents Incorporated by Reference" in the Offer and Circular.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc15801_item_5._list_of_documents_filed_with_the_sec."> </A>
<A NAME="toc_bc15801_6"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;List of Documents filed with the SEC.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed with the Commission as part of the Registration Statement: (i)&nbsp;the Offer and Circular
and Letter of Transmittal; (ii)&nbsp;press releases and transcripts related to the Offer; (iii)&nbsp;a letter from the CEO of the Trust related to the Offer; (iv)&nbsp;an investor relations
presentation related to the Offer; (v)&nbsp;the contents of a website related to the Offer; (vi)&nbsp;the form of merger agreement related to the Offer; (vii)&nbsp;the documents listed in the
Offer and Circular as incorporated by reference therein; and (viii)&nbsp;consents of auditors and&nbsp;counsel. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<A NAME="toc_ja15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II<BR>  <BR>    INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS.    <BR>    </B></FONT></P>

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Indemnification of Officers and Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Business Corporations Act </FONT><FONT SIZE=2><I>(Ontario)</I></FONT><FONT SIZE=2> provides that a corporation may indemnify a
director or officer of the corporation, a former director or officer of the corporation or another individual who acts or acted at the corporation's request as a director or officer, or an individual
acting in a similar capacity, of another entity (each of the foregoing, an "<U>individual</U>"), against all costs, charges and expenses reasonably incurred by the individual in
respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity. A corporation
shall not indemnify such an individual (a)&nbsp;unless the individual acted honestly and in good faith with a view to the best interests of the corporation or, as the case may be, to the best
interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the corporation's request and (b)&nbsp;in the case of a criminal or administrative
action or proceeding that is enforced by monetary penalty, unless the director or officer had reasonable grounds for believing that his or her conduct was lawful. Where an individual has met the
conditions set out under (a)&nbsp;and (b)&nbsp;above and was not judged by the court or other competent authority in such a proceeding to have committed any fault or omitted to do anything that
the individual ought to have done, such individual is entitled to indemnification from the corporation for such costs, charges and expenses which were reasonably incurred. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the Trust's trust agreement and the Trust's management agreement provide that the Trust will indemnify and hold harmless the Manager and its partners, officers, agents and employees
from and against any and all expenses, losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in
settlement, provided that the Trust has approved such settlement in accordance with the trust agreement) in respect of the acts, omissions, transactions, duties, obligations or responsibilities of the
Manager as manager to the Trust, except where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by acts or omissions of the Manager done or suffered in breach
of its standard of care or through the Manager's own negligence, willful misconduct, willful neglect, default, bad faith or dishonesty or a material failure in complying with applicable Canadian laws
or the provisions set forth in the management agreement or the trust agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the foregoing parties are insured for losses for which the Trust has
agreed to indemnify&nbsp;them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended (the&nbsp;"<U>Securities Act</U>"), may be permitted to directors,
officers or persons controlling the Trust pursuant to the foregoing provisions, the Trust has been informed that in the opinion of the U.S.&nbsp;Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja15801_exhibits_to_form_f-10"> </A>
<A NAME="toc_ja15801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS TO FORM F-10    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits to this Registration Statement are listed in the exhibit index, which appears elsewhere herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  PART III<BR>  <BR>    UNDERTAKING AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="jc15801_item_1._undertaking."> </A>
<A NAME="toc_jc15801_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertaking.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form&nbsp;F-10 or&nbsp;to transactions in such
securities.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="jc15801_item_2._consent_to_service_of_process."> </A>
<A NAME="toc_jc15801_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to&nbsp;Service of Process.    <BR>    </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Concurrently
with the filing of the original Registration Statement, the Trust filed with the Commission a written irrevocable consent and power of attorney
on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Concurrently
with the filing of the original Registration Statement, RBC Investor Services Trust (the&nbsp;"<U>Trustee</U>") filed
with the Commission a written irrevocable consent and power of attorney on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
change to the name or address of the agent for service of the Trust or the Trustee shall be communicated promptly to the Commission by amendment to the
applicable Form&nbsp;F-X referencing the file number of the relevant Registration Statement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<A NAME="toc_je15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FORM F-10<BR>  <BR>    SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Trust certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;F-10 and&nbsp;has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto,
Province of Ontario, Canada, on August&nbsp;28,&nbsp;2015. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>SPROTT PHYSICAL GOLD TRUST</FONT><BR>
<FONT SIZE=2><I>By</I></FONT><FONT SIZE=2> Sprott Asset Management LP,<BR>
as manager of the&nbsp;Trust</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>


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</FONT> <FONT SIZE=2> Name: John Wilson<BR>
Title: Chief Executive Officer</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the following capacities and on August&nbsp;28, 2015. </FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Signature </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Title </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Date </B></FONT></TH>
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<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Sprott Asset Management&nbsp;LP,<BR>
Manager of the Trust</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>


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</FONT> <FONT SIZE=2> John Wilson</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Executive Officer,<BR>
Co-Chief Investment Officer and Director**<BR>
(Principal Executive Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>August&nbsp;28, 2015</FONT></TD>
</TR>
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<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Steven Rostowsky</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Financial Officer and Director**<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>August&nbsp;28, 2015</FONT></TD>
</TR>
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<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


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</FONT> <FONT SIZE=2> Kirstin H. McTaggart</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Compliance Officer,<BR>
Secretary and Director**</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>August&nbsp;28, 2015</FONT></TD>
</TR>
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<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


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</FONT> <FONT SIZE=2> James R. Fox</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director**</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>August&nbsp;28, 2015</FONT></TD>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>*&nbsp;By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>



