# EDGAR Filing Document

**Accession Number:** 0001728683
**File Stem:** 0000894189-25-015379
**Filing Date:** 2025-11
**Character Count:** 47377
**Document Hash:** 73f976a62cf29586912f682bef1973f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015379.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015379

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPROTT FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001728683

**ORGANIZATION NAME:**
- **EIN:** 824034050
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23382
- **FILM NUMBER:** 251524944

**BUSINESS ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **STREET 2:** SUITE 200
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 656-2400

**MAIL ADDRESS:**
- **STREET 1:** 320 POST ROAD, SUITE 230
- **STREET 2:** SUITE 200
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sprott ETF Trust
- **DATE OF NAME CHANGE:** 20180119

## Series and Classes Contracts Data

### Sprott Gold Equity Fund (Series ID: S000067147)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000216003 | Institutional Class |  |
| C000216004 | Investor Class      |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Sprott Gold Equity Fund** | **Sprott Gold Equity Fund** | **Sprott Gold Equity Fund** | **Sprott Gold Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS – 86.2%** | **COMMON STOCKS – 86.2%** | **Shares** | **Value**  |
| **<u>Gold Related Securities</u> – 72.1%<sup>(a)</sup>** | **<u>Gold Related Securities</u> – 72.1%<sup>(a)</sup>** | **<u>Gold Related Securities</u> – 72.1%<sup>(a)</sup>** | |
| **Australia – 11.4%** | **Australia – 11.4%** | | |
| Emerald Resources NL <sup>(b)</sup> | Emerald Resources NL <sup>(b)</sup> | 9090200 | $30195204 |
| Evolution Mining, Ltd. | Evolution Mining, Ltd. | 3729021 | 26722931 |
| Genesis Minerals, Ltd. <sup>(b)</sup> | Genesis Minerals, Ltd. <sup>(b)</sup> | 6459700 | 25176100 |
| Ora Banda Mining, Ltd. <sup>(b)</sup> | Ora Banda Mining, Ltd. <sup>(b)</sup> | 22111174 | 17264524 |
| Ramelius Resources, Ltd. | Ramelius Resources, Ltd. | 18105542 | 46484062 |
| West African Resources Ltd. <sup>(b)(c)</sup> (Originally Acquired 07/22/25, Cost $13,523,073) | West African Resources Ltd. <sup>(b)(c)</sup> (Originally Acquired 07/22/25, Cost $13,523,073) | 8316300 | 16728791 |
| Westgold Resources, Ltd. | Westgold Resources, Ltd. | 9021200 | 26742570 |
|  |  |  | 189314182 |
| **Canada - 54.5%** | **Canada - 54.5%** |  |  |
| Agnico Eagle Mines, Ltd. | Agnico Eagle Mines, Ltd. | 488850 | 82335590 |
| Alamos Gold, Inc. - Class A <sup>(d)</sup> | Alamos Gold, Inc. - Class A <sup>(d)</sup> | 1161800 | 40500348 |
| Barrick Mining Corp. | Barrick Mining Corp. | 457000 | 15010038 |
| Carcetti Capital Corp. <sup>(b)(c)</sup> (Originally Acquired 09/17/25, Cost $10,062,802) | Carcetti Capital Corp. <sup>(b)(c)</sup> (Originally Acquired 09/17/25, Cost $10,062,802) | 6930000 | 9959043 |
| Discovery Silver Corp. <sup>(b)</sup> | Discovery Silver Corp. <sup>(b)</sup> | 6012700 | 22293261 |
| DPM Metals, Inc. | DPM Metals, Inc. | 2003600 | 44414069 |
| Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> | 1763300 | 50941737 |
