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4000 5000 15000 14000

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Financial Risk Management (note 6)s Trust specific information Investment Objective The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to short-term changes in gold prices. The Trust will only purchase and expects only to own “Good Delivery Bars” as defined by the London Bullion Market Association (“LBMA”), with each bar purchased being verified against the LBMA source. Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note 6 of the Generic Notes. Fair Value Measurements <p id="xdx_89B_ecustom--FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock_zj3C1fTxuDb" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows: <div style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-align: justify"> <table style="width: 648pt; margin-top: 0pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 439.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 7.19pt"> </td> </tr> </table> <table style="width: 648pt; margin-top: 0pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 439.2pt"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 14.39pt"> </td> <td id="xdx_49C_20210101__20211231__ifrs-full--MeasurementAxis__ifrs-full--RecurringFairValueMeasurementMember_z302tKamOOW2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 86.39pt"> December 31, 2021 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 14.39pt"> </td> <td id="xdx_490_20200101__20201231__ifrs-full--MeasurementAxis__ifrs-full--RecurringFairValueMeasurementMember_z1OxOq0cTiQe" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 86.39pt"> December 31, 2020 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 7.19pt"> </td> </tr> <tr style="min-height: 8.65pt"> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $ </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $ </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_402_ecustom--CurrentGoldBullionAssets_iS_pn3n3_zQjO5ZDgrKV1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Balance at beginning of year </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 4,888,695 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 2,457,683 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_40A_eifrs-full--PurchasesFairValueMeasurementAssets_pn3n3_zaWoQti2wKig" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Purchases </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 324,190 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1,667,142 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_405_eifrs-full--SalesFairValueMeasurementAssets_pn3n3_zK8miqFk1UXa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Sales </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--RedemptionsForPhysicalBullion_iN_pn3n3_di_z6MF5awxKR51" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Redemptions for physical bullion </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> (33,774 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> ) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_404_ecustom--NetRealizedGainsLossesOnRedemptionsSalesOfBullion_pn3n3_zqMxijCL0lbd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Realized gains (losses) on sales and redemptions for physical bullion </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 6,945 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_406_eifrs-full--GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement_pn3n3_z7jU2w4OIDuh" style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Change in unrealized gains (losses) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> (184,975 </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> ) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 763,870 </td> <td style="border-bottom: #000000 0.5pt solid; padding: 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--CurrentGoldBullionAssets_iE_pn3n3_zGMOSc1EsAIk" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Balance at end of year </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5,001,081 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4,888,695 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> </table> </div> Realized gains (losses) on physical bullion include both realized gains (losses) on sales of physical bullion, and realized gains (losses) occurring upon unitholder redemptions for physical bullion. The cost of physical bullion as at December 31, 2021 and 2020 was $4,062,387 and $3,765,027, respectively. Market Risk a) Other Price Risk If the market value of gold bullion increased by <span id="xdx_90F_ecustom--PercentageOfReasonablyPossibleIncreaseInValueOfGold_dp_c20210101__20211231__custom--IfrsStatementScenarioAxis__custom--ScenarioMember__ifrs-full--TypesOfRisksAxis__ifrs-full--OtherPriceRiskMember_zJvwyqX8UuJf" title="Percentage increase in market value of gold">1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $<span id="xdx_903_eifrs-full--ChangesInEquity_pn3p0_dm_c20210101__20211231__custom--IfrsStatementScenarioAxis__custom--ScenarioMember__ifrs-full--TypesOfRisksAxis__ifrs-full--OtherPriceRiskMember_zjQnrhJAdf57" title="Increase (decrease) in equity">50 million (December 31, 2020: $<span id="xdx_906_eifrs-full--ChangesInEquity_pn3p0_dm_c20200101__20201231__custom--IfrsStatementScenarioAxis__custom--ScenarioMember__ifrs-full--TypesOfRisksAxis__ifrs-full--OtherPriceRiskMember_zYtqWnDbqCY8">48.9 million); conversely, if the value of gold bullion decreased by <span id="xdx_90E_ecustom--PercentageOfReasonablyPossibleDecreaseInValueOfGold_dp_c20210101__20211231__custom--IfrsStatementScenarioAxis__custom--ScenarioMember__ifrs-full--TypesOfRisksAxis__ifrs-full--OtherPriceRiskMember_zXoyauc8G0r7" title="Percentage decrease in market value of gold">1%, this would have decreased total equity and comprehensive income by the same amount. b) Currency Risk As at December 31, 2021, approximately $(204) (December 31, 2020: $91) of the Trust’s other assets and accounts payable were denominated in Canadian dollars. As a result, a <span id="xdx_90E_ecustom--PercentChangeInExchangeRate_dp_c20210101__20211231__custom--IfrsStatementScenarioAxis__custom--ScenarioMember_zTQincXugvT7" title="Percent change in the exchange rate between the Canadian and U.S. Dollars">1% change in the exchange rate between the Canadian and