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</FONT> <FONT SIZE=2> John Wilson<BR>
Attorney-in-Fact</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Director
of Sprott Asset Management GP Inc., general partner of the Manager of the Trust </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act, the Authorized Representative has duly caused this
registration statement to be signed on its behalf by the undersigned, solely in the capacity of the duly authorized representative of the Trust in the United&nbsp;States, in the City of Newark,
State of Delaware, USA on August&nbsp;28,&nbsp;2015. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>PUGLISI&nbsp;&amp; ASSOCIATES</FONT><FONT SIZE=2><BR>
(Authorized U.S.&nbsp;Representative)</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DONALD J. PUGLISI<BR>


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</FONT> <FONT SIZE=2> Name: Donald J. Puglisi<BR>
Title: Managing Director</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  INDEX TO EXHIBITS    <BR>    </B></FONT></P>

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Exhibits to Form&nbsp;F-10  </B></FONT></P>
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<TH ALIGN="LEFT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>1.1**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Offer and Circular, dated May&nbsp;27, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.2**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Letter of Transmittal.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.3*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated April&nbsp;23, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;23, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.4*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Video Transcript dated April&nbsp;23, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;23, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.5*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Letter from the CEO of the Trust to the Trust's unitholders, dated April&nbsp;24, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;24, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.6*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated April&nbsp;28, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;28, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.7*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated May&nbsp;27, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.8*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Investor Relations Presentation dated May&nbsp;27, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27,&nbsp;2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.9*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Contents of website related to the Offer (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.10**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Merger Agreement by and among the Trust, the Offeror and GTU.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.11*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated June&nbsp;22, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on June&nbsp;22, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.12**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Extension and Variation, dated June&nbsp;22, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.13*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated June&nbsp;29, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on June&nbsp;29,&nbsp;2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.14*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated July&nbsp;7, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on July&nbsp;7, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.15**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Extension and Variation, dated July&nbsp;7, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.16**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Corrected Notice of Extension and Variation, dated July&nbsp;7, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.17**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Extension and Variation, dated August&nbsp;4, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.18*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated August&nbsp;18, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on August&nbsp;18,&nbsp;2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.19**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Change, dated August&nbsp;18, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Change, dated August&nbsp;28, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 2.1**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Soliciting Dealer Group Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.1*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The Annual Information Form of the Trust for the year ended December&nbsp;31, 2014 (incorporated by reference to Exhibit&nbsp;99.5 to&nbsp;the Trust's Form&nbsp;40-F (Commission File No.&nbsp;001-34638) filed with the
Commission on March&nbsp;30, 2015 (the&nbsp;"Form&nbsp;40-F")).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.2*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The annual audited consolidated financial statements of the Trust for the years ended December&nbsp;31, 2014 and December&nbsp;31, 2013 and notes and the auditor's report in respect thereof, and management's report of
fund performance for the financial years ended December&nbsp;31, 2014 and December&nbsp;31, 2013 (incorporated by reference to Exhibit&nbsp;99.6 to&nbsp;the Form&nbsp;40-F).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.3*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The unaudited interim financial statements of the Trust for the three months ended March&nbsp;31, 2015 and management's report of fund performance for the three months ended March&nbsp;31, 2015 (incorporated by
reference to Exhibit&nbsp;99.1 to&nbsp;the Trust's Form&nbsp;6-K (Commission File No.&nbsp;001-34638) filed with the Commission on May&nbsp;11, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Ernst&nbsp;&amp; Young&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 5.2**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Stikeman Elliott&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 6.1**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Powers of Attorney (included on the signature pages of this Registration Statement on Form&nbsp;F-10).</FONT></TD>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Incorporated
by reference.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Previously
filed.  </FONT></DD></DL>
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<BR>
<P><br><A NAME="15ZCC15801_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_1">PART I INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</A></FONT><BR>
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_2">Item 1. Home Jurisdiction Document</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_3">Item 2. Additional Information.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_4">Item 3. Informational Legends.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_5">Item 4. Incorporation of Certain Information by Reference.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc15801_6">Item 5. List of Documents filed with the SEC.</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ja15801_1">PART II INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ja15801_2">EXHIBITS TO FORM F-10</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15801_1">PART III UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15801_2">Item 1. Undertaking.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15801_3">Item 2. Consent to Service of Process.</A></FONT><BR>
</UL>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_je15801_1">FORM F-10 SIGNATURES</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ji15801_1">AUTHORIZED REPRESENTATIVE</A></FONT><BR>
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<TYPE>EX-1.20
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<DESCRIPTION>EXHIBIT 1.20
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<BR></FONT><FONT SIZE=2><B>  Exhibit 1.20    <BR>    </B></FONT></P>

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</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>This document is important and requires your immediate attention. It should be read in conjunction with the Original Offer and Circular.