| Equinox Gold Corp. <sup>(b)</sup> | Equinox Gold Corp. <sup>(b)</sup> | 4286645 | 48019541 |
| G Mining Ventures Corp. <sup>(b)</sup> | G Mining Ventures Corp. <sup>(b)</sup> | 3248000 | 64530574 |
| I-80 Gold Corp. <sup>(b)(d)(e)</sup> | I-80 Gold Corp. <sup>(b)(d)(e)</sup> | 39946637 | 38175632 |
| IAMGOLD Corp. <sup>(b)</sup> | IAMGOLD Corp. <sup>(b)</sup> | 4941600 | 63894888 |
| International Tower Hill Mines, Ltd. <sup>(b)(e)(f)</sup> | International Tower Hill Mines, Ltd. <sup>(b)(e)(f)</sup> | 19627315 | 32155118 |
| Jaguar Mining, Inc. <sup>(b)(d)</sup> | Jaguar Mining, Inc. <sup>(b)(d)</sup> | 1487758 | 6082736 |
| Kinross Gold Corp. <sup>(d)</sup> | Kinross Gold Corp. <sup>(d)</sup> | 1548200 | 38472770 |
| Lundin Gold, Inc. | Lundin Gold, Inc. | 372100 | 24108829 |
| Minera Alamos, Inc. <sup>(b)</sup> | Minera Alamos, Inc. <sup>(b)</sup> | 25352113 | 7696535 |
| New Gold, Inc. <sup>(b)</sup> | New Gold, Inc. <sup>(b)</sup> | 2406600 | 17279388 |
| OceanaGold Corp. | OceanaGold Corp. | 3221500 | 68772555 |
| OR Royalties, Inc. | OR Royalties, Inc. | 1520024 | 60923287 |
| Osisko Development Corp. <sup>(b)</sup> | Osisko Development Corp. <sup>(b)</sup> | 2580000 | 8746200 |
| Pan American Silver Corp. <sup>(d)</sup> | Pan American Silver Corp. <sup>(d)</sup> | 429945 | 16651770 |
| Southern Cross Gold Consolidated, Ltd. <sup>(b)</sup> | Southern Cross Gold Consolidated, Ltd. <sup>(b)</sup> | 1372549 | 7320213 |
| Torex Gold Resources, Inc. <sup>(b)</sup> | Torex Gold Resources, Inc. <sup>(b)</sup> | 1189000 | 49415650 |
| Wesdome Gold Mines, Ltd. <sup>(b)</sup> | Wesdome Gold Mines, Ltd. <sup>(b)</sup> | 2839500 | 44233930 |
| Wheaton Precious Metals Corp. | Wheaton Precious Metals Corp. | 406800 | 45496512 |
|  |  |  | 907430214 |
| **United Kingdom - 2.4%** | **United Kingdom - 2.4%** |  |  |
| Anglogold Ashanti PLC <sup>(d)</sup> | Anglogold Ashanti PLC <sup>(d)</sup> | 579600 | 40763268 |
|  |  |  | $– |
| **United States - 3.8%** | **United States - 3.8%** |  |  |
| Electrum, Ltd. <sup>(b)(c)</sup> (Originally Acquired 12/21/07, Cost $13,065,361) | Electrum, Ltd. <sup>(b)(c)</sup> (Originally Acquired 12/21/07, Cost $13,065,361) | 2127287 | - |
| Perpetua Resources Corp. <sup>(b)(d)</sup> | Perpetua Resources Corp. <sup>(b)(d)</sup> | 1836150 | 37145315 |
| SSR Mining, Inc. <sup>(b)(d)</sup> | SSR Mining, Inc. <sup>(b)(d)</sup> | 1065700 | 26024394 |
|  |  |  | 63169709 |
| **Total Gold Related Securities** | **Total Gold Related Securities** | **Total Gold Related Securities** | 1200677373 |
| **<u>Other Precious Metals Related Securities</u> - 13.7%** | **<u>Other Precious Metals Related Securities</u> - 13.7%** | **<u>Other Precious Metals Related Securities</u> - 13.7%** |  |
| **Canada - 4.5%** | **Canada - 4.5%** |  |  |
| Aya Gold & Silver, Inc. <sup>(b)</sup> | Aya Gold & Silver, Inc. <sup>(b)</sup> | 1414100 | 16359136 |
| Endeavour Silver Corp. <sup>(b)(d)</sup> | Endeavour Silver Corp. <sup>(b)(d)</sup> | 1077200 | 8445248 |
| GoGold Resources, Inc. <sup>(b)</sup> | GoGold Resources, Inc. <sup>(b)</sup> | 8563000 | 16612848 |
| Vizsla Royalties Corp. <sup>(b)(f)</sup> | Vizsla Royalties Corp. <sup>(b)(f)</sup> | 286457 | 802747 |
