<SEC-DOCUMENT>0001558370-21-007260.txt : 20210514
<SEC-HEADER>0001558370-21-007260.hdr.sgml : 20210514
<ACCEPTANCE-DATETIME>20210514160355
ACCESSION NUMBER:		0001558370-21-007260
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20210531
FILED AS OF DATE:		20210514
DATE AS OF CHANGE:		20210514

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34638
		FILM NUMBER:		21924468

	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>6-K
<SEQUENCE>1
<FILENAME>phys-20210531x6k.htm
<DESCRIPTION>6-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.10.0.88--><!--Created on: 5/14/2021 08:03:43 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">FORM&#160;6-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Report of Foreign Private Issuer Pursuant to Rule&#160;13a-16 or 15d-16 of the Securities<br>Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">For the month of May 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Commission File Number: 001-34638</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">SPROTT PHYSICAL GOLD TRUST</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">(Translation of registrant&#8217;s name into English)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Suite&#160;2600, South Tower,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Royal Bank Plaza,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">200 Bay Street,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Toronto, Ontario,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Canada M5J 2J1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">(Address of principal executive office)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Form&#160;20-F </b><b style="font-family:'Times New Roman';font-weight:bold;">&#9723;</b><b style="font-weight:bold;"> Form&#160;40-F </b><b style="font-family:'Times New Roman';font-weight:bold;">&#8999;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(1): <font style="font-family:'Times New Roman';">&#9723;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Note: Regulation S-T Rule&#160;101(b)(1)&#160;only permits the submission in paper of a Form&#160;6-K if submitted solely to provide an attached annual report to security holders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(7): <font style="font-family:'Times New Roman';">&#9723;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Note: Regulation S-T Rule&#160;101(b)(7)&#160;only permits the submission in paper of a Form&#160;6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules&#160;of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form&#160;6-K submission or other Commission filing on EDGAR.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><font style="font-size:1pt;line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="line-height:1.19;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.19;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">INFORMATION CONTAINED IN THIS FORM&#160;6-K REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Attached hereto as Exhibit&#160;99.1 are the Management Report of Fund Performance and Unaudited Financial Statements as of March 31, 2021 of Sprott Physical Gold Trust (the &#8220;Trust&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Exhibit&#160;99.1 is hereby incorporated by reference into the Trust&#8217;s registration statement on Form&#160;F-10 (File No.&#160;333-239717), filed with the Securities and Exchange Commission on July 7, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.19;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">SPROTT PHYSICAL GOLD TRUST</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">(Registrant)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">By Sprott Asset Management GP Inc.,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">as general partner of</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">the manager of the Registrant</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">By:</p></td><td style="vertical-align:top;width:45.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">/s/ Kevin Hibbert</p></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Kevin Hibbert</p></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:45.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:10pt;text-indent:-10pt;margin:0pt;">Dated: May 14, 2021</p></td><td colspan="2" style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:10pt;text-indent:-10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>phys-20210531xex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.10.0.88--><!--Created on: 5/14/2021 08:03:40 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-weight:bold;">Exhibit 99.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="phys-20210531xex99d1002.jpg" alt="Graphic" style="display:inline-block;height:47.52pt;left:0%;padding-bottom:0.5pt;position:relative;top:0pt;width:273.12pt;"><a name="_Hlk529897270"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.9002991%;padding-left:0pt;padding-right:0pt;width:103.8%;" align="center"><tr style="height:196.05pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:35pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:35pt;line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:35pt;">Sprott Physical Gold Trust </font></p></td></tr><tr style="height:12.35pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:15.1pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:21.85pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:16pt;font-weight:bold;">Interim Report to Unitholders</b></p></td></tr><tr style="height:17.15pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:13pt;">March 31, 2021</font></p></td></tr><tr style="height:15.1pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;font-style:italic;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:15.8pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td 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style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:11.65pt;"><td style="vertical-align:top;width:42.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:42.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:57.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:42.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:57.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:42.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:57.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><img src="phys-20210531xex99d1001.jpg" alt="Graphic" style="display:inline-block;height:41pt;width:208.8pt;"></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:1pt;line-height:1.31;margin:0pt;"><font style="line-height:1.1;">-</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 8pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:20pt;">Table of Contents</font><a name="Toc"></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><a href="#ManagementReportofFundPerformance_108573"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Interim Management Report of Fund Performance</font></a></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">3</font></p></td></tr><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:94.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><a href="#Unauditedinterimfinancialstatement_85925"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Interim Financial Statements</font></a></p></td><td style="vertical-align:bottom;width:5.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;">7</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:425pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';">The interim management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund&#8217;s interim financial statements. A copy of the interim financial statements has been included within the Interim Report to Unitholders. You can also get a copy of the interim financial statements at your request, and at no cost, by calling 1-866-299-9906, by visiting our website at www.sprottphysicalbullion.com or SEDAR at www.sedar.com or by writing to us at: Sprott Asset Management&#160;LP, Royal Bank Plaza, South Tower, 200&#160;Bay Street, Suite&#160;2600, P.O.&#160;Box&#160;26, Toronto, Ontario M5J&#160;2J1</font><font style="font-size:11pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';">Unitholders may also contact us using one of these methods to request a copy of the investment fund&#8217;s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">2</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">March 31, 2021</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:6pt 0pt 0pt 0pt;"><font style="font-size:20pt;">Interim Management Report of Fund Performance </font><i style="font-size:8.5pt;font-style:italic;">(in U.S. dollars)</i><font style="font-size:9.5pt;"><a name="ManagementReportofFundPerformance_108573"></a></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-top:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;">Management Discussion of Fund Performance</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Investment Objective and Strategies</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Sprott Physical Gold Trust (the&#160;&#8220;Trust&#8221;) is a closed-end mutual fund trust organized under the laws of the Province of Ontario, Canada. Sprott Asset Management LP (the &#8220;Manager&#8221;) is the manager of the Trust. The Trust was created to invest and hold substantially all of its assets in physical gold bullion. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to short-term changes in gold&#160;prices.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The units of the Trust are listed on the New York Stock Exchange Arca (&#8220;NYSE Arca&#8221;) under the ticker symbol &#8220;PHYS&#8221;, and the Toronto Stock Exchange (&#8220;TSX&#8221;) under the ticker symbols &#8220;PHYS&#8221; and &#8220;PHYS.U&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Risks</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">There have been no changes to the Trust over the financial period that materially affected the risk level of the Trust. </p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The changing economic and market climate as a result of COVID-19 has led to the Managers of the Trust implementing its business continuity plan. Our portfolio managers and enterprise shared services teams and key outsource service providers are fully operational. While the exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report, management believes the effects of COVID-19 we have witnessed thus far, and in particular, world government responses thereto via fiscal and monetary policy, will continue to be highly constructive to precious metals markets as we progress into 2021. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Results of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the period from January 1, 2021 to March 31, 2021, the total change in unrealized losses on physical gold bullion amounted to $501.5 million and realized gains of $6.9 million,<font style="color:#ff0000;"> </font>compared to the change in unrealized gains of $89.1 million and no realized gains during the same period in 2020. </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the period from January 1, 2021 to March 31, 2021, the Trust issued 6,719,451 units for gross proceeds of $98.1 million and redeemed 2,308,797 units for gold bullion and 1,322 units for cash. Comparatively, for the same period in 2020, the Trust issued 31,668,705 units for gross proceeds of $407.8 million. During that period, there were no redemptions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The value of the net assets of the Trust as at March 31, 2021 was $4,457.2 million or $13.67 per unit, compared to $4,892.9 million or $15.22 per unit as at December&#160;31,&#160;2020. The Trust held 2,606,214 ounces of physical gold bullion as at March 31, 2021 compared to 2,575,220 ounces of physical gold bullion at December&#160;31,&#160;2020. As at March 31, 2021, the spot price of gold bullion was $1,707.71 an ounce compared to a spot price of gold bullion of $1,898.36 an ounce as at December&#160;31,&#160;2020. The Trust returned (10.1%) compared to the return on spot gold of (10.0%) for the period from January 1, 2021 to March 31, 2021. &#160;Comparatively, for the same period in 2020, the Trust returned 3.6% compared to the return on spot gold of 3.9%.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">3</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">March 31, 2021</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">The units closed at $13.41 on the NYSE Arca and $13.41 on the TSX on March 31,&#160;2021 compared to closing prices of $15.09 on the NYSE Arca and $15.07 on the TSX on December&#160;31,&#160;2020. The units are denominated in U.S. dollars on both exchanges. During the period from January 1, 2021 to March 31, 2021, the Trust&#8217;s units traded on the NYSE Arca at an average discount to net asset value of approximately 1.4%, compared to approximately 0.7% for the same period in 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;">The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, and trustee fees, unitholder reporting expenses, general and administrative fees, filing and listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical gold bullion, costs incurred in connection with the Trust&#8217;s continuous disclosure public filing requirements and investor relations and any expenses associated with the Independent Review Committee of the Trust. Operating expenses for the period from January 1, 2021 to March 31, 2021 amounted to $0.5<sup style="font-size:8.25pt;vertical-align:top;">1</sup> million (not including applicable Canadian taxes) compared to $0.4<sup style="font-size:8.25pt;vertical-align:top;">1</sup> million for the same period in 2020. Operating expenses for the period from January 1, 2021 to March 31, 2021 amounted to 0.05% of the average net assets during the period on an annualized basis, compared to 0.06% for the same period in 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.34;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the period from January 1, 2021 to March 31, 2021, the Trust sold 6,719,451 units through the at-the-market offering program (the &#8220;ATM Program&#8221;), compared to 31,668,705 &#160;for the same period in 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.35;text-align:justify;margin:0pt 0pt 12pt 0pt;">There were no changes to the Manager of the Trust, nor were there any material changes to the investment philosophy or process.</p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Related Party Transactions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">There were no transactions between the Trust and its related parties during the reporting period, except as outlined below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:6.5pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Management Fees</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.35;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Trust pays the Manager, a monthly management fee equal to 1/12 of 0.35% of the value of the net assets of the Trust (determined in accordance with the Trust&#8217;s trust agreement), plus any applicable Canadian taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month. For the period from January 1, 2021 to March 31, 2021, the Trust incurred management fees of $4.0 million (not including applicable Canadian taxes) compared to $2.4 million for the same period in 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><font style="line-height:1.31;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:11.0pt;margin-bottom:0pt;min-height:1.36em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="0.5" width="25.0%" style="background-color:#000000;color:#000000;height:1px;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.36;text-align:justify;margin:0pt;"><sup style="font-size:8.25pt;vertical-align:top;">1</sup>Amounts are adjusted to exclude redemption fees and sales taxes</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">4</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">March 31, 2021</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;">Financial Highlights</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The following tables show selected key financial information about the Trust and are intended to help you understand the Trust&#8217;s financial performance for the periods indicated. All dollar amounts are expressed in U.S. dollars.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Net assets per unit</font><sup style="font-size:9pt;vertical-align:super;">1</sup></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div 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style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For&#160;the</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">three months ended</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">March 31, 2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2018</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2017</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">(unaudited) $</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net assets per Unit, beginning of period</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15.22</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 12.30</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10.45</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10.67</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9.48</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;line-height:1.31;">Increase (decrease) from operations</b><sup style="font-size:6pt;font-weight:bold;vertical-align:top;">2</sup><b style="font-weight:bold;line-height:1.31;">:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total revenue</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Total expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.02)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.06)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.06)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.05)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.05)</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Realized gains (losses) for the period</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.02</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.01</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.04)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.01)</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unrealized gains (losses) for the period</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1.54)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.78</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.88</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.18)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.25</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total increase (decrease) from operations</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1.54)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.72</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.83</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.27)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.19</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net assets per Unit, end of period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.87%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13.67</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15.22</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 12.30</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10.45</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10.67</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">This information is derived from the Trust&#8217;s unaudited and audited financial statements.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">Net assets per unit is calculated based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per unit.