If you are in any doubt as to how to deal with it, you should consult your investment advisor, stockbroker, bank, trust company or other nominee.</I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>Neither this document nor the Original Offer and Circular constitutes an offer or a solicitation
to any person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to, nor will deposits be accepted from or on behalf of, unitholders in any jurisdiction
in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction. However, the Offeror or its agents may, in the Offeror's sole discretion, take such action
as the Offeror may deem necessary to make the Offer in any jurisdiction and extend the Offer to unitholders in such jurisdiction.</I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>Neither this document nor the Original Offer and Circular has been approved or disapproved by any
securities regulatory authority, nor has any securities regulatory authority passed upon the fairness or merits of the Offer or upon the adequacy of the information contained in this document. Any
representation to the contrary is an offence.</I></B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>August&nbsp;28, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>NOTICE OF CHANGE<BR>  </B></FONT><FONT SIZE=3><B>of the information relating to<BR>  </B></FONT><FONT SIZE=4><B>SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP's<BR>
OFFER TO PURCHASE<BR>  </B></FONT><FONT SIZE=3><B>all of the issued and outstanding units of<BR>  </B></FONT><FONT SIZE=4><B>CENTRAL GOLDTRUST<BR>  </B></FONT><FONT SIZE=3><B>for consideration per GTU&nbsp;Unit consisting of units of  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>
<IMG SRC="g236599.jpg" ALT="GRAPHIC" WIDTH="295" HEIGHT="78">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>based on the relative Net Asset Value per unit<BR>
of Sprott Physical Gold Trust and Central GoldTrust<BR>
(as&nbsp;further described herein)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott Asset Management Gold Bid&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a limited partnership created under the laws of the Province
of Ontario that is owned and controlled by Sprott Asset Management&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Manager</B></FONT><FONT SIZE=2>"), the manager of Sprott Physical Gold Trust, has
prepared this notice of change of information (the&nbsp;"</FONT><FONT SIZE=2><B>Notice of Change</B></FONT><FONT SIZE=2>") to update certain disclosure in its offer dated as of May&nbsp;27, 2015,
as amended by the Notice of Extension and Variation dated as of June&nbsp;22, 2015, the Notice of Extension and Variation dated as of July&nbsp;7, 2015, the Notice of Extension and Variation dated
as of August&nbsp;4, 2015 and the Notice of Change dated as of August&nbsp;18, 2015 (collectively, the "</FONT><FONT SIZE=2><B>Original Offer</B></FONT><FONT SIZE=2>"), to purchase, on and
subject to the terms and conditions of the Original Offer, all of the issued and outstanding units (the&nbsp;"</FONT><FONT SIZE=2><B>GTU&nbsp;Units</B></FONT><FONT SIZE=2>") of Central GoldTrust
("</FONT><FONT SIZE=2><B>GTU</B></FONT><FONT SIZE=2>"), other than any GTU&nbsp;Units held directly or indirectly by the Offeror. The Original Offer, as amended hereby, is referred to herein as
the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<!-- BOXING PARAGRAPH(S) -->
 </FONT></P>
<DIV style="width:100%;border:solid #000000 1pt;margin-right:1pt;padding-top:1pt;padding-right:3pt;padding-bottom:2pt;padding-left:4pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>IN CONNECTION WITH THE OFFER, A SOLICITING DEALER GROUP HAS BEEN FORMED IN CANADA AND THE U.S.&nbsp;SPROTT WEALTH MANAGEMENT&nbsp;LP WILL ACT AS DEALER MANAGER IN CANADA
AND SPROTT GLOBAL RESOURCE INVESTMENTS,&nbsp;LTD. WILL ACT AS DEALER MANAGER IN THE UNITED&nbsp;STATES.<BR>  </B></FONT></P>
 <p style="font-family:times;margin-bottom:-11pt;"></p>
</DIV>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<!-- BOXING PARAGRAPH(S) -->
 </FONT></P>
<DIV style="width:100%;border:solid #000000 1pt;margin-right:1pt;padding-top:1pt;padding-right:3pt;padding-bottom:2pt;padding-left:4pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE OFFER REMAINS OPEN FOR ACCEPTANCE UNTIL 5:00&nbsp;P.M. (TORONTO TIME) ON SEPTEMBER&nbsp;18,&nbsp;2015.<BR>  </B></FONT></P>
 <p style="font-family:times;margin-bottom:-11pt;"></p>
</DIV>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>This
Notice of Change should be read in conjunction with the Original Offer and the take-over bid circular dated as of May&nbsp;27, 2015, as amended by the Notice of Extension and Variation dated as
of June&nbsp;22, 2015, the Notice of Extension and Variation dated as of July&nbsp;7, 2015, the Notice of Extension and Variation dated as of August&nbsp;4, 2015 and the Notice of Change dated
as of August&nbsp;18, 2015 (the&nbsp;"</FONT><FONT SIZE=2><B>Original Circular</B></FONT><FONT SIZE=2>", and, together with the Original Offer, collectively referred to as the
"</FONT><FONT SIZE=2><B>Original Offer and Circular</B></FONT><FONT SIZE=2>"), and the letter of transmittal that accompanied the Original Offer and Circular (as&nbsp;amended, the
"</FONT><FONT SIZE=2><B>Letter of Transmittal</B></FONT><FONT SIZE=2>"). The Original Offer and Circular, as amended by this Notice of Change, collectively constitute the
"</FONT><FONT SIZE=2><B>Offer and
Circular</B></FONT><FONT SIZE=2>". Except as otherwise set forth herein, the terms and conditions previously set forth in the Original Offer and Circular, as previously amended, continue to be
applicable in all respects. All references to the "</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" in the Original Offer and Circular and this Notice of Change mean the Original Offer as
amended hereby, and all references in such documents to the "</FONT><FONT SIZE=2><B>Circular</B></FONT><FONT SIZE=2>" or the "</FONT><FONT SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>" mean
the Original Offer and Circular as amended hereby. Unless the context requires otherwise, capitalized terms used herein but not defined herein that are defined in the Original Offer and Circular have
the respective meanings given to them in the Original Offer and&nbsp;Circular. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>

 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_be15804_1_2"> </A>
 <P style="font-family:times;text-align:justify"><font size=0>&nbsp;</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU&nbsp;Unitholders who have validly deposited and not withdrawn their GTU&nbsp;Units need take no further action to accept the Offer.</B></FONT><FONT SIZE=2>