U.S. Dollars would not have a material impact to the Trust. <div style="page-break-before: always"> </div> <div class="qes_textframe" style="border-width: 0pt; padding: 0pt; top: 907.2pt; left: 43.2pt; width: 648pt; position: absolute; height: 14.4pt"> </div> Concentration Risk The Trust’s risk is concentrated in physical gold bullion held at one location, whose value constitutes 99.9% of total equity as at December 31, 2021 (99.9% of total equity held at one location as at December 31, 2020). Management Fees (note 8) The Trust pays the Manager a monthly management fee equal to 1/12 of 0.35% of the value of net assets of the Trust (determined in accordance with the Trust’s trust agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. Also, the Manager has agreed that if the expenses of the Trust, including the management fee, at the end of any month exceed an amount equal to 1/12 of <span id="xdx_90D_ecustom--ThresholdPercentValueOfNetAssetsOfTrustToCalculateManagementFee_dp_uPure_c20210101__20211231_zs7YYYKAd1Ne" title="Threshold percent value of net assets of trust to calculate management fee">0.65% of the value of the net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or remain payable to the Manager in future months. The Manager did not waive any amounts payable for during the years ended December 31, 2021 and 2020. In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes payable by the Trust or to which the Trust may be subject, and any extraordinary expenses of the Trust. Tax Loss Carryforwards As of the taxation year ended December 31, 2021, the Trust had capital losses available for tax purposes of $2 (December 31, 2020: $2). Related Party Disclosures (note 8) During the reporting period, the Trust paid the Manager management fees, as discussed above. Other Risk The changing economic and market climate as a result of COVID-19 has led to the Manager’s implementation of its business continuity plan. The Manager’s portfolio managers, enterprise shared services teams and key outsourced service providers are fully operational. The exact long-term impacts of COVID-19 are undeterminable at the date of this report. <p id="xdx_89B_ecustom--FairValueMeasurementsForReconciliationOfBullionHoldingsTableTextBlock_zj3C1fTxuDb" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">The reconciliation of bullion holdings for the years ended December 31, 2021 and 2020 is presented as follows: <div style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-align: justify"> <table style="width: 648pt; margin-top: 0pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 439.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 7.19pt"> </td> </tr> </table> <table style="width: 648pt; margin-top: 0pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 439.2pt"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 14.39pt"> </td> <td id="xdx_49C_20210101__20211231__ifrs-full--MeasurementAxis__ifrs-full--RecurringFairValueMeasurementMember_z302tKamOOW2" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 86.39pt"> December 31, 2021 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 14.39pt"> </td> <td id="xdx_490_20200101__20201231__ifrs-full--MeasurementAxis__ifrs-full--RecurringFairValueMeasurementMember_z1OxOq0cTiQe" style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 86.39pt"> December 31, 2020 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; width: 7.19pt"> </td> </tr> <tr style="min-height: 8.65pt"> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $ </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> $ </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_402_ecustom--CurrentGoldBullionAssets_iS_pn3n3_zQjO5ZDgrKV1" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Balance at beginning of year </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 4,888,695 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 2,457,683 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_40A_eifrs-full--PurchasesFairValueMeasurementAssets_pn3n3_zaWoQti2wKig" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Purchases </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 324,190 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> 1,667,142 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_405_eifrs-full--SalesFairValueMeasurementAssets_pn3n3_zK8miqFk1UXa" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Sales </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--RedemptionsForPhysicalBullion_iN_pn3n3_di_z6MF5awxKR51" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> Redemptions for physical bullion </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> (33,774 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> ) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_404_ecustom--NetRealizedGainsLossesOnRedemptionsSalesOfBullion_pn3n3_zqMxijCL0lbd" style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> Realized gains (losses) on sales and redemptions for physical bullion </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> 6,945 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #e4dac5; vertical-align: bottom"> — </td> <td style="border-width: 0pt; padding: 0pt; background-color: #e4dac5; vertical-align: bottom"> </td> </tr> <tr id="xdx_406_eifrs-full--GainsLossesRecognisedInProfitOrLossAttributableToChangeInUnrealisedGainsOrLossesForAssetsHeldAtEndOfPeriodFairValueMeasurement_pn3n3_z7jU2w4OIDuh" style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Change in unrealized gains (losses) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> (184,975 </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> ) </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 763,870 </td> <td style="border-bottom: #000000 0.5pt solid; padding: 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--CurrentGoldBullionAssets_iE_pn3n3_zGMOSc1EsAIk" style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> Balance at end of year </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 5,001,081 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 1.5pt 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> 4,888,695 </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 2pt solid; padding: 0pt; background-color: #e4dac5; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom"> </td> </tr> </table> </div> 4888695000 2457683000