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;padding-left:22.5pt;text-indent:-22.5pt;margin:0pt 0pt 0pt 4.5pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Ratios and Supplemental Data</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For&#160;the</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">three months ended</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For the year ended</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">March 31, 2021</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2020</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2019</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2018</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">December 31, 2017</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">(unaudited) $</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Total net asset value (000&#39;s)</font><sup style="font-size:6pt;vertical-align:top;">1</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $4,457,200</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $4,892,914</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $2,462,216</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $2,024,509</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $2,259,584</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Number of Units outstanding</font><sup style="font-size:6pt;vertical-align:top;">1</sup></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 325,985,359</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 321,576,027</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 200,247,688</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 193,642,388</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 211,843,385</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Management expense ratio</font><sup style="font-size:6pt;vertical-align:top;">2</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.42%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.42%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.45%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.44%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.47%</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Trading expense ratio</font><sup style="font-size:6pt;vertical-align:top;">3</sup></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="line-height:1.31;">Portfolio turnover rate</font><sup style="font-size:6pt;vertical-align:top;">4</sup></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.73%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">Nil</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">1.31%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">3.00%</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">0.32%</p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net asset value per Unit</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $13.67</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $15.22</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $12.30</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.45</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.67</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:33.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Closing market price&#160;<font style="font-family:'Arial','Helvetica','sans-serif';">&#8211;</font> NYSE Arca</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $13.41</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $15.09</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $12.18</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.31</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.59</font></p></td></tr><tr><td style="vertical-align:bottom;width:33.14%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Closing market price&#160;&#8211; TSX</p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.87%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $13.41</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $15.07</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $12.17</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.30</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.92%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> $10.58</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">This information is provided as at the date shown, as applicable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">Management expense ratio (&#8220;MER&#8221;) is based on total expenses (including applicable Canadian taxes and excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of the average daily net asset value during the period.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period shown. Since there are no direct trading costs associated with physical bullion trades, the trading expense ratio is&#160;nil.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:7.2pt;"></td><td style="font-family:'Times New Roman';font-size:6.5pt;vertical-align:text-top;white-space:nowrap;width:27.35pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:6.5pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:justify;">The Trust&#8217;s portfolio turnover rate indicates how actively the Trust&#8217;s portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the period. The higher the Trust&#8217;s portfolio turnover rate in a period, the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of the&#160;Trust.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:6.5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;"><font style="font-size:16pt;">Past Performance</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in additional units of the Trust. These returns do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of returns are calculated based on the Net Asset Value of the units of the&#160;Trust.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">5</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;">March 31, 2021</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Year-by-Year Returns</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The bar chart below indicates the performance of the Trust units for periods shown. The chart shows, in percentage terms, how much an investment made on the first day of each period would have grown or decreased by the last day of each period.</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:25%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><img src="phys-20210531xex99d1004.jpg" alt="Graphic" style="display:inline-block;height:253.57pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:418.25pt;"></p></td></tr><tr style="height:8.35pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:6.5pt;">1&#160;&#160;&#160;&#160;&#160;</font><font style="font-size:6.5pt;">For the 3 months ended March 31, 2021.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;"><font style="font-size:16pt;">Summary of Investment Portfolio</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;white-space:pre-wrap;">The following Top Holdings table shows the 25 largest positions (or all positions if the total number of positions is less than 25) held by the Trust as at March 31, 2021  based on the fair value of the position, expressed as a percentage of the Trust&#8217;s net asset value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:32.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:47.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:center;margin:0pt 0pt 0.05pt 0pt;">PORTFOLIO ALLOCATION</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:11pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:47.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:center;margin:0pt 0pt 0.05pt 0pt;">TOP HOLDINGS</p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">%&#160;of</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">%&#160;of</p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">Net&#160;Asset</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">Net&#160;Asset</p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Asset Class</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">Value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:32.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Position</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">Value</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Gold</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 99.9</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Physical gold bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 99.9</font></p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Cash</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 0.1</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Cash</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 0.1</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:32.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Other Assets, Less Liabilities</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:32.18%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Total</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 100.0</font></p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:15.08%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:32.17%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Total Net Asset Value (000&#39;s)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;">$ 4,457,200</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;">This summary of investment portfolio may change due to the ongoing portfolio transactions of the&#160;Trust.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">6</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font><a name="Unauditedinterimfinancialstatement_85925"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;">Unaudited interim financial statements</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;">March 31, 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;min-height:13.0pt;text-align:justify;margin:0pt;"><font style="line-height:1.31;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="font-size:0pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">7</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:8pt 0pt 0pt 0pt;">Unaudited statements of comprehensive income </p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">(in thousands of U.S. dollars, except unit amounts)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6.5pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">For&#160;the</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">For&#160;the</p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">three months ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">three months ended </p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">March&#160;31,&#160;2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">March&#160;31,&#160;2020</p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="color:#ffffff;font-weight:bold;">&quot;</b><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="color:#ffffff;">&quot;</font>$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Income</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net realized gains (losses) on redemptions and sales of gold bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 6,945</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Change in unrealized gains (losses) on gold bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (501,471)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 89,106</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (494,526)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 89,106</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Expenses</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Management fees <i style="font-style:italic;">(note 8)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,033</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,351</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Bullion storage fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 649</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 219</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sales tax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 265</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 151</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Listing and regulatory filing fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 39</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 41</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unitholder reporting costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 43</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 37</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Legal fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 48</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 23</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Custodial fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Administrative fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 53</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 50</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Audit fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 25</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 23</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Trustee fees</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Independent Review Committee fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 5</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net foreign exchange gains (losses)</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1)</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 5,162</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,899</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net income (loss) and comprehensive income (loss)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (499,688)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 86,207</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Weighted average number of units</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 324,464,981</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 211,353,272</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:62.46%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Increase (decrease) in total equity from operations per Unit</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="color:#00b050;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (1.54)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.94%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:16%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.41</font></p></td></tr><tr><td style="vertical-align:bottom;width:62.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">8</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Unaudited statements of financial position</p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">(in thousands of U.S. dollars)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">As&#160;at</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">As&#160;at</p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">March&#160;31,&#160;2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">December&#160;31,&#160;2020</p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Assets</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Current assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 8,523</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,405</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Gold bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,450,658</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,888,695</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Prepaid assets</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,459,181</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,893,100</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Current liabilities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1,981</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 186</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total liabilities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1,981</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 186</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Equity</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unitholders&#8217; capital</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,180,220</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,105,189</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Unit premiums and reserves</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 126</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 125</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Retained earnings (deficit)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 388,125</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 898,560</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (111,271)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (110,960)</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total equity </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,457,200</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,892,914</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total liabilities and equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,459,181</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,893,100</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:69.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:13.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:69.2%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Total equity per Unit</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.12%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.09%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 13.67</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.44%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15.22</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-size:11pt;">On behalf of the Manager, Sprott Asset Management LP,<br>by its General Partner, Sprott Asset Management GP Inc.:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:34.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:19.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:46.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:50.85pt;"><td style="vertical-align:bottom;width:34.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="phys-20210531xex99d1005.jpg" alt="Kevin Hibbert" style="display:inline-block;height:34.45pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:63.11pt;"></p></td><td style="vertical-align:bottom;width:19.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><img src="phys-20210531xex99d1006.jpg" alt="Graphic" style="display:inline-block;height:33.84pt;left:0%;padding-bottom:0.7pt;position:relative;top:0pt;width:105.64pt;"></p></td><td style="vertical-align:bottom;width:46.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:13.5pt;"><td style="vertical-align:bottom;width:34.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Kevin Hibbert</font></p></td><td style="vertical-align:bottom;width:19.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">John Ciampaglia</font></p></td><td style="vertical-align:bottom;width:46.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:4.9pt;"><td style="vertical-align:bottom;width:34.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Director</font></p></td><td style="vertical-align:bottom;width:19.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><font style="font-size:8.5pt;">Director</font></p></td><td style="vertical-align:bottom;width:46.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8.5pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">9</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Unaudited statements of changes in equity</p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">(in thousands of U.S. dollars, except unit amounts)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">For the three months ended March 31, 2021 aned 2020 </i></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Underwriting</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Unit</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Number&#160;of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Retained</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Commissions</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Premiums</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Units</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Unitholders&#8217;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Earnings</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">and&#160;Issue</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">and</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Outstanding</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Capital</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">(Deficit)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Reserves</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">Total</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#160;</b><b style="font-weight:bold;">Equity</b></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance as at January&#160;1, 2020</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 200,247,688</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,412,685</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 151,434</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (102,027)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 