GTU&nbsp;Unitholders whose GTU&nbsp;Units are registered in their name and who wish to accept the Offer must properly complete and execute the Letter of Transmittal that accompanied the Original
Offer and Circular (printed on </FONT><FONT SIZE=2><B>YELLOW</B></FONT><FONT SIZE=2> paper) or a manually executed facsimile thereof, and deposit it, at or prior to the Expiry Time, together with
certificate(s) representing their GTU&nbsp;Units and all other required documents, with Kingsdale Shareholder Services (in&nbsp;its capacity as depositary, the
"</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") at its office in Toronto, Ontario, Canada specified in the Letter of Transmittal, in accordance with the instructions set out in the
Letter of Transmittal (as&nbsp;set out in Section&nbsp;3 of the Original Offer, "Manner of Acceptance&nbsp;&#151;&nbsp;Letter of Transmittal"). Alternatively, registered
GTU&nbsp;Unitholders may accept the Offer by following the procedures for book-entry transfer of GTU&nbsp;Units set out in Section&nbsp;3 of the Original Offer, "Manner of
Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer". GTU&nbsp;Unitholders who hold their GTU&nbsp;Units with an investment advisor, stockbroker, bank, trust
company or other nominee ("</FONT><FONT SIZE=2><B>Beneficial GTU&nbsp;Unitholders</B></FONT><FONT SIZE=2>") will not receive a Letter of Transmittal, and should follow the instructions set out by
such nominee to deposit their GTU&nbsp;Units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Beneficial GTU&nbsp;Unitholders should contact their investment advisor, stockbroker, bank, trust company or other nominee for assistance if they wish to accept the Offer in
order to take the necessary steps to be able to deposit such GTU&nbsp;Units under the Offer. Nominees will likely establish deposit cut-off times that are up to 48&nbsp;hours prior to the Expiry
Time. GTU&nbsp;Unitholders must instruct their investment advisor, stockbroker, bank, trust company or other nominee promptly if they wish to&nbsp;deposit.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU&nbsp;Unitholders will not be required to pay any fee or commission to the Offeror if they accept the Offer by depositing their GTU&nbsp;Units directly with the
Depositary. An investment advisor, stockbroker, bank, trust company or other nominee through whom a GTU&nbsp;Unitholder holds GTU&nbsp;Units may charge a fee to deposit any such GTU&nbsp;Units
on behalf of the GTU&nbsp;Unitholder. GTU&nbsp;Unitholders should consult such nominee to determine whether any charges will&nbsp;apply.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Questions
and requests for assistance may be directed to Kingsdale Shareholder Services (in&nbsp;its capacity as information agent, the "</FONT><FONT SIZE=2><B>Information
Agent</B></FONT><FONT SIZE=2>"), who can be contacted at 1-888-518-6805 (toll free in North America) or at 1-416-867-2272 (outside of North America) or by e-mail at contactus@kingsdaleshareholder.com
or at the address indicated on the last page of the Circular and additional copies of this document, the Original Offer and Circular, the Letter of Transmittal, or any documents incorporated by
reference or otherwise related to the Offer and Circular, may be obtained, without charge, upon request from the Depositary and Information Agent at its offices shown on the last page of this
document, and are accessible on the Canadian Securities Administrators' website at www.sedar.com and on EDGAR at www.sec.gov. These website addresses are provided for informational purposes only and
no information contained on, or accessible from, these websites is incorporated by reference herein unless otherwise expressly indicated herein. GTU&nbsp;Unitholders may also contact the Information
Agent should they wish to obtain an indicative NAV to NAV Exchange Ratio. If GTU&nbsp;Unitholders contact the Information Agent prior to 6:00&nbsp;p.m. (Toronto time) (6:00&nbsp;p.m.
New&nbsp;York City time) on a particular business day, they can obtain an indicative NAV to NAV Exchange Ratio as if such was calculated as of the previous business day. If GTU&nbsp;Unitholders
contact the Information Agent after 6:00&nbsp;p.m. (Toronto time) (6:00&nbsp;p.m. New&nbsp;York City time) on a particular business day, they can obtain the NAV to NAV Exchange Ratio as if such
was calculated as of that&nbsp;day. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>No
broker, dealer, salesperson or other person has been authorized to give any information or make any representation other than those contained in this Notice of Change or the Offer and Circular,
and, if given or made, such information or representation must not be relied upon as having been authorized by the Offeror, the Depositary or the Information Agent. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Information has been incorporated by reference in the Offer and Circular from documents filed with the securities commissions or similar authorities in Canada. Copies of the
documents incorporated by reference in the Offer and Circular are available electronically on SEDAR and EDGAR at www.sedar.com and www.sec.gov, respectively.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>An investment in PHYS Units is subject to certain risks. In assessing the Offer, GTU&nbsp;Unitholders should carefully consider the risks described in Section&nbsp;23 of
the Original Circular, "Risk&nbsp;Factors".</B></FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
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 <P style="font-family:times;text-align:justify"><font size=0>&nbsp;</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>The
information contained in this document is current only as of the date of this document. The Offeror does not undertake to update any such information except as required by applicable law.
Information in the Offer and Circular related to GTU has been compiled from public sources&nbsp;&#151;&nbsp;see "INFORMATION CONCERNING GTU" in the Original Offer
and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Financial statements included or incorporated by reference in the Offer and Circular have been prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board, and thus may not be comparable to financial statements of U.S.&nbsp;companies. In addition, the Offer is being made by a foreign private issuer that
is permitted, under a multijurisdictional disclosure system adopted by the United&nbsp;States, to prepare the Offer and Circular in accordance with the disclosure requirements of Canada.