324190000

1667142000

33774000 6945000

-184975000

763870000

5001081000 4888695000 4062387000 3765027000 0.01

50000000

48900000

0.01 -204000 91000 0.01 0.999 0.999 0.0035 0.0065 2000 2000 1. Organization of the Trusts Sprott Physical Gold Trust, Sprott Physical Silver Trust, Sprott Physical Platinum and Palladium Trust and Sprott Physical Gold and Silver Trust (collectively, the “Trusts” and each a “Trust”) are closed-end mutual fund trusts created under the laws of the Province of Ontario, Canada, pursuant to trust agreements. Sprott Asset Management LP (the “Manager”) acts as the manager of the Trusts. RBC Investor Services Trust, a trust company organized under the laws of Canada, acts as the trustee of the Trusts. RBC Investor Services Trust also acts as custodian on behalf of the Trusts for the Trusts’ assets other than physical bullion. The Royal Canadian Mint acts as custodian on behalf of the Trusts for the physical bullion owned by the Trusts. The Trusts’ registered office is located at Suite 2600, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada, M5J 2J1. <p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_zhhYZeEGSa05" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the “Units”). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the “NYSE Arca”) and the Toronto Stock Exchange (the “TSX”). The date of inception and trading symbols of each of the Trusts is as follows: <div style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 8pt 0pt 12pt; color: #000000; text-align: justify"> <table style="width: 648pt; margin-top: 8pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 108pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 237.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 120pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 182.4pt"> </td> </tr> </table> <table style="width: 648pt; margin-top: 8pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 10.65pt"> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 108pt"> Trust </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 237.6pt"> Trust Agreement date </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 120pt"> Initial Public Offering date </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 182.4pt"> NYSE Arca and TSX symbols, respectively </td> </tr> <tr style="min-height: 8.95pt"> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Gold Trust </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> August 28, 2009, as amended and restated as of December 7, 2009, February 1, 2010, February 27, 2015 and November 13, 2020. </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> March 3, 2010 </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> PHYS, PHYS.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Silver Trust </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> June 30, 2010, as amended and restated as of October 1, 2010, February 27, 2015 and November 13, 2020. </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> October 28, 2010 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> PSLV, PSLV.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Platinum and Palladium Trust </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> December 23, 2011, as amended and restated as of June 6, 2012 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> December 19, 2012 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> SPPP, SPPP.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> Sprott Physical Gold & Silver Trust </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> October 26, 2017 </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> January 16, 2018 </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> CEF, CEF.U </td> </tr> </table></div> <div id="xdx_8A5_zaMXgYP8P53d" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 8pt 0pt 12pt; color: #000000; text-align: justify"/> <div style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 8pt 0pt 12pt; color: #000000; text-align: justify"/> The financial statements of each of the Trusts are as at and for the year ended December 31, 2021. These financial statements were authorized for issue by the Manager on March 18, 2022. <p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutOrganizationOfTrustsTableTextBlock_zhhYZeEGSa05" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">The Trusts are authorized to issue an unlimited number of redeemable, transferable trust units (the “Units”). All issued Units have no par value, are fully paid for, and are listed and traded on the New York Stock Exchange Arca (the “NYSE Arca”) and the Toronto Stock Exchange (the “TSX”). The date of inception and trading symbols of each of the Trusts is as follows: <div style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 8pt 0pt 12pt; color: #000000; text-align: justify"> <table style="width: 648pt; margin-top: 8pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 108pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 237.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 120pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 182.4pt"> </td> </tr> </table> <table style="width: 648pt; margin-top: 8pt; margin-bottom: 12pt; table-layout: fixed; border-collapse: collapse"> <tr style="min-height: 10.65pt"> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 108pt"> Trust </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 237.6pt"> Trust Agreement date </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 120pt"> Initial Public Offering date </td> <td style="border: #000000 0.5pt solid; padding: 1.5pt 3pt; vertical-align: bottom; width: 182.4pt"> NYSE Arca and TSX symbols, respectively </td> </tr> <tr style="min-height: 8.95pt"> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Gold Trust </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> August 28, 2009, as amended and restated as of December 7, 2009, February 1, 2010, February 27, 2015 and November 13, 2020. </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> March 3, 2010 </td> <td style="border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; vertical-align: top; border-bottom-width: 0pt"> PHYS, PHYS.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Silver Trust </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> June 30, 2010, as amended and restated as of October 1, 2010, February 27, 2015 and November 13, 2020. </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> October 28, 2010 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> PSLV, PSLV.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> Sprott Physical Platinum and Palladium Trust </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> December 23, 2011, as amended and restated as of June 6, 2012 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> December 19, 2012 </td> <td style="border-right: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; background-color: #e4dac5; border-top-width: 0pt; vertical-align: top; border-bottom-width: 0pt"> SPPP, SPPP.U </td> </tr> <tr style="min-height: 10.1pt"> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> Sprott Physical Gold & Silver Trust </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> October 26, 2017 </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> January 16, 2018 </td> <td style="border-right: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; padding: 1.5pt 3pt; border-top-width: 0pt; vertical-align: top"> CEF, CEF.U </td> </tr> </table></div>