125</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,462,217</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Proceeds from issuance of Units <i style="font-style:italic;">(note 7)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 31,668,705</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 407,817</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 407,817</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cost of redemption of Units <i style="font-style:italic;">(note 7)</i></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net income and comprehensive income for the period</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 86,207</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 86,207</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,655)</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,655)</font></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Balance as at March&#160;31,&#160;2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 231,916,393</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,820,502</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 237,641</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (104,682)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 125</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,953,586</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Balance as at January 1, 2021</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 321,576,027</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,105,189</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 898,560</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (110,960)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 125</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,892,914</b></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Proceeds from issuance of Units </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 6,719,451</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 98,132</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 98,132</b></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cost of redemption of Units </b><font style="font-style:italic;font-weight:bold;">(note 7)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (2,310,119)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (23,101)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (10,747)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (33,847)</b></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net loss and comprehensive loss for the period</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (499,688)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (499,688)</b></p></td></tr><tr><td style="vertical-align:bottom;width:31.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Underwriting commissions and issue expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (311)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (311)</b></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:31.63%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Balance as at March&#160;31,&#160;2021</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 325,985,359</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.45%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,180,220</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 388,125</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:10.11%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (111,271)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.46%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 126</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:9.39%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,457,200</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">10</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:12.15pt;"><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 2pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust</font></p></td><td style="vertical-align:bottom;width:50%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 10pt 0pt;"><font style="font-size:8.5pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt;">Unaudited statements of cash flows</p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">(in thousands of U.S. dollars)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6.5pt;font-style:italic;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;three months ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">For&#160;the&#160;three months ended </p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;">March&#160;31,&#160;2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0pt 0pt;">March&#160;31,&#160;2020</p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from operating activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net income (loss) for the period</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (499,688)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 86,207</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Adjustment to reconcile net income (loss) for the year to net cash from&#160;operating activities</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">Net realized (gains) losses on redemptions and sales of gold bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (6,945)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">Change in unrealized (gains) losses on gold bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 501,471</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (89,106)</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net changes in operating assets and liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">(Increase) decrease in prepaid assets</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0pt 12pt;">Increase (decrease) in accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 1,795</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,092</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) operating activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (3,367)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1,807)</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from investing activities</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Purchases of gold bullion</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (90,264)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (374,940)</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Sales of gold bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) in investing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (90,264)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (374,940)</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash flows from financing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Proceeds from issuance of Units <i style="font-style:italic;">(note 7)</i></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 98,132</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 407,818</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Payments on redemption of Units <i style="font-style:italic;">(note 7)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (72)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Underwriting commissions and issue expenses</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (311)</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,655)</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Net cash provided by (used in) financing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 97,749</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 405,163</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Net increase (decrease) in cash during the period</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,118</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 28,416</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:bottom;width:58.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;">Cash at beginning of period</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 4,405</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,929</font></p></td></tr><tr><td style="vertical-align:bottom;width:58.25%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt;"><b style="font-weight:bold;">Cash at end of period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.95%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 8,523</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.5%;border-bottom:1.5pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 33,345</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><i style="font-size:8.5pt;font-style:italic;">The accompanying notes are an integral part of these financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:0pt;line-height:1.31;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">11</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust<br>Notes to financial statements &#8211; Trust specific information</font><font style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;"> </font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;"> March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt;"><i style="font-size:6.5pt;font-style:italic;">(in thousands of U.S. dollars, unless otherwise indicated)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:6.5pt;font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.19;margin:0pt;"><font style="font-size:16pt;">Financial Risk Management</font><i style="font-size:16pt;font-style:italic;"> </i><i style="font-size:9.5pt;font-style:italic;">(note&#160;6)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Investment Objective</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to short-term changes in gold prices. The Trust will only purchase and expects only to own &#8220;Good Delivery Bars&#8221; as defined by the London Bullion Market Association (&#8220;LBMA&#8221;), with each bar purchased being verified against the LBMA&#160;source.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note&#160;6 of the Generic Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;">Fair Value Measurements</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.35;text-align:justify;margin:6pt 0pt 12pt 0pt;"><font style="font-size:11pt;">The reconciliation of bullion holdings for the three months ended March 31, 2021 and year ended December 31, 2020 is presented as follows:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:64.