Accordingly, the Offer and Circular and certain information incorporated by reference into the Offer and Circular have been prepared in accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United&nbsp;States securities&nbsp;laws.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU&nbsp;Unitholders in the United&nbsp;States should be aware that the disposition of GTU&nbsp;Units and acquisition of PHYS Units by them as described in the Offer and
Circular may have tax consequences in the United&nbsp;States, Canada and other jurisdictions. Such consequences may not be fully described in the Offer and Circular and such holders are urged to
consult their tax&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The enforcement by GTU&nbsp;Unitholders of civil liabilities under U.S.&nbsp;federal securities laws may be affected adversely by the fact that each of the Offeror, the
Manager, Sprott Asset Management&nbsp;GP&nbsp;Inc. ("SAM&nbsp;GP&nbsp;Inc."), Sprott Asset Management Gold Bid&nbsp;GP&nbsp;Inc. ("SAM&nbsp;Gold Bid&nbsp;GP"), Sprott Physical Gold
Trust and GTU is organized under and governed by the laws of Canada or a province thereof, that the directors and officers of SAM&nbsp;GP&nbsp;Inc. and SAM Gold Bid&nbsp;GP and the trustees of
each of Sprott Physical Gold Trust and GTU may be residents of jurisdictions other than the United&nbsp;States, that the experts named in the Original Circular may be residents of jurisdictions
other than the United&nbsp;States and that all or a substantial portion of the assets of each of the Offeror, the Manager, SAM&nbsp;GP&nbsp;Inc., SAM Gold Bid&nbsp;GP, Sprott Physical Gold
Trust, GTU and such other said persons may be located outside the United&nbsp;States.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>THE PHYS UNITS OFFERED PURSUANT TO THE OFFER AND CIRCULAR HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), NOR HAS THE SEC PASSED UPON
THE ACCURACY OR ADEQUACY OF THE OFFER AND CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE DEPOSITARY AND INFORMATION AGENT FOR THE OFFER IS:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g785877.jpg" ALT="GRAPHIC" WIDTH="322" HEIGHT="58">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario, Canada M5X&nbsp;1E2 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>North
American Toll Free Phone:<BR></FONT> <FONT SIZE=3><B>1-888-518-6805  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: contactus@kingsdaleshareholder.com<BR>
Facsimile: 416-867-2271<BR>
Toll Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi15804_notice_to_gtu_unitholders_in_the_united_states"> </A>
<A NAME="toc_bi15804_1"> </A></FONT> <FONT SIZE=2><B>  NOTICE TO GTU UNITHOLDERS IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer is subject to Section&nbsp;14(d) of the U.S.&nbsp;Securities Exchange Act of 1934 (the&nbsp;"U.S.&nbsp;Exchange Act"), Regulation&nbsp;14D promulgated by
the SEC thereunder, Section&nbsp;14(e) of the U.S.&nbsp;Exchange Act and Regulation&nbsp;14E promulgated by the SEC&nbsp;thereunder.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Sprott Physical Gold Trust has filed with the SEC a registration statement on Form&nbsp;F-10 (the&nbsp;"Registration Statement"), which includes the Offer and Circular, a
tender offer statement on a Schedule&nbsp;TO (the&nbsp;"Tender Offer Statement") and other documents and information. GTU UNITHOLDERS ARE URGED TO READ THESE DOCUMENTS, ALL DOCUMENTS INCORPORATED
BY REFERENCE, ALL OTHER APPLICABLE DOCUMENTS AND ANY AMENDMENTS OR SUPPLEMENTS TO ANY SUCH DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE EACH CONTAINS OR WILL CONTAIN IMPORTANT INFORMATION ABOUT
SPROTT PHYSICAL GOLD TRUST, GTU AND THE OFFER AND MERGER TRANSACTION. Materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com.
Materials filed with the SEC are available electronically without charge at the SEC's website, www.sec.gov.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi15804_cautionary_note_regarding_forward_looking_statements"> </A>
<A NAME="toc_bi15804_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer and Circular contains "forward looking statements" and "forward looking information" (collectively, "forward looking
information") within the meaning of applicable Canadian and United&nbsp;States securities legislation. All information contained in the Offer and Circular, other than statements of current and
historical fact, is forward looking information. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "scheduled", "estimates",
"target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and&nbsp;variations of these or similar words) and statements that certain actions, events or results "may",
"could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and&nbsp;variations of these or similar expressions). All of the forward looking information in the Offer and
Circular (including this Notice of Extension) is qualified by this cautionary&nbsp;note. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward
looking information in the Offer and Circular includes, but is not limited to, statements with respect to the anticipated timing, mechanics, completion and settlement of the
Offer, the market for PHYS Units, the value of the PHYS Units received as consideration under the Offer, the outcome of GTU's application to the Ontario court and the Manager's cross-application, the
ability of the Offeror to complete the transactions contemplated by the Offer, reasons to participate in the Offer, the purpose of the Offer, the completion of the Merger Transaction and any
commitment to acquire GTU&nbsp;Units, and the Offeror's objectives, strategies, intentions, expectations and guidance and future financial and operating performance and&nbsp;prospects. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward
looking information is not, and cannot be, a guarantee of future results or events. Forward looking information is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the Offeror at the date the forward looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be materially different from those expressed or implied by the forward looking information. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
material factors or assumptions that the Offeror identified and were applied by the Offeror in drawing conclusions or making forecasts or projections set out in the forward looking
information include, but are not limited&nbsp;to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the accuracy of GTU's public disclosure; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the completion of the Offer and the Merger Transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no significant and continuing adverse changes in general economic conditions or conditions in the financial markets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no significant and continuing adverse changes in financial markets, including commodity prices and foreign
exchange&nbsp;rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the timing and receipt of various governmental and stock exchange approvals;&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>certain tax matters, including, but not limited to current tax laws and regulations. </FONT></DD></DL>
</UL>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward looking information may
include, but are not limited to, the
following: the market value of the PHYS Units received as consideration under the Offer and the impact of the issuance of PHYS Units on the market price of the PHYS Units, the reduced trading
liquidity of GTU&nbsp;Units not deposited under the Offer, any inaccuracy of GTU's public disclosure upon which the Offer is predicated, the failure to obtain the required approvals or clearances
from government authorities and stock exchanges on a timely basis, as well as the risks discussed in Section&nbsp;23 of the Original Circular, "Risk Factors". Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward looking information.