| Vizsla Silver Corp. <sup>(b)(f)</sup> | Vizsla Silver Corp. <sup>(b)(f)</sup> | 7563950 | 32664611 |
|  |  |  | 74884590 |
| **COMMON STOCKS – (Continued)**<br> **Peru - 1.0%** | **COMMON STOCKS – (Continued)**<br> **Peru - 1.0%** |  |  |
| Cia de Minas Buenaventura SAA - ADR | Cia de Minas Buenaventura SAA - ADR | 691500 | 16824195 |
|  |  |  | $– |
| **South Africa - 1.1%** | **South Africa - 1.1%** |  |  |
| Valterra Platinum Ltd. | Valterra Platinum Ltd. | 252800 | 18019501 |
|  |  |  | $– |
| **United States - 7.1%** | **United States - 7.1%** |  |  |
| Coeur Mining, Inc. <sup>(b)</sup> | Coeur Mining, Inc. <sup>(b)</sup> | 5778764 | 108409612 |
| Sunshine Silver Mining and Refining <sup>(b)(c)</sup> (Originally Acquired 03/15/11,Cost $4,525,333) | Sunshine Silver Mining and Refining <sup>(b)(c)</sup> (Originally Acquired 03/15/11,Cost $4,525,333) | 243691 | 9747640 |
|  |  |  | 118157252 |
| **Total Other Precious Metals Related Securities** | **Total Other Precious Metals Related Securities** | **Total Other Precious Metals Related Securities** | 227885538 |
| **<u>Other Securities</u> - 0.4%** | **<u>Other Securities</u> - 0.4%** | **<u>Other Securities</u> - 0.4%** |  |
| **United States - 0.4%** | **United States - 0.4%** |  |  |
| Blue Spark Energy Systems, Inc. <sup>(b)(c)</sup> (Originally Acquired 05/31/24, Cost $745) | Blue Spark Energy Systems, Inc. <sup>(b)(c)</sup> (Originally Acquired 05/31/24, Cost $745) | 74532 | 745 |
| Gold Bullion International LLC <sup>(c)(e)</sup> (Originally Acquired 05/12/10, Cost $5,000,000) | Gold Bullion International LLC <sup>(c)(e)</sup> (Originally Acquired 05/12/10, Cost $5,000,000) | 5000000 | 7150000 |
| I-Pulse, Inc. <sup>(b)(c)</sup> (Originally Acquired 10/09/07, Cost $125,352) | I-Pulse, Inc. <sup>(b)(c)</sup> (Originally Acquired 10/09/07, Cost $125,352) | 74532 | 186330 |
| **Total Other Securities** | **Total Other Securities** | **Total Other Securities** | 7337075 |
| **TOTAL COMMON STOCKS** (Cost $727,523,585) | **TOTAL COMMON STOCKS** (Cost $727,523,585) | **TOTAL COMMON STOCKS** (Cost $727,523,585) | 1435899986 |
| **GOLD BULLION - 11.4%** | **GOLD BULLION - 11.4%** | **Shares** | **Value**  |
| **United States - 11.4%** | **United States - 11.4%** |  |  |
| Gold Bullion <sup>(b)</sup> | Gold Bullion <sup>(b)</sup> | 49183 | 189794149 |
| **TOTAL GOLD BULLION** (Cost $19,766,049) | **TOTAL GOLD BULLION** (Cost $19,766,049) | **TOTAL GOLD BULLION** (Cost $19,766,049) | 189794149 |
| **PRIVATE FUND - 1.6%** | **PRIVATE FUND - 1.6%** | **Shares** | **Value**  |
| Tocqueville Bullion Reserve LP<sup>(b)(e)</sup> | Tocqueville Bullion Reserve LP<sup>(b)(e)</sup> | 7619 | 26715669 |
| **TOTAL PRIVATE FUND** (Cost $13,795,735) | **TOTAL PRIVATE FUND** (Cost $13,795,735) | **TOTAL PRIVATE FUND** (Cost $13,795,735) | 26715669 |
| **WARRANTS - 0.4%** | **WARRANTS - 0.4%** | **Contracts** | **Value**  |
| **<u>Gold Related Securities</u> *<u>-</u>* <u>0.4%</u>** | **<u>Gold Related Securities</u> *<u>-</u>* <u>0.4%</u>** | **<u>Gold Related Securities</u> *<u>-</u>* <u>0.4%</u>** |  |
| **Canada — 0.3%** | **Canada — 0.3%** | **Canada — 0.3%** |  |