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 6pt;"><font style="font-size:9pt;margin-bottom:0pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><b style="font-weight:bold;">March&#160;31,&#160;2021</b></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;text-align:right;margin:0pt 3pt 0.05pt 0pt;">December&#160;31,&#160;2020</p></td></tr><tr><td style="vertical-align:middle;width:64.27%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">(in thousands of U.S. dollars)</i></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:2.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:6pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.95%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.12%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;">$</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Balance at beginning of period</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:15.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;">4,888,695</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;">2,457,683</p></td></tr><tr><td style="vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Purchases</p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 90,264</b></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,667,142</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Sales</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:15.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> &#8211;</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Redemptions for physical bullion</p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (33,775)</b></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:64.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Realized gains (losses) on sales and redemptions for physical bullion</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:2.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:15.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 6,945</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8211;</font></p></td></tr><tr><td style="vertical-align:middle;width:64.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Change in unrealized gains (losses)</p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:2.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (501,471)</b></p></td><td style="vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;">763,870</p></td></tr><tr><td style="background-color:#e1d9c5;vertical-align:middle;width:64.27%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;">Balance at end of period</p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:2.04%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:8pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:15.95%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;">4,450,658</b></p></td><td style="background-color:#e1d9c5;vertical-align:bottom;white-space:normal;width:1.3%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:10pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#e1d9c5;vertical-align:middle;width:15.12%;border-bottom:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;">4,888,695</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-family:'Segoe UI';font-size:10.5pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">Realized gains (losses) on physical bullion include both realized gains (losses) on sales of physical bullion, and realized gains (losses) occurring upon unitholder redemptions for physical bullion.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:11pt;">The cost of physical bullion as at March 31, 2021 and December 31, 2020 was $3,828,461 and $3,765,027, respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Market Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:6pt 0pt 6pt 0pt;">a) Other Price Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">If the market value of gold increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $44.5&#160;million (December&#160;31,&#160;2020: $48.9&#160;million); conversely, if the value of gold bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same&#160;amount.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;">b) Currency Risk<font style="color:#ff0000;"> </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">As at March 31,&#160;2021, approximately $40 (December&#160;31,&#160;2020: $91) of the Trust&#8217;s liabilities were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. Dollars would have no material impact to the Trust.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">12</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Gold Trust<br>Notes to financial statements &#8211; Trust specific information</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:9.5pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:0pt 0pt 6pt 0pt;">Concentration Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:6pt 0pt 12pt 0pt;">The Trust&#8217;s risk is concentrated in physical gold bullion, whose value constitutes 99.9% of total equity as at March 31,&#160;2021 (99.9% as at December&#160;31,&#160;2020).</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Management Fees</font><i style="font-size:12pt;font-style:italic;"> </i><i style="font-size:9.5pt;font-style:italic;">(note&#160;8)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Trust pays the Manager a monthly management fee equal to <sup style="font-size:8.25pt;vertical-align:top;">1</sup>/<sub style="font-size:8.25pt;vertical-align:sub;">12</sub> of 0.35% of the value of net assets of the Trust (determined in accordance with the Trust&#8217;s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Also, the Manager has agreed that if the expenses of the Trust, including the management fee, at the end of any month exceed an amount equal to <sup style="font-size:8.25pt;vertical-align:top;">1</sup>/<sub style="font-size:8.25pt;vertical-align:sub;">12</sub> of 0.65% of the value of the net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or remain payable to the Manager in future months. The Manager did not waive any amounts payable for during three months ended March 31, 2021 or 2020. In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes payable by the Trust or to which the Trust may be subject, and any extraordinary expenses of the&#160;Trust.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">Tax Loss Carryforwards</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">As of the taxation year ended December&#160;31,&#160;2020, the Trust had capital losses available for tax purposes of $2 (December 31, 2019 $nil)</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Related Party Disclosures </font><i style="font-size:9.5pt;font-style:italic;">(note&#160;8)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">There have been no other transactions between the Trust and its related parties during the reporting period, other than management fees as discussed above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;">Other Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The changing economic and market climate as a result of COVID-19 has led to the Managers of the Trust implementing its business continuity plan. The Trust&#8217;s portfolio managers, enterprise shared services teams and key outsource service providers are fully operational. The exact impacts of COVID-19 over the short and long-term are undeterminable at the date of this report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;text-align:justify;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">13</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:9.5pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:14pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;"><a name="_Hlk509928127"></a><font style="font-size:16pt;">1. Organization of the Trusts</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust &#160;(collectively, the&#160;&#8220;Trusts&#8221; and each a &#8220;Trust&#8221;) are closed-end mutual fund trusts created under the laws of the Province of Ontario, Canada, pursuant to trust agreements. Sprott Asset Management&#160;LP (the&#160;&#8220;Manager&#8221;) acts as the manager of the Trusts. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trusts. RBC Investor Services Trust also acts as custodian on behalf of the Trusts for the Trusts&#8217; assets other than physical bullion. The Royal Canadian Mint acts as custodian on behalf of the Trusts for the physical bullion owned by the&#160;Trusts. The Trusts&#8217; registered office is located at Suite&#160;2600, South Tower, Royal Bank Plaza, 200&#160;Bay Street, Toronto, Ontario, Canada, M5J&#160;2J1.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:10pt 0pt 10pt 0pt;">The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the&#160;&#8220;Units&#8221;). All issued Units have no par value, are fully paid for, and are listed and traded on the New&#160;York Stock Exchange Arca (the&#160;&#8220;NYSE Arca&#8221;) and the Toronto Stock Exchange (the&#160;&#8220;TSX&#8221;). The date of inception and trading symbols of each of the Trusts is as follows:</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.25063705%;padding-left:0pt;padding-right:0pt;width:100.5%;" align="center"><tr style="height:0.95pt;"><td style="vertical-align:bottom;width:16.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:0.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:38.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:0.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:17.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:0.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:27.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:0.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:20.25pt;"><td style="vertical-align:bottom;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;padding-left:7.2pt;text-indent:-7.2pt;margin:12pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Trust</b></p></td><td style="vertical-align:bottom;width:0.22%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">Trust&#160;Agreement&#160;date</b></p></td><td style="vertical-align:bottom;width:0.21%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">Initial&#160;Public&#160;Offering&#160;date</b></p></td><td style="vertical-align:bottom;width:0.38%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:27.