Accordingly, you should not place undue reliance on forward looking information. The Offeror does not assume any obligation to update or revise any forward looking information after the date of this
Notice of Change or to explain any material difference between subsequent actual events and any forward looking information, except as required by applicable&nbsp;law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi15804_information_concerning_gtu"> </A>
<A NAME="toc_bi15804_3"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION CONCERNING GTU    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly indicated herein, the information concerning GTU and GTU&nbsp;Units contained in the Offer and Circular
has been taken from and is based solely upon GTU's public disclosure, including disclosure on file with the Canadian securities regulatory authorities. GTU has not reviewed the Offer and Circular and
has not confirmed the accuracy and completeness of the information in respect of GTU and GTU&nbsp;Units contained in the Offer and Circular. Although the Offeror, the Manager, Sprott Physical Gold
Trust, SAM Gold Bid&nbsp;GP and SAM&nbsp;GP&nbsp;Inc. have no knowledge that would indicate that any information or statements contained in the Offer and Circular concerning GTU taken from, or
based upon, such public disclosure contain any untrue statement of a material fact or omit to state a material fact that is required to be stated or that is necessary to make a statement not
misleading in light of the circumstances in which it was made, none of the Offeror, the Manager, Sprott Physical Gold Trust, SAM Gold Bid&nbsp;GP, SAM&nbsp;GP&nbsp;Inc. or any directors or
officers of the Manager, SAM Gold Bid&nbsp;GP or SAM&nbsp;GP&nbsp;Inc. has verified, nor do they assume any responsibility for, the accuracy or completeness of such information or statements or
for any failure by GTU to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information or statements but which are unknown to the Offeror,
the Manager, Sprott Physical Gold Trust, SAM Gold Bid&nbsp;GP or SAM&nbsp;GP&nbsp;Inc. The Offeror, the Manager, Sprott Physical Gold Trust, SAM Gold Bid&nbsp;GP and SAM&nbsp;GP&nbsp;Inc.
have no means of verifying the accuracy or completeness of any of the information contained herein that is derived from GTU's public disclosure of documents or records or whether there has been any
failure by GTU to disclose events that may have occurred or may affect the significance or accuracy of any information. </FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de15804_notice_of_change"> </A>
<A NAME="toc_de15804_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE OF CHANGE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This Notice of Change supplements the Original Offer and Circular and the Letter of Transmittal pursuant to
which the Offeror is offering to purchase all of the issued and outstanding GTU&nbsp;Units upon and subject to the terms and conditions set out in the Original Offer and Circular by revising and
updating the disclosure in the Original Offer and Circular to reflect the formation of a soliciting dealer group in connection with the Offer.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Except as otherwise set forth in this Notice of Change, the information, terms and conditions previously set forth in the Original Offer and Circular and the
Letter of Transmittal continue to be applicable in all respects and this Notice of Change should be read in conjunction with the Original Offer and Circular and the Letter of Transmittal, all of the
provisions of which are incorporated herein by reference, subject to the amendments thereto contained in this Notice of&nbsp;Change.</I></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>All references to the "Offer" in the Original Offer and Circular, the Letter of Transmittal and this Notice of Change mean the Original Offer as amended hereby
and all references in such documents to the "Offer" and/or "Circular" mean the Original Offer and the Original Circular as amended&nbsp;hereby.</I></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>August&nbsp;28,
2015 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> TO: THE HOLDERS OF UNITS OF CENTRAL GOLDTRUST  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the Original Offer and Circular  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror has appointed Sprott Wealth Management&nbsp;LP to serve as Dealer Manager in connection with the Offer in Canada and Sprott Global Resource
Investments,&nbsp;Ltd. as Dealer Manager in connection with the Offer in the United&nbsp;States. Sprott Wealth Management&nbsp;LP intends to form&nbsp;a soliciting dealer group comprised of
members of the Investment Industry Regulatory Organization of Canada and members of the TSX to solicit acceptances of the Offer in Canada and Sprott Global Resource Investments,&nbsp;Ltd. intends to
form a soliciting dealer group comprised of members of the Financial Industry Regulatory Authority to solicit acceptances of the Offer in the United&nbsp;States. Accordingly, the Offeror has amended
and restated certain portions of the Original Offer and Circular as&nbsp;follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following sentences are added immediately following the first and only paragraph under the heading "Information Agent"
on page&nbsp;19 of the Original Offer and Circular: </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Dealer Managers and Soliciting Dealer Group</B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offeror has appointed Sprott Wealth Management&nbsp;LP, an affiliate of the Manager, to serve as Dealer Manager in connection with the Offer in Canada and Sprott Global Resource
Investments,&nbsp;Ltd., also an affiliate of the Manager, as Dealer Manager in connection with the Offer in the United&nbsp;States. Sprott Wealth Management&nbsp;LP and Sprott Global Resource
Investments,&nbsp;Ltd. each intend to form&nbsp;a soliciting dealer group (the&nbsp;"</FONT><FONT SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>"), in the case of Sprott Wealth
Management&nbsp;LP, comprised of members of the Investment Industry Regulatory Organization of Canada and members of the TSX to solicit acceptances of the Offer in Canada and, in the case of Sprott
Global Resource Investments,&nbsp;Ltd., comprised of members of the Financial Industry Regulatory Authority to solicit acceptances of the Offer in the United&nbsp;States. The Dealer Managers will
not receive any compensation or indemnification in connection with the Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Section&nbsp;26 of the Circular, "Dealer Managers and Soliciting Dealer Group"." </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The third paragraph under the heading "Other Terms of the Offer" on page&nbsp;36 of the Original Offer and Circular is
hereby deleted and replaced with: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"No
broker, dealer or other person (including the Depositary, the Information Agent or any Soliciting Dealer) has been authorized to give any information or to make any representation or
