40-17G 1 sprottfocus-4017g_100825.htm FIDELITY BOND

Sprott Focus Trust, Inc.

320 Post Road, Suite 230

Darien, Connecticut 06820

October 8, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

VIA EDGAR

| RE: | Rule 17g-1 Fidelity Bond Filing Information with Respect to Period Covering September 30, 2025 through September 30, 2026 for Sprott Focus Trust, Inc.

Dear Sir or Madam:

Enclosed for filing, pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended (the “40 Act”), please find the following information with respect to Sprott Focus Trust, Inc. (the “Fund”). Please note for the Securities and Exchange Commission’s records, the following:

| a) | A copy of the Fund’s executed Fidelity Bond issued by AIG Insurance Company of Canada (“Fidelity Bond”) is enclosed under Exhibit 1;

| b) | A copy of the resolutions approved by the Fund’s Board of Directors, including a majority of Directors who were not considered “interested persons” within the meaning of the 40 Act, approving the Fidelity Bond is enclosed under Exhibit 2;

| c) | The Fidelity Bond covers the period from September 30, 2025 to September 30, 2026; and

| d) | The premiums have been paid or will be paid during the term of the Fidelity Bond for the period from September 30, 2025 to September 30, 2026.

Please contact me if you have any questions or require additional information.

Very truly yours,

/s/ Thomas W. Ulrich
Thomas W. Ulrich
President

Exhibit 1

AIG Insurance Company of Canada

(Herein called Underwriter)

BOND NUMBER: 02-140-75-82 | REPLACEMENT OF BOND NUMBER: 01-593-11-93

FINANCIAL INSTITUTIONS BOND

Standard Form No. 14. Revised to May, 2011

DECLARATIONS

Item 1. | Name of Insured (herein called Insured):
| SPROTT FOCUS TRUST INC.

| Principal Address: | 200 BAY ST SUITE 2600
|  | TORONTO, ON M5J -2J1

Item 2. | Bond Period: From 12:0 1 a.m. on | September 30, 2025 | to 12:0 1 a.m. on | September 30, 2026
|  | (month, day, year) |  | (month, day, year)

Item 3. | The Aggregate Liability of the Underwriter during the Bond Period shall be | $6,000,000 US
Item 4. | Subject to Sections 4 and 12 hereof. |
| the Single Loss Limit of Liability applicable to each of Insuring Agreements (A). (B), (C) and (F) is | $3,000,000 US
| and the Single Loss Deductible applicable to each of Insuring Agreements (A), (B), (C) and (F) is | $25,000 US
| If coverage is provided under the following Insuring Agreements or Coverages, the applicable Single Loss Limit of Liability and Single Loss Deductible shall be inserted below:

|  | Single Loss |  | Single Loss
|  | Limit of Liability |  | Deductible
Insuring Agreement (D)-FORGERY OR ALTERATION |  | $3,000,000 US |  | $25,000 US
Insuring Agreement (E)-SECURITIES |  | $3,000,000 US |  | $25,000 US
Coverage on Partners or Members |  | Not Covered |  | Not Covered
Optional Insuring Agreements and Coverages: |  |  |  |
Computer Systems Fraud |  | $3,000,000 US |  | $25,000 US
Data Processing Service Ops |  | $3,000,000 US |  | $25,000 US
Voice Initiated Transfer Fraud |  | $3,000,000 US |  | $25,000 US
Telefacsimile Transfer Fraud |  | $3,000,000 US |  | $25,000 US
Destruction of Data or Programs by Hacker |  | $3,000,000 US |  | $25,000 US
Destruction of Data or Programs by Virus |  | $3,000,000 US |  | $25,000 US
Voice Computer Systems Fraud |  | $3,000,000 US |  | $25,000 US
Impersonation Fraud - Unauthenticated |  | $250,000 US |  | $25,000 US
Impersonation Fraud - Authenticated |  | $3,000,000 US |  | $25,000 US

| If “Not Covered” is inserted above opposite any specified Insuring Agreement or Coverage, or if no amount is inserted, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted.
Item 5. | The liability of the Underwriter is subject to the terms of the following riders attached hereto:
| #1.#2.#3.#4.#5.#6.#7.#8.#9.#10,#11.#12.#13,#14.#15,#16,#17

1601432

TSB5062CAN | Page 1 of 3

| All of the terms and conditions of this bond apply to such riders except to the extent the rider explicitly provides otherwise.
Item 6. | The amount of anticipated loss which the Insured must report to the Underwriter pursuant to Section 12 is: $25,000 US
Item 7. | For the purposes of Insuring Agreement B. Property lodged or deposited in the following offices and premises is not covered:
| Not Applicable

| Item 8. | The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling prior bond(s) or policy(ies) No.(s) 01-593-11-93 |
|  |  | Such termination or cancelation to be effective as of the time this bond becomes effective. |
| Item 9. | Premium: $3,194 US |
| Item 10. | Underwriter |
|  |  | (a) | Underwriter Address: | Canadian Head Office |
|  |  |  |  |  | 120 Bremner Boulevard Suite 2200 |
|  |  |  |  |  | Toronto, ON M5J -0AB |
|  |  | (b) | Notice Of Loss And Occurrences To Be Sent To: |
|  |  |  | By e-mail: | financialcLaimsCA@aig.com |
|  |  |  | By mail: | AIG, Financial Lines Claims |
|  |  |  |  | 120 Bremner Boulevard, Suite 2200 |
|  |  |  |  | Toronto, ON M5J 0AB |
|  |  | In either case. reference the policy number and “Financial Institutions Bond Standard Form No. 14.” |
| All limits of insurance, premiums and other sums of money as expressed in this policy are in Canadian currency unless otherwise stated in writing |
| By signing below. the President and Chief Executive Officer of the Insurer agrees on behalf of the Insurer to all the terms of this Policy. |
|  | President and Chief Executive Officer |
|  | AIG Insurance Company of Canada |
| TSB5062CAN |  | Page 2 of 3 |

TORONTO |  | September 30, 2025
Signed At |  | Date

HUB INTERNATIONAL ONTARIO LIMITED

130 KING ST. W.

STE 1100

TORONTO, ON M5X 1E4

TSB5062CAN | Page 3 of 3

TSB 5062c CAN (5/11) | Page 5 of 6

RIDER# 1

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

IMPERSONATION FRAUD
(FRAUDULENTLY-INDUCED PAYMENT COVERAGE; SEPARATE SUBLIMITS FOR AUTHENTICATED AND UNAUTHENTICATED INSTRUCTIONS; PRIOR ACTS EXCLUSION)

This rider modifies insurance provided under the following:

FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14

FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15

It is agreed that the policy is hereby amended as follows:

| 1. | The INSURING AGREEMENTS Clause is amended to include the following at the end thereof:

FRAUDULENTLY-INDUCED PAYMENT COVERAGE

Loss of Funds resulting directly from an Insured having, in good faith, transferred Funds from its own account in reliance upon Fraudulently-Induced Instruction(s).

| 2. | Solely for purposes of this rider, the following definitions shall apply:

“Fraudulently-Induced Instruction” means any instruction communicated to an Insured for the purpose of directing or transferring Insured Funds and/or updating vendor bank account information that were communicated by:

| a. | a person purporting to be a director, officer, partner, member or sole proprietor of the Insured or other Employee–or by an individual acting in collusion with such person purporting to be a director, officer, partner, member, sole proprietor or other Employee (hereinafter referred to as an “Internal Requestor”), or

| b. | a person purporting to be an employee of a vendor that has a legitimate pre-existing arrangement or written agreement to provide goods or services to the Insured –or by an individual acting in collusion with such person purporting to be a vendor employee (hereinafter referred to as a “Vendor Requestor”); provided, however, Fraudulently-Induced Instruction shall not include any such instruction transmitted by an actual vendor employee who was acting in collusion with any third party in submitting such instruction

©American International Group, Inc. All rights reserved.
RIDER 001

134483 (07/19) | 1 |

RIDER# 1 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

but which instructions were not actually made by a director, officer, partner, member or sole proprietor or other Employee of the Insured or by an employee of a vendor;

“Funds” means Money on deposit in an account with a credit balance.

| 3. | The maximum the Underwriter shall be liable for all loss under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement shall be:

$250,000 US | for each Single Loss sustained where the Insured did not subject the Fraudulently-Induced Instruction to an out-of-band authentication procedure (or other authentication procedure approved in writing by the Underwriter);
$3,000,000 US | for each Single Loss sustained where the Insured subjected the Fraudulently-Induced Instruction to an out-of-band authentication procedure (or other authentication procedure approved in writing by the Underwriter) and a contemporaneous record of such authentication is provided to the Underwriter;
$6,000,000 US | in the aggregate for all loss under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement;

which amounts shall be part of, and not in addition to, the Aggregate Limit of Liability stated in Item 3 of the Declarations, and in no way shall serve to increase the Underwriter’s Limit of Liability as therein stated.

| 4. | With respect to the coverage afforded by virtue of this rider, “an out-of-band authentication procedure” means a procedure for confirming that:

| (i) | an instruction from an Internal Requestor was actually made by a director, officer, partner, member or sole proprietor or other Employee of the Insured; or

| (ii) | an instruction from a Vendor Requestor was actually made by an employee of a vendor; through use of a communication channel that is separate and unconnected from the communication channel used to send the initial instruction.

| 5. | Solely with respect to coverage provided by this rider, the applicable per occurrence Deductible Amount is $25,000 US.

©American International Group, Inc. All rights reserved.
RIDER 001

134483 (07/19) | 2 |

RIDER# 1 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 6. | Solely for purposes of this rider, “Insured” shall not mean or include any Investment Vehicle.

| 7. | Solely for purposes of this rider, “Investment Vehicle” shall mean any entity whose sole purpose is holding or acquiring debt, equity, or fee simple investments and/or interest in financial derivatives.

| 8. | Solely for purposes of this rider, the following exclusion shall apply:

| The coverage afforded by the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement does not apply to any loss occurring prior to February 5, 2016.

| 9. | Solely for purposes of this rider, paragraph (h) of Section 2., EXCLUSIONS, is deleted in its entirety and replaced with the following:

| (h) | loss caused by an Employee, except when covered under Insuring Agreement (A), or when covered under Insuring Agreements (B) or (C) and resulting directly from unintentional acts of the Employee causing misplacement, mysterious unexplainable disappearance, destruction of or damage to Property, or when covered under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement and resulting directly from unintentional acts of the Employee.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

| AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.
RIDER 001

134483 (07/19) | 3 |

RIDER# 2

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

INSURING AGREEMENT F COUNTERFEIT MONEY AMENDED RIDER

It is agreed that:

| 1. | Insuring Agreement (F) COUNTERFEIT MONEY of the INSURING AGREEMENTS Clause is deleted in its entirety and replaced with the following:

COUNTERFEIT MONEY

(F) Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money, coin or currency of the United States of America, Canada or any other country.

| 2. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

| AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.
RIDER 002

140636 (04/21) | 1 |

RIDER# 3

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

COMPUTER CRIME COVERAGE RIDER

(CANADIAN FORM 14 VERSION)

In consideration of the premium charged, it is hereby understood and agreed that bond is hereby amended as follows:

| 1. | Item A of the Declarations is hereby amended by adding the following:

| Single Loss Limit of Liability | Single Loss Deductible
Computer Systems Fraud | $3,000,000 | $25,000
Data Processing Service Operations | $3,000,000 | $25,000
Voice Initiated Transfer Fraud | $3,000,000 | $25,000
Telefacsimile Transfer Fraud | $3,000,000 | $25,000
Destruction of Data or Programs by Hacker | $3,000,000 | $25,000
Destruction of Data or Programs by Virus | $3,000,000 | $25,000
Voice Computer Systems Fraud | $3,000,000 | $25,000

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 1 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 2. | The Declarations page is hereby amended by adding the following paragraph to the end thereof:

Item 11.

Voice Initiated Transfer Fraud

Under the terms of the Voice Initiated Transfer Fraud Insuring Agreement, the Insured must place verification call-back for each transfer in excess of $25,000.

Telefacsimile Transfer Fraud

Under the terms of the Telefacsimile Transfer Fraud Insuring Agreement, the Insured must place a Verification call-back for each transfer in excess of $25,000

| 3. | The Insuring Agreements are hereby amended by adding the following Insuring Agreements to the Bond:

COMPUTER SYSTEMS FRAUD

| (G) | Loss resulting directly from a fraudulent:

| (1) | entry of Electronic Data or Computer Program into, or

| (2) | change of Electronic Data or Computer Program within

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 2 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

any Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this bond; or a Computer System first used by the Insured during the bond period; as provided by General Agreement B; provided the entry or change causes:

| (i) | Property to be transferred, paid or delivered,

| (ii) | an account of the Insured, or of its customer, to be added, deleted, debited or credited, or

| (iii) | an unauthorized account or a fictitious account to be debited or credited.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

| (a) | on an instruction from a software contractor who has a written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement, or

| (b) | on an instruction transmitted by Tested telex or similar means of Tested communication identified in the application for this bond purportedly sent by a customer, financial institution or automated clearing house.