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.31;margin:12pt 0pt 0pt 1.45pt;"><b style="font-weight:bold;">NYSE&#160;Arca&#160;and&#160;TSX&#160;symbols&#160;,&#160;respectively</b></p></td></tr><tr style="height:28.8pt;"><td style="background-color:#ebe5d7;vertical-align:top;width:16.16%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Gold Trust</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.22%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:38.54%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;white-space:pre-wrap;">August 28, 2009, as amended and restated as of December 7, 2009,  February 1, 2010, February 27, 2015 and November 13, 2020.</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.21%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:17.12%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">March&#160;3, 2010</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.38%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:27.34%;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">PHYS, PHYS.U</font></p></div></div></td></tr><tr style="height:28.8pt;"><td style="vertical-align:top;width:16.16%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Silver Trust</font></p></div></div></td><td style="vertical-align:top;width:0.22%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:38.54%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;white-space:pre-wrap;">June  30, 2010, as amended and restated as of October 1, 2010, February 27, 2015 and November 13, 2020.</font></p></div></div></td><td style="vertical-align:top;width:0.21%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.12%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">October 28, 2010</font></p></div></div></td><td style="vertical-align:top;width:0.38%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:27.34%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">PSLV, PSLV.U</font></p></div></div></td></tr><tr style="height:28.8pt;"><td style="background-color:#ebe5d7;vertical-align:top;width:16.16%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Platinum and Palladium&#160;Trust</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.22%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:38.54%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">December&#160;23, 2011, as amended and restated as of June&#160; 6, 2012</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.21%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:17.12%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">December&#160;19, 2012</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:0.38%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="background-color:#ebe5d7;vertical-align:top;width:27.34%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:28.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 1.45pt;"><font style="line-height:1.1;">SPPP, SPPP.U</font></p></div></div></td></tr><tr style="height:38.5pt;"><td style="vertical-align:top;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">Sprott Physical Gold &amp; Silver Trust</font></p></div></div></td><td style="vertical-align:top;width:0.22%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:38.54%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">October 26, 2017</font></p></div></div></td><td style="vertical-align:top;width:0.21%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.12%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">January 16, 2018</font></p></div></div></td><td style="vertical-align:top;width:0.38%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:7pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:27.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:38.5pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;line-height:1.31;margin:6pt 0pt 6pt 0pt;"><font style="line-height:1.1;">CEF, CEF.U</font></p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;">The Statements of Financial Position for the Trusts are as at March 31, 2021 and December 31, 2020. The Statements of Comprehensive Income, the Statements of Changes in Equity and Statements of Cash Flows for the Trusts are for the three month periods ended March 31, 2021 and 2020. These financial statements were authorized for issue by the Manager on May 14, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><a name="_Hlk509928126"></a>2. Basis of Preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">These financial statements have been prepared in compliance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and include estimates and assumptions made by the Manager that may affect the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in Net Assets during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical bullion and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair&#160;value.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The financial statements are presented in U.S.&#160;dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">14</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:0pt 0pt 6pt 0pt;"><a name="_Hlk509928121"></a>3. Summary of Significant Accounting Policies</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">The following is a summary of significant accounting policies followed by the&#160;Trusts:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Physical bullion</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 <i style="font-style:italic;">Investment Property</i> fair value model as IAS&#160;40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the business day following the date the order to buy or sell is&#160;executed. Realized and unrealized gains and losses of holdings are calculated on an average cost basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Other assets and liabilities</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Other assets and liabilities are recognized at fair value upon initial recognition. &#160;Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax&#160;liability.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Functional and presentation currency</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Each Trust&#8217;s functional and presentation currency is the U.S.&#160;Dollar. Each Trusts&#8217; performance is evaluated and its liquidity is managed in U.S.&#160;Dollars. Therefore, the U.S.&#160;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&#160;<a name="_Hlk509928130"></a>conditions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><a name="_Hlk509928128"></a>4. Critical Accounting Estimates and Judgments</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements</font>:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Estimation uncertainty</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">For tax purposes, the Trusts generally treat gains from the disposition of bullion as capital gains, rather than income, as the Trusts intend to be long-term passive holders of bullion, and generally dispose of their holdings in bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or&#160;losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">15</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Trusts based their assumptions and estimates on parameters available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trusts. Such changes are reflected in the assumptions when they&#160;occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><a name="_Hlk509928129"></a>5. Fair Value Measurements</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">The Trusts use a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value their investments. The fair value hierarchy has the following levels:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 1</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date;</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 2</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Level 3</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;text-align:justify;"><font style="font-size:11pt;">Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;">Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level&#160;1 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying values of cash, accounts receivable and accounts payable approximate their fair values due to their short-term nature.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:18pt 0pt 6pt 0pt;"><a name="_Hlk509928124"></a>6. Financial Risk, Management and Objectives</p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="font-size:11pt;">The Trusts&#8217; objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts&#8217; activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trusts have investment guidelines that set out their overall business strategies, their tolerance for risk and their general risk management philosophy, as set out in each Trust&#8217;s offering documents. The Trusts&#8217; Manager is responsible for identifying and controlling risks. The Trusts are exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the bullion that they hold. Only certain risks of the Trusts are actively managed by the Manager, as the Trusts are passive investment vehicles. Significant risks that are relevant to the Trusts are discussed below. Refer to the Notes to financial statements&#160;&#8212; Trust specific information of each Trust for specific risk&#160;disclosures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Price risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Price risk arises from the possibility that changes in the market price of each Trust&#8217;s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Interest rate risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trusts do not hedge their exposure to interest rate risk as that risk is&#160;minimal.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Currency risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust&#8217;s assets, substantially all of which consist of an investment in bullion, are priced in U.S.&#160;dollars. Some of the </p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">16</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Trusts&#8217; expenses are payable in Canadian dollars. Therefore, the Trusts are exposed to currency risk, as the value of their liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trusts, and, as such, exposure to foreign exchange risk is limited. The Trusts do not enter into currency hedging transactions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trusts primarily incur credit risk when entering into and settling bullion transactions. It is each Trust&#8217;s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts&#8217; counterparties, such as bullion dealers, by reviewing their financial statements when available, regulatory notices and press releases. The Trusts seek to minimize credit risk relating to unsettled transactions in bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for bullion is only made against the receipt of the bullion by the&#160;custodian.