| I-80 Gold Corp., Expires 11/16/2027, Exercise Price $0.70 <sup>(b)(e)</sup> | I-80 Gold Corp., Expires 11/16/2027, Exercise Price $0.70 <sup>(b)(e)</sup> | 11300000 | 4972000 |
| Osisko Development Corp., Expires 03/02/2027, Exercise Price $14.75 <sup>(b)</sup> | Osisko Development Corp., Expires 03/02/2027, Exercise Price $14.75 <sup>(b)</sup> | 499999 | 69160 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |  |
| Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00 <sup>(b)(f)</sup> | Contango ORE, Inc., Expires 05/09/2026, Exercise Price $30.00 <sup>(b)(f)</sup> | 100000 | 159920 |
| Osisko Development Corp., Expires 12/16/2025, Exercise Price $2.56 <sup>(b)</sup> | Osisko Development Corp., Expires 12/16/2025, Exercise Price $2.56 <sup>(b)</sup> | 1290000 | 1512138 |
| **Total Gold Related Securities** | **Total Gold Related Securities** | **Total Gold Related Securities** | 6713218 |
| **TOTAL WARRANTS** (Cost $860,154) | **TOTAL WARRANTS** (Cost $860,154) | **TOTAL WARRANTS** (Cost $860,154) | 6713218 |
| **CONVERTIBLE BONDS - 0.3%** | **CONVERTIBLE BONDS - 0.3%** | **Par** | **Value**  |
| **<u>Gold Related Securities</u> - 0.3%** | **<u>Gold Related Securities</u> - 0.3%** | **<u>Gold Related Securities</u> - 0.3%** | **<u>Gold Related Securities</u> - 0.3%** |
| **Canada - 0.3%** | **Canada - 0.3%** | **Canada - 0.3%** | **Canada - 0.3%** |
|  I-80 Gold Corp., 8.00%, 02/22/2027 <sup>(c)(e)(f)</sup> (Acquired 2/17/2023, Cost $5,548,692) | I-80 Gold Corp., 8.00%, 02/22/2027 <sup>(c)(e)(f)</sup> (Acquired 2/17/2023, Cost $5,548,692) | 5548692 | 5375710 |
| **TOTAL CONVERTIBLE BONDS** (Cost $5,548,692) | **TOTAL CONVERTIBLE BONDS** (Cost $5,548,692) | **TOTAL CONVERTIBLE BONDS** (Cost $5,548,692) | 5375710 |
| **SHORT-TERM INVESTMENTS – 6.2%** |  |  |  |
| **<u>Investments Purchased with Proceeds from Securities Lending - 4.7%</u>** | **<u>Investments Purchased with Proceeds from Securities Lending - 4.7%</u>** | **Units** | **Value**  |
| **United States - 4.70%** |  |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(g)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(g)</sup> | 78810889 | 78810889 |
| **<u>Money Market Funds - 1.5%</u>** | **<u>Money Market Funds - 1.5%</u>** | **Shares** | **Value**  |
| Invesco Treasury Portfolio - Institutional Class, 3.99%<sup>(g)</sup> | Invesco Treasury Portfolio - Institutional Class, 3.99%<sup>(g)</sup> | 24004418 | 24004418 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $102,815,307) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $102,815,307) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $102,815,307) | 102815307 |
| **TOTAL INVESTMENTS - 106.1% (**Cost $870,309,522**)** | **TOTAL INVESTMENTS - 106.1% (**Cost $870,309,522**)** | **TOTAL INVESTMENTS - 106.1% (**Cost $870,309,522**)** | 1767314039 |
| Liabilities in Excess of Other Assets - (6.1)% | Liabilities in Excess of Other Assets - (6.1)% | Liabilities in Excess of Other Assets - (6.1)% | (101885082) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $1665428957 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(b) Non-income producing security.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $49,148,259 or 3.0% of net assets as of September 30, 2025.