<p id="xdx_809_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_z0h7VdmfoUji" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">2. Basis of Preparation These financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and include estimates and assumptions made by the Manager that may affect the reported amounts of assets, liabilities, income, expenses and the reported amounts of changes in equity during the reporting period. Actual results could differ from those estimates. The financial statements have been prepared on a going concern basis using the historical cost convention, except for physical bullion and financial assets and financial liabilities held at fair value through profit or loss, which have been measured at fair value. The financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($000s) unless otherwise indicated.

<p id="xdx_808_eifrs-full--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zo6ttB9rynBl" style="font: 16pt Times New Roman, Times, serif; margin: 0pt 0pt 8pt; color: #000000; text-indent: 0pt">3. Summary of Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trusts: Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the same business day the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an weighted average cost basis. <p id="xdx_846_ecustom--DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_zUQf10pv9p7j" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost. Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability. <p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_zfPILlVWHWVh" style="font: 12pt Times New Roman, Times, serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt">Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

Physical bullion Investments in physical bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the International Accounting Standards 40 Investment Property fair value model as IAS 40 is the most relevant standard to apply. Investment transactions in physical bullion are accounted for on the same business day the order to buy or sell is executed. Realized and unrealized gains and losses of holdings are calculated on an weighted average cost basis. <p id="xdx_846_ecustom--DescriptionOfAccountingPolicyForOtherAssetsAndLiabilitiesExplanatory_zUQf10pv9p7j" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">Other assets and liabilities Other assets and liabilities are recognized at fair value upon initial recognition. Other assets such as due from broker and other receivables are classified as loans and receivables and measured at amortized cost. Other financial liabilities are measured at amortized cost.