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Liquidity risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Liquidity risk is defined as the risk that the Trusts will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trusts could be required to pay their liabilities earlier than expected. The Trusts are also subject to redemptions for both cash and bullion on a regular basis. The Trusts manage their obligation to redeem units when required to do so and their overall liquidity risk by only allowing for redemptions monthly, which require 15-day advance notice to the Trusts. Each Trust&#8217;s liquidity risk is minimal, since it&#8217;s primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts&#8217; financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than three&#160;months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Concentration risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Each Trust&#8217;s risk is concentrated in the physical bullion of precious metals.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:16pt 0pt 6pt 0pt;">7. Unitholders&#8217; Capital</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Trusts are authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. The Trusts&#8217; capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts&#8217; capital is provided in their statements of changes in equity. Under the trust agreements of each Trust, Units may be redeemed at the option of the unitholder on a monthly basis for physical bullion or cash. Units redeemed for physical bullion will be entitled to a redemption price equal to 100% of the Net Asset Value (&#8220;NAV&#8221;) of the redeemed Units on the last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion for Units that are being redeemed and the applicable bullion storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&#160;the volume-weighted average trading price of the Units traded on the NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX for the last five business days of the month in which the redemption request is processed and (ii)&#160;the NAV of the redeemed Units as of 4:00&#160;p.m., Eastern Standard time, on the last business day of the month in which the redemption request is&#160;processed.</p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">17</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;">When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders&#8217; capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Trusts&#8217; units are classified as equity on the Statements of Financial Position, since the Trusts&#8217; units meet the criteria in IAS 32, <i style="font-style:italic;">Financial Instruments: Presentation</i> (&#8220;IAS 32&#8221;) for classification as equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Net Asset Value</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">NAV is defined as a Trust&#8217;s net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities represented by outstanding Units, if any) calculated using the value of physical bullion based on the end-of-day price provided by a widely recognized pricing service.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.31;margin:12pt 0pt 6pt 0pt;">Capital Management</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">As a result of the ability to issue, repurchase and resell Units of the Trusts, the capital of the Trusts as represented by the Unitholders&#8217; capital in the statements of financial position can vary depending on the demand for redemptions and subscriptions to the Trusts. The Trusts are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable Units beyond those included in their trust agreements. The Trusts may not issue additional Units except (i)&#160;if the net proceeds per Unit to be received by the Trusts are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii)&#160;by way of Unit distribution in connection with an income distribution.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">Each Trusts&#8217; objectives for managing capital are:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#003366;font-family:'Times New Roman';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">To invest and hold substantially all of the Trust&#8217;s assets in physical bullion;&#160;and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="color:#003366;font-family:'Times New Roman';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they&#160;arise.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:12pt 0pt 12pt 0pt;">Refer to &#8220;Financial risk, management and objectives&#8221; (Note&#160;6) for the policies and procedures applied by the Trusts in managing their&#160;capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:13pt 0pt 6pt 0pt;">8. Related Party Disclosures</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Trusts pay the Manager a monthly management fee, calculated and accrued daily and payable monthly in arrears on the last day of each month. Management fees are unique to each Trust and are subject to applicable taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:13pt 0pt 6pt 0pt;">9. Independent Review Committee (&#8220;IRC&#8221;)</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">In accordance with National Instrument&#160;81-107,&#160;<i style="font-style:italic;">Independent Review Committee for Investment Funds</i> (&#8220;NI&#160;81-107&#8221;), the Manager has established an IRC for a number of funds managed by it, including the Trusts. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trusts. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trusts. Each fund subject to IRC oversight pays a share of the IRC </p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">18</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:21.6pt;min-height:28.1pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;line-height:1.31;margin:0pt 0pt 4pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Sprott Physical Bullion Trusts<br>Generic Notes to Financial Statements</font><i style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;font-style:italic;"> </i><i style="font-family:'Arial','Helvetica','sans-serif';font-size:6.5pt;font-style:italic;">March 31, 2021</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI&#160;81-107.</p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;line-height:1.31;margin:13pt 0pt 6pt 0pt;">10. Personnel</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;">The Trusts did not employ any personnel during the period, as their affairs were administered by the personnel of the Manager and/or the Trustee, as&#160;applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.31;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;line-height:1.31;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">19</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:always;width:89.64%;border-width:0;"><div style="max-width:100%;padding-left:5.18%;padding-right:5.18%;position:relative;"><div style="margin-top:14.4pt;min-height:35.3pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.31;text-align:left;">Table of Contents</font></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><font style="color:#0563c1;font-size:10pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 16pt 0pt;"><font style="color:#0563c1;font-size:10pt;"> </font><font style="color:#0563c1;font-size:10pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt 0pt 12pt 0pt;"><font style="font-size:1pt;margin-bottom:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:18pt;">Corporate Information</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:12pt 0pt 0pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Head Office</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Sprott Physical Gold Trust</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Royal Bank Plaza, South Tower</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">200&#160;Bay Street</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Suite&#160;2600, PO Box&#160;26</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5J&#160;2J1</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Telephone: (416)&#160;203-2310</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toll Free: (877)&#160;403-2310</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Email: ir@sprott.com</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Auditors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">KPMG LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Bay Adelaide Centre</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">333 Bay Street</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Suite&#160;4600</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario M5H 2S5</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;">Legal Counsel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Baker&#160;&amp; McKenzie&#160;LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Brookfield Place</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Bay Wellington Tower</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">181 Bay Street, Suite&#160;2100</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Toronto, Ontario Canada M5J&#160;2T3</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Seward&#160;&amp; Kissel&#160;LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">901 K Street NW, 8th&#160;Floor</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.31;margin:0pt;"><font style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;">Washington, DC 20001</font></p></div><div style="clear:both;margin-bottom:27.35pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9.5pt;line-height:1.19;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:11pt;">20</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.18%;margin-right:5.18%;margin-top:30pt;page-break-after:avoid;width:89.64%;border-width:0;"></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
