<SEC-DOCUMENT>0001999371-24-011692.txt : 20240909
<SEC-HEADER>0001999371-24-011692.hdr.sgml : 20240909
<ACCEPTANCE-DATETIME>20240909171956
ACCESSION NUMBER:		0001999371-24-011692
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240909
FILED AS OF DATE:		20240909
DATE AS OF CHANGE:		20240909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34638
		FILM NUMBER:		241288037

	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_6k-090924.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>For the month of September 2024</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Commission File Number: 001-34638</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman,serif; margin: 0; text-align: center"><B>SPROTT PHYSICAL GOLD TRUST</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>Suite&nbsp;2600, South Tower,</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>Royal Bank Plaza,</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>200 Bay Street,</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>Toronto, Ontario,</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>Canada M5J 2J1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5pt; text-align: center">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>INFORMATION CONTAINED IN THIS FORM&nbsp;6-K REPORT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Attached hereto as <A HREF="ex99-1.htm">Exhibit 99.1</A> is Amendment No. 2 to the
Amended and Restated Sales Agreement by and among Sprott Physical Gold Trust (the &ldquo;Trust&rdquo;), Sprott Asset Management LP, and
Cantor Fitzgerald &amp; Co., Virtu Americas LLC and Virtu Canada Corp.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><A HREF="ex99-1.htm">Exhibit 99.1</A> is hereby incorporated by reference into the
Trust&rsquo;s registration statement on Form&nbsp;F-10 (File No.&nbsp;333-281989), filed with the Securities and Exchange Commission on
September 6, 2024.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>SPROTT PHYSICAL GOLD TRUST</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Registrant)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">By Sprott Asset Management GP Inc.,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">as general partner of</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">the manager of the Registrant</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 60%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Kevin Hibbert</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Kevin Hibbert</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Dated: September 9, 2024</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>AMENDED AND RESTATED SALES AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 5pt 0; text-align: left"><A HREF="phys_6k-090924.htm">Sprott Physical Gold Trust - 6-K</A><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 5pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 5pt 0; text-align: center"><B>SPROTT PHYSICAL GOLD TRUST</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>Amendment No. 2 to the Amended and Restated</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B><U>Sales Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">September 9, 2024</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">110 E 59<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0">Virtu Americas LLC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">1633 Broadway</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">Virtu Canada Corp.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">222 Bay Street, Suite 1720</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">Toronto, ON M5K 1B7</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made to the Amended
and Restated Sales Agreement, dated October 21, 2020, including the Schedules thereto, as amended on August 11, 2022 (the &#8220;<U>Sales
Agreement</U>&#8221;), by and among Sprott Physical Gold Trust, a trust formed and organized under the laws of the Province of Ontario
(the &#8220;<U>Trust</U>&#8221;), Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario
(the &#8220;<U>Manager</U>&#8221;), and Cantor Fitzgerald &amp; Co., Virtu Americas LLC and Virtu Canada Corp. (the &#8220;<U>Agents</U>&#8221;),
pursuant to which the Company agreed to sell through the Agents, as sales agents, units of the Trust. All capitalized terms used in this
Amendment No. 2 to the Sales Agreement (this &#8220;<U>Amendment</U>&#8221;) among the Trust, the Manager, and the Agents and not otherwise
defined herein shall have the respective meanings assigned to such terms in the Sales Agreement. The Trust, the Manager, and the Agents
agree as follows:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Amendments to Sales Agreement</U>. On the date hereof (the &#8220;Amendment Date&#8221;), the
Sales Agreement is amended as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The fourth paragraph of Section 1 shall be replaced in its entirety with:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;The Trust may file
one or more additional registration statements from time to time that will contain a Base Prospectus (as defined below) and related prospectus,
if applicable (which shall be a Prospectus (as defined below)), with respect to the Placement Units. The registration statement(s) on
Form F-10, including the information (if any) deemed to be a part of such registration statement at the time of effectiveness pursuant
to Rule 430A or Rule 430B under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), is hereinafter called
the &#8220;Registration Statement&#8221;; the base prospectus relating to the Shelf Securities filed as part of the Registration Statement,
in the form in which it has most recently been filed with the Commission, is hereinafter called the &#8220;Base Prospectus&#8221;. For
purposes of this Agreement, &#8220;Prospectus&#8221; means the final prospectus supplement relating to the offering of the Placement Units,
together with the Base Prospectus, filed with the Commission pursuant to General Instruction II.L. of Form F-10 in accordance with Section
7(w) hereof. As used herein, the terms &#8220;Registration Statement&#8221;, &#8220;Base Prospectus&#8221; and &#8220;Prospectus&#8221;
shall include the documents, if any, incorporated by reference therein as of the relevant time.&#8221;</P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT> <FONT STYLE="font-size: 10pt">The first sentence of Section 5(b) shall be replaced in its entirety with: </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Unless otherwise specified
in the applicable Placement Notice, settlement for sales of Placement Units will occur on the first (1st) Trading Day (or such earlier
date as is industry practice for regular-way trading) following the date on which such sales are made (each, a &#8220;Settlement Date&#8221;).</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">References to &#8220;date of this Agreement&#8221; shall mean September 9, 2024.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Section 13 shall be replaced in its entirety with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&#8220; <U>Notices</U>. All notices
or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall
be in writing, unless otherwise specified, and if sent to the Agents, shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">110 E 59<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Capital Markets</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: (212) 307-3730</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Virtu Americas LLC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">1633 Broadway</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Virtu Capital Markets</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt 1in; text-indent: 0.5in">and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in; background-color: white">Virtu