Income taxes In each taxation year, the Trusts will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trusts intend to distribute their taxable income to unitholders at the end of every fiscal year and therefore the Trusts themselves would not have any income tax liability.

<p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_zfPILlVWHWVh" style="font: 12pt Times New Roman, Times, serif; margin: 0pt 0pt 6pt; color: #000000; text-indent: 0pt">Functional and presentation currency Each Trust’s functional and presentation currency is the U.S. Dollar. Each Trusts’ performance is evaluated and its liquidity is managed in U.S. Dollars. Therefore, the U.S. Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

4. Critical Accounting Estimates and Judgments The preparation of financial statements requires management to use judgment in applying its accounting policies and to make estimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates that the Trusts have made in preparing the financial statements: Estimation uncertainty For income tax purposes, the Trusts generally treat gains from the disposition of bullion as capital gains, rather than income, as the Trusts intend to be long-term passive holders of bullion, and generally dispose of their holdings in bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has, however, expressed its opinion that gains (or losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. The Trusts based their assumptions and estimates on information available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Trusts. Such changes are reflected in the assumptions when they occur.

<p id="xdx_804_ecustom--IfrsFairValueMeasurementInputsDisclosureTextBlock_zkuJBTb167e6" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">5. Fair Value Measurements The Trusts use a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value their investments. The fair value hierarchy has the following levels: Level 1Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Trusts have the ability to access at the measurement date; Level 2Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and Level 3Prices, inputs or complex modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). Physical bullion is measured at fair value. The fair value measurement of all bullion falls within Level 1 of the hierarchy, and is based on published price quotations. All fair value measurements are recurring. The carrying values of cash, accounts receivable, prepaid assets, due to broker, and accounts payable, where applicable, approximate their fair values due to their short-term nature.

<p id="xdx_808_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zfDv2nao9pq" style="font: 11pt/13.75pt Times New Roman, Times, serif; margin: 0pt 0pt 12pt; color: #000000; text-indent: 0pt; text-align: justify">6. Financial Risk, Management and Objectives The Trusts’ objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trusts’ activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Trusts have investment guidelines that set out their overall business strategies, their tolerance for risk and their general risk management philosophy, as noted in each Trust’s offering documents. The Trusts’ Manager is responsible for identifying and controlling risks. The Trusts are exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk arising from the bullion that they hold. Only certain risks of the Trusts are actively managed by the Manager, as the Trusts are passive investment vehicles. Significant risks that are relevant to the Trusts are discussed below. Refer to the Notes to financial statements — Trust specific information of each Trust for specific risk disclosures. Price risk Price risk arises from the possibility that changes in the market price of each Trust’s investments, which consist almost entirely of bullion, will result in changes in fair value of such investments. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trusts do not hedge their exposure to interest rate risk as that risk is minimal. Currency risk Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. Each Trust’s assets, substantially all of which consist of an investment in bullion, are priced in U.S. dollars. Some of the Trusts’ expenses are payable in Canadian dollars. Therefore, the Trusts are exposed to currency risk, as the value of their assets and liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such assets and liabilities, however, are short term in nature and are not significant in relation to the net assets of the Trusts, and, as such, exposure to foreign exchange risk is limited. The Trusts do not enter into currency hedging transactions. <div style="page-break-before: always"> </div> <div class="qes_textframe" style="border-width: 0pt; padding: 0pt; top: 907.2pt; left: 43.2pt; width: 648pt; position: absolute; height: 14.4pt"> </div> Credit risk Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trusts primarily incur credit risk when entering into and settling bullion transactions. It is each Trust’s policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trusts’ counterparties, such as bullion dealers, by reviewing their financial statements when available, regulatory notices and press releases. The Trusts seek to minimize credit risk relating to unsettled transactions in bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for bullion is only made against the receipt of the bullion by the custodian. Liquidity risk Liquidity risk is defined as the risk that the Trusts will encounter difficulty in meeting obligations associated with financial liabilities and redemptions. Liquidity risk arises because of the possibility that the Trusts could be required to pay their liabilities earlier than expected. The Trusts are also subject to redemptions for both cash and bullion on a regular basis. The Trusts manage their obligation to redeem units when required to do so and their overall liquidity risk by only allowing for redemptions monthly, which require <span id="xdx_902_ecustom--NoticePeriodObligationToRedeemUnitsMonthly_dtD_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--LiquidityRiskMember_zCQuaHaZSfP9" title="Number of days for advance notice required">15-day advance notice to the Trusts. Each Trust’s liquidity risk is minimal, since their primary investment is physical bullion, which trades in a highly liquid market. All of the Trusts’ financial liabilities, including due to broker, accounts payable and management fees payable have maturities of less than three months. Concentration risk Each Trust’s risk is concentrated in the physical bullion of precious metals.