warranty on behalf of the Offeror, the Manager, Sprott Physical Gold Trust or any of their respective affiliates in connection with the Offer other than as contained in the Offer and Circular and
Letter of Transmittal and if any such information, representation or warranty is given or made, it must not be relied upon as having been authorized." </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Section&nbsp;26 of the Original Offer and Circular, "Dealer Managers and Soliciting Dealer Group" (found on
page&nbsp;74 thereof) is hereby deleted and replaced by: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"The
Offeror has appointed Sprott Wealth Management&nbsp;LP, an affiliate of the Manager, to serve as Dealer Manager in connection with the Offer in Canada and Sprott Global Resource
Investments,&nbsp;Ltd., also an affiliate of the Manager, as Dealer Manager in connection with the Offer in the United&nbsp;States. Sprott Wealth Management&nbsp;LP and Sprott Global Resource
Investments,&nbsp;Ltd. intend to each form&nbsp;a soliciting dealer group (the&nbsp;"</FONT><FONT SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>"), in the case of Sprott Wealth
Management&nbsp;LP, comprised of members of the Investment Industry Regulatory Organization of Canada and members of the TSX to solicit acceptances of the Offer in Canada and, in the case of Sprott
Global Resource Investments,&nbsp;Ltd., comprised of members of the Financial Industry Regulatory Authority to solicit acceptances of the Offer in the United&nbsp;States. Each member of the
Soliciting Dealer Group is referred to herein as a "</FONT><FONT SIZE=2><B>Soliciting Dealer</B></FONT><FONT SIZE=2>". The Dealer Managers will not receive any compensation or indemnification in
connection with the Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offeror has (subject to the next two sentences) agreed to pay to each Soliciting Dealer a fee of U.S.$0.1358 for each GTU Unit deposited through such Soliciting Dealer and either:
(i)&nbsp;taken-up and paid for by the Offeror under the Offer; or (ii)&nbsp;provided the Merger Transaction is completed, deemed to be withdrawn from the Offer under the Merger Election, based on,
among other things, the claims submitted, CDS and DTC participant deposits and the CDS and DTC participant list as at the Expiry Time. The aggregate amount payable with respect to any single
beneficial holder of GTU Units will not be less than U.S.$50.00 and not be more than U.S.$1,500.00, provided that no fee will be payable in respect of deposits of less than 300&nbsp;GTU Units per
beneficial holder. When GTU Units deposited are beneficially owned by
more than one person, only one minimum and maximum amount will be applied. The Offeror may require the Soliciting Dealers to furnish evidence of beneficial ownership satisfactory to the Offeror before
payment of such solicitation fees. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
advisors or registered representatives employed by the Soliciting Dealers may solicit their clients to tender their GTU Units to the Offer. Soliciting Dealers may pay an
investment advisor or registered representative a portion of the solicitation fee for each GTU Unit tendered to the Offer by clients of or served by the investment advisor or registered
representative. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositing
GTU Unitholders will not be obligated to pay any fee or commission if they accept the Offer by using the services of the Dealer Managers or a Soliciting Dealer. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the soliciting dealer arrangements described above and compensation (which would equal approximately Cdn.$1.5&nbsp;million if the Offer is successful) payable to Kingsdale
Shareholder Services as the Information Agent, the Offeror has not agreed to pay any fees or commission to any stockbroker, dealer or other person for soliciting tenders or deposits of GTU Units under
the Offer; provided that the Offeror may make other arrangements with soliciting dealers, dealer managers or information agents, either within or outside of Canada for customary compensation during
the Offer if it considers it appropriate to do so." </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following definition is added immediately following the definition of "CRA" on page&nbsp;76 of the Original Offer
and Circular: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"&nbsp;"</FONT><FONT
SIZE=2><B>Dealer Managers</B></FONT><FONT SIZE=2>" means Sprott Wealth Management&nbsp;LP and Sprott Global Resource Investments,&nbsp;Ltd., in their roles as dealer
manager in connection with the Offer, in Canada and the United&nbsp;States, respectively." </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following definitions are added immediately following the definition of "SEDAR" on page&nbsp;81 of the Original
Offer and Circular: </FONT></DD></DL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"&nbsp;"</FONT><FONT
SIZE=2><B>Soliciting Dealer</B></FONT><FONT SIZE=2>" has the meaning given to that term in Section&nbsp;26 of the Circular, "Dealer Managers and Soliciting Dealer
Group". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Soliciting Dealer Group</B></FONT><FONT SIZE=2>" has the meaning given to that term in Section&nbsp;26 of the Circular, "Dealer Managers and Soliciting Dealer Group"." </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time for Deposit  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is open for deposits of GTU&nbsp;Units until 5:00&nbsp;p.m. (Toronto time) on September&nbsp;18, 2015, or such later time or times and date or
dates to which the Offer may be extended from time to time by the Offeror, in accordance with Section&nbsp;2 of the Offer, "Extension, Variation or Change of the Offer", unless the Offer is
withdrawn by the Offeror. The Expiry Time may be subject to multiple extensions. If the Offeror elects or is required to extend the Expiry Time for the Offer, it will publicly announce the variation,
the new expiration time and date no later than 9:00&nbsp;a.m. (Toronto time) on the first business day after the previously scheduled expiration of the Offer and, if required by applicable Law, the
Offeror will mail you a copy of the notice of&nbsp;variation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manner of Acceptance  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTU&nbsp;Units may be deposited to the Offer in accordance with the provisions set forth in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-up of and Payment for Tendered GTU&nbsp;Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror will take-up and pay for Tendered GTU&nbsp;Units validly deposited under the Offer and not promptly withdrawn in the manner set forth in
Section&nbsp;6 of the Offer, "Take-up of and Payment for Tendered GTU&nbsp;Units". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal of Deposited GTU&nbsp;Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTU&nbsp;Unitholders have the right to withdraw GTU&nbsp;Units deposited under the Offer in the manner set forth in Section&nbsp;8 of the Offer, "Withdrawal