DATA PROCESSING SERVICE OPERATIONS

| (H) | Loss sustained by a Client of the Insured resulting directly from a fraudulent:

| (1) | entry of Electronic Data or a Computer Program into, or

| (2) | change of Electronic Data or a Computer Program within

a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement, or

| (3) | entry or change of Electronic Data during electronic transmission or physical transit from the Insured to its Client, provided that the entry or change causes:

| (i) | Property to be transferred, paid or delivered,

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 3 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (ii) | an account of the Client, or a customer of the Client, to be added, deleted, debited or credited, or

| (iii) | an unauthorized account or a fictitious account to be debited or credited,

and for which loss the Insured is legally liable to the Client as a provider of data processing services for such Client.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

| (a) | on an instruction from a software contractor who has a written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement, or

| (b) | on an instruction transmitted by Tested telex or similar means of Tested communication identified in the application for this bond purportedly sent by a customer, financial institution or automated clearing house.

In this Insuring Agreement, Client means an entity for which the Insured serves as data processor under the terms of a written agreement.

VOICE INITIATED TRANSFER FRAUD

| (I) | Loss resulting directly from the Insured having, in good faith, transferred Funds from a Customer’s account through a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from:

| (1) | an officer, director, partner or employee of a Customer of the Insured who was authorized by the Customer to instruct the Insured to make such transfer,

| (2) | an individual person who is a Customer of the Insured, or

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 4 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (3) | an Employee of the Insured in another office of the Insured who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds,

and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction was not from a person described in (1), (2) or (3) above, provided that:

| (i) | such voice instruction was electronically recorded by the Insured and required password(s) or code word(s) given; and

| (ii) | if the transfer was in excess of the amount shown on the Declarations Page as the verification call-back amount for this Insuring Agreement, the voice instruction was verified by a call-back according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

TELEFACSIMILE TRANSFER FRAUD

| (J) | Loss resulting directly from the Insured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement in reliance upon a fraudulent instruction received through a Telefacsimile Device, and which instruction:

| (1) | purports and reasonably appears to have originated from:

| (a) | a Customer of the Insured,

| (b) | another financial institution, or

| (c) | another office of the Insured

but, in fact, was not originated by the Customer or entity whose identification it bears, and

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 5 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (2) | contains a valid test code which proves to have been used by a person who was not authorized to make use of it, and

| (3) | contains the name of a person authorized to initiate such transfer;

provided that, if the transfer was in excess of the amount shown on the Declarations as the verification call-back amount for this Insuring Agreement, the instructions was verified by a call-back according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

DESTRUCTION OF DATA OR PROGRAMS BY HACKER

| (K) | Loss that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement.

Special Condition: Under this Insuring Agreement, “Single Loss” means all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate “Single Loss”.

DESTRUCTION OF DATA OR PROGRAMS BY VIRUS

| (L) | Loss that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement if such destruction or damage was caused by a computer program or similar instruction which was written or altered to incorporate a hidden instruction designed to destroy or damage Electronic Data or Computer Programs in the Computer System in which the computer program or instruction so written or so altered is used.

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 6 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

Special Condition: Under this Insuring Agreement, “Single Loss” means all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate “Single Loss”.

VOICE COMPUTER SYSTEM FRAUD

| (M) | Loss resulting directly from charges for voice telephone long-distance toll calls which were incurred due to the fraudulent use or fraudulent manipulation of an Account Code or System Password required to obtain access to a Voice Computer System owned or leased by the Insured, installed on the Insured’s premises, whose System Administration is performed and controlled by the Insured; provided, however, that the unauthorized access was not made possible by

| (1) | failure to incorporate a System Password feature or failure to change the System Password at least once every 30 days thereafter, or

| (2) | failure to have a call-disconnect feature in operation to automatically terminate a caller’s access to the Voice Computer System after not more than three unsuccessful attempts to input an Account Code.

Special Condition: Under this Insuring Agreement, “Single Loss” means loss resulting from toll call charges made only on telephone lines directly controlled by one Voice Computer System and only toll call charges occurring for a period of not more than 30 days inclusive of the date on which the first such toll call charge was made.

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 7 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 4. | GENERAL AGREEMENTS B. ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION, MERGER OR PURCHASE OF ASSETS-NOTICE is hereby deleted in its entirety and is replaced with the following:

ADDITIONAL OFFICES OR EMPLOYEES OR COMPUTER SYSTEMS - CONSOLIDATION, MERGER OR PURCHASE OF ASSETS OR COMPUTER SYSTEMS

B. If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities or computer systems of, another institution, such offices and computer systems shall be automatically covered hereunder from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium for the remainder of the premium period.

If the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities or computer systems of, another institution, the Insured shall not have such coverage as is afforded under this bond for loss which:

| (a) | has occurred or will occur in offices or premises or computer systems, or

| (b) | has been caused or will be caused by an employee or employees of such institution, or

| (c) | has arisen or will arise out of the assets or liabilities or computer systems

acquired by the Insured as a result of such consolidation, merger or purchase of assets or liabilities or computer systems unless the Insured shall:

| (i) | give the Underwriter written notice of the proposed consolidation, merger or purchase of assets or liabilities or computer systems prior to the proposed effective date of such action; and

| (ii) | obtain the written consent of the Underwriter to extend the coverage provided by this bond to such additional offices or premises or computer systems, Employees and other exposures; and

| (iii) | upon obtaining such consent, pay to the Underwriter an additional premium.

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 8 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 5. | Solely for the coverage provided by this rider, Section 1. DEFINITIONS (s) “Property” of the CONDITIONS AND LIMITATIONS section is hereby amended to include Electronic Data and Computer Programs.

| 6. | Solely for the coverage provided by this rider, Section 1. DEFINITIONS of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following definitions to the end thereof:

| (i) | Account Code means a confidential and protected string of characters which identifies or authenticates a person and permits that person to gain access to a Voice Computer System for the purpose of making toll calls or utilizing voice mail box messaging capabilities or other similar functional features of the System;

| (ii) | Computer Program means a set of related electronic instructions which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive, process, store or send Electronic Data;

| (iii) | Computer System means:

| (1) | computers with related peripheral components, including storage components wherever located;

| (2) | systems and applications software;

| (3) | terminal devices; and

| (4) | related communication networks, including the internet

©American International Group, Inc. All rights reserved.
RIDER 003

136015 CAN (03/20) | 9 |

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

|  | by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved;

| (iv) | Electronic Data means facts or information converted to a form usable in a Computer System by Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media;

| (v) | Funds means Money on deposit in an account;

| (vi) | Restoration Costs means reasonable and necessary costs or expenses incurred by the Insured with the Insurer’s prior written consent to restore or repair damaged or destroyed Electronic Data or Computer Programs within a Computer System; provided that if it is determined that such Electronic Data or Computer Programs cannot be restored or repaired, then Restoration Costs means solely those reasonable costs or expenses incurred by the Insured, with the Insurer’s prior written consent, to reach such determination.

