Document:

Exhibit 10.12

    

      SPROTT ESG GOLD TRUST

      INVESTMENT ADVISORY AGREEMENT

      THIS AGREEMENT is made this 15th day of July, 2022 by and among SPROTT ESG GOLD TRUST, a Delaware Statutory Trust (the “Trust”), SPROTT ASSET MANAGEMENT LP, a limited partnership formed under the
        laws of the Province of Ontario, Canada (the “Sponsor”) and SPROTT ASSET MANAGEMENT USA INC., a California corporation (the “Investment Adviser”).

      W I T N E S S E T H

      WHEREAS, the Trust is an exchange-traded fund formed under the laws of the State of Delaware on February 10, 2021, operating pursuant to
        the Amended and Restated Trust Agreement between the Sponsor, Delaware Trust Company, the trustee of the Trust, and the Trust dated as of June 2, 2022 (the “Trust Agreement”); and

      WHEREAS, the Investment Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the
        “Advisers Act”), and engages in the business of acting as an investment adviser; and

      WHEREAS, the Trust and the Investment Adviser desire to enter into an agreement to provide for the management of the assets of the Trust
        on the terms and conditions hereinafter set forth; and

      NOW THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt whereof
        is hereby acknowledged, the parties hereto agree as follows:

      1. Appointment; Management. The Trust hereby appoints the Investment Adviser
        as investment adviser to the Trust and the Investment Adviser hereby accepts such appointment.  In its capacity as investment adviser, the Investment Adviser shall supervise the investment and reinvestment of the Trust’s assets and provide other
        services set forth herein. The Investment Adviser will conduct all advisory activities from the United States. The investment and reinvestment of the assets of the Trust shall be exclusively within the control and discretion of the Investment
        Adviser. The Investment Adviser shall give the Trust the benefit of its best judgment, efforts and facilities in rendering its services as investment adviser. The Investment Adviser shall, for all purposes herein, be deemed an independent
        contractor and shall have, unless otherwise expressly provided or authorized, no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust.

      2. Duties of Investment Adviser. In carrying out its obligation under
        paragraph 1 hereof, the Investment Adviser shall: (a) supervise all aspects of the Trust’s investment operations; (b) provide the Trust or obtain for it, and thereafter supervise, such executive, administrative, clerical and shareholder servicing
        services as are deemed advisable by the Sponsor; (c) determine what assets shall be represented in the Trust’s portfolio; and (d) take, on behalf of the Trust, all actions which appear to the Trust necessary to carry into effect such purchase and
        sale programs and supervisory functions as aforesaid, including the placing of orders for the purchase and sale of assets.

      3. Compliance with Applicable Requirements. In carrying out its obligations
        under this Agreement, the Investment Adviser shall at all times conform to: the provisions of the Registration Statement of the Trust under the Securities Act of 1933, as amended (the “Registration Statement”), and the provisions of the Trust
        Agreement, each as amended, modified or supplemented from time to time and delivered to the Investment Adviser.

      4. Compensation. The Sponsor shall pay the Investment Adviser an advisory
        fee (the “Advisory Fee”), accrued daily and paid monthly in arrears, at an annualized rate equal to 0.30% of the Sponsor’s fee, subject to deduction of the Sponsor Paid Expenses (as defined in the Registration Statement). The Advisory Fee for any
        month will be paid within fifteen (15) days after the end of such month. The Advisory Fee will be reviewed and adjusted annually.

      

      5. Expenses. Each party shall bear its own expenses incurred in connection
        with this Agreement.

      6. Term and Termination; Assignment. This Agreement shall become effective
        on the date hereof and shall remain in force and effect until terminated by any party. This Agreement may be terminated at any time, without the payment of any penalty, by either party on sixty (60) days’ written notice to the other parties. This
        Agreement may not be assigned (within the meaning of the Advisers Act) by any party without the prior written consent of the other parties.

      
        
          

      

      

      

      7. Amendment of this Agreement. A provision of this Agreement may be
        amended, changed, waived, discharged or terminated only by an instrument in writing signed by the party against whom enforcement of the amendment, change, waiver, discharge or termination is sought.