Canada Corp.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0pt 0pt 1in; text-indent: 0.5in">222 Bay Street, Suite 1720</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Toronto, ON M5K 1B7</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&#9;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0.5in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">110 E 59<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: (212) 829-4708</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Cooley LLP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">55 Hudson Yards</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">New York, NY 10001-2157</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Daniel I. Goldberg, Esq.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: (212) 479-6275</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">and</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Borden Ladner Gervais LLP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Bay Adelaide Centre, East Tower, Suite 3400</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">22 Adelaide St W</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Toronto, ON M5H 4E3</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Ben Keen</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: (416) 367-6749</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0.5in">and if to the Trust or Manager, shall be delivered
to:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Sprott Physical Gold Trust/Sprott Asset Management
LP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Royal Bank Plaza, South Tower</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">200 Bay Street, Suite 2600</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Toronto, Ontario M5J 2J1</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Arthur Einav/ Lara Misner</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in; text-indent: 0.5in">And with a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Seward &amp; Kissel LLP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">901 K Street N.W., 8th Floor</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Washington DC 20001</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: Anthony Tu-Sekine</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: 202-737-5184</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Stikeman Elliott LLP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">5300 Commerce Court West, 199 Bay Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Toronto, Ontario M5L 1B9</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Attention: J.R. Laffin</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Facsimile: (416) 869-5289</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">Each party to this Agreement may change such address
for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication
shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before
4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the
next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if
deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement,
&#8220;Business Day&#8221; shall mean any day on which each Exchange and commercial banks in the City of New York are open for business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">An electronic communication (&#8220;Electronic Notice&#8221;) shall be deemed written notice for
purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice
shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any
party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&#8220;Nonelectronic
Notice&#8221;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.&#8221;.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Canadian Base Prospectus</U>. The parties hereto acknowledge that any reference to the Canadian
Base Prospectus in the Sales Agreement shall refer to the final short form base shelf prospectus dated September 6, 2024, or any subsequent
final short form base shelf prospectus, filed with the OSC as principal regulator and with each of the other Canadian Securities Commissions
in accordance with the Shelf Procedures. </FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Shelf Securities</U>. The parties hereto acknowledge that any reference to Shelf Securities in
the Sales Agreement shall refer to the Units qualified by the Canadian Base Prospectus.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding anything to the contrary contained herein, this Amendment shall not have any effect
on the terms of the Sales Agreement prior to date of this Amendment, and the rights and obligations of the parties thereunder, including,
without limitation, the representations, warranties and agreements (including the indemnification and contribution provisions), as well
as the definitions of &#8220;Registration Statement,&#8221; &#8220;Base Prospectus,&#8221; &#8220;and &#8220;Prospectus,&#8221; contained
in the Sales Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">E.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No Other Amendments</U>. Except as set forth herein, all the terms and provisions of the Sales
Agreement shall continue in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">F.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>. This Amendment may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one
party to the other may be made by facsimile or electronic transmission of a portable document format (PDF) file (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com). </FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">G.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Governing Law</U>. This Amendment shall be governed by, and construed in accordance with, the
internal laws of the State of New York without regard to the principles of conflicts of laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0.5in">If the foregoing correctly sets forth the understanding
among us, please so indicate in the space provided below for that purpose.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SPROTT
    PHYSICAL Gold TRUST</FONT></P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    its manager, Sprott Asset Management LP</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    its general partner, Sprott Asset Management GP Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 60%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 35%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John Ciampaglia</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    John Ciampaglia</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SPROTT
    ASSET MANAGEMENT LP</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
    its general partner, Sprott Asset Management GP Inc.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John Ciampaglia</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: John
    Ciampaglia</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCEPTED
    as of the date first-above written:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANTOR
    FITZGERALD &amp; CO.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Sameer Vasudev</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Sameer
    Vasudev</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIRTU
    AMERICAS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Joshua R. Feldman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Joshua
    R. Feldman</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIRTU
    CANADA CORP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ryan Quattrini</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Ryan
    Quattrini</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    CFO</FONT></TD></TR>
  </TABLE>
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