An anonymous director reports

SPROTT PHYSICAL GOLD TRUST ANNOUNCES COMPLETION OF ITS FOLLOW-ON OFFERING OF TRUST UNITS

Sprott Physical Gold Trust has completed its follow-on offering of 26.45 million transferable, redeemable units of the trust at $14.84 (U.S.) per unit for gross proceeds of $392,518,000 (U.S.). This includes the exercise in full by the underwriters of their overallotment option.

The trust will use the net proceeds of the offering to acquire physical gold bullion in accordance with the trust's objective, and subject to the trust's investment and operating restrictions described in the prospectus related to the offering. The net proceeds of the offering per unit are greater than 100 per cent of the most recently calculated net asset value per unit of the trust prior to, or upon determination of, pricing of the offering, as required under the trust agreement governing the trust.

The units are listed on the New York Stock Exchange Arca and the Toronto Stock Exchange under the symbols PHYS and PHY.U, respectively. The offering was made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the U.S., and RBC Capital Markets and Morgan Stanley in Canada.