|  | Notwithstanding the foregoing, Restoration Costs shall not include, and in no event shall any Insuring Agreement of this bond cover:

| (1) | any costs related directly or indirectly to the damage or destruction of Electronic Data or Computer Programs that the Insured did not have a license to use; or

| (2) | any costs or expenses incurred to redo the work product, research or analysis that was the basis of any damaged or destroyed Electronic Data or Computer Programs;

| (vii) | System Administration means the performance of security functions including but not limited to defining authorized persons to access a Voice Computer System and adding, changing and deleting Account Codes or passwords in connection therewith; and invoking or revoking a System option which directs telephone call routing or which adds, moves or drops telephone lines or which performs any other similar activity allowed by a hardware or software-based System option that has been incorporated by a manufacturer or vendor into a System or any component thereof provided said System option is not intended for the sole use of such manufacturer or vendor;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 10

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (viii) | System Maintenance means the performance of hardware and software installation, diagnostics and corrections and similar activities that are performed in the usual custom and practice by a manufacturer or vendor to establish or maintain the basic operational functionality of a Voice Computer System or any component thereof;

| (ix) | System Password means a confidential and protected string of characters which identifies or authenticates a person and permits that person to gain access to a Voice Computer System or any portion thereof for the purpose of performing System Administration or System Maintenance activities;

| (x) | Telefacsimile Device means a machine capable of sending or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image on paper;

| (xi) | Tested means a method of authenticating the contents of a communication by placing a valid test key on it which has been agreed upon by the Insured and a customer, automated clearing house, or another financial institution for the purpose of protecting the integrity of the communication in the ordinary course of business;

| (xii) | Uncertificated Security means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer, which is:

| 1) | not represented by an instrument and the transfer of which is registered upon books maintained for that purpose by or on behalf of the issuer;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 11

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 2) | of a type commonly dealt in securities, exchanges or markets; and

| 3) | either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations;

| (xiii) | Voice Computer System means a Computer System installed in one location which functions as a private branch exchange (PBX), voice mail processor, automated call attendant or provides a similar capability used for the direction or routing of telephone calls in a voice communications network.

| 7. | Solely for the coverage provided by this rider, Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following exclusions to the end thereof:

| (i) | any loss of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible amount or limit of liability;

| (ii) | loss caused by a director or Employee of the Insured or by a person in collusion with any director or Employee of the Insured; (Collusion shall include the willful withholding of knowledge from the Insured by any director or Employee that a fraudulent act by a person not an Employee has been or will be perpetrated against the Insured.);

| (iii) | loss resulting directly or indirectly from entry or change of Electronic Data or Computer Programs in a Computer System, unless covered under the COMPUTER SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 12

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (iv) | loss resulting directly or indirectly from the Insured having transferred Funds in reliance on the validity of a voice instruction, unless covered under the COMPUTER SYSTEMS FRAUD or VOICE INITIATED TRANSFER FRAUD Insuring Agreements;

| (v) | loss resulting directly or indirectly by the Insured having transferred or delivered Funds, Certificated Securities or Uncertificated Securities in reliance on an instruction received through a Telefacsimile Device, unless covered under the TELEFACSIMILE TRANSFER FRAUD Insuring Agreement;

| (vi) | loss resulting directly or indirectly from theft of confidential information;

| (vii) | loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by this rider and would be imposed on the Insured regardless of the existence of the contract;

| (viii) | the cost of duplication of Electronic Data or Computer Programs, unless covered under the DESTRUCTION OF DATA OR PROGRAMS BY HACKER or DESTRUCTION OF DATA OR PROGRAMS BY VIRUS Insuring Agreements;

| (ix) | loss involving a Voice Computer System, unless covered under the VOICE COMPUTER SYSTEM FRAUD Insuring Agreement;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 13

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (x) | loss resulting directly or indirectly from:

| (1) | written instructions or advices, or

| (2) | telegraphic or cable instructions or advices;

| unless the instructions or advices are Tested and the loss is covered under the COMPUTER SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;

| (xi) | loss resulting directly or indirectly from negotiable instruments, securities, documents or other written instruments which bear a forged signature, or are counterfeit, altered or otherwise fraudulent and which are used as source documentation in the preparation of Electronic Data or manually keyed into a data terminal;

| (xii) | loss resulting directly or indirectly from the fraudulent preparation, or fraudulent modification of Computer Programs unless covered under the COMPUTER SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;

| (xiii) | loss resulting directly or indirectly from:

| a. | mechanical failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual deterioration, electrical disturbance or electrical surge which affects a Computer System; or

| b. | failure or breakdown of electronic data processing media; or

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 14

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| c. | error or omission in programming or processing;

| (xiv) | loss as a result of a threat to Computer System operations;

| (xv) | loss resulting directly or indirectly from the use of a telephone credit, debit, charge, identification or similar card to gain access to the Insured’s Voice Computer System;

| (xvi) | loss resulting directly or indirectly from the input of Electronic Data into a Computer System terminal device either on the premises of a customer of the Insured or under the control of such customer by a person who had authorized access to the customer’s authentication mechanism.

| (xvii) | loss resulting directly or indirectly from payments made or withdrawals from a depositor’s account involving items of deposit which are not finally paid for any reason;

| (xviii) | loss of potential income, including but not limited to interest and dividends;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 15

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (xix) | loss of any type for which the Insured is legally liable, except compensatory damages, but not multiples thereof, arising directly from a loss covered under this policy;

| (xx) | any fees, costs and expenses incurred by the Insured;

| (xxi) | indirect or consequential loss of any nature;

| (xxii) | loss involving automated mechanical devices which on behalf of the Insured, disburse money, accept deposits, cash checks, drafts or similar written instruments, or make credit card loans;

| (xxiii) | loss due to riot or civil commotion or loss due to military, naval or usurped power, war or insurrection;

| (xxiv) | loss resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity; provided, however, that this exclusion shall not apply to loss resulting from industrial uses of nuclear energy; and

| (xxv) | loss as a result of a threat

| 1) | to do bodily harm to any person;

| 2) | to do damage to the premises or property of the Insured; or

| 3) | to Computer Systems operations;