(d) All or a portion of this security is on loan as of September 30, 2025. The total market value of these securities was $77,073,192 which represented 4.6% of net assets. The loaned securities were secured with cash collateral of $78,810,889. Shares of the Mount Vernon Liquid Assets Portfolio LLC were purchased with proceeds from cash collateral received from securities on loan. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day's prices.

(e) Affiliated security as defined by the Investment Company Act of 1940.

(f) Denotes a security that is either fully or partially restricted for sale. The total market value of these securities was $45,594,748 which represented 2.7% of net assets as of September 30, 2025.

(g) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: | The following issuers are Portfolio affiliates of the Fund; that is, the Fund controlled the company or held 5% or more of the outstanding voting securities during the period from January 1, 2025 through September 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are: |
|  | January 1, 2025 | January 1, 2025 | Additions | Additions | Reductions | Reductions | $ Interest | $ Dividend | $ Realized | $ Change in Gross Unrealized | September 30, 2025 | September 30, 2025 |
| **Issuer Name** | Share/Principal Balance | $ Value | Share/Principal Balance | $ Value | Share/Principal Balance | $ Sale Proceeds | Income | Income | Gain/(Loss) | Appreciation/<br> (Depreciation) | $ Value | Share/Principal Balance |
| **Sprott Gold Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stocks - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Falco Resources Ltd. (a)(e) | 16722300 | 3431826 | - | - | (16722300) | (2213211) | - | - | (7476919) | 6258304 | - | - |
| International Tower Hill Mines Ltd. (a) | 3582120 | 1631297 | - | - | (3582120) | (2331088) | - | - | (10355429) | 11055220 | - | - |
| International Tower Hill Mines Ltd. (a)(b) | 19627315 | 9011811 | - | - | - | - | - | - | - | 23143307 | 32155118 | 19627315 |
| Jaguar Mining, Inc. (a)(d)(e) | 5626358 | 8924203 | - | - | (4138600) | (10499505) | - | - | 7874275 | (216237) | 6082736 | 1487758 |
| **Common Stocks - Other Securities** |  |  |  |  | - | - |  | - | - | - | - | - |
| Gold Bullion International | 5000000 | 7150000 | - |  | - | - | - | 721566 | - | - | 7150000 | 5000000 |
| **Private Funds** |  |  |  |  | - | - |  | - |  | - | - | - |
| Tocqueville Bullion Reserve LP - Class G (a)(c) | 7619 | 18376692 | - | - | - | - | - | - | - | 8338977 | 26715669 | 7619 |
| **Warrants - Gold Related Securities** |  |  |  |  | - | - |  |  |  | - | - | - |
| Falco Resources Ltd. (a)(e) | 3750000 | 2870 | - | - | (3750000) | - | - | - | - | (2870) | - | - |
| I-80 Gold Corp. (a) | - | - | 11300000 | 860154 |  |  |  |  |  | 4111846 | 4972000 | 11300000 |
|  |  | $48528699 |  | $860154 |  | $(15043804) | $- | $721566 | $(9958073) | $52688547 | $77075523 |  |
| **Securities that Became Affiliated During the Period** | **Securities that Became Affiliated During the Period** |  |  |  |  |  |  |  |  |  |  |  |
| **Common Stocks - Gold Related Securities** |  |  |  |  |  |  |  |  |  |  |  |  |
| I-80 Gold Corp. (a)(d) | 16340264 | 7843600 | 28029325 | 14310751 | (4422952) | (3653929) | - | - | (1050237) | 20725447 | 38175632 | 39946637 |
| **Convertible Bonds** |  |  |  |  |  |  |  |  |  |  | - | - |
| I-80 Gold Corp. (b) | 5225240 | 4958029 | 323452 | 323452 | - |  | 327287 | - | - | 94229 | 5375710 | 5548692 |
|  |  | $12801629 |  | $14634203 |  | $(3653929) | $327287 | $- | $(1050237) | $20819676 | $43551342 |  |
|  |  | $61330328 |  | $15494357 |  | $(18697733) | $327287 | $721566 | $(11008310) | $73508223 | $120626865 |  |
| Securities that became affiliated during the period |  |  |  |  |  |  |  |  |  | $(23214556) |  |  |
| Securities no longer affiliated at September 30, 2025 |  |  |  |  |  |  |  |  |  | $(5139009) | $6082736 |  |
| Securities affiliated at September 30, 2025 |  |  |  |  |  |  |  |  |  | $24334982 | $114544129 |  |
| \* All affiliates listed are neither majority-owned subsidiaries or other controlled companies. | \* All affiliates listed are neither majority-owned subsidiaries or other controlled companies. | \* All affiliates listed are neither majority-owned subsidiaries or other controlled companies. |  |  |  |  |  |  |  |  |  |  |
| (a) Non-income producing security |  |  |  |  |  |  |  |  |  |  |  |  |
| (b) Denotes a security that is either fully or partially restricted for sale. | (b) Denotes a security that is either fully or partially restricted for sale. |  |  |  |  |  |  |  |  |  |  |  |
| (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. | (c) Tocqueville Bullion Reserve ("TBR") is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway, Senior Portfolio Manager, is an independent Director of the TBR Cayman entities and is a TBR limited partner. |  |  |
| (d) All or a portion of this security is on loan as of September 30, 2025. | (d) All or a portion of this security is on loan as of September 30, 2025. |  |  |  |  |  |  |  |  |  |  |  |
| (e) Security is no longer an affiliated company at September 30, 2025. | (e) Security is no longer an affiliated company at September 30, 2025. |  |  |  |  |  |  |  |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Sprott Funds Trust