P15D 7. Unitholders’ Capital The Trusts are authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. The Trusts’ capital is represented by the issued, redeemable, transferable Trust Units. Quantitative information about the Trusts’ capital is provided in their Statements of changes in equity. Under the trust agreements of each Trust, Units may be redeemed at the option of the unitholder on a monthly basis for physical bullion or cash. Units redeemed for physical bullion will be entitled to a redemption price equal to 100% of the Net Asset Value (“NAV”) of the redeemed Units on the last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion for Units that are being redeemed and the applicable bullion storage in-and-out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i) the volume-weighted average trading price of the Units traded on the NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX for the last <span id="xdx_90A_ecustom--PeriodOfLastBusinessDaysInMonthInWhichRedemptionRequestProcessed_dxL_c20210101__20211231_zDvgfhV7z58g" title="Period of last business days in month in which redemption request processed::XDX::P5D">five business days of the month in which the redemption request is processed and (ii) the NAV of the redeemed Units as of 4:00 p.m., Eastern Standard time, on the last business day of the month in which the redemption request is processed. When Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the unitholders’ capital is reduced by an amount equal to the stated or assigned value of the Units. The difference between the redemption price and the stated or assigned values of the Units is allocated to the Unit premiums and reserves account (equal to the 5% reduction to the redemption price for Units redeemed for cash as described above) and the retained earnings account based on the allocated portion attributable to the redemption. <div style="page-break-before: always"> </div> <div class="qes_textframe" style="border-width: 0pt; padding: 0pt; top: 907.2pt; left: 43.2pt; width: 648pt; position: absolute; height: 14.4pt"> </div> The Trusts’ units are classified as equity on the Statements of financial position, since the Trusts’ units meet the criteria in IAS 32, Financial Instruments: Presentation (“IAS 32”) for classification as equity. Net Asset Value NAV is defined as a Trust’s net assets (fair value of total assets less fair value of total liabilities) calculated using the value of physical bullion based on the end-of-day price provided by a widely recognized pricing source. Capital management As a result of the ability to issue, repurchase and resell Units of the Trusts, the capital of the Trusts as represented by the Unitholders’ capital in the Statements of financial position can vary depending on the demand for redemptions and subscriptions to the Trusts. The Trusts are not subject to externally imposed capital requirements and have no legal restrictions on the issue, repurchase or resale of redeemable Units beyond those included in their trust agreements. The Trusts may not issue additional Units except (i) if the net proceeds per Unit to be received by the Trusts are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution. Each Trusts’ objectives for managing capital are: •To invest and hold substantially all of the Trust’s assets in physical bullion; and •To maintain sufficient liquidity to meet the expenses of each Trust, and to meet redemption requests as they arise. Refer to “Financial risk, management and objectives” (Note 6) for the policies and procedures applied by the Trusts in managing their capital. 1 0.95 0.05

8. Related Party Disclosures The Trusts pay the Manager a monthly management fee, calculated and accrued daily and payable monthly in arrears on the last day of each month. Management fees are unique to each Trust and are subject to applicable taxes.

9. Independent Review Committee (“IRC”) In accordance with National Instrument 81-107, Independent Review Committee for Investment Funds (“NI 81-107”), the Manager has established an IRC for a number of funds managed by it, including the Trusts. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trusts. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trusts. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107. 10. Personnel The Trusts did not employ any personnel during the period, as their affairs were administered by the personnel of the Manager and/or the Trustee, as applicable. KPMG LLP Toronto, Ontario 85