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 16

RIDER# 3 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 8. | Solely for the coverage provided by this rider, Section 5. NOTICE/PROOF - LEGAL PROCEEDINGS AGAINST UNDERWRITER of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following section to the end thereof:

| (g) | Proof of loss for claim under the Voice Initiated Transfer Fraud Insuring Agreement must include electronic recordings of such voice instructions and the verification call-back, if such call-back was required.

| (h) | Proof of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include a copy of the document reproduced by the Telefacsimile Device.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 003

| 136015 CAN (03/20) | 17

RIDER# 4

This rider, effective 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

STOP PAYMENT LIABILITY RIDER

It is agreed that:

| 1. | The INSURING AGREEMENTS Clause of the attached bond is amended by adding the following additional Insuring Agreement to the end thereof:

STOP PAYMENT LIABILITY

Loss by reason of the liability imposed upon the Insured by law for damages:

| (a) | for having either complied with or failed to comply with any written notice of any depositor of the Insured or any authorized representative of such depositor to stop payment of any cheque or draft made or drawn by such depositor or any authorized representative of such depositor; or

| (b) | for having refused to pay any cheque or draft made or drawn by any depositor of the Insured or any authorized representative of such depositor.

| 2. | With respect to the coverage provided by this rider, the following shall apply:

| (a) | the Underwriter’s Aggregate Limit of Liability under this the STOP PAYMENT LIABILITY Insuring Agreement shall be $250,000 US, which shall be part of, and not in addition to, the Aggregate Limit of Liability stated in the Declarations; and

| (b) | a deductible of $50,000 US shall apply to each and every loss under the STOP PAYMENT LIABILITY Insuring Agreement.

| 3. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

|  | AUTHORIZED REPRESENTATIVE

© American International Group, Inc. All rights reserved.

RIDER 004

| 101820 CAN (06/09) | 1

RIDER# 5

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

FRAUDULENT TRANSFER INSTRUCTIONS RIDER

| 1. | In consideration of the premium charged, it is hereby understood and agreed that the following Insuring Agreement is added to the bond:

FRAUDULENT TRANSFER INSTRUCTIONS VIA TELEPHONE AND EMAIL

Loss resulting directly from the Insured having, in good faith, transferred Money on deposit in a Customer’s account, or a Customer’s Certificated Securities, in reliance upon a fraudulent instruction transmitted to the Insured via telephone or electronic mail and which purported to be from:

| (a) | such Customer,

| (b) | an Employee of the Insured who was acting on instructions or authority of such Customer; or

| (c) | another financial institution acting on behalf of such Customer with authority to make such instructions,

and the instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such instructions, but the instruction was not from a person described in (a), (b) or (c) above, provided that:

(1) for any transfer exceeding the amount set forth in Item 7 of this Rider, the Insured verified the instruction via a password, a PIN or other security code, a call back to a predetermined telephone number set forth in the Insured’s Written agreement with such Customer, or another verification procedure approved in writing by the Underwriter; and

(2) solely with respect to instructions transmitted via telephone, the Insured preserved a contemporaneous record of the instruction that verifies the use of a password, PIN or other security code, or of the call back, if any.

| 2. | As used in this Rider, Customer means a natural person or entity that has a Written agreement with the Insured authorizing the Insured to transfer Money on deposit in an account or Certificated Securities in reliance upon instructions transmitted to the Insured via the means utilized to transmit the fraudulent instruction.

| 3. | The following additional Exclusions are added to the Bond applicable only to this Insuring Agreement:

| (a) | loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customer’s password, PIN or other security code;

©American International Group, Inc. All rights reserved.

RIDER 005

| 121263 CAN (04/17) | 1

RIDER# 5 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (b) | loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by this rider and would be imposed on the Insured regardless of the existence of the contract; Liability of the Underwriter under this Insuring Agreement shall be a part of, not in addition to, the Aggregate Limit of Liability of this Bond.

| 4. | For purposes of this Insuring Agreement, all loss or losses involving one natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved. A series of losses involving unidentified natural persons or entities but arising from the same method of operation shall be deemed to involve the same natural person or entity and shall be treated as Single Loss.

| 5. | The Single Loss Limit of Liability applicable to loss under this Insuring Agreement is: $3,000,000 US.

| 6. | The Single Loss Deductible applicable to loss under this Insuring Agreement is: $25,000 US.

| 7. | Any single transfer in excess of $25,000 US will require verification via a method described in paragraph 1 above.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 005

| 121263 CAN (04/17) | 2

RIDER# 6

This rider, effective at 12:01am September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

By: AIG Insurance Company of Canada

Product Name: Fidelity Bond Form 14

REDEMPTION OF CANADA SAVINGS BONDS RIDER

It is agreed that:

| 1. | The attached bond is hereby amended by adding thereto an additional Insuring Agreement as follows:

REDEMPTION OF CANADA SAVINGS BONDS

Loss through the Insured’s paying or redeeming, or guaranteeing or witnessing any signature upon any Government of Canada bond or Canada Savings Bond which shall have been forged, counterfeited, raised or otherwise altered, or lost or stolen or on which the signature to the request for payment shall have been forged.

| 2. | The deductible amount applicable to this coverage shall be Twenty-Five Thoursand Dollars ($25,000).

| 3. | Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or provisions of the attached Bond other than above stated.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

END 006

| 123772 CAN (03/17) | Page 1 of 1

RIDER# 7

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

CENTRAL HANDLING OF SECURITIES RIDER

It is agreed that:

| 1. | Those premises of Depositories listed in the following Schedule shall be deemed to be premises of the Insured, but only as respects coverage on Certificated Securities.

SCHEDULED DEPOSITORY | LOCATION COVERED

*ALL DEPOSITORIES USED BY THE INSURED*

| 2. | Certificated Securities held by such Depository shall be deemed to be Property as defined in the attached bond to the extent of the Insured’s interest therein as effected by the making of appropriate entries on the books and records of such Depository.

| 3. | The attached bond does not afford coverage in favor of any Depository listed in the Schedule above. When the Underwriter indemnifies the Insured for a loss covered hereunder, the Insured will assign the rights and causes of action to the extent of the claim payment against the Depository, or any other entity or person against whom it has a cause of action, to the Underwriter.

| 4. | If the rules of the Depository named in the Schedule above provide that the Insured shall be assessed for a portion of the judgment (or agreed settlement) taken by the Underwriter based upon the assignment set forth in paragraph 3 above, and the Insured actually pays such assessment, then the Underwriter will reimburse the Insured for the amount of the assessment but not exceeding the amount of the loss payment by the Underwriter.

| 5. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 007

| 101918 CAN (06/09) | 1

RIDER# 8

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

MAIL COVERAGE RIDER

It is agreed that:

| 1. | The attached bond is amended by deleting paragraph (1) of Exclusion (r), Section 2, and by substituting in lieu thereof the following:

“(1) in the mail, except as covered under Mail Coverage Insuring Agreement below, or”

| 2. | “MAIL COVERAGE

All risks of physical loss or damage to or destruction of Property, while being shipped from offices of the Insured, First Class Mail, Registered Mail or Registered Air Mail.”

| 3. | The total liability of the Underwriter under the foregoing Mail Coverage Insuring Agreement is limited to the sum of $3,000,000 US Dollars with respect to Registered Mail or Registered Air Mail and $3,000,000 US Dollars with respect to First Class Mail, it being understood, however, that such liability shall be part of and not in addition to the Aggregate Limit of Liability stated in Item 3 of the Declarations Page of the attached bond.

| 4. | This Insuring Agreement set forth in paragraph numbered 2 of this rider shall not be subject to any deductible amount.

| 5. | Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the bond, other than as stated herein.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 008

| 123775 CAN (03/17) | 1

RIDER# 9

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

NOTICE OF TERMINATION OR CANCELATION

TO SELF REGULATORY ORGANIZATION RIDER

It is agreed that:

| 1. | The Underwriter will mark its records to indicate that the following self-regulatory organization(s) (hereinafter “SRO(s)”) are to be notified no less than thirty (30) days prior to termination of the attached bond as an entirety in accordance with subparagraph (a) of Section 13. TERMINATION OR CANCELATION of the CONDITIONS AND LIMITATIONS of this bond.

| 2. | The Underwriter will mark its records to indicate that the following SRO(s) are to be notified immediately of termination of the attached bond as an entirety in accordance with parts (b), (c), (d), (e) or (f) of Section 13. TERMINATION OR CANCELATION of the CONDITIONS AND LIMITATIONS of this bond.

SELF-REGULATORY ORGANZATION(S)

Financial Industry Regulatory Authority (FINRA)

1735 K Street NW

Washington, DC 20006

| 3. | The Underwriter will use its best efforts to so notify the SRO(s), but failure to so notify said SRO(s) shall not impair or delay the effectiveness of any cancelation, termination or modification of this bond.

| 4. | Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the bond, other than as stated herein.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 009

| 132485 CAN (04/19) | 1

RIDER# 10

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

AUDIT EXPENSE RIDER (FIB 14, 24)

It is agreed that:

1. | Insuring Agreement (A) FIDELITY of the INSURING AGREEMENTS Clause is amended by inserting the following at the end thereof:

Expense incurred by the Insured for that part of the cost of audits or examinations required by State, Provincial, Territorial or Federal supervisory authorities to be conducted either by such authorities or by independent accountants by reason of the discovery of loss sustained by the Insured through dishonest or fraudulent acts of any of the Employees. The total liability of the Underwriter for such expense by reason of such acts of any Employee or in which such Employee is concerned or implicated or with respect to any one audit or examination is limited to the amount stated opposite “Audit Expense Coverage”; it being understood, however, that such expense shall be deemed to be loss sustained by the Insured through dishonest or fraudulent act of one or more of the Employees and the liability of the Underwriter under this paragraph of Insuring Agreement (A) shall be part of and not in addition to the Single Loss Limit of Liability stated in Item 4 of the Declarations.

2. | Paragraph (d) of Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS Clause is deleted in its entirety and replaced with the following:

| (d) | loss resulting directly or indirectly from any acts of any director or trustee of the Insured other than one employed as a salaried, pensioned or elected official or an Employee of the Insured, except when performing acts coming within the scope of the usual duties of an Employee, or while acting as a member of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific, as distinguished from general, directorial acts on behalf of the Insured;

3. | Paragraph (u) of Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS Clause is deleted in its entirety and replaced with the following:

| (u) | all fees, costs and expenses incurred by the Insured

| (1) | in establishing the existence of or amount of loss covered under this bond, except to the extent covered under the portion of Insuring Agreement (A) entitled Audit Expense, or

©American International Group, Inc. All rights reserved.

RIDER 010

101779 CAN (04/17) | 1 |

RIDER# 10 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (2) | as a party to any legal proceeding whether or not such legal proceeding exposes the Insured to loss covered by this bond;

| 4. | Item 4 of the Declarations is amended to include the following:

| Single Loss | Single Loss
| Limit of Liability | Deductible
Audit Expense | $250,000 US | $0

| 5. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 010

101779 CAN (04/17) | 2 |

RIDER # 11

This rider, effective at 12:01 am September 30, 2025 forms a part of

Bond number 02 140 -75 -82

Issued to: SPROTT FOCUS TRUST INC.

By: AIG Insurance Company of Canada

Product Name: Fidelity Bond Form 14

TERMINATION OR CANCELLATION SECTION AMENDED RIDER
(CHANGE “60 DAYS” TO 90 DAYS”)

It is agreed that:

| 1. | In subsection (a) of the Section entitled “TERMINATION OR CANCELLATION” of the attached bond, the words “60 days” are deleted and replaced with the words “90 days.”

| 2. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

|  | ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

End 011

109414 CAN (03/17) | Page 1 of 1 |

RIDER # 12

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

INSURING AGREEMENT (A) FIDELITY AMENDED RIDER

It is agreed that:

| 1. | Insuring Agreement (A) FIDELITY of the INSURING AGREEMENTS Clause is deleted in its entirety and replaced with the following:

FIDELITY

(A) Loss resulting directly from dishonest or fraudulent acts committed by an Employee acting alone or in collusion with others.

Such dishonest or fraudulent acts must be committed by the Employee with the intent:

(a) to cause the Insured to sustain such Loss; or

(b) to obtain financial benefit for the Employee or another person or entity.

Notwithstanding the foregoing, however, it is agreed that, with regard to Loans and/or Trading, this bond covers only Loss resulting directly from dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss and which results in:

| (i) | a financial benefit for the Employee; or

©American International Group, Inc. All rights reserved.

RIDER 012

101801 (06/09) | 1 |

RIDER # 12 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (ii) | a financial benefit for another person or entity with whom the Employee committing the dishonest or fraudulent act was in collusion, provided that the Insured establishes that the Employee intended to participate in the financial benefit; or

| (iii) | the intentional transfer of funds or Property to the benefit of an innocent third party, committed by the Employee in the knowledge that such third party was not Lawfully entitled to such funds or Property, and which Property is not Lawfully recovered by the Insured.

As used in this Insuring Agreement, financial benefit does not include any salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.

| 2. | Solely for the purpose of Insuring Agreement (A) FIDELITY (as amended by this rider), the following definitions are added to the attached bond:

“Loans” means all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.

