Sprott Physical Gold and Silver Trust Updates Its "At-The-Market" Equity Program

TORONTO, April 13, 2021 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ("Sprott Asset Management"), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Gold and Silver Trust (NYSE: CEF) (TSX: CEF) (TSX: CEF.U) (the "Trust"), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical gold and silver bullion, today announced that it has updated its at-the-market equity program to issue up to US$1 billion of units of the Trust (“Units”) in the United States and Canada.

Distributions under the at-the-market equity programs in the United States and Canada (together, the "ATM Program") will be completed in accordance with the terms of an amended and restated sales agreement (the "Sales Agreement") dated November 2, 2020 between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. ("CF&Co"), Virtu Americas LLC ("Virtu" and together with CF&Co, the "U.S. Agents") and Virtu ITG Canada Corp. (the "Canadian Agent" and together with the U.S. Agents, the "Agents"). The Sales Agreement is available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.

Sales of Units through the Agents, acting as agent, will be made through "at the market" issuances on the NYSE Arca ("NYSE") and the Toronto Stock Exchange ("TSX") or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. Neither U.S. Agent is registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agent may only sell Units on marketplaces in Canada.

The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical gold and silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.

The offering under the ATM Program is being made pursuant to a prospectus supplement dated April 13, 2021 (the "U.S. Prospectus Supplement") to the Trust’s U.S. base prospectus (the "U.S. Base Prospectus") included in its registration statement on Form F-10 (the "Registration Statement") (File No. 333-255126) filed with the United States Securities and Exchange Commission (the "SEC") on April 8, 2021, and pursuant to a prospectus supplement dated April 13, 2021 (the "Prospectus Supplement") to the Trust's Canadian short form base shelf prospectus dated April 8, 2021 (the "Base Shelf Prospectus" and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the "Offering Documents"). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.