of Deposited GTU&nbsp;Units". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequential Amendments to the Original Offer and Circular and Other&nbsp;Documents  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original Offer and Circular and Letter of Transmittal shall be read together with this Notice of Change and are hereby amended to the extent necessary to
reflect the amendments contemplated by, and the information contained in, this Notice of&nbsp;Change. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise set forth in or amended by this Notice of Change, the terms and conditions of the Offer and the information in the Original Offer and Circular and the Letter of
Transmittal continue to be applicable in all&nbsp;respects. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory Rights  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities legislation in the provinces and territories of Canada provides security holders of GTU with, in addition to any other rights they may have at law, one
or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or a notice that is required to be delivered to those security holders. However, such rights
must be exercised within prescribed time limits. GTU&nbsp;Unitholders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those
rights or consult with a&nbsp;lawyer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents of the Offer and Circular have been approved and the sending thereof to GTU&nbsp;Unitholders has been authorized by the sole director of SAM Gold
Bid&nbsp;GP, in its capacity as the general partner of the Offeror; and the board of directors of SAM&nbsp;GP&nbsp;Inc., in its capacity as the general partner of the Manager and in its capacity
as the general partner of the manager of Sprott Physical Gold&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<A NAME="toc_jc15804_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
August&nbsp;28, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT ASSET MANAGEMENT GOLD BID&nbsp;GP&nbsp;INC., AS THE GENERAL PARTNER OF<BR>
SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP </FONT></P>
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<P style="font-family:times;text-align:justify"></FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> President</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_jc15804_1_5"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc15804_certificate_of_sprott_asset_management_lp"> </A>
<A NAME="toc_jc15804_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT ASSET MANAGEMENT&nbsp;LP    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
August&nbsp;28, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC., AS THE GENERAL PARTNER OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;LP </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JAMES R. FOX</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p align=center style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>KIRSTIN H. MCTAGGART</FONT><FONT SIZE=2><BR>


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</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_jc15804_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc15804_certificate_of_sprott_physical_gold_trust"> </A>
<A NAME="toc_jc15804_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT PHYSICAL GOLD TRUST    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
August&nbsp;28, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT PHYSICAL GOLD TRUST<BR>
BY ITS MANAGER SPROTT ASSET MANAGEMENT&nbsp;LP<BR>
BY ITS GENERAL PARTNER, SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JAMES R. FOX</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p align=center style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>KIRSTIN H. MCTAGGART</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE DEPOSITARY AND INFORMATION AGENT FOR THE OFFER IS:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g785877.jpg" ALT="GRAPHIC" WIDTH="322" HEIGHT="58">
  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>By Mail</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> By Registered Mail, Hand or by Courier</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p align=center style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3>North American Toll Free Phone: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=6><B>1-888-518-6805  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: <U>contactus@kingsdaleshareholder.com</U> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Facsimile:
416-867-2271<BR>
Toll Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>
<P><br><A NAME="15ZCC15801_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jm15801_1">Exhibit 1.20</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi15804_1">NOTICE TO GTU UNITHOLDERS IN THE UNITED STATES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi15804_2">CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi15804_3">INFORMATION CONCERNING GTU</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de15804_1">NOTICE OF CHANGE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15804_1">CERTIFICATE OF SPROTT ASSET MANAGEMENT GOLD BID LP</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15804_2">CERTIFICATE OF SPROTT ASSET MANAGEMENT LP</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc15804_3">CERTIFICATE OF SPROTT PHYSICAL GOLD TRUST</A></FONT><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>a2225851zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZCC15801_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="jo15801_exhibit_5.1"> </A>
<A NAME="toc_jo15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 5.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jo15801_consent_of_independent__jo102324"> </A>
<A NAME="toc_jo15801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the reference to our firm under the caption "Experts" in Amendment No.&nbsp;8 to&nbsp;the Registration Statement
(Form&nbsp;F-10) of Sprott Physical Gold Trust (the&nbsp;"Trust") and the related Bid Circular by Sprott Asset Management Gold Bid&nbsp;LP to purchase all of the issued and outstanding units of
Central GoldTrust in exchange of units of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the incorporation by reference therein of our report dated March&nbsp;10, 2015 with respect to the statements of financial position of the Trust as at
December&nbsp;31, 2014 and 2013, and the statements of comprehensive income (loss), changes in equity and cash flows for the years ended December&nbsp;31, 2014 and 2013 and the effectiveness of
internal control over financial reporting of the Trust as of December&nbsp;31,&nbsp;2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="48%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Toronto, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>/s/ </FONT><FONT SIZE=2><I>"Ernst&nbsp;&amp; Young&nbsp;LLP"</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>August&nbsp;28, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chartered Professional Accountants<BR>
Licensed Public Accountants</FONT></TD>
</TR>
</TABLE></DIV>
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<BR>
<P><br><A NAME="15ZCC15801_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jo15801_1">Exhibit 5.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jo15801_2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