“Trading” means trading or other dealings in securities, commodities, futures, options, swaps, foreign or federal funds, currencies, foreign exchange and the like.

©American International Group, Inc. All rights reserved.

RIDER 012

101801 (06/09) | 2 |

RIDER # 12 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| 3. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 012

101801 (06/09) | 3 |

RIDER# 13

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

CLAIMS EXPENSE RIDER

It is agreed that:

| 1. | The INSURING AGREEMENTS Clause of the attached bond is amended by adding the following additional Insuring Agreement to the end thereof:

CLAIMS EXPENSE

Reasonable expenses necessarily incurred and paid by the Insured in preparing any valid claim for each and every loss, as defined in Insuring Agreements A, B, C, D, E, and F, and any other valid coverage added by rider, which loss exceeds the Single Loss Deductible Amount of $0. The Underwriter’s aggregate liability for such expenses paid by the Insured in preparing all such claims shall be $250,000 US, which shall be part of, and not in addition to, the Aggregate Limit of Liability stated in the Declarations.

| 2. | Solely for the purpose of the CLAIMS EXPENSE Insuring Agreement, sub-paragraph (u)(1) of Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS Clause is deleted in its entirety.

| 3. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

| AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.
RIDER 013

101797 (06/09) | 1 |

RIDER# 14

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

US CURRENCY (UNITED STATES)

In consideration of the premium charged, it is hereby understood and agreed that all dollar amounts referenced on the Declarations page and any amendments thereto shall be subject to United States currency.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

| AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.
RIDER 014

C0072 CAN (10/09) | 1 |

RIDER# 15

This rider, effective at 12:01 am September 30, 2025 forms a part of
Bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

By: AIG Insurance Company of Canada

PROTECTED INFORMATION EXCLUSION

This rider modifies insurance provided under the following:

BROKER-DEALER GUARD BOND
CREDIT UNION FINANCIAL INSTITUTION FIDELITY BOND
FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14
FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15
FINANCIAL INSTITUTIONS BOND, STANDARD FORM 24
FINANCIAL INSTITUTIONS BOND, STANDARD FORM 25
FOLLOW FORM BOND (EXCESS OVER A FIDELITY BOND)
INVESTMENT COMPANY BLANKET BOND

It is agreed that:

| 1. | Coverage shall not apply to any loss resulting directly or indirectly from the: (a) theft, disappearance or destruction of; (b) unauthorized use or disclosure of; (c) unauthorized access to; or (d) failure to protect any:

| (i) | confidential or non-public; or

| (ii) | personal or personally identifiable;

information that any person or entity has a duty to protect under any law, rule or regulation, any agreement or any industry guideline or standard.

This exclusion shall not apply to the extent that any unauthorized use or disclosure of a password enables a theft by an Employee of the Insured of money, securities or tangible property of the Insured or that the Insured is holding for a third party; provided, however, this exception shall not apply to the extent that such unauthorized use or disclosure of a password enables a theft of or disclosure of information.

| 2. | Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.

| AUTHORIZED REPRESENTATIVE

© American International Group, Inc. All rights reserved.
END 015

113011 (10/12) | Page 1 of 1 |

RIDER# 16

This rider, effective at 12:01AM September 30, 2025 forms a part of
bond number 02-140-75-82
Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

STATUTORY CONDITIONS AMENDATORY

Wherever used in this endorsement: (1) “Insurer” means the insurance company which issued this policy; (2) “Policyholder” means the Named Corporation, Named Entity, Named Insured, Named Organization, Named Sponsor or Insured that is named on the declarations page of this policy; and (3) “Insured” means all other persons or entities afforded coverage under this policy.

In consideration of the premium charged, it is hereby understood and agreed that if this policy is made or deemed to be made in the provinces of Alberta, British Columbia, Manitoba, and Saskatchewan, pursuant to the provisions of the Insurance Acts of Alberta, British Columbia, Manitoba, and Saskatchewan, this endorsement shall apply to any Insured solely to the extent that this endorsement provides terms that are more favourable to the Insured than the other terms of this policy and any endorsements to this policy:

Change of Interest

The Insurer is liable for covered loss or damage occurring after an authorized assignment under the Bankruptcy and Insolvency Act (Canada) or a change of title by succession, by operation of law or by death.

©American International Group, Inc. All rights reserved.
RIDER 016

139855 CAN (12/20) | 1 |

RIDER# 16 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

Property of Others

The Insurer is not liable for loss or damage to property owned by a person other than the Insured unless:

| (a) | otherwise specifically stated in the policy, or

| (b) | the interest of the Insured in that property is stated in the policy.

Material Change in Risk

| (1) | The Insured must promptly give notice in writing to the Insurer or its agent of a change that is:

| (a) | material to the risk, and

| (b) | within the control and knowledge of the Insured.

| (2) | If an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the policy is void as to the part affected by the change.

| (3) | If an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may:

| (a) | terminate the policy in accordance with the Termination of Insurance condition set forth below, or

©American International Group, Inc. All rights reserved.

RIDER 016

| 139855 CAN (12/20) | 2

RIDER# 16 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (b) | notify the Insured in writing that, if the Insured desires the policy to continue in force, the Insured must, within 15 days after receipt of the notice, pay to the Insurer an additional premium specified in the notice.

| (4) | If the Insured fails to pay an additional premium when required to do so under subparagraph (3)(b) of this condition, the policy is terminated at that time and Termination of Insurance condition (2)(a) applies in respect of the unearned portion of the premium.

Termination of Insurance

| (1) | The policy may be terminated:

| (a) | by the Insurer giving to the Policyholder 15 days’ notice of termination by registered mail or 5 days’ written notice of termination personally delivered, or

| (b) | by the Policyholder at any time on request.

| (2) | If the policy is terminated by the Insurer:

| (a) | the Insurer must refund the excess of premium actually paid by the Policyholder over the prorated premium for the expired time, but in no event may the prorated premium for the expired time be less than any minimum retained premium specified in the policy, and

©American International Group, Inc. All rights reserved.
RIDER 016

| 139855 CAN (12/20) | 3

RIDER# 16 (Continued)

This rider, effective at 12:01AM September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

| (b) | the refund must accompany the notice unless the premium is subject to adjustment or determination as to amount, in which case the refund must be made as soon as practicable.

| (3) | If the policy is terminated by the Policyholder, the Insurer must refund as soon as practicable the excess of premium actually paid by the Insured over the short rate premium for the expired time specified in the policy, but in no event may the short rate premium for the expired time be less than any minimum retained premium specified in the policy.

| (4) | The 15 day period referred to in subparagraph (1)(a) of this condition starts to run on the day the registered letter or notification of it is delivered to the Policyholder’s postal address.