      8. Liability of Investment Adviser and Indemnification. The Investment
        Adviser will not be liable to the Sponsor or the Trust for any loss that arises out of any action or inaction of the Investment Adviser if the Investment Adviser determined in good faith that such course of conduct was in the best interests of the
        Trust. However, the preceding liability exclusion will not protect the Investment Adviser against any liability resulting from its own willful misconduct, bad faith or gross negligence in the performance of its duties.  The Investment Adviser and
        its members, managers, directors, officers, employees, agents and affiliates will be indemnified by the Trust and held harmless against any loss, judgment, liability, claim, suit, penalty, tax, cost, amount paid in settlement of any claims
        sustained by it and expense incurred by it arising out of or in connection with the performance of its obligations under this Agreement and any other agreement entered into by the Investment Adviser in furtherance of its services to the Trust,
        including any costs and expenses incurred by the Investment Adviser in defending itself against any claim or liability in its capacity as investment adviser; provided that such loss was not the direct result of: (i) gross negligence, bad faith or
        willful misconduct on the part of the Investment Adviser; or (ii) reckless disregard of the Investment Adviser’s obligations and duties under this Agreement.  Any indemnifiable amounts payable to such indemnified person may be payable in advance or
        shall be secured by a lien on the Trust.

      9. Notices. Any notice, advice or report to be given pursuant to this
        Agreement shall be delivered or mailed:

      To the Investment Adviser at:

      Sprott Asset Management USA Inc.

      1910 Palomar Point Way, Suite 200

      Carlsbad, CA 92008

      To the Sponsor at:

      Sprott Asset Management LP

      320 Post Road, Suite 230

      Darien, CT 06820

      

      

      To the Trust at:

      Sprott ESG Gold Trust

      c/o Sprott Asset Management LP

      320 Post Road, Suite 230

      Darien, CT 06820

      

      

      with a copy to:

      Anthony Tu-Sekine

      Seward & Kissel LLP

      901 K Street NW, Suite 800

      Washington, DC 20001

      10. Governing Law. This Agreement constitutes the entire agreement of the
        parties, shall be binding upon and shall inure to the benefit of the parties hereto and shall be governed by the laws of the State of New York.

      11. Miscellaneous. The captions in this Agreement are included for
        convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
        otherwise, the remainder of this Agreement shall not be affected thereby.

      12. Severability. In the event any provision of this Agreement is determined
        to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

      
        
          

      

      

      

      13. Confidentiality. The Investment Adviser agrees to treat all records and
        other information relating to the Trust as confidential and shall not disclose any such records or information to any other person unless (i) the Sponsor has approved the disclosure or (ii) such disclosure is compelled by law.

      14. Binding Effect. Each of the undersigned expressly warrants and
        represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his signature will operate to bind the party indicated to the foregoing terms.

      15. Counterparts. This Agreement may be executed in two or more
        counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

      [SIGNATURE PAGE FOLLOWS]

      
        
          

      

      

      

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers in Connecticut on the day and year first above written.

      
        	 	 	
                SPROTT ESG GOLD TRUST, by SPROTT ASSET MANAGEMENT LP, as Sponsor

              
	 	 	 
	 	 	 
	 	 	
                By:

              	 /s/ W. Whitney George

              
	 	 	
                Name:

              	
                W. Whitney George

              
	 	 	
                Title:

              	
                Director

              
	 	 	 
	 	 	 
	 	 	
                SPROTT ASSET MANAGEMENT LP

              
	 	 	 
	 	 	 
	 	 	
                By:

              	 /s/ W. Whitney George
	 	 	
                Name:

              	
                W. Whitney George

              
	 	 	
                Title:

              	
                Director

              
	 	 	 
	 	 	 
	 	 	
                SPROTT ASSET MANAGEMENT USA INC.

              
	 	 	 
	 	 	 
	 	 	By:

              	 /s/ Thomas W. Ulrich 

              
	 	 	
                Name:

              	 Thomas W. Ulrich

              
	 	 	
                Title:

              	 General CounselExhibit 10.13

    

    

    

    

    	 	
            

          

    

    

    

    

    Sprott ESG Gold ETF

      320 Post Road, Suite 230

      Darien, CT 06820

    June 9, 2022

    Side Letter to the ICE Benchmark Administration Master Licence Agreement

    	1.	
            We refer to the master license agreement dated as of June 9th, 2022 between ICE Benchmark Administration Limited ("ICE") and Sprott ESG Gold ETF (the "Customer"),
              and any Schedules attached thereto, as amended and supplemented from time to time (the "Agreement").

          

    	2.	
            Terms defined in the Agreement shall have the same meaning in this letter unless otherwise expressly defined.

          

    	3.	
            Notwithstanding the provisions of Clause 14.2 (Entire Agreement) of the
              Agreement, this letter supplements, forms part of, and is subject to the terms of, the Agreement.