- **b. Investment Company Act file number:** 811-23382

- **c. CIK number of Registrant:** 0001728683

- **d. LEI of Registrant:** 254900ESM83A3F9BO555

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 Bay Street

  - **City:** Toronto, Ontario

  - **Zip / Postal Code:** M5J2J1

  - **Telephone number:** 760-444-5254

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sprott Gold Equity Fund

- **b. EDGAR series identifier (if any):** S000067147

- **c. LEI of Series:** 5493004WPFQGYKPKXS76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1762873169.97

**Total Liabilities:** $95741116.83

**Net Assets:** $1667132053.14

**Delayed Delivery Securities:** $10062801.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216003 | -1.89%               | 22.27%               | 20.12%               |
| Class ID C000216004 | -1.92%               | 22.24%               | 20.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24825532.85             | $-46241676.60                              |
| Month 2  | $26596887.67             | $225569849.26                              |
| Month 3  | $43867469.36             | $233677616.28                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CARCETTI CAPITAL CORP                     | CARCETTI CAPITAL CORP                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |   6930000 | NS      | $9959042.90   | 0.60%             |  |  |  | No            | 3                  | On Loan: No      |
| Coeur Mining Inc                          | Coeur Mining Inc                          | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |   5778764 | NS      | $108409612.64 | 6.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Agnico Eagle Mines Ltd                    | Agnico Eagle Mines Ltd                    | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |    488850 | NS      | $82335589.57  | 4.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Cia de Minas Buenaventura SAA             | Cia de Minas Buenaventura SAA             | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |    691500 | NS      | $16824195.00  | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinross Gold Corp                         | Kinross Gold Corp                         | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |   1548200 | NS      | $38472770.00  | 2.31%             |  |  |  | No            | 1                  | On Loan: —       |
| MINERA ALAMOS INC                         | MINERA ALAMOS INC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |  25352113 | NS      | $7696534.99   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Eldorado Gold Corp                        | Eldorado Gold Corp                        | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |   1763300 | NS      | $50941737.00  | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Endeavour Silver Corp                     | Endeavour Silver Corp                     | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | CA        |   1077200 | NS      | $8445248.00   | 0.51%             |  |  |  | No            | 1                  | On Loan: —       |
| New Gold Inc                              | New Gold Inc                              | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   2406600 | NS      | $17279388.00  | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Treasury Portfolio                | Invesco Treasury Portfolio                | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  23808286 | NS      | $23808285.56  | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| I-80 GOLD CORP                            | i-80 Gold Corp                            | CUSIP: 44955L155<br>LEI: 549300LFFIWIGUEXPK11 | N/A              | DE               | CORP              | CA        |  11300000 | NS      | $4972000.00   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| I-80 GOLD CORP CONV ACRD BD8% 27          | I-80 GOLD CORP CONV ACRD BD8% 27          | CUSIP: 44955LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5548692 | PA      | $5375710.27   | 0.32%             | 2027-02-22      | Fixed         | 8.00%                 | Yes           | 3                  | On Loan: No      |
| IAMGOLD Corp                              | IAMGOLD Corp                              | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |   4941600 | NS      | $63894888.00  | 3.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Emerald Resources NL                      | Emerald Resources NL                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   9090200 | NS      | $30195204.00  | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| INTERNATIONAL TOWER                       | INTERNATIONAL TOWER                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |  19627315 | NS      | $32155118.34  | 1.93%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Gold Bullion International LLC            | Gold Bullion International LLC            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   5000000 | NS      | $7150000.00   | 0.43%             |  |  |  | No            | 3                  | On Loan: No      |