Notice

| (1) | Written notice to the Insurer may be delivered at, or sent by registered mail to, the chief agency or head office of the Insurer in the province.

| (2) | Written notice to the Insured may be personally delivered at, or sent by registered mail addressed to, the Insured’s last known address as provided to the Insurer by the Insured.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

©American International Group, Inc. All rights reserved.

RIDER 016

| 139855 CAN (12/20) | 4

RIDER# 17

This rider, effective 12:01am September 30, 2025 forms a part of

bond number 02-140-75-82

Issued to: SPROTT FOCUS TRUST INC.

by AIG Insurance Company of Canada

FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:

FORM NUMBER | EDITION DATE | FORM TITLE
TSB5062CAN | 05/11 | FORM 14 CANADA DEC
TSB5062CAN | 05/11 | FORM 14 CANADA GUTS
134483 | 07/19 | IMPERSONATION FRAUD (FRAUDULENTLY-INDUCED PAY; SEP SUB AUTH - UNAUTH INS; PRIOR ACTS EXCL) (FB 14-15)
140636 | 04/21 | INSURING AGREEMENT F COUNTERFEIT MONEY AMENDED RIDER
136015 CAN | 03/20 | COMPUTER CRIME COVERAGE RIDER CANADIAN FORM 14 VERSION
101820 CAN | 06/09 | STOP PAYMENT LIABILITY RIDER
121263 | 04/17 | FRAUDULENT TRANSFER INSTRUCTIONS RIDER
123772 CAN | 03/17 | REDEMPTION OF CANADA SAVINGS BONDS RIDER
101918 CAN | 06/09 | CENTRAL HANDLING OF SECURITIES RIDER
123775 CAN | 03/17 | MAIL COVERAGE RIDER
132485 can | 04/19 | Notice of Termination or Cancelation to Self-Regulatory Organization Rider
101779 CAN | 04/17 | AUDIT EXPENSE RIDER (FIB 14, 24)
109414 CAN | 03/17 | TERMINATION OR CANCELLATION SECTION AMENDED RIDER (60 DAYS TO 90 DAYS)
101801 | 06/09 | INSURING AGREEMENT (A) FIDELITY AMENDED RIDER
101797 | 06/09 | CLAIMS EXPENSE RIDER
C0072 CAN | 10/09 | US CURRENCY (UNITED STATES)
113011 | 10/12 | PROTECTED INFORMATION EXCLUSION
139855 CAN | 12/20 | STATUTORY CONDITIONS AMENDATORY
78859 | 10/01 | FORMS INDEX ENDORSEMENT

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.

|  | AUTHORIZED REPRESENTATIVE

| 78859 (10/01) | Page 1 of 1

| CUSTOMER ADVISORY REGARDING THE ENFORCEMENT OF ECONOMIC EMBARGOES AND TRADE SANCTIONS |

This Trade Sanction Advisory is part of AIG Insurance Company of Canada comprehensive compliance program and is meant to serve as a reminder of the existing applicable legal requirements with respect to Trade Sanctions.

Your rights as a policyholder and payments to you, any insured or claimant, for loss under this policy may be affected by the administration and enforcement of economic embargoes and trade sanctions applicable to you, any insured, claimant and/or to the insurer and their respective controlling entities (hereinafter “Trade Sanctions”).

WHAT IS AN ECONOMIC EMBARGO AND/OR TRADE SANCTION?

Trade Sanctions involve the imposition by a country of legal measures to restrict or prohibit trade, services or other economic activity with a target country, entity or individual. For example, the Parliament of Canada has enacted legislation authorizing the imposition of Trade Sanctions through the United Nations Act, the Special Economic Measures Act and some provisions of the Export and Import Permits Act.

Depending upon the identity, domicile, place of incorporation or nationality of the policyholder, insured, claimant, insurer, or the parent company and ultimate controlling entity of the policyholder, insured, claimant or insurer, or the country where the claim arises, Trade Sanctions of foreign countries, including the United States of America, may be applicable. The application of sanctions could necessitate the seizure or freezing of property, including but not limited to the payment of a claim.

Existing Trade Sanctions can be amended, and new Trade Sanctions can be imposed, at any time.

OBLIGATIONS PLACED ON US AS A RESULT OF TRADE SANCTIONS

If we determine that you or any insured, additional insured, loss payee, or claimant are on a prohibited list or are connected to a sanctioned country, entity or individual, or a prohibited activity, as designated by the relevant Trade Sanction, we may be required to comply with the requirements of the applicable Trade Sanction, which by way of example, may include blocking or “freezing” property and payment of any funds and the reporting of such occurrences to the relevant authorities within the prescribed time periods, if any.

POTENTIAL ACTIONS BY US

Depending upon the requirements of the relevant Trade Sanction:

| 1. | We may be required to immediately cancel your coverage effective on the day that we determine that we have transacted business with an individual or entity associated with your policy on a prohibited list or connected to a sanctioned country as described in the relevant Trade Sanction.

| 2. | If we cancel your coverage, you may not receive a return premium unless permitted pursuant to the relevant Trade Sanction. All blocked or frozen funds will be placed in an interest bearing blocked account established on the books of a financial institution.

| 3. | We may not pay a claim, accept premium or exchange monies or assets of any kind to or with individuals, entities or companies (including a bank) on a prohibited list or connected to, or carrying on business in, a sanctioned country as designated by the relevant Trade Sanction. Furthermore, we may not defend or provide any other benefits under your policy to individuals, entities or companies on a prohibited list or connected to, or carrying on business in, a sanctioned country as designated by the relevant Trade Sanction.

Exhibit 2

Authorization to Renew Fidelity Bond

| WHEREAS: | the amount of the coverage under such Fidelity Bond for the Fund is the amount required by Rule 17g-1 promulgated under the 1940 Act; and

| WHEREAS: | the custody and safekeeping of the Fund’s securities are exclusively the obligation of the Custodian; and

| WHEREAS: | no employee of the Fund, employee of the Adviser, or employee of the Sub-Adviser has access to the Fund’s portfolio securities.

| WHEREAS: | the current Fidelity Bond in place expires on September 30, 2025.

IT IS THEREFORE

| RESOLVED: | that the amount, type, form and coverage of the Fidelity Bond as described at the Meeting and for the period from September 30, 2025 to September 30, 2026 are reasonable, the Fidelity Bond is hereby approved and that the proper officers be, and each hereby is, authorized and directed to secure the Fidelity Bond; and

FURTHER

| RESOLVED: | that the President of the Fund is designated as the person who shall execute the Fidelity Bond on behalf of the Fund and make, or cause to be made, the filings and give the notices required by Paragraph (h) of Rule 17g-1.