          

    	4.	
            ICE and the Customer agree that, pursuant to Schedule J: Usage Licence - LBMA
              Precious Metal Materials, Customer may access and use the LBMA Precious Metals Materials for the purpose of analysis as part of its internal valuation and pricing activities, and that Customer may make available to third party customers the
              results of such analysis, including the LBMA Precious Metals Materials that are used in generating the results of such analysis, provided always that all
              these conditions are satisfied:

          

    	

          	a.	
            the Customer enters into and maintains a public display agreement with ICE Data LLP for the publication and display of delayed LBMA Precious Metals benchmark settings;

          

    	

          	b.	
            such LBMA Precious Metals Materials (both that are used by the Customer for the purposes of the analysis and that are made available) must have been published for the first
              time on the previous day (London time) or earlier (i.e. LBMA Precious Metals published for the first time on the current day (London time) may not be used); or

          

    	

          	c.	
            the Customer must draw the attention of each third party customer to the following limitations regarding the LBMA Precious Metals Materials made available by the Customer: (i)
              that these LBMA Precious Metals Materials may only be used internally by the third party customer for the purpose of reviewing the results of such analysis, and (ii) that the LBMA Precious Metals Materials must not be disclosed to anyone
              else; and

          

    	

          	d.	
            the Customer must include the following disclaimer when making the results of such analysis available to third party customers.

          

    
      
        

    

    THE LBMA GOLD PRICE IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA). LBMA
      GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE AND ICE BENCHMARK ADMINISTRATION ARE REGISTERED TRADE MARKS OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE ARE USED
      BY [LICENSEE] WITH PERMISSION UNDER LICENCE BY IBA.

    HISTORICAL LBMA GOLD PRICE INFORMATION MAY NOT BE INDICATIVE OF FUTURE LBMA GOLD PRICE INFORMATION OR PERFORMANCE. NONE OF
      IBA, INTERCONTINENTAL EXCHANGE, INC. (ICE) OR ANY THIRD PARTY THAT PROVIDES DATA USED TO ADMINISTER OR DETERMINE THE LBMA GOLD PRICE (DATA PROVDERS), OR ANY OF ITS OR THEIR AFFILIATES MAKES ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER
      AS TO THE TIMELINESS, ACCURACY OR COMPLETENESS OF HISTORICAL LBMA GOLD PRICE INFORMATION, THE RESULTS TO BE OBTAINED FROM ANY USE OF HISTORICAL LBMA GOLD PRICE INFORMATION, OR THE APPROPRIATENESS OR SUITABILITY OF USING HISTORICAL LBMA GOLD PRICE
      INFORMATION FOR ANY PARTICULAR PURPOSE. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN
      RELATION TO HISTORICAL LBMA GOLD PRICE INFORMATION, ARE HEREBY EXCLUDED, AND NONE OF IBA, ICE OR ANY DATA PROVIDER, OR ANY OF ITS OR THEIR AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE,
      OR UNDER ANTITRUST LAWS, FOR MISREPRESENTATION OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN HISTORICAL LBMA GOLD PRICE INFORMATION, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH HISTORICAL LBMA GOLD PRICE INFORMATION OR ANY RELIANCE YOU MAY PLACE
      UPON IT.

    HISTORICAL LBMA GOLD PRICE INFORMATION PROVIDED BY [LICENSEE NAME] MAY BE USED BY YOU INTERNALLY TO
      REVIEW THE ANALYSIS PROVIDED BY [LICENSEE NAME], BUT MAY NOT BE USED FOR ANY OTHER PURPOSE. HISTORICAL LBMA GOLD PRICE INFORMATION PROVIDED BY [LICENSEE NAME] MAY NOT BE DISCLOSED BY YOU TO ANYONE ELSE.

    	5.	
            The laws of England apply to this letter. The courts of England and Wales have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with
              this letter or its subject matter or formation (including non-contractual disputes or claims)

          

    	
            Signature (Authorised signatory)

          	 	
            Signature

          
	 	 	 
	 	 	 
	
            /s/ W. Whitney George

          	 	
            /s/ Clive de Ruig

          
	
            W. Whitney George

          	 	
            Clive de Ruig, President

          
	 	 	 
	
            On Behalf of Sprott ESG Gold ETF

          	 	
            On Behalf of ICE Benchmark Administration Limited

          
	 	 	 
	
            Date: July 12, 2022

          	 	
            Date: July 13, 2022

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