| Blue Spark Energy Systems, Inc.           | Blue Spark Energy Systems, Inc.           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     74532 | NS      | $745.32       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| ELECTRUM LTD                              | ELECTRUM LTD                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2127287 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Genesis Minerals Ltd                      | Genesis Minerals Ltd                      | CUSIP: N/A<br>LEI: 894500AK5BVRCNP0FP48       | Long             | EC               | CORP              | AU        |   6459700 | NS      | $25176100.08  | 1.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Evolution Mining Ltd                      | Evolution Mining Ltd                      | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |   3729021 | NS      | $26722931.48  | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| GoGold Resources Inc                      | GoGold Resources Inc                      | CUSIP: 38045Y102<br>LEI: 549300PNCGJ26Y676N19 | Long             | EC               | CORP              | CA        |   8563000 | NS      | $16612847.60  | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinox Gold Corp                         | Equinox Gold Corp                         | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   4286645 | NS      | $48019541.24  | 2.88%             |  |  |  | No            | 1                  | On Loan: No      |
| i-80 Gold Corp                            | i-80 Gold Corp                            | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |  39946637 | NS      | $38175632.11  | 2.29%             |  |  |  | No            | 1                  | On Loan: —       |
| Discovery Silver Corp                     | Discovery Silver Corp                     | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |   6012700 | NS      | $22293261.48  | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| DPM Metals Inc                            | DPM Metals Inc                            | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |   2003600 | NS      | $44414069.12  | 2.66%             |  |  |  | No            | 1                  | On Loan: No      |
| G Mining Ventures Corp                    | G Mining Ventures Corp                    | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   3248000 | NS      | $64530574.12  | 3.87%             |  |  |  | No            | 1                  | On Loan: No      |
| CTGOWRT1                                  | CTGOWRT1                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    100000 | NS      | $159920.00    | 0.01%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Gold Bullion                              | Gold Bullion                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50583 | NS      | $195195998.53 | 11.71%            |  |  |  | No            | 1                  | On Loan: No      |
| I-Pulse, Inc.                             | I-Pulse, Inc.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     74532 | NS      | $186330.00    | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  78810888 | NS      | $78810888.50  | 4.73%             |  |  |  | No            | N/A                | On Loan: No      |
| Alamos Gold Inc                           | Alamos Gold Inc                           | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |   1161800 | NS      | $40500348.00  | 2.43%             |  |  |  | No            | 1                  | On Loan: —       |
| Aya Gold & Silver Inc                     | Aya Gold & Silver Inc                     | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |   1414100 | NS      | $16359136.31  | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Ramelius Resources Ltd                    | Ramelius Resources Ltd                    | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |  18105542 | NS      | $46484061.62  | 2.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Pan American Silver Corp                  | Pan American Silver Corp                  | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    429945 | NS      | $16651769.85  | 1.00%             |  |  |  | No            | 1                  | On Loan: —       |
| Barrick Mining Corp                       | Barrick Mining Corp                       | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    457000 | NS      | $15010038.08  | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Anglogold Ashanti Plc                     | Anglogold Ashanti Plc                     | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |    579600 | NS      | $40763268.00  | 2.45%             |  |  |  | No            | 1                  | On Loan: —       |
| Ora Banda Mining Ltd                      | Ora Banda Mining Ltd                      | CUSIP: N/A<br>LEI: 984500DAD3BDFDHBD844       | Long             | EC               | CORP              | AU        |  22111174 | NS      | $17264524.52  | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Jaguar Mining Inc                         | Jaguar Mining Inc                         | CUSIP: 47009M889<br>LEI: 549300IRKN0GXIRGS617 | Long             | EC               | CORP              | CA        |   1487758 | NS      | $6082735.52   | 0.36%             |  |  |  | No            | 1                  | On Loan: —       |
| OR Royalties Inc                          | OR Royalties Inc                          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |   1520024 | NS      | $60923287.15  | 3.65%             |  |  |  | No            | 1                  | On Loan: No      |
| OceanaGold Corp                           | OceanaGold Corp                           | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |   3221500 | NS      | $68772555.15  | 4.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Lundin Gold Inc                           | Lundin Gold Inc                           | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    372100 | NS      | $24108828.77  | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Perpetua Resources Corp                   | Perpetua Resources Corp                   | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | US        |   1836150 | NS      | $37145314.50  | 2.23%             |  |  |  | No            | 1                  | On Loan: —       |
| SSR Mining Inc                            | SSR Mining Inc                            | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |   1065700 | NS      | $26024394.00  | 1.56%             |  |  |  | No            | 1                  | On Loan: —       |
| SUNSHINE SILVER MINING AND REFINING       | SUNSHINE SILVER MINING AND REFINING       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    243691 | NS      | $9747640.00   | 0.58%             |  |  |  | No            | 3                  | On Loan: No      |
| Wheaton Precious Metals Corp              | Wheaton Precious Metals Corp              | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    406800 | NS      | $45496512.00  | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Tocqueville Bullion Reserve LP - Class G  | Tocqueville Bullion Reserve LP - Class G  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |      7619 | NS      | $26715668.76  | 1.60%             |  |  |  | No            | N/A                | On Loan: No      |
| Osisko Development Corp                   | Osisko Development Corp                   | CUSIP: 68828E809<br>LEI: 984500A8CC57F67DJ124 | Long             | EC               | CORP              | CA        |   2580000 | NS      | $8746200.00   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Osisko Development Corp                   | Osisko Development Corp                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |   1290000 | NS      | $1512138.00   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Wesdome Gold Mines Ltd                    | Wesdome Gold Mines Ltd                    | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |   2839500 | NS      | $44233929.73  | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| West African Resources Ltd                | West African Resources Ltd                | CUSIP: N/A<br>LEI: 529900XLO8GMJNTUL013       | Long             | EC               | CORP              | AU        |   8316300 | NS      | $16728790.55  | 1.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Torex Gold Resources Inc                  | Torex Gold Resources Inc                  | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |   1189000 | NS      | $49415649.92  | 2.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Cross Gold Consolidat            | Southern Cross Gold Consolidated Ltd      | CUSIP: N/A<br>LEI: 2549004SP30Z0UWKH476       | Long             | EC               | CORP              | CA        |   1372549 | NS      | $7320212.90   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Vizsla Royalties Corp                     | Vizsla Royalties Corp                     | CUSIP: 92859L201<br>LEI: 98450020ZFM00010C790 | Long             | EC               | CORP              | CA        |    286457 | NS      | $802746.50    | 0.05%             |  |  |  | Yes           | 1                  | On Loan: No      |
| OSISKO DEVELOPMENT CORP                   | Osisko Development Corp                   | CUSIP: 68828E221<br>LEI: 984500A8CC57F67DJ124 | N/A              | DE               | CORP              | CA        |    499999 | NS      | $69159.88     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Vizsla Silver Corp                        | Vizsla Silver Corp                        | CUSIP: 92859G608<br>LEI: 549300ADJF7HWIEDL366 | Long             | EC               | CORP              | CA        |   7563950 | NS      | $32664611.27  | 1.96%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Valterra Platinum Ltd                     | Valterra Platinum Ltd                     | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               | CORP              | ZA        |     85598 | NS      | $6101397.35   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Westgold Resources Ltd                    | Westgold Resources Ltd                    | CUSIP: N/A<br>LEI: 2549003AMX9BL7CKBQ74       | Long             | EC               | CORP              | AU        |   9021200 | NS      | $26742569.78  | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Sprott Funds Trust

**Signature:** /s/ Thomas W. Ulrich

**Name of Signer:** Thomas W. Ulrich